Bitcoin continues to oscillate around the key $10k level, with Ethereum also staging a slow come back towards $200, which has helped the sentiment recover somewhat. As a result, there is a sea of green as we head towards the closing stages of yet another trading week. Ethereum Classic has had an amazing run, up over 20% month-to-date, which comes ahead of the planned hard fork in September. Whereas Litecoin is down over 20% over the same period, as market participants unwind and take profits following the run up to block reward halving. Some of the flow may have made its way into ETC vs ETH trade. Of note, MakerDAO's market dominance is trending towards 50% in the latest round-up of market data. Maker started the year with a 90% share of the decentralized finance marketplace, but has experienced a steady decline as interest rates and competition increases. As a guide, the DAI stability fee is now at 18.5%, having previously been above 20% for some time.
Looking elsewhere, problems with Amazon’s cloud service, AWS, have been disrupting services at some cryptocurrency exchanges on Friday. Founding partner at Primitive Ventures Dovey Wan has tweeted that a number of Asian exchanges have been affected and the AWS issues are producing erratic market data. The latest round of tech issues will likely revive another round of discussions over the need for exchanges to halt trading to conduct necessary maintenance work, similar to what is done in traditional financial markets. As the trading volumes grow and the respective networks are subjected to more data, including from those that rely on high-frequency data, there is a risk that such events may take place more often.
In other news, Coinbase Wallet’s new decentralized web feature will allow users to link to supported Dapps from any browser using a new system called Walletlink. The first four Dapps supported by Walletlink offer decentralized financial (DeFi) services for crypto holdings.
Ethereum could become the first public blockchain on Hyperledger – if the open-source consortium’s technical steering committee approves a proposal to adopt the ConsenSys-backed Pantheon project. The approval would bring Pantheon’s protocol under Hyperledger, joining blockchain projects like Hyperledger Fabric by IBM and Hyperledger Sawtooth by Intel.
Finally, money transfer service Xendpay has joined Ripple’s global network RippleNet to support international transactions. Per the news release, RippleNet will allow Xendpay to provide money transfer services beyond the United States dollar. Xendpay will use Ripple’s pre-existing network of banks and other financial partners to facilitate money transfers via other forms of currency — especially Ripple’s XRP.
Thank you for reading,
The BeQuant’s Analytics team