Cryptonewsoftheweek!!📰
This is where we discuss the tweaks in the crypto market for the week that went by.
TRON’s new stablecoin USDD offers 30% APY, yess!!
USDD(decentralized USD💰💰), will be controlled by TRON DAO, wait, you haven’t heard of TRON DAO (Decentralized Autonomous Organization) before? That’s because Justin Sun🌞announced this on the same day. He says that USDD will be the most decentralized🔩stablecoin in human history because it will be monitored and controlled by a DAO👽, but again that DAO consists of all of Justin’s friends and close associates, that could be something of a concern🤔, more on that later.
Their plan is to have $10 billion dollars in this treasury🎁for the DAO within the next year. How will USDD achieve its stability? you ask. It is basically by arbitrage trading📈📉 wherein TRON is used as the intermediary🔩, so if USDD ever drops below the value of a dollar you can still send one USDD and receive one dollar’s worth of TRON even though technically it is less than that😎.
Having addressed all of it, let’s not ignore the elephant🐘 in the room which is that USDD is going to offer an APY(annual percentage yield) of 30% which is higher than UST and LUNA. Albeit, let’s wait for its release on May 5th!
Ukraine is banning crypto purchases with its national currencies.
Ukraine’s central bank has banned crypto purchases with its national currencies, ask why? It says that it wants to preserve the health🔱 of the national currency, “Hryvnia”❗.
They are on a war ⚠ and it seems as if the best thing to do right now🧠. The measures are being taken "to prevent unproductive outflow of capital from the country under martial law."
What was concerning Ukraine, is the fact that $1.7 billion was transferred out of Ukrainian banks in March and $900 million in early April. The ban 💸 however is temporary, but for now Ukrainians who want to buy cryptocurrencies can only purchase Bitcoin and digital coins 👛using foreign currency, with total monthly purchases limited to UAH 100,000 ($3,300)🤐.
While the government is worried about keeping the financial line open for global donations to millions of Ukrainian citizens who have fled the country in recent weeks, it noted that the move to restrict crypto transactions was necessary 🙌⚖.
Cardano’s Hydra scaling solution beats the Bitcoin Lightning 🌩⚡🚈network:
What is Hydra?
For the uninitiated, Hydra will allow more scalability and interoperability 🎇and, according to Charles Hoskinson, it will also offer a better layer 2 experience than the Lightning Network⚡⚡. Hydra is the second layer 🧱 solution on top of the Cardano first layer where PoS(Proof of stake) consensus is used.
Hydra will ensure low latency and minimal storage of data per node, yikes❗ Hydra is also able to execute smart contracts😎, so developers can easily build dApps(Decentralized Applications) and do other developments too.
It will achieve this by utilizing a process called isomorphic scaling (🙄?), which works by processing transactions off the main chain while reserving the main chain as a secure settlement layer(read it again, it is pretty simple). When all aspects of the device scale in a similar way the geometric integrity is maintained with size, such type of scaling is called “isomorphic” (or “isometric”) scaling.
Therefore, users get the benefits and security of the layer-1 chain but within a “different head,” of which there will be many. All in all the network becomes faster as it is scaled.
So, these were some of the most important news of the week that passed by. This is something new that we are experimenting on, so stay tuned and keep supporting :).
Namaste 🙏🙏
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hey could you pls make a detailed video on FTM TOMB twitter thread, i did't get it properly. Actually im new to this defi world so.. pls make a detail video on this topic. Btw love you content, i recently followed you on twitter theres so mush information abut defi, im regretting why did i not follow you earlier on twitter.