💸 Aave to launch overcollateralized stablecoin called GHO

Decentralized finance (DeFi) giant Aave has unveiled plans to launch an overcollateralized stablecoin called GHO, subject to the community DAO’s approval.

According to the governance proposal shared on Thursday, GHO would be an Ethereum-based and decentralized stablecoin pegged to the U.S. dollar (USD) that could be collateralized with multiple assets of the user’s choice.

To obtain GHO, users would need to mint the stablecoin against their deposited collateral however, the list of supported collateralized assets and the collateral ratio has yet to be detailed.

As users are essentially borrowing the stablecoin against their holdings, the position will need to be overcollateralized as per any normal Aave loan.

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🇺🇸 US residents have parted with over $1b due to crypto scams between January 2021 and March 2022 as romance frauds accounted for $185m.

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🇪🇸 Spanish Exchange 2gether Blocks Operations, affecting 100 000 Users — the company has closed its platform and has informed customers that, to keep their accounts active, each one of them will have to provide the equivalent of €20 ($20.35) to be collected by the exchange to continue operating.

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⚒ Crypto miners in Texas shut down operations as state experiences extreme heat wave.

Mining firms operating in Texas during the winter months have faced similar challenges since 2021, when freezing temperatures nearly caused the entire grid to shut down — instead, many parts of the state were without power for days.

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🇨🇭 Swiss post office embraces Bitcoin — «given the growing institutionalisation of cryptocurrencies in the last 18 months, this is the ideal time to enter the market».

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🇨🇳 China's biggest city Shanghai officially intends to boost the development of innovations such as blockchain, nonfungible tokens (NFTs), metaverse and Web3 in general during its next five-year plan.

A new document sets the mission of «promoting the deep integration of digital technology and the real economy,» with «scientists judging technology prospects» and «entrepreneurs discovering market demand».

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🔥 As per the BNB Auto-Burn procedure, the 20th quarterly BNB token burn of 1 959 595 BNB ($445 mln) has been completed.

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🏧 Hyosung America makes Bitcoin purchasing app available to 175 000 ATMs

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⛔️ OpenSea Lays Off 20% of Its Staff to Prepare for «Prolonged Downturn»

CEO Devin Finzer shared via Twitter that the company is parting ways with approximately 20% of its workforce, citing the company’s need to adapt to current market conditions.

Terminated employees will receive 12 weeks of severance pay, six months of healthcare coverage and a mental healthcare option, accelerated equity vesting if applicable, outplacement services, and other benefits.

OpenSea’s layoffs come just two weeks after the marketplace had its worst month in almost a year. Ethereum NFT trading volume on the marketplace plummeted by 73% in June. According to data from Dune Analytics, OpenSea had consistently generated well over $1 billion in volume on its platform per month since August 2021, averaging around $2.5 billion each month.

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🇨🇫 Central African Republic set to launch Sango Bitcoin sidechain

The Sango Layer 2 will reportedly have a built-in bitcoin interoperability via a two-way peg mechanism. In this arrangement, a set of validators called the Institutional Quorum will have custody of CAR’s bitcoin treasury.

Users who deposit BTC into the Sango sidechain will mint Sango bitcoin (s-BTC), a wrapped version of bitcoin. Users can trade s-BTC for SANGO, which is the currency used for transactions in the country’s crypto platform.

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🇦🇪 Crown Prince of Dubai says blockchain and metaverse companies contribute $500 million towards the country's economy.

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🧬 Bitcoin Network has transferred $17.78T in 2022 already.

Smashing the record from 2021.

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⛔️ Thai cryptocurrency exchange Zipmex has paused withdrawals on its platform following a «combination of circumstances» beyond its control.

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🐳 The market for Ethereum derivatives saw someone buying $1.7 billion worth of futures contracts in an hour.

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🇪🇺 European Banking Giant BNP Paribas to introduce Crypto Custody Services — to launch the offering, BNP Paribas teamed up with Metaco and Fireblocks.

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🚗 Tesla Earning Reports Reveal That It Sold 75% Of Its Bitcoin Worth $936 Million.

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💸 Since May 10, as much as 236 237 BTC (worth $5.452 billion) has been sold by «large institutions» — mostly as a result of forced selling.

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🇯🇵 The University of Tokyo to offer courses in the Metaverse — the project has been launched to address the lack of skilled personnel working on rapidly evolving technologies in Japan.

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🧬 SMBC Group, which runs one of Japan’s largest banks, said it will work together with blockchain startup HashPort to develop non-fungible token (NFT) and Web3 projects.

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🇧🇷 Brazilian largest brokerage XP Inc expects to open its digital assets trading platform to clients by mid-August, initially offering Bitcoin and Ethereum but with plans to expand it by the end of this year.

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⚡️ Binance’s CZ Files a Defamation Lawsuit Against Bloomberg

The defamation lawsuit filed by CZ highlights Bloomberg Businessweek’s 250th issue about CZ. The cover of the issue was misleading and was noscriptd «Changpeng Zhao’s Ponzi Scheme.» The lawsuit also cites the 250th issue along with social media posts on Facebook and Twitter.

CZ, who is one of the prominent personalities in the industry, highlighted in the lawsuit that Modern Media is an influential and large medium and that the defaming news is spreading hate and harming CZ’s image.

The lawsuit asks Modern Media to take down the defamatory report and issue a formal apology to CZ. Additionally, further compensation has been demanded for the damage caused.

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