Coin Circle Daily 2022.09.06 ｜Five minutes to master the global blockchain

Dear Reader:

Binance, the world's largest cryptocurrency exchange, announced yesterday evening that it will convert USDC, USDP, and TUSD held by users on the exchange into BUSD, thereby improving liquidity and capital utilization.

Today’s headline news in the currency circle also includes:

• Lido Finance’s governance token $LDO has surged, with a weekly increase of up to 20%.
• The Sandbox announced a partnership with a Korean automaker, allowing users to experience the thrill of driving in a virtual world.
• The Central Bank of Russia and the Ministry of Finance both agree to use cryptocurrencies as national cross-border payments.

Today's big brother's point of view The founder of the cryptocurrency data website CoinGecko tells you how to make good use of this Ethereum merger and upgrade (The Merge) to earn airdrop benefits for yourself!

✨ The latest news in the currency circle

≣ Binance Announcement Will Automatically Convert USDC, USDP, TUSD to BUSD

Binance, the leading cryptocurrency exchange, announced that in order to improve user liquidity and capital utilization, USDC, USDP and TUSD held by users on the exchange will be converted into BUSD at 2022/09/29 11:00 Taiwan time .

Binance added that although automatic conversion will be performed, it will not affect the withdrawal of the above-mentioned stablecoins by users. In addition, the U-margined contract uses USDC as a margin option and will also be suspended at 11:00 on 2022/09/07.

≣ Lido Finance governance token $LDO up 20% in one week

The good news of Ethereum’s upgrade and merger seems to have brought the surrounding DeFi platforms into focus, and the Lido Finance governance token $LDO jumped from $1.6 on 8/29 to nearly $2 .

According to data from CoinMarketCap, $LDO, the governance token of Ethereum’s pledge service, has risen by 20.5% in the past week, and its transaction volume has increased by 19% in the past 24 hours.

Editor's Note: Lido Finance is a liquid staking service , providing users to deposit proof-of-stake (POS) tokens to earn income, and supporting well-known public chain governance tokens such as Ethereum, Polygon, and Polkadot.

≣ The Sandbox announces partnership with Korean automaker to provide digital car driving experience for the Metaverse

The Metaverse project The Sandbox announced on the official Medium that it has reached a cooperation with Renault Korea, a well-known Korean car manufacturer , and plans to provide users with the thrill of digital car driving in its own project.

Cindy Lee, CEO of The Sandbox Korea, said: "The Sandbox is able to introduce a new experience of automotive and digital assets, and it feels good that this partnership is built without any industry constraints."

≣ The Central Bank of Russia agrees to use cryptocurrencies as cross-border payments, announcing the imminent legalization

Deputy Minister of Finance of Russia Alexei Moiseev expressed the position of the Bank of Russia and the Ministry of Finance that the cross-border payment of cryptocurrencies can be legalized as soon as possible , and described the necessity of enabling cryptocurrency services locally, pointing out that many Russians do use the services of exchanges in other countries to open a cryptocurrency wallet.

Although Russia passed the cryptocurrency bill in 2020, prohibiting the use of any cryptocurrency for payment, but with the idea of using cryptocurrencies in Russia's international trade at the end of 2021, and the recent Western economic sanctions, Russian officials have to start thinking. The possibility of encrypted payments, the country's Minister of Industry and Trade said: "Sooner or later Russia will legalize encrypted payments."

≣ The International Monetary Fund believes that the central bank should combine encryption technology to achieve a richer currency ecology

The International Monetary Fund (IMF) official website released a new report, pointing out that all central banks around the world should fully integrate cryptocurrency technology to achieve a richer and more complete monetary ecosystem , while laying a solid foundation for future monetary policy.

The report also revealed that cryptocurrencies still have some structural flaws, such as extreme price fluctuations, negative impressions of participants not being responsible to society, and frequent fraud, but believes that the central bank can solve all problems.

≣ STEPN announces the establishment of its first physical office in Hong Kong, writing a new chapter for the Move-to-Earn track

The well-known Move-to-Earn chain game STEPN announced the establishment of its first physical office in Hong Kong , and the first regional headquarters of the project was officially born. Jerry Huang, founder of STEPN, said: "Our team was invited by former Hong Kong Special Chief Executive Carrie Lam to set up an office in Cyberport, a startup accelerator area assisted by the Hong Kong government, and continue to contribute to the blockchain industry."

The Cyberport Startup Accelerator was launched in 2004, and today there are about 800 start-ups and technology companies, including Animoca Brands , a well-known blockchain game agency.   Also set up a base here.

😎 The opinion of the big guy in the currency circle

≣ CoinGecko founder Bobby Ong: “ The easiest way to get an airdrop is to hold ether on an exchange that supports the fork plan . ”

He listed strategies on Twitter to teach ether holders how to take advantage of the "ether fork" event to seize profit opportunities.

≣ Miles Deutscher, a well-known cryptocurrency investment expert: " There will be good spot buying opportunities in the next 6~12 months, don't regret it when you do! "

≣ Anatoly Yakovenko, co-founder of Solana: " Network outages have always been the curse of Solana, but that's because the network is so cheap and fast that there are enough users and apps pushing it ."

Editor’s note: Since Solana went online in 2020, it has experienced at least 7 network outages of varying sizes, 5 of which occurred this year. Among all outages, there was a 17-hour network paralysis in September 2021. .

📈 On-chain data analysis

≣ Dune Analytics: Sudoswap's daily active count shrunk by 80%

According to data from Dune Analytics, the NFT automated market maker Sudoswap, which recently released an airdrop plan , has seen a drop of about 400 daily active users, a drop of nearly 80% compared to the nearly 2,000 daily users created on 8/16.

≣ Nansen: This year's "repeat customers" in the NFT market gradually stabilized at the 50,000 mark

According to Nansen data, since the beginning of 2022, the number of wallet addresses of returning buyers (returning buyers) in the NFT market has gradually (converged) stabilized at the 50,000 level, which is twice the same period in September last year.

🐶 Daily currency circle memes / memes

When a friend asked me the difference between Ethereum 2.0 and 1.0….

Contributed works from the group friend @Kirin of the Discord meme terrier channel group of <brain brother chill block chain> .

📝 Daily Crypto Terms

≣ What is The Sandbox?

The Sandbox is a metaverse game built on the Ethereum public chain. Users will be able to create, trade, and use their own virtual assets in the scene, and use the native token SAND to support the entire game economy.

This blockchain game provides players with the UGC function, so that players can use their creativity to create ideal works, and obtain the ownership of all created content through blockchain smart contract technology, so that players can generate income.

📈 Cryptocurrency prices rise and fall

≣ Crypto Fear and Greed Index at 22 (Extreme Fear)

≣ Cryptocurrency price performance

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