Huge Things Are Happening in Cryptocurrency in October 2021! (CARDANO & ETHEREUM UPDATES)
Today we have big things happening in this cryptocurrency space that i need you to know. For example, this cordano ecosystem is about to get out of control. Well, talk about it, but if youre interested in making money with cryptocurrency be sure to hit subscribe, we drop a video every single day, demystifying this cryptocurrency market. So first thing you should know dydx, which is an ethereum layer. 2 dex is right now doing more volume than coinbase, probably nothing. So, in the heat of this china ban on crypto, these decentralized exchanges are taking off derivatives. Dex dydx beats out coinbase by volume amid the china, fud and heres the thing. A lot of that new volume is specifically coming now from chinese traders. Chinese traders appear to be flocking to derivatives. Decks dydx amid concerns over a renewed crypto crackdown. Here are the stats according to coingecko, dydx has facilitated more than 4.3 billion dollars worth of trades in the last 24 hours beating out coin bases, 3.7 billion dollars in volume by nearly 15 dydx founder and also former coinbase employee, antonio giuliano celebrated the milestone in a September 27th tweet here it is this – makes me feel good. Five years ago i left coinbase and eventually founded dydx today, for the first time, dydx protocol is doing more trade volume than coinbase. Give me your thoughts on this down below in one sentence, though cryptocurrency cannot be stopped and keep in mind. China seems to ban an unbanned cryptocurrency seemingly every year.
Whats interesting is that this is the first year that we have the dexes, that we have the decentralized exchanges for people to flock to thats more than just a dream right in 2017, dexes were just a dream. We didnt have them. Now we have uniswap sushi swap dydx, we have tens and tens, probably hundreds, but tens and tens of prominent dexes with more and more popping up every day and lets continue. Let me keep showing you next piece of news. Uni token uniswaps token rises 20, as chinas blanket ban on crypto businesses puts focus on decentralized exchanges and by the way, this article actually should be updated to 50. Uniswap is still popping off were still seeing that increase heres. The data on uniswap coindesk 20 data shows native tokens of major decentralized exchanges like uniswap, like sushi swap have gained over 22 and 18 percent respectively, while centralized exchanges. Tokens are flashing red in a direct quote from the head of research at a major fund manager. The great rotation into everything decentralized is upon us and all thanks to the latest and undoubtedly most aggressive crypto ban by china. So thank you, china. You just proved that cryptocurrency web 3 bitcoin d5 is here to stay. Imagine one of the major countries in the world blanket bans you and we see an uptick. This is the data people. I am just reading you, the data and lets keep going. I do want to get to cardano.
I do want to get to lower cap altcoins, but just to put a cap on this dydx on this uniswap dex news as d5. Pops off were also seeing stories like this binance is being forced to halt multiple crypto services to singapore users amid growing regulatory unrest. Now this one is pretty self explanatory weve seen this you get this, i will just give you one little tidbit of the specific services being shut down. These services include fiat deposit services, spot trading of cryptocurrencies and the purchase of cryptocurrencies through fiat channels and liquid swaps. So, basically, all the good stuff, and if you have crypto on binance in singapore, you have until october 26th at 4, 00 am utc to get your crypto off the centralized exchanges to avoid potential trading disputes. Give me your thoughts on this down below. I would be curious for you: what is your preferred decentralized exchange? Do you prefer uniswap? Do you prefer dydx or sushi swap or other give me your thoughts down below moving forward lets talk about altcoins cardanos charles hoskinson has just donated 20 million dollars to build a math center at carnegie mellon university. The center will work in close collaboration with faculty students and researchers across campus, so this does nothing for the adoption of cardano today. Obviously, but this is more of a long term green flag, planting the seeds at a prominent university now, this center will be called the hoskinson center for formal mathematics and it will focus on mathematical, theorems, focusing on discovering proofs verifying steps and certifying correctness via the assistance Of computers, which will be the centers main area of research – and i want you to be open – minded about this because, yes, i get it in the minute sense.
Math equations have nothing really use case wise that has to do with blockchain, but the use cases that mathematics provide. Does the university said in a statement last week that the center will drive a new way of doing math by creating collaborative digital libraries for mathematical tools? They also said that theyll make the technology widely accessible and advanced discoveries across a broad range of disciplines, including computer science, physics and economics, among others, interesting im getting this now so as these students over the next few decades are solving mathematical problems of economics of computer Science, they may then have an easy look to cardano to blockchain to maybe test out solve some of these problems in a direct quote from charles hoskinson, i think in a very short amount of time, the output of the center is going to be remarkable. Its going to start small, but big things do have little beginnings later on. It will grow to cover – maybe another borbaqui style moment whatever. This is where we can cover the entirety of math and have open source textbooks with this paradigm. I love this open source is obviously the future hoskinson gets that now, apparently, carnegie mellon gets that and now those university students will start to be exposed to it, but lets keep going how about the projects building on cortano? Before we talk about that? I do want to give a big shout out to sponsor of the channel the block 5 bitcoin rewards credit card where you have the power to earn bitcoin back on.
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But this will be a little blip, a little bump in the road. So to speak and moving forward next piece of news, crypto project cody to issue djd, the first algorithmic stable coin on cardano djd will maintain a reserve of base coins and let users mint and burn coins, and i dont want to get too much in the weeds On the technicals of this stable coin today, the two things that you should know is one: it uses stable coin. It uses smart contracts, i should say so. This is a d5 stable coin and two they are choosing cardano and in a direct quote from the ceo of the kodi group, the stablecoin ecosystem has matured tremendously. Over the last few years. Blockchain participants are using stablecoins to engage in everyday transactions because they allow monetary value to be exchanged in in a seamless manner, regardless of the sender and recipients location. I believe that adding the dj based stablecoin to the cardona blockchain will significantly improve how transactions are settled on the platform and in a direct quote from charles hoskinson. The djd stablecoin could be a game changer in the crypto space, appealing to an entirely new audience at the time when the industry is already experiencing astronomical growth. Djade shares our commitment to formal verification, proving a robust method of combating price volatility of the crypto markets. Alright interesting to see this ecosystem, the cardano ecosystem continue to grow, but lets keep moving next piece of lower cap altcoin news.
The tajikistan national bank has enlisted cryptocurrency phantom to develop their own cbdc, so the phantom foundation will work with ojsc orion bank on a cbdc for the use in the central asian country. So this is a smaller asian country, but make no mistake: this is a country adopting phantom blockchain to launch their cbdc. The agreement makes phantom one of the first blockchain projects to begin development of a cbdc platform for use by a national government, so they will be working with the central bank to digitize the tajikistan samani, their e som, basically their digital dollar and, while almost every other Major country in the world has demonstrated an intent to explore the potential of a cbdc. Developing nations such as tajikistan may find more use cases for them because of their potential to reduce costs of remittances and remittance inflows to tajikistan made up 26 of the countrys gross domestic product last year, according to data from the world bank. So this could potentially see a lot of use and thats a lot of use case for the phantom crypto. That is the video my names austin.