Crypto spot trading volumes plummeted last month, as top tier cryptoassets trading platforms saw their volumes drop 36% compared to May, while lower tier platforms lost 53% of their volume over the same period.

Voice, the EOSIO-based social media platform created by Block.one has launched. It’s currently in read-only mode to the public, while allowing registered community members to publish content.

Brazil’s securities watchdog, the Comissão de Valores Mobiliários (CVM), has barred Binance form offering cryptocurrency derivatives to users in the country.

Top stories in the Crypto Roundup today:

• Crypto Trading Volumes Plummeted in June
• Crypto-Powered Social Media Platform Voice Has Launched
• Brazil’s Securities Watchdog Halts Binance From Offering Derivatives to Users in the Country

At the time of writing, bitcoin (BTC) is trading at $9,267.14 (0.83%) with a daily Top Tier volume of $2.43 bn. As for ether (ETH), it is trading at $237.35 (1.70%) with a daily Top Tier volume of $1.03 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,129.67 (-1.40%).

Crypto Trading Volumes Plummeted in June

CryptoCompare’s June 2020 Exchange Review found that in June spot trading volumes plummeted when compared to May.

Top tier exchanges, those with a high ranking on CryptoCompare’s Exchange Benchmark, saw their spot trading volumes drop by 36% last month to $177 billion while lower tier exchanges saw their volumes drop by 53% to $466 billion.

The highest recorded daily trading volume on top tier exchanges in June was of $9.26 billion. In comparison, in March’s Exchange Review, it was revealed that the March 12-13 crypto market crash led to high in daily trading volumes, as $75.9 billion were traded across exchanges in a single day. Top tier exchanges traded $21.6 billion that day.

Last month cryptoassets trading platform charging traditional taker fees represented 76% of the total exchange volumes, while those implementing the controversial trans-fee mining (TFM) model represented less than 23% of the spot volumes.

TFM exchanges are nevertheless gaining market share, as in March they represented less than 20% of spot trading volumes.

While spot trading volumes plummeted in June, institutional options volumes on CME reached a new monthly high of 8,444 contracts traded, up 41% since May, where 5,986 options contracts were traded. CME futures volumes, in contrasted, dropped 23%.

This month's Exchange Review was supported by Crypto.com. All CryptoCompare users can enjoy 0% fees for the first 90 days from signing up. Sign up here

Crypto-Powered Social Media Platform Voice Has Launched

Voice, the social media platform built on the EOSO blockchain network, has launched. The platform is currently open in read-only mode to the public, while allowing registered community members to publish content.

Early-access registrations are open, but on August 15 Voice plans to let those who have registered start inviting friends as well. The social media platform was initially announced in June 2019, and was set to launch on the EOS public blockchain, but the firm behind the platform and the EOSIO software, Block.one, later pushed the launch date back and change the protocol being used.

Block.one was the firm that ran a year-long initial coin offering (ICO) that raised $4 billion for the EOSIO software, and famously paid $30 million for the Voice.com domain name. On changing the protocol behind Voice, its CEO Salah Zalatimo said: “Iterating and optimizing a product like Voice is not feasible on a public blockchain due to the inability to rapidly innovate." 

Voice uses blockchain technology and biometric authentication to cut down on the numbers of fake users, as it places an emphasis on real interactions, news, and connections.

Brazil’s Securities Watchdog Halts Binance From Offering Derivatives To Users in the Country

Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), has barred cryptocurrency exchange Binance from offering derivatives products in the country.

An order published on Monday details the CVM said Binance “does not hold authorization” to act as a securities intermediary in Brazil for derivatives contracts and securities, regardless of the underlying assets. The order reads:

"It remains evident that the company Binance Futures, through the webpage 'www.binance.com,' captures customers residing in Brazil with a public offering of derivative intermediation services...; the aforementioned company does not hold authorization from this Securities and Exchange Commission to act as a securities intermediary.”

According to local news outlet Portal do Bitcoin, CVM has threatened a daily fine up to R$ 1,000 ($186) if Binance does offer derivatives in Brazil and fails to “immediately suspend” the direct and indirect offering of such services on its website and social media platforms.

Tether (USDt) is the Daily Mover

This week’s Daily Mover featured asset is Tether (USDt), the most popular stablecoin in the cryptocurrency space. Tether’s USDt has stood out for being the most liquid stablecoin, and it is now available on several blockchains, including EOSIO, Liquid, Ethereum, TRON, and Omni.

Late last month, a chain swap – the process of moving USDt from one blockchain to another – was announced for a “sizeable amount.” After the announcement, Binance moved 300 million USDt on the TRON blockchain to Bitfinex, and got back 300 million USDt on Ethereum.

Why the token swap was made is not clear, but two theories prevail: one is that TRON was paying Binance a premium to keep the supply of USDt on its blockchain up, and could have stopped paying the premium this month. The other was simply growing demand for the stablecoin on ETH.

The growing yield farming trend, in which decentralized finance users interact with protocols that distribute tokens to earn rewards on top of the interest earned for lending cryptoassets on them, could explain growing demand.

The largest decentralized finance platform on Ethereum, Compound, has nearly $1 billion worth of assets locked in it. It distributes 2,880 COMP governance tokens to its users every day, amounts to around $600,000 worth of rewards on a daily basis, a significant incentive for users.

Last week, Compound approved a proposal to change how COMP is distributed, so users will earn on the dollar value of assets put in or borrowed, and not on interest earned. This could see investors flock towards stablecoin to avoid dealing with volatility.

Tether, a company that shares management with Bitfinex, has revealed it will either burn the extra USDt or retain it for future chain swaps.

State of the Crypto by Top Tier Exchange Volume

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