The Crypto Roundup: 10 June 2024

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

Decentralized exchanges (DEXs) like Uniswap have helped the decentralized finance space grow to have over 3 million unique addresses interact with its applications. The top three protocols by address interaction are either DEXs or DEX aggregators.

The developers of the privacy-focused cryptocurrency Monero (XMR) have disclosed a “significant” bug that could impact the privacy of users’ transactions. The bug was initially investigated by software developer Justin Berman.

Leading cryptocurrency exchange Binance has announced a number of steps to improve its regulatory compliance after receiving warnings from multiple regulators.

Sponsored: Another exciting quarter has come and gone and despite the turmoil experienced in crypto markets after mid-May, the Invictus Capital suite of funds has continued to offer investors exceptional returns, with the Hyperion VC (IHF), Margin Lending (IML) and Crypto10 Hedged (C10) Funds all shooting the lights out.

Top stories in the Crypto Roundup today:

Decentralized Exchanges Help DeFi Surpass 3 Million Users
Monero Developers Disclose Privacy Algorithm Bug
Binance Announces Steps to Improve Regulatory Compliance
Daily Movers – XRP, STORJ, ANKR
Sponsored: Invictus Capital Q2 2021 Investment Report

Decentralized Exchanges Help DeFi Surpass 3 Million Users

The 3 million address mark represents a 160% rise since the beginning of the year, when little over one million addresses had interacted with decentralized finance protocols. The main drivers behind the space are Uniswap, with 2.5 million addresses, Compound with 326,000, 1inch with 276,000, and SushiSwap with 198,000.

Uniswap is a clear leader in the number of addresses interacting with it, and it currently has around 63.8% of the market share of all decentralized exchanges. It’s followed by SushiSwap, which has a 9.6% share of the market.

In terms of 24-hour trading volumes, Uniswap is on par with competitors like FTX and Kraken. Last year, during heightened periods of market turbulence, the exchange briefly surpassed market leaders including Coinbase Pro.

Monero Developers Disclose Privacy Algorithm Bug

In essence, the bug meant that if a user sends XMR within 20 minutes of receiving the tokens, it’s highly probable the transaction could be identified as the real one among a number of fake transactions meant to throw off blockchain sleuths. The developers wrote:

“If users spend funds immediately following the lock time in the first 2 blocks allowable by consensus rules (~20 minutes after receiving funds), then there is a good probability that the output can be identified as the true spend.”

The developers added that the bug is currently present in Monero’s official wallet until a “fix can be added in a future wallet software update.”

Binance Announces Steps to Improve Regulatory Compliance

Leading cryptocurrency exchange Binance has announced a number of steps to improve its regulatory compliance after receiving warnings from multiple regulators.

In a Twitter thread, the company’s CEO revealed Binance has started ““processes for licenses & approvals where there is an existing legal framework for crypto exchanges” and it will “actively work with regulators as more crypto-specific frameworks are introduced.”

To encourage users to go through know your customer (KYC) processes, it’s reducing the daily withdrawal limit for accounts with basic verification from 2 BTC to 0.06 BTC. It’s also dropping the potential leverage new accounts can use on Binance Futures.

The exchange will also launch a new API tool to help its users “easily keep track of their crypto activities in order to ensure they are fulfilling the reporting requirements laid out by their regulatory bodies.”

Daily Movers – XRP, STORJ, ANKR

Several tokens are leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

XRP (XRP) - XRP positions itself as one of the most liquid currencies which is fast (settles in 3-5 seconds), scalable (can handle 1,500 transactions per second), decentralized (150+ validators), stable, and with negligible energy consumption (due to the consensus protocol vs proof-of-work).

Storj (STORJ) - Storj is a decentralized cloud storage platform that allows anyone to rent their idle hard drive space and earn revenue by doing so. End-users can use Storj to store their files at competitive prices and within a p2p network that is secure from server downtime, censorship and hacks.

Ankr Network (ANKR) - Ankr is a distributed computing platform that aims to leverage idle computing resources in data centers and edge devices. What Ankr enables is a Sharing Economy model where enterprises and consumers can monetize their spare computing capacities from their devices, on-premise servers, private cloud, and even public cloud.

Invictus Capital Q2 2021 Investment Report

Another exciting quarter has come and gone and despite the turmoil experienced in crypto markets after mid-May, the Invictus Capital suite of funds has continued to offer investors exceptional returns, with the Hyperion VC (IHF), Margin Lending (IML) and Crypto10 Hedged (C10) Funds all shooting the lights out.

AUM is still ticking up, with an average of $145 million under management over June. Hyperion has continued to astound, and we are incredibly proud of the performance of the underlying portfolio that now firmly places the fund within the top tiers of global venture capital fund performance.

The company's funds offered commendable performance in a quarter marked by heightened volatility and extreme fear in the Bitcoin and broader cryptoasset market. The simple average return across our suite of seven funds was 9.85% for the quarter, which is equivalent to an annualized return of 45.61%.

We invite you to read the full Q2 2021 investment report which includes comprehensive macroeconomic and crypto market analysis, fund-specific commentary and detailed company updates.

Disclaimer:

Cryptocurrency trading involves high risk, and is not suitable for all investors. Before deciding to trade cryptocurrencies, tokens or any other digital asset you should carefully consider your investment objectives, level of experience, and risk appetite.

Its content does not constitute financial advice. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice.