Leading decentralized stablecoin issuer MakerDAO has recently launched its Spark Protocol, an innovative lending platform designed to boost its DAI stablecoin. Along with the launch, the issuer boosted DAI’s yield from 3% to 8%, while it started to restrict users from accessing the platform’s frontend with virtual private networks (VPNs).

Digital banking platform Revolut has announced it’s set to shut down its cryptocurrency services in the United States over persisting regulatory uncertainties. The move comes after the firm delisted several digital assets for users in the country.

Asset management firm Valkyrie has filed to convert its Bitcoin Strategy exchange-traded fund (ETF) into a Bitcoin and Ether Strategy ETF on October 3. The firm’s Bitcoin Strategy ETF is an actively managed fund that primarily invests in BTC futures contracts.

Top stories in the Crypto Roundup today:

• MakerDAO Introduces Spark Protocol for Increased DAI Yields, VPN Users Shut Out
• Revolut to Shut Down Crypto Services in US Over Regulatory Uncertainty
• Valkyrie Files Add Ether Exposure to Its Bitcoin Strategy ETF
• CME BTC Options Volume Rises for the First Time in Four Months

MakerDAO Introduces Spark Protocol for Increased DAI Yields, VPN Users Shut Out

Leading decentralized stablecoin issuer MakerDAO has recently launched its Spark Protocol, an innovative lending platform designed to boost its DAI stablecoin. Along with the launch, the issuer boosted DAI’s yield from 3% to 8%, while it started to restrict users from accessing the platform’s frontend with virtual private networks (VPNs).

The Spark Protocol’s inaugural offering, Spark Lend, allows users to supply or borrow Ether, stETH, DAI, and savings DAI (sDAI), a yield-bearing token that represents DAI deposited on Maker’s DAI Saving Rate (DSR).

Spark’s move to block the platform’s frontend to users with VPNs is meant to geo-block users from specific geographies from accessing it, including the United States. Trying to access Spark using a VPN leads to a warning that says: “Accessing this website via VPN is not allowed.”

MakerDAO has revealed that the Spark Protocol is part of its ‘Endgame’ plan, a blueprint aimed at transforming the decentralized autonomous organization (DAO) into several subDAOs, each governed by its own token.

Spark, which operates independently from MakerDAO, was established by a software fork of Aave’s Version 3 lending protocol and intends to move 10% of its profit to AaveDAO for the first two years.

Revolut to Shut Down Crypto Services in US Over Regulatory Uncertainty

Digital banking platform Revolut has announced it’s set to shut down its cryptocurrency services in the United States over persisting regulatory uncertainties. The move comes after the firm delisted several digital assets for users in the country.

Revolut, along with its U.S. banking partner, will begin the process of suspending access to cryptocurrencies via its platform on September 2. Full termination of crypto services will follow a month later on October 3, according to a spokesperson for the digital bank.

After crypto services are shut down, Revolut users in the US will “no longer be able to buy, sell, or hold any cryptocurrencies.” A spokesperson for the firm said the move will impact “just 1%” of its global crypto customers.

The firm delisted Cardano’s ADA, Polygon’s MATIC, and Solana’s SOL after these digital assets were deemed securities in lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against leading cryptocurrency exchanges Binance and Coinbase.

Valkyrie Files Add Ether Exposure to Its Bitcoin Strategy ETF

Asset management firm Valkyrie has filed to convert its Bitcoin Strategy exchange-traded fund (ETF) into a Bitcoin and Ether Strategy ETF on October 3. The firm’s Bitcoin Strategy ETF is an actively managed fund that primarily invests in BTC futures contracts.

Eric Balchunas, a senior ETF analyst at Bloomberg, suggested on X (previously known as Twitter) that Valkyrie's chosen filing date could be a strategic move to outpace rivals. Per his words, the proposed October 3 launch date would put Valkyrie two weeks ahead of the other 13 filers’ scheduled launch.

Both ProShares and Bitwise have also recently filed applications with the US SEC for ETFs that offer exposure to both Bitcoin and Ether, the two largest digital assets by market capitalization.

CME BTC Options Volume Rises for the First Time in Four Months

In July, the Chicago Mercantile Exchange (CME) saw a 17% decline in its total derivatives trading volume, dropping to $40.1 billion. Mirroring the broader derivatives market trend, the exchange's futures volume decreased by 17.6% to $39.1 billion. This comprised BTC and ETH futures volumes, which dropped to $31.3 billion and $7.24 billion, respectively.

On the other hand, the exchange's options trading volume experienced a 24% surge, reaching $940 million and making its first uptick in four months. BTC options on the exchange climbed 16.6% to $734 million, while ETH options trading volumes skyrocketed by 60% to $207 million.

Dig deeper into the world of cryptocurrency trading with CCData’s latest Exchange Review report.

State of the Crypto by Top Tier Exchange Volume

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