Surging prices, anticipation, and steady coin interest round out today’s headlines
The XRP Price Unexpectedly Crashed Double-Digits on Dec 12
Traders were hoping for a moonshot on Dec 12. Preceding the snapshot (allowing for spark (FLR) airdrop), punters were expecting prices to rally.
However, the opposite happened. The Ripple price crashed 10 percent on the D-Day, sending shockwaves in the expectant Ripple market.
Still, the event marked the beginning of what could be a game-changer for Ripple; introducing DeFi to the XRPL. It helps diversify XRP utility beyond being a liquidity tool useful in value transfer across borders.
The ideal Internet of Value envisioned by Ripple would be facilitated by partnering cryptocurrency exchanges, including BitStamp, which shall enable funds to move in supported corridors cheaply and easily. The rapid expansion of the ETH price coincided with the traders shifting to trustless protocols like Uniswap.
Stellar (XLM) Trading Volumes Soar
While the Ripple price suffered, the stellar platform continues to gain traction.
The co-founder, Jed McCaleb—who is also the brains of the Ripple Ledger, said they plan to enhance their network. Changes include introducing interoperability between networks and currencies.
Stellar has a toolkit for stablecoins designed to make central banks keen on launching a CBDC do so faster and compliantly. Already, one of Germany’s oldest banks–Bankhaus von der Heydt (BVDH), is launching a Euro stablecoin (EURB) from the Stellar network. The coin will be regulated and won’t be available at exchanges because of KYC and AML requirements.
Another German private bank, Hauck & Aufhäuser, launched a crypto fund called HAIC Digital Asset Fund I, that lists XLM.
In the last two months, the XLM trading volume has risen 571 percent according to eToro—a social trading platform.
MahaDAO DeFi to crowd-fund through Polkadot
The team developing a stablecoin project, MahaDAO, will crowd fund on the interoperable Polkadot trustless exchange, Polkastarter, through an initial DEX offering (IDO) on Dec 17.
The project’s native currency, ARTH, is a value coin in MahaDAO and is backed by an assortment of uncorrelated assets including gold, Bitcoin, and fiat currencies. The protocol also utilizes another token, MAHA, for governance.
During the IDO, users also have a chance to acquire MAHA.
Thereafter, ARTH will be listed at Uniswap and the protocol launch a liquidity mining program in January 2021 when the dApp’s Collateralized Debt Position (CDP) tasked with minting the value coin will be introduced to the community.
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