Cryptonomics – your weekly crypto & blockchain readings 📰
16th August – 22th August
This is Rizvi, entrepreneur and crypto enthusiast based in Zurich, Switzerland. Every week, I’ll share with you some of my weekly readings and thoughts around crypto and blockchain topics, from market insights to trading activities. Feedback is more than welcome!
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📰 Let‘s dive into the news of the week
Crypto adoption grew close to 10x within just 12 months. Crypto adoption for retail investors grew 880% in the last 12 months, with Vietnam, India, Pakistan, and Ukraine leading the way. This information was provided by the crypto-analysis firm Chainanalysis, which uses indicators such as P2P exchange trading volume to determine the growth. 📰 Bloomberg
U.S. Treasury refrains from crypto tax expansion as stated in the latest infrastructure bill. The U.S. Treasury Department is ignoring the new provisions in the controversial infrastructure bill passed by the senate and will only stick with tax code rules to determine whether someone is a cryptocurrency “broker”. 📰 Bloomberg
Audius gets its music on TikTok. Audius, a decentralized blockchain-based streaming music service, has partnered with the social video app TikTok. Artists on Audius can now share their songs on TikTok for users to include in videos. This gives artists potential exposure to a very large, young and active audience. 📰 Decrypt
The Dogecoin Foundation is reborn. The Dogecoin Foundation has been re-established, with Ethereum founder Vitalik Buterin and an Elon Musk representative joining the board. The foundation is likely to be headquartered in the crypto-friendly state of Liechtenstein. Vitalik Buterin guided the team through the process of establishing a legal entity in Europe. 📰 Decrypt
AVAX, the Avalanche token, jumps on a $180M incentive program. Avalanche announced on Wednesday plans for a $180M liquidity mining incentive program to increase its scale in the world of decentralized finance. Upon the news, the price has more than doubled in the past month. Avalanche is a platform that’s used to build custom blockchain networks and decentralized applications. 📰 Coindesk
Galaxy Digital launches DeFi index tracker fund. Galaxy Digital, a listed cryptocurrency trading firm run by Mike Novogratz, has launched a DeFi index fund that tracks the performance of the newly launched Bloomberg Galaxy DeFi index. 📰 CoinDesk
OpenSea volumes explode with $1.2B monthly volume. The largest NFT marketplace now handles over $1.2 billion in monthly transaction volumes which is an increase of 950% compared to the previous month. OpenSea is a popular Ethereum-based marketplace for NFT crypto collectibles. 📰 Decrypt
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