Crypto Weekly Roundup: Trump’s DeFiant DeFi, MakerDAO Endgame, & More

This week’s crypto developments include Donald Trump launching a new DeFi platform while MakerDAO introduces new tokens as part of its governance strategy. Bitcoin shows signs of potential price growth, and the SEC continues scrutinizing cryptocurrency-related ETFs and DAOs. 

Additionally, a high-profile phishing attack highlights ongoing security concerns within the Web3 ecosystem. Let’s find out more. 

Bitcoin

Mt. Gox creditors aren’t selling their Bitcoin, and the Spot Bitcoin ETFs continue to buy for the institutions. Technical indicators are signaling a sea change that the Bitcoin price could be set for lift-off.

DeFi

MakerDAO has introduced NewStable (NST) and NewGovToken (NGT) to enhance user participation in governance and ensure regulatory compliance as part of its strategic endgame plan.

Donald Trump continues to promote his “crypto-friendly” stance by launching a new cryptocurrency platform, “The Defiant Ones,” as part of a broader push into the digital finance sector.

Curve founder Michael Egorov has proposed a 21 million CRV grant to fund Swiss Stake AG’s ongoing development and research efforts and is seeking community support for the initiative.

Altcoins

Polkadot (DOT) saw several key updates and developments in July. Let’s look at some of the latest insights in OpenGov activity, developer engagement, and discussions from the Polkadot ecosystem.

Business  

Marathon Digital Holdings announced the closing of its offering of 2.125% convertible senior notes due 2031. The company used the proceeds from the sale to acquire 4,144 BTC for $249 million, at an average price of $59,000 per BTC. 

Web3

Leading global web3 wallet Bitget Wallet has announced the final results of the TONNECT 2024 Awards, which celebrated the most creative and impactful projects within The Open Network (TON) ecosystem.

Security

A recent phishing attack targeting a prominent crypto whale has resulted in the theft of approximately $55 million worth of Dai tokens, drawing attention to the growing sophistication and frequency of cyberattacks within the Web3 ecosystem.

The global crypto Anti-Money Laundering (AML) compliance solutions market has grown remarkably, reaching $686.89 million in 2023. As Verified Market Research reports, this sector is expected to surpass $1 billion by 2025, with a projected compound annual CAGR of 17.6% from 2024 to 2031.

Regulation

A senior adviser to Kamala Harris’ campaign has hinted that the Vice President may support policies aimed at fostering growth in the cryptocurrency industry, though specific details remain unclear.

The SEC has rejected Cboe’s 19b-4 filings for two proposed Solana ETFs, citing concerns over Solana’s classification as a security, which has stalled the approval process.

Mango Markets DAO has proposed a $223,228 settlement with the SEC to address allegations of securities law violations, marking a significant move amid ongoing regulatory scrutiny.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.