MasihGoogle Cloud adds 11 blockchains to data warehouse ‘BigQuery’
In 2018, Google launched a Bitcoin data set as part of the service, and later that year, it added Ethereum as well. It continued to expand its blockchain coverage in February 2019, adding Bitcoin Cash, Dash, Dogecoin, Ethereum Classic, Litecoin and Zcash. The Sept. 21 announcement means that BigQuery now carries data from a total of 19 blockchain networks. In addition to adding these new blockchains, Google has also implemented a new feature intended to make blockchain queries easier to execu...
MasihDeFi activity on the decline, but investment rolls in: Finance Redefined
The team behind Balancer, an Ethereum-based automated market maker, believes a social engineering attack on its DNS service provider led to its website’s front end being compromised on Sept. 19, leading to an estimated $238,000 in crypto stolen. “After investigation, it is clear that this was a social engineering attack on EuroDNS, the domain registrar used for .fi TLDs,” the firm explained in a Sept. 20 X (formerly Twitter) post. Approximately eight hours after the first warning of the attac...
MasihHow is DeFi margin trading getting safer with this cross-chain protocol?
Earlier this month, a project called Miss Universe Coin was announced at PBW. Donald Lim, the founder of the organization managing the PBW, said during the event that the PBW will “launch the Miss Universe Coin.” However, weeks after the announcement, the official organization behind Miss Universe denied any association with the coin project and called it a fraud. “There is currently no Miss Universe cryptocurrency or blockchain offering, and these products are in no way involved with the vot...
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MasihGoogle Cloud adds 11 blockchains to data warehouse ‘BigQuery’
In 2018, Google launched a Bitcoin data set as part of the service, and later that year, it added Ethereum as well. It continued to expand its blockchain coverage in February 2019, adding Bitcoin Cash, Dash, Dogecoin, Ethereum Classic, Litecoin and Zcash. The Sept. 21 announcement means that BigQuery now carries data from a total of 19 blockchain networks. In addition to adding these new blockchains, Google has also implemented a new feature intended to make blockchain queries easier to execu...
MasihDeFi activity on the decline, but investment rolls in: Finance Redefined
The team behind Balancer, an Ethereum-based automated market maker, believes a social engineering attack on its DNS service provider led to its website’s front end being compromised on Sept. 19, leading to an estimated $238,000 in crypto stolen. “After investigation, it is clear that this was a social engineering attack on EuroDNS, the domain registrar used for .fi TLDs,” the firm explained in a Sept. 20 X (formerly Twitter) post. Approximately eight hours after the first warning of the attac...
MasihHow is DeFi margin trading getting safer with this cross-chain protocol?
Earlier this month, a project called Miss Universe Coin was announced at PBW. Donald Lim, the founder of the organization managing the PBW, said during the event that the PBW will “launch the Miss Universe Coin.” However, weeks after the announcement, the official organization behind Miss Universe denied any association with the coin project and called it a fraud. “There is currently no Miss Universe cryptocurrency or blockchain offering, and these products are in no way involved with the vot...
I work in Web 3
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tablecoins from Circle and MakerDAO have been more unstable than those from Tether and Binance over the past couple of years, according to a new report from S&P Global.
Dollar-pegged stablecoins are not immune to dropping their pegs, but some such as Circle’s USD Coin
and MakerDAO’s Dai
DAI
$1.00
, have been more prone to depegging than others, according to analysts at S&P Global.
A September research paper from Dr. Cristina Polizu, Anoop Garg and Miguel de la Mata delved into stablecoin valuation and depegging for five leading stablecoins: Tether (USDT), Binance USD
, Paxos (USDP), USDC and DAI.
The analysis revealed that USDC and DAI have spent more time below a dollar than USDT and BUSD over the past two years. In the longest and deepest de-peg event, USDC was below $0.90 for 23 minutes and DAI for 20 minutes.
However, USDT dipped below $0.95 for only one minute, while the price for BUSD did not drop below $0.975 at all between June 2021 and June 2023.
USDC dropped to $0.87 in March 2023 in connection with the Silicon Valley Bank collapse. USDC issuer Circle had $3.3 billion of its $40 billion USDC reserves at the time with SVB.
MakerDAO was one of the largest holders of the stablecoin at the time, with over 3.1 billion USDC in reserves collateralizing DAI which also de-pegged.
“Maintaining the peg and a stabilization mechanism requires good governance, adequate collateral and reserves alongside liquidity, market confidence and adoption,” Dr. Polizu and colleagues concluded.
Related: PayPal’s stablecoin opens door for crypto adoption in traditional finance
Tether has been plagued with mainstream media FUD for years, yet the findings suggest USDT has been more stable than its rival USDC over the same period.
Moreover, the supply of USDT has increased by 25% since the beginning of the year to 83 billion, giving it a commanding stablecoin market share of 67%. This has largely been at the expense of Circle, which has seen USDC supply shrink by 41.5% and market share fall to 21% over the same period.
https://cointelegraph.com/news/usdc-dai-depegged-more-than-usdt-sp-global-research
tablecoins from Circle and MakerDAO have been more unstable than those from Tether and Binance over the past couple of years, according to a new report from S&P Global.
Dollar-pegged stablecoins are not immune to dropping their pegs, but some such as Circle’s USD Coin
and MakerDAO’s Dai
DAI
$1.00
, have been more prone to depegging than others, according to analysts at S&P Global.
A September research paper from Dr. Cristina Polizu, Anoop Garg and Miguel de la Mata delved into stablecoin valuation and depegging for five leading stablecoins: Tether (USDT), Binance USD
, Paxos (USDP), USDC and DAI.
The analysis revealed that USDC and DAI have spent more time below a dollar than USDT and BUSD over the past two years. In the longest and deepest de-peg event, USDC was below $0.90 for 23 minutes and DAI for 20 minutes.
However, USDT dipped below $0.95 for only one minute, while the price for BUSD did not drop below $0.975 at all between June 2021 and June 2023.
USDC dropped to $0.87 in March 2023 in connection with the Silicon Valley Bank collapse. USDC issuer Circle had $3.3 billion of its $40 billion USDC reserves at the time with SVB.
MakerDAO was one of the largest holders of the stablecoin at the time, with over 3.1 billion USDC in reserves collateralizing DAI which also de-pegged.
“Maintaining the peg and a stabilization mechanism requires good governance, adequate collateral and reserves alongside liquidity, market confidence and adoption,” Dr. Polizu and colleagues concluded.
Related: PayPal’s stablecoin opens door for crypto adoption in traditional finance
Tether has been plagued with mainstream media FUD for years, yet the findings suggest USDT has been more stable than its rival USDC over the same period.
Moreover, the supply of USDT has increased by 25% since the beginning of the year to 83 billion, giving it a commanding stablecoin market share of 67%. This has largely been at the expense of Circle, which has seen USDC supply shrink by 41.5% and market share fall to 21% over the same period.
https://cointelegraph.com/news/usdc-dai-depegged-more-than-usdt-sp-global-research
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