Should Investors Care About Tensions Between the SEC and Crypto? Blur's hundred million dollar airdrop will bring positive rain to arid NFT land?
Tensions Return Between SEC and Crypto
Last week the US Securities and Exchange Commission ( SEC ) sued Paxos , the issuer of BUSD . Although Binance has used many measures from being tough and willing to file a lawsuit to being more flexible than willing to pay a fine to reconcile with the US government, things are not too positive. Finally, Paxos had to announce the cessation of the issuance of BUSD on February 13, 2023.
The process from news to implementation in just a few days shows the fierceness of the US government. Binance had to consider restricting the use of BUSD as the main trading pair and printed another 50 million TUSD , another stablecoin issued by TrueUSD.
Centralized stablecoins currently account for 91.72% of the total stablecoin market capitalization. Even the largest decetralized stablecoin platform, DAI, is backed by nearly 60% of centralized stablecoins. Most of these stablecoin issuers operate in the US.
The fact that Paxos was forced to stop issuing more BUSD shows that the influence and strong trend of control over stablecoins can take place in the future.
After Kraken, Binance, the next name is Do Kwon and Terraform Labs. In the 55-page complaint, the SEC alleges that both USTC and LUNC are unregistered securities.
The continued moves of the SEC have shown the drastic attitude of the US government towards crypto. Users themselves should prepare additional measures to protect their portfolio against the risk involved.
The focus before the Shanghai update and the evolution of layer 2
The market rally has stimulated on-chain activity. The amount of ETH burned from the supply has increased continuously over the past 1 month. Of which 32% of ETH was burned due to DeFi activities, NFT accounted for 23% with a large part from the Blur airdrop project event.
Ahead of the ShangHai update scheduled to take place at the end of March, Liquid staking projects received a lot of attention and grew very well. From now until the unlocking of ETH withdrawal, the number of assets deposited into liquid staking projects will only increase. When the unlocking takes place, we can see sharp fluctuations in the value of both the liquid staking array in general and the market share of each project in particular.
Layer 2 activities have also witnessed good growth in recent times. Besides projects that are holding a large market share and have many activities in the ecosystem such as Arbitrum and Optimism, other layers 2 are also preparing to release many important updates. In there:
Polygon is expected to launch zkEVM at the end of March
Mantle Network, an Optimistic Rollup built by BitDAO is asking for more than $150 million in funding to fund its development.
Blur airdrop hundreds of millions of USD, BNB chain has a new roadmap
**Blur **is an NFT marketplace and aggregator. In March 2022, the project announced to raise $11M in a seed round led by Paradigm . Blur allocated 12% of the total supply to pay for the past 3 airdrops. At the current price of $1.33, Blur's airdrop has reached nearly $500 million , a huge number.
With the strategy of reducing transaction fees to 0% and announcing the continuation of the airdrop program. Blur's trading volume has attracted a large amount of trading volume and is not much inferior to the leading exchange Open Sea.
In response to Blur's action, Open Sea moved the platform's transaction fees to 0% to incentivize trading. Will Open Sea consider Blur a real threat and prepare to take specific actions in the near future?
Besides the massive airdrop from Blur, the Collab.Land project, a project that is heavily integrated in Discord groups for member verification, also announced the token airdrop. There are more than 2 million wallet addresses that are eligible to receive the token and will be claimed on February 23. To see if you can receive the airdrop, readers can visit
Not only did NFT activity on Ethereum make waves, Bitcoin also set a new record for the number of wallet addresses thanks to NFT. The Ordinals project on the Bitcoin blockchain allows users to upload images to the Bitcoin network.
The number of images uploaded to Bitcoin peaked at over 20,000 on February 9 and has been on a decreasing trend.
In addition to the above events, the BNB chain has announced the 2023 roadmap. Some key ideas in the roadmap include:
Increase the gas limit of a block from 140 million to 300 million, this allows each block to handle more transactions.
Focus on developing Rollup and bringing EIP-4844 to mainnet.
Develop a few more infrastructure elements.
BNB Chain is closely following and following the development path of Ethereum. However, the performance factor is still placed higher by the BNB chain than the current decentralization.
In order not to be too far behind, OKB exchange has announced the launch of OKB chain, currently there is no clear information about the launch time and details of OKB chain.
“Good and bad are intertwined” is a phrase that describes the situation of the crypto market. We are gradually seeing more tough actions from the US government that can have a negative impact on the market. However, there are still many activities and opportunities for those who actively follow and know how to manage risks.