The altcoin market has thousands of projects, and there are only 168 hours in a week. Nobody has the time to look at each altcoin news one by one, but don’t fret we are here to save you time and energy. Altcoins at a Glance is here to deliver your weekly briefs in under five minutes.
Top Meme Altcoin Shiba Inu Increases Burn Rate
- Shibarium, Shiba Inu’s (SHIB) Layer 2 Project, has launched an early beta test called Puppynet.
- The layer 2 project aims to increase scalability, speed up transactions, and lower down gas fees.
- As a bonus, Puppynet also led to an increase in the burn rate of SHIB. It is reported that the burn rate increased to 1300%
- An increased burn rate is expected to increase the price of any altcoin because it will lower the circulating supply. A lower supply while maintaining or increasing demand has the tendency to increase the value of any asset.
BitFlyer Added Shiba Inu to its Altcoins List
- Bitflyer, a Japanese crypto exchange, has included Shiba Inu as part of its altcoin product offering.
- The exchange is giving away SHIB tokens to twenty lucky customers. Each customer is expected to receive 10,000 Yen in tokens.
Tether Shows Why it is Top Stablecoin
- The number one stablecoin, Tether (USDT), has announced a $700 million profit in the first quarter.
- The positive cash flow also pushed the stablecoin’s excess reserve to $1.6 Billion
- This development is good news for the crypto space. There are doubts that stablecoins can be redeemed 1:1 at any given time. FUD has been hurled to the industry this past few weeks, and this is a testament that crypto can go toe to toe with traditional finance.
- Telegram, a popular messaging platform, has announced that it will integrate USDT with its wallet (@wallet bot).
- The integration with Telegram will help increase global adoption
Top 10 Altcoin XRP Wakes Up as Investors Expect Favorable Court Ruling
- In 2020 The Security and Exchange Commission (SEC) filed a lawsuit against Ripple Lab, the creator of XRP.
- According to the SEC, Ripple Labs has raised more than a billion dollars by offering unregistered securities. One key point in the case is whether XRP is classified as a security or not.
- Supporters of XRP are arguing that there has been a precedence wherein the Judge criticized regulators for failing to reach a consensus on whether cryptocurrencies are commodities or securities.
Will Arbitrum be the Next Top Layer 2 Altcoin?
- Arbitrum is a layer 2 solution built on top of the Ethereum Network.
- It promises to bring scalability, speed, security, and cheap gas fees.
- The project uses Optimistic Rollups, wherein transactions are taken off the main Ethereum Network to be processed, and once done, they will be taken back to the ETH network for validation.
- The buzz has also been taken advantage of by bad actors. Unsuspecting Arbitrum buyers are taken to a site with a fake contract. You read more of it here.
- Below is a screenshot of the fake contract.
XAPO Bank Integrates with USDC
- XAPO, a bank headquartered in Gibraltar, has made history by becoming the first bank to fully integrate with the USDC stablecoin
- This will enable customers to skip the SWIFT network. This translates to faster and cheaper transactions.
- This proves that traditional banks and cryptocurrencies can work together to provide a better customer experience.
- USDC has recently been affected by a collapse of a traditional bank that holds some of the stablecoin’s cash reserve. USDC lost its peg to the U.S. Dollar briefly, because of the FUD.
That is all for the week. See you soon.
Featured image from Unsplash
