In this Edition:
- We share our views on LedgeI's mid-life crisis
- Lido's launch of version 2 for ETH withdrawals with stakes
- Tether buying Bitcoin periodically
- The UK despising and promoting cryptocurrencies
- Altcoin Alpha by Spaziocrypto
"I no longer use Ledger.
You've probably heard this exact phrase several times this week. Ledger's new phrase retrieval functionality has led the cryptographic community to ask a crucial question: "Is my phrase retrieval really secure?"
Here are the details you need to know about Ledger Recover:
It is a paid service that allows users to store their recovery sentence online so that it can be easily retrieved in the event of loss, at a cost of $9 per month.
This is not a mandatory purchase or the default mode, but rather a service you can choose to join. If enabled, the backup is split into 3 parts and stored at 3 different companies: Ledger, Coincover and EscrowTech. The service requires Know Your Customer (KYC) identification checks consisting of a document and a selfie record.
Original Ledger owners are safe for the time being, as this feature is not available on older S-wallets; it will be introduced on new wallets with firmware update 2.2.1. "Key control is key to cryptocurrency control" and is the mantra cryptocurrency enthusiasts adhere to.
But let's play devil's advocate for a moment. An estimated $545 million in Bitcoin was lost in 2022 due to lost passwords or incorrect recovery phrases. The data shows that cold storage is not for everyone.
Leaving your cryptocurrencies on an exchange is easy and convenient for some users. Therefore, there is a need to address and solve this problem. For users struggling to understand the concept of cold storage, Ledger Recover is an easy-to-use and affordable solution that could offer them peace of mind.
In conclusion: if we want to involve billions of people in cryptocurrencies, autonomous storage needs to be more user-friendly. It cannot happen without it.
In spite of this, while many members of the crypto community are concerned, many of the industry experts remain silent. Why? This has always been possible with Ledger because it uses a closed-source system. Just as Apple has to approve every app before it is published in the app store, Ledger also has to approve every app from Ledger.
The code approved by Ledger (in theory) keeps malicious actors away.
Lido has launched version 2 for ETH withdrawals with stakes
Lido has finally joined the party. Lido Finance successfully upgraded to version 2 this week, allowing users to withdraw their stETH. Lido Finance holds nearly 80 per cent of the market share of liquid staking derivatives on the Ethereum network, so this upgrade is a big deal.
After Shapella's upgrade, the exit queue for ETH withdrawals was slowed down, to two weeks.
So how long will it take for withdrawals from Lido Finance? When the exit queue on the Ethereum beacon chain is empty, it can take about a day. But the maximum time needed to exit the staking queue and withdraw is currently 5.5 days.
Notwithstanding this, users requesting withdrawal of their stETH will not have to wait long for this. Users will immediately receive an NFT issued by Lido to represent the withdrawal request. Thereafter, they will have to use the NFT to request their rewards and, once they have done so, the NFT will be destroyed. Lido has become the fourth largest withdrawal entity, with more than 278,000 ETH already withdrawn.
Tether is aiming high on Bitcoin with a DCA (Dollar Cost Avarage) strategy
The countdown to halving has begun! With less than 365 days until Bitcoin's next halving, Tether is betting big on BTC.
Having $1.5 billion in Bitcoin on their balance sheet is not enough for them. Tether will start buying Bitcoin periodically starting this month, using up to 15% of its monthly net profits.
Tether's CTO is putting all his eggs in Bitcoin's basket, saying: 'Bitcoin is the epitome of a robust and secure monetary system. It has defied expectations, exceeded limits, and offers access to the global financial system to anyone with an internet connection."
The UK dispeases cryptocurrencies, but at the same time promotes them
It seems that the UK is changing its stance on cryptocurrencies more often than the price itself.
Initially, the UK wanted to become a global centre for cryptocurrencies. Now, however, it considers cryptocurrencies simply a haven for gamblers.
The UK Treasury Commission has published a new report that recommends regulating cryptocurrencies like gambling. Cryptocurrencies have been described as 'unsupported assets' without 'intrinsic value' that 'do not serve a useful social purpose'.
But at the same time, the report states that there are high expectations for the technology as its 'most compelling use case' is to 'improve efficiency and reduce the cost of [international] payments'. Let's not forget that their fiat currency (the British pound) is considered worthless.
The British £1 currency just celebrated its 40th birthday and has lost 70% of its value during this period. They know what the problem is and they understand the solution.
They only want their own solution, not the people's.
Gains Network [GNS] has just introduced gTrade v6.3.2, which focuses mainly on a major overhaul of the protocol's commission structure. Gains Network is a small DeFi protocol active on Arbitrum and Polygon.
The GMX V2 testnet is now active. GMX, a decentralised spot and perpetual exchange, is currently the largest dApp on Arbitrum and the third largest on Avalanche.
Radiant Capital's [RDNT] proposal for a special strategic allocation of 3.3 million ARBs to it is now active and open for discussion on its DAO. Radiant Capital is a multi-chain lending and purchasing protocol.
Ronin [RON] has just launched the Mavis NFT marketplace. Ronin calls Mavis its "first generalised NFT marketplace". Ronin, a smaller EVM-based blockchain, has made quite a place for itself in the NFT and play-to-earn industry, as the blockchain currently ranks second in all-time NFT sales volume.
Sui's SUI-USD trading pair is ready to be launched on Coinbase on 18 May, provided there are sufficient liquidity conditions. Sui is the new L1 protocol that launched the mainnet on 3 May.
Uniswap [UNI] will soon be available on Polkadot. Specifically, Uniswap will be launched on Polkadot's Moonbeam parachain, exploiting a cross-chain communication protocol. UNI token holders voted for the expansion on 17 May. In addition, some Uniswap stakeholders are discussing the possibility of launching Uniswap on Coinbase's L2 network, Base. New Projects/Token
SEI continues to salivate Crypto Twitter with the upcoming mainnet release. Six is presented as an L1 blockchain specifically created for traders. Six claims to have a transaction finality of 300 milli per second and a network and environment that is highly optimised for trading.
SEI continues to salivate Crypto Twitterwith the upcoming mainnet release. SEI is presented as an L1 blockchain specifically created for traders. SEI claims to have a transaction finality of 300 milli per second and a highly optimised network and environment for trading.