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Weekly Projects to Watch
Top risers by Coinrank
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- The Graph ($GRT) ⬆️ 2%
- Enjin Coin ($ENJ) ⬆️ 1%
- Stacks ($STX) ⬆️ 1%
- Theta Network ($THETA) ⬆️ 0%
Top risers by Dev Rank
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- Quant ($QNT) ⬆️ 34%
- NEO ($NEO) ⬆️ 14%
- Klaytn ($KLAY) ⬆️ 10%
- TRON ($TRX) ⬆️ 7%
Top risers by Social Rank
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- Zcash ($ZEC) ⬆️ 1%
- Celo ($CELO) ⬆️ 1%
- Marinade staked SOL ($MSOL) ⬆️ 0%
- THORChain ($RUNE) ⬆️ 0%
Top small cap risers by Coinrank
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- Zerogoki ($REI) ⬆️ 136%
- Covenants ($UNIFI) ⬆️ 97%
- WallStreetNinja ($WSN) ⬆️ 74%
- Ethereans ($OS) ⬆️ 72%
Top News This Week
Many Services Suspended Operations in Russia
Due to the ongoing conflict between Russia and Ukraine, a lot of services have announced that they have suspended their operations within Russia.
Visa and Mastercard suspended operations in Russia, where they said they did so due to the Russian invasion of Ukraine, and announced that they would work with clients and partners to cease all transactions there. Additionally, the government of Switzerland also froze Russian crypto Assets, and China continued a crypto crackdown.
Japan’s financial regulator and cryptocurrency industry body also began a discussion on how to effectively sanction Russia over the Ukraine Invasion. Japan’s move towards crypto users in Russia began after Tokyo imposed sanctions on Russian officials. Coinbase, which is the largest U.S. crypto exchange, also blocked 25,000 cryptocurrency wallets that were tied to Russians that were suspected of illicit activities.
Ethereum Fees Experienced a Massive Decrease
Ethereum fees on Layer-2 chains saw a massive decrease within the Ethereum network. Specifically, according to data from Gasprice.io, Ethereum users saw an opportunity to make large transactions of ETH starting as low as $0.1 in transaction fees.
This is due to the ZKSync addition, which allowed ETH transactions for less than $0.1, while swaps cost about $0.16 each at their lowest point. Furthermore, the average cost of moving Ether (ETH) on the other Layer chains was around $0.5.
Andre Cronje quit DeFi, and THORChain's RUNE surged in value
Andre Cronje is a massive DeFi contributor who quit the cryptocurrency sector only days after his new project saw criticism over a security flaw that caused user funds to disappear from liquidity pools. He gained fame through the creation of Yearn Finance and Keep3r and quit the crypto sector alongside Anton Neil, a software architect behind Fantom. Neil announced the decision and noted that around 25 decentralized finance (DeFi) projects would be terminated starting from April 3.
Additionally, the cross-chain protocol THORChain went live with synthetic assets, after which the value of the token surged by 37% to a peak of $5.56. Synthetic assets launched on March 10, 2022.
Binance Launched Bifinity, a Payments Technology Company
According to an official announcement made on March 7, 2022, Binance said that they launched Bifinity, which is a payment technology company and their official fiat-to-crypto payments provider.
Specifically, Bifinity is an on and off-ramp solution that will empower businesses to adopt crypto and reach new audiences as a result through direct fiat-to-crypto transactions. Bifinity also entered into a strategic partnership with EQONEX Limited. EQONEX is the first digital asset firm with an exchange to be publicly listed in the U.S. and offers regulatory-focused trading services which are centered around the EQONEX crypto exchange.
Janet Yellen Slipped News Early Regarding Biden’s Executive Order Surrounding Cryptocurrencies
There was a statement from the United States Treasury Secretary Janet Yellen on President Joe Biden's executive order in regard to digital assets, which called for efforts to support innovation and address the risks within the industry. However, the statement ended up getting released a day early due to an error and was quickly deleted. However, it did end up getting captured on a web archive.
As for the executive order, President Joe Biden announced that he is directing government agencies to focus more on the fast-growing cryptocurrency market, from researching a U.S. digital dollar to combating any illicit finance. Specifically, the White House called agencies to coordinate the scatter-shot approach into the asset class.
Fresh Content From the Team
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The Stack Team
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