TL;DR of the week November 19th
Today we’re starting a new segment on our blog: TL;DR of the week. We will recap the whole week leading up to Friday. TL;DR will help you to get a grasp of the crypto market in a quick bite-size. Let us begin!
IOTA’s new testnet network and crypto
A few days ago, IOTA’s team announced that they would be launching the “Shimmer” network and the SMR token alongside it. Shimmer network will be the testnet for the 2.0 update where they aim to make their network fully decentralized and fully implement smart contracts. To get SMR tokens, you will have to stake your IOTA tokens using IOTA’s Firefly wallet. The announcement for the network launch will happen 24 hours ahead of the launch to ensure a fair launch. To learn more, check out our article here.
El Salvador’s crypto explosive adoption
This week, an article from CRYPTOsauce claimed that El Salvador had more digital wallets than traditional bank accounts. El Salvador is a country where Bitcoin is considered legal tender. Since the summer of 2021, El Salvador has accepted Bitcoin as legal tender. We see digital wallets overtake traditional bank accounts less than half a year later, which is a crazy adoption rate. Imagine if other countries accepted crypto as legal tender.
Metamask’s overwhelming adoption
Two days ago, Decrypt published an article that announced that the Ethereum wallet MetaMask reached 21 million users. They’re up 420% in users since April. These numbers only represent the adoption of a single Ethereum wallet. We can only speculate, but we believe these numbers are probably very similar to all crypto, not just Ethereum. Summer 2021 is when Dogecoin had its bull run fueled by Elon Musk and Wallstreetbets. Since then, the interest in crypto has most likely spread to other cryptos.
Uniswap liquidity providers losing money
Less than 24 hours ago, Cointelegraph posted an article where they cited a report by Topaz Blue and Bancor Protocol that found that 49.5% of liquidity providers on Uniswap were losing money due to impermanent loss. They said that the liquidity providers would’ve better off just holding the token rather than providing liquidity. A lot goes into this, so check it out here if you wish to see the entire study.
BogCharts v4 beta now live
Yesterday Bogged Finance’s (BOG) telegram announcement channel announced that BogCharts v4 Beta was live. The new updates to the charts include price alerts; top gainers & losers; upgraded mulicharts; polygon chart support; improved speeds; improved UI/UX; searching by token names. Bogged Finance is a token that runs on BSC, and if you have tried investing in coins on that network, you would’ve run into the issue of not seeing graphs for those coins. Bogged is not only exchange for BSC coins, but it also has charts for them and much, much more. If you wish to know more about trading on BSC, we have an article just for you.
Nano adopts a currency symbol and changes ticker
This week Nano ($XNO) changed their ticker to XNO and adopted “Ӿ” as a currency symbol. The X symbol is reserved for private customs and not for country code usage, also it is often used for precious assets like silver (XAG), etc. This move will hopefully lead to increased adoption of Nano as a currency thanks to their feeless and super-fast transactions. If you wish to know more about this change we have an article that covers this topic more in-depth.
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