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Top Blockchain and Crypto News — 9/20/2020

Featured Articles:

-Alleged Fiat Gateway of MT Gox Hackers Tops SAR Reports in Leaked FinCEN Files

-Burgerswap: a new DEX on the Binance Chain

-Party at Vitalik’s House? For DeFi, it’s Do-or-Die

Featured Articles:

-DeFi project starts a fight between exchange CEOs

-NFT Digital Art That Changes With Bitcoin Price Volatility Sold for Record $101,000

-Ledger Introduces More Privacy and Control Features to its Software Suite

-Uniswap locks up $1.79 billion two days after token launch, UNI surges to $7.50

-Gibraltar Updates Distributed Ledger Framework to Align With FATF Crypto Regulations

Arbol, a platform that allows farmers to hedge weather risks, is integrating Chainlink data oracles.

Arbol’s CEO, Siddhartha Jha, told Cointelegraph that the company uses blockchain technology to solve a problem that affects billions of people around the world:

“It’s crazy that so much of the world’s livelihood, it’s about two to three billion people, they estimate, is affected by weather day to day.”

Elliptic has added support for Binance chain and Binance coin (BNB), which means that BEP-2 tokens—Binance’s equivalent to ERC-20 tokens—will now be monitored by the London-based blockchain analytics firm.

In a statement, Elliptic said it will “be able to provide crypto compliance monitoring to issuers using the Binance Launchpad to launch new BEP2 tokens on the Binance blockchain.”

“Elliptic’s crypto transaction and wallet monitoring solutions, Navigator and Lens, automate compliance monitoring for BNB so that Binance and other exchanges listing this token can scale operations efficiently and improve accuracy in detecting suspicious activity on the blockchain.”

This move by Elliptic comes shortly after the U.S. Securities and Exchange Commission (SEC) granted CipherTrace a blockchain monitoring contract. In their memo confirming their contract with CipherTrace, the SEC explicitly stated that the reason that CipherTrace was awarded the contract was because—at the time—CipherTrace was the only blockchain analytics company that had support for Binance Chain and BNB.

Why the SEC is interested in Binance

The SEC was interested in monitoring Binance transactions because it is well-known that Binance’s operations are illegal in many countries. Recently, government agencies in both Brazil and Malaysia ordered Binance to discontinue their operations since they had not registered with the proper government agency in each country.

The happenings around the world at large and China, in particular, have got no hold on the country expanding on all sides, most especially in blockchain development.

The past seven months in the year 2020, have been times of ‘global crying’ for the countries of the world, yet, China is said to have over 10k new blockchain companies added to the existing ones.

OMG Network has become the cryptocurrency of the week following a massive rally that seems unstoppable. In the last 24 hours alone, OMG has increased in value by more than 78% to record a monthly high around $6.6. According to the data provided by CoinMarketCap, the crypto asset has rallied 225% in the last 24 hours.

Before the breakout, the price was stable in a range between $1.00 and $2.00. The lock-step trading in this range was seen to dominate the months of June following a reversal from pa sharp spike to $4.45 and July. Although August commenced trading in the same range, the price action quickly turned ballistic in the second week.

Participate and Grab a Share of 150,000 USDT

Ethereum’s decentralized finance space has seen exponential growth over recent weeks and months. According to data site DeFi Pulse, there is now $6.65 billion worth of cryptocurrency locked in so-called DeFi protocols. This same metric was closer to $500 million at the start of the year and around $1 billion in March.

Related Reading:

Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, Ethereum DeFi Boom, BitMEX KYC

Similarly, coins pertaining to the DeFi space have gone exponential. The Yearn.finance (YFI) token recently surpassed $16,000, despite having launched at a price of around $3 just one month prior to this article’s writing.

While many think that this growth is predicated on true innovation, there are few that think the DeFi ecosystem is becoming unsustainable and unstable. It could thus soon face an unwinding as hype exits the DeFi space.

Ethereum DeFi Becoming Unstable? Preston Pysh Thinks So

The decentralized finance commonly referred to as DeFi continues to hit new highs as if it’s a rocket heading to the red planet, Mars. Aave, a DeFi project is among the biggest gainers in both the value of the token and the total value of the funds locked in 2020. On crossing the massive $1 billion milestone, Aave has also seen significant growth in the price of LEND, the protocol’s official token. LEND is up 18% in the last 24 hours and trading at $0.6053.

The remarkable performance also comes after the Network announced version two of its protocol bring on board a host of new features such as native under collateralized loans/credit delegation, debt trading and better borrowing rates.

Participate and Grab a Share of 150,000 USDT

Actor and venture capitalist Ashton Kutcher’s first attempt at digital art, an awful piece titled “The Eye of the Beholder”, is auctioning at Cryptograph. At the time of writing, the highest bid stood at 13.26 ethereum, or about $5,400, with a day to go before the sale ends.

Kutcher’s video on the blockchain-based art market demonstrates a new concept where the physical original is destroyed to assure the digital copy of a unique existence as a cryptograph.

Kutcher’s piece, digitized in a low-resolution phone-camera shot, is a remarkably bare-bones doodle of cartoon eyes and a one-stroke star.

The ‘Two and a Half Men’ star adds his star power to crypto-art creators, including Paris Hilton, Skeet Ulrich and David Arquette. He has picked two charities, Global Wildlife Conservation and Oxygen Seven, to receive a portion of the sale.