Top Blockchain News for Aug 29, 2023

August 29, 2023

Welcome to Morning Blockchain, where we explore the unexpected twists and turns that keep the world of blockchain and cryptocurrency buzzing. From empowering NFT creators with digital storefronts to the regulation of digital assets, and even the challenges faced by banks in embracing cryptocurrencies, we’ve got you covered with the latest surprises and insights in this exciting field. So grab your favorite morning beverage and get ready to dive into a can of knowledge that’ll help you crush it in your work week. Cheers!

Top Stories

FirstMate raises $3.75 million in Dragonfly-led round FirstMate, a startup that aims to empower NFT creators with digital storefronts, raised $3.75 million in funding from investors including Dragonfly Capital, Coinbase Ventures, and NextView; the startup also announced the beta launch of its marketplace website builder, which focuses on giving creators control over their works and royalties, making it relevant to blockchain and cryptocurrency as it addresses the challenges faced by creators and artists in the current one-size-fits-all marketplace model. SEC Issues First Enforcement Action Targeting NFTs A California media company, Impact Theory, made almost $30 million selling NFTs that the SEC classified as securities because the company guaranteed investors would make a profit from these collectibles, showcasing the relevance of blockchain and cryptocurrency in the regulation and classification of digital assets. Velodrome launches new DEX on Coinbase’s Base network Velodrome Finance, the largest decentralized exchange protocol on OP Mainnet, has launched a new forked DEX called Aerodrome on Coinbase’s Layer 2 Base network, aiming to capture liquidity and value exchange with the support of over 20 partners, while incentivizing users through an airdrop of its native Aero token. Republican trio says Fed is undermining progress on stablecoin bill A group of Republican lawmakers argue that the Federal Reserve’s recent moves to strengthen its oversight of banks’ involvement with cryptocurrencies and stablecoins are hindering their efforts to regulate stablecoins, potentially deterring financial institutions from participating in the digital asset ecosystem. The Bitcoin Circular Economy Battles Entrenched Mindsets in El Salvador The article discusses how bankers in El Salvador are interested in Bitcoin but are hesitant to adopt it due to potential negative consequences with their international partners, as remittances make up a significant portion of the country’s economy and are primarily conducted through traditional channels rather than cryptocurrency, highlighting the current challenges and concerns faced by banks in embracing cryptocurrencies like Bitcoin. A Crypto President? Top U.S. 2024 Contenders Aren’t Fans, and Rivals Are Way Behind The article discusses President Biden’s record on cryptocurrency and blockchain, highlighting his administration’s enforcement actions and proposed regulations that could have significant effects on the industry, such as the SEC’s proposals on custody and defining crypto platforms as exchanges, and the Treasury’s new proposal on taxing token gains, indicating the relevance of this article to blockchain and cryptocurrency. What are blocks in a blockchain? A block in a blockchain is a crucial element that contains transaction data, a timestamp, and a unique identifier called a hash, ensuring the security and integrity of the blockchain; understanding blocks is important in comprehending the functioning of blockchain technology, which is relevant to the field of cryptocurrency and decentralized systems. Ethereum’s Daily Transaction Fees Drops to 8-Month Low of $2.8M Ethereum’s proof-of-stake consensus mechanism involves validators who secure the network and receive transaction fees, with users offering a tip to prioritize their transactions, but the base fee is burned, reducing the supply of ETH - making this relevant to blockchain and cryptocurrency as it explains how fees are distributed and how ETH is taken out of circulation.