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So, Ethereum bounced off its Sunday low. Big whoop. My cat bounces off the couch with more conviction. But hey, not every upward twitch is a breakout. Let’s not throw confetti just yet.
The argument, laid out with the precision of a clockmaker, paints a grim portrait of Ripple’s tokenomic structure. Behold: in the year 2012, when XRP was born, 100 billion tokens emerged from the void. The founders, like gods dividing the spoils, kept 20 billion for themselves and bestowed 80 billion upon the company. Fast forward to December 2017, and Ripple, in a move as cunning as a fox, locked 55 billion XRP into smart contracts, releasing a mere 1 billion per month. Of this, they relock 70 to 80%, keeping the remainder-a paltry 200 to 300 million XRP-to fuel their machinations. At current prices, this monthly tribute is worth a staggering $400 million. Ah, the cost of doing business!
RedotPay, a popular payments platform with over 7 million users based in Hong Kong, is making it easier to use cryptocurrency in everyday life. They’ve added support for SUI and USDC to their app and crypto card, allowing users to send, receive, and spend these digital assets directly, as reported by crypto analyst MartyParty on X.
Key Takeaways (because who has time for subtlety?):
Once again, the U.K. finds itself basking in the glow of cryptocurrency exchange-traded notes (ETNs), courtesy of the ever-astute fintech startup Stratiphy, which has deftly secured approval to peddle these digital delights in a special breed of individual savings account (ISA), as reported by the Financial Times-a publication that has become a veritable oracle of financial happenings.
Thirteen of these funds, each more voracious than the last, have devoured $996 million in a mere five days. And lo, on the morrow, another $238 million was swallowed whole! Such greed, such folly, and yet, the market doth recover, as if by divine providence. Or perhaps, by the whims of these financial sorcerers.
This scholarly missive, birthed on April 21 by a cadre of brainiacs including Scott Aaronson, Dan Boneh, Justin Drake, Sreeram Kannan, Yehuda Lindell, and Dahlia Malkhi, boldly declares its “high confidence” that one day, amidst the rubble of oblivion, a mighty fault-tolerant quantum computer will rise. Yes, folks, your sci-fi dreams are inching closer to reality!
The recent exploit of Drift Protocol resulted in millions of USDC being stolen and transferred through various bridges, but Circle, the creator of USDC, couldn’t stop it. Despite promoting a flexible and adaptable system, Circle was unable to react quickly to help those affected, seemingly hindered by its own size and established procedures. Hackers were able to move funds freely, while Circle remained inactive.
