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As Circles $USDC has lost ground, Tether-issued $USDT is now the dominant stablecoin on both Ethereum and Polygon.

Regulatory FUD from U.S. authorities has helped to catalyze a regime change in the world of cryptocurrency stablecoins, as $USDC has lost its dominant position to $USDT on both the Ethereum and Polygon blockchains.

The March 11 collapse of Silicon Valley Bank certainly shook crypto holders faith in the stability of $USDC (at least in the very short term), as it was disclosed that $USDC issuer Circle had more than $3 billion in reserves stored at the failed financial institution. $USDC suffered a major but brief de-peg, and it regained its $1 value a few days later, when Circle executives were able to reassure investors that the SVB collapse did not impact its ability to maintain the 1:1 backing for the stablecoin.

The apparent irony is that U.S. regulators statements and actions against stablecoins (notably $BUSD) have incentivized crypto holders to abandon stablecoins from U.S.-regulated issues (such as Paxos and Circle) in favor of issuers like Tether who are not subject to U.S. regulations.

According to DefiLlama, $USDC lost its dominant position on Ethereum to $USDT on March 18, a week after the SVB debacle. $USDc had accounted for the plurality of stablecoins on Ethereum since the beginning of 2022. However, $USDT rose to the top spot as it benefitted from investors switching out of $USD and, since December 2022, $BUSD.

The narrative on Polygon is different but has the same result: $USDT has surpassed $USDC as the dominant stablecoin on the Ethereum sidechain.

The wrinkles in the story, however, are that $BUSDs market share on Polygon was never significant; $USDC had always been the dominant stablecoin on Polygon; and $USDTs ascent came at the expense of $USDC and $DAI.

Perhaps most importantly, $USDT surpassed $USDC on Polygon on March 2, according to DefiLlama, more than a week before SVBs failure accelerated the abandonment of $USDC.

Overall, $USDT has strengthened its grip on the entire USD stablecoin marketplace, increasing its share of stablecoin holdings on all blockchains from less than 50% to nearly 60% since the beginning of the year.

The Tether-issued stablecoin accounts for almost all stablecoin holdings on Tron and is rapidly gaining even more ground on BNB Chain as $BUSD is being phased out.

One area where $USDC has maintained its edge over $USDT is on the fast-growing Arbitrum blockchain, where $USDC has 63% of the stablecoin market.

Ethereum is an open-source, distributed computing platform based on blockchain technology that can execute smart contracts - that is, the terms written in the contract will be executed transparently, automatically when the previous conditions are satisfied, and no one can interfere. At the same time, Ethereum also allows developers to build decentralized applications (DApps) and decentralized autonomous organizations (DAO).

Website | Twitter | Documentation | Whitepaper | Reddit | Discord | Youtube | GitHub | Ethereum Foundation Blog |

Polygon is a sidechain scaling solution that runs alongside the Ethereum blockchain allowing for speedy transactions and low fees. MATIC is the networks native cryptocurrency, which is used for fees, staking, and more. The effectiveness of Polygon as an alternative to Ethereum has seen existing projects such as Aave and Curve adopting its chain.

Website | Twitter | GitHub | Reddit | YouTube

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Circle FUD Fallout: Tether's USDT Surpasses USDC on Ethereum ... - BSC NEWS

Its no secret that crypto wallets need a makeover, and fast. But as the pieces and players leading this makeover emerge, so too is a fight over what to call the effort.

Some call it account abstraction, others call it EIP-4337.

We call it a smart wallet," Argent cofounder and CEO Itamar Lesuisse told Decrypt. "Its as simple as that.

Argent, along with Safe (formerly Gnosis Safe), is at the forefront of the account abstraction movement, making crypto wallets easier, and smarter, to use.

The story of account abstraction, or smart wallets, dates back as far as 2016 with Ethereum Improvement Proposal (EIP)-86, and there have been many other related EIPs along the way.

It's a movement that's attempting to change the current wallet standard, called Externally Owned Accounts (EOAs) like Metamask, to a smart contract-based one. Whenever you go about your crypto business, you currently need to sign your EOA wallet each and every time you execute a transaction. It's also risky, due to the unique demands of private key management.

Account abstraction provides far more flexibility for crypto wallets. Instead of individually signing 10 different transactions, for example, a smart contract wallet could batch all of these transactions into one click.

These new types of wallets could also mean adding features like recurring payments or, in the case of crypto, recovering lost private keys. Argent solved for this in 2018 with something called social recovery. Wallet users would tap friends or family members to help get back their wallets back should they lose the keys.

Like the smartphone, Lesuisse and his team mean to bring crypto wallets out of the landline era and into the world of programmable money. Another analogy that the Argent chief uses is (ironically) when people first began moving the cash in their wallets into bank accounts.

Suddenly, there was a piece of software that could do stuff for us to make it easier to transfer or make it more secure, he said.

Like banking, smart wallets refer to just about anything that we can program our money and accounts to do without needing our intervention.

The trend is also turning heads at payments giant Visa.

In a new deep dive report on self-custodial crypto wallets, Visa wrote that Ethereum is designed for push payments rather than the more intuitive and automated pull payments.

The former refers to manual payments made by the account holder and the latter to payments by which money leaves an account automatically, like auto-payments for student loans or paying your mortgage every month.

Smart wallets would essentially usher in more of those programmable pull payments to crypto, and make it look a lot more like how we use money in the bank.

It's like blockchains took all these sensibilities away that we were fully expecting and using non-stop in the world. Blockchain sort of ripped off all that from the developer's toolbox, StarkWare co-founder and CEO Uri Kolodny told Decrypt. Account abstraction is saying, guys, can we please have those very sensible tools back in our hands?

Kolodnys team is behind StarkNet, a speedy layer-2 network built on Ethereum, and rolled out a wallet browser extension back in 2021 with Argent called Argent X.

As part of its tinkering in the smart wallet space, Visa also turned to the layer-2 solution to experiment with so-called delegable accounts.

The most beautiful thing about the Visa project is that we only became aware of it when they first posted their amazing research, StarkWare co-founder and president Eli Ben-Sasson told Decrypt. They looked around, and realized that they needed to start from a place both where they will have a global scale needed for their customer base and also has the account abstraction or, as we like to call it, smart wallets, out of the box.

A delegable account, per Visas research, would essentially integrate auto-payments into a crypto wallet and could come with a series of constraints, such as making the payments monthly or putting a limit on how much can be pulled from the wallet.

Beyond the traditional use cases like those that Visa has in mind, smart wallets would also be supremely useful in the world of on-chain gaming.

If you play games, you probably wouldn't want to sign a transaction every five seconds, every time you are killing a player, winning new updates, and then paying for the transaction, said Lesuisse. With account abstraction, you can program what we call a session key and say, hey, I will let that game sign for me for the next hour.

Its still early days, of course, and custodial wallets like Coinbase Wallet or the original crypto wallet MetaMask still dominate the space.

But as the idea of account abstraction (or simply smarter wallets) gains more attention among users as a viable alternative, the Web3 heavyweights could face some serious competition.

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Making Ethereum Wallets Smarter Is the Next Challengeand Visa Is Among Those Working on It - Decrypt

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Polygon (MATIC) price was a clear proof that global market concerns are and can influence cryptocurrency performances. The nearly 5% drop MATIC underwent when US Fed Chair Jerome Powell and US Treasury Secretary Janet Yellen were speaking is a telling sign that needs to be factored in going forward. With their dire message, the current longer-term recovery rally will take a small dip and search for support with the first focal point nearby at $0.96 or 15% lower.

Polygon price sees its recovery rally from March broken as the sentiment has turned since last week. After its peak at $1.25, Polygon bulls have been giving up on holding important levels such as the 55-day Simple Moving Average (SMA), the pivot level at $1.187 and no new highs being printed for this week. A much more telling sign that clearly another bank collapsing or more turmoil means MATIC traders are pricing in a higher risk premium.

Cryptocurrency traders have been erroneously pumping a dead token called ARbit, causing it to rise 2000% in the past eight days from $0.00024 to a peak price of $0.027. The uptick came as traders confused it for Arbitrum, whose airdrop is slated for later today at 17:00 GMT.

However, the value of ARbit dropped after traders realized it was the wrong token, but it is still 109% up compared to its market value 24 hours ago, trading at $0.01356 at the time of writing. Its trading volumes are also relatively high over the same time frame, considering the mistake, with a reading of $10,430 on CoinMarketCap. This is a 12% increase in its 24-hour trading volume.

The narrative of Ethereum Layer 2 solution tokens is heating up with the shift in focus to altcoins. Bitcoin and Ethereum price rallies grinded to a halt after the recent rate hike announcement by The Fed. Typically, this shifts focus to altcoins and token holders can benefit from the alt season and upcoming L2 airdrops.

Polygon Networks native token MATIC and MetisDAOs METIS have witnessed accumulation since March 12. This coincides with the time when market participants were hit by the global banking crisis. Typically, accumulation by token holders fuels a bullish thesis for the asset.

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Cryptocurrencies Price Prediction: Polygon, Arbitrum & Ethereum ... - FXStreet

The Ethereum [ETH] network, despite its popularity, has been known to drive away users due to the high gas fees required to make transactions on the network.

Is your portfolio green? Check out the Ethereum Profit Calculator

However, in recent days, gas fees on the network has dropped significantly, hitting a one-month low of 29.390 GWEI. This has renewed interest in Ethereum [ETH] from the crypto community, as evidenced by the spike in NFT activity on the network.

Over the past 24 hours, there has been a total of $58 million worth of transactions in the Ethereum NFT market, with 71,700 trades conducted.

Most of this activity (around 70%) took place on the Blur platform, where the average trade amount was $1,206. The remaining 16% of the volume was on OpenSea, where the average trade amount was $335.

The interest in Ethereum is not limited to users alone. Validators on the network have also shown an interest, with their numbers increasing by 6.22% over the past week. This increase in the validators has resulted in a 24.27% rise in revenue generated by them during this period.

Despite this, according to data provided by Dune Analytics, 55% of Ethereum stakers remained unprofitable at press time.

However, the same cannot be said for addresses holding ETH, as the high MVRV ratio suggests that most addresses on the network are profitable. The high profitability of the ETH addresses could incentivize new users to buy ETH going forward.

Realistic or not, heres ETH market cap in BTCs terms

On the other hand, the concentration of whales holding their ETH has increased materially over the last month.

This could make ETH vulnerable to large price fluctuations if these whales decide to sell. This could be one reason why short positions against ETH have increased tremendously over the last few days, according to data from Coinglass.

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What can Ethereums [ETH] declining gas fees mean for the protocol? Analyzing - AMBCrypto News

As we brace ourselves for a turbulent crypto year, the market has seen expansions of more than $80 billion despite the Securities and Exchange Commissions (SEC) stringent regulations. Crypto markets are finally displaying signs of a bullish run and accelerating speed after a challenging first, ignoring any obstacles or unfavourable news.

The newest meme coin in the cryptoverse, Big Eyes Coin (BIG), is in the lead after raising over $31.5 million during its presale. Only time will be able to determine when and where this will land. On the other hand, Bitcoin and Ethereum are two crypto industry leaders. Bitcoin dominated the market, and users followed SEC regulations when converting other cryptocurrencies into BTC. Players like Cardano are also putting themselves out there.

The king of cryptocurrencies, Bitcoin (BTC), reached a height of $24,755 as we entered the second half of February. This was the highest level since June 2022. The value of BTC soared once many users and investors shifted their funds away from other cryptocurrencies and towards the crypto beast. BTCs price at the time of writing was $24,551, up almost 10% over the previous day, and it had a $473.59 billion market cap.

In order to establish an autonomous and interconnected network of digital currencies, Satoshi Nakamoto, a mysterious person or entity, launched Bitcoin as a different means of payment in 2009. Bitcoin uses a Proof-of-Work (PoW) technique to verify transactions, and the digital currencys 21 million coins are in limited supply.

Like Bitcoin, Ethereum (ETH) experienced growth and increased by more than 8% to $1,700. In August 2022, Ethereums last value of $1,800 was recorded. ETH was worth $1,683 and had a market value of $205.75 billion at the time of writing.

In addition to serving as a platform for decentralised apps and smart contracts, Ethereum debuted as a De-Fi coin in 2015. Its security, and reliability make it the platform that consumers and developers want the most in the world compared to Bitcoin. Ethereum relied on the Proof-of-Work method, but last year the network saw a shift PoS (Proof-of-Stake), which is quicker, requires less energy, and is more secure.

A blockchain that uses proof-of-stake is called Cardano (ADA). As a result, the coins energy efficiency is increased. Traditional proof-of-work consensus requires more mining and transaction time. The blockchain was created in 2017, and the Alonzo hard fork was introduced four years later. It has smart contract capability as a result. Smart contracts encrypted security makes them tough to hack. Transactions using the proof-of-stake mechanism can be done very quickly, effectively, and precisely!

Cardanos dedication to transaction security has aided in the platforms growth into a potent blockchain. Its greenness is aided by the quickness and effectiveness of its transactions as well as its smart contract. The likelihood of investing being successful is high.

Big Eyes Coin (BIG) is a community-owned, meme-themed cat coin that aims to improve the environment of the planet while also providing useful services and use cases. Big Eyes Coins presale has already reached $31 million, and it now aims to achieve $50 million by the end of the presale. This brand-new meme coin has a cat as its symbol, and it has the potential to grow into the biggest meme coin ever.

In the past few weeks, Big Eyes have run a number of marketing initiatives, including a tattoo competition, discount codes, and the great set of loot box offerings that are currently available.

The community-led token has repeatedly shown that it is here to stay and has a bright future ahead of it, dispelling any concerns being expressed by these crypto gurus, despite some internet critics casting doubt on the currency and its genuineness.

With incredible technological advancements, usability, accessibility, NFTs, loot boxes, and more, Big Eyes Coin is aiming to establish itself as a crypto mainstay.

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

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WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost

AVISO IMPORTANTE: La inversin en criptoactivos no est regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido

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The Mount Rushmore of Crypto 2023? Bitcoin, Ethereum, Cardano ... - Euro Weekly News