Read in the Digest

• Europe Is Now the Biggest Crypto Economy
• dYdX Trading Volume Drops 80%, Compound Overpays Liquidity Rewards
• China: More Anti-Crypto Policies Are Coming
• Iran Stock Exchange Mines Crypto Illegally
• Twitter (NYSE:) Shares Video Showing NFT Profile Verification

Europe Is Now the Biggest Crypto Economy

Europe has emerged as the world’s biggest cryptocurrency economy, receiving over €870 billion in crypto last year. According to a report, Europe’s growth was primarily driven by institutional investors who moved enormous sums into crypto.

The data shows that Central, Northern and Western Europe (CNWE), received more than $1 trillion in crypto between July 2020 and June 2021. The report revealed that 25% of all global trading activity was contributed by CNWE.

Between July 2020 and June 20,21, $170 billion was the highest volume of crypto transactions recorded in Europe by the United Kingdom. This amount was 49% due to Decentralized Finance (DeFi), protocols.

In early 2019, before China’s push for the crypto ban intensified, Eastern Asia contributed 30% of the global transaction volume. The region now contributes only 15% of the total global crypto transaction volume.

Flipsider:

• Europe’s emergence as the biggest crypto-economy comes amidst China‘s ban on cryptocurrencies

Why You Should Care

The shift in dominance shows that the crypto industry is no longer controlled by only one region of the world and can survive even after China’s blanket ban.

dYdX Trading Volume Drops 80%, Compound Overpays Liquidity Rewards

Leading decentralized exchange dYdX saw its daily trading volume drop by nearly 80% following Epoch 1. When the DYDX token launched on August 3, the dYdY Foundation activated several pools to promote liquidity and trading on dYdX.

Epoch 1 follows Epoch 0. It is a program which includes staking market making trading and liquidity provider incentives. Wootrade was a market maker in Epoch 1, and WOO token gained over 90% within 36 hours. The TV of dYdX dropped by 79.86% at the conclusion of the show.

Compound Finance, the DeFi interest rate protocol may have incorrectly paid millions of liquidity mining rewards. Compound Finance has a liquidity mining program which rewards borrower and depositors.

A bug in the upgrade means that $70 million worth of COMP tokens could be wrongly awarded. One Twitter user @napgener raised a topic about the problem in the upgrade. He wrote;

This account can claim 70k $COMP or $28m USD.Compound finance has been absolutely rekt and the community does not quite understand yet.https://t.co/8slEqNkFnP300k $comp remaining to be exploited from the contract ($72m usd)

— napgener 0xbullmarket.eth (@napgener) September 30, 2021

Flipsider:

• While the trade volume of dYdX has plunged, the value of DYDX has spiked by more than 80% in one week

The five-day price chart of dYdX (DYDX). Source: Tradingview

Why You Should Care

More projects have emerged as the crypto industry expands; investors are advised to research these projects before making any investment.

More Anti-Crypto Policies Are Coming in China and Iran Stock Exchange Mines Crypto Illegally

China’s crackdown on the crypto industry is not over, and the country is preparing to roll out more anti-crypto policies.

According to China’s official Economic Daily, more anti-crypto policies are in the works. It’s not known what China may implement other anti-crypto policy, but cryptocurrencies, services and mining are currently banned in China.

Iran is continuing its crackdown on cryptocurrency mining. Authorities continue to raid crypto mining facilities in abandoned buildings, homes, small businesses and other places. The most high profile raid revealed a mining farm in the headquarters of the Tehran Stock Exchange.

Ali Sahraee, the Tehran Stock Exchange’s CEO, has been resigned. It was revealed in the report that Mahmoud Gordarzi (the market vice president at the TSE) will take over as CEO.

Flipsider:

• While anti-crypto policies persist in some countries, the president of El Salvador, Nayib Bukele, has unveiled a crypto mining project powered by a local volcano

Why You Should Care

With China’s new stance against crypto mining and digital assets, organizations that offer these services are migrating to other countries with more favourable policies.

Twitter Shares Video Showing NFT Profile Verification

As the NFT mania continues to engulf the world, Twitter has unveiled a new tool in development that will enable users to display a verified NFT as their profile picture. Twitter announced on September 23 that it would be entering the realm of digital art.

The NFT Profile Verification feature will allow Twitter users to link their Twitter accounts with their preferred wallets. They can also download all of their NFTs via OpenSea. You can use any NFT avatar you like as your profile picture.

Mada, a senior engineer in software engineering, shared the video that demonstrates how NFT functions. He shared on Twitter;

As promised, here is the first experiment. Feedbacks and ideas are welcome https://t.co/TDyhibCXfG pic.twitter.com/2ifru9T2Pa

— Mada Aflak (@af_mada) September 29, 2021

Flipsider:

• Twitter Exec Mada Aflak mentioned that the video is merely a mock-up, and anything could change before the feature launches

Why You Should Care

With Twitter, one of the world’s leading social networking services, embracing NFTs and cryptocurrencies, we could see more follow suit.

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