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Stablecoins issuance is not artificially inflating the prices in the cryptocurrency market, despite some controversial beliefs, suggested new research on the matter.
At the same time, the paper acknowledged their vital role in the digital asset field and predicted that it’s only prone to grow in time.
By evaluating this “more precise measure of Tether inflow to the secondary market,” the total supply, and the shock effects on Bitcoin’s price, the authors found “no systematic evidence that stablecoins issuance affects cryptocurrency prices.”
Safe-Haven Role
By referring to the events in mid-March when the cryptocurrency market plunged by up to 50% in 24 hours, the research said that “stablecoins consistently perform a safe-haven role in the digital economy.” As they are especially attractive to traders in times of intense volatility, the market capitalization of most stablecoins surged at that point, while Bitcoin and altcoins took a sharp dive.
Back in Q4 of 2017, before the massive price pumps, the total market cap of all stablecoins equaled at approximately $1.25B, per data from CoinMetrics. At the time of this writing, it’s exceeding $9 billion – meaning a 620% surge in just over two years.
As such, it’s no surprise that their role in the market continues growing. For instance, ERC-20 stablecoins are responsible for 80% of the daily adjusted transferred value on the Ethereum blockchain. Thus, the whole network recently came into full parity with Bitcoin.
Tether Do Not Inflate The Crypto Market
Last year, two academics updated a study and claimed that the most widely used stablecoin – Tether (USDT) – was behind the 2017/2018 parabolic price increase in which Bitcoin reached its ATH of $20,000. Almost immediately, Tether responded by refuting all allegations, saying that USDT has never been involved in any price manipulation.
While this argument is left without a conclusive answer, recent research supported Tether’s position.
The authors of the report were Ganesh Viswanath-Natraj – assistant professor of finance in Warwick Business School, and Richard Lyons – chief innovation and entrepreneurship officer at UC Berkeley.
They referred to one significant change in the Tether issuance process. Prior to 2018, all coins “created via grants were immediately distributed to Bitfinex and on to the other exchanges for trading in the secondary market.”
However, ever since 2018, Tether Treasury retains a fraction of all USDT in circulation. The Treasury can use these reserve holdings to sell them for dollars in case the Tether price in the secondary market is above parity
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Ethereum third-party wallet app MyEtherWallet (MEW) has inked a partnership deal with Unstoppable Domains — a blockchain domain platform — to become a reseller of .crypto domains.
MEW to Roll-out .crypto Domain to 1M Monthly Users
According to a press release issued on Thursday (April 23, 2020), the partnership sees Unstoppable Domains integrating with MEW. As part of the collaboration, MEW can now offer .crypto domains to its over one million monthly active users.
The .crypto domain registry allows for easy connection of cryptocurrency addresses to the .crypto domain and has been hailed by the likes of billionaire VC Tim Draper as being the future of virtual currency payments, replacing wallet addresses.
Copying and pasting crypto wallet text strings apart from being cumbersome and creating room for costly mistakes and is also an attack vector for clipboard attacks. Rogue actors have introduced malware that can corrupt clipboards, replacing the wallet addresses of users with their target addresses.
With .crypto domains, human-readable cryptocurrency addresses can become possible which opens up possibilities for mainstream adoption of virtual currencies. The perceived technical nature of crypto transactions continues to be cited as a major stumbling block for more broad-based utilization of cryptocurrencies in everyday life.
Commenting on the importance of the partnership, MEW COO, Brian Norton remarked:
“MyEtherWallet has long served as a portal to the world of DeFi through DApps like MakerDAO and Aave. As an Unstoppable Domains .crypto registrar, we are also giving users an easy option for engaging with the decentralized web.”
For Brad Kam, co-founder of Unstoppable Domains, the partnership with MEW opens up the way for wallets to become more than crypto storage apps. According to Kam, .crypto domains can enable wallets to become channels via which cryptocurrency users can access products and services in the broader blockchain technology space.
Increasing Focus on Censorship-resistant Crypto Industry
The potential roll-out of .crypto domains to one million monthly active MEW users could also be a positive development for the move towards ensuring robust censorship-resistance. Websites hosted on blockchain domains like .crypto cannot be stored or seized by the authorities and requires no pre-approval from organizations like the Internet Corporation for Assigned Names and Numbers (ICANN).
With the crypto and blockchain industry becoming increasingly under scrutiny, decentralization of the internet might be the way for the burgeoning market to blossom without undue interference from centralized authorities.
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2020. Ethereum is looking to move away from mining (Proof of Work) and implement a system using Staking (Proof of Stake). Instead of investing in expensive equipment to mine, you become a validator and place at least 32 ETH into this form of validation, ultimately validating blocks and earning you a fee for staking the ETH.
During a Feb. 6 “Ask Me Anything” session on Reddit with Ethereum network developers, the ETH 2.0 team explained that the network upgrade will not go live until three clients can safely operate testnets for at least eight weeks.
During the session, ETH 2.0 researcher Justin Drake said, “I have 95% confidence we will launch in 2020.” ETH 2.0 will transition the network from proof-of-work to proof-of-stake, and instead of maintaining mining rigs, block validators will be required to stake 32 ETH in order to stake on the network.
The network upgrade could have the early impact of increasing demand for ETH, and it’s possible that miners and investors looking to gain a 5% to 18% staking reward could be accumulating ETH and in anticipation of the ETH 2.0 launch.
