Japan to test Ripple’s ODL service for money transfers to Philippines

 

 

Unique Addresses Tethered to Ethereum Defi Apps Climb Past 3 Million

 

 

Ethereum Defi Applications See Unique Addresses Surpass 3 Million

According to statistics from Dune Analytics, the number of users or unique ethereum addresses utilizing defi has jumped past the 3 million threshold this week. At the time of writing, data shows there are 3,092,000 unique addresses recorded on July 27. The lion’s share of these addresses stems from the decentralized exchange (dex) platform Uniswap.

Uniswap’s dex currently has approximately 2,438,374 unique addresses that leverage the Uniswap trading protocol. It’s worth noting, however, that since a user can have more than one unique address, records could be considered overestimates. Further, the data from Dune Analytics’ “Defi Users Over Time” chart only captures a snapshot of Ethereum-based defi apps.

The defi lending application Compound holds around 326,723 addresses on Tuesday and the liquidity protocol 1inch has around 276,924 unique addresses. Behind Uniswap, Compound, and 1inch, are defi apps like Sushiswap, Balancer, and Kyber, respectively.

Total Value Locked Jumps $10B, Dex Volume Grows, Defi Tokens Gather Double-Digit Gains

While cryptocurrency markets saw some price recovery this week, defi crypto assets saw significant increases. Seven days ago, the total value locked (TVL) across a myriad of defi applications recorded by defipulse.com shows the TVL was around $55 billion. The TVL metric has since increased to the current $65 billion recorded on July 27.

Decentralized exchange (dex) statistics show that there was $2.33 billion in trade volume recorded on popular dex platforms over the last 24 hours. Seven-day data indicates $15 billion in global swaps were recorded, and Uniswap captured 64% of that volume.

These stats represent ETH-based dex platforms only. Uniswap’s volume trade volume is followed by Sushiswap (9.6%), Curve (7.8%), and 0x Native (5.5%). Defi tokens stemming from applications like Uniswap, Sushiswap, and Aave saw double-digit gains after BTC’s short squeeze on Sunday evening.

Nigerian Central Bank Stops Forex Sales to Bureaus de Change — Operators Accused of Feeding Black Market

 

BDC Operators Accused of Fueling Parallel Market Activity

The illegal dealers, in turn, avail the foreign exchange to clients at parallel market exchange rates. For instance, while the CBN insists that the naira’s exchange rate against the USD is currently pegged at around N411 for every dollar, parallel market dealers use an exchange rate of N500 for every dollar.

Explaining the rationale behind CBN’s decision to end forex sales to BDCs, governor Godwin Emefiele suggested that operators had been profiteering at the expense of suffering Nigerians. Therefore, the CBN’s intervention is aimed at putting an end to this practice. Emefiele explained:

This measure is not punitive on anyone, but it is to ensure the CBN is able to carry out its legitimate mandate of serving all Nigerians.

Commercial Banks Warned

As a consequence of Emefiele’s announcement, the CBN “will no longer process applications for BDC licences in the country.” On the other hand, the CBN’s weekly sales of foreign exchange will now “go directly to commercial banks.”

In the meantime, Emefiele also used his speech, which was delivered following the conclusion of the CBN monetary policy committee meeting, to remind commercial banks that the central bank will “deal ruthlessly” with any institution that allows “illegal forex dealers to use their platforms.”

Emefiele also blasted international bodies, including embassies and donor agencies for being complicit in what he calls “illegal forex transactions that have hindered the flow of foreign exchange into the country.”