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USD1 Stablecoin Trading Volume Hits $44M Before Listing

by Ouess
written by Ouess

The crypto community is buzzing over USD1, the new stablecoin from World Liberty Financial (WLFI). Although not yet officially listed on centralized exchanges, the coin has already made a strong debut across decentralized platforms.

$44M in Daily Trading Volume – Without a Full Launch

According to on-chain data from CoinGecko, USD1 stablecoin has already recorded an impressive $44.8 million in 24-hour trading volume. This comes even before an official announcement from WLFI regarding an exchange listing.

The bulk of trading is happening on PancakeSwap V3 on the BNB Chain, where the USD1/WBNB pair alone reached nearly $22 million in volume. That’s remarkable considering the total supply of USD1 is just over $7 million.

The stablecoin also made a soft entrance on Ethereum, pointing to a multi-chain strategy from the start. WLFI co-founder Zach Witkoff even reshared a post confirming the early success.

WLFI Hints at Airdrops to Fuel Adoption

The spike in volume followed a rumored airdrop campaign targeting existing WLFI holders. This move appears to be aimed at boosting early adoption and generating buzz ahead of a full-scale launch.

Despite the lack of a centralized exchange (CEX) listing, interest in USD1 continues to grow—partly because of WLFI’s strategic engagement with its community and partly due to strong early trading metrics.

When Is the Official Listing Coming?

While speculation runs high, WLFI has yet to confirm a date for an official exchange listing. A previous prediction for an April 1 listing didn’t materialize, but investors remain hopeful for an announcement before the end of the month.

Some analysts believe the launch could coincide with a new stablecoin regulatory bill currently under review in the U.S., which may delay or influence the listing timeline.

Still, the infrastructure is ready. With USD1 already active on BNB Chain and Ethereum, the project appears poised for a broader rollout.

Can USD1 Compete With USDT and USDC?

USD1 enters a highly competitive space dominated by heavyweights like USDT and USDC. However, its early momentum may give it an edge. Strong on-chain activity, a focused launch strategy, and multi-chain support could help USD1 carve out its own niche.

The question now is: Can WLFI capitalize on this momentum with a timely exchange listing? If so, USD1 could become a serious contender in the stablecoin race.

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DeFi

Cardano DeFi TVL Surges 20% with Latest Hydra Update

by Ouess
written by Ouess

Cardano’s decentralized finance (DeFi) ecosystem has witnessed a significant surge in Total Value Locked (TVL) thanks to a recent Hydra update.

Cardano DeFi TVL Shows Strong Growth

Recent data from DeFiLlama reveals that Cardano’s DeFi TVL has risen to $243.17 million, marking a notable increase from $242.13 million recorded on July 6, reflecting a robust 20% growth in just two weeks.

Stablecoins and Market Activity

Within the Cardano ecosystem, stablecoins hold a market cap of $15.88 million, accompanied by a substantial 24-hour trading volume of $267.3 million. These figures underscore Cardano’s growing influence and active participation in the DeFi market.

Significance of TVL

TVL serves as a crucial metric indicating the total value of assets locked within Cardano’s DeFi space, illustrating the level of activity and investment in the network.

Hydra Update and Market Sentiment

The recent uptrend in Cardano’s DeFi TVL follows an announcement regarding the Hydra update. Prominent pool operator Stake With Pride revealed that the update would enhance the network’s capabilities, particularly benefiting private ephemeral Layer-2 networks utilizing Cardano’s native token ADA.

Impact and Future Prospects

With Hydra promising high Transaction Per Seconds (TPS) at minimal costs, it validates Cardano’s continued development efforts. Founder Charles Hoskinson reaffirmed this commitment, dispelling rumors and emphasizing the team’s productivity and motivation.

Other Developments in Cardano

Aside from DeFi advancements, Cardano’s Project Catalyst Fund 12 campaign is nearing completion. The Cardano Foundation highlighted its involvement in community voting, underscoring the project’s commitment to innovation and community-driven growth.

Market Outlook for ADA

Despite a slight 0.2% dip, ADA is currently trading at $0.4375. Optimistic predictions suggest a potential bullish run aiming for a $0.6 target and ultimately eyeing the $1 milestone.

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DeFi

Aave’s GHO Stablecoin Expands to New Networks

by Ouess
written by Ouess

Aave, the leading DeFi lending protocol, has initiated the cross-chain expansion of its GHO stablecoin. On July 2, Aave deployed GHO on Arbitrum, the top Layer 2 network by total value locked (TVL). This move allows users to mint and burn GHO natively using Aave v3 on Arbitrum.

Key Benefits of Integration

  • Lower fees
  • Faster transactions
  • Enhanced liquidity

Stani Kulechov, founder and CEO of Aave Labs, highlighted these benefits, noting that they make GHO more attractive and open up new use cases like digital payments.

Incentives and Adoption

To promote GHO adoption, the Arbitrum DAO has allocated 750,000 ARB tokens ($582,300). Aave users can mint GHO against collateral assets deposited on the Aave protocol. Currently, GHO ranks as the 21st largest stablecoin with an $89.1 million market cap, according to CoinGecko. However, the price of AAVE has declined by 3.3% over the past 24 hours, as reported by The Defiant.

Multichain Expansion Strategy

Aave’s deployment on Arbitrum marks the beginning of GHO’s phased cross-chain expansion. In May, the Aave community unanimously supported a cross-chain launch strategy for GHO. The proposal emphasized the need to overcome GHO’s current limitation of being accessible primarily on the Ethereum mainnet.

Chainlink’s CCIP Role Aave is utilizing Chainlink’s cross-chain interoperability protocol (CCIP) to facilitate GHO’s cross-chain expansion. Each GHO deployment will be backed by reserves held on Ethereum. This strategy will unlock integration opportunities and new use cases across various networks.

Future Deployments and Evaluations

Aave v3 is already live on 12 networks, including Ethereum, Avalanche, BNB Chain, and several Layer 2 chains like Arbitrum and Optimism. GHO’s deployment on Arbitrum will undergo thorough evaluation before expanding to additional networks through community governance. In April, AAVE holders voted with 87.5% support to select Arbitrum for GHO’s first cross-chain rollout, followed by Avalanche with 12.2%.

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DeFi

Ripple Launches RLUSD Stablecoin on XRP Ledger and Ethereum

by Ouess
written by Ouess

Ripple has officially launched a new stablecoin, RLUSD, on both the XRP Ledger and the Ethereum main chain. This strategic move, announced by Ripple CTO David Schwartz, aims to address the growing demand for stablecoins and leverage Ripple’s expertise in cross-border payments.

RLUSD: Ripple’s Strategic Initiative

Ripple’s decision to launch RLUSD on two major blockchain platforms – the XRP Ledger and Ethereum – reflects the increasing demand for stablecoins in the crypto market. David Schwartz’s confirmation has provided much-needed clarity on the launch platforms, eliminating previous confusion among investors and stakeholders.

Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, highlighted the significance of RLUSD in the burgeoning stablecoin market. He projects the market to grow from its current $150 billion valuation to an astounding $2.8-$3 trillion by 2028. This launch strategically positions Ripple to capitalize on this anticipated market expansion.

XRP Market Overview

Currently, XRP is priced at $0.49139, with a 24-hour trading volume of $5.052 million. Over the past month, the price has changed by -3.0%, +2.4% in the last seven days, and -1.8% in the past 24 hours.

XRP USD Hourly chart

At the start of 2024, XRP was around $0.6295. It dipped to $0.50233 on February 4th and peaked at $0.72301 on March 11th. Following this peak, the price declined and moved sideways for a few weeks. A sharp drop occurred on April 12th and 13th, bringing the price down to $0.47939. It rebounded to over $0.5566 on April 22nd but has since weakened, hitting a low of $0.4743 on June 14th. Today’s price of $0.49139 is slightly above this recent low but remains below previous highs.

Ripple’s Position in the Stablecoin Market

The introduction of RLUSD marks a strategic move by Ripple to enhance its foothold in the growing stablecoin market. With the industry expected to see significant growth, Ripple’s dual-platform approach with RLUSD could offer substantial advantages to users and investors. As the market evolves, Ripple is well-positioned to play a pivotal role in shaping the future of stablecoins.

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DeFi

Tether Collaborates with Bitkub in Thailand for Stablecoin Education

by Ouess
written by Ouess


Tether recently announced a collaboration with Bitkub Exchange and Bitkub Academy in Thailand. Their main goal is to boost understanding and education about stablecoins in the country.

Tether (USDT/USD) is a form of cryptocurrency called a stablecoin, tied to the US dollar. Each unit of Tether circulating should ideally have an equivalent amount of dollars held in reserve by Tether’s company.

While Tether offers advantages, it faces controversy and doubts in the crypto community. Concerns periodically arise about whether Tether has enough dollars in reserve to back all circulating USDT. The company claims this, but their reserves remain opaque. Nevertheless, Tether plays a significant role globally in cryptocurrencies as a widely used hedging tool and exchange medium on various crypto platforms.

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