Daily Digest 9/30

Insight on the biggest news and charts that provide context for whats going on in the market today.

Visa has put its research team to the task with a new venture to working on a “Universal Payment Channel”

This will enable Visa and its customers to be able to make payment transactions of cryptocurrencies, stable coins, and CBDCs. This will make transactions seamless for with no issues of wrapping or moving around.
“‘Ultimately, the UPC solution aims to serve as a network of blockchain networks — adding value to multiple forms of money movement, whether they originate on the Visa network, or beyond,’ the announcement reads.”

Recently Avalanche, Celo, and Algorand all saw significant price moves days before they announced they were starting funds to drive DeFi adoption. All three funds are worth over $100 million with Algo being the largest by securing $300 million.
Some are suggesting that this could be due to insider trading as both Celo and Avalanche had spikes in trading volume a few days before their announcement.
This shows how a smaller market by value is easier to manipulate prices since it would take less for those coins to have sharp movement.

Kraken was issued a fine of $1.25 million over charges alleging that between June 2020 and June 2021 for offering margin trading on some of the cryptos they were offering.
The Commodity Futures Trading Commission said that these cryptos were not registered with the DCM or FCM as you need to have one of their licensing to offer futures products.
Kraken has settled this issue as of yesterday and is seeking clarity from the CFTC on margins trading as well as looking to be registered by the FCM.

ETH killers were on the move this past quarter as projects and investors have been racing to chip away at ETHs market share. This also shows the rise of the ecosystem coins that allow developers to create Dapps like Aave.
The large inflows of money that poured into these projects were fueled by issues of congestion and high fees on ETH. Users have been waiting for a competitor to ETH that can offer a better user experience.
It will take some time before DeFi users turn away from ETH as this is where the majority of dex’s, lending, borrowing, and more. Until developers start building on and launching these products on their networks we will not know how big of a competitor to ETH they really are.
Bridging together the networks is a solution that is being worked on but will also take time. Some projects, such as BarnBridge, are launching the protocols they have on ETH with these new chains instead of bridging for now.

Helium Partners With San Jose to bring Internet Access to Low-Income Neighborhoods