30s Summary

Tether CEO Paolo Ardoino has expressed concerns about upcoming European crypto regulations, known as the Markets in Crypto-Assets Regulation, which require stablecoin issuers to keep 60% of backup funds in European banks. Meanwhile, Ethereum co-founder Vitalik Buterin has proposed a plan called ‘The Purge’ aimed at simplifying the world’s second-largest blockchain network. Eastern Europe is witnessing a rise in decentralized finance transactions, highlighting increasing crypto adoption. Additionally, Solana has overtaken Ethereum in daily network fee generation due to increased user activity, led by more people trading on Solana’s decentralized exchange, Raydium.

Full Article

A lot of chatter is going on about Europe’s soon-to-be-released crypto rules. While it’s a big deal for the crypto world, Tether CEO Paolo Ardoino is worried it might spell trouble for stablecoin issuers due to banking risks.

In other crypto news, there’s this guy Vitalik Buterin who’s got a plan called ‘The Purge’ to make Ethereum – the world’s second-largest blockchain network – less complicated and more efficient.

Back to the European rules – it’s a new set of regulations called the Markets in Crypto-Assets Regulation (MiCA) that’s kicking in on Dec. 30. It says stablecoin issuers need to keep at least 60% of their backup funds in European banks. Ardoino, who runs Tether (they make the world’s biggest stablecoin, USDt), says this could be risky since banks can lend out up to 90% of their reserves.

Meanwhile, Vitalik’s plan for Ethereum is all about getting rid of data/codes we don’t need and making Ethereum cleaner and faster. It’s not going to affect Ethereum’s gas fees, which is what it costs you to do something on the Ethereum network, but could make the network perform better and bring down costs.

In a different story, Radiant Capital, a crypto lending platform, was attacked by hackers who made off with about $58 million worth of digital goodies. They’re back now, having made changes to prevent similar attacks.

Speaking about crypto growth, Eastern Europe is seeing a surge in decentralized finance (DeFi) transactions, showing the adoption of crypto is on the up and up in this region.

Finally, for those of you who track blockchain performance daily, Solana has leapfrogged Ethereum in daily network fee generation, indicating more user activity on Solana’s network. The increase in fees is directly tied to more folks trading on Raydium, a decentralized exchange (DEX) on Solana’s blockchain.

That’s the round-up, folks! Don’t forget to check back next Friday for more data, goss, and crypto knowledge.