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Could Forex Be TradFi's First Official Foray Into DeFi?
https://www.ibtimes.com/could-forex-tradfis-first-official-foray-defi-3661119
And another comments from Ricky Maloney director at Sionic a global financial services specialist(https://www.sionic.com/)
A very clear benefit Chris - I wrote this simplistic piece last year - https://www.linkedin.com/pulse/buy-side-blockchain-opportunities-fx-settlement-ricky-maloney/
The opportunities in this space are very strong.
And her is what Itay Tuchman -Former Global Head of Foreign Exchange at Citi had to sayin reply
A lot in crypto/DA is uncertain but to me, on-chain FX is a near lock in the next few years. Benefits to all end users are immense; capital savings, settlement risks, remittance, there is tons of benefits. Still plenty to solve for of course and legacy system will still crank on where credit, capital controls, etc have to be solved for but…
Once we have regulated on-chain money most everywhere, this will explode. Great for consumers, businesses, investors!
Just for info -
Chris Perkins is President of Coinfund (https://www.coinfund.io/) a multi-million dollar crypto investment fund and this is what he has to say about Blockchain FX
In 2018, I took the reigns of the largest FXPB in the world after it experienced a material loss. This left me with a deep appreciation of risks in FX markets--many of which can be solved through blockchain technology. The crypto industry is often criticized for not delivering “utility”. However, when it comes to FX, blockchain technology can 1)reduce risk, 2)reduce cost and as always, 3)drive more inclusive markets. Uniswap Labs’s whitepaper on the benefits of tokenizing FX makes a ton of sense to me: https://lnkd.in/eRS85JxK
Across TradFi, FX markets are closest in nature to crypto based on the fact that they trade 24/7 and regulation is fragmented at best.
However, blockchain technology can deliver material improvements over existing FX market structure. Near real time settlement enabled by blockchain technology can essentially eliminate Herstatt risk. CLS was introduced to mitigate settlement risk, but it isn’t perfect. It only supports 18 currencies, is batch based and only has “70+” members. This is a lot of centralization of risk for the $6tr that settles through it daily—leaving $1tr behind, which happens to be the size of the ENTIRE market cap for crypto today.
Herstatt is also expensive because banks need to hold and fund liquidity reserves to mitigate this risk. Expenses are always passed on to consumers.
Elimination of unnecessary intermediaries and correspondent banks will materially reduce costs. Uniswap suggests that fees for remittances can be reduced by 80%!
I look forward to the day when the FX markets are tokenized—powered by new classes of stablecoins. I think this will look like the electronification of markets. It will catch incumbents by surprise and happen overnight—in the not too distant future.
Bware Labs is producing blocks as a Collator on Amplitude
https://medium.com/bware-labs/bware-labs-is-producing-blocks-as-a-collator-on-amplitude-82c570c61891
DeFi enjoys prolific start to 2023: DappRadar report
https://cointelegraph.com/news/defi-enjoys-prolific-start-to-2023-dappradar-report
Same info but from Pendulum
https://medium.com/pendulum-chain/equilibrium-pendulum-cross-chain-eqd-pen-integration-8181c821bdfd
For info there is a new Pendulum repository committed yesterday entitled :
squid-amplitude.
Amplitude squid project. It accumulates amplitude information about blocks, extrinsics and serves them via graphQL API
Subsquid is an on-chain data processing solution that enables Web3 builders to gain access to on-chain data and GraphQL is a query language and server-side runtime for application programming .
In laymen's terms using subsquid and GraphQL makes it easier and quicker for other Dapps to build on Pendulum
nikkib - Thanks for the post - here is the link to the article - Equalibrium is a decentralized cross-chain asset market Parachain on Polkadot
https://equilibrium.io/en
Equilibrium and Pendulum Integrate for Cross-Chain EQD Stablecoin & PEN Functionality
https://medium.com/equilibrium-eosdt/equilibrium-and-pendulum-integrate-for-cross-chain-eqd-stablecoin-pen-functionality-9bb100582f22
The UK finally reveals plan to regulate crypto trading and lending
https://www.theblock.co/post/207488/the-uk-finally-reveals-plan-to-regulate-crypto-trading-and-lending?utm_source=twitter&utm_medium=social
Cant read thebfull article as I dont subscribe - but you get the gist.
The $7 Trillion Global FX Market Is a Target for DeFi Proponents
https://news.bloomberglaw.com/crypto/the-7-trillion-global-fx-market-is-a-target-for-defi-proponents
Pendulum 2022 Annual Roundup
https://medium.com/pendulum-chain/pendulum-2022-annual-roundup-d7c9ece30587
More good news for crypto.
Elon Musk pushes forward with Twitter payments vision
https://www.ft.com/content/9d84d534-b2dd-4cff-85d1-aee137b26a45
Cal - thats the milestone dates shown in the Spacewalk repository which was updated 12 days ago. Like I said its not set in stone - its a due by date which could easily be extended depending on how development goes. There are currently numerous daily coding commits (which are all beyond my understanding) but show there is a huge amount of coding work going on at the moment.
Chester - have agree to disagree there as they now have no shares in Googley esports Plc - I guess we will find out in March - hope im wrong :-)
Either way there were 129m shares issued and BLU has 15m and at the time no particular tie up with Dynasty. We now know Dynasty are hosting/running/building the platform and BLU own 13.7% of Dynasty - so its good news either way. ATB