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    DEX’s Are Having Their ‘App Store Moment’ | Web3 Daily

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    DEX’s Are Having Their ‘App Store Moment’ | Web3 Daily



    TL;DR

    In Feb, DEXs were responsible for 4.6% of all crypto trading volume — today, it has risen to 7% (marking a 52% increase) — all thanks to improvements in UI, price, and optionality.

    Full Story

    In the long and winding list of ‘bad takes’ throughout tech history, Steve Ballmer’s reaction to the launch of the iPhone has gotta be top 10.

    (And we will die on this hill).

    “$500 fully subsidized with a plan?? I said that is the most expensive phone in the world!

    …and it doesn’t appeal to business customers because it doesn’t have a keyboard.“

    As we all now know — none of that mattered.

    The iPhone’s touchscreen keyboard worked well enough for email, the user interface was second to none, and its app library was world class.

    And now we’re starting to see a similar shift in users between centralized exchanges (CEXs) and decentralized exchanges (DEXs)

    For the longest time, DEXs really only had two things going for them:

    They were permissionless (no having to upload your ID, address, and phone number to some unknown server that will outlast humanity)

    Self custody came as standard (you held custody of your crypto instead of the exchange)

    Outside of that, they were ridiculously hard to navigate for first-time users, and their fees were not competitive.

    But of late, that’s started to change across the board — and DEXs are not only competing on ease-of-use and price, but…

    They’re also having their ‘App Store moment.’

    CEXs can’t/won’t list the majority of new tokens and memecoins right out of the gate because of regulatory restrictions.

    So all of the hottest new low-cap coins/tokens that you hear folks making life changing money on, across X (Twitter)? That’s all happening on DEXs.

    (Just like all the app development was happening on iPhone circa 2009).

    As a result, we’re seeing a massive uptick in DEX usage.

    In Feb, DEXs were responsible for 4.6% of all crypto trading volume. Today, it’s 7% — marking a 52% increase.

    And sure, a jump from 4.6% to 7% might not feel like a lot…

    But neither did the iPhone’s move from 3.5% of smartphone market share, to 5.4% (back in ‘07 / ‘08).

    The takeaway:

    DEXs are quickly becoming seen as the better option across the board.



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    The National Bitcoin Reserve Bill is Officially Introduced | Web3 Daily

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    The National Bitcoin Reserve Bill is Officially Introduced | Web3 Daily



    TL;DR

    Senator Cynthia Lummis (aka the ‘Bitcoin Senator’) formally introduced a bill to the U.S. Senate on Wednesday seeking to establish a national Bitcoin reserve, which will have both short and long-term benefits.

    Full Story

    Let’s cap things off this week with some news which may impact the crypto world in both the short term, and the long term.

    Senator Cynthia Lummis (aka the ‘Bitcoin Senator’) formally introduced a bill to the U.S. Senate on Wednesday seeking to establish a national Bitcoin reserve.

    She first announced the bill at Bitcoin 2024 in Nashville last weekend but it wasn’t officially introduced until Wednesday.

    Here’s why this is exciting in the short term:

    Two words: market sentiment.

    While there’s still a long way to go for the bill to actually be approved and implemented, the mere introduction of the bill should have some sort of positive impact on investor confidence around Bitcoin.

    (And as we know, BTC goes up >> everything goes up 🚀)

    And in the long term:

    If passed (which would be monumental for BTC), it would surely lead to wider acceptance of crypto in general, and bring us closer to a world where crypto is just another part of the mainstream financial system.

    (Not sure that’s what every crypto degen wants, but it’s bound to happen).

    Chances are, it would also spur a flurry of other countries also establishing BTC reserves, putting a whole lot more buy pressure on the market.

    Whatever timeframe you look at this, it’s huge news.

    Now we just need the bill to be reviewed, debated, voting on in both the House and the Senate, and signed in by the President.

    Simple 🙃



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    Stablecoins: Boring? Yes. Driving the Mass-Adoption of Crypto? Also Yes. | Web3 Daily

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    Stablecoins: Boring? Yes. Driving the Mass-Adoption of Crypto? Also Yes. | Web3 Daily



    TL;DR

    Tether alone now owns more US government debt than major countries like Germany, the UAE, and Australia — and they’re not only profiting from it, but driving blockchain adoption in the process.

    Full Story

    You know those boring businesses you hear about every now and then that absolutely print money?

    E.g. Hunt Brothers Pizza — the gas station pizza business that makes $540M a year.

    Yeah, well — stablecoins are kinda like that.

    The leading stablecoin, Tether, just reported its earnings and have reeled in $5.2 billion of profit so far this year.

    (How? By taking a small percentage of the money invested into their coin, and re-investing it to eek out a profit — big bank energy).

    Here’s why this is important, and likely to grow:

    The US government generates cash by selling IOU’s (typically to other countries) with set interest rates — and to these other countries, it’s a solid deal, cause the US is seen in the same light as the Lannisters (from Game of Thrones):

    They always pay their debts.

    Problem is…

    There’s only so much US debt that other nation states can/are willing to buy — and the US is forever hungry for fresh cash.

    Stablecoins are the perfect instrument for extending demand for US debt — they increase the reach of the US dollar by allowing users anywhere/everywhere to buy US dollars, instead of their (often less reliable) local currencies.

    And this ain’t some hairbrained theory!

    It’s already happening in real-time. Tether alone now owns more US government debt than major countries like Germany, the United Arab Emirates, and Australia.

    (Quickly driving blockchain adoption in the process).

    We love to see it.



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    The (Small) Impact of The Fed’s Rate Decision on BTC | Web3 Daily

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    The (Small) Impact of The Fed’s Rate Decision on BTC | Web3 Daily



    TL;DR

    The Fed just announced that they weren’t touching interest rates in the US for now, leaving them unchanged at 5.25%-5.50%, which resulted in a small drop in value for BTC, but the impact was small.

    Full Story

    There ya have it: the Fed just announced that they weren’t touching interest rates in the US for now, leaving them unchanged at 5.25%-5.50%.

    (Which means people won’t have more money in their pockets to spend on risky-ish assets like crypto).

    The decision to hold interest rates was widely expected by analysts!

    What wasn’t widely expected, though, was that the Fed Chair, Jerome Powell, gave little-to-no indication that a September rate cut is happening.

    (Something he probably would have done if this decision was teetering on the edge of a ‘yes, we’ll make he cut now’).

    As a result, the crypto markets dipped slightly (with BTC ~2% down at the time of writing, compared to before the Fed rate decision announcement).

    But here’s the good news:

    In the past, when interest rates rose or stayed the same (i.e. anything besides an interest rate cut), the crypto markets dropped significantly.

    Less volatility related to the news cycle shows a maturing asset class.

    (We love to see it).

    And in other good news, earlier this week, Jerome Powell did say, and we quote – “inflation has eased substantially” – which sparked a small uptick in the value of BTC.

    Whether they hold rates steady in September, or make their first cut since March 2020, is anyone’s guess at this point.

    A lot can happen in just a couple of months!



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    Yikes! The US National Debt Just Surpassed $35 Trillion (This Is Why We Need Bitcoin) | Web3 Daily

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    Yikes! The US National Debt Just Surpassed Trillion (This Is Why We Need Bitcoin) | Web3 Daily



    TL;DR

    Full Story

    Would you look at that! History was just made.

    But not in a good way.

    For the first time ever, the US national debt surpassed $35 trillion — which equates to over $105k for every living person in the country.

    That’s the bad news 👆

    This is the good news 👇

    The US’ accelerating debt could increase the adoption of Bitcoin and well n’ truly solidify it as a safe haven asset.

    The less valuable the dollar becomes → the more dollars it takes to buy BTC → BTC’s growing price is (as it always has been) its own advertisement.

    Preferably, we never have to get to the point where Bitcoin’s merits are proven to the world thanks to the collapse of the dollar.

    What we will say is this:

    We’re glad to have a ‘life raft’ available if such an event were to take place — one that cannot be manipulated and subject to the same fate as fiat currencies.



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    Fixing The DMV With Crypto | Web3 Daily

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    Fixing The DMV With Crypto | Web3 Daily



    TL;DR

    The DMV’s new partnership with Avalanche is going to streamline the title & registration transfer process, lowering required physical appointments and bringing 42M Californian drivers onchain in the process.

    Full Story

    Did you know all the dreary, soulless office scenes from Fight Club were based on the director’s experience at the DMV?

    How did we learn that?

    We didn’t. We just made it up. But you believed it because everyone knows the DMV is a hellscape (with paperwork).

    Good news for those of you in California: those visits to the DMV are about to be heavily reduced, thanks to the department’s new partnership with Avalanche.

    Here’s an A/B comparison of the old/new experience:

    A) The Old Way

    You buy a second hand car (nice!)

    To transfer the title and registration, you need to visit the DMV or Post Office and provide some or all of the following documents…

    Completed Application for Title or Registration (Form REG 343), vehicle’s out-of-state title, vehicle’s out-of-state registration, proof of insurance, valid smog certificate, VES statement…

    * Deep inhale of breath *

    California Certificate of Title or an Application for Replacement or Transfer of Title (REG 227), signatures of seller(s) lien holder (if any) and buyer(s), and payment for the transfer fee.

    B) The New Way

    Most of that is logged, verified, and updated on the blockchain, so when you want to transfer a title and registration…

    You just fill out a digital transfer form and click a button to sign in the DMV app.

    It’s a massive step towards change for Californian drivers; and it will bring 42M new users onchain in one fell swoop.

    We love to see it.



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