What is New in Cryptocurrency Right Now? Daily Summary of Crypto News

Posted by cryptonews Crypto News August 28, 2024 3.2k Views

Get your daily, digestible dose of news about blockchain and cryptocurrencies today. Explore the stories that are going unnoticed in the mainstream media.

In crypto news today:

  • Why is Crypto Down Today?
  • MakerDAO Rebrands to Sky, Introduces USDS and SKY Tokens
  • Hyperway and peaq Build Connectivity DePIN for Cargo Drones and Air Taxis
  • Mercuryo Launches On-ramp Service on Ninji Walle

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Why is crypto down today?

Over the previous day, the value of the worldwide cryptocurrency market fell 4.2% to $2.21 trillion.

Additionally, the total crypto trading volume in the last day is $116 billion.

During this time frame, the prices of just nine coins out of the top 100 have increased.

A dog and a cat coin are at the very top.

Dogs (DOGS) is up 26.3% to the price of $0.00154.

Popcat (POPCAT) appreciated 9.1%, now trading at $0.7319.

The rest of this short, green list is up 2.6% and less per coin.

On the other hand, Maker (MKR) fell the most. It’s down 11% to the price of $1,902.

Polygon (MATIC) also saw a double-digit drop, falling 10% to $0.4476.

Other coins on this list are down 9.3% and below.

All ten of the coins that rank highest by market capitalization have decreased in value over the previous day.

The biggest drop in this category is Solana (SOL)’s 5.2%. At the time of writing, it’s trading at $147.

Tron (TRX) recorded the smallest decrease of 1.3% to $0.1592-

In the meantime, Ethereum (ETH) dropped 3% and is currently trading at $2,521, while Bitcoin (BTC) is down 3.6% at $59,859 at this moment.

The decline in the market is a result of worries about the introduction of smaller Bitcoin futures by CME, the introduction of Bitcoin Index Options by Nasdaq, and the expansion of Marathon Digital’s cryptocurrency mining operations beyond Bitcoin.

In the meantime, assets held in cryptocurrency exchange-traded products (ETPs) and exchange-traded funds (ETFs) reached a record high of $91.69 billion at the end of July.

MakerDAO Rebrands to Sky, Introduces USDS and SKY Tokens

In crypto news today, popular DeFi lending protocol Maker has rebranded to Sky and revealed the names of its upgraded stablecoin USDS and native governance token SKY.

The update “enables access to the core features of the Sky ecosystem, providing users with enhanced functionality within the new protocol structure,” per the press release shared with Cryptonews.

From September 18, the DAI stablecoin holders will be able to upgrade to USDS.

SKY will function as “the upgraded version” of the MKR governance token concurrently. Upgrading each MKR to 24,000 SKY is possible.

That said, the update will be voluntary, as both DAI and MKR will remain in existence.

In order to offer non-custodial access to Sky protocol and features, the team will also introduce a new, independent website and app called Sky.money in addition to USDS and SKY.

Certain DeFi features, like the Sky Savings Rate and token activation rewards, will not be accessible in every jurisdiction.

As for Maker SubDAOs, they will now go by the name Sky Stars and will operate as specialized, autonomous, decentralized projects linked to the Sky ecosystem but with their own autonomy and business models.

They may have their own governance token, governance processes, treasury, and community.

The first Sky Star to go live is the DeFi protocol Spark.

Hyperway and peaq Build Connectivity DePIN for Cargo Drones and Air Taxis

To decentralize connectivity for air and maritime traffic, Hyperway, a Web3 project by DroneDash, has partnered with peaq, a layer-1 blockchain for DePIN and Machine RWAs (real-world assets).

The announcement states that Hyperway will develop the software required to link 5G and satellite ground relays with peaq as part of this integration.

It will also create smart contracts to compensate the owners of these stations. Tokens will be awarded in accordance with the amount of bandwidth the drones have utilized.

Hyperway plans to incorporate Peaq-compatible digital wallets into the DePIN and conduct a limited public trial that involves real-world drone flights powered by the DePIN.

The announcement stated, “Hyperway will launch its token natively on peaq and enable the community to buy peaq-powered ground relays, leveraging peaq IDs and peaq’s other Modular DePIN Functions.”

In order to serve as a network of autonomous cargo ships, drones, air taxis, and other forms of transportation, Hyperway is creating a DePIN of locally owned ground-based connectivity stations.

In order to facilitate community-powered autonomous shipments, it is also actively collaborating with four Asian governments.

Earlier today, it also signed a significant partnership with the state of Sabah in Malaysia. It stated that the Hyperway project will facilitate essential drone infrastructure to support cargo drone operations for the agricultural industry as part of the agreement.

Mercuryo Launches On-ramp Service on Ninji Wallet

In other crypto news today, global payments infrastructure platform Mercuryo has launched on-ramp services on Ninji Wallet, the first crypto wallet in the Injective ecosystem.

According to the press release, the collaboration is “a pivotal moment in enhancing Ninji Wallet’s capabilities.”

It will receive user-friendly payment solutions from Mercuryo that are tailored for the Web3.

Users will be able to easily purchase the Injective (INJ) token through the Mercuryo on-ramp service at the same time thanks to Ninji Wallet.

The goal of both groups, according to Arthur Firstov, Chief Business Officer at Mercuryo, is to “bring the safety and simplicity that is needed” for the widespread adoption of Web3 technologies.

In the meantime, Mercuryo claimed to make things easier for those new to the digital space by offering a range of payment options and seamless on-chain integration.

According to the press release, it also integrates numerous payment options into a single interface.

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