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Fed Governor Christopher Waller Reveals DeFi’s Role In Global Finance

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On Friday at the Vienna Macroeconomics Workshop, Fed Governor Christopher Waller opined that DeFi could complement and substitute centralized finance.

He observed that the technologies responsible for this area may enhance efficiency within traditional financial operations by allowing individuals to trade assets directly without intermediaries.

Fed’s Christopher Waller: DeFi to Transform Trading, Enhance TradFi Efficiency

Federal Reserve Governor Christopher Waller explained that DeFi might complement traditional finance and thereby pave the way for some important changes in the trading of financial markets.

He also said that innovations linked to DeFi include smart contracts and distributed ledger technology, which could facilitate trades more efficiently by automating sophisticated transactions and reducing settlement risks.

According to him, DeFi had the potential to enhance the efficiency of traditional financial systems by embedding these technological innovations. Waller explained the usefulness of smart contracts and said they would simplify transactions by bringing many components together in one smooth process.

This can effectively reduce settlement and counterparty risks since a buyer would only pay if the seller has delivered what they are selling. Although Waller said it is still early days for their adoption, he was hopeful that this will go well beyond what they are capable of today for various financial activities.

Stablecoins are becoming a big deal. Just recently, Ripple launched its RLUSD, pegged to the US dollar in a 1:1 ratio. The firm launched it to use it in cross-border payment.

Christopher Waller furthermore explained how DLT, tokenization, and smart contracts could make trading more effective in the context of DeFi and centralized finance, setting them up as complementary technologies.

He also reflected on the role of financial intermediaries, which have, throughout history, eased trade by reducing the search time and costs for trading counterparts. He qualified, though, that such intermediaries. At the same time, they may ease contacts between buyers and sellers and inject transaction costs and governance problems, due to which incentives across parties may need to be more aligned.

Efficiency Gains with Blockchain and Smart Contracts

Historically, technological innovations have been the key driver in shaping the financial world, and DeFi represents an essential new chapter in that journey-one fixated on perfecting trade.

Christopher Waller emphasized the critical role stablecoins play in DeFi, likening them to “effectively digital currency” that reduces reliance on more traditional payment intermediaries and, in the process, helps bring down cost pressures globally.

Finally, he said:

“Considering all that, tremendous gains in efficiency probably will be achieved far into the future from the core DeFi foundational technologies: blockchain and smart contracts.”

Fed Governor Christopher Waller recently spoke to the benefits of DeFi technologies but pointed out a variety of concerns about the security, trust, and regulatory burdens that may ensue. He especially focused on stablecoin risks that one could utilize for illicit purposes. He also referred to past examples of synthetic dollars that experienced liquidity squeezes.

Waller called for the application of bespoke regulations that would ensure that one can safely reap benefits coming from DeFi.

He said:

“When it comes to our financial plumbing, which affects every person or business in one way or another, I think a balanced view of expeditious disruption and long-term sustainability is merited.”

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Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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What is World Chain? Human-First New Blockchain Goes Live

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6 hours ago

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October 18, 2024

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World Chain, the latest blockchain development from the World Foundation, recently went live. The new development promises a human-first approach to blockchain, focusing on providing real-world applications and financial access to millions of people globally. With over 15 million users already migrated or in the process of transitioning, World Chain sets out to prioritize verified humans over bots, delivering accessible blockspace and financial solutions through innovative technology.

World Chain: 15 Million Users Now Migrated to Human-First Blockchain Network

As of October 17, 2024, World Chain has successfully onboarded 15 million users, making it one of the largest blockchain networks based on verified human users. These users, who previously held World IDs and utilized the World App, are either fully migrated or in the process of transitioning to World Chain. This blockchain is unique in its focus on humans, leveraging World ID, an identity verification system to prioritize human users over bots.

Moreover, the World Chain blockchain includes a wide range of services, supported by major blockchain projects like Optimism for interoperability, Alchemy for on-chain development, Uniswap for asset swaps, and Etherscan for transaction exploration. The goal is to build a more inclusive network. 

After rebranding from Worldcoin to “World,” verified users now have access to prioritized blockspace. Additionally, innovative financial tools like stablecoins are available to support individuals in different regions.

Innovative Features to Enhance Human-Centric Blockchain

World Chain introduces several features aimed at ensuring that human users benefit most from the blockchain. Verified users, identified via World ID, are granted access to prioritized blockspace and even a gas allowance to cover transaction costs. This initiative reduces the friction for casual users while making the network more accessible.

On Day 1, World Chain integrated services from top blockchain providers, ensuring that developers can build and deploy applications that directly interact with real humans. Projects like Fireblocks, Dune Analytics, and Safe are also on board, providing enhanced security, real-time analytics, and multisignature wallet support.

With World Chain prioritizing human activity over bots, the network is designed to scale effectively. The blockchain will initially target a throughput of 5 Mgas/s, which will be scaled up as the demand increases. This will ensure the network remains efficient and low-cost, even as millions of users join the system.

Financial Access and Inclusion through World Chain

A core focus of World Chain is improving financial access for its users, particularly in countries where the use of stablecoins and cryptocurrencies is growing rapidly. Many of the 15 million users of World Chain come from regions where digital currencies offer real-world utility. 

By integrating with global on-ramps and off-ramps, the network will make financial transactions more accessible for everyone.

World Chain also encourages developers to build applications for human-centric use cases, including governance, universal basic income, and bot-resistant social media platforms. Additionally, the World Foundation is offering grants to projects that help expand the network’s impact. These features reflect the vision of creating a blockchain that directly benefits humans and supports real-world needs.

Impact on WLD Price and Market Activity

Following the launch of World Chain, the Worldcoin (WLD) token saw a price increase of 17% in the last 7 days. However, despite this upward movement, the token has experienced a 1.31% decline over the past 24 hours, trading at $2.2. Since reaching a peak of $11.9 in March, WLD has seen an 81% drop in value.

According to recent analysis, Worldcoin could surge back to $10 if it could vercome the $3 resistance and cross the 200-day exponential moving average. Catalysts such as the growth of World Chain and the upcoming “A New World” event in San Francisco, which promises significant updates, could further boost WLD price 

The rollout of World Chain and the ongoing legal challenges faced by the World Foundation in various countries may continue to influence the token’s performance. However, the expansion of World Chain could stabilize WLD price if user growth and financial adoption continue as expected.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Binance Expands Trade Offerings For Scroll, SCR Price Gains Ahead?

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13 hours ago

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October 18, 2024

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Crypto exchange behemoth Binance sparked substantial optimism surrounding the zero-knowledge rollup crypto Scroll (SCR) on Friday, enhancing trade offerings for the token. The exchange revealed that it is ending pre-market listing for the asset, although additional trade offerings are to commence shortly ahead. Meanwhile, SCR price rallied over 200% to date after its pre-market listing began the previous month.

Binance Unveils New Listings For Scroll Sparking Optimism

In an official announcement dated October 18, it was revealed that the exchange is ending ‘pre-market’ trading for Scroll on October 21 at 09:00 UTC. Subsequently, the exchange will open spot trading for certain pairs starting October 22 at 08:00 UTC.

As per the Binance announcement, the new spot trading pairs that will be available for trading are SCR/BTC, SCR/USDT, SCR/FDUSD, and SCR/TRY. Users can start depositing SCR in preparation for trading. Withdrawals for the same are set to commence on October 23 at 08:00 UTC. Further, the transfer function will resume before October 21, the announcement added. Meanwhile, the listing fee was set at 0 BNB, underscoring the crypto exchange’s efforts to back the zk rollup crypto project.

Further, the exchange also revealed that it will apply the seed tag next to SCR. This indicates that the asset offers high risk and volatility. “All Pre-Market orders will be automatically removed after trading ceases for the Pre-Market trading pair,” the exchange notified. Overall, the enhanced trade offerings for users pave a bullish path for the coin’s future price action.

SCR Price To Gain Ahead?

Although SCR price traded down nearly 5% today, resting at $1.27, market watchers anticipate further gains in the asset’s price ahead. This bullish projection is primarily attributable to Binance’s enhanced offerings. Further, the token’s intraday low and high were recorded as $1.25 and $1.39, respectively.

Besides, it’s worth mentioning that SCR price extended gains to over 200% since October 11 in light of its pre-market listing. Further enhanced offerings by the exchange pave the way for additional money inflow into the coin, painting an optimistic picture of the price ahead.

Also, it’s worth mentioning that the exchange expanded offerings for SUI & TURBO recently, further cementing its foothold as one of the leading crypto exchanges.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC Tops $68K, ETH, SOL, XRP Flux

Published

16 hours ago

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October 18, 2024

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Cryptocurrency Prices Today, October 18: The broader market on Friday again showcased mixed actions, sparking investor speculations globally. Although Bitcoin (BTC) price briefly touched the $68K mark today, Ethereum (ETH), Solana (SOL), and XRP prices encountered market volatility. Besides, POPCAT & MEW emerged as the day’s top market gainers, soaring roughly 11%.

Simultaneously, the global crypto market cap witnessed a 0.21% rise to $2.33 trillion. However, the total market volume plummeted over 6% from yesterday to $75.89 billion. Here’s a brief report on some of the leading coins by market cap and their price movements today.

Cryptocurrency Prices Today (October 18)

While BTC price briefly touched $68K today, the flagship crypto soon backtracked to the $67K level. In the interim, despite facing considerable turbulence, ETH maintained a break above the $2,600 level. Simultaneously, SOL and XRP prices dipped roughly 1% over the past day. However, the meme coins sector has garnered considerable investor attention, showcasing notable gains. So, let’s dig deeper into the coins’ prices today.

Bitcoin Price Today

BTC price gained nearly 0.5% at press time and is trading at $67,738. The flagship crypto’s intraday low and high were recorded as $66,647.39 and $68,199.53, respectively. Further, the coin’s price chart showed a highly turbulent movement over the past day despite $470.48 million inflows in Bitcoin ETFs as of October 17, per Sosovalue data. Simultaneously, BTC’s market cap was evaluated as $1.34 trillion today. Besides, Bitcoin’s dominance stood at 57.73%, up 0.25% from yesterday.

Ethereum Price Today

ETH price chart indicated a nearly 1% drop in value, resting at $2,617. Its intraday low and high were recorded as $2,577.31 and $2,649.30, respectively. Even Ethereum faces significant turbulence despite $48.41 million worth of inflows in ETH ETFs. The coin’s market cap stood at $314.56 billion today. Meanwhile, Ethereum devs are looking to add EIP 7742 to the Pectra Upgrade, garnering additional attention to the crypto.

Solana Price Today

SOL price illustrated a drop of over 1% in value and is currently trading at $152. The coin’s intraday low and high were recorded as $147.94 and $154.69, respectively. Solana’s market cap rested at $71.35 billion today. A recent CoinGape Media report shows that the SOL price decline aligns with reducing DEX volume on the network, among other factors.

XRP Price Today

Simultaneously, XRP price slipped nearly 1% in the past 24 hours and is now trading at $0.5436. The coin’s intraday low and high were registered as $0.5405 and $0.5641, respectively. XRP’s market cap rested at $30.83 billion today. Notably, this slumping action comes amid rising concerns as the U.S. SEC files a Civil Appeal Pre-argument statement (Form C) in the XRP lawsuit.

Meme Coins Prices Today

Meanwhile, Dogecoin (DOGE) embarked upon significant gains, up nearly 6.5% to $0.1331 today. Similarly, Shiba Inu (SHIB) price soared nearly 2% to $0.00001884. Also, it’s worth mentioning that POPCAT & MEW emerged as the day’s top gainer.

Top Cryptocurrency Gainers Prices Today

Cat in a dogs world

MEW price surged over 11% in the past 24 hours and is now trading at $0.009448. Its intraday low and high were $0.008204 and $0.009468, respectively.

POPCAT

POPCAT price followed, noting a 11% uptick in value to $1.39. The coin’s intraday low and high were $1.18 and $1.38, respectively.

Celestia

TIA price experienced gains worth 6% over the past day and is now trading at $6.23. The coin’s intraday low and high were $5.57 and $6.32, respectively.

Top Cryptocurrency Losers Prices Today

Maker DAO

MKR price dipped 7% over the past day and is currently sitting at $1,201. The coin’s 24-hour low and high were $1,191.82 and $1,282.09, respectively.

Starknet

STRK price dropped 6% in the past 24 hours and is now trading at $0.3916. Its intraday low and high were $0.3886 and $0.4111, respectively.

Bonk

BONK price noted a 4% decline in value to $0.00002353 today. The coin’s intraday low and high were $0.00002223 and $0.00002433, respectively.

Besides, the hourly time frame charts sparked further concerns over the cryptocurrency prices today. BTC price slipped 0.14% in the hourly duration, whereas ETH slipped 0.05%.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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