What’s up, ShapeShift DAO members! We are excited to bring you a new series from the Marketing Workstream called “In The News by ShapeShift DAO,” where we will cover all things Decentralized Finance and market-related. An exciting new initiative that aligns with the ethos of ShapeShift becoming an all-in-one place for DeFi users. I hope you enjoy these recent news highlights from the past week!
- Inflation rose 7% over the past year, the highest since 1982 when Ronald Reagan was president. Alongside this statistic, CPI was up 5.5% on the year, the largest growth since February 1991. Source
- Fed Chair Jerome Powell (who has run the U.S. central bank for the last four years) appeared before the Senate Banking Committee last week, stating, “We have been and probably remain in an era of very low interest rates.” Contradictory to Fed President Patrick Harker’s statement that came early this week. Source
- Last week, Coinbase announced that they would take four-week-long breaks throughout the 2022 year to allow workers to recharge. Alongside this news, Coinbase will be closing its HQ out of California and moving the company to a completely remote work environment. An innovative approach to work-life balance and taking care of employees as the company looks to decentralize further. Source
- Over the weekend data analytics platform, Nansen announced that USDC had surpassed USDT on Ethereum Mainnet. At the time of the news, the current total supply of USDC on Ethereum was 39.92 billion, and USDT’s total supply on the blockchain was 39.82 billion. One of the main reasons for USDC’s recent growth has been the increase in trading via decentralized exchanges and other various DeFi protocols. Source
- Yesterday all the withdrawals from Crypto.com were suspended due to a hacker attack. It is reported that hackers found a way to bypass passwords and 2FA. As a result, some of the users’ accounts were emptied, and about $15 million was lost. Currently, the platform’s team is working on improving user accounts security. Source
- Philadelphia Fed President Patrick Harker told CNBC last week that the central bank could raise rates three or four times this year. Another opinion he expressed is that the policy tightening can be expected in response to inflation that is running at the highest level in nearly 40 years. He noted that inflation is “more persistent than we thought a while ago.” Source
- Microsoft is buying Activision gaming company to boost their development of metaverse and compete with Meta (FaceBook). Activision Blizzard is known for making Call of Duty, World of Warcraft, and other popular franchises. CEO of Microsoft Satya Nadella stated: “When we think about our vision for what a metaverse can be, we believe there won’t be a single, centralized metaverse,” which means he sees an opportunity for many software developers to participate in metaverse creations, instead of one company dominating the industry. Source