April 19, 2023

Liquid Staking Protocols TVL Could ‚Flip‘ DEXs TVL Soon

• SEC’s Gary Gensler has never owned crypto.
• Liquid staking protocols TVL could soon ‘flip’ DEXs TVL.
• Kraken gets regulatory approval to operate in Ireland.

SEC’s Gary Gensler Has Never Owned Crypto

The U.S Securities and Exchange Commission (SEC) Chairman, Gary Gensler, recently revealed that he has never owned any cryptocurrencies. This came after a Senate Banking Committee hearing during which he discussed the risks and benefits of Central Bank Digital Currencies (CBDC). He noted that the risks of CBDCs outweighed any potential benefits for now.

Kraken Gets Regulatory Approval to Operate in Ireland

Cryptocurrency exchange Kraken recently received a green light from the Irish Central Bank to open an office in Ireland and become one of the first foreign-owned exchanges in the country. The exchange can now offer its services to customers throughout Europe with full support from local authorities.

Microsoft Building In-House AI Chip “Athena”

Microsoft is reportedly working on an artificial intelligence (AI) chip called “Athena,” which will be used for cloud computing applications and machine learning tasks. According to reports, Athena will be able to process data faster than existing chips by up to 30 times while consuming less energy than traditional processors.

Liquid Staking Protocols TVL Could Soon ‘Flip’ DEXs TVL

The total value of assets locked (TVL) on liquid staking protocols is close to matching those locked on decentralized exchanges (DEXs), according to Defilama data. The 81 liquid staking protocols tracked by DeFillama have a cumulative TVL of $19.31 billion — with Lido being the dominant player in the sector — while 799 DEX protocols have a combined TVL of $19.48 billion, according to DeFillama data as well. This means that liquid staking protocols are only about 0.8% away from flipping DEXs‘ TVL soon as per analyst Patrick’s prediction when he noticed this trend earlier this year following the Shappella upgrade implementation on Ethereum network .

< h 2 >What Are Liquid Staking Protocols? Liquid staking protocols allow users to earn staking rewards while providing them liquidity for other crypto-based activities such as trading or borrowing against their holdings without having to lock up their funds for extended periods of time like traditional proof-of-stake networks require users do . Examples include Lido , Frax Ether , Rocket Pool , etc .

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