Protocol of the Week
Visit Monero
Monero is a cryptocurrency protocol that provides private and censorship-resistant transactions. Contrary to other popular cryptocurrencies, Monero doesn’t operate on a transparent blockchain. Instead, Monero uses several privacy-enhancing technologies to ensure the anonymity of its users.
This technology hides the sender, receiver, and amount of every transaction throughout the entirety of the transaction. And because Monero is untraceable, it’s a genuine, fungible currency. In other words, Merchants or individuals accepting Monero don’t need to worry about blacklisted or tainted coins.
DeFi Strategy of the Week
Using Monero to keep your crypto investments confidential and secure.
You can accumulate or invest in Monero either by mining or purchasing their native token – XMR. To begin mining Monero, you need to:
- Connect your wallet. Your wallet must be configured and working. Check the Accepting Monero guide for more information.
- Download the mining software. You can find this mining software on the GitHub release page.
- Select which pool you want to mine. You can find a list of available Monero pools here.
- Configure the miner. See the official docs for instructions and suggestions.
- Finally, start the miner. If you see green messages saying shares have been accepted, everything is working!
Or, if you don’t want to spend energy mining, you can purchase XMR through most exchanges or an individual. Learn more about the pros and cons of multiple means of buying Monero here.
Yield Farm of the Week
Yield Farming with Orion Money.
Orion Money is a DeFi protocol focusing on building a cross-chain stablecoin bank for both saving and lending. One of the most unique attributes of Orion is its attempt to bridge demand from two different DeFi communities: the Anchor Rate (available on Terra blockchain) and the excessive amount of stablecoin liquidity and demand to earn a yield on Ethereum.
The Anchor Rate is the target APY the Anchor protocol seeks to pay out to depositors of UST. This Anchor Rate isn’t fixed, but it’s designed for stability. Orion Money allows stablecoin lenders to remain on Ethereum while lending one of many stablecoins (DAI, USDC, UST) to earn with the Anchor Rate.
To begin farming with Orion Money, go to the Orion app and connect your wallet. Then, choose whichever token you want to deposit and click Deposit in green. Finally, follow the prompts to Approve & Deposit.
News & Industry Updates
1.) Circle Stablecoin to be Held Entirely in Cash, US Treasuries
USD Coin – USDC – will only be backed by cash and U.S. Treasury bills, according to the Centre Consortium.
2.) Deloitte: Most Executives See Digital Assets as Strong Fiat Alternative in Next 5-10 Years
According to Deloitte’s 2021 Global Blockchain Survey, 78% of executives think digital assets will be a “strong alternative to or replacement for” fiat in the next 5 – 10 years.
3.) Visa Invests $150,000 in NFT CryptoPunk Asset
Credit card giant Visa made a substantial splash in the NFT space this week when it announced the $150,000 acquisition of a CryptoPunk.
4.) Crypto Laws, Lobbying, and Activism
Advocates must organize and take action as more lawmakers discuss and implement crypto laws. Learn more about these laws and suggestions for how crypto should respond here.
5.) PayPal Brings Crypto Service to UK Customers
PayPal is extending its crypto service to the UK, allowing customers to buy, sell, and hold four different cryptocurrencies on its platform.
