- Crypto markets have had a volatile day, rising sharply this morning before retracing at the time of writing. BTC is currently up .21% and ETH is up .02%. Lido (LDO) was a standout - increasing by 27.6% this morning (it has since retraced and is up 3.28%). Alt layer 1 protocols SOL, AVAX, and NEAR are down 3.66%, 2.14%, and 4.30%, respectively. Interestingly, altcoins initially led the crypto rally over the weekend, but Bitcoin has started catching up, evidenced by the BTC dominance metric increasing by 3.23% in the past couple of days. When Bitcoin dominance rises, it indicates that Bitcoin is outperforming altcoins and vice versa. Traditional markets have moved similarly to crypto - SPX and NDQ have risen .03% and .81%.
- At the Ethereum Community Conference (EthCC) in Paris this Tuesday, Polygon (MATIC) announced the launch of Polygon zkEVM, which the company describes as a "major leap forward" in zero-knowledge (ZK) technology. Polygon said that zkEVM would be the "first Ethereum-equivalent scaling solution that works seamlessly with all existing smart contracts, developer tools, and wallets, harnessing advanced cryptography called zero-knowledge proofs." Polygon is an Ethereum scaling solution that allows for quicker and faster transactions. It has $1.88 billion in total value locked according to DefiLlama, making it the current largest Ethereum scaling solution.
- Vauld, an Asian Crypto lending platform, owes $363 million to retail investors, according to legal documents. This news comes after the lender halted client withdrawals earlier this month. An affidavit filed by Vauld co-founder and CEO Darshan Bathija reveals that Vauld owes a total of $402 million to creditors ($363 million of which come from individual retail investors' deposits). Three creditors are owed more than $10 million each, with the largest owed $34 million. Bathija told the Block in an interview that Vauld's assets are worth around $330 million, consisting of various cryptocurrencies and bank balances. This would put Vauld around $70 million short of what they owe to creditors.
Crypto Daily Report – July 20
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