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While the crypto space was a bit slow this week, the week was no less an eventful one for the cryptocurrency community. The deployment of new functionalities continued across numerous networks as crypto networks race to improve their security, scalability, and interoperability, among other functionalities. Cryptocurrency adoption and integration are not left out of the week's events.
USDD employs overcollateralization to prevent UST fate
It seems Tron is a step ahead of the Bipartisan Bill, which appears to call for stablecoins to be backed. Especially in the face of the failing confidence in them. Tron had stated that to prevent its stable coin, the USDD, from following in the disastrous footsteps of UST, it would back its stablecoin.
On Monday, in a statement by the Tron Network, the network would overcollateralize the USDD. This means that the Tron Network would provide more than enough backup capital to keep the USDD peg to the dollar stable and protected from market shocks. The network stated that the US would be backed as high as 130% at least and up to 200%. This puts the USDD as possibly the safest stablecoin with 80% more collateral compared to the DAI's ratio of 120%, which is the industry's gold standard.
The reserve assets would include Bitcoin, TRX, USDC, USDT, TUSD, and USDJ.
Ethereum: Ropsten merge success greeted with shocking reactions
It was a bit of a bitter-sweet experience for the ETH Network on Wednesday. Firstly, the much anticipated Ropsten Merge, a preparatory step in scaling the Ethereum network to increase stability and effectiveness, was deployed and was a success.
Unfortunately, the success of the Ropsten Merge was met with the opposite reaction from traders within the ETH community, whose activities drove the value of the ETH down during the trading session after the Merge. In a statement by the network, it stated that the crypto community is still rudimentary in its appreciation of the growing technical developments on crypto networks.
Dogecoin to get new upgrades by the end of June
It seems like Christmas in June for the crypto community as the networks continue to gift their users new and improved functionalities through upgrades. Undoubtedly, development makes the world go round in the crypto space, and Dogecoin is not one to be left out of the June upgrade spree. The memecoin is scheduled to deploy the v1.14.6 upgrades.
In a statement by Patrick Lodder, a seasoned developer of the Dogecoin network, the upgrade will improve the protection of users’ wallets on the network and fix the weaknesses, which have been identified on the Dogecoin, and enable cheaper usage of the Dogecoin core wallet. Lodder stated that the developments would most likely be deployed by the end of June.
Monero update gets initiated
Monero added to the bouquet of coming upgrades on June 9 when the network stated that its much-anticipated community-driven "tail emission" update would soon be deployed. The update would enable miners to always get rewarded for computing blocks even after the last Monero (XMR) is mined.
Monero is expected to become a deflationary asset with a certain, predictable and projectable supply with the update.
Doom looms on the horizon for Litecoin as new privacy features spark outrage
For Litecoin, its MimbleWimble upgrade, which takes privacy to a new level, is creating problems for the network. In the wake of the upgrades, Upbit and Bithumb, two of the largest cryptocurrency exchanges in Korea, have revealed their plans to delist Litecoin. The upgrades make it possible for users to hide transaction data, which makes it impossible for exchanges in Korea to monitor transactions for transparency sakes and prevent money laundering as required by the Korean Special Financial Information Act.
In a news publication by Upbit, Litecoin will be delisted from its platform on June 20 to allow users to withdraw their funds. Upbit and Bithumb have since been joined by Coinone, Korbit, and Gopax in condemning the recent upgrades as dark and initiated delisting timelines.
Top Gainers and Losers this week
Monero leads the loser’s chart this week with a 6.8% decline in the past 7 days, with Litecoin trailing closely behind with a 5.11% decline, while Bitcoin Cash (BCH) comes in with a 4.17% decline. On the gainers' chart, Cardano leads the gainers with a 10.78%, while Polygon and Avalanche gained 9% and 5.33%, respectively, in the past seven days.
PayPal would now support Bitcoin, Dogecoin, and other crypto activities
In a heartwarming news release for the crypto community, PayPal on June 8 revealed that the digital payment platform would now support cryptocurrency transactions. The PayPal platform would be able to interact with crypto wallets and exchanges such as Metamask, Coinbase, and WalletConnect, among others.
This will allow PayPal users to move their crypto assets in and out of the PayPal platform. Jose Fernandez da Ponte, PayPal's Senior Vice President and General Manager of Blockchain, Crypto, and Digital Currencies, stated that the move would "allows users to interact with the broader crypto ecosystem."