Fortnightly Crypto Insights 20/12/2023
Worldcoin Integration with Minecraft, Reddit and More
Worldcoin has announced that ‘World ID 2.0’, an updated version of World ID, will be integrated with Minecraft, Reddit, Telegram, Shopify and Mercado Libre. This new update will allow users to authenticate that they are human, as opposed to AI, on any of the aforementioned sites.
Ethereum Energy Consumption
According to a recent study from the University of Cambridge, the most popular altcoin Ethereum consumes 28 times less energy than American Express, and 17 times less than streaming service Netflix. It was also found to be more energy-efficient than Deutsche Bank, consuming 50 times less overall and 25 times less per dollar managed.
Predicted Interest Rate Cuts and Effects on Crypto Market
Banking firm Goldman Sachs has reported that it expects two Federal Reserve interest rate cuts in the US next year, with the first occurring in Q3. Many speculate that this could help boost next year’s anticipated crypto bull run, since ‘riskier’ asset classes are more popular during times of low interest rates.
Tether’s Stability Rating
Popular stablecoin Tether (USDT) has received a rating of 4 from S&P regarding its ability to remain pegged at 1 USD. The rating system is from 1-5, with 4 being considered ‘weak’. Tether’s low rating has been attributed to its lack of disclosure surrounding “custodians, counterparties, or bank account providers of USDT’s reserves”.
Metamask Global Expansion
Cryptocurrency wallet Metamask has announced new partnerships that will help expand crypto adoption in six different countries. The providers are located in Vietnam, the Philippines, Indonesia, Thailand, Egypt and Chile.
Yearn.Finance MultiSig Scripting Error
After a $1.4 million scripting mistake, Yearn.Finance is asking users to return the funds they received in error. The loss occurred as arbitrage traders benefited from a fault in the multisig script, causing the money to be taken from Yearn.Finance’s treasury. The protocol group is now urging “anyone who profitably arbed” to return as much as they deem “reasonable”.