After making a daily low of $46,659, Bitcoin is now trading at $49,685. Meanwhile, Ethereum is up by 9.5% in the past 24 hours and is trading close to $3,760.
Let’s find out some interesting crypto news stories for the day.
El Salvador’s Legislative Assembly has passed legislation to support the development of crypto infrastructure and services across the country. As per the report by local media, the assembly has also approved a $150 million Bitcoin trust fund. This Trust is designed to facilitate the conversion of Bitcoin into U.S. dollars and enables the widespread adoption of crypto assets.
Notably, out of the $150 million in funds, $23.3 million is allocated to support the installation of government-backed crypto ATMs. This will allow local citizens to exchange between Bitcoin and USD. On the other hand, $30 million has been assigned to offer incentives to encourage the adoption of the government’s digital wallet, Chivo.
The Metamask digital currency wallet hit a major milestone by surpassing 10 million monthly active users (MAUs). MetaMask is a popular Ethereum blockchain wallet and browser extension which is created by the blockchain software company ConsenSys. This wallet is also supported by a number of decentralized finance (DeFi) applications.
As per the tweet, these MAUs climbed 1,800% in the past 12 months, which marks a 19-fold growth since July of last year. Currently, MetaMask has 10,354,279 MAUs, which are increasing exponentially due to some factors. These factors include the growing demand for DeFi applications and non-fungible tokens (NFT), token swap features, and more.
10M Monthly Active Users!? 🤓🦊🎉
Let's celebrate with a 24h party @decentraland on Sept 2 @ 8pm UTC
Register now: https://t.co/qur8DsFnOn
— MetaMask (@MetaMask) August 31, 2021
Terra Virtua is set to launch the first stage of Prestige Reward Points. With this launch, users will be able to earn Prestige Points while locking in TVK, which are deposited directly into members’ wallets. Further, this will allow users to claim exclusive NFTs across all the brands on Terra Virtua’s new members-only marketplace.
This exclusive membership is available in four tiers, such as Platinum (125,000 TVK locked), Gold (25,000 TVK locked), Silver (10,000 TVK locked), and Bronze (5,000 TVK locked). The longer a member stakes, the more bonuses the user can earn. Additionally, the team has announced an offer for users who will join in the next 60 days. The user will get a “founders” vFlect, an exclusive design that will never repeat.
Notably, this Terra Virtua Prestige club started on August 31st. More details regarding this membership can be found here.
🚨 Terra Virtua Prestige is here!🚨
TVK holders can now enter a world of rewards when they stake their TVK!🙌
— Terra Virtua HQ | Collecting. Reinvented. (@TerraVirtuaHQ) August 31, 2021
Offchain Labs, the developer of Ethereum scaling solution Arbitrum, has launched its mainnet. Arbitrum is a Layer 2 scaling solution that proposes to manage a large number of transactions than Ethereum at low costs. It uses Optimistic Rollups technology, which settles transactions in batches on the main Ethereum blockchain.
As per Offchain Labs co-founder Steven Goldfeder, Arbitrum is the first scaling solution by Offchain Labs, and its team is working on various new solutions to scale Ethereum. He also stated the project has raised $120 million in new funding. This funding is driven by Lightspeed Venture Partners with participation from Mark Cuban, Pantera Capital, Alameda Research, and others. Impressively, this round also valued Offchain Labs at $1.2 billion.
Today is a big day for us at @OffchainLabs.
But today is the first time that we began to fulfill our mission and deliver gas relief to Ethereum users. https://t.co/A6q6PvW4F5
— Steven Goldfeder (@sgoldfed) September 1, 2021
In the last bit of crypto news for today, we have Karura Network launching liquid staking for KSM. As per the tweet, this liquid KSM staking product was built to solve the liquidity challenge of staked KSM. With this launch, users can stake KSM to receive a liquid “receipt” token in LKSM at a 1:1 ratio.
In addition, LKSM users can enjoy various other benefits with their newfound liquidity. These benefits include minting of kUSD and becoming a Liquidity Provider (LP) for the LKSM/kUSD pool. Secondly, swapping of LKSM/KSM and contributing to crowd loans. In addition, users can also hold LKSM with the ability to unstake without any time period. Users can also visit apps.karura.network/homa to participate in Phase 1 of the LKSM liquid staking product.
Liquid Staking for $KSM has launched, entering phase 1 of the 3-step rollout!
Users can now mint $LKSM on up to 3k KSM.
Next we'll enable:
– LKSM as collateral for $kUSD
– LKSM pairs & LP pools.
👀 Note that unstaking/redeeming is not yet live.
What can LKSM do? Read on ↘️ pic.twitter.com/YYv2WOFZgQ
— Karura – DeFi Hub of Kusama (@KaruraNetwork) August 31, 2021
Join us on Telegram to receive free trading signals.
For more crypto news, check out the Altcoin Buzz YouTube channel.