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<p>This week, the cryptocurrency market was mostly stable, though Bitcoin fell 2.40%, dropping over 4% to around $58,000 on Thursday. This decline affected major cryptocurrencies like Ether, Solana, Cardano, BNB Chain, and XRP. The drop followed the release of U.S. CPI data despite positive stock market reactions.</p><p>In other revelations, Vice President Kamala Harris aims to maintain the Biden administration’s strict stance on cryptocurrency regulations, working with former advisers Brian Deese and Bharat Ramamurti, who opposed the Clarity for Payment Stablecoins Act of 2023 for being too lenient.</p><p>According to Alex Thorn from Galaxy, this choice signals a continuation of strict crypto regulations.</p><p>Follow along as we unveil the six key crypto news stories from the past week to keep you updated.</p><p>For transparent and decentralized crypto trading and to list your crypto token for free, <a href="https://melega.finance/" rel="noopener noreferrer nofollow">visit our website</a> and follow Melega Finance (<a href="https://x.com/meleganews" rel="noopener noreferrer nofollow">&#64;meleganews</a>) on X for more on all things cryptocurrency.</p><h2 id="header-0">TOP CRYPTO NEWS RECAP (August 11-17, 2024)</h2><p>●  Arbitrum DAO Approves Proposal to Enhance ARB Token Utility and Governance Security</p><p>●  Circle Proposes New Risk Model for Stablecoin Management</p><p>●  Tron Surpasses Ethereum in Revenue Amid Stablecoin Innovations</p><p>●  First Bitcoin-Leveraged ETF Launches in US, Targeting Sophisticated Investors</p><p>●  Binance Reenters Indian Market After Regulatory Ban</p><p>●  MetaMask, Mastercard, and Baanx Launch Crypto Debit Card Pilot in Europe</p><h3 id="arbitrum-dao-approves-proposal-to-enhance-arb-token-utility-and-governance-security">Arbitrum DAO Approves Proposal to Enhance ARB Token Utility and Governance Security</h3><p>The Arbitrum DAO has <a href="https://coinmarketcap.com/community/articles/66bf0ba48c15810598e52f14/" rel="noopener noreferrer nofollow">approved </a>a proposal with 91% support from over 25,000 participants to enhance ARB token utility and governance security. The core feature introduces ARB staking, allowing holders to stake and delegate tokens in exchange for a liquidity-staking token, stARB.</p><p>This will enable automatic compounding and integration with DeFi applications. The initiative aims to boost participation and safeguard the DAO against governance attacks, addressing low voter engagement and ARB&#39;s underperformance. Voting concluded on August 15.</p><h3 id="circle-proposes-new-risk-model-for-stablecoin-management">Circle Proposes New Risk Model for Stablecoin Management</h3><p>Circle, the issuer of USD Coin (USDC), has <a href="https://x.com/circle/status/1824124643051286659" rel="noopener noreferrer nofollow">released a white paper</a> proposing a new risk-based capital management model called the Token Capital Adequacy Framework (TCAF). The paper argues that current banking standards need to adequately address unique risks posed by stablecoins, such as market trading fluctuations and technological vulnerabilities.</p><p>TCAF introduces a dynamic, risk-sensitive approach that includes stress-testing reserves and adapting capital requirements to changing risks. The framework aims to enhance global risk management, simplify operations, and incentivize better accountability for stablecoin issuers.</p><h3 id="tron-surpasses-ethereum-in-revenue-amid-stablecoin-innovations">Tron Surpasses Ethereum in Revenue Amid Stablecoin Innovations</h3><p>According to Token Terminal, the Tron network <a href="https://icoholder.com/tr/news/trons-revenue-surge-outpaces-ethereum-amid-declining-tvl%5D" rel="noopener noreferrer nofollow">outperformed </a>Ethereum in the past 90 days, generating approximately $435 million in fees compared to Ethereum’s $364 million. Tron founder Justin Sun highlighted that Tron’s 30-day revenue exceeded Ethereum’s by 50%.</p><p>Sun projected Tron’s protocol revenue could surpass $2 billion by year-end, positioning it as the most profitable blockchain. Tron also processed $1.25 trillion in USDT settlements, nearly a third of Visa’s volume, and plans to introduce a gasless stablecoin to enhance cross-border payments and small transactions.</p><h3 id="first-bitcoin-leveraged-etf-launches-in-us-targeting-sophisticated-investors">First Bitcoin-Leveraged ETF Launches in US, Targeting Sophisticated Investors</h3><p>The first Bitcoin-related leveraged ETF, MSTX, has <a href="https://www.morningstar.com/news/globe-newswire/9205394/defiance-launches-mstx-the-first-leveraged-single-stock-etf-on-microstrategy-in-the-us" rel="noopener noreferrer nofollow">launched </a>in the United States. It offers 175% long daily exposure to MicroStrategy, a company with significant Bitcoin holdings. Sylvia Jablonski, CEO of Defiance ETFs, highlighted the fund’s potential to provide enhanced Bitcoin market exposure.</p><p>The ETF, however, is designed for sophisticated investors due to the high risks of leveraged investments. MicroStrategy’s stock has surged over 70% in the past six months, outperforming Bitcoin further boosting interest in the new ETF.</p><h3 id="binance-reenters-indian-market-after-regulatory-ban">Binance Reenters Indian Market After Regulatory Ban</h3><p>After a seven-month ban, <a href="https://x.com/binance/status/1823969973510767000" rel="noopener noreferrer nofollow">Binance has returned</a> to India&#39;s Google Play and Apple App Stores. The crypto exchange registered with India’s Financial Intelligence Unit (FIU-IND) on August 15, fulfilling an essential legal requirement for combating money laundering.</p><p>While Binance did not confirm if it paid the previously reported $2.25 million fine, CEO Richard Teng emphasized the importance of aligning with Indian regulations. This move marks Binance&#39;s 19th global regulatory milestone and underscores its commitment to a secure and transparent crypto market in India.</p><h3 id="metamask-mastercard-and-baanx-launch-crypto-debit-card-pilot-in-europe">MetaMask, Mastercard, and Baanx Launch Crypto Debit Card Pilot in Europe</h3><p>MetaMask has <a href="https://cointelegraph.com/news/meta-mask-launches-pilot-self-custody-debit-card-mastercard" rel="noopener noreferrer nofollow">partnered </a>with Mastercard and Baanx to pilot a self-custody debit card in the UK and EU. This card lets users store their crypto on the Linea network and convert it into fiat at the point of sale.</p><p>The transaction process involves sending tokens from the user&#39;s wallet to a smart contract, where the crypto-to-fiat conversion happens. While initially limited to Europe, this initiative could extend financial services to the global unbanked population and offer solutions in high-inflation economies like Argentina.</p><h2 id="header-1">NEWS FROM THE MELEGASWAP ECOSYSTEM</h2><h3 id="aivoice-boosted-on-melegaswap">AIVOICE Boosted on MelegaSwap</h3><p>We are thrilled to announce that the $AIV team has decided to further enhance the FARM&amp;POOL liquidity program by maximizing the APR and potential user participation—more opportunities to join a successful project by maximizing your earnings.</p><h3 id="">•••</h3><p><em><strong>Risk warning: </strong>Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.</em></p><h3 id="trade-with-the-best-decentralized-amm-cryptocurrency-exchange">Trade with the best decentralized AMM cryptocurrency exchange</h3><p>Do you want to buy, sell, and invest in cryptocurrencies while still having 100% control of your crypto assets? If so, then Melega Finance is for you. MelegaSwap is a leading automated market maker (AMM) decentralized exchange that offers users various options to trade and earn free tokens at high interest rates and low charges.</p><p>At Melega, nobody manages your funds for you because you manage them directly from your wallet, while smart contracts transparently take care of everything else.</p><p><strong>Learn More About the Melega Ecosystem</strong></p><p>DAPP: <a href="https://melega.finance/" rel="noopener noreferrer nofollow">https://melega.finance/</a></p><p>Website:<a href="https://melegaswap.finance/" rel="noopener noreferrer nofollow"> https://melegaswap.finance</a></p><p>Crypto Services Hub: <a href="https://melega.space/" rel="noopener noreferrer nofollow">https://melega.space/</a></p><p>Telegram: <a href="https://t.me/melegacommunity" rel="noopener noreferrer nofollow">https://t.me/melegacommunity</a></p><p>X: <a href="https://twitter.com/meleganews" rel="noopener noreferrer nofollow">https://twitter.com/meleg</a><a href="https://twitter.com/meleganews" rel="noopener noreferrer nofollow">anews</a></p><p>Binance Square Page: <a href="https://www.binance.com/en/feed/profile/212703589" rel="noopener noreferrer nofollow">https://www.binance.com/en/feed/profile/212703589</a></p><p>Instagram: <a href="https://www.instagram.com/melega.finance/" rel="noopener noreferrer nofollow">https://www.instagram.com/melega.finance/</a></p><p>YouTube:<a href="https://www.youtube.com/channel/UC_kjHoXOkPSSB4HeHNZMq-Q" rel="noopener noreferrer nofollow"> Melega Finance Official</a></p>

Crypto Weekly Recap: Arbitrum Enhances ARB Utility; Tron Leads in Revenue; Binance Returns to India; & More (Aug. 11–17, 2024)

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