St. Kitts digs Bitcoin Cash

Good morning! Welcome to The Daily Moon. Apple’s got FOMO. It finally filed patents for a “3D-mixed reality world”. Now it wants to hire engineers to develop VR headsets. Basically, it’s a metaverse. But Apple won’t use that word.

The markets recovered. Bitcoin was just under $17,000 while Ethereum was at $1,270 levels. Nasdaq rose in early trade. Back home, Sensex and Nifty gained from a global stocks rally.

ADA’s Got Attention

Cardano made quiet moves amidst the crypto chaos. The blockchain reported a 400% jump in daily active addresses and the addition of ~44,000 wallets in the past seven days. That’s a sign that customers have switched.

But why ADA?The blockchain has made steady progress over the past 12 months. From DeFi to NFT, and smart contracts, Cardano has added over 100 projects to the network. In fact, it’s the third-largest NFT protocol after Ethereum and Solana. The ADA family grew bigger, but the FTX collapse gave another nudge to the fence-sitters.

Cardano Blockchain Insights data shows 44,337 new ADA wallets were added between November 7 and November 14. This takes the total ADA wallets to 3.68 million.

Whales swarm inADA is among the top 10 tokens on the whale radar. More whales means more sales that will push up token prices. Whales are probably interested because Cardano isn’t closely linked to Sam Bankman-Fried or FTX. There’s just one Cardano-based decentralised exchange, SundaeSwap, that got seed funding from Alameda in September 2021. But SundaeSwap has confirmed that SBF’s financial crisis won’t affect its business.

But, some want answersCardano co-founder Charles Hoskinson predicted in July 2020 that the blockchain will be home to “thousands” of dApps. As of November 11, Cardano had 104 projects and another 1,139 projects WIP. A few critics want to know what’s taken them so long to scale. Here’s how Hoskinson responded:

ICYMI He’s promised “something special” on ADA in November. Let’s see.

SBF-SOL Links Deepen

Solana can’t get over SBF. The network has lost more than $700 million in its DeFi apps since November 2. That’s just as things begin to unravel. SBF’s bankrupt, so the blockchain is experiencing mass exits.

And, is there more?Solana Foundation has ~$1 million stuck in FTX. That’s less than 1% of its funds. But here’s where it gets complicated:

1. Solana Foundation held FTT tokens worth $75.5 million and Project Serum tokens worth $101 million on November 7. Serum is an SBF-backed DEX on Solana.

2. The tokens crashed. Now the FTT tokens’ value is down to $4.36 million and Serum slumped to $29.3 million.

3. FTX and Alameda hold SOLs worth $708 million. A lot of it is locked up till 2028.

That’s not all. Sister firm Solana Labs sold $106 million worth of SOL to Alameda, which can be retrieved only in 2025.

The list gets longer Crypto fund Sino Global has “mid-seven figures” worth exposure to FTX. The exchange owes funds to an estimated 1 million individual creditors. Meanwhile, SBF’s on something else.

India’s e-Rupee Moves

The e-Rupee is coming soon. India’s RBI has signed up five banks to test the Central Bank Digital Currency (CBDC). The initial pilot was B2B, now it’s B2C. RBI wants to figure out e-Rupee’s compatibility with digital payment systems.

Who’s doing it?Banks such as ICICI, HDFC Bank, SBI, and IDFC will help RBI chart out the e-Rupee launch path.

Why does it matter?India has a love-hate relationship with crypto. The government likes blockchain as a concept but is unsure about crypto. RBI’s interested in CBDC and is eager to push the e-Rupee as a digital currency. It is keen to test whether the digital rupee has enough takers. If yes, there’ll be a nationwide rollout. Widespread adoption of the e-Rupee will cut cash-handling costs. Interesting times ahead.

The e-Rupee is coming soon. India’s RBI has signed up five banks to test the Central Bank Digital Currency (CBDC). The initial pilot was B2B, now it’s B2C. RBI wants to figure out e-Rupee’s compatibility with digital payment systems.

The Caribbean’s BCH Love

Ever heard of St. Kitts and Nevis? You might want to know now. This Caribbean island nation may allow Bitcoin Cash (BCH) as an alt to cash. The country’s prime minister has made it official. BCH may become their legit currency by March 2023.

FYI BCH is a fork or spinoff of Bitcoin created in 2017. It is widely used in Townsville in Australia, often called the Bitcoin Cash City.

Interesting. Tell us moreThe Caribbean region has been pro-digital currencies for a while. The Eastern Caribbean Central Bank has had a digital currency programme since 2019. It launched a digital currency called DCash in 2021. But it hasn’t been a smooth road.

That’s why St. Kitts isn’t brash about BCH. There’ll be a series of tests with consumer protection as the top priority. No El Salvador vibes.

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