There are a few developments that take place in the cryptocurrency ecosystem every week. Additionally, this week saw several noteworthy events happening inside the cryptocurrency ecosystem. The biggest headlines of the week include Bitcoin’s return to $23,000 and its subsequent breakthrough of that mark, as well as new google developments.
Aave V3 version launched on the Ethereum mainnet
Aave, recently this week, publicly announced its successful launch of Aave V3 on the Ethereum mainnet. In its current iteration, the DeFi protocol has undergone several improvements, one of which is gas price optimization. Other advancements have also been made.
Because of the passionate endorsement and support of the Aave community, the third version of the decentralized finance (DeFi) protocol, also known as Aave V3, was successfully implemented on the Ethereum mainnet.
Stani Kulechov, the founder and CEO of Aave, announced on Twitter that the company’s most recent version, which is referred to as V3, has several enhancements and features. These include gas optimization, which reduces gas costs by 20 to 25 percent, a high-efficiency mode for greater capital efficiency, and other features.
Aave Protocol V3 is now live on the Ethereum market 👻
”The most exciting aspect of V3 is its flexible design, which enables a variety of new risk mitigation features, and its improved capital efficiency & decentralized liquidity – all while reducing gas costs.” @StaniKulechov pic.twitter.com/QsSnnlhEMr
— Aave Labs (@aave) January 27, 2023
The founders of Bitstop have acquired Genesis Coin Inc.
Andrew Barnard and Doug Carrillo, two of the first pioneers in the Bitcoin ATM industry, purchasing Genesis Coin Inc., the world’s first and largest software platform for Bitcoin ATMs was another headline of the week.
As part of the deal, Doug Carrillo will succeed Andrew Barnard as CEO of Genesis Coin, and he and Barnard will be appointed to the board of directors of that company. Carrillo will also assume the job of Chief Strategy Officer. Evan Rose, who established Genesis Coin, will continue his roles inside the organization as a director on the board of directors and as a technical adviser to the company. The corporate headquarters of Genesis Coin have decided to move to Miami, Florida.
Google Launches Its Own Node-Hosting Service, Which Will Also Support Ethereum
Google could not also leave itself out of the headlines. Google’s goal is to become a significant provider of Web3 infrastructure, and the introduction of its Blockchain Node Engine went one step in that direction amid a recent announcement this week.
On Thursday, Google announced the launch of its cloud-based node engine service to make things easier for Ethereum developers and projects.
The new Google service will be formally known as the “Blockchain Node Engine,” making it possible for developers and producers to depend on Google Cloud to build a new node. This will make the whole process more rapid, secure, and safer. Google will take care of the entire service, so its users won’t have to worry about hiring a separate crew to maintain and monitor the nodes. According to Google, it “actively monitors the nodes and restarts them if something goes wrong.” In other words, it keeps everything running smoothly.
SEC Chairman Gary Gensler is Interested in Introducing new crypto regulations
To extend the scope of the SEC’s power over the cryptocurrency business, Chairman Gary Gensler of the Securities and Exchange Commission (SEC) intends to expedite the rollout of the proposed “Regulation Best Execution.”
The Securities and Exchange Commission (SEC) has maintained its anti-crypto stance and increased the level of monitoring it exercises over crypto enterprises, both of which have hampered the growth of these companies and prevented them from going public despite much criticism. To extend the scope of the SEC’s power over the cryptocurrency business, Chairman Gary Gensler of the Securities and Exchange Commission (SEC) intends to expedite the rollout of the proposed “Regulation Best Execution.” In addition, it will provide the SEC with expanded power over enterprises that deal in cryptocurrencies and exchanges.
The Securities and Exchange Commission (SEC) proposed “Regulation Best Execution” under the Securities Act of 1934 as a way to make the existing regulatory structure more effective (Exchange Act). It will create a “best execution” requirement for brokers, dealers, and sellers of municipal and government assets to protect investors better. This will be done to secure investors further.
If adopted, our best ex rule would help ensure that brokers have policies & procedures in place to uphold one of their most important obligations: to seek best execution when trading securities, whether equities, fixed income, options, crypto security tokens, or other securities. pic.twitter.com/gZdIEcNbVY
— Gary Gensler (@GaryGensler) January 24, 2023
In a tweet on January 25, Gary Gensler invited people to provide feedback on the idea through March 31. This was done to implement this necessary rule for brokers and dealers expeditiously. If the legislation is put into effect, it will establish regulations and procedures for the trading of securities such as stocks, bonds, options, cryptocurrency security tokens, and other types of securities.
