Bitcoin had a bit of a mixed week, almost reaching the $25k mark after better than expected inflation numbers from the US, but falling below $24k only to break $25k again today!
Ethereum continues its upward trend breaking $2000 driven by the news of the "Merge". A date for the merge has now been set for September 16 and 17, 2022. This is the date when ETH will switch from POW to POS and become a deflationary token.
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has sanctioned cryptocurrency mixer Tornado Cash. Tornado Cash has been used to launder more than seven billion US dollars worth of cryptocurrencies since its inception in 2019. This includes over $455 million stolen from Lazarus Group, a state-sponsored hacking group based in North Korea. The Lazarus Group was sanctioned by the U.S. in 2019 after committing the largest known heist of virtual currencies to date. Over 40 wallets linked with Tornado Cash were sanctioned. Surprisingly DeFi projects Aave, Uniswap, Balancer, dYdX, Alchemy, and Infura blocked addresses which had interacted with Tornado cash raising concerns over how decentralised DeFi really is.
The number of FNDZ tokens staked on the platform is over 6.5 million. That's more than 28.5% of the current circulation. As you can see, TVL has been moving up and down with the price, but currently stands at $764K.
Our index vaults are capitalizing on market growth. All index funds are increasing in value and locking in more TVL each week. Total deposits have increased to over $16,000 and the current TVL is over $20,500. The number of users is growing daily as more people learn how an index can help them maintain a balanced portfolio.
Last week we added a new section to the FNDZ platform called ‘AR Vault’'. Here users can find auto-rebalancing vaults that we are offering in partnership with other projects.
FNDZ strives to be the pioneer of AR vaults in DeFi and crypto. So if you know of a project that would like to open an AR vault, please refer them to us!
That's right, we will launch the full platform on Thursday, August 18. Users will be able to follow their favorite traders, deposit into an index vault that fits their strategy, or back their favorite tokens in an AR vault!
To support the launch we will be running referral contests, trader competitions, and other giveaways for deposits to the platform.
There is no set time for the full launch on Thursday, so please be on the lookout for the big reveal on our social media!
We’re continuing to approach crypto companies with the option to start their own AR vaults for their community or traders who want to give something back to their followers. Feel free to reach out to the team if you know of any traders or companies that could benefit from launching their own index or copy trading vault.
Spread the word and tell your friends about FNDZ – the home of copy trading!