💠What happened in the #crypto industry the other day? ⏬

💠FED Minutes Published

Members agreed that inflation was unacceptably high. Most respondents stated that upside inflation risks still remain. All participants agreed that the rates should remain restrictive for a certain period of time. The majority of the members stated that downside risks to economic activity and upward risks to the unemployment rate remain. Some of the respondents stated that tight monetary policy could be maintained despite keeping interest rates constant.

💠Stars Arena Reaches Deal with Hacker

Stars Arena reached an agreement with the hacker. In exchange for the deal, 90 percent of the lost funds (240 thousand AVAX) were returned. A total of 27,610 AVAX ($250,000) was awarded to the hacker. After this deal, no increase in the price of AVAX has been observed for the time being.

💠Ripple Attracts Interest of Institutional Investors in Dubai

Sologenic emphasizes that as an XRP Ledger-based platform, Ripple continues to attract interest from institutional investors in Dubai. Despite the current SEC lawsuit, Ripple continues to pursue global expansion and makes a major breakthrough into Dubai and the Middle East and North Africa (MENA) markets. In May of this year, Ripple expanded its footprint by opening a new office in the Dubai International Financial Centre in order to increase its presence in Dubai.

💠European Securities and Markets Authority Publishes Report on DeFi

The European Securities and Markets Authority (ESMA) has published a paper addressing decentralized finance (DeFi) and its risks to the EU market. In a 22-page report, ESMA acknowledges the promised benefits of DeFi, namely greater financial inclusion, the development of innovative financial products, and increased speed, security, and cost of financial transactions. However, the report also highlights the "significant risks" of DeFi. The first, according to ESMA, is liquidity risk, which is tied to the highly speculative and volatile nature of many crypto assets.

💠Polygon Labs Proposes Layer 2 "ApeChain" to power the ApeCoin ecosystem

Sandeep Nailwal, co-founder of Polygon Labs, suggested that the ApeCoin DAO develop Ethereum Layer 2 and maintain it using a Chain Development Kit (CDK). This proposal includes a private Layer 2 network called "Ape Chain" and a $3.35 million fund from the ApeCoin DAO treasury to support the growth of ApeCoin-related projects.

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