The past week in the cryptocurrency market has been anything but rosy. The recent SEC clampdown on Kraken and its staking service has sent a message to the market at large. Bitcoin(BTC) and other altcoins have reduced in value since the news emerged. However, they have shown developing strength and are getting back on track, recouping lost value.
Dogetti(DETI) is a new memecoin project launching on the Ethereum project, and with presales just starting, the project is looking to get the right start for decent momentum. On the other hand, LidoDAO is facing some challenges as the crackdown affects the DeFi protocol.
Remember that Kraken signed a settlement agreement with the SEC yesterday, following months of regulatory investigations over unregistered securities advertised as staking services. The exchange agreed to pay $30 million in disgorgement and civil penalties and shut down its staking platform.
The news comes only a day after Coinbase CEO Brian Armstrong provided an update on reports regarding the SEC prohibiting crypto staking for retail US consumers. According to a Paradigm post on Ethereum’s new staking concept, the CEO argues that staking should not be considered a security.
And considering that the largest ETH depositors on Lido liquid staking protocol include Coinbase, Kraken, and Binance, Lido is bound to be facing some loss of liquidity.
LidoDAO (LDO) Staking Made Accessible For Everyone
Lido(LDO) is a proof-of-stake (POS) blockchain liquid staking solution that brings together node operator partners that manage the core validator infrastructure on the Ethereum, Solana, and Terra blockchains. The project began in December 2020, when Ethereum 2.0 (“beacon chain”), Ethereum’s POS chain, reached Phase 0 and only enabled users to stake their assets in multiples of 32 ETH on Ethereum 2.0. Once ETH had been staked on the beacon chain, it can never be returned to the original Ethereum (“Ethereum 1.0”). This feature has eased into each other following the merge, and the protocol operates on the main chain.
Lido operates like several other DeFi lenders and liquidity protocols by issuing stETH (staked ether) when users deposit their ETH funds, allowing them to earn rewards and maintain liquidity. The LidoDAO is the governance protocol for the dex platform, and LDO serves as the governance token. The ERC-20 token is used as a token for exerting veto power, allowing holders to contribute to the protocol with proposals and voting for consensus on pivotal decisions on the network.
Dogetti(DETI) – Leave The Gun, Take The Cannoli
Dogetti is a new memecoin project launching on the Ethereum blockchain and is looking to revitalize the memecoin landscape. Memecoins have not enjoyed enough volume since the peak days of Shiba Inu(SHIB) during the bull market. Dogetti will be looking to revive that market excitement and get the landscape raving about memecoins. The new project is already on presale, and with its incredible start, the landscape already sees the potential in buying the token for cheap now.
Dogetti is a dog meme token inspired by mafia-themed books and stories, and it explains the portrayal of the dog memes as gangsters. Dogetti aims to build a family-based community looking to help one another build wealth and inevitably grow value for the community. Dogetti will use several utilities to keep the ecosystem alive and promote a community vibe.
NFTs, gaming, and the metaverse are creative ways to do that. The main DeFi utility will be the DogettiSwap, a dex protocol that will enable the exchange and trade of tokens under the best conditions in terms of transaction speed and cost.
Dogetti is building quite a traction, and entering the presale now is one of the smartest plays in the cryptocurrency market. Join the Dogetti presale here.
More on Dogetti (DETI)
Presale: https://dogetti.io/how-to-buy
Website: https://dogetti.io/
Telegram: https://t.me/Dogetti
Twitter: https://twitter.com/_Dogetti_