After making a daily high of $56,437, Bitcoin underwent a sharp correction and is trading at $51,933. Moreover, this drop was over 4% in the past 24 hours. The U.S. dollar currency index (DXY) also hit 92.6, which is its highest score of this year and is being one of the reasons for the recent price downfall. Meanwhile, the second-largest cryptocurrency, Ethereum, is trading close to $1,606.
Let’s find out some interesting crypto news for today.
OIN Finance partnered with PAID Network to explore and utilize SMART Agreements. PAID Network simplifies business agreements and allows businesses and individuals to deal directly with each other without any intervention. This coalition helps OIN to utilize PAID’s SMART Agreements with utmost transparency and decentralization. As PAID Network is equipped with DeFi tools, such as staking, insurance, and decentralized escrow, OIN would utilize these services to add liquidity through the minting of the USDP stablecoin in partnership with PAID Network. This decentralized stablecoin would settle the agreements and disputes within the PAID Network by executing in PAID’s escrow system and SMART Agreement toolbox.
Tidal Finance partnered with Polygon (previously Matic) to provide security and insurance coverage to its ecosystem. Moreover, Tidal Finance provides insurance coverage for cross-chain assets, and its insurance market is built upon Polkadot. It also allows users to design custom insurance pools for one or more assets with high-grade security for DeFi. As per the tweet, Polygon will utilize a new layer of security provided by Tidal Finance. This will help Polygon to safeguard its ecosystem assets through mutual cover pools. Further, Tidal Finance users can enjoy low and cost-efficient gas fees with Polygon’s integration. Additionally, Polygon will add its native token – MATIC – into the Tidal risk pool. This, in turn, allows Tidal liquidity providers to earn extra returns by providing insurance.
Cartesi join hands with IOTA to strengthen its decentralized smart contracts. Collaboratively, the team will employ a Linux-based virtual machine with IOTA oracles to design non-blockchain-based use cases. These use cases would further enhance the DeFi space, gaming, NFTs, and industrial IoT. Moreover, Cartesi is a chain-agnostic Layer 2 infrastructure that solves scalability issues of blockchains. On the other hand, IOTA is a distributed ledger created to exchange value and data between humans and machines. The IOTA network is built for the Internet of Things to enable economic relationships between machines and humans. Hence this unification enables data integrity and the invention of game-changing tools. In addition, this would also help to…