TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Compound protocol now leads the DeFi market. US bank deposits at ATH numbers, according to the Fed. Zoom to offer encryption services for all users. Ethereum miners to increase gas limit by 25%. Robinhood set to make app changes after a young trader’s suicide, and Lazarus Group is allegedly targeting stimulus payment recipients with phishing attack.
Compound Protocol Now Dominates DeFi Market
Compound, the Ethereum-based lending DeFi protocol, rose to the top of DeFi market share less than a week after COMP, its official governance coin, was announced to be listed on Coinbase Pro. The Compound protocol now has a total value locked of more than $600 million, dominating 40% of the DeFi market, passing Maker (the former leader). The total value locked in Compound skyrocketed since June 14th from a mere $97 million, experiencing a rise of more than 6 times its former value in just a week.
Bank Deposits At ATH, According to Fed Numbers
Deposits are at an all-time high, with banks holding levels of liquidity never before seen, according to numbers from the Federal Reserve. Most of these funds are related to the stimulus packages offered by the government to small businesses and also to the unemployed to mitigate the economic impact of the coronavirus pandemic. Also, many companies and individuals have opted to exchange properties and stock for a safer alternative for the near future, and cash appears to be a common refuge for now.
Zoom to Offer Encryption for All Users
Zoom, the video conference app, announced it will offer encryption for all of its users, including the ones enjoying the app for free. The company initially considered to offer encryption features only to paid subscriptions. After facing backlash over its intention of collaborating with intelligence agencies, it changed its decision. Free users interested in encrypted calls will have to pass a KYC process verifying their phone numbers over a text message. Zoom encrypted calls will be available in July.
Ethereum to Increase Gas Limit by 25%
The #Ethereum miners are voting to increase the Block Gas Limit from 10,000,000 to 12,500,000. ⛏️
In theory, this means that the Ethereum network now has the capabilities to handle ~44 transactions per second, instead of ~35.
Another huge milestone for the community.🥳🎉
— Bitfly (@etherchain_org) June 19, 2020
Ethereum miners are involved in a process that will lead the blockchain to increase its gas limit from 10 million to 12.5 million, a change that designed to help the network scale. Gas is a resource used to pay miners for processing transactions. The gas limit increase would let the network manage more transactions per second, but it would also affect the resources needed to validate these transactions. Now, this limit hovers around 12 million, as it can rise by 0.1% after each block. The last gas limit increase occurred in September 2019.
Robinhood to Make Changes After Trader Suicide
The suicide of a young trader prompted by a negative balance of $730,000 in the app pushed Robinhood, the fee-free stock and crypto trading app, to make changes in how the interface presents information to the users. The company stated they would start a revision in how buying power is shown on the app, and would include more information for users to understand the mechanics of leveraged and options trading. Robinhood stated in a company blog post, “these changes will take a bit of time to roll out, but our teams are hard at work.”
Lazarus Group Alleged Phishing Attack Now Targets Stimulus Payment Recipients
Lazarus Group, a North Korea-based hacking group that reportedly stole more than $500 million in crypto, is planning to launch a phishing attack targeting institutions and individuals receiving stimulus payments related to the coronavirus pandemic, according to the security firm Cyfirma. Apparently, Lazarus tries to direct these victims to sites where they have to divulge personal financial information, targeting the citizens of the US, UK, Japan, India, Singapore, and South Korea primarily.
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