Weekly trading volume on decentralized exchanges (DEXs) exploded over the summer, peaking at over $8 billion in late August, thanks in large part to decentralized finance (DeFi) protocols offering new incentives with the potential for huge returns. Sam Bankman-Fried, the CEO of crypto exchange FTX, claims that the summer surge was due to “fake volume” caused by trading between “trans miners” aimed at earning reward tokens that most DEXs were paying. Once they stopped paying people to fake volume all the volume went away.
The Reserve Bank of India barred payment firms from issuing proprietary quick-response (QR) codes and asked them to switch to at least one interoperable QR code to improve ease of use by March 31, 2022. At present, only two interoperable codes exist: the Unified Payments Interface and Bhara. Payments firms also issue proprietary QR codes to merchants that accept digital payments from specific mobile applications, making them unusable for other customers. To curb this, the central bank said no new proprietary QR codes shall be launched by any payment system operator.