Central Bank of Trinidad and Tobago studying CBDC
The Central Bank of Trinidad and Tobago is studying the possibility of issuing central bank digital currency, according to its most recent strategic plan. It plans to complete the study by the end of 2021.
NFT Price Crash Stirs Debate on Whether Stimulus-Led Fad Is Over
Non-fungible token (NFT) prices are apparently crashing. NFTs are essentially blockchain-based tradable digital certificates that prove ownership and provenance of online assets. And I say “apparently” because the market is so illiquid and opaque, so this is being dubbed a silent crash. So according to Bloomberg, citing Nonfungible.com as a source, is saying that NFT prices have tumbled almost 70% from a peak in February. Amy Castor has posted a great explainer on NFTs, what they are and how their markets work, but suffice it to say that the whole thing looks very fishy!
Fei Labs raises 639K ETH in genesis event
Fei Labs concluded a successful genesis launch of its Fei “non-pegged” stablecoin, raising nearly $1.3 billion in Ethereum from over 17,000 contributors. Stablecoins are typically pegged to a fiat currency, usually the U.S. dollar. However, the values of non-pegged stablecoins float and change over time. They aim to have low short term volatility, while allowing their values to change according to their own demand and the demand for the underlying crypto-assets, over the long term. Ampleforth (launched in June 2019) was one of the first, being followed by Float (February 5, 2021), Rai (February 17), and now Fei.
Decentralized FLOAT Stablecoin will Complement RAI and FEI Economies
The primary purpose of using a stablecoin is to achieve a peg to a fiat currency, usually the U.S. dollar. However, “non-pegged” stablecoins aren’t pegged to any fiat currency – their values float and change over time. Instead, non-pegged stablecoins aim to have low short term volatility, while allowing their values to change according to their own demand and the demand for the underlying crypto-assets, over the long term. Ampleforth (launched in June 2019) was one of the first, and more recently, it has been followed by Float (February 5, 2021), Rai (February 17), and Fei (March 22).
