Jack Dorsey announced earlier this week that Square Inc. is building a new open-source platform for non-custodial Bitcoin services.
Aave founder hints at developing ‘Twitter on Ethereum’ NEWS
Aave founder Stani Kulechov told his 90,000 Twitter followers on Saturday that his protocol should build “Twitter on Ethereum” after Jack Dorsey said he was developing a new Bitcoin (BTC)-centric financial services platform with striking similarities to Aave.
Dorsey tweeted Thursday that Square Inc., his mobile payment company, was creating a new business “focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.”
The tweet, which has received over 34,000 likes at the time of publication, indicated that Bitcoin would be the primary focus.
In his response, Kulechov implied that Dorsey’s business idea is similar to Aave, an open-source, non-custodial DeFi protocol that enables users to borrow assets and earn interest on deposits. While it’s not entirely clear whether Kulechov’s Twitter-on-Ethereum plan is serious, he said Aave co-founder Jordan Lazaro Gustave would lead the effort.
Aave has emerged as one of the most popular DeFi protocols on the market, with demand for its services growing even among traditional investors. As Cointelegraph reported, Aave has plans to launch a permissioned version of its platform for institutional investors this month.
Related: Funds locked in Aave soar past $20 billion amid layer-two embrace
Dorsey’s plan to bring DeFi to Bitcoin follows an announcement from early June that Square is exploring the development of an open-source BTC hardware wallet. The entrepreneur has reiterated the importance of self-custody and the need to onboard new crypto users through mobile technology.
Bitcoin price struggles to gain momentum as historically low spot volumes and a strengthening dollar result in widespread indecision from most traders.
Historically low spot volumes and investor indecision weigh on Bitcoin priceMARKET ANALYSIS
If one word could be used to describe how the majority of participants in the cryptocurrency ecosystem feel about the near-term outlook for Bitcoin (BTC) it would be ‘undecided’, as mixed signals from all manner of indicators have many traders waiting for a significant move in either direction before planning their next entry point.
A new report from Delphi Digital took a macro look at Bitcoin’s current price action and found that a variety of factors, including low exchange volumes and the strengthening U.S. dollar have weighed heavily on the top cryptocurrency.
BTC/USDT 1-day chart. Source: TradingView
Bitcoin’s recent dip to $31,000 adds to the aura of fear that currently envelops the crypto market and analysts are now warning that failure to close above $31,000 could see BTC drop to the $29,000 to $24,000 zone.
Here are three areas of focus that Delphi Digital highlights as being the most impactful on the short-term price action for Bitcoin
Spot volumes and open interest collapse
According to Delphi Digital, declines in trading activity are one of the biggest factors affecting the market. This is because after the May 19 sell-off there was an exodus of spot and derivatives traders from exchanges.