Crypto.com trading volume 90% down, MakerDAO Splits In Two, Binance Helps Batte Twitter Bots

Crypto.com trading volume is 90% down

Crypto.com, a US-based cryptocurrency exchange, had a huge drop in trading volume due to crypto winter. According to Coingecko, its daily exchange volume has dropped by 91%, from $4 billion to $380 million. The bear market has caused crypto markets to shed two-thirds of their market capitalization compared to a year ago. 

According to CoinGecko, the Crypto.com's native Cronos token (CRO), with a market valuation of $2.8 billion, is now trading at $0.11 and offers holders discounts on trading costs and other benefits. Both measures have decreased by almost 50% since one year ago.

But, it is not the only exchange to experience a drop in trading volume. Huobi's adjusted volume dropped by 90%. The volume on FTX is down 77%, Coinbase is down 75%, and Binance, which introduced zero-fee trading for Bitcoin and Ethereum during the summer, is currently down 57%.

MakerDAO Splits In Two

The MakerDAO community split into two factions - MakerDAOs and Constitutionalists - after the introduction of the Endgame proposal. Rune Christensen, Maker co-founder, came up with the Endgame proposal to make the protocol more resilient after the sanctions of Tornado Cash. MakerDAO is in favor of the proposal, while Constitutionalists is against it.

“The Endgame Plan is an exceptionally bad proposal. And it's really sad for Maker that it passed the signal (shoved through by Rune Christensen singlehandedly in face of strong and justified criticism),” tweeted Hasu, a pseudonymous researcher at crypto investment firm Paradigm.

The community voted in favor of the eight Maker Improvement Proposals (MIP) as part of the Endgame. The gist is to make MakerDAO so decentralized that it is no longer pegged to the US dollar but exists as a free-floating token whose value is controlled by algorithmic protocols. 

Binance Helps Battle Twitter Bots

Binance, the biggest cryptocurrency exchange, will help Elon Musk use crypto to battle Twitter bots. The cryptocurrency exchange is creating an internal team to focus on how crypto and blockchain technology can help Twitter.

“Binance is creating an internal team to focus on ways that blockchain and crypto could be helpful to Twitter. And actively brainstorming plans and strategies that could help Elon Musk realize his vision,” a Binance spokesman told Decrypt. 

The cryptocurrency exchange also announced itself as an equity investor on Twitter. Binance pledged a half billion dollars towards helping bridge social media and news to Web3.