The price of GMX rallied to its second-highest level in history on Dec. 1 as traders assessed the decentralized exchange's ability to evolve as a serious competitor to its top rival Uniswap (UNI). GMX established an intraday high of $54.50 in a recovery that started on Nov. 29 from $40.50. Its rally's beginning coincided with crypto research firm Delphi Digital's tweet on the GMX decentralized exchange, as shown below. GMX beats Uniswap in fees for the first time Notably, GMX had earned about $1.15 million in daily trading fees on Nov. 28, which surpassed Uniswap's $1.06 million trading fees on …

Tokenization is the process of converting something with tangible or intangible value into digital tokens. Tangible assets like real estate, stocks or art can be tokenized. In a similar vein, intangible assets like voting rights and loyalty points can be tokenized, too. We see Avios as an example of tokenized loyalty points by the traditional credit card industry. However, when tokens are created on a blockchain, they add a level of transparency that previous iterations of tokens couldn’t achieve. There are several banks that are experimenting with tokenization. But, before diving into the use cases in banking, it would be …

The chief of the United States Commodity Futures Trading Commission (CFTC), Rostin Behnam, claimed Bitcoin is the only crypto asset that can be viewed as a commodity during an invite-only crypto event at Princeton University, reported Fortune. Behnam’s comments are quite a contrast to his early statements in October, where he claimed Ether (ETH) could also be viewed as a commodity. The CFTC chief was answering a question on which crypto assets should be seen as commodities and which ones qualify as securities. The CFTC chief’s backtracking of his comments on ETH comes in the wake of heavy scrutiny of …

The CEO of the worlds largest asset management firm, BlackRock, believes that the reason why FTX failed is because it created its own FTX Token (FTT), which was centralized and therefore at odds with the “whole foundation of what crypto is.” Larry Fink, who serves as chairman and CEO of the $8 billion investment company — made the remarks during New York Times’ 2022 Dealbook Summit held on Nov. 30, and added that despite his belief that FTX's own-created token caused its downfall, he believes that crypto and the blockchain technology which underpins it will be revolutionary. Centralized exchange tokens, …

Former FTX CEO Sam Bankman-Fried apologized or admitted failure at least 12 times during his appearance at the New York Times' DealBook Summit on Nov. 30. In a wide-ranging video interview, Bankman-Fried was asked to answer a number of questions surrounding the downfall of the now-defunct exchange, with some even suggesting that some of his statements could be used to incriminate him in legal proceedings. In a Nov. 30 Twitter post, crypto attorney Jeremy Hogan, Partner at Hogan & Hogan said that the “light cross-examination” of Bankman-Fried at the DealBook Summit has already returned “at least 3 incriminating statements so …

Former FTX CEO Sam Bankman-Fried has claimed to have “unknowingly commingled funds” between Alameda and customer funds at FTX. Bankman-Fried was speaking at the New York Times’ DealBook Summit via video conference on Nov. 30, in which journalist Andrew Sorkin noted “there appears to be a genuine commingling of the funds that are FTX customers that were not supposed to be commingled with your separate firm.” Bankman-Fried denied knowing about the commingled funds and blamed it on poor oversight. “I unknowingly commingled funds [...] I was frankly surprised by how big Alameda’s position was which points to another failure of …

Referring to the events surrounding the collapse of FTX as “a handful of magic beans”, Massachusetts Senator Elizabeth Warren seemed to frame the “contagion” spreading through the crypto space as a partisan issue. Speaking at a Senate Banking Committee nomination hearing on Nov. 30, Warren addressed committee counsel Jonathan McKernan, who confirmed that FTX’s bankruptcy had largely not affected traditional banking institutions in the United States. The Massachusetts senator, an outspoken skeptic of cryptocurrencies, used some of her time to applaud the work of Federal Deposit Insurance Corporation, or FDIC, acting chair Martin Gruenberg, who attended as part of his …

The European Parliament Economic and Monetary Affairs Committee held a hearing on "FTX cryptocurrency exchange collapse and implications for the EU" Nov. 30. Three European monetary officials testified, talking about FTX, blockchain technology and crypto regulation in a “preliminary assessment of the events.” European Securities and Markets Authority (ESMA) Risk Analysis & Economics Department head Steffen Kern told the committee that ESMA “has neither regulated nor supervised FTX” and has no “information on the company beyond what is in the public domain.” The ESMA does not see significant risks to the broader financial sector from the collapse of FTX given …

Sherrod Brown, chair of the United States Senate Banking Committee, has called on Treasury Secretary Janet Yellen to work with financial regulators and lawmakers on comprehensive crypto legislation “in the wake of FTX’s implosion.” In a Nov. 30 letter to Yellen, Brown requested the Treasury Secretary coordinate with regulators to address crypto based on recommendations from the Financial Stability Oversight Committee, or FSOC. The committee chair cited crypto exchange FTX’s “alarming fraud”, liquidity crunch, and bankruptcy as an example of financial risk that should not “spillover into traditional financial markets and institutions.” “I ask that you coordinate with the other …

Fantom (FTM) continued its upward momentum on Nov. 30 amid reports that the Fantom Foundation generates consistent profits and has 30 years of runway without having to sell any FTM tokens. Fantom's FTM holdings up from 3% to 14% FTM price gained nearly 13.5% to reach $0.24, its highest level in three weeks. The rally came as a part of a broader rebound trend that started when it bottomed out at around $0.17 on Nov. 22. This amounts to a 50% price rebound in the last eight days. Interestingly, the rally picked up momentum after the Fantom Foundation's "Architect," Andre …

Singapore government-owned investment firm Temasek has suffered a lot more than just financial losses due to investing in FTX, according to Deputy Prime Minister Lawrence Wong. Wong, who is also the finance minister, believes that Temasek’s $275 million investment in FTX has caused significant damage to the company’s reputation. The official addressed the growing criticism over Temasek’s FTX exposure at a parliament meeting on Nov. 27, according to a report by the South China Morning Post. The prime minister emphasized that the collapse of FTX was a result of a “very badly managed company” as well as possible fraud and …

A lawyer for BlockFi told the first day hearing of its bankruptcy proceedings that the crypto lender has $355 million stuck on FTX and that the collapsed exchange’s sister company Alameda Research has defaulted on a $680 million loan. BlockFi filed 15 motions on Nov. 28 which were approved by the court in the first day hearing on Nov. 29, including the redaction of personal details of its 50 largest creditors, and the appointment of Kroll Restructuring Administration as its claims and noticing agent — the same firm chosen by FTX for its chapter 11 bankruptcy case. In a message …