Top crypto exchange platforms Coinbase and Binance are adding support for a new artificial intelligence (AI)-focused altcoin. In a new announcement, Coinbase says it is adding support for InfoAI altcoin Kaito (KAITO) on the Base network, the firm’s own blockchain, with an Experimental label. Binance, the world’s largest crypto exchange by volume, also added support […]
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DeFi fragmentation hinders adoption, but chain abstraction at the account level could fix fragmentation
Opinion by: Richard Meissner, co-founder and technical lead at Safe.
The recent a16z “State of Crypto” report gave us something to cheer about. We’re seeing all-time highs in crypto activity, stablecoins are taking off, and AI agents might provide a new avenue for industry growth. But decentralized finance (DeFi), which manifests all of crypto’s most sacred values, remains the playground of a sophisticated minority.
In times of market volatility, crypto owners have been told to “hold on for dear life,” or hodl, but it seems we have been holding on for too long. As it turns out, only 5%–10% of crypto users are actively using their holdings. Instead of seeing ordinary people lining up to start their self-custody journey, market growth in crypto this year has been driven by things like Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) and stablecoins, showing a lack of adoption of industry principles.
According to Agustin Carstens, the head of the Bank for International Settlements (BIS), cryptocurrencies have lost the “battle” against fiat currencies issued by the world’s central banks. While speaking at the Monetary Authority of Singapore on Wednesday, Carstens stressed that stablecoins are not reliable because they lack the “institutional arrangements and social conventions behind them.” […]