Decentralize Brief: Nigeria is Africa’s crypto King Kong

This newsletter is a biweekly curation of the wittiest trends from the world of Crypto, Blockchain, and AI. Subscribe here to get it directly in your inbox every Mondays and Fridays — 1PM WAT

Free money! Uniswap could airdrop fresh UNI tokens to users

  • Popular decentralized exchange, Uniswap, could be set for a new five million airdrop, should the current “Retroactive Proxy Contract Airdrop — Phase One” proposal put forward by Dharma – a lending and saving protocol based on Compound.Finance.
  • Dharma and some other platforms such as MyEtherWallet, Eidoo and Rebalance, complained that some of their users were left out in the original airdrop that saw the DeFi exchange distribute its UNI tokens to users.
  •  Should the proposal succeed, Uniswap will retroactively distribute 400 UNI to 12,619 distinct addresses which interacted with the Uniswap exchange before September 1, 2020.

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Nigeria is Africa’s crypto King Kong

  • Another Bitcoin to Naira payment gateway has been launched in Nigeria. FrostPay is a platform that lets users instantly convert their bitcoin to naira, credited directly to their bank account. The recent influx of BTC to Naira payment channels should come as no surprise. Nigeria is arguably Africa’s biggest hotspot for cryptocurrency. 
  • Data obtained from UsefulTullips shows Nigeria is the crypto king of Africa. Another insight is that over 32% of the country’s population (200 million) are youth. Nigerians, alongside citizens of other African countries, are opting to save in bitcoin rather than the depreciating local currency. 
  • The censorship resistant nature of cryptocurrencies like Bitcoin, could be another reason. After the Nigerian government clamped on bank accounts containing donations made by Nigerians to support the #EndSars protest, Bitcoin became a viable alternative for making donations.

ICYMI:

  • Market Watch: Bitcoin, the bull of all crypto assets, has been riding high after PayPal introduced cryptocurrency to its over 300 million users. The largest cryptocurrency by market capitalization, is currently trading within the range of $13,000 – $13600 
  • Fast growing Crypto Derivatives Exchange, FTX, has introduced a new way of trading stocks using cryptocurrency. Through FTX’s fractional stock offerings, popular stocks like Apple, Tesla and Amazon are represented using tokens, and users can trade them against Bitcoin and stablecoins.

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