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PYUSD Loans and Tokenized Assets: A New Era in DeFi

Unleashing Potential: PYUSD Loans and Tokenized Real World Assets In a groundbreaking development within the decentralized finance (DeFi) sector, a Swiss-based platform, Backed, has emerged as a pivotal player by powering PYUSD loans through tokenized Treasury Bill ETFs. This innovative approach not only enhances the utility of PYUSD but also provides new avenues for users to earn yield on their deposits, thus reshaping the landscape of stablecoins and lending markets. The Mechanics of PYUSD Loans Depository Functionality : Users can deposit PYUSD, a regulated USD stablecoin issued by Paxos for PayPal, into a Morpho Blue vault. This vault supports two types of collateral: Backed's tokenized Treasury Bill ETFs Lido’s wstETH Yield Generation : Depositors of PYUSD earn yield by lending to borrowers who take out loans. This dual engine mechanism—an innovative blend of real-world yields and crypto rewards—optimizes returns across varying market conditions. Tokenized Rea
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Produced by Daniel Aharonoff & Mogul Media AI

Exploring the Artistic Brilliance: Bitcoin Ordinals Inscription Sale at Sotheby's

The recent sale of a Bitcoin Ordinals inscription from the Quantum Cat project at Sotheby's has garnered significant attention, with the winning bid reaching over $250,000. This particular piece, known as the "Genesis Cat" Ordinals inscription, created by digital artist FAR, received an impressive 50 bids, ultimately selling for 6.31 BTC, equivalent to approximately $254,000.

Key Points:

  • The Quantum Cats collection of Bitcoin Ordinals inscriptions was announced earlier this month by Taproot Wizards.
  • The collection, consisting of 3,333 images, cost over $66,000 to create on the Bitcoin blockchain.
  • The wider sale of the Quantum Cats collection is scheduled for January 29.
  • Udi Wertheimer, co-founder of Taproot Wizards, highlighted that the collection pays homage to an early code in the Bitcoin network called concatenate or OP CAT.
  • Sotheby's head of digital and contemporary art, Michael Bouhanna, congratulated the artists and collectors involved in the sale, giving a special mention to FAR for their assistance in curating and organizing the event.
  • The Natively Digital curated Ordinals sale generated over 26 BTC, valued at around $1,097,000, with 641 bids and all auction lots being sold.
  • Bouhanna noted that half of the sale exceeded their high estimates, indicating strong interest and demand in Bitcoin Ordinals.
  • While this marks the first Bitcoin Ordinals-centric sale at Sotheby's, the auction house has previously conducted numerous NFT sales on Ethereum, including notable auctions like the sale of an Art Blocks NFT named "The Goose" for $6.2 million last June.

This successful sale not only underlines the growing significance of digital art and NFTs in the art world but also showcases the increasing interest in blockchain-based artworks and collectibles among both artists and collectors.

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