Singapore Removes 'Bro' From 'Crypto Bro

GM Readers!📪 It's BitDegree Insider, and it's time to make the most out of this Friday.

⭐️Today's selection:

• 🙋‍♀️Spotlight on Singapore
• 🗳What's a 'Governance Token'?
• 🧩️Answer To Yesterday's Puzzle
• 👌Selected Meme of The Day
• 📰Bite-Sized News

SPOTLIGHT ON SINGAPORE

Singapore decided to remove the "bro" from "crypto bro."

Women in Singapore are better at trading cryptocurrencies than men, according to a new report from Independent Reserve.

The annual IRCI (Independent Reserve Cryptocurrency Index) report found that 76% of female crypto investors in Singapore reported that their portfolio is "in profit" or at least break-even, compared to 72% of men.

The report also revealed that the number of female traders has increased by 7% since 2022, while only 48% of male traders surveyed were actively trading cryptocurrencies.

Moreover, the majority of female traders are optimistic about the future of the market, with 24% intending to increase their share of digital assets in their portfolio to 20%.

Apart from that, the report found that 45% of respondents cited high volatility as the main challenge to global adoption of cryptocurrencies, while 30% cited regulatory ambiguity.

Nonetheless, 59% of respondents believe that adopting a single set of rules would increase their confidence in the industry.

Overall, the report found that Singapore scored 55 out of 100 on the IRCI scale, which is just below the 2022 value but still indicates a fairly high level of acceptance of digital assets in the local community.

Additionally, 44% of respondents have a 10% share of their overall investment portfolio in cryptocurrencies, with 46% investing at least $1,000 per month in digital assets.

Bitcoin remains the most recognized cryptocurrency, with 81% of respondents aware of it.

The IRCI report provides valuable insights into the state of the cryptocurrency industry in Singapore and highlights the growing success of female traders in this space.

Despite the challenges of volatility and regulatory ambiguity, the report suggests that confidence in the industry could be increased with the adoption of a single set of rules.

Here you go. A well-deserved spotlight on Singapore. As we wrote before, Singapore was the second most-affected country by the FTX collapse. And yet the optimism prevails.

TL;DR: The annual IRCI (Independent Reserve Cryptocurrency Index) report found that 76% of female crypto investors in Singapore reported that their portfolio is "in profit" or at least break-even, compared to 72% of men. Apart from that, the country is well-versed when it comes to crypto, and other countries could follow Singapore's example.

WHAT ARE "GOVERNANCE TOKENS"?

Let's learn stuff. Let's talk about governance tokens. What are they?

Governance tokens enable ordinary users to contribute to the future of a blockchain project.

These tokens are very common in the DeFi world. Here are some of the more-prominent governance tokens: UNI, MKR, AAVE, CRV, COMP, etc.

The main purpose of governance tokens is to decentralize the decision-making process and give the holders the right to vote.

Voters benefit from developing the project because it affects the value of the tokens they own.

How much can you influence one project?

With governance tokens, you make changes related to the interface, vote on commissions and distribution of rewards, or even change the source code of the project.

Each project has its own governance rules.

For example, in some projects, people can only vote for small changes, while in others there are no restrictions.

Voting is often done through smart contracts and changes come into effect automatically.

This form of governance allows to get rid of bureaucracy and traditional hierarchy, and to make the project truly decentralized.

What are the pros and cons?

By design, governance tokens should increase the decentralization of the project.

But sometimes it works the other way around, and it can lead to the power over the protocol getting concentrated in the hands of a small group of individuals because they have too many tokens.

For example, if a large investor owns a large number of tokens, they can easily tilt the vote in their favor.

Voting is not the only function of governance tokens.

Sometimes they can provide additional benefits, such as access to exclusive platform services or the ability to receive a share of the project's profits.

Another non-obvious benefit of such tokens is that the community is involved in the development of the project, and developers can work on features that the community really needs.

Otherwise, they are just tokens that can be traded and used in DeFi.

Undoubtedly, as time passes, we can expect to see more real-life use cases emerge.

The platforms that support these voting systems are continuously evolving, which means that the entire landscape could be significantly influenced by the launch of a single product designed to optimize decentralized governance.

Such advancements are likely to unfold very soon.

Here you go. We just turned this Friday into Free-Knowledge Friday. Let's make a habit out of it.

TL;DR: Governance tokens enable ordinary users to contribute to the future of a blockchain project. The con of them is that when too many gov. tokens get obtained by a small group, they can overtake the project's direction. Nevertheless, it's a way of involving the community into a project. It has more benefits, such as access to exclusive services or shares of profit. New real-life use cases may emerge really soon.

ANSWER TO YESTERDAY'S PUZZLE

Yesterday we asked you how many triangles can you find in this picture.

The correct answer was 10!

Thanks for participating!

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Crypto Experts Fear RESTRICT Act Could Be Used to Target Digital Currencies. Or it could even ban crypto.
• Paxful to Compensate All Earn Users Who Lost Funds After The Celsius Collapse. With their own funds.
• Beaxy Suspends Services After SEC Presses Charges Against the Firm and Its Execs. Another one gets asked to bite the dust by The SEC.