🔐 Total Value Locked (TVL) in DeFi rose by 19% ($10 billion) in July

🔐 Total Value Locked (TVL) in DeFi rose by 19% ($10 billion) in July 😮 Aptos Labs raises $150 million in capital 💼 U.S senators introduce a bill to exempt small crypto transactions from crypto taxes 

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🔐 Total Value Locked (TVL) in DeFi rose by 19% ($10 billion) in July😮 Aptos Labs raises $150 million in capital💼 U.S senators introduce a bill to exempt small crypto transactions from crypto taxes

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Total Value Locked (TVL) in DeFi rose by 19% ($10 billion) in July

The gradual resurrection of the crypto market has been beneficial for the decentralized finance (DeFi) sector.

According to research by BeInCrypto, total value locked (TVL) in DeFi protocols has been on the rise, providing a much-needed boost to the sector. Total crypto TVL was $86.57 billion on July 24th — a 19% increase since the 1st of July, which was roughly $72.6 billion.

TVL is the basis for measuring the performance of decentralized applications (dApps). With more value locked in DeFi protocols, it's clear that the sector is on the rebound.

With Ethereum's value locked in at around $55.4 billion and Binance Smart Chain's at $6.64 billion, it's safe to say that blockchain is still going strong.  Despite the recent collapse of Terra, BSC has managed to reclaim its spot as the second most valuable chain. These figures just go to show that there's still a lot of interest in blockchain technology and its potential applications.

As the DeFi adoption continues to sweep the crypto world, more and more people are looking to get in on the action. And it seems that TVL is following suit.

Aptos Labs raises $150 million in capital

Aptos Labs, a web3 startup that was founded by the team behind Meta Platforms Inc.'s failed cryptocurrency endeavors, has raised $150 million in fresh capital.

The funding round was led by FTX Ventures and Jump Crypto, with additional investments from Apollo, Griffin Gaming Partners, Franklin Templeton, Circle Ventures, Superscrypt founded by Temasek, and continued backing from a16z and Multicoin. Aptos is a web3 company that is aiming to improve the usability of the decentralized internet and make it more user-friendly.

The company was founded by Mo Shaikh and Avery Ching in 2021, after the failure of Diem, a cryptocurrency project by the social media giant Facebook. Aptos has raised a total of $350 million in funding over two rounds, according to Crunchbase. In its last round, the company raised $200 million, according to Bloomberg. The company is collaborating with strategic partners to determine the demands of the market and make web3 more user-friendly.

U.S senators introduce a bill to exempt small crypto transactions from crypto taxes

If you're one of those people who still thinks crypto is only used by criminals and drug dealers, you're in for a surprise. Senators Pat Toomey and Kyrsten Sinema are introducing a bill that would exempt small crypto transactions from capital gains taxes.

The Virtual Currency Tax Fairness Act would establish a de minimis exemption from reporting taxes on purchases made in crypto, sparing users from having to keep track of every single purchase for tax purposes.

The bill would apply to transactions valued at less than $50, with a provision to adjust that benchmark alongside inflation. It also avoids applying to trades between crypto and a fiat currency, as well as "all sales or exchanges which are part of the same transaction (or a series of related transactions) shall be treated as one sale or exchange."

So now you would be able to use crypto to buy your coffee, your groceries, and even your lunch, without having to worry about the IRS coming after you. Just make sure to report any large purchases, because we all know how the government loves its taxes.

Several influential members of the crypto lobby have endorsed the bill, including Coin Center, the Blockchain Association and the Association for Digital Asset Markets.

So, what does that mean for the average crypto user? Well, not much, to be honest. If you're trading small amounts of crypto, this bill won't have much impact on you. And if you're trading large amounts of crypto, the bill probably won't have much impact on you either - after all, you're not likely to be doing many transactions that are worth less than $50.  But, at least crypto is starting to be taken seriously by lawmakers.