Month: August 2021

BCH Defi Project Detoken to Close Its Doors Over Regulatory Climate Toward Crypto Derivatives

On August 28, the Bitcoin Cash-based decentralized finance (defi) platform Detoken announced the project is closing its doors on September 4, 2021. The project’s founder, Semyon Germanovich, explained that the main reason for shutting the defi project down is because of the “changing regulatory outlook on cryptocurrency derivatives.”

Defi Project Detoken to Shut Down Operations on September 4

In December 2020, Bitcoin.com News reported on the defi platform called Detoken, a project that allowed users to hedge or long their bitcoin cash (BCH) in a noncustodial fashion. At the same time, the firm at General Protocols launched the Anyhedge technology and the protocol was leveraged by the Detoken platform. Semyon Germanovich explained on Saturday that the Detoken platform was sunsetting the project over regulatory concerns.

“I’m saddened to announce that Detoken will be closing its doors on the 4th September 2021,” Germanovich said. “There are several factors that influenced our decision to close the Detoken platform. The main reason is that it’s become increasingly apparent that Detoken’s business model cannot continue to work given the changing regulatory outlook on cryptocurrency derivatives.” Detoken’s founder added:

I’ve always been a firm believer in financial freedom and privacy, but in order to continue operating Detoken in its current form we’d be forced to introduce know your customer identity checks sooner or later. Unfortunately, the sad reality is that all players in the industry will have to make the same hard decisions about changing their business model or introducing these difficult and friction-inducing checks.

Bitcoin Cash Proponents Look to Smart Bitcoin Cash Chain

The Bitcoin Cash community is now anticipating the benefits of the Smart Bitcoin Cash chain(Smartbch). BCH proponents believe Smartbch could unlock massive potential between the Ethereum (ETH)and Bitcoin Cash (BCH) networks. As time has progressed, the exchange Coinflex revealed that “Coinflex BCH (mainnet) to BCH (SEP20) bridge has been live for an entire week now – with zero issues,” in a blog post announcement. Coinflex added:

We are happy to announce that locking on the BCH chain, releasing BCH (SEP20, the Smartbch format), and going from Smartbch to BCH have all been working smoothly.

Bitcoin cash (BCH) markets have been up over 5% during the last 24 hours and BCH currently holds the 13th largest market capitalization out of 10,000+ crypto assets. BCH is up 24.4% during the last month and year-to-date, bitcoin cash has gained 149%. At the time of writing, bitcoin cash (BCH) has an overall market capitalization of around $12.5 billion.

Bitcoin Cash Fans Bid Detoken Farewell

On Reddit, subscribers on the subreddit forum r/btc were sad to see Detoken close its doors in a Reddit post added on Saturday. “This is the mail I just received from detoken. Despite this bad news, I still hope, new projects [will] use General Protocols,” one user wrote on the forum.

The developer of the General Protocols project, who goes by the name “Emergent Reasons,” replied to the comment and said: “Thanks for the good wishes. We continue to work hard for BCH, p2p electronic cash.” He also left a link to a blog post called: “A peer-to-peer cash strategy for General Protocols” which can be read via the read.cash blogging platform.

What do you think about Detoken having to close its doors over regulatory concerns toward crypto derivatives? Let us know what you think about this subject in the comments section below.

Bitcoin News
Defi, Anyhedge, Anyhedge Protocol, BCH Network, bitcoin cash, bitcoin cash BCH, Coinflex, Coinflex Smartbch Bridge, decentralized finance, DeFi, Defi Project, Defi Projects, Deravitives, Detoken, Emergent Reasons, Futures, General Protocols, hedge, Hedging, Noncustodial, Open Source, r/btc, Semyon Germanovich, Smart Bitcoin Cash Chain, Smartbch, Software, technology

BuyUcoin Blog | By

Cryptowisser : Bitcoin and Ethereum Synergy Essential for Crypto Industry Growth

PRESS RELEASE. August 2021, leading Crypto service comparison site – Cryptowisser, compares the two cornerstones of cryptocurrency, Bitcoin and Ethereum. The latest analysis of the market focused on the pioneering cryptocurrencies Bitcoin and Ethereum. But, differing from the usual Bitcoin vs Ethereum analysis, the focus is on the benefits of both and how they work in synergy to give the industry the strong foundations it needs to grow.

Bitcoin and Ethereum

The article takes us on a brief journey back in time, highlighting the key stages of Bitcoins’ progression up until the release of Ethereum in 2015 and how that changed the landscape of the industry. The introduction of crypto-based businesses and ICOs was a turning point, which has led us to the rapidly-evolving market we see today.

As well as exploring the history of the coins, the focus is on how Bitcoin and Ethereum work to support one another and act independently. From the Proof of Work and Proof of Stake consensus mechanisms to the functionality and potential of each currency, no stone is left unturned. Both protocols have their unique values and faults, which are highlighted and explained in some depth.

Finally, there are some points which are underlined for each coin, with recommendations on how to benefit from a portfolio that supports both Bitcoin and Ethereum. There is a broad understanding of the cryptocurrency market and how it may evolve in the coming years, discussing the recent Ethereum updates and how the blockchain is moving to Ethereum 2.0. While the industry is still in its infancy, there is a lot to look forward to based on the explanations made in this article.

Cryptowisser is a cryptocurrency services comparison site with the world’s largest, most frequently updated and most trusted lists of cryptocurrency exchanges, news, wallets, debit cards and merchants. With more than 1,000 reviews of the various exchanges, debit cards, wallets and merchants, they help you make all of your purchasing decisions and service choices in the crypto world.

For more information please contact [email protected]

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin News
Press release, Cryptowisser

BuyUcoin Blog | By

South African Central Bank Governor Reiterates: ‘Crypto Is Not Currency’

The governor of the South African Reserve Bank (SARB), Lesetja Kganyago, has reiterated the central bank’s longstanding belief that cryptocurrencies like bitcoin are not currencies. According to Kganyago, crypto-assets, as he prefers to call them, are not currencies because they fail to meet the standard of what constitutes a currency.

Crypto and the Currency Test

In recent remarks to Mills Soko, a professor at a South African university, Kganyago asserts cryptocurrencies like bitcoin only partially meet one of the three key characteristics of a currency. Kganyago explained:

One, it must be a generally accepted medium of exchange. Secondly, it must be accepted as a store of value. And thirdly, it must be a unit of account. A cryptocurrency is a store of value. It is a medium of exchange but is not generally accepted. It’s only accepted by those who are participating in it.

However, despite adopting this stance toward cryptocurrencies, the SARB governor insists the central bank must still regulate these assets because “people go and invest in cryptos and when they lose money, they ask what government has done about it.”

Blockchain Technology Useful

Predictably, Kganyago, just like many of his peers, praises blockchain technology saying it “can be useful in many other respects.” The governor also reiterates that SARB, just like central banks around the world, is experimenting with blockchain technology.

When asked if the SARB plans to regulate fintech firms in the same way banks are regulated, Kganyago argued that if the activities of such companies start to resemble those of regulated entities, the central bank will have no option but to regulate. He said:

So, if you are a fintech firm, and you take deposits, we will regulate you like a deposit taker. If you are a fintech firm, and you do money transmission, we will regulate you like a payments provider. If you are a fintech firm, and you sell insurance policies, we will regulate you like an insurer.

Still, Kganyago claims that the SARB understands “the value that the fintech firms bring to the financial sector.” According to him, it is for this reason that the central bank has “created an innovation hub at the Reserve Bank.”

Do you agree with what Kganyago has said about cryptocurrencies? Tell us what you think in the comments section below.

Bitcoin News
Emerging Markets, Blockchain, Cryptocurrency, Fintech, Lesetja Kganyago, medium of exchange, Regulation, South African Reserve Bank (SARB), store of value

BuyUcoin Blog | By

Higher Bitcoin Prices Create Resurrection of Old Mining Rigs, Outdated Miners See New Life

The price of bitcoin has dipped a hair in value this past week, but the crypto asset is still up 14.4% over the course of the last month. Statistics show that Bitcoin’s hashrate has seen a resurgence and because bitcoin’s price has increased, mining profitability and hashrate has followed suit. Today’s top bitcoin mining rig is Microbt’s Whatsminer M30S++ (112 TH/s) but with higher bitcoin profits, older machines like Bitmain’s Antminer S9 have seen a revival as every S9 model is profitable today.

New Generation Models Rake in $20 to $29 per Day

The end of August is approaching and over the last month, bitcoin (BTC) prices have increased a great deal. Currently, BTC is over 14% higher in value than it was 30 days ago and this has elevated mining rig profitability.

At the time of writing, there’s 124 exahash per second (EH/s) of SHA256 hashrate dedicated to the BTC chain. BTC’s hashrate has risen dramatically after sliding to a low of 69 EH/s on June 28, 2021. Today’s BTC prices mean that a great majority of mining rigs are showing profits even after subtracting the cost of electricity and dealing with today’s mining difficulty.

Statistics via asicminervalue.com on Monday, August 30, 2021.

As mentioned above, the 112 terahash per second (TH/s) model crafted by Microbt, the Whatsminer M30S++, is currently profiting by $28.77 with an electrical cost of around $0.12 per kilowatt hour (kWh). Most bitcoin miners today spend much less than $0.12 per kWh if they are located in regions with cheap power.

The second most profitable mining machine today is Bitmain’s Antminer S19 Pro (110TH/s) as the mining rig can get up to $28.72 per day in profits using the same electrical cost rate. Microbt and Bitmain manufacture the most profitable bitcoin miners on the market today, and the firm Canaan’s products follow behind the two manufacturing giants.

Old Miners Become Profitable Again

Of course, new generation application-specific integrated circuit (ASIC) models with the latest semiconductors can see daily profits mining BTC between $10 to $25 per day if they are using 100 TH/s units down to 50 TH/s units. If the $0.12 per kWh is cut in half to $0.06 then a great number of rigs can make close to double these rates.

It also means older ASIC machines are profitable today as machines that process less than 50 terahash can pull in small fractions of daily BTC. For instance, the Innosilicon T2 Turbo with 25 TH/s can get around $3 per day using today’s BTC exchange rates and $0.12 per kWh.

Bitmain S9 statistics via asicminervalue.com on Monday, August 30, 2021.

The old GMO B2 miner that launched in 2018 with 24 TH/s can make around $2.69 per day in profits. At $0.12 per kWh, the Canaan Avalonminer 921 processes around 20 TH/s, and an owner of this rig can get $2.03 per day. Bitmain’s popular mining rig the S9 at one time was estimated to power around 70% of the BTC hashrate.

Bitmain’s S9 models saw a resurrection in November 2020 and this month, all S9 models are once again profitable. In fact, they are more profitable than they were back in November 2020, when S9 models made between $0.10 to $0.59 per day in profits.

On August 30, 2021, using today’s BTC exchange rate and electrical consumption of around $0.12 per kWh, S9 models between 11.5 TH/s to 16 TH/s can get around $0.74 to $1.85 per day. Of course, the 16-terahash Bitmain Antminer S9 SE is the most profitable S9 model. Other older mining models produced by companies like Bitfury, Bitfily, Ebang, Halong, and more, are seeing profits at today’s BTC prices.

Bitcoin Cash (BCH) block statistics via Coin Dance on Monday, August 30, 2021.

Moreover, one would think that the best SHA256 coin to mine is BTC but on Monday, SHA256 blockchains such as Bitcoin Cash (BCH), Bitcoinsv (BSV), and Ecash (XEC) are seeing higher mining profits. Coin Dance statistics show that it is currently 2.9% more profitable to mine bitcoin cash (BCH) today, and 11.3% more profitable to mine on the Bitcoinsv (BSV) blockchain. Ecash (formally BCHA or Bitcoin ABC) is 10.7% more profitable to mine than bitcoin (BTC) on Monday.

What do you think about the resurgence of profitability with older bitcoin miners? Let us know what you think about this subject in the comments section below.

Bitcoin News
Mining, $0.12 per kWh, ASIC miners, ASICs, Bitcoin Miners, Bitfily, BitFury, Bitmain, Canaan, Ebang, electrical consumption, Electricity, Exahash, gmo, Halong, Hashpower, Hashrate, Innosilicon, Microbt, mining, mining bitcoin, mining rigs, New Miners, old miners, Profitability, Profitibilty, profits, S9, SHA256, Terahash

BuyUcoin Blog | By

Ethereum Burns $432 Million ETH — Ether Burned Could Buy 2,000 Medium-Sized Homes

Approximately 25 days ago, the Ethereum blockchain implemented the London hard fork and a number of features were added to the ruleset. One of the most anticipated changes was EIP-1559 which makes the crypto asset ether deflationary by burning a fraction of coins. Since August 5, over $432 million worth of ether has been burned, and at the time of writing, 136,606 ether has been burned.

Over $432 Million in Ethereum Burned

The Ethereum (ETH) blockchain is the second most valuable crypto market in terms of market valuation. Out of the $2.14 trillion market capitalization of all the coins in the crypto economy, ethereum’s overall market valuation is $374 billion or 17.5% of the entire crypto economy.

25 days ago, ETH saw a successful London upgrade and ether has gained 29.7% this month. However, the Ethereum chain had a hiccup this past week when the chain split and ether gas fees doubled in value week-over-week.

The EIP-1559 feature makes it so the network follows a different transaction pricing mechanism that introduces a base fee for every block found on the network. Essentially, the remainder of the fees are burned and people assume that over time, this will significantly reduce the overall supply of ethereum in circulation. At the time of writing, the Ethereum network has burned approximately 136,606 ether worth $432,200,652 using current ether exchange rates.

$400 Million Can Buy a Sports Team, 2,000 Homes, 10 of the World’s Most Expensive Sports Cars

To put the amount of ether burned into perspective, $400 million could purchase a whole sports team in the NBA or NFL, and a dozen NHL teams. $400 million could buy a trip to space and it can also purchase ten of the world’s most expensive automobiles.

Just for kicks, a person with $400 million could purchase 2,000 medium-sized homes for $200K per house. In addition to the 135K ether burned since the upgrade, there are numerous Ethereum-compatible platforms like Opensea and Uniswap that are the ecosystem’s biggest ETH burners.

The non-fungible token (NFT) marketplace Opensea commands the most ethereum burned to date with 2.2 million ether transactions and 21,105 ether burned. Statistics from Dune Analytics indicate that “ether transfers” make up the second-largest burning entity with 10 million transfers but only 10,845 ETH burned.

Opensea and ether transfers are followed by platforms like Uniswap V2, Tether, Axie Infinity, Uniswap V3, Metamask, and the stablecoin project USDC. The Opensea registry, 1inch, Sushiswap, and MEV bot have burned a significant amount of ether as well since August 5.

What do you think about all the ethereum that has been burned so far? Let us know what you think about this subject in the comments section below.

Bitcoin News
Blockchain, 5.90 ETH burned, Burn Rate, deflationary, EIP-1559, ETH, ETH fees, ETH Markets, ether, Ethereum, Fee Burn, Fees, Fees Spike, Hard Fork, London, London fork, London Upgrade, ruleset change

BuyUcoin Blog | By

Kava Swap Lists on AscendEX

PRESS RELEASE. AscendEX, a global digital asset trading platform with a comprehensive product suite, is thrilled to announce the listing of the Kava Swap token (SWP) under the pair USDT/SWP on Aug 31 at 1 p.m. UTC. In celebration of the SWP listing, AscendEX will work with the team at Kava Swap to launch two limited-time promotional events, taking place from Aug. 31, 1:00 a.m. UTC to Sept. 7, 12:00 a.m. UTC. By completing tasks and executing trades, users will be given the chance to share pooled rewards worth up to 90,000 USDT!

Kava is focused on democratizing financial services and making them openly accessible to anyone, anywhere in the world. Kava Chain is a decentralized, permissionless, censorship-resistant blockchain built with the Cosmos SDK. This means it operates much like other Cosmos ecosystem blockchains, and is designed to be interoperable with other chains.

Kava.io is the first cross-chain Decentralized Finance (DeFi) hub providing applications and services to the world’s largest cryptocurrencies. Kava’s platform operates as a decentralized bank for digital assets connecting users with products like stablecoins, loans, and interest-bearing accounts so that they can do more and earn more with their digital assets. For example, sers can deposit their digital assets and use them as collateral to borrow Kava’s crypto-backed stablecoin, USDX. The native swap token (SWP), launching Monday Aug. 30, allows users to swap and engage with multiple assets across different chains.

Kava Swap is a cross-chain liquidity hub for all DeFi apps and financial services. Its purpose is to enable the aggregation of capital where it can then be deployed seamlessly across different blockchain ecosystems, DeFi apps, and financial services. At its core, Kava Swap is a cross-chain Autonomous Market Making (AMM) Protocol that leverages the Kava platform’s DeFi infrastructure, cross-chain bridges, and security. Kava Swap delivers users a seamless way to swap between assets of different blockchains and deploy their capital into market-making pools where they can earn handsome returns.

The Kava Protocol is the set of rules and behaviors built into the Kava Chain that enables advanced DeFi functionality like permissionless borrowing and lending. Like most Cosmos ecosystem blockchains, the automated transaction behaviors known as “Smart Contracts” are hardcoded into the protocol. They are referred to as “modules” in the Cosmos Ecosystem. The Kava App uses a special kind of module called a CDP. Hard Protocol is an application that runs on Kava Chain. It does not have its own blockchain. It builds upon the Kava Protocol and adds new functionality, expanding the Kava Ecosystem to include an autonomous money market protocol.

The HARD token is a unique token on the Kava Chain. It is given as a reward for supplying and borrowing on the Hard app. KAVA, the native token of the KAVA protocol, is used as a Proof of Stake (POS) staking asset, which ensures the finality and safety of loans on the protocol and also acts as the ‘lender of last resort’ in certain situations. The Kava Chain is secured by its native token KAVA and it is used across the full chain as a transport and a store of value. It is given as a reward for minting USDX on the Kava app. USDX is a stable coin loosely pegged to the US Dollar. It is minted when a Kava CDP is opened. KAVA, SWP and HARD are all governance tokens, meaning holders can vote on the rules and proposed new features of the protocols.

 

About AscendEX

AscendEX is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 150 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions. AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum. AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage. To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit www.AscendEX.com.

 

For more information and updates, please visit:

Website: https://ascendex.com

Twitter: https://twitter.com/AscendEX_Global

Telegram: https://t.me/AscendEXEnglish

Medium: https://medium.com/ascendex

 

About Kava Swap

Kava Labs is focused on democratizing financial services and making them openly accessible to anyone, anywhere in the world. Kava is the first cross-chain Decentralized Finance (DeFi) hub providing applications and services to the world’s largest cryptocurrencies. Kava’s platform operates as a decentralized bank for digital assets connecting users with products like stablecoins, loans, and interest-bearing accounts so that they can do more and earn more with their digital assets.

 

For more information and updates, please visit:

Website: https://www.kava.io/

Twitter: https://twitter.com/Kava_Swap

Telegram: https://t.me/KavaSwap

Medium: https://medium.com/kava-labs

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin News
Press release, AscendEx, Kava Swap

BuyUcoin Blog | By

Top 5 Energy-Efficient Cryptocurrencies to Invest In

Bitcoin has been scrutinized for its heavy energy consumption all around the world, with China and few companies taking drastic measures. As most of the Bitcoin mining takes place with the help of coal power plants, the carbon footprint it leaves behind is massive.

Luckily there are several energy-efficient cryptocurrencies that can be invested in as an alternative for Bitcoin. Also, these cryptocurrencies are on the rise and make up for a great early investment opportunity. Here is a list of the top five energy-efficient cryptocurrencies.

Bitcoin Latinum

Bitcoin Latinum is one of the most energy-efficient cryptocurrencies that is built on the same ideology as Bitcoin. However, instead of the power-consuming Proof of Work consensus algorithm, Bitcoin Latinum utilized Proof of Stake, which requires the nodes to validate the transaction for mining new currencies.

Bitcoin Latinum (LTNM) is a next-gen Bitcoin fork that is greener, faster, and safer than Bitcoin. LTNM aims to bring faster transaction speed, lower costs, and better security to several high-growth markets, including Media, Telecommunications, Gaming, and Cloud Computing.

Nano

Nano has one of the smallest energy footprints in the crypto ecosystem, of 0.000112 kWh per transaction. Nano does not rely on mining and uses a process that requires low energy that helps it to make quick transactions with no fees.

Nano is a relatively new challenger in the crypto ecosystem, which adds to its attractiveness. It is one of the ideal choices for investors looking to make quick bucks by trading and selling the coin across different markets because of its fast and no-cost transactions.

Cardano

Cardano relies on mining new tokens, but it does not utilize the PoW consensus algorithm. Instead, Cardano uses an environmentally-friendly PoS model that requires only one random miner for every transaction. Cardano (ADA) is the sibling of Ethereum Network and is currently valued at $55 Billion.

While currently at a low market value, Cardano has amassed a lot of popularity and can compete with ETH itself.

Ripple

Ripple is one of the greenest cryptocurrencies in the present time. Being an Altcoin, it only consumes 0.0079 kWh per transaction, one of the lowest in the entire industry. Ripple does not mine tokens but relies on a protocol that pools its network for validating transactions. If the majority agrees on the transaction’s validity, it is approved and recorded.

Hedera Hashgraph

HBAR is a new player and utilizes the same no-mining approach as Nano to offer quick transactions at low costs. While being new, the cryptocurrency has amassed support from various corporations such as Google, IBM, Boeing, and other Fortune 500 companies.

Hedera also surpassed the total daily network transactions of Ethereum by conducting 6.5 Million transactions.

These are some of the most energy-efficient cryptocurrencies available in the market today. All of these currencies have several unique advantages that investors can decide upon according to their preferences. Costly and slow transactions are slowly becoming a thing of the past, and it’s time that everyone jumps on the green wagon.

 

Image by seagul from Pixabay

Cryptocurrency Firms In Switzerland To Offer Tokenized Products On Tezos

Crypto Finance, Inacta, and InCore Bank have combined to form the Swiss financial trio, and they have joined forces in establishing financial products regulated on Tezos.

The three Switzerland firms focus on crypto; they use the Tezos blockchain to provide institutions tokenized assets. Their major target is to serve and satisfy institutional clients.

FINMA is partnering with Inacta and InCore Bank to provide regulated financial products with the recent tokenization process. The company announced this on Tuesday, adding that the process will follow the standard of Tezos FA2.

FINMA is the Swiss Financial Market Supervisory Authority is the Swiss government body responsible for financial regulation.

Related Reading | Reports Show 45% Surge In Stock And Cryptocurrency Sign-Ups Across Rural Areas In India

It’s a licensed cryptocurrency trading firm established in 2007 with Mark Branson as the CEO. Their services include the supervision of banks, stock exchanges,  insurance companies, securities dealers, and other financial intermediaries in Switzerland.

InCore Bank had announced the onboarding of institutional-grade staking, storage, and trading services. This would be for XTZ, the Tezos blockchain native cryptocurrency.

The Tezos blockchain

Tezos is an open-source Proof of Stake, a decentralized blockchain network capable of executing peer-to-peer transactions. In addition, it serves as a platform for deploying smart contracts with the Tez as its native crypto represented as XTZ.

Tezos was among the first blockchains to integrate a proof-of-stake consensus system in 2018. Tezos has its foundation located in Switzerland, similar to other public blockchain foundations.

Crypto Finance acts as the provider of the infrastructure on the project while InCore Bank carries out tokenization. The Bank would use the new ‘DAR’ standard of 1 token on Tezos built by Inacta.

According to Stijn Vander Straeten, Swiss regulators are not far from issuing approval to the first tokenized product on Tezos.

Stijn Vander Straeten is the CEO of Crypto Finance (Infrastructure Services) AG in the Crypto Finance Group.

Before joining the firm, Stijn worked for a fintech bank in Zug as the CEO. He has thirteen years of experience in the banking, wealth, and asset management sectors, holding various positions in senior management.

Areas To be Tokenized on Tezos

Vander Straeten revealed their plans while talking about the areas to be tokenized on XTZ. He stated that We would definitely kick start with the simpler ones, mostly in private debt. Then we will gradually move into the private area of equity.

Related Reading | FTX Bags Naming Rights Of Cal Memorial Stadium For $17.5M To Display Their Brand

However, the XTZ ecosystem slacks the aspect of development, though it barely reflects on the price of the XTZ token.

The XTZ token trades at $5.56 in downward momentum | Source: XTZUSD on TradingView.com
Featured image from Pixabay, chart from TradingView.com

Three DeFi Platforms Changing the Game in Unexpected Ways

2021 has been a period of great innovation in the blockchain space, with the development and launch of a huge range of novel platforms and protocols that have helped to reshape the industry in new and unexpected ways.

The decentralized finance (DeFi) sector of the industry has seen arguably the most progress in this time, with the launch of a dazzling array of new platforms that help users do more with their money and avoid the need to rely on centralized financial infrastructure.

Here, we take a look at the three new platforms leading the charge when it comes to unraveling the full potential of cryptocurrencies.

YeFi

Yield farming. It’s all the rage in 2021 and has become one of the most popular use cases for many cryptocurrencies today. Indeed, there are now billions of dollars worth of digital assets locked up in yield farm platforms — many of which generate a solid return for investors.

But while many yield farms are challenging to interact with, and only support relatively obscure digital assets or liquidity provider (LP) tokens, YeFi has recently come along to change the game.

YeFi is a platform that makes it easy for users to generate a passive income on their digital assets by staking them on its decentralized application (DApp). The platform currently supports a wide variety of assets, including ETH, BNB, BTC, and USDT. But users can boost their rewards by 1.5x by staking decentralized file storage coins like FIL, or up to 2x by staking YeFi’s native asset — YEFI.

❗️Announcement❗️Staking Mechanism Upgrade on https://t.co/xP3o61vD4T Dapphttps://t.co/oMn7ZfBAcI

— YeFi.one (@yefi_platform) August 8, 2021

By allowing users to stake native assets rather than LP tokens, YeFi ensures users avoid the risk of impermanent losses — hence providing a reliable source of yield.

The platform is unusual among yield farms in that it is cross-chain compatible with both YottaChain and Binance Smart Chain, with plans to support additional chains in the future. Beyond this, YeFi is set to roll out a variety of DeFi products in the coming months — including a decentralized lending/borrowing platform and a full decentralized exchange.

Once complete, YeFi could become one of the first blockchain-agostic DeFi ecosystems.

Popcorn

You’ve probably seen the headlines — major cryptocurrency networks like Ethereum and Bitcoin consume huge amounts of electricity. In total, the mining activity of these two networks alone is equivalent to the entire energy consumption of a small country.

But despite this, the potential for blockchain technology to disrupt dozens of industries and change the way we go about our daily lives is a compelling reason to continue experimenting with the technology.

If only there were a way to offset the negative consequences of digital assets, while still retaining all of their benefits?

Well… now there is. It’s called Popcorn, and it’s an automated yield generation protocol that allows users to put their idle funds to work through a series of automated yield-bearing systems. But more than this, it’s also a force for social good. The platform uses a chunk of its fees to fund organizations working to improve the world we live in — whether that be through renewable energy research, forest conservation efforts, or public awareness organizations.

This week on What’s POP’ing? #3

Popcorn Rebrand 🎨New Website 🌐New Hire: Director, Global Impact ❤️Popcorn in the Press 🗞️Farmer Bob’s #YieldFarm Guide 🧑‍🌾

-🍿https://t.co/5sZsowEWLC

— Popcorn (@Popcorn_DAO) August 19, 2021

While using the platform, Popcorn will automatically direct user funds to the most profitable investment and trading opportunities using a variety of carefully designed investment models. Meanwhile, the platform mitigates the carbon impact of its operations by partnering with carbon sequestration and offsetting organizations.

Earn money while helping to save the world? We’re in.

Premia

In the last year, decentralized trading platforms like Uniswap and PancakeSwap have skyrocketed in popularity, by providing CEX-like speeds and features and breaking down accessibility barriers.

But until only recently, such derivatives trading platforms didn’t quite reach the same degree of usability and popularity. That is, until Premia came along.

Premia is a decentralized options minting and trading protocol that arguably exceeds the capabilities of even the most popular centralized options exchanges. The platform’s primary feature is an intuitive decentralized trading platform that allows users to trade options for a variety of digital assets — including Chainlink (LINK), Wrapped ETH (WETH), and Wrapped Bitcoin (WBTC).

Missed last week’s community call?

Get up to speed on the latest happenings with Premia as we move closer and closer to Premia v2 on main net 💎💪https://t.co/0IqYL8SRXK

— Premia – Options Platform (@PremiaFinance) August 20, 2021

But where Premia really stands out, is through its options underwriting feature, which allows users to underwrite a range of options to earn a yield on their investment. This is a completely permissionless process that allows anybody, from anywhere to generate a passive income without worrying about regional restrictions.

With Premia helping users speculate on various DeFi assets, hedge their risks, earn a yield on their assets and protect against market volatility, it stands out as an extraordinarily capable platform for budding and expert traders alike.

 

Cardano (ADA) Getting Ready For A $3 Retest?

At this point, there is not a crypto investor that has not heard of Cardano. The network is famed for being the number 1 competitor to Ethereum, seeing that one of its co-founders had created Cardano after exiting the project. Its growth has been tremendous in the past month alone. Giving returns of over 100% in the space of a single month alone.

Related Reading | Crypto Analyst Lays Out Cardano’s (ADA) Pathway To $4

Cardano’s native token ADA has already broken its previous all-time highs, while most of the market is still trying to get back up to its high points in April/May. This has provided the project much-needed notoriety as the race towards smart contracts capability continues. If all goes as planned, the Alonzo Purple Hard Fork will launch on September 12th, bringing DeFi and NFTs to the ecosystem.

Cardano (ADA) Running Towards $3

Crypto analyst Benjamin Cowen also puts the price at $3 if the Bitcoin can stay above the 20-week SMA (simple moving average). Citing the price of Bitcoin as an important driver for the asset. BTC has maintained trading over its 100-day moving average, putting above the 20-week SMA. If Cowen is right, then ADA is set for another bull rally.

ADA price sets sights on $3 | Source: ADAUSD on TradingView.com

ADA has also maintained trade levels above the 100-day simple moving average. The average transaction volume currently sits at $121 million. With the market cap at $89 billion at a coin trading price of $2.82. The strength of the asset has also grown, currently 13% higher than its 100-day average.

Related Reading | Cardano: Alonzo Enters Final Stage, Smart Contracts On The Horizon

As more investors take an interest in Cardano and its returns, the number of holders will go up. Coupled with the fact that ADA has the highest amount of coins staked, at over 70% of its current market supply, ADA looks set to test $3 again. And with a significant uptick in momentum, the asset is more likely to break the $3 resistance point the second time around.

Growing Value

More prominent of these have been Cardano’s incredible price run which saw the asset clench the number 3 spot for top crypto coins by market cap. Beating out Binance’s native token BNB to take its spot. ADA had earlier tested the $3 price level but was knocked down at this resistance point. ADA’s value is expected to skyrocket in the following weeks leading to the hard fork.

Related Reading | Cardano (ADA) Founder Responds To Criticism Over New Crypto Partnership

DeFi and NFTs coming to Cardano will also grow the value of the asset. As more investors move away from Ethereum due to growing fees, Cardano is the next natural competitor to take these users. Although the blockchain does not offer the lowest fees available, it is significantly lower than EThereum. While Ethereum’s TPS (transactions per second) currently sits a 30, Cardano offers 257 TPS.

Featured image from Currency.com, chart from TradingView.com