Autor Cointelegraph By Ezra Reguerra

62% of wallets did not sell Bitcoin for a year amid the bear market: Data

62% of wallets did not sell Bitcoin for a year amid the bear market: Data

Uverejnil používateľ | sep 2, 2022 |

Despite the uncertainties brought about by the bear market, on-chain metrics show that the majority of Bitcoin (BTC) traders have been using a very simple trading strategy for more than a year: hodling. According to data from the trading analysis platform TipRanks, while on-chain signals remain bearish for BTC, 62% of wallets have held BTC for one year and above. On the other hand, 32% of wallets are shown to have held for a month up to a year. Lastly, those who have been holding for less than a month are only 6%.Apart from holding, the site also showed its analysis of profitability in holding Bitcoin. According to the data, among the current holders, 48% are in profit while the same amount of holders is in losses. The data also highlighted that the remaining 4% are neither in profit nor in a loss. While Bitcoin’s price has experienced several dips as of late, almost a quarter of the circulating supply stayed in wallets. On Aug. 18, on-chain metrics showed that 24% of BTC supply remained untouched for a minimum of 5 years, suggesting that long-term holders have no intention to sell, especially during a bear market. Related: Bitcoin ‘liveliness’ lowest since 2021 amid new 5-year BTC hodl recordA recent survey done by market research platform Appinio showed that 55% of crypto investors held onto their crypto investments despite the massive sell-offs that happened recently within the crypto market. Among the survey participants, 40% believe that Bitcoin is still the best investment opportunity in the next 3 months. Meanwhile, Zach Burks, the founder of NFT marketplace Mintable has recently shared his crypto journey as well as his trading strategy. According to Burks, his goal is to keep on stacking Ether (ETH) until he can afford to purchase a mega yacht. The marketplace founder highlighted that he is still holding. 

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DeFi protocol shuts down months after the Rari Fuse hack

DeFi protocol shuts down months after the Rari Fuse hack

Uverejnil používateľ | sep 1, 2022 |

Decentralized finance (DeFi) protocol Babylon Finance has finally announced that it will shut down after months of trying to recover from the negative momentum that the Rari Fuse exploit caused. In a statement, founder Ramon Recuero explained that the platform experienced an insurmountable negative streak despite their team’s efforts to endure the domino effect caused by the hack. According to Recuero, the protocol lost $3.4 million in the hack. Following this, the total value locked within the platform went from $30 million to $4 million. To make matters worse, the Fuse pool was abandoned, taking out the lending market worth $10 million, Recuero noted. The bearish sentiment situation in the broader crypto market also added salt to their wounds. The DeFi protocol founder said that as the problems ensued, Babylon Finance’s native crypto token BABL also went from $20 to $6, losing months of runway for the team. Apart from these, the founder explained financing options using BABL as collateral became impossible. In addition to that, the option to fundraise using tokens wasn’t feasible because of its low price. He tweeted that: 4/ For the last few months, the team has been working without a salary trying to find ways to get back on track with our previous TVL growth.Based on our business model and fees, Babylon needed to reach 50M in TVL to become self-sustainable.We couldn’t get there.— Ramon Recuero | (@ramonrecuero) August 31, 2022The founder also said that as a final action from their core team, all remaining holdings of their treasury will be distributed to BABL and hBABL holders starting on Sept. 6. The team also said that it will return all the tokens that are both vested and unvested. After the announcement, the price of BABL dropped by 99%, reaching a new all-time low of $0.23 per token. At the time of writing, the token trades at $0.44. Related: White hat: I returned most of the stolen Nomad funds and all I got was this silly NFTIn May, attackers stole around $80 million worth of assets from Rari Capital’s Fuse Platform. During the time, DeFi protocol offered a $10 million bounty reward to the exploiters and asked them to return the stolen funds. 

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OpenSea says marketplace won't support forked NFTs post Merge

OpenSea says marketplace won't support forked NFTs post Merge

Uverejnil používateľ | sep 1, 2022 |

As the date for the Ethereum Merge approaches, nonfungible token (NFT) marketplace OpenSea has announced that it will focus on supporting only the NFTs that are on the upgraded proof-of-stake (PoS) blockchain. In an announcement on Twitter, the NFT marketplace said that while their team is not speculating on any potential forks, it clarified that if there are forked NFTs, they will not reflect on OpenSea as the platform will only support the upgraded chain. The NFT marketplace also highlighted that its team is preparing the NFT trading platform for any issues that may arise with the upcoming Ethereum Merge so that the transition period will be smooth. While the team believes that there will not be any major issues, it assured the community that they will be monitoring, managing and communicating with its users all throughout the entire process. They also asked developers to check out the details about the Merge on the Ethereum website. Apart from OpenSea, Chainlink also expressed its commitment to the PoS transition of the Ethereum mainnet. The team pointed out that the protocol will not be supporting any Ethereum forks that may come after the Merge. The team also assured its community that it’s doing its best to prepare for any issues that may come during the transition. Related: Ethereum Merge in trouble? Developers find bugs ahead of the planned updateIn a recent Cointelegraph interview, economist Lex Sokolin highlighted that the economic design changes post Merge may affect Ether (ETH) price. The economist believes that the changes within the protocol have natural implications on the supply of ETH. Despite this, the economist recognized that nothing is certain yet and that the market will be the one to decide any movements in the token’s price. Meanwhile, the native asset for the potential ETHPoW fork that may potentially be backed by Ethereum’s PoW miners is trading at $100 despite not yet existing. This happened after some exchanges started to list ETHW and ETHS (PoS) on their trading platforms. 

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Meta says FB and IG users can post NFTs: Nifty Newsletter, Aug 24–30

Meta says FB and IG users can post NFTs: Nifty Newsletter, Aug 24–30

Uverejnil používateľ | aug 31, 2022 |

In this week’s newsletter, read about Meta’s newest update on the integration of nonfungible tokens (NFTs) on Facebook and Instagram. Check out how the NFT trading volume on OpenSea has plummeted by 99% and how despite the downturns, digital artists still firmly believe in the future of NFTs. In other news, learn about the changes in participation in GameFi. And, don’t forget about this week’s Nifty News roundup featuring Taco Bell’s Metaverse wedding competition in collaboration with Decentraland. Meta announces Facebook and Instagram users can post NFTs from digital walletsSocial media giant Meta has introduced NFTs on Facebook and Instagram. In an update, Meta highlighted that users can now post NFTs on both social platforms by connecting their digital wallets from either of the apps. While the new update shows progress, the digital wallet connection looks limited to apps and doesn’t include third-party browsers. Despite this, integrating NFTs into smartphones with Meta apps may spark the broader adoption of digital collectibles. Continue reading…Looks bare: OpenSea turns into NFT ghost-town after volume plunges 99% in 90 daysThe NFT trading volume of OpenSea, the largest NFT trading platform, has shown a decrease of almost 99% from its record high of $405 million on May 1 to $5 million in NFT transactions on Aug. 28, according to the NFT data tracker DappRadar. The lower volume and decline in the number of users suggest that the overall interest in NFTs has started to go down. Apart from these, floor prices of prominent collections like Bored Ape Yacht Club (BAYC) have also plummeted. Because of these things, some believe the NFT bubble may be bursting. Continue reading…NFTs are a ‘natural place’ for digital artists — Gal YosefDespite the downturns in prices for most NFT collections amid the bear market, self-taught NFT artist Gal Yosef believes that NFTs will still grow in the future because it’s a natural fit for digital artists. In a Cointelegraph interview, Yosef explained that NFTs give “massive exposure” to artists. Additionally, the 3D artist said that apart from NFTs, he thinks that the Metaverse can be the next big thing while also hinting that he might dive into that space next. Continue reading…GameFi investors are now prioritizing the ‘fun factor’ over money: SurveyWhile most of the GameFi community joined the space looking for profit, the crypto winter has forced them to focus on other things, such as entertainment. According to a survey conducted by blockchain gaming tracking site Chainplay, 89% of investors are currently in a deficit, and 62% of them have lost more than 50%.The decrease in profitability has also had an effect on participation. The survey results showed that in 2022, investors only spent 2.5 hours per day in GameFi. The numbers are down 44% when compared to 2021 when participants spent up to 4.4 hours per day. Continue reading…Nifty News: Taco Bell wants you hitched in the Metaverse, Animoca Japan raises $45M and moreFast-food restaurant chain Taco Bell collaborated with metaverse project Decentraland to offer couples based in the United States a chance to tie the knot in the Metaverse. Couples who are engaged are eligible to join a competition that runs from Aug. 25 to Sept. 6. The winner will get Taco Bell’s metaverse wedding package that includes streaming the event and a marriage certificate NFT.Continue reading…Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.

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Flare Network and Lena Instruments launch new crowdfunding mechanism

Flare Network and Lena Instruments launch new crowdfunding mechanism

Uverejnil používateľ | aug 30, 2022 |

Interoperability-focused blockchain Flare Network has partnered with software infrastructure firm Lena Instruments to implement a crowdfunding mechanism that lowers the risks associated with startup investing. Lena Instruments announced what it called a “CloudFunding” launchpad that lets Flare investors allocate a percentage of the rewards that they earned into investments to new crypto startups without moving their initial investments. Apart from providing a low-risk investing solution for its contributors, the platform also aims to help projects that have launched on the platform have regular cash flows during the reward distribution periods. Hugo Philion, the CEO of Flare Network, believes that the new mechanism is a good way for developers to get early access to community funding. He explained that this creates a “win-win situation” for all parties involved. He said: “New projects get early access to community funding and support, and Flare token holders get the opportunity to join new exciting projects with zero risk to their principal.” In July, decentralized exchange (DEX) Pangolin made its debut on the Flare blockchain, creating new cross-chain token pairs and boosting the liquidity of the network. The DEX allows Flare-based decentralized applications (DApps) to add a direct token swaps feature to their projects.Related: Why interoperability is the key to blockchain technology’s mass adoptionMeanwhile, Web3 is recognized as a great way to solve the budget woes of content creators due to its inherent functions. In a previous interview with Cointelegraph, Mehmet Eryılmaz, the CEO of Faro Company said that Web3 frees content creators from traditional gatekeeping and is a great alternative for crowdfunding entertainment projects. Laura Moreby, an executive at Lena Instruments, said that their firm which is a major Flare holder will continue to offer its support to the project. “CloudFunding is a modern, decentralized launchpad that will allow the community to support the best possible projects within the ecosystem, having been carefully curated by the platform,” Moreby said. 

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