Autor Cointelegraph By Ezra Reguerra

What Ethereum use case can make ETH a $500B market cap asset: Community answers

What Ethereum use case can make ETH a $500B market cap asset: Community answers

Uverejnil používateľ | jún 20, 2022 |

While Ether’s (ETH) price dip over the weekend may have left investors worried about the digital asset, community members on Reddit conducted a discussion on Ethereum use cases that could potentially push the asset’s price upward. In the Ethereum subreddit, a Reddit user asked fellow members of the community about ETH use cases that they think are capable of pushing the asset’s market capitalization to $500 billion. Criticizing smart contract use cases for real estate, the Redditor noted that they have not seen a convincing case that could solidify ETH’s value similar to how Bitcoin (BTC) is viewed as a replacement for gold.Responding to the thread, Redditor WarhorseLand offered a rebuttal to the thread poster’s perspective on smart contracts and real estate. According to WarhorseLand, while there have been no applications yet, the real estate industry can prevent “closing day wire fraud” through the security offered by smart contracts. Additionally, WarhorseLand argued that a universal trustless authentication is “the best use case” for smart contracts. The Redditor believes that if a use case that lets people prove who they are without a doubt arises, it can spur positive price action for the digital asset. Participating in the discussion, Reddit user SgtHappyPants brought up several use cases including decentralized certifications and financial contracts. Apart from this, the Redditor highlighted the importance of decentralized autonomous organizations (DAO). According to the Reddit user, Ethereum is a global interaction platform that enables a new class of organizations. Related: No more power surge: Community celebrates as Ropsten testnet merge goes liveAnswering the thread, another participant compared Ethereum to popular platforms like Craigslist and Ticketmaster. The Reddit user mentioned that Ethereum can enhance those platforms by replacing the third party with the blockchain, allowing secured transactions with lower fees. Meanwhile, Ethereum founder Vitalik Buterin recently shared his thoughts on blockchain use cases. In a blog post, Buterin mentioned non-financial applications like data storage and retrieval and trust and censorship resistance. Apart from these, the Ethereum founder also shared his thoughts on voting mechanisms that are ideal.

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Solend invalidates Solana whale wallet takeover plan with second governance vote

Solend invalidates Solana whale wallet takeover plan with second governance vote

Uverejnil používateľ | jún 20, 2022 |

Solana-based decentralized finance (DeFi) lending protocol Solend has created another governance vote to invalidate the recently-approved proposal that gives Solend Labs “emergency powers” to access a whale’s wallet to avoid liquidation. On Sunday, the crypto lending platform launched a governance vote titled “SLND1 : Mitigate Risk From Whale.” This allows Solend to reduce the risk that the whale’s liquidation poses to the market by letting the lending platform access the whale’s wallet and letting the liquidations happen over-the-counter (OTC). According to Solend, if Solana (SOL) drops in price and the whale gets liquidated, the lending platform may “end up with bad debt” and strain the Solana network. The proposal was approved, triggering criticism from members of the community. As the community condemned the move, calling it the opposite of what DeFi should be and outright illegal, the Solend team initiated a second governance proposal vote to invalidate the previously-approved proposal. The proposal ended with 1,480,264 votes in favor of disregarding the SLND1 proposal. The new proposal invalidates the previous vote and will push Solend to find another solution that does not involve forcibly taking over an account. Additionally, it also increases the governance voting time to 1 day. Related: SOL price trending toward yearly low as Solana TVL drops $870M in three daysThe situation has put the crypto lending platform into a gruesome dilemma. If Solend succeeds at taking over the whale’s wallet and being granted emergency powers, it may save SOL from a DeFi implosion. However, this will show that anyone’s assets can be confiscated within the platform and can cause a boycott. Cryptokk.eth tweeted: No matter what the team does, there is no way to change the fact that assets deposited into the platform can be confiscated by the team at any time. Escape from the platform is the best way out. At any time the team can tweet an announcement to forfeit your assets.— cryptokk.eth (L,3) (@Black_K168) June 20, 2022On the other hand, if the Solend team is not able to mitigate the risks surrounding the whale’s account, some believe that it can trigger a Solana meltdown, causing SOL’s price to dump heavily. 

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Which decentralized finance innovations are expected by the DeFi community?

Which decentralized finance innovations are expected by the DeFi community?

Uverejnil používateľ | jún 17, 2022 |

While the broader crypto market is on a downward spiral and social media is plagued with fears and complaints, some are choosing to focus on the decentralized finance (DeFi) space’s potential for the future. In a DeFi subreddit, Redditor Popular_Rub9075 asked community members what they want to see more of in the DeFi space. According to the Redditor, while negative discussions are prevalent in social channels, it’s a “great time” to look into projects that have potential, while the market is down. In response to the thread, Reddit user Crumbedsausage said that he wishes to see more Liquid Ether (ETH) staking projects that are non-custodial. In addition, the Redditor said that being able to run an Ethereum node with “1 ETH or less” may be good for decentralization and provide realistic annual percentage yields. Apart from this, another user called Geistirnd noted that they believe in the potential of DeFi projects that are focused on privacy. According to the Redditor, providing more privacy options for DeFi users will be a catalyst to “wider adoption of DeFi.” On the other hand, one of the participants in the thread also brought up yield making, pointing out that everyone wants new ways to “make some gains.” Related: What to do after getting rich from crypto: Community answers the ultimate questionMeanwhile, Binance Labs has announced that it will launch the fifth iteration of its Most Valuable Builder (MVB) program, its incubation platform that supports new DeFi projects. The fifth round of MVB is a collaborative effort between Binance Labs and BNB Chain. In other news, Bitfrost, a decentralized cross-chain liquidity provider, launched an updated Slot Liquidity Auction Protocol on Friday. With this, the project provides liquid derivatives tokens in exchange for the tokens staked. These tokens can be used throughout DeFi, eliminating the opportunity cost for users who staked their coins.

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Finblox withdrawal restrictions trigger concerns from the community

Finblox withdrawal restrictions trigger concerns from the community

Uverejnil používateľ | jún 17, 2022 |

In a tweet, Finblox announced that the firm is assessing the effects of 3AC’s situation on its liquidity. While the firm does this, it highlighted that it paused its reward distribution for all of its users and lowered its monthly withdrawal limit to 1,500 USD.Many of the platform’s users were disappointed with the news, sharing their frustrations about not being able to withdraw their funds. On the other hand, community members started calling out Finblox’s 90% Annual Percentage Yield (APY) offer on staking Axie Infinity Shards (AXS) as unsustainable.According to Finblox user Terence Lee, he has withdrawn his assets from Finblox during the Terra (LUNA) collapse. He noted that it’s becoming more clear that lenders who offer large returns were “taking too much risk.”In response to the current situation, Twitter user Gofortim2 called out to lending platforms to be more transparent. They tweeted:Finblox, a crypto-staking platform backed by Three Arrows Capital (3AC) has paused reward distributions and tightened its withdrawal limits. Following this, community members expressed concerns over their assets, with some calling for transparency and bringing up decentralization.(2/6) Be 100% transparent. Be brutally honest on what was lost and where assets are deployed currently. Vague statements make it impossible to know exactly how risky things are. Poor decisions would surface eventually so why bother even hiding things?https://t.co/STxjDFRVOu— 0xTim.eth (@gofortim2) June 16, 2022Additionally, the Twitter user noted that it may be time for firms to lower their APY rates as it has become an ineffective tool for attracting users, now that users are fearing for the safety of their assets.Related: Su Zhu’s cryptic statement as rumors swirl of 3AC liquidations and insolvencyOn June 16, the CEO of 8 Blocks Capital, Danny Yuan publicly called out platforms that hold assets that are owned by 3AC, requesting them to freeze the company’s funds. Yuan claimed that they detected a sum of $1 million missing from their accounts with 3AC. Meanwhile, a report noted that the firm borrowed Bitcoin (BTC) from lending platform BlockFi and was not able to meet a margin call, following the market’s downturn this week. Some even estimate that 3AC has gotten liquidated by $400 million in multiple positions.

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Employee quits after red flags at first crypto job, stays in blockchain for the tech

Employee quits after red flags at first crypto job, stays in blockchain for the tech

Uverejnil používateľ | jún 17, 2022 |

Crypto startups have a significant role to play in the development of the entire blockchain industry. However, while many business owners have big ideas that aim to change the world, some fail to invest to develop the most critical aspects of a business, resulting in employees quitting. After being hired by a crypto startup, Roland Guirdonan from Chad, Central Africa, thought he got lucky as he accepted his first job offer in the crypto world. He later realized that while it seemed like a dream job, it was more of a nightmare that he needed to run away from. In an interview with Cointelegraph, Guirdonan noted that the company, which he refused to name, allegedly launched products that are not working and required employees to work lots of overtime while managers play favorites on who gets rewarded for their efforts. He explained that: “The products of the company are like not really working as the company is not putting too much effort in it. […] But still, we were trying to work on it and try to like bring it to success, but it’s not working.”He also added that while the products don’t “function properly,” employees of the firm were required to do overtime, working on the projects that he claims to be already “dead.” To make things worse, he further alleged that managers were cherry-picking people to reward while others work more. “I love like to be in the crypto industry and everything, but I had to quit because it became like really like a bit too much for me. It wasn’t healthy.”Despite the negative experience, Guirdonan became a blockchain and crypto believer after learning about other projects in the industry. “I chose to stay in the crypto industry because I believe in the technology and also I believe in the projects like Bitcoin and Ethereum,” he said.Related: Bitcoin is the ‘Amazon of crypto’ and everything else are bets, says Blocktower founderGuirdonan believes that crypto is truly the “future of money” even though the markets are currently down. He explained that this newfound belief made him not want to miss out on anything within the industry. He said that: “Even though everything happened, I didn’t let that stop me from exploring more of the industry and then discovering more about the blockchain.”He also encouraged anyone who is interested in joining the blockchain industry. Guirdonan believes that “there is really an opportunity for anyone who wants to join this space.”

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