Autor Cointelegraph By Zhiyuan Sun

Visa seeks new college grads for Crypto Development Program

Visa seeks new college grads for Crypto Development Program

Uverejnil používateľ | mar 15, 2022 |

According to a recent job posting, Visa is inviting new college graduates to join its 18-month rotational Crypto Development Program. Applicants will alternate between the three departments of Visa’s current crypto ecosystem: crypto product, crypto solutions and digital partnership, where they are given training, development, mentoring, networking and leadership exposure on top of practical experience in the industry.The job listing does not require any specific majors, although those studying the liberal arts, business, computer science and related fields are preferred. In addition, only applicants who graduated or will graduate from a baccalaureate program between December 2021 and August 2022 qualify.Notable duties include building subject matter expertise in specific areas of crypto, learning how to build new products inside of Visa, discovering how crypto companies operate, supporting product partnerships and learning about new crypto business models.Over the past year, Visa has been making small but incremental moves into the crypto space, such as announcing a new crypto consulting service for merchants and banks, working on blockchain interoperability hub for crypto payments, and partnering with crypto enterprise payment platforms to expand credit options for businesses. Each year, the payment solutions provider facilitates 215 billion transactions between consumers, merchants, financial institutions and government entities across more than 200 countries.In July 2021, Visa representatives also spoke about the company’s perception of stablecoins, saying:”Stablecoins are on track to become an important part of the broader digital transformation of financial services, and Visa is excited to help shape and support that development,”

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Pixar NFT drop sells out on VeVe shortly after launch

Pixar NFT drop sells out on VeVe shortly after launch

Uverejnil používateľ | mar 14, 2022 |

Within 24 hours of its launch on digital collectibles marketplace Veve, crypto enthusiasts purchased all 54,995 pieces of the Disney Pixar Pals nonfungible tokens, or NFTs, collection. The drop consisted of iconic characters and moments created by Pixar Animation Studios, including Sheriff Woody, Mike Wazowski, Lightning McQueen, The House from Up and Edna Mode. Users purchased their NFTs from a blind box, meaning that they receive a random collectible as part of the series and would not know which collectible until after payment. Pixar Pals NFT collection | Source: Pixar/Disney/VeVeThe list price for each Pixar NFT was 60 gems ($60). By multiplying the collection sold by their listed gem price, it is estimated that the NFT collection fetched the equivalent of $3.3 million. At the time of publication, items in the Pixar drop are selling for up to 350 gems on the secondary market. NFTs on VeVe are currently minted on GoChain. Its developers claim that the blockchain is fast, environmentally friendly and 100% compatible with Ethereum (ETH).Gems are VeVe’s in-app tokens exchangeable for digital assets on a 1:1 basis with the U.S. dollar. However, the ability to convert gems back into fiat is still in the testing phase. This is because there currently exists a related incentive with holding OMI tokens, which are created by VeVe’s parent, ECOMI.Whenever gems are used to purchase an NFT, 100% of the equivalent value of OMI is burnt from the token supply while the digital collectible is transferred to the user’s account. Correspondingly, OMI can be converted into gems but not vice versa due to speculation that it may tank the former’s price.

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Terraform Labs donates $1.1B for Luna Foundation Guard's reserves

Terraform Labs donates $1.1B for Luna Foundation Guard's reserves

Uverejnil používateľ | mar 11, 2022 |

On Friday, Do Kwon, founder and CEO of Terraform Labs (TFL), which develops the blockchain ecosystem consisting of Terra Luna (LUNA) and the TerraUSD stablecoin (UST), announced that TFL had donated 12 million LUNA ($1.1 billion at the time of publication) to the Luna Foundation Guard (LFG). LFG launched in January to grow the Terra ecosystem and improve the sustainability of its stablecoins. Kwon noted the funds, denominated in LUNA, will be burned to mint UST to grow the LFG’s reserves:”We will keep growing reserves until it becomes mathematically impossible for idiots to claim de-peg risk for UST.”UST is an algorithmic stablecoin with a theoretical exchange rate of 1:1 with the U.S. dollar, and is in part maintained by swapping of/for LUNA tokens when its market value deviates from its peg. The burning of $1 in UST results in the minting of $1 in LUNA and vice versa. However, due to a high demand for UST on decentralized finance, or DeFi, platforms like Curve Finance, this results in unbalanced pools for swapping stablecoins. For example, as more and more crypto enthusiasts swap their USD Coin and Tether (USDT) for UST, the pool’s reserves will deplete, thereby causing price volatility as supply lags behind demand. Two days prior, TFG had already voted on burning the 4.2 million LUNA left in its treasury to protect UST’s peg. According to TFG: “LFG will swap the [new] LUNA to UST (swap=burn) and sell the UST to the Curve pool. The proceeds will go back to LFG reserves to purchase BTC.”Thanks to Terra’s flagship Anchor Protocol, UST is a very popular coin among crypto enthusiasts, which promises up to 20% annual yield on UST savings deposits. However, due to an imbalance of depositors and lenders paying interest, the Anchor Protocol’s reserve (for paying the promised yield) is still on the decline at time of publication, although it recently experienced a massive capital infusion.If there is any confusion left at this point, we will keep growing reserves until it becomes mathematically impossible for idiots to claim depeg risk for $UST $UST is mighty https://t.co/6xCDPWJUTX— Do Kwon (@stablekwon) March 11, 2022

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Fantom Foundation issues clarification statement about departure of Andre Cronje and Anton Nell

Fantom Foundation issues clarification statement about departure of Andre Cronje and Anton Nell

Uverejnil používateľ | mar 11, 2022 |

Recently, media outlet Rekt.news made striking accusations about Fantom Opera, a layer-1 blockchain, after the foundation’s technical adviser Andre Cronje and senior solutions architect Anton Nell announced they were leaving the crypto space entirely. Almost immediately, concerns from the community arose after Nell tweeted, “There are around ~25 apps and services that we are terminating on 03 April 2022.” In the now-deleted Rekt article, it alleged the following:“Fantom, Solidly, SpookySwap, Abracadabra, Geist: multiple projects all entwined into a system designed to extract maximum value for a small set of insiders who are now steadily exiting the stage.”However, on Friday, the Fantom Foundation published a statement regarding alleged “factual inaccuracies,” “debunked claims” and “misinformation” from the Rekt piece. Specifically, the Fantom Foundation stated:“Andre and Anton did not ‘terminate’ 25 projects. Instead, any involvement (such as user interface) in these projects was to be handed over to the existing teams, many of whom had been developing and running independently.”Moreover, the foundation explained that neither Cronje nor Nell was a core developer at Fantom and that the entity itself was not involved in creating any of the 25 projects (including, most notably, Yearn.finance) in question. It appears that in part due to the pair’s departure, the total value locked on Fantom has fallen to $8.27 billion from $11.26 billion on Sunday, the date of the announcement. The blockchain has processed over 200 million transactions with more than 2 million active wallets since its inception. 

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Report: Axie Infinity accounted for nearly two-thirds of blockchain-game NFT transactions in 2021

Report: Axie Infinity accounted for nearly two-thirds of blockchain-game NFT transactions in 2021

Uverejnil používateľ | mar 10, 2022 |

According to a recent report curated by NonFungible, players of the monster-battle nonfungible tokens, or NFTs, game Axie Infinity transacted nearly $3.5 billion worth of NFTs in 2021. This accounts for almost two-thirds of all NFTs transacted in the entire blockchain gaming industry in 2021. In second and third place were sports highlights marketplace NBA Top Shot with $827 million and community gaming platform Loot with $242 million, respectively.Created by Vietnamese video game developer Sky Mavis in 2018, the game contains creatures called “Axies” that players collect and use to complete daily quests, duel other players, etc. Every Axie is an NFT minted on the Ethereum (ETH) blockchain. Completing tasks with Axies rewards players with Smooth Love Potions (SLPs), which can be sold for cash on cryptocurrency exchanges, thereby generating a stream of income for players. On the whole, Axie Infinity accounted for 19% of the estimated $17 billion in total NFT transactions last year.Last November, Axie Infinity surged significantly in popularity, especially among gamers in developing countries, where one can potentially earn more playing Axie Infinity than working minimum wage jobs. However, players have complained to its developers that their earnings have fallen in light of SLP falling in price by 67.5% in the past year.Although, the price decline can be partly attributed to the rising token inflation due to more and more players joining and playing the game. At the time of publication, there are nearly 2.7 million monthly Axie players, compared to just north of 1 million last March. But from July 2021 to now, the circulating supply of SLP increased from 541.7 million to 5.13 billion. Overall, blockchain gaming enthusiasts bought and sold $5.18 billion worth of NFTs last year, spread across 20,986,532 sales. In addition, there were a total of 112 blockchain games and 1.88 million active wallets. Based on analysis by NonFungible, these statistics accounted for 2.18% of the world’s total gaming market in 2021.

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