Značka: decentralized marketplace

Anyswap, Keep3rV1, WEMIX follow Bitcoin’s move to $44K with double-digit rallies

The cryptocurrency community is back in high spirits on Jan. 12 after a majority of tokens in the top 200 flashed green following Bitcoin’s (BTC) spike to $44,000.The return of bullish momentum has come as a boon to several altcoin projects, with multiple tokens seeing gains in excess of 20%. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets ProData from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Anyswap (ANY), Keep3rV1 (KP3R) and WEMIX (WEMIX). Anyswap expands its list of supported networksGains in the altcoin market were led by Anyswap, a decentralized exchange that specializes in allowing users to transfer and swap tokens between 25 distinct networks. Data from Cointelegraph Markets Pro and TradingView shows that since falling to a low of $15.16 on Jan. 10, the price of ANY ripped 77.67% higher to a daily high of $26.93 on Jan. 12 as its 24-hour trading volume spiked 525% to $114.5 million. ANY/USDT 4-hour chart. Source: TradingViewThe sudden spike in activity and price for ANY come as the protocol recently added two new networks to its list of supported chains including a FomoETH bridge and Moonbeam, which just officially launched on Polkadot. Keep3rV1 branches out to other networksKeep3rV1 is a project focused on creating a decentralized job board designed to help projects connect with external developers that can provide specialized services. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for KP3R on Jan. 7, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. KP3R price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for KP3R climbed into the green zone on Jan. 7 and hit a high of 80 roughly 79 hours before the price rallied 79.64% over the next two days. The bullish move higher for KP3R comes following a tease released by the project indicating that KP3R will soon have cross-chain functionality between Ethereum (ETH), Fantom (FTM) and layer-two solution Optimism. Related: QuickSwap founder: L2s are the path to mass adoptionWEMIX lists at UpbitWEMIX is a global blockchain gaming platform developed by Wemade Tree that is designed specifically for gaming DApps and includes a marketplace for digital assets and nonfungible tokens (NFTs). Data from Cointelegraph Markets Pro and CoinGecko shows that after sliding to a low of $3.96 on Jan. 10, the price of WEMIX rebounded 106% to a daily high at $8.16 on Jan. 12 as its 24-hour trading volume spiked to $1.2 billion. WEMIX/USD 1-hour chart. Source: CoinGeckoThe surge in interest and trading volume for WEMIX comes as the token listed on the popular Korean cryptocurrency exchange Upbit on Jan. 10 and announced the details for the next WEMIX NFT auction drop. The overall cryptocurrency market cap now stands at $2.073 trillion and Bitcoin’s dominance rate is 39.8%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Crypto regulation concerns make decentralized stablecoins attractive to DeFi investors

Stablecoins have emerged as a foundational part of the cryptocurrency ecosystem over the past couple of years due to their ability to provide crypto traders with an offramp during times of volatility and their widespread integration with decentralized finance (DeFi). These are necessary for the health of the ecosystem as a whole. Currently, Tether (USDT) and USD Coin (USDC) are the dominant stablecoins in the market, but their centralized nature and the persistent threat of stablecoin regulation have prompted many in the crypto community to shun them and search for decentralized alternatives. Top 9 stablecoins by reported market capitalization. Source: MessariBinance USD (BUSD) is the third-ranked stablecoin and is controlled by the Binance cryptocurrency exchange. DAI, the top ranked decentralized stablecoin, has 38% of its supply backed by USDC which, again, raises questions about its “decentralization.”Investors’ pivot toward decentralized stablecoins can be noted by the rising market capitalizations and the number of DeFi platforms integrating TerraUSD (UST), FRAX (FRAX) and Magic Internet Money (MIM).Here’s a look at some of the factors backing the growth of each stablecoin.TerraUSDTerraUSD (UST) is an interest-bearing algorithmic stablecoin that is part of the Terra (LUNA) ecosystem and is designed to remain value-pegged with the United States dollar. In order to mint new UST, users are required to interact with Anchor Protocol and either burn an equivalent value of the network’s native LUNA token or lock up an equivalent amount of Ether (ETH) as collateral. The addition of Ether as a form of collateral really helped kick things into high gear for UST because it allowed for some of the value held in Ether to migrate into the Terra ecosystem and this resulted in an increase to UST circulating supply. 1/ bETH is now live on the Anchor web app!You can now borrow $UST against bETH, a wrapped version of the stETH staking derivative for ETH 2.0. We teamed up with @LidoFinance to provide a guide to using bETH on Anchor. https://t.co/T5KkGNNAYE— Anchor Protocol (@anchor_protocol) August 13, 2021As a result of the growth of UST, the Terra network recently surpassed Binance Smart Chain in terms of total value locked (TVL) on the protocol, which now sits at $17.43 billion, according to data from DefiLlama. Terra has also been adopted by the Curve stablecoin ecosystem which further helped its distribution across numerous DeFi protocols. This also gives UST holders another way to earn a yield alongside the 19.5% annual percentage yield (APY) offered to users who stake their UST on Anchor Protocol. FRAXFRAX (FRAX) is a first-of-its-kind fractional-algorithmic stablecoin developed by Frax Protocol. It is partially backed by collateral and the remaining portion is stabilized algorithmically.The real story behind the growth of FRAX starts with its adoption by the DeFi community within multiple well-known projects and decentralized autonomous organizations (DAOs) voting to add support for the stablecoin within their ecosystems and treasuries. FRAX was adopted early on by the OlympusDAO rebase protocol as a form of collateral that could be bonded to obtain the platform’s native OHM token. It also became the stablecoin of choice within the recently launched TempleDAO protocol.On Dec. 22, 2021, FRAX was added to Convex Finance (CVX) and was immediately thrust into the ongoing Curve Wars where a handful of major DeFi protocols are battling to accumulate CVX and Curve (CRV) to gain voting power over the Curve network and increase their stablecoin yield.The @fraxfinance Convex soft-launch has begun.https://t.co/oZ9WKZxNXRDeposit + convert $FXS to $cvxFXS— Convex Finance (@ConvexFinance) December 22, 2021

This week, the Curve Wars received a new participant after Tokemak members voted to add FRAX and Frax Share (FXS) to its Token Reactor, vowing to “bring the fight to a massive new scale.” Magic Internet Money Magic Internet Money (MIM) is a collateral-backed stablecoin issued by a popular DeFi protocol called Abracadabra.Money. What differentiates this coin is that it is “summoned” into existence when users deposit one 16 supported cryptocurrencies in “cauldrons” that support MIM.There are limitations placed on the amount that can be borrowed from the assets supported on Abracadabra and this is part of the protocol’s effort to avoid the problems faced by MakerDAO (DAI). Namely, the presence of too many centralized stablecoins and the history of catastrophic liquidations during market volatility. Some of the popular tokens available to pledge as collateral to mint MIM include wrapped Ether (wETH), Ether, Shiba Inu (SHIB), FTX Token (FTT) and Fantom (FTM).‍♂️!Our first zero-interest lending market is here!1️⃣ Provide $WETH as collateral and mint $MIM or leverage your $ETH!- Interest 0%- Liquidation Fee 4%- LTV 90%- Borrow Fee 0.5%What are you waiting for anon? Mint now!https://t.co/N3r54iPo7n— ‍♂️ (@MIM_Spell) December 31, 2021

MIM has also been integrated into the pools on Curve Finance, further highlighting the important role that Curve plays for stablecoins within the DeFi ecosystem and underscoring the incentives for participating in the Curve Wars. MIM’s cross-platform and centralized exchange integration, including its long list of collateral options, have boosted its circulating supply to $1.933 billion, making it the sixth-ranked stablecoin in terms of market capitalization.While the amount of value held in these decentralized stablecoins is only a fraction of that held in USDT and USDC, they are likely to continue to see their market share increase in the months ahead as proponents of decentralization choose them over their centralized counterparts. Want more information about trading and investing in crypto markets?The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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DeFi sector tokens offer shelter as Bitcoin falls below $48.5K

The cryptocurrency market slid lower on Dec. 28 as the price of Bitcoin (BTC) lost nearly $4,000 in value in a matter of hours with bulls now looking to secure support at $48,500 to prevent further losses. In the midst of the market-wide drawdown, the decentralized finance (DeFi) sector of the crypto ecosystem has offered some traders shelter from the storm, with several tokens seeing gains in excess of 30%. Top 7 coins with the highest 24-hour price gains. Source: Cointelegraph Markets ProData from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were Harvest Finance (FARM), QuickSwap (QUICK) and Aragon (ANT). Harvest Finance moves towards full decentralizationHarvest Finance is a DeFi protocol designed to automatically farm the highest yields available from across the ecosystem and optimize the yields users receive through implementing the latest farming techniques. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for FARM on Dec. 25, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. FARM price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for FARM climbed into the green zone on Dec. 25 and reached a high of 75 around two hours before the price increased 207% over the next three days. The boost in the price of FARM comes as the project continues to move towards full decentralization including the ability for community members, known as “builders,” to deploy new farming strategies and update the user interface as needed. QuickSwap adds support for HarmonyQucikSwap is a decentralized exchange and automated market maker that operates on the Polygon network. Data from Cointelegraph Markets Pro and TradingView shows that after trading at a low of $235 on Dec. 22, the price of QUICK catapulted 143% to reach an daily high at $570.50 on Dec. 28 as its 24-hour trading volume spiked 1,240% to $166.6 million. QUICK/USDT 4-hour chart. Source: TradingViewThe sudden surge in QUICK price followed the release of a relay chain between the Harmony (ONE) protocol and Polygon, which allowed for the creation of a MATIC/ONE liquidity provider pool on QuickSwap. Related: Ethereum whales dumping ETH as price slides below $4K, data showsAragon focuses on digital self-sovereignty Aragon is a protocol on the Ethereum (ETH) network that supports the creation of decentralized autonomous organizations (DAOs) as a way to help develop governance structures that encourage community engagement.VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ANT on Dec. 25, prior to the recent price rise. VORTECS™ Score (dark grey) vs. ANT price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for ANT began to pick up on Dec. 25 and reached a high of 73 around 45 hours before its price increased 55% over the next day. The price appreciation for ANT comes as the concept of Web 3.0 has been gaining momentum heading into 2022, which has helped the team at Aragon make strides towards its goal of supporting “organizational forms that defend self-sovereignty.”The overall cryptocurrency market cap now stands at $2.276 trillion and Bitcoin’s dominance rate is 40.2%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Interlay raises $6.5mm to accelerate Bitcoin DeFi interoperability

DFG Capital has led a $6.5 million investment in the interoperability start-up Interlay, which is building infrastructure for decentralized finance applications across major blockchains such as Ethereum, Cosmos and Polkadot. As per the announcement, the new funds will be used by Interlay to scale its operations and bring more developers on board with its open-source platform. In a statement, James Wo, DFG Founder and CEO, said Interlay’s solution will “expand the cross-chain possibilities for Bitcoin.” Interlay aims to integrate cryptocurrencies like Bitcoin (BTC) with DeFi platforms such as Polkadot and Ethereum. InterBTC, the company’s main product, is a fully crypto-based Bitcoin-backed asset. It’s backed by multiple collaterals and functions like an algorithmic stablecoin that can be fully redeemed for Bitcoin.The Web3 Foundation, which is behind the Polkadot project, provided the initial funding to begin development in 2019, aiming to utilize Bitcoin’s liquidity to propel the growth of the DeFi ecosystem as per the release. Interlay intends to double its workforce over the next eight months. It has 15 full-time employees and more than 100 community ambassadors presently.Related: ‘DeFi is the most dangerous part of the crypto world,’ says Senator Elizabeth WarrenDefi interoperability is seen as a key step in the development of the ecosystem and could pave the way for increased mainstream adoption. The DeFi sector has continued to flourish throughout 2021, with the overallvalue of all DeFi protocols surpassing $270 billion in early November amid a strong rally in cryptocurrency markets.Privacy is becoming an increasingly important issue as DeFi grows in popularity. Some blockchain projects have been working on privacy solutions. According to Paolo Guida, head of investments for Blockchain Valley Ventures, the biggest roadblock to DeFi takeoff is privacy.

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