Značka: DeFi

ApeCoin geo-blocks US stakers, two Apes sell for $1M each, marketplace launched

United States-based ApeCoin (APE) holders could miss out on staking rewards after the U.S. was added to a list of regions geo-blocked from using an upcoming APE staking service.Blockchain infrastructure company Horizen Labs, which is building the site on behalf of the ApeCoin decentralized autonomous organization (DAO), revealed the news in a Nov. 24 update regarding ApeStake.io on Twitter, saying “unfortunately, in today’s regulatory environment, we had no good alternative.”Ape Staking Update: Big thanks to the talented community devs for their helpful improvements. Bug Bounty AIP delayed us a bit, so we shortened the pre-deposit period by a week to keep our original 12/12 go-live. Alternate front-end sites going live. See card. pic.twitter.com/mgmP7X3SwQ— Horizen Labs (@HorizenLabs) November 24, 2022Canada, North Korea, Syria, Iran, Cuba, Russia, and the Russian-controlled areas of Ukraine, Crimea, Donetsk, and Luhansk are also on the block list.There are likely ways to get around the geo-block. The update noted the website is only an interface to interact with the Ethereum-based open-source smart contract, and “several other” interfaces are being crafted by parties such as exchanges and DeFi platforms.Prominent Twitter user “Zeneca” told their 312,00 followers that those from regions geo-blocked by ApeStake.io will still be able to stake by interacting with the smart contract directly or using another interface without geo-blocks. Those in blocked regions could also use a virtual private network (VPN) to spoof their location.The decision to block U.S. users likely resulted from the probe in October by the Securities and Exchange Commission (SEC) into APE creator Yuga Labs. The regulator is investigating if the company’s nonfungible tokens (NFTs) act more like securities and are subsequently violating federal laws.Two Bored Ape NFTs sell for nearly $1M eachMeanwhile some Bored Apes are still fetching high prices even during the depths of Crypto Winter. An NFT from Yuga Labs’ flagship Bored Ape Yacht Club (BAYC) collection sold for 800 Ether (ETH), or almost $950,000 at the time of sale on Nov. 23.BAYC #232 was sold to pseudonymous NFT collector “Keungz” — who seemingly has multiple Yuga Labs NFTs according to their OpenSea profile — by Deepak Thapliydal.Thanks @dt_chain for the good deal⚓️#NewNFTProfilePic NFT by @BoredApeYC pic.twitter.com/CgIy73fBx5— Keungz ❤️ Memeland ‍☠️ YGPZ ‍♀️ (@keung) November 23, 2022

Thapliydal is the CEO of Web3 infrastructure company Chain and gained notoriety for making the Guinness World Records for buying the “most expensive NFT collectible” after purchasing CryptoPunk #5822 for 8,000 ETH, or $23.7 million, on Feb. 12.The sale of BAYC #232 was closely followed by another on Nov. 24 for BAYC #1268 between two unidentified wallets for 780 ETH, or almost $940,000 at the time of sale.The sales are significant as the NFTs sold far above the current floor price for the collection which has seen a decline over the past months.According to data from NFT Price Floor, the minimum price for a Bored Ape at the time of writing is just under 63 ETH, or about $75,600, and is 80% down in U.S. dollar terms from its May 1 all-time high of 144.9 ETH, or over $391,000 at the time.ApeCoin DAO launches marketplace The community-led DAO made up of ApeCoin holders has launched its own marketplace to buy and sell NFTs from the Yuga Labs ecosystem.The aptly named ApeCoin Marketplace built by NFT infrastructure firm Snag Solutions was launched on Nov. 24 and supports transactions of the BAYC, Mutant Ape Yacht Club, Bored Ape Kennel Club, and Otherdeed NFT collections.In a Nov. 24 Twitter thread Snag Solutions CEO, Zach Heerwagen, said the marketplace “includes unique features” specifically for NFT communities including the ability to stake APE.1/ The custom marketplace includes unique features built specifically for the BAYC and Otherside communities, including ApeCoin staking and NFT metadata integrations. pic.twitter.com/mem2ZsXNkt— Zach | Zheerwagen.eth (@ZHeerwagen) November 23, 2022

The marketplace “respects royalties while heavily reducing fees” according to Heerwagen. A 0.25% slice of each sale is held in a multi-signature wallet and used to fund DAO initiatives.Related: Industry expresses confidence in the NFT space amid the FTX collapseThe marketplace’s support for royalties comes as some other NFT marketplaces such as the Solana (SOL)-based Magic Eden and Ethereum-based LooksRare stopped enforcing creator royalties by default.Others such as OpenSea have continued to enforce royalties and even created a tool to help NFT creators with on-chain enforcement of royalties, allowing them to blacklist the sale of their NFTs on royalty-free marketplaces.

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Crypto and fiat savers are making a fatal error — and DeFi can come to the rescue

There’s no escaping it: the DeFi markets have cooled down over the past year.After breaking $180 billion in total value locked last November — coinciding with Bitcoin racing to a new all-time high of $68,700 — data from DeFiLlama shows the collective value of this market has now dwindled to around $40 billion.Nonetheless, experts remain bullish on the potential of decentralized finance. Protocols are continuing to build furiously during the bear market — ensuring that they’ll be in a strong position for the next wave of adoption. And although this recent contraction has scared away some retail investors, there are still opportunities to be had.Here’s the problem — across crypto and fiat, many consumers are making a fatal error. Whether their savings are denominated in U.S. dollars or stablecoins, they’re letting their capital sit idle in accounts that aren’t earning interest. And given the runaway levels of inflation seen in major economies right now, this effectively means that their wealth is diminishing — and spending power is eroding with every passing month.DeFi can be the answer here, but finding the best opportunities within this nascent space and ensuring that your assets are always allocated efficiently is a task that is virtually impossible to do manually. And even if you come across market-beating levels of yield, it can often change before you are able to take advantage of the opportunity.Crypto is a volatile market that requires 24/7 monitoring in order to be an efficient investor. Plus, traders often end up with FOMO — a fear of missing out — after deploying their assets to a specific protocol.What’s the answer?A new concept that’s emerging in DeFi is reactive liquidity. This means that crypto enthusiasts have the ability to ensure their digital assets are earning the best risk-adjusted yield up until the very moment their assets are needed in a different position. Investors are given the ability to add customizable market triggers to their liquidity which ensure that their positions are monitored on-chain at all times. The moment conditions are met — which are set by the user — liquidity is shifted to where it is needed.Mero is championing this approach to decentralized finance, and argues that it can have big benefits during this time of market turbulence. It allows funds to be deposited into liquidity pools in exchange for Mero LP tokens. Liquidity that is provided into Mero liquidity pools earns auto-compounded yield from automated yield-farming strategies. Any user who holds Mero LP tokens can register market triggers or actions to their liquidity — enabling them to earn yield on Mero up until the very moment their assets are needed elsewhere.Mero currently supports market triggers, or actions, for topping up or adding additional collateral for loans on protocols such as Aave and Compound. Once registered, the Mero protocol’s network of keeper bots keeps a close eye on these loans — and shifts liquidity out of Mero pools (where it earns yield) to the loan’s collateral in the blink of an eye in order to avoid liquidations.The team behind Mero, which was formerly known as Backd, say that they have been driven by a desire to make allocating capital in DeFi not only more efficient, but also a better user experience. Their approach effectively automates the process of asset deployment — ensuring that funds are always allocated most efficiently. When better opportunities emerge, or funds are required for time-sensitive purposes, they can be delegated elsewhere.All of this can take a lot of weight off a DeFi investor’s shoulders — freeing up precious time so they can focus on other things.Working across DeFiAs you would expect, continually uncovering competitive yields hinges upon onboarding as many pieces of DeFi infrastructure as possible. Fresh from securing $3.5 million in funding over the summer, Mero Finance intends to do just that.The platform’s core liquidity pools, which support deposits for DAI, USDC, and ETH have continuously been ranked among the top 10 pools for base APY on Ethereum according to DeFi Llama. Furthermore, since its initial launch last Spring, three security audits have been completed and new dedicated liquidity pools for USDT and FRAX have been added.More features beyond collateral top-ups are scheduled to launch in the next six months, and work is underway to roll out a governance token, too.The project told Cointelegraph: “Mero enables you to maximize the power of your assets with reactive liquidity. Start using DeFi like a pro with Mero’s 24/7 on-chain monitoring, interest-bearing assets, and automated liquidity management.”Material is provided in partnership with MeroDisclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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DeFi platforms see profits amid FTX collapse and CEX exodus

A week after the fallout from the FTX and Alameda chaos, some on-chain data points are interesting to observe. Although record amounts of Bitcoin (BTC) and Ether (ETH) are leaving the exchanges, not all decentralized applications (DApps) and protocols have shown growth, mainly due to reliance on FTX and Alameda. DeFi earnings highlight positive revenue for some protocolsAccording to Token Terminal’s earnings leaderboard, in the last seven days, three protocols had revenue above $1 million. Ethereum led the on-chain earnings with over $8.5 million total, a sign of strong post-Merge fundamentals. OpenSea was a distant second place to Ethereum, earning $1.5 million, while nine protocols and DeFi platforms earned more than $100,000. Earnings leaderboard. Source: Token TerminalDecentralized perpetual exchanges see increased trading volumeCombined with the migration away from centralized exchanges (CEXs), the volatile crypto market has users trading in record numbers. According to data from Token Terminal, the daily trading volume of perpetual exchanges reached $5 billion, which is the highest daily trading volume since the LUNA and TerraUSD (UST) meltdown in May 2022.Perpetual exchange volume. Source: Token TerminalWhile trading volume increased, the total value locked in DeFi lags Only seven protocols saw a net increase in their total value locked (TVL) over a seven-day period. Gains Network, a perpetual exchange on Polygon, saw the largest seven-day increase at 17.3%TVL sorted descending from 7-day. Source: Token TerminalOne interchain operability protocol, Ren, witnessed a TVL drop of 50% in the last week. As reported by Cointelegraph, Ren partnered closely with Alameda, receiving quarterly funding and keeping its treasury directly on FTX. The protocol itself benefited from Alameda’s locked liquidity in an attempt to improve interoperability. Ren TVL. Source: Token TerminalData also shows that blockchain revenues are rising amid a constant rate of daily active users. Major blockchains saw an increase of over 300% in daily revenue when compared to previous weeks. At the same time, daily active users remained steady at 1 million. The dichotomy between these data points suggests that transactions are happening at a more frequent pace among existing users.Blockchain revenue and daily active users. Source: Token TerminalRelated: FTX collapse followed by an uptick in stablecoin inflows and DEX activityBlockchain revenues do not necessarily equal earningsWhile blockchains saw an increase in revenue,s which is likely primarily due to token emissions, only Ethereum saw positive earnings. Proof-of-stake (PoS) blockchains like Polygon, BNB Smart Chain and Optimism all recorded negative earnings. When PoS blockchains have negative earnings, holders of the tokens are hit with inflationary losses. Blockchain earnings. Source: Token TerminalOn-chain data continues to exhibit strong points with increased activity on decentralized perpetual trading platforms and positive revenue for DeFi protocols. Even though CEX outflows were historic, daily active DeFi users did not increase, but the fact that they remained consistent is notable. The same data also highlighted lagging blockchain earnings (except for Ethereum) and a decrease in TVL. 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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Solana entities sold 50M tokens to FTX — How long will SOL price suffer?

Solana (SOL) has lost 60% of its market value in a week due to its exposure to the now-defunct crypto exchange FTX, which could continue to haunt the “Ethereum killer” well into the future.FTX/Alameda exposure hurting Solana priceFTX and its sister-firm Alameda Research is liable to have control over 50 million SOL, according to Solana’s statement released on Nov. 10. The FTX entities received 4 million SOL from the Solana Foundation on Aug. 31, 2020. They also started receiving a portion of 12 million SOL from Sep. 11, 2020, and nearly 34.52 million SOL from Jan. 7, 2021, through a “linear monthly unlock” mechanism. Summary of Solana Labs’ SOL sales to FTX and Alameda Research. Source: Solana LabsFurthermore, the FTX entities started receiving portions of a 7.5 million SOL reserve from Solana Labs on Feb. 17, 2021. Notably, a transaction worth 62,000 SOL between the same entities stands unsettled.Most SOL tokens promised to FTX/Alameda are vested, meaning the firm does not yet have them in custody but is liable to receive them through the linear monthly unlock mechanism. The last of these unlocks will occur by January 2028.That leaves the market with interpretations about what might happen to the SOL tokens once they are unlocked, given FTX’s bankruptcy filing that’s likely to put a freeze on all remaining funds. my guess is the bky trustee will try to sell it all OTC to get funds to pay back creditors— DeFiNanner v2 (@ZekesMommasKid) November 14, 2022Also, the firm reportedly has $9 billion in liabilities versus a $1 billion balance sheet, which could prompt its trustees to liquidate its SOL holdings to repay debtors. To avoid such a scenario, Solana could make technical changes to its token economy, reducing FTX’s impact. One recent governance proposal submitted on Nov. 13 presented a few options that could be on the table, including:The errant allocation is burned. Increase the lock to 10 years on the errant allocation.Airdrop all SOL token holders’ additional SOL, except for the party holding the errant allocation.A combination of the above.SOL price relief bounce?From a technical perspective, Solana shows signs of bullish divergence between its price and relative strength index (RSI).A bullish divergence materializes when an asset’s price forms lower lows but its momentum indicator form a higher low. Traditional analysts see it as a buy signal, which may result in a short-term SOL price recovery on its daily chart.SOL/USD daily price chart featuring bullish divergence. Source: TradingViewSOL/USD could rise toward $18, its range resistance level, in the event of a short-term recovery. In other words, a 20% rebound.Related: Liquidity hub Serum forked by developers after FTX hackBut on longer-timeframe charts, SOL could see further decline toward $2.50, or an 80%-plus drop, in 2023, based on a giant head-and-shoulders setup shown below. SOL/USD weekly price chart featuring head-and-shoulder breakdown setup. Source: TradingViewInterestingly, the token’s downside target falls in its most voluminous range, per its Volume Profile Visible Range, or VPVR, indicator.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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Tron's stablecoin USDD loses dollar peg on suspected selloff by Alameda Research

In April 2022, the Tron network launched USDD, a token pegged to the U.S. dollar, as an “over-collateralized stablecoin,” meaning its likelihood of slipping below $1 should be lower due to excessive reserves backing its valuation.USDD stablecoin slips below $1 pegBut it was not enough to keep USDD’s price anchored to $1 on Nov. 8 when some whales dumped over 11 million USDD tokens to seek exposure in rival stablecoins Tether (USDT) and USD Coin (USDC). A day later, USDD’s price fell to as low as $0.96, followed by a modest recovery to $0.98 on Nov. 10. USDD price performance on a 24-hour adjusted timeframe. Source: Messari The selling pressure was visible more broadly in the USDD liquidity pool on Curve’s decentralized finance protocol. As of Nov. 10, the pool was heavily imbalanced, holding nearly 82.50% in USDD and the rest in USDT, USDC, and DAI stablecoins. Tron founder Justin Sun speculates that Alameda Research, a crypto hedge fund headed by FTX’s Sam Bankman-Fried, could be the whale dumping its USDD holdings to avoid insolvency. Alameda’s balance sheet reportedly was 50% FTT (FTT), FTX’s native token that has recently fallen more than 90%.I think probably Alemeda just sold their USDD to cover the liquidity of ftx exchange. The pool currently is back with a healthy rate. pic.twitter.com/oSIzUNqE0Z— H.E. Justin Sun (@justinsuntron) November 9, 2022Miscalculated collateral reservesUSDD is issued by Tron DAO Reserve (TDR), which also serves as the custodian of its collateral. TDR is primarily responsible for selling the collateral to maintain USDD’s peg in the event of a sell-side shock.In theory, USDD appears sufficiently backed by a $2-billion pool of crypto collateral in the form of Bitcoin (BTC), Tron (TRX), and USDC, with the reserves reportedly outweighing the stablecoin supply by over 283%. USDD supply versus collateral. Source: USDD.ioBut there’s a catch.Currently, almost all the stablecoin collateral worth in TDR’s reserve wallets are staked and earning yields in JustLend, the largest lending protocol in the Tron ecosystem by total-value-locked (TVL). Meanwhile, 99% of TRX collateral is locked inside a “staking governance” contract.TDR also appears to be incorrectly including burnt TRX worth over $725 million as collateral. Overall, that leaves the DAO with about $600 million worth of USDC and $236 million worth of BTC in its liquefiable reserves. In other words, an almost 113% collateral ratio versus the 283% boasted.Bitcoin, TRX prices slideUSDD’s collateral ratio could fluctuate further as its reserve assets, BTC and TRX, undergo price declines.Notably, BTC’s price has plunged by more than 22% week-to-date to around $16,500 in a crypto market meltdown led by the Alameda-FTX fiasco. On the other hand, TRX wiped approximately 12% off its valuation in the same period, trading at around $0.05 on Nov. 10.TRX/USD weekly price chart. Source: TradingViewThe Tron token now eyes a break below its support long-standing support confluence, comprising its 200-week exponential moving average (200-week EMA; the blue wave) near $0.052 and its 0.236 Fib line near $0.055.This may push TRX on an extended decline toward the $0.022-$0.030 range (marked in red in the chart above). This area was instrumental as a consolidation channel in August 2020-January 2021 and January 2019-July 2021. Furthermore, it served as support between February and November 2018.Related: Buying Bitcoin ‘will quickly vanish’ when CBDCs launch — Arthur HayesAt the same time, Bitcoin has entered the breakdown phase of its prevailing inverse-cup-and-handle pattern, now eyeing $14,000 as its primary downside target.BTC/USD weekly price chart. Source: TradingViewThe 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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