Značka: Internet Computer

First DEX on Internet Computer launches, others coming soon

The first decentralized exchange on the Dfinity Foundation’s Internet Computer blockchain went live this week, following up on the recent release of a new whitepaper. And according to information shared with Cointelegraph, there are already two other exchanges in the works. The first version of the new DEX called Sonic launched to mainnet on Sunday. There are initially only three pools for token swaps using its native token Internet Computer Protocol (ICP): InterICP/WICP (wrapped ICP), ICP/XTC (Cycles Token), and WICP/XTC. Users can also earn rewards for providing liquidity. Sonic, the first DEX to launch on the Internet Computer, is now live.@sonic_ooo offers a suite of DeFi products for the #InternetComputer blockchain, operating on a gasless AMM. ⛽️DeFi on the IC has arrived. https://t.co/IjClg4LRxo pic.twitter.com/CH3f3qgIVM— DFINITY Foundation (@dfinity) January 22, 2022Dfinity Head of Comms Michael Less told Cointelegraph that Sonic plans to redefine what it truly means to be an example of decentralized finance (DeFi). Sonic has sub-one second transaction finality and is entirely run on the IC’s public blockchain network without any gas fees. “It is completely running on a public blockchain, where it cannot be shut down — you can’t shut it down, it runs perpetually,” he said, explaining that its current primary focus is an upcoming integration with Ethereum, which is slated for Q3 this year. “You’re going to be able to bring your Ethereum assets into Sonic, and it will be like Uniswap but with no gas fees and lightning fast.” There are already plans for a Sonic V2, which will add a token Launchpad, DAO (decentralized autonomous organization) tools, and its own native SONIC governance token. The launch date for Sonic V2 is yet to be confirmed. According to information shared with Cointelegraph, there are at least two other DEXs that will be joining Sonic on the IC “in the next few weeks”, including InfinitySwap and ICP Swap. Internet Computer is a public blockchain and protocol aimed at running a truly decentralized internet by allowing developers to install smart contracts and decentralized applications (DApps) directly on the blockchain. It was incubated and launched after years in development by Dfinity in May 2021 – a nonprofit based in Zurich.The new white paper “The Internet Computer for Geeks” released on Jan 21 goes back to basics, explaining the fundamentals of how the IC uses smart contracts to power the emerging Web 3.0 decentralized ecosystem.Related: Internet Computer: Correction risk rises after ICP price gains nearly 60% in 5 daysAccording to Dfinity, there are over a thousand developers building on the IC blockchain. Projects include social media DApps such as Desocial, DSCVR and Distrikt; Metavserse projects such as PokedStudios and IC Gallery, and gamefi projects such as Cube Run and MetaSports Basketball.

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Top 5 cryptocurrencies to watch this week: BTC, LINK, ICP, LEO, ONE

Bitcoin (BTC) and most major altcoins remain under pressure as supports give way and bears sell at each rally attempt. This negative sentiment pulled the Crypto Fear & Greed Index to 10/100 on Jan. 8, one of its lowest readings ever. In comparison, 2021 had started on a bullish note with the reading hitting levels of 93/100, indicating “extreme greed.”This weak opening in the new year has not unnerved Bloomberg Intelligence analyst Mike McGlone who remains bullish. He said in a recent analysis that Bitcoin may rally to $100,000 and Ether (ETH) to $5,000 this year. Crypto market data daily view. Source: Coin360However, some analysts argue that Bitcoin may struggle to maintain its bullish trend in an environment where interest rates are rising. Holger Zschaepitz questioned whether Bitcoin could hold up without “rock-bottom rates and trillions of dollars in central bank money and government stimmy.”Could Bitcoin bounce off the strong support, attracting buying in select altcoins? Let’s study the charts of the top-5 cryptocurrencies that may remain positive in the short term.BTC/USDTBitcoin’s downtrend has reached the strong support at $39,600. The price formed a Doji candlestick pattern on Jan. 8, indicating indecision among the bulls and the bears.BTC/USDT daily chart. Source: TradingViewBoth moving averages are sloping down and the relative strength index (RSI) is near the oversold zone, indicating that the path of least resistance is to the downside. If bears pull the price below $39,600, the selling could intensify and the BTC/USDT pair could start its journey to the next strong support at $28,805.On the other hand, if the price rises from the current level, the pair could rise to the 20-day exponential moving average ($45,876). If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies. That will increase the likelihood of a break below $39,600 I .The bulls will have to push and sustain the price above the moving averages to indicate a possible change in trend.BTC/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the selling momentum picked up on a break and close below $45,456. The bulls are attempting to arrest the decline at $40,501 but the recovery attempt is likely to face strong selling near the 20-EMA.If the price turns down from the 20-EMA, the bears will attempt to sink the pair below $39,600 and extend the downtrend.Alternatively, a break and close above the 20-EMA could push the pair to the 50-simple moving average. If bulls push the price above this resistance, it will suggest that bears may be losing their grip.LINK/USDTChainlink (LINK) has been trading in a large range between $15 and $35.33 for the past few months. The bulls have pushed the price above the moving averages and the RSI has risen close to the overbought zone, indicating that buyers have the upper hand in the short term.LINK/USDT daily chart. Source: TradingViewThe bears posed a strong challenge near $27.61 for the past few days but the bulls did not allow the price to dip below the 20-day EMA ($23.23). This indicates that the sentiment has changed from sell on rallies to buy on dips.If bulls maintain the price above $27.61, the LINK/USDT pair could rise to 30 and thereafter to the overhead resistance at $35.33. This bullish view will invalidate if the price turns down from the current level and breaks below the moving averages. The pair could then drop to $18.LINK/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the price has broken above the overhead resistance at $27.61. The bears will now attempt to stall the up-move at $30. If the subsequent correction does not break below $27.61, it will increase the possibility of a rally to $35.33.On the contrary, if the price turns down from the current level, it will suggest that the break above $27.61 may have been a bull trap. The bears will then try to pull the price below the 50-SMA. If they do that, the next stop could be $22.ICP/USDTInternet Computer (ICP) broke and closed above the downtrend line on Jan. 4 which was the first indication that the downtrend could be ending. The bears tried to trap the aggressive bulls and pull the price back below the 20-day EMA ($29) but failed.ICP/USDT daily chart. Source: TradingViewThe bulls again pushed and closed the price above the downtrend line on Jan. 8. The moving averages are on the verge of a bullish crossover and the RSI has jumped into the positive zone, indicating that bulls are attempting a comeback.If buyers push and sustain the price above $38.02, the ICP/USDT pair could rally to $45.79. This level may again act as a stiff hurdle but if crossed, the up-move may reach $58.30.Contrary to this assumption, if the price turns down from the current level and breaks below the 20-day EMA, it will indicate that the breakout above the downtrend line may have been a bull trap.ICP/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that bulls have pushed the price above $33.29 but are struggling to clear the hurdle at $38.02. This suggests that bears continue to sell near the overhead resistance. This has kept the pair sandwiched between the two levels.If bulls push and sustain the price above $38.02, the pair could extend its up-move. On the contrary, if the price turns down from the overhead resistance, the bears will attempt to pull the pair below $33.29. If they manage to do that, the pair could drop to the 50-SMA.Related: Even after the pullback, this crypto trading algo’s $100 bag is now worth $20,673LEO/USDUNUS SED LEO (LEO) has been trading in a gradual uptrend for the past several weeks where the 50-day SMA ($3.55) has been acting as a strong support. LEO/USD daily chart. Source: TradingViewThe bears attempted to pull the price below the 50-day SMA on Jan. 7 but the bulls did not relent. This resulted in a strong rebound on Jan. 8 which pushed the LEO/USD pair back above the 20-day EMA ($3.69).The bulls will now attempt to drive the price above the all-time high at $3.92. If they succeed, the pair may resume its uptrend and reach $4.25. This positive view will invalidate if the price turns down and plummets below the 50-day SMA. That could start a correction to $3.40.LEO/USD 4-hour chart. Source: TradingViewThe pair has been trading inside an ascending channel pattern. The bears mounted a strong resistance near $3.85, which may have attracted profit-booking from short-term traders. That pulled the pair down to the support line of the channel where buyers stepped in and arrested the decline.The bulls are again attempting to push and sustain the price above $3.85. If they manage to do that, the pair could start its journey toward the resistance line of the channel. The bears will have to sink and sustain the price below the channel to invalidate the bullish view. ONE/USDTHarmony (ONE) has been trading between the 20-day EMA ($0.27) and $0.33 for the past few days. This suggests that bulls are buying on dips and bears are selling on rallies.ONE/USDT daily chart. Source: TradingViewThe rising 20-day EMA and the RSI in the positive territory suggest advantage to buyers. If bulls drive the price above $0.33, the up-move could resume. The ONE/USDT pair could then attempt to rise to $0.38.Contrary to the assumption, if the price breaks below the 20-day EMA, it will suggest that bears have overpowered the bulls. That could pull the pair down to the 50-day SMA ($0.24) and later to $0.21.ONE/USDT 4-hour chart. Source: TradingViewThe 4-hour chart has been rising inside an ascending channel pattern. Although bulls pushed the price above the channel, they could not sustain the higher levels. This suggests that bears tried to trap the aggressive bulls.The price dipped back into the channel but a minor positive is that it bounced off the 50-SMA. This indicates that sentiment remains positive and bulls are buying on dips.If the price rises above the 20-EMA, the pair could again rally to the resistance line of the channel. A break and close above this level could signal a pick up in momentum. Conversely, a break and close below the 50-SMA could pull the pair down to the support line of the channel.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Internet Computer: Correction risk rises after ICP price gains nearly 60% in 5 days

Internet Computer (ICP) has entered 2022 with a bang.The ICP price rose by over 56% in the first five days of the new year, reaching a 30-day high of $38 on Jan. 5. Its massive upside move accompanied a spike in trading volumes, underscoring a strong and healthy bullish sentiment for now.ICP/USD daily price chart. Source: TradingViewAt the center of ICP’s recent price rally was a flurry of optimistic news. That includes Binance’s decision this Tuesday to list a financial instrument that would enable traders to directly swap ICP to/from Ethereum’s native token Ether (ETH) and the launch of Terabethia, a cross-blockchain bridge, on Dec. 22 that enables Ethereum’s ERC-20 tokens to exist natively on the Internet Computer blockchain.Additionally, a rally across the smart contract platform tokens, especially in the last seven days, may have boosted traders’ appetite for ICP.Smart contract platform tokens’ performance. Source: MessariDowntrend intactNevertheless, ICP remains at risk of paring its recent gains entirely as it trended lower inside its multi-month descending channel range.In detail, the Internet Computer token price reached the channel’s upper trendline on Wednesday, thus exposing itself to selloff risks. That is primarily due to the trendline’s history of limiting ICP’s upside attempts, as shown in the chart below.ICP/USD daily price chart featuring descending channel pattern. Source: TradingViewMeanwhile, recent data also shows that a pullback from the upper trendline pushed the ICP price towards the channel’s lower trendline. For that reason, ICP risked falling to new price lows despite its bullish rebound.Resistance confluenceMore cues for ICP’s pullback setup came from an another resistance near $37.70 and overvaluation risks posed by the token’s daily relative strength index (RSI).The $37.70-level, which helped ICP limit its bearish exposure between September and November 2021, coincides with the 0.236 Fib line of the Fibonacci retracement graph drawn from the circa $89-swing high to the $22-swing low. Meanwhile, the RSI reading at press time came out to be near 67.50. A value above 70 will make ICP an overbought asset that may amount to a certain degree of price correction/consolidation. Should it happen, the ICP price could risk falling to the 0 Fib line near $22.Related: Dfinity insiders alleged to have illegally sold ICP and harmed retail investorsConversely, closing above the $37.70-level could have Internet Computer eye $47.50 as its next upside target.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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Terabithia cross-chain protocol bridges Internet Computer and Ethereum

On Wednesday, Psychedelic, a Web 3.0 development studio building solutions for the Internet Computer, launched Terabithia, a cross-chain contract communication and asset mirroring protocol. Beginning with the Internet Computer (ICP) and Ethereum (ETH), users will have the ability to mirror and use any ETH tokens, fungible and nonfungible, on the Internet Computer blockchain and vice versa, effectively turning ICP into a layer-two scaling solution for ETH.The protocol attempts to tackle the problem of Ethereum network congestion and high gas fees. The Internet Computer, meanwhile, uses a “reverse gas model” where developers supply the funds needed to run the applications or contracts that use their gas, known as “cycles.”When asked about the technological capacities of the Internet Computer network, Dominic Williams, founder and chief scientist of ICP developer Dfinity, told Cointelegraph:”The Internet Computer is pretty fast. For example, while Solana is the closest competitor in terms of speed, the IC is approximately 700% faster, boasting 250-millisecond reads and 2 second writes/updates.According to Williams, the Internet Computer is “far more effective at storing data than most other chains.” Whereas Ethereum currently costs $199 million to store a gigabyte worth of data annually, the same amount of storage costs just $5.52 per year on the Internet Computer. “This allows for decentralized apps that actually run at web speed, with unbounded capacity” in terms of data or cost, he said.Williams further added that “the unbounded capacity also means that NFTs can be stored entirely on-chain.” He claimed that the Internet Computer is the only blockchain to store nonfungible tokens completely on-chain “and the only one to enable zero-fee transactions.” He further added that “NFT metadata is regularly stored “off-chain” typically due to the cost of data and the inability of many blockchains to scale.”Related: Smart contracts are coming to Bitcoin through Dfinity’s Internet ComputerLast month, the total value locked on layer-two solutions on Ethereum reached an all-time high of $5.64 billion. Crypto enthusiasts have been migrating to such networks to escape soaring gas prices. While the upcoming Ethereum 2.0 upgrade may transition its consensus mechanism from proof-of-stake to proof-of-work, it does not solve the core problem of low transaction speeds, which currently only amounts to 30 transactions per second.

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