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Fantom (FTM) continued its upward momentum on Nov. 30 amid reports that the Fantom Foundation generates consistent profits and has 30 years of runway without having to sell any FTM tokens. Fantom’s FTM holdings up from 3% to 14%FTM price gained nearly 13.5% to reach $0.24, its highest level in three weeks. The rally came as a part of a broader rebound trend that started when it bottomed out at around $0.17 on Nov. 22. This amounts to a 50% price rebound in the last eight days. Interestingly, the rally picked up momentum after the Fantom Foundation’s “Architect,” Andre Cronje, released the firm’s financial records on Nov. 28, revealing that it had $340 million worth of digital assets and had been earning over $10 million annually. Notably: Nov 2022 — Over 450,000,000 FTM, > $100,000,000 in stables, > $100,000,000 in crypto assets, $50,000,000 in non-crypto assets. Salary burn rate $7,000,000 / year. We have ~30 years left (without having to touch FTM)FTM/USD daily price chart. Source: TradingViewCertain crypto and blockchain projects have suffered due to their potential exposure to failing companies. For instance, the collapse of the FTX crypto exchange triggered major price declines in Solana (SOL) and its associated project tokens, such as Serum (SRM). FTX and its sister firm Alameda Research were Solana ecosystem’s major supporters.Solana ecosystem performance in different timeframes. Source: MessariIn February 2021, Alameda also purchased $35 million worth of FTM tokens to become a validator on the Fantom blockchain. This exposure may have been a key factor behind FTM’s underperformance in the early days of November, wherein its price declined by as much as 35%.Cronje downplayed any connection with FTX/Alameda, explaining that being a validator does not make one part of the foundation.”Unlike most of our competitors, the foundation owns a relatively small amount of FTM,” he wrote, adding: “Most comparable L1s own between 50% — 80% of their token supply. At launch, Fantom owned less than 3%. Today, we own more than 14%. We prefer buying our tokens; we don’t ‘sell’ our tokens for ‘partnerships.’Cronje also revealed that Fantom passed on further cooperation with Alameda in January 2022. FTM whales and fishes accumulateFantom’s on-chain data reveals that addresses holding more than 1 million FTM have been distributing the tokens during the FTX-led crypto market decline.On the other hand, the supply of Fantom tokens held by addresses with a balance between 1 and 1 million FTM increased in November, suggesting strong accumulation among the network’s richest (whales) and poorest (fishes) investors.Fantom supply distribution among addresses with a 1-infinity FTM balance. Source: Santiment In other words, these investors anticipate FTM to undergo a strong price recovery in the future.Related: Learn from FTX and stop investing in speculationTechnicals support the bullish outlook to a certain degree. FTM price now eyes a nearly 20% rally toward $0.30, which coincides with the token’s prevailing descending channel’s upper trendline and its 50-3D exponential moving average (50-3D EMA; the red wave), as shown below.FTM/USD three-day price chart. Source: TradingViewConversely, testing $0.30 as resistance could have FTM eye a strong pullback toward the descending channel’s lower trendline near $0.16, which has also served as support in July 2021, or a 30% price decline from today’s levels.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Čítaj viac
The Solana-based decentralized exchange (DEX) has notified its community that the collapse of its backers — Alameda and FTX — has rendered its program “defunct”. The team behind the project shared that “there is hope”, in spite of its ongoing challenges, because of the community option available to “fork” Serum. What’s next for @ProjectSerumWith the collapse of Alameda and FTX, the Serum program on mainnet became defunct.As upgrade authority is held by FTX, security is in jeopardy, leading to protocols like @JupiterExchange and @RaydiumProtocol moving away from Serum.— Serum (@ProjectSerum) November 29, 2022According to the announcement, “a community-wide effort to fork Serum is going strong”. OpenBook, the community-led fork of the Serum V3 program, is already live on the Solana Mainnet with over $1M daily volume, supported by continuous efforts to expand it and grow its liquidity. The existence of OpenBook however poses a threat to Serum, because “with Openbook’s existence, Serum’s volume and liquidity has dropped to near-zero” as users and protocols prefer Openbook because it’s a safer option following the security risks associated with the “old Serum code” which was compromised in the FTX hack. When it comes to its SRM token, the DEX shared that the “future of SRM is uncertain”, as community members appear divided on the subject. Some believe it should still be used “for discounts”, while others believe it should not be used at all due to its exposure to FTX and Alameda. Related: BlockFi bankruptcy filing triggers a wide range of community reactionsOn Nov 12, Cointelegraph reported that FTX was hacked with wallets tied to FTX and FTX US drained of $659 million in cumulative outflows, as reported by Nansen. Following the FTX hack, Solana’s developers forked the widely used token liquidity hub, Serum, after it was compromised in the series of unauthorized transactions. On Nov 12, Solana co-founder Anatoly Yakovenko tweeted that developers depending on Serum were forking the code after the upgraded key was compromised, sharing that many “protocols depend on serum markets for liquidity and liquidations.”Čítaj viac
Bitcoin (BTC) has topped the crypto charts in a survey from down under. According to 2,000 Australians surveyed by the Independent Reserve Cryptocurrency Index (IRCI), Bitcoin is number one for brand recognition, ownership and overall sentiment. Bitcoin with the most brand awareness, and by a long shot. https://t.co/LqhYPXe3p8— Stephan Livera (@stephanlivera) November 28, 2022In the report, while 92% of Australians have heard of cryptocurrencies, Bitcoin enjoys the highest levels of brand awareness. Accordingly, 90.80% of respondents had heard about Bitcoin. Stephan Livera, a popular Bitcoin podcaster from Australia, shed light on the figures. Livera told Cointelegraph, “Bitcoin continues to grow in brand awareness because it was first and because it was truly the zero to one moment akin to discovering fire or inventing the printing press.”“Bitcoin also has the strongest community of builders & educators, so it sustains over market cycles.”Bitcoin’s recognition swells in Australia despite the price falling into the teens at the beginning of November. Over the long term, Australians are bullish. The report shares that Australia’s population of nearly 26 million people is “Committed to crypto in the longer term, with overall adoption and long-term confidence in the sector’s future remaining high.”Indeed, most of those surveyed who own crypto believe that the price of Bitcoin will be above $30,000 by 2030; almost double today’s prices. Even for those surveyed who don’t own crypto and are therefore less biased that their investments will increase in value, 43% of those surveyed believe the price per BTC will be over $30,000. Adrian Przelozny, CEO of Independent Reserve explained: “Despite this volatility, the 2022 IRCI data clearly demonstrates that Australians’ interest and investment in crypto remains high and continues to gain momentum.”In the short-term, it’s the youngest demographic that’s dropping crypto assets the fastest; falling from 33.3% to 55.7% in the 18-24 age group. Plus, overall, crypto ownership descreased marginally from 28.8% to 25.6% over the past year. Livera explained the drop: “As for why ‘crypto’ and Bitcoin ownership rates are dropping off in Australia in 2022, I put this down to the usual cyclical waxing and waning of the price action.””Ironically, it’s now in the bear market that newer speculators learn more about the actual ethos of Bitcoin and become HODLers and stackers who create the base for the next cycle.”However, as Livera alludes to, it’s unclear which assets the groups are no longer holding. The report bundles together Bitcoin with other cryptocurrencies, such as Solana (SOL) or Ethereum (ETH), on broader questions. For example, it asks, “Will crypto be widely accepted by people and businesses,” despite the fact that Ethereum’s promise was not to become a currency but a means of monetizing the platform, while Solana is intended to be a home for decentralized applications or DApps. Related: Aussies warned to avoid crypto paper wallets they find on the streetDespite the youngest age group falling out of love with crypto, cryptocurrency awareness among Australians overall increased slightly to 92%, up from 91.2% last year. And with 90.8% of respondents familiar with Bitcoin, it continues to be the most popular crypto.Curiously, awareness of Bitcoin among the over 65s is soaring–to 93.5% levels, which indicates that boomers are warming up to Bitcoin.Čítaj viac
Serum, a “decentralized exchange” on the Solana blockchain, has performed exceptionally well in terms of its SRM token price, despite it ties to the defunct FTX exchange.SRM price up 140% in one weekOn the daily chart, the SRM/USD pair has gained 140% in the last seven days, hitting $0.319 on Nov. 21 versus $0.177 on Nov. 14. This pushed the circulating market cap to about $73 million and “fully diluted market cap,” the market cap if the maximum supply was in circulation, to nearly $2.8 billion.SRM/USD daily price chart. Source: TradingView”Closer to zero”SRM price rallied despite the ongoing delisting of Serum trading pairs across major cryptocurrency exchanges, including Binance, OKEx, Gate.io, and Phemex, thus raising fears about an ongoing “exit pump.”Exit pumps are when large investors pump the token’s price in a low-liquidity environment to attract new buyers, only to then dump their entire holdings on amateur investors as witnessed with numerous pump-and-dump schemes.Hahah. This pump here, is meant to trap anybody in a position on kucoin $SRM because it’s getting delisted TOMORROW. Maybe now. pic.twitter.com/fVVYumSkNA— IcZ 64 ♣️Geиo Analysis ♠️ (@IcZeno) November 15, 2022Distrust in Serum has grown due to its troubling exposure to FTX. In a Nov. 11 bankruptcy filing, a leaked balance sheet revealed that FTX had $8 billion in liabilities against a reserve mostly comprised of illiquid assets, including SRM.Notably, FTX showed about $5.4 billion worth of SRM tokens in its reserves, or almost 97% of Serum’s total market cap, including the circulating and fully-diluted supply.As a result, the token’s exposure to FTX has raised the possibility of a major selloff. “If FTX had attempted to sell them into the market over the course of a week or month or year, it would have swamped the market and crashed the price,” noted Matt Levine, Bloomberg’s Opinion Columnist, adding: “Perhaps it could have gotten a few hundred million dollars for them. But I think a realistic valuation of that huge stash of Serum would be closer to zero. That is not a comment on Serum; it’s a comment on the size of the stash.”Serum community forks to cut ties with FTXThe SRM price rally in the past seven days coincided with efforts to distance Serum from FTX.Serum’s key backers threw their weight behind an emergency “community fork” after wallets associated with FTX saw suspicious outflows worth $266.3 million on Nov. 11. Brain Long, one of the popular validators on Solana, noted that the fork had renewed the market’s sentiment in SRM.Open Source + Order Book = Open Book. The name also suggests transparency.Post other ideas below. Also, post some #BadNamesOnly for humor. ;-)— Brian Long | Block Logic | Triton One ☀️ (@brianlong) November 15, 2022
Still, Serum’s fork has failed to attract fresh capital toward its liquidity pools. As of Nov. 21, the total-value-locked inside Serum’s reserves was a mere 33,900 SOL compared to 3.3 million SOL at the start of the month.Serum total-value-locked as of Nov. 21. Source: Defi LlamaSerum price collapse ahead?From a technical perspective, SRM stares at the possibility of undergoing massive selloffs in the coming weeks.The bearish argument stems from a descending triangle setup on its daily chart, which suggests more declines ahead if coupled with the previous SRM price downtrend. Descending Triangle patterns are trend continuation setups. Related: Not just FTX Token: Solana price nukes 40% along with other ‘Sam coins’Hence, SRM now eyes a potential breakdown below the triangle’s lower trendline near $0.234. A successful break below the said support would risk sending the price toward the level at length equal to the maximum distance between the triangle’s upper and lower trendline.In other words, SRM price risks crashing to $0.10, or by 65%, by December 2022. Conversely, a breakout above the triangle’s upper trendline near $0.30 could have the token test its 50-day exponential moving average (50-day EMA; the red wave) at $0.56 as its next key upside target.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Čítaj viac
Major cryptocurrency exchanges continue to carry out measures in the aftermath of FTX collapse, now halting deposits in Solana-based Tether (USDT) and USD Coin (USDC).Binance announced on Nov. 17 that deposits of Solana-based USDT and USDC have been “temporarily suspended until further notice” on the platform.The exchange referred to the tokens as “USDT (SOL)” and “USDC (SOL),” as the USDT and USDC stablecoins remain available for deposit via other blockchains.Binance did not provide more information on the measure, adding that it “reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.”Other exchanges such as OKX and ByBit have also delisted Solana-based stablecoins for deposits. OKX suspended their deposits at 3:00 am UTC on Nov. 17, while ByBit reportedly disabled such deposits as of Nov. 17 as well.Source: TwitterAccording to the on-chain data, the supply of Solana-USDC is 62% bigger than the supply of Solana-USDT. The total amount of USDC circulating on Solana amounts to 5 billion USDC ($5 billion), or 11% of the token’s total market capitalization at the time of writing.The total amount of Solana-based USDT stands at 1.9 billion tokens ($1.9 billion), or just about 1.3% of USDT’s total market cap.Related: Binance to liquidate its entire FTX Token holdings after ‘recent revelations’Solana is a decentralized blockchain with an associated cryptocurrency, SOL (SOL), that has been associated with having close ties with Sam Bankman-Fried’s troubled crypto exchange, FTX. (Bankman-Fried was an early investor in Solana via Alameda Research.) Amid the ongoing FTX crisis, SOL has been tanking alongside FTX Token (FTT) and other associated coins.The suspensions of Solana-based USDT and USDC have triggered even more red for SOL, with the cryptocurrency plummeting 7% on the latest news. At the time of writing, SOL is trading at $13.1, down about 60% over the past 30 days, according to CoinGecko.Solana 30-day price chart. Source: CoinGeckoThis news comes soon after Binance announced plans to remove USDC as a tradable asset from its platform. The exchange allows USDC deposits but automatically converts them to its in-house stablecoin, Binance USD (BUSD).Čítaj viac
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.Čítaj viac
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.The second week of November could have been a bullish week, as consumer price index data released on Nov. 10 indicate lower-than-expected inflation. This resulted in a significant rally for traditional stocks, but the crypto ecosystem is currently fighting its own demon.The FTX turmoil has not just tanked the price of the native token FTX Token (FTT), but any token associated with Sam Bankman-Fried or his associate company. Solana, a top-10 cryptocurrency and one of Bankman-Fried’s biggest investments, lost 32% of its market cap over the past couple of days.Chainlink Lab said it would offer proof-of-reserve services for embattled exchanges. The new concept came to light after the collapse of the FTX exchange as a measure that can restore trust in crypto exchanges through greater transparency.The DeFi ecosystem also faced criticism for denying user access based on wallet content. Entrepreneur Brad Mills criticized the so-called decentralized ecosystem and said DeFi rebuilt everything wrong with Wall Street on a blockchain.It was a bloodbath on the crypto street this past week, with the majority of the top 100 DeFi tokens trading in red in the wake of FTX turmoil.Solana TVL drops 32.4% as FTX turmoil rocks ecosystemThe total value locked (TVL) on the Solana chain has plummeted 32.4% in the last 24 hours, as news stemming from the collapse of FTX has sent waves through the crypto ecosystem. According to DefiLlama, at the time of writing, Solana’s TVL has fallen to $423.68 million, down 32.4% in the last 24 hours, a far cry from its all-time-high (ATH) of $10.17 billion on Nov. 9, 2021.Continue readingChainlink Labs offers proof-of-reserve service for embattled exchangesChainlink Labs offered its proof-of-reserve product as a solution to future trust issues in the crypto exchange market on Nov. 10. In a tweet thread, Chainlink Labs asked, “Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge?”In answer to this question, it offered its proof-of-reserve product, which it said is useful “for verifying centralized exchange asset reserves, off-chain bank account balances, cross-chain collateral, real-world asset reserves, and much more.”Continue readingDeFi faces criticism for denying user access based on wallet contentWhile DeFi is expected to be an upgrade to traditional finance mechanisms, some believe that denying users access to decentralized exchanges based on their wallets is a backward move. In a tweet, entrepreneur Brad Mills criticized DeFi for denying users access to decentralized exchanges (DEXs) due to various factors such as location and wallet content. Because of this, Mills described the future of Web3 as a “surveillance panopticon” and said that it has rebuilt everything wrong with Wall Street but on a blockchain. Within the tweet, Mills also shared an image of a pop-up message from 1inch Network’s decentralized application (DApp) restricting access because of the wallet address used.Continue readingReport: GALA token exploit resulted from public leak of private key on GitHubAccording to a new post by blockchain security firm SlowMist on Nov. 7, it appears that the last week’s token exploits affecting the GameFi project Gala Games resulted from a public leak of applicable security keys on GitHub. As told by SlowMist, pNetwork, the cross-chain interoperability bridge used by Gala Games on the BNB Smart Chain, had three privileged roles in its smart contract pGALA.SlowMist went on to explain that both the DEFAULT_ADMIN_ROLE and MINTER_ROLE roles were controlled by pNetwork during initialization. Meanwhile, the proxy admin contract was an externally owned address responsible for upgrading the pGALA contract. However, the firm posted a screenshot alleging that the plaintext private key for the proxy admin owner address was exposed and publicly viewable on GitHub.Continue readingDeFi market overviewAnalytical data reveals that DeFi’s total value locked plunged to $41 billion. Data from Cointelegraph Markets Pro and TradingView show that DeFi’s top 100 tokens by market capitalization had a bearish meltdown due to the FTX saga, with the majority of the tokens registering double-digit losses over the past week.Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education in this dynamically advancing space.Čítaj viac
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