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Tron-based JustSwap attracts more users than Polygon’s DEX QuickSwap

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Tron-based automated liquidity protocol, JustSwap has clocked in more unique active users in its platform than the Polygon-based decentralized exchange, QuickSwap. For the longest time, QuickSwap has held the second position in DappRadar exchange rankings in terms of users.

However, according to the latest chart by the digital analytics firm, JustSwap has managed to “swoop in and replace it.” Over the past 30 days, DappRadar revealed that the Tron-based decentralized trading protocol has drawn almost 200,000 unique users. QuickSwap, on the other hand, saw a little more than a 1% increase in the number of users interacting with its smart contracts.

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Tron-based JustSwap attracts more users than Polygon's DEX QuickSwap 3

Meanwhile, the number of transactions on the Tron-powered platform surged considerably to more than 550,000. This trend was indicative that on average, users conducted approximately 2.8 transactions. It was quite a feat for JustSwap since Polygon has rapidly amassed a lot of users under its hood as it shot to fame this year.

In the past month, JustSwap facilitated more than $300 million through its smart contracts. However, even as the users and the number of transactions rose, the two indicators had little effect on the volume which saw a drop of more than 50%. Besides, Tron-based platforms are becoming rapidly popular. As a matter of fact, three out of the top seven DEXs for the period are Tron-based when ranked by unique active wallets.

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Tron-based JustSwap attracts more users than Polygon's DEX QuickSwap 4

Tron, Ethereum, Polygon, Solana, the list goes on

As Proof-of-Stake [PoS] consensus gained traction, blockchains have also been increasing along with it.

The market for competing blockchains has never been more crowded and complex before. Numerous platforms are now offering variations on the same products, while others have come up with unique offerings. The shift from the dominant Ethereum has been transparent because of its perennial congestion issues and high gas fees. Apart from Tron, there are several other blockchains that have quickly emerged as viable alternatives for the Ethereum network. Some of which are Cardano, Tezos, EOS, Solana, Algorand, NEO, and Avalanche, among others.

Tron among 10 blockchain platforms stablecoin USDC plans to expand

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Tron has been chosen as one of the ten blockchain platforms that Centre has enabled its members to issue the stablecoin USDC. Center is a consortium that is operated by cryptocurrency exchange Coinbase and payments firm Circle. Initially launched on the Ethereum blockchain, USDC was slowly expanded across other platforms such as Algorand, Stellar, and Solana chains in late 2020.

Apart from Tron, USDC will now be implemented on Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, and Tezos. The official press release of the stablecoin issuer read,

“From inception, our vision was to support USDC on multiple blockchain platforms. Bringing USDC to multiple chains enables users to take advantage of the speed, scalability and cost efficiency provided by next generation public chains.”

The latest move by Center is touted be the extensive expansion of the leading stablecoin as it eclipsed the eight blockchains that support the market leader, Tether’s USDT, which boasts a market cap of more than $62 billion. Over the past couple of months, USDC has witnessed massive growth especially due to unprecedented rally in the cryptocurrency market. The expansion comes in the heels of USDC surpassing the $25 billion market cap for the first time ever.

Following the development, Tron Foundation CEO, Justin Sun tweeted,

“Stablecoins will continue to play an important role and thrive in the cryptocurrency market, and TRC20-USDC’s roadmap and development on TRON is most definitely something to keep an eye on!”

Tron as a popular alternative

Tron also hosts USDT which has seen equally explosive growth in the past quarter. Another biggest contributing factor that resulted in the growth of the USDT on the Tron blockchain was the frustratingly high transaction fees on Ethereum that led many market participants who often use the stablecoin during trading to leave promptly from short-term trades and lock in gains with an asset at a stabilized value.

Just last month, the stablecoin issuer Tether had released 30 billion USDT as TRC20 tokens on the Tron blockchain, which went on to become the highest amount the stablecoin has ever issued on any chain.

Dogecoin [DOGE] takes a leap towards $0.40 following the bull invasion

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The crypto-verse is full of surprises. Yesterday, the entire crypto market noted a massive downfall; today, however, assets like Dogecoin [DOGE]. Ethereum [ETH] and Binance Coin [BNB], along with several others, were seen steering towards the bull. Bitcoin [BTC] was back at $37K with a 3% surge in the last 24-hours. Price wasn’t the only aspect that rose; the market cap followed suit. At the time of writing, the overall market cap of the crypto-verse was at $1.71 trillion.

Dogecoin [DOGE] has undoubtedly turned heads as it grew in terms of price as well as popularity. The altcoin started as a mere meme coin but got close to Bitcoin in terms of fame. In addition, DOGE garnered endorsements from several prominent people, which further put the altcoin on a pedestal.

During press time, DOGE was trading for $0.38, with a 6.47% rise in the last 24-hours. Even though the altcoin was part of the latest crypto slump, it acquired up to 24% gains over the previous seven days.

Additionally, the market cap of the altcoin was noted at $50.32 billion. This further put the coin on the sixth spot.

Dogecoin [DOGE] one-hour price chart on Binance

Dogecoin
Dogecoin [DOGE] takes a leap towards $0.40 following the bull invasion 7

The short-term price chart of Elon Musk’s favorite coin revealed that the bulls were residing in its market. The Parabolic SAR indicator was the first to note the presence of the bull as it formed dotted lines below the candlesticks. This support line restricted any form of a downward breakout.

The Awesome Oscillator indicator laid out dainty green closing bars. Despite this, Dogecoin was seen rising. The MACD indicator followed suit and formed a bullish crossover. The altcoin underwent this transformation earlier today and retained the same.

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Dogecoin [DOGE] takes a leap towards $0.40 following the bull invasion 8

The one-hour price chart of DOGE noted that the market sentiment shifted from sellers’ to buyers.’ In addition, the Relative Strength Index [RSI] indicator had just surpassed 50 median and announced a buyers’ market.

Cardano, Polkadot Tops Staked Cap Dominance; Tron Slides To 11th Spot

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Cardano and Polkadot have just added a new feather to their respective caps.

Over the past couple of years, a large number of ETH ‘killers’ and rivals have emerged whose popularity has exploded in Q1 of 2021. One such is Charles Hoskinson’s brainchild with a highly ambitious roadmap – Cardano blockchain, whose staking metrics demonstrated strong fundamentals.

So much so that Cardano is now dominating the charts in terms of the staked capitalization rankings according to the latest stats published by Staking Rewards.

Cardano Dominates, Polkadot Trails Behind

Staking Rewards
Cardano, Polkadot Tops Staked Cap Dominance; Tron Slides To 11th Spot 10

The blockchain is currently leading the pack and users reportedly staking $27.12 billion worth of ADA on it. In short, out of the total market cap of $38.28 billion, 73.27% of circulating ADA are being staked by the users. Staking Rewards site also estimated that the ADA stakers of the network receive an annual reward of 7.23%

Trailing just behind Cardano is Polkadot with a staked amount of $22.941 billion worth of DOT being devoted to securing the network, at the time of writing. Of the total $33,07 billion market cap, 64.16% are being staked by the DOT users, The annual reward received by the DOT stakers was estimated to be around 13.15%.

The Proof-of-Stake [PoS] consensus mechanism has become rapidly prominent among several notable cryptocurrency projects, especially with the launch of Ethereum 2.0. PoS model and its variants do not need validators to use their computational power through mining rigs to secure the network as in the case of PoW models.

Here, validators instead lock up a certain amount of their native tokens to authorize transactions and subsequently add new blocks to the blockchain. This process is known as staking.

Ethereum 2.0, on the other hand, is now the fourth spot by staked value with $8.24 billion. with a minuscule 3.31% of the total $249.5 billion market cap being staked by users. In addition, ETH stakers are generating a 7.57% in terms of annual reward. Eth 2.0, however, fell from the third spot for staked capitalization recently after Solana intensified its race and recorded a total staked value of $9.36 billion.

Tron Exits Top 10

Over the past several months, TRX has been extensively used for the purpose of staking. The native token of the highly scalable, DPoS-based [Delegated Proof-of-Stake] Tron blockchain has been widely popular among stakeholders. Despite this, Tron has slid way down to the 11th position as it amassed a staked value of $3.62 billion.

With Mutual Listing, CryptoLocally and Serum Enter the Next Phase of Their Partnership.

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The cryptocurrency market has taken a turn for the better with prices climbing up and multiple parties entering the industry. The area has also been helped along by joint partnerships by companies whose collaborations have elevated the cryptoverse’s reputation in the mainstream realm.

Just last year, Cryptolocally announced that they had partnered with popular P2P decentralized exchange Serum to conduct a mutual listing program/ According to the reports, Cryptolocally will list Serum Token as the first Solana based SPL digital asset while Serum DEX will support GIV on their decentralized exchange. 

The partnership will seek to bring in more investments from new users while creating a concrete infrastructure alongside it. The partnership, which was announced in September, mainly cited the main objectives as jointly integrating features of both the parent exchanges. Sources close to the partnership informed TWJ that the SRM listing is also a way to popularize the blockchain’s functionality. 

A press release from Cryptolocally said:

“The CryptoLocally development team is currently working on integrating more Solana features. These include supporting SPL token conversion, integrating Serum into CryptoLocally’s Defi Finance wallet, and running its own Serum node. The integration of SRM token into its Finance wallet is CryptoLocally’s bid to bolster its position as the only truly decentralized P2P trading venue with Defi integration.”

Listing the SRM token on CryptoLocally’s platform is expected to allow SRM to access the latter’s fiat gateway network. CryptoLocally has built the reputation of having a broad range of fiat payment methods in many jurisdictions. It will also benefit from the simple, fast, and user-friendly UI of CryptoLocally allowing new users without trading experience to buy and sell SRM tokens without having to learn the often convoluted process of using a decentralized exchange. 

CryptoLocally made a name for itself by launching its GIVernance token and the subsequent ecosystem. Adding Serum DEX to CryptoLocally will allow GIV to tap into Serum’s DeFi programs. DeFi has been on the up and up since last year as crypto institutions bet big on a decentralized economy. The GIV token is issued on both Ethereum as an ERC20 token and on Binance Chain as a BEP2 token. Next in line for the token will be issuing it on the Solana blockchain as an SPL token. 

Serum has repeatedly stated that users are the most important aspect of the trading floor with features being added routinely. Being part of the native DEX, SRM has a total supply of 10 billion units and is primarily used to reduce trading fees on the platform.

TRC-20 Tether [USDT] Circulation On Tron Exceeds $12.4 Billion

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More than $12.4 billion in the stablecoin Tether [USDT] has been issued on the Tron [TRX] blockchain as revealed by the foundation’s CEO Justin Sun.

This development comes three weeks after the project founder had revealed a milestone of $9.3 Billion USDT issued on Tron which was achieved after 644 days. The number of USDT issued on the blockchain has increased significantly since the first-ever 10 USDT was issued all the way back on the 17th of April, 2019.

The world’s largest stablecoin is also issued on a myriad of chains including Bitcoin Cash, EOS, Liquid, Solana, and Algorand.

And for the longest time, a great majority of Tether were minted using Ethereum’s ERC20 standard. However, the minted stablecoin using the TRC20 standard has seen a much larger transaction count in 2021.

Tron has rapidly emerged as the fastest-growing blockchain for USDT issuance.

Coin Metrics
TRC-20 Tether [USDT] Circulation On Tron Exceeds $12.4 Billion 12

TRC20-based USDT has seen a higher transaction count than ERC20-based USDT tokens every day this year. According to the latest chart compiled by Coin Metrics, it was found that Tron captured more transactions than both Ethereum and Bitcoin combined.

In a recent edition, Coin Metrics’ ‘State of Network’ report had revealed,

“Tether activity has increasingly shifted over to the Tron version of the stablecoin. Since the beginning of 2021, the amount of USDT_TRX active addresses has eclipsed the number USDT_ETH active addresses.”

Why Has Tron Been Successful In Attracting More Users?

The shift in this sentiment is undoubtedly the massive transaction fee in the Ethereum network that has resulted in users looking for affordable alternatives. In the case of Ethereum, the transaction fees have risen due to rising demand stemming from the flourishing decentralized finance [DeFi], while Tron fees, on the other hand, have remained minuscule.

Hence, the TRX network has managed to attract the issuance of not just teh most popular and widely used stablecoin but also other digital assets on its blockchain. The blockchain now hosts TRC-BTC, TRC-ETH, WBTC, WETH, WLTC, and TRC-AMPL.

Moreover, Sun had also hinted that more ‘wrapped’ digital assets will be issued on the network.

Harvest Finance Says Attacker Behind Hack -‘Well-Known in Community; Puts $100K Bounty

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Harvest Finance has been in the spotlight for quite some time, and not for good reasons. According to the latest reports that emerged in the early hours of Monday morning, the DeFi yield farm protocol has been drained by nearly $24 million from its pools and swapped for renBTC [rBTC].

Confirming the news of the hack, Harvest Finance revealed “working actively” on the issue of mitigating the economic attack on the stablecoin and BTC pools. The hacker reportedly used Tornado Cash, which happens to be a privacy tool for obfuscating the history of Ether.

Following which the hacker[s] reportedly sent back nearly $2.5 million to the deployer in the form of Tether [USDT] and USD Coin [USDC]. These, according to Harvest Finance will be distributed to the affected depositors pro-rata using a snapshot. Besides, the attack was made possible by manipulating stablecoin prices on another DeFi platform, Curve Finance.

The Harvest Finance team joined forces with Ren Protocol to locate Bitcoin addresses where the funds were transferred. Harvest Finance’s representatives had also asked major exchanges to freeze the allegedly stolen funds and block the addresses.

Bounty Hunt

Harvest Protocol further tweeted,

“We will release a post mortem report within the next 16 hours, and work on future risk-mitigation strategies against flashloan economic attacks, including evaluating insurance options, as well as reparation strategies. For the attacker: you’ve proven your point, if you can return the funds to the users, it would be greatly appreciated by the community, including many bystanders watching DeFi from afar”

Furthermore, Harvest Finance stated that there was a “significant amount of personally identifiable information on the attacker”, who is “well-known” in the crypto community. Additionally, the platform went on to say that it was putting out a 100k bounty for the first person or team to reach out to the attacker. It further tweeted,

“We are not interested in doxxing the attacker, your skill and ingenuity is respected, just return the funds to the users”

Harvest Finance is yet another DeFi protocol that seeks the highest-earning pools to farm, a concept very similar to Yearn Finance. The latest news comes just a day after popular DeFi analyst Chris Blec claimed that the platform held just one “admin key” that can potentially drain funds locked in the protocol’s contracts.

https://twitter.com/ChrisBlec/status/1320375400141328384

Bitfinex and Tether CTO Comes to the Rescue for User Who Lost $1 Million During Transfer

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The world of virtual assets has been the subject of speculation and strife since its inception, primarily because of the transfer of large sums of capital.  As years have passed, industry officials have also tried to ensure proper transparency and protection for all users.

This focus on security was put on show recently when a user was able to receive their holding safely after having sent it to a false address. The user in question had sent $1 million to an unknown Swerve token contract and later found that it had all been lost. 

The issue was discussed by an entire Discord chat where users opined that the chances of the funds being recovered were very little. Some members of the group stated that the ideal way to send money to an address was to send a couple of dollars in the beginning and then confirm its legitimacy. The seriousness of the issue was escalated to such an extent that it even involved the Chief Technical Officer of Bitfinex and Tether, Paolo Ardoino.

The Tether official came to the rescue by claiming that the capital could be recovered because the transaction involved Tether. His tweet read:

Tether was considered as the ideal mode of transfer because of its connection to the United States dollar. Bitfinex and Ardoino himself have assured the concerned user that any further relevant steps will be taken to ensure the capital is safely returned. Ardoino further reiterated that users need to be careful when they use DeFi projects. Many users have complained about DeFi projects in the past because of the threat of transactions landing in the wrong place.

The Tether CTO also provided the trail of the $1 million recovery via an etherscan link. The transaction had a hash of 0x0b44bf8681cbfb337f1c0f5bdb2b662a070e29eb204ec848a575c8dc3549413e on block number 10841656. The funds were sent from a wallet with the address 0xabbc27c71eb28dc52098c8e2b4dafb428d559ffb.

 

Algorand Becomes Official Chain For USDC After Stablecoin’s Launch On Mainnet

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Goldman Sachs-backed global fintech firm Circle announced the launch of its stablecoin USDC on Algorand’s mainnet. In collaboration with the Centre Consortium, the platform announced that Algorand is now an official blockchain for USDC.

Following this development, Algorand becomes the second major blockchain to have the two most popular stablecoins- Tether [USDT] and Circle’s USD-pegged stablecoin USD Coin [USDC] after Ethereum.

According to the official blog post, the Algorand implementation of USDC will allow on-chain transactions that provide nearly instant settlement finality [5 seconds], with a transaction throughput approaching 1000 tps and current average transaction fees of nearly 1/20th of a cent [USD]. Using public APIs, developers can also swap USDC across Ethereum and Algorand.

Commenting on the new launch, cryptography pioneer and Turing award winner Silvio Micali, Founder of Algorand, Inc stated,

“This is a defining milestone for frictionless mainstream payments as well as sophisticated financial applications. This launch brings together the convenience of USDC and an advanced protocol for global financial exchange in which Layer-1 smart contracts are as simple and secure as ordinary payments.”

Previously in June this year, Circle had partnered with the not-for-profit organization, Algorand Foundation to bring fiat-backed stablecoin capability to the Algorand blockchain, as part of the broader effort from Centre Consortium for the development of Multichain USDC.

skew main usdbacked stable coin contenders market cap usd

Besides, over the past year, USDC has grown significantly making it one of the largest stablecoins in the world. Its market cap stood at $1.83 at the time of writing. Having the two most popular stablecoins is likely to attract more high-value stablecoins on Algorand. Additionally, this launch also opens doors for the foundation to get a boost from Circle’s extensive list of investors with industry giants, such as Bitmain, and Goldman Sachs.

While stating that the launch represents a significant improvement to the stablecoin’s scalability, improving its utility and making it a significantly more useful protocol for solving real-world financial problems, Alesia Haas, Chief Financial Officer at Coinbase also added,

“Expanding USDC from Ethereum to additional blockchains like Algorand will ensure USDC has the flexibility to support everything from emerging DeFi projects to large-scale financial institutions.”