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Eligible XRP HODLers On Coinbase To Recieve Spark Tokens

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Nearly a week before Flare Network’s scheduled airdrop of Spark tokens to the XRP holders, Coinbase announced its plan to support the event. As revealed in the official blog post, the eligible customers holding an XRP balance on Coinbase or Coinbase Pro on the snapshot date and time of 12th of December 2020, 00:00 AM UTC, will receive Spark tokens from Coinbase at a later date after the launch of Flare network.

Furthermore, the amount of Spark tokens received by the user depends on the amount of XRP holdings in their account at the snapshot time. Prior to the snapshot time, sends and receives will be disabled and would resume shortly after the snapshot is complete.

While acknowledging that Coinbase’s decision to support any asset requires significant technical and compliance review and may be subject to regulatory approval in some jurisdictions, the platform further notified,

“We, therefore, cannot guarantee when or if Spark will be available for distribution in any specific jurisdiction at this time. We will add support jurisdiction-by-jurisdiction, subject to applicable review, and authorizations.”

More than 65 platforms have extended support for Flare Network’s airdrop. Apart from Coinbase, other prominent platforms in the list include names such as Binance, Bitfinex, Bithumb, Bitstamp, eToro, OKEx, Kraken, Huobi.

Why the Hype?

Coinbase has been a little late in the game as just last week, Flare Networks had claimed the platform of “barely engaging” with Flare. It went on to say that the crypto exchange was likely “too late to do the work” to support the Spark’s FLR distribution at this point. Nevertheless, Coinbase became the latest platform to have signed up for the airdrop, but why the hype?

To answer that question it is essential to understand that Flare Networks is essentially a blockchain network that is funded by Ripple. On the 13th of November, it announced an upcoming airdrop, called the Spark Airdrop Program which enabled anyone holding XRP to receive free tokens at a 1:1 ratio.

Spark is the native token of the Flare Network, which is a system that is focussed on bringing Ethereum-like functionality to the XRP Ledger. Flare Network’s official release had previously outlined,

“Flare is the world’s first Turing complete Federated Byzantine Agreement [FBA] network. It integrates the Ethereum Virtual Machine [EVM] and does not derive safety from a token… Flare’s token, Spark is created through what may be the first-ever utility fork whereby the origin network, in this case, the XRP Ledger, benefits through increased utility”

The latest airdrop development has caused a stir in terms of XRP’s value as well. This could be attributed to Ripple’s CEO Brad Garlinghouse’s push in a recent interview with CNN wherein he said that Flare “doing some very interesting stuff with something called the Spark token”. While admitting that the network was quite different from that of Ripple the exec had claimed that the latest stint as an example of people’s recognition that “XRP is such an efficient digital asset”.

XRP’s Breaks A Major Downtrend

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XRP has witnessed a monumental rise as the day for the much-anticipated airdrop neared. Despite this, XRP’s price has not been able to break the $1 barrier yet. However, after a pretty mundane consolidation over the past two months, XRP’s price rose to levels not seen since June 2018. It touched $0.705 before retracing to its press time price of $0.609.

Bitcoin Still Too Volatile To Be A Long-Term Store Of Value Like Gold, Suggests Steve Forbes

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Bitcoin has been often compared to gold as the two entail similar qualities. Both Bitcoin and gold are considered to be a store of value assets. While gold has been viewed as an age-old investment method, several have been steering towards Bitcoin for the same. Speaking about the same, Steve Forbes, the Chairman and the Editor-in-Chief of Forbes Media appeared in an episode of What’s Ahead.

Bitcoin Not Quite There To Become The New Gold

Touted as digital gold, Bitcoin’s characteristics have pushed the coin to be matched with gold. This year proved to be exceptionally interesting for the coin. After going through a halving the king coin went on to surge by over 160% throughout this year. While several have veered into the market following this price movement of the coin, Forbes believes that it still has a long way to go in terms of taking the place of gold. He added,

“It may well become the new gold, but that day is not yet here for now gold is the best insurance against inflation.”

The volatile nature of crypto has hindered the growth of crypto. Elaborating on the same, Forbes suggested that Bitcoin would fail to embody the role of a long-term store of value asset as it is too volatile. He however agrees that Bitcoin is a good store of value asset, yet he suggests that it shouldn’t be mistaken to be better than gold.

While Bitcoin stands at $19,044.54, Forbes is still inclined towards gold. He pointed out that several crypto enthusiasts fail to see that gold entails an intrinsic value that is greater than anything else on the globe. He added,

“Experience has repeatedly demonstrated for thousands of years that fixing a currency to gold is the best way to achieve monetary stability. We did very well in the gold standard here in the U.S. from the 1790s to the 1970s achieving the highest rates of growth in human history.”

Crypto Mom Urges SEC To Roll Out New Crypto Friendly Laws

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With the growing interest in crypto, financial watchdogs from all over the globe have been formulating regulations that would govern the crypto industry without hindering its growth. However, the Securities and Exchange Commission [SEC] of the United States of America has time and again revealed that it lacks the right kind of framework that would let the cryptocurrency industry function unfettered. Hester Peirce aka Crypto Mom has been urging the SEC to put forth better regulations and Peirce has prolonged her attempts.

Crypto Mom Urges SEC To Look Upto Wyoming With Regard To Crypto Regulations

Hester Peirce recently took over as the Commissioner of the Securities and Exchange Commission [SEC] of the United States of America, once again. Peirce is popularly known as the Crypto Mom for her endorsement of the digital asset industry. Peirce has been a strong advocate of the prospects of the crypto-verse. While she has been hoping that the SEC would come up with a better regulatory environment for the crypto industry, Peirce prolonged her espousal about the same.

Appearing in the recent interview with John Whelan, the Managing Director of Santander Bank for the ‘Ethereum in the Enterprise – Asia Pacific’ conference, Peirce pointed out the shortcomings of the SEC in terms of regulating the virtual asset industry. Crypto Mom went on to suggest that the SEC could learn from the regulators of Wyoming who have been remarkably progressive in terms of regulating the crypto-verse.

She added,

“I absolutely think we need new rules. Our securities laws are designed to be quite flexible to stand the test of time and I think they largely do.”

The entire cryptocurrency community was beyond excited after Peirce was once again elected to take over the Commissioner post. In her recent interview, Peirce also pointed out that several platforms in the digital asset and blockchain industry were investing a lot of money as well as time seeking regulatory decisions from the SEC, only to get the opposite. Peirce also addressed the fact that existing laws do not comply with the crypto-verse. She said,

“I do think there are some issues that crypto raises that are not neatly solved by our existing securities laws. I would like to see a little more innovation on the regulatory side.”

DeFi Platform Cream Finance Announces Integration of Chainlink Price Feeds

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Peer to peer lending and exchange platform, Cream Finance announced the integration of Chainlink Price Feeds on the Ethereum mainnet as its primary oracle solution throughout all Cream markets.

According to the official release, the Chainlink network will be providing pricing data on the Ethereum mainnet to C.R.E.A.M for the ETH-denominated markets such as LINK, COMP, YFI, BUSD, USDT, USDC, UNI, and AAVE.

Announcing the same, Cream Finance stated,

“We are pleased to now use Chainlink’s market-leading decentralized network of price oracles to leverage high-quality off-chain pricing data for calculating the current volume-adjusted market prices of assets.”

Utilizing Chainlink, Cream will be able to leverage Sybil which is a decentralized network of independent resistant oracle networks to derive market prices for many leading cryptos. The blog post further mentioned that each Chainlink oracle node sources price data for multiple premium off-chain data aggregators.

This is to verify that the data source itself indicates a volume adjusted average aggregated from across both CEXs and DEXs. Following which, the responses of the individual nodes’ are then aggregated to construct a weight-adjusted on-chain price that Cream Finance’s smart contracts can reference when making loans or receiving deposits.

In return, Chainlink will guarantee that Cream Finance has access to robust and accurate price data to support a safe and reliable liquidation process, even during irregularities and anomalies be it flash loans, high gas prices, periods of network congestion, and centralized infrastructure outages.

Furthermore, Cream Finance has also confirmed that LINK holders will be able to use their tokens as collateral on its platform following the integration.

TWJ had earlier reported crucial collaboration of Cream Finance according to which Yearn Founder Andre Cronje revealed that the developers of both Yearn and Cream have teamed up to launch Cream v2. The main objective of this merger was to focus on lending and leverage products. Additionally, Cream v2 would enable earning yield with leverage and was slated to be a launchpad for future collaborative lending products of the two DeFi platforms.

Litecoin [LTC] Rallies Following Massive Setback

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Litecoin [LTC] saw a massive rebound from the support level of $69 as it swiftly climbed to challenge the recently retraced level. The rise of the fifth-largest token has been slow but steady. As the price level aimed for a positive, sustainable breakout, a case of a mild pullback cannot be ruled out.

Over the last 24-hours, Litecoin was up by 15.02% which drove its price to $90.08 as it held a market cap of $6.008 billion and a 24-hour trading volume of $8.042 billion, at the time of writing.

Winning the uphill battle to resistance at $80, Litecoin noted a successful recovery mission, and it appeared to be continuing its uptrend.

Litecoin [LTC] Daily Chart:

LTC e1606822405634

Litecoin’s [LTC] technicals look positive. Holding above the two moving averages has been a critical bullish indicator that the uptrend would continue in the near-term.

The 50 DMA [Pink] noted a minor slip following the correction, however, it was swift to maintain the diversion from the 200 DMA [Blue]. This trend was very much in tandem with the price and essentially evidenced the continuation of a bullish phase despite the setback.

Currently, the two moving averages formed crucial support levels for the coin.

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The dotted marker of the Parabolic SAR shifted below the ETH price candles following a short stint above them. This was indicative of the volatility in the coin’s price and the rapid shift in momentum.

The Chaikin Money Flow also climbed as the price rose which depicted the inflow of money in the ETH market after facing a massive negative reversal.

The above daily chart confirmed the selling pressure at $69.29. If the bullish pressure sets in, Ethereum [ETH] could see a surge to its crucial overhead resistance of $101, a level that was last seen during the bullish wave leading up to the coin’s halving event. If it manages to hit this level, a rally to another market at $116.

It is also important to note that Litecoin has been trading in a wave-like movement. Hence, traders eyeing short terms local highs could materialize which could drive the price to $69. 50 DMA, as well as 200 DMA, formed a crucial support level at $63.6 and $52.44.

Tron’s [TRX] Downside Pressure Could Sabotage An Imminent Rally

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For the most part, Tron [TRX] remained in a bear market even as its peer altcoins went on to climb critical resistances. TRX underwent a brief bullish upsurge after breaching $0.03095 before bears invalidated the momentum. Since then, the coin faced repeated rejection and was struggling to hold on to the level.

Tron has witnessed a strong surge in terms of activity, and it was even reported that the project’s DApp transaction volume figures had recently crossed that of the Ethereum network. But on the price front, things look dim. Tron’s growth has been quite slow this quarter but will it show consistency in the near future?

Over the past 24-hours, Tron [TRX] noted a minor decline of $0.70% which drove its price to $0.03097. The 16th-largest cryptocurrency registered a market cap of $2.21 billion and a 24-hour trading volume of $881 million, at the time of writing.

Tron [TRX] Daily Chart:

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Tron resumed an uptrend despite the bearish pressure. The daily moving averages appeared to be depicting a positive outlook for the coin’s price in the near term. After a period of convergence, the two moving averages were hovering in parallel to each other as the 200 DMA [Blue] settled below the 50 DMA [Pink].

This was indicative of a potential period of consolidation below the current range of $0.0309 before a potential upward break targeting another crucial overhead resistance at $0.0348. However, to reach $0.040, the main hurdle is still stood unbreached at $0.0380.

Bullish Signs

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Its technicals, however, depicted a different picture. The diverging Bollinger Bands sugged a period of high volatility on TRX’s price in the coming days. the RSI also moved above the 50-median line in tandem with the latest price action. This evidenced a potential sentiment of rising buy pressure among the TRX investors in the market.

A close below the current level would further trigger a downside correction to its nearest support level of $0.026, near the 50 DMA. A further breach of this level could potentially drag the price to $0.022, a level last seen in August. The key resistance levels, on the other hand, were found at $0.0348, $0.038, and $0.040

Yearn Finance Announces Third Major Integration

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It has been a busy week for the decentralized Finance [DeFi] protocol, Yearn Finance as it continued its merging spree. In less than a week, after two high profile integration, comes yet another development of a similar agreement, this time with Cover Protocol.

In an official blog post, Yearn Founder Andre Cronje announced that the DeFi protocol has joined forces with market coverage provider, Cover Protocol. It further revealed that the developers of the two platforms have been working together for a long time, since Cover’s inception to be precise, hence the collaboration was “natural” for both the parties.

The two teams would be working together as one in a bid to optimize, enhance, and amplify the work that is already in progress. Yearn will be focussing on its vaults, while Cover’s role entails as the backstop coverage provider for the Yearn product suite, as well as for DeFi as a whole.

While outlining a series of promising possible synergies, Cronje went on to include an enhanced utility for the Cover’s CLAIM token, which will act as collateral and become a borrowable asset for Yearn, as well as enhanced security for Yearn vaults via Cover’s market coverage. In addition, Cover products such as perpetual coverage will also get an expanded addressable market.

TWJ had previously reported how Yearn Finance has plunged in with the opportunity after Pickle Finance’s hack and announced the collaboration with the platform to create new vaults and strategies. Two days later, Yearn tapped Cream Finance. It is important to note that both the platforms were onboard for the purpose of enhancing the core competencies of Yearn while also pushing the protocol into new markets simultaneously.

Yearn Finance [YFI] Returns From A Bearish Hiatus

yearnfinance charts

Yearn Finance’s native token [YFI] has positively responded to the developments as it took a surprising turn after laying low for more than a month. It recently neared $30K, a level that was last seen in September.

At the time of writing, YFI settled at a price of $23,372 after a minor surge of 1.72% over the last 24-hours. Another crucial factor of the rise of the token was the Bitcoin’s rally. While at press time, the selling pressure seems to have overpowered both Bitcoin and Ethereum, on the other hand, YFI’s technicals remained strong.

Chainlink’s Oracle Network Adds Another Feather To Its Cap With Integration Into Beam

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Chainlink’s oracle network has been integrated into several platforms. Over 315 projects, including, 74 blockchains, 98 DeFi, 23 data providers, 44 nodes, and several others have integrated oracle. The crypto-verse has been steering towards DeFi. A “Confidential DeFi platform”, Beam is all set to incorporate Chainlink’s oracle network.

Beam Joins The Chainlink Oracle Family

Back in June, Beam steered towards confidential assets specifically during its third hard fork during the EE 5.0 release. Now the platform intends to employ Chainlink’s Oracle network for its confidential stablecoin protocol and its ERC-20 bridge for transferring assets between BeamX and Ethereum. A recent blog post, penned down by Beam, pointed out the need for accurate and secure price data that would aid in the execution of smart contract protocols in the DeFi dApps sector. Beam revealed that it intended to go with Chainlink following the billions of dollars that it has secured in on-chain value.

Detailing the execution of the project the post further read,

“Beam will implement the Price Feed workflow by providing a Chainlink External Adapter that allows Chainlink nodes to write information directly into the Aggregator Contracts. These Aggregator Contracts will run on the BeamX blockchain and be consumed by application-specific smart contracts.”

Elaborating on the selection of Chainlink’s oracle network, Beam further revealed that apart from providing premium data and decentralized security, the network was trusted by many. The Chainlink oracles have stood as a substantial barrier against Sybil attacks as well as congestion of networks. Furthermore, Chainlink has reportedly provided the developers of Beam with live, time tested decentralized price oracles that secure large funds in on-chain value.

Guy Corem, the Board Director at the Beam Foundation pointed out the importance of privacy and confidentiality. He added,

“A core part of building confidential DeFi applications is highly available and tamperproof price feeds, with market coverage across all trading environments as opposed to a single exchange.”

Binance’s CZ Garners Appreciation From Vitalik Buterin

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Binance has been rightfully touted as the world’s largest cryptocurrency. The crypto platform has been garnering the attention of members in and outside the crypto-verse. The platform has expanded into several countries across the globe. The exchange revealed that it was not all about garnering profits after it donated in millions in relief of COVID-19.

Ethereum’s Vitalik Buterin Lauds CZ For Binance’s Contribution To The Battle Against COVID-19

The entire globe was done with the damage that the COVID-19 pandemic had done. It was time to step up and fight against the virus. Changpeng Zhao was one of the contributors to the fight against the pandemic. In a Ask Me Anything [AMA] session, CZ revealed his take on the whole situation and his benefaction to the battle against it. CZ’s crypto platform, Binance continues to provide medical supplies and in the AMA he said,

“We are donating physical supplies, masks, other medical supplies, hopefully, eventually, ventilators.”

Binance, on its website, published the amount that the platform had raised for COVID-19.

Binance

Binance had garnered appreciation from a wide range of people from the industry for its philanthropic work. Ethereum’s Vitalik Buterin was the latest one to praise CZ and Binance for his charity. CZ had initiated the conversation by saying,

Binance

For his first tweet, Buterin replied by saying, “Bitcoin is cool!” This was followed by an appreciation of Binance as well as CZ. In his tweet, Buterin said,

“I appreciate Binance’s good work too! Also the charity stuff you have been doing is valuable and sets a great example. Thumbs up”‘

Both Binance and Ethereum’s native coins were seen garnering great profits during the recent bull run. ETH especially had pushed past $600 and caught the attention of everyone.

Furthermore, CZ also suggested that he was friends with Buterin. His tweet read,

“yes, IMO. We bash each other “unintentionally” once in a while, but no grudges, haha. He’s a genius.”

Apart from its donations for COVID-19, Binance has set up fundraising for several causes including the Australian Bushfire, Binance Lunch for Children, Humanity First Project for Refugees, Pink Care Token Project for Period Poverty – Helping Women In Need of Better Feminine Care along with several others.

Huobi Global Launches Its Newest Platform Huobi Labuan In Malaysia

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The crypto platforms have been steering towards jumping into different markets. Exchanges like Huobi and Binance have been stepping into almost every country. Recently the Huobi Global revealed that it was entering into a new market. As the interest and demand for crypto rises, crypto platforms have been working on providing users with an array of services across the globe and Huobi seems to have just jumped on to that bandwagon.

Huobi Steers Towards Malaysia

Huobi Globals seems to be spreading its wings across the world. The platform set out to take over the Malaysian market with the launch of Huobi Labuan. The exchange recently acquired a thumbs up from the Malaysian regulators. The brokerage service license that Huobi garnered will allow it to present the citizens of Malaysia with spot and derivatives trading services. Huobi’s Malaysian wing would be employing an all-in-one solutions provider, Huobi Cloud.

Receiving a license from the financial regulators is a tough nut to crack, especially if one belongs to the crypto-verse. However, Huobi managed to garner a license in September 2020. Even though the platform, Huobi Labuan is starting off with a nine-month trial operation, it has listed a wide range of assets. At present Huobi hoards, Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH], Ethereum Classic [ETC], EOS as well as HT. The platform revealed that it would welcome more cryptocurrencies into the fold right after the trial period is over.

The press release further said,

“As an independent trading platform licensed under the Huobi brand in Malaysia, Huobi Labuan aims to provide safe and trusted digital transaction brokerage services to local users through the Huobi Cloud technology.”

Malaysian financial authorities have been working towards regulating the crypto market. The country has been probing into several crypto platforms. In October, the Malaysian Securities Commission had rolled out a framework that regulated digital assets.

Similar to Huobi, another prominent crypto exchange, Binance has been exploring the prospects of new markets. The exchange has dipped its toes in several markets across the globe.