Search Results for: ethereum

DeFi Project Yearn.Finance’s Founder Wants to be Uniswap Protocol’s Delegate

September 20, 2020 by Reena Shaw

Uniswap has been making quite a buzz in the DeFi space. The popular lending protocol recently announced the launch of its highly anticipated UNI governance token on Ethereum mainnet, which has already had a massive impact with the token’s price skyrocketing followed by several centralized cryptocurrency exchanges such as Binance and Coinbase Pro opening trades for it.

This Ethereum-based protocol’s popularity has caused even its contemporaries to jump into the UNI bandwagon. Uniswap had earlier noted that it wants a “diverse and high-quality set of protocol delegates”, for the purpose of discussions and communications around potential governance proposals. In this regard, another decentralized platform, Yearn Finance’s Founder Andre Cronje expressed his intention of becoming a delegate on Uniswap with hopes of influencing its governance.

https://twitter.com/AndreCronjeTech/status/1307236337276407808

In a recent tweet, Cronje stated,

“At this point, I do not think it should be a rush to incentivize liquidity pools (this can be abused). I believe we have an opportunity to re-evaluate the tokenomics and distribution. We can help DAI or sUSD reach peg. We can provide support for further development.”

When asked if he would want to push for the YFI-ETH pool to be included for the protocol’s LP reward, the developer revealed,

“At this time, no, it would attract YFI holders to provide liquidity instead of using it for its intended purpose (such as governance). I believe there is better value add that can be done for the overall ecosystem by utilizing UNI incentives in other proposals.”

According to the protocol governance structure, Uniswap team members will not participate directly in governance for the foreseeable future, but the members could, in fact, delegate votes to protocol delegates. Additioanlly, all UNI holders will have ownership of the entire governance process.

Besides, Cronje’s tweet for delegation comes days after the developer questioned whether the “unexpected” launch of UNI on the ETH mainnet was in response to the Sushiswap clash and criticized the network for letting the latter influence its announcement date.

https://twitter.com/AndreCronjeTech/status/1306448297285087232

Tron, Litecoin XRP Technical Analysis on 20th September 2020

September 20, 2020 by Reena Shaw

Several cryptocurrencies were struggling to stay afloat near the resistance levels despite a rise of the collective market cap to $354 million. While a pullback might actually play out in the near term, a high sell-off, however, at this point appears to be highly unlikely.

Tron [TRX]

On the network side, Tron has been exploring the burgeoning defi space most notably with Sesameseed and JustSwap. Despite these developments, TRX was down by 3.70% over the last 24-hours which drove its price to $0.0274 as it held a market cap of $1.96 billion and a 24-hour trading volume of $3.13 billion.

The red closing bars of Awesome Oscillator indicated the ongoing bearish momentum in the coin’s price. Chaikin Money Flow hovering below the zero-line further depicted an outflow of money from the coin market.

If the bears continue to have an upper hand, TRX’s already sluggish price could retest a crucial point of support at $0.0202 as the resistance level $0.0353 remained untouched.

Litecoin [LTC]

Litecoin has so far failed to demonstrate a rally and a breach above $50-level of resistanceis yet to materialize despite several onchain-metrics pointing towards a bullish phase as well as developments on its network’s front. At the time of writing, LTC was up by a mere 0.13% over the last 24-hours as its price stood at $48.36. The coin recorded a market cap of $3.167 billion and a 24-hour trading volume of $1.69 billion.

After prolonged bearish pressure, the silver crypto could finally see the LTC bulls making a much-anticipated headway. This was evidenced by both Klinger Oscillator as well as MACD which underwent a bullish crossover.

Should this uptrend gain the necessary momentum, LTC could climb to its overhead resistance of $50.92 and subsequently target the recently breached level of $63 while the coin’s support remained firm at $41.32.

XRP

As bearish pressure continued to mount on XRP, the coin was found to be trading at $0.249 after a minor surge of 0.35% over the past day. It registered a market cap of $11.24 billion and a 24-hour trading volume of $1.84 billion.

The dotted markers aligned below the XRP price candles depicted a bullish phase for the coin. The steady increase in the RSI which was now targeting the 50-median line further indicated a sentiment of decreasing sell pressure among the traders in the XRP market.

Bitcoin, Tron, DASH Technical Analysis on 18th September 2020

September 18, 2020 by Utkarsh Gupta

The cryptocurrency market as a whole was a little bit erratic at the moment. With major altcoins displaying different trends, there was a sense of uncertainty in the charts. Bitcoin, Tron, and Dash followed separate market trends over the last day as the threat of another bearish pullback loomed large in the industry.

Bitcoin hourly chart

While all the other assets underwent a drop in the past week, the king coin managed to keep its price position at the top of its recovery. However, the current position of Bitcoin feels very temporary at the moment. All the market indicators are hinting towards a correction at press time. Bitcoin‘s rising price has been coupled with the Relative Strength Index consistently declining.

It is a clear sign of a bearish diversion in the charts which will pan out towards a pullback. At the moment, Bitcoin was getting the support of the 50-day Moving Average but the Awesome Oscillator suggested that diminishing bullish momentum in the charts.

Bitcoin had a market cap of $202 billion at press time with a trading volume of $28 billion in the last 24-hours. With a minor growth of 0.43%, Bitcoin was valued at $10,958.

Tron hourly chart

With Tron, the past-day was relatively positive. A growth of 9.54% was exhibited, outperforming top assets in the 24-hour window. The asset also managed to sustain a position above the 50-Day Moving Average, which a positive sign in the short term. At the moment, Tron was ranked 15th in the charts with a market cap of $2.08 billion. Tron registered a high trading volume of $3.20 billion, indicating activeness in the ecosystem.

According to Chaikin Money Flow or CMF, the capital coming in Tron was more than the capital going out, as interest from traders showed promise. Bollinger Bands appeared to resemble a parallel flow, which might suggest that the volatility will remain stagnant over the next few hours.

Dash hourly chart

Lastly, Dash‘s price movement suggested extreme sideways movement over the past few days but the bearish undertone was evident. With a minor growth of 0.05% in the charts, Cardano exhibited a market cap of $707 million, coupled with a formidable trading volume of $591 million. At press time, Cardano was ranked 31st in the list of digital assets.

For Dash, the trend was slowly inclining towards a bearish nature, as the MACD line suggested a crossover with the signal line. According to Parabolic SAR, the trend indicated an increase of selling pressure as the dotted lines hovered over the candlesticks. The convergence of Bollinger Bands also suggested the fall in volatility, eliminating the chance of outburst towards the top.

Cardano [ADA], IOTA, Dogecoin [DOGE] Hold Fort as Bear Tries to Shake Up Crypto Industry

September 18, 2020 by Akash Anand

The cryptocurrency market’s performance over the past week has been slightly positive with bullish changes across prices and market caps. Although Bitcoin is yet to cross the $11,000 mark this week, investors were hopeful that it was setting a good precedent for the rest of the industry.

On Friday, the altcoin market displayed green across the board with some major altcoins pumping after extended time periods. Tokens like Cardano, IOTA, and Dogecoin stood the test of the bear by showing increases in prices and daily trading volumes.

Cardano

The Charles Hoskinson co-founded Cardano shot to fame because of its promise to integrate virtual assets with daily use cases. Although it has not spiked to its expected potential, the cryptocurrency was still holding strong in the face of stiff competition.

At press time, ADA was trading for $0.093 with a total market cap of $2.91 billion. A 1.43 percent price increase over the past 24-hours had elevated the daily trading volume to $999.4 million.

Cardano’s Chaikin Money Flow indicator had spiked above the zero line, a sign that the capital coming into the Cardano market was much more the capital leaving the market. The RSI, on the other hand, was still struggling to break into the zone because the graph had fallen below the oversold zone.

IOTA

Another altcoin enjoying a decent stint on Friday was IOTA, climbing by 1.4 percent in the hourly spectrum. IOTA was valued at $0.27 with a total market cap of $774.207 million and a 24-hour trading volume of $8.089 million. The cryptocurrency’s technical analysis was more bullish than Cardano’s as evidenced by the RSI and the CMF.

IOTA’s CMF was right on the zero line, signalling the slowdown in capital inflow. Some analysts predict that if the Internet of Things based cryptocurrency shows more developments, then it could head towards a significant price increase. The IOTA RSI was on the verge of breaking towards the overbought zone due to an increase in the number of people buying into the IOTA market.

Dogecoin

Dogecoin, the meme-inspired cryptocurrency was one of the few tokens showing green on all three timeframes. At press time, DOGE was trading for $0.0028 and held a market cap of $354.679 million. The Jackson Palmer founded virtual asset was one of the few assets that showed a decent performance on the price charts.

DOGE’s Chaikin Money FLow had reached its highest point since March, signalling a massive shift in investor sentiment. The surge in capital could be because of the lack of stellar movements from the incumbent cryptocurrencies. Dogecoin’s RSI had also spiked over the past week after having fallen to a 6 month low.

Binance On-Boards Uniswap’s UNI Token Minutes After Its Launch

September 17, 2020 by Sahana Kiran

The DeFi fervor continues to take over the crypto-verse as new tokens enter the market. After prominent DeFi lending and borrowing platform Compound rolled out its COMP token, several others followed suit. The latest DeFi platform to jump the bandwagon is Decentralized Exchange [DEX], Uniswap.

UNI Governance Token

Earlier today, Uniswap, a platform that had been dominating the DeFi space for quite some time announced the launch of its native token, UNI. The decentralized exchange that facilitates swapping of Ethereum-based tokens shared a blog post elaborating on the creation of its latest token. A total of 1 billion UNI tokens have reportedly been minted and would be made available to the community over a period of 4 years. A total of 60% of these tokens would be going to the Uniswap community members while 21.51% would be given to the existing team members and the ones that would be a part of the platform in the future.

The investors of this token would also be benefited with this as they would receive a 17.80% while the advisors would garner 0.069% The post further read,

“UNI will vest to the governance treasury on a continuous basis according to the following schedule. Governance will have access to vested UNI starting October 18 2020 12:00am UTC.”

Furthermore, the liquidity mining programs will reportedly go live from 18 September up until 17 November primarily focusing on ETH/USDT, ETH/USDC, ETH/DAI, and ETH/WBTC. All these pools would be given 5 million UNI tokens.

Even though the project is out and about, holders of the tokens would be able to engage in voting for allocation, partnerships, and other initiatives only after a period of 30 days from today. Along with the aforementioned activities, the control of the treasury would be postponed until 17 October 2020.

Binance First To List UNI

Malta-based cryptocurrency exchange, Binance, has always been at the forefront of onboarding innovation on to its platform. The exchange was one of the first to list the UNI token. Binance revealed that UNI would be paired against Bitcoin [BTC], Binance Coin [BNB] as well as stablecoin Tether [USDT]. Trading for the above-mentioned pairs would commence from 3:00 AM [UTC] starting today.

However, as a disclaimer, the exchange noted that UNI would be subject to higher risk as it was a new token.

This announcement was further followed by another one where the exchange declared the launch of a UNI/USDT perpetual contract. Trading for this is said to begin post 7:00 AM [UTC] from 18 September. Customers would be allowed to choose between 1-50x leverage.

Bakkt Bitcoin Futures Records 36% Increase In Daily Volume Since Previous ATH

September 17, 2020 by Sahana Kiran

Bitcoin Futures, have managed to amass immense traction across the globe. While several platforms have begun exploring the prospects of Bitcoin Futures, the existing ones continue to score big. Prominent crypto asset custody platform, Bakkt recently revealed that it had quashed its own record for Bitcoin Futures Trading Volume.

Still Behind CME

Intercontinental Exchange’s [ICE] crypto derivatives platform, Bakkt, revealed on Twitter that it had recorded a new high in Bitcoin Futures volume. The platform nearly accumulated a total volume of $200 million surpassing its previous record by 36%. The tweet read,

“Another record day in the books for our physically delivered futures:

15,955 Bakkt Bitcoin Futures were traded today, representing over $200M of volume and a 36% increase from our previous all-time high”

Bakkt’s previous all-time high was about $125 million, where a total of 11,706 Bitcoin Futures were traded on 28 July 2020.

Back when ICE announced the launch of Bakkt, challenging the already well established Chicago Mercantile Exchange [CME], the fervor around the project left the crypto community with high expectations for the project. Even though investors considered Bakkt as a catalyst for Bitcoin’s potential bull runs, the platform did not spiral as expected. Bakkt witnessed dainty gains compared to other projects. The latest instance substantial proof of the same.

Today, as Bakkt recorded its latest all-time high of $200 million in volume, CME went on to bag $262 million in volume. The highest Bitcoin Futures volume, CME has recorded was about $1.1 billion. The disparity between these two platforms questions the “competitor” tag that they have been given.

CME wasn’t the only platform that overtook Bakkt, prominent cryptocurrency exchanges like Binance, Huobi as well as OKEx were seen recording increased value. Malta-based Binance recorded trade worth, $2.65 billion over the last 24-hours for BTC-USD perpetual contracts. Huobi garnered a total of $1.28 billion via its BTC/USD perpetual contract.

Here is What You Need to Know About the Tron Foundation’s “JustSwap”

September 17, 2020 by Reena Shaw

The burgeoning DeFi space has garnered significant attention over the last few months. Let’s dive into one of the most popular platforms in the decentralized finance world that’s been making quite a buzz. Yes, we’re talking about JustSwap.

In Brief:

Since its launch in 2018, Tron has counted many milestones. Tron is a blockchain-based smart contract platform for driving decentralized applications [DApps], as well as competing with its rivals such as Ethereum, Tezos, Cardano, and EOS. In its newest venture, the Tron ecosystem has jumped into the DeFi bandwagon and rolled out a decentralized trading protocol – Just Swap.

JustSwap is based on Tron for automated liquidity provision, which happens to be an open financial market accessible to all. It is also the first exchange protocol on Tron for exchanges between TRC20 tokens. Here, the conversion between two TRC20 tokens can seamlessly happen based on the price determined by the system. With the primary focus being decentralization, the trading fees collected are directed to the Liquidity Providers as a protocol incentive.

How is the price determined?

It is the number of tokens in each pool that determines the price.

The smart contract maintains a constant function: x*y=k, in which x = token1, y = token2, k = a constant number. With each swap, some of the tokens get replaced with a certain number of the other token. Since ‘k’ remains unchanged, balances of the tokens will be updated accordingly, which leads to changes in prices.

How can users access JustSwap?

Users can enter JustSwap through APP following which they will be connected to their current TronLink account. There is no need to register an account for using JustSwap. Users can use a decentralized wallet to log in and access JustSwap. Currently, the protocol supports TronLink.

How to Swap?

For the purpose of swapping, the users need to click on ‘Swap‘ on the top left of the navigation bar. Users can choose the token they hold and the token they want to swap it for. All that needs to be done is for the user to enter the amount of tokens that the user wants to sell. The system will then automatically calculate the estimated amount of the corresponding token by its price.

Slippage and Deadline can be set on “Advanced Setting“. In the case of Slippage, a transaction will revert if the price changes unfavorably by more than the percentage the user sets. Transactions that are kept pending beyond the set Deadline will be voided. Users can then confirm the details of the swap in the confirmation window by clicking “Confirm Swap”.

The swap requires confirmation from the user wallet and hence by clicking “Accept” in the “Request Signature” pop up window. Once a confirmation message stating “Confirmed” appears on the upper right corner of the page, the swap is completed.

Conversion between two TRC20 tokens and between TRX and TRC20 token is currently supported.

How to Add/ Remove Liquidity on JustSwap

Anyone who deposits two TRC20 tokens into the liquidity pool within a pair can be a liquidity provider. If a user happens to be the first liquidity provider then the ratio of the tokens that the user adds will set the price of the pool. If a user wishes to provide liquidity for a trading pair that already exists, then an equivalent value of two TRC20 tokens needs to be added into the liquidity pool within a pair.

By adding liquidity, users can earn pool token representing their position. These tokens automatically earn fees proportional to the user’s share of the pool and can be redeemed at any given point in time.

A user can choose a fund pool and click “Add Liquidity“, or choose the liquidity that the user has already added from Pool ->Your Liquidity and click on “Add”. Two tokens need to be selected and one of them has to be TRX. After entering the funds that the user wishes to add, the system will add the corresponding amount of the other token based on the relative price of the token pair in that pool. Once this step is done, the user can click “Supply”.

In the confirmation window, the user needs to click “Confirm to supply“. Similar to the last steps of Swapping which requires confirmation from your wallet, the user has to click “Accept” in the “Request Signature” pop-up window in the case of adding liquidity as well. The pop-up box will then show that the transaction for adding liquidity has been submitted.

When removing pool tokens, the user’s position will be converted back to the current price of the underlying asset based on the pool share. The amount received by the user will already include transaction fees. When a user adds liquidity, pool tokens are given which essentially represents its position. Pool tokens are based on the user’s percentage out of the total pool. When the user removes liquidity, pool tokens convert the position back into underlying tokens at the current price.

For this, a user needs to select “Pool“, then click “Your Liquidity” and then after finding the trading pair pool that needs to be removed from the liquidity pool, then select “Remove”. After the user chooses the amount of liquidity that needs to be removed, the confirmation steps can be executed in a similar manner as stated above.

Uniswap Vs JustSwap

Ethereum has been one of the largest contenders in the current DeFi race. For the most part, it was Uniswap that has been stealing the DeFi swap protocols. But the concerted push by Tron Foundation to bolster its DeFi initiatives came with the launch of JustSwap, TRON’s alternative to Ethereum’s success Uniswap.

The Tron-affiliated platform recently emerged as the second-largest DEX on CoinGecko’s website.

JustSwap enables swap and trading between TRC-20 tokens contrary to Uniswap that is between ERC-20. In addition, as mentioned above, the trading fee on the platform goes back to the liquidity providers, unlike Uniswap that shares the fees between the liquidity providers and the protocol.

Anyone to create trading pairs and provide liquidity without paying any listing fee among other features such as simple user interface. Interestingly, the launch of JustSwap comes at a time when Ethereum gas fees have skyrocketed due to the DeFi boom on the network. Tron’s DeFi protocol is expected to offer competitive fees which may be significantly lower than the current ETH gas fees.

OKEx Renames its Public Chain OKExChain; Aims for EVM Compatibility

September 15, 2020 by Reena Shaw

Cryptocurrency spot and derivatives exchange, OKEx announced that its public OKChain chain has been officially renamed OKExChain. The Cosmos SDK-based public chain, developed by OKEx, supports a number of decentralized [dApps] applications and allows users to issue their own cryptocurrencies, create trading pairs, and trade freely on them. Its multi-chain structure has significantly boosted the efficiency and scale of application development.

In addition, the latest monthly progress report revealed that the OKExChain testnet has been upgraded to v0.11.1.

Commenting on the development, OKEx CEO Jay Hao stated

“We are very confident in the technical strength of OKEx. Throughout our extensive testing, OKExChain has shown very high performance with all the necessary elements of a decentralized public chain.”

The exec also went on to add that,

“Decisions such as whether to enable open node elections, commit to open source, or have governance tokens are indispensable elements of a public chain. So, this is also the easiest way to judge whether a ‘public chain’ is truly public or just a pseudo-public chain.”

The Malta-based platform announced the launch of OKExChain in February this year to support the community with more decentralized applications. This was followed by the OKEx DEX roll-out, which happens to be the first decentralized OKExChain-based application.

In April, OKExChain became the first exchange-developed public chain to become a 100% open-source, where each individual could become a validator node, and even the parent organization OKEx does not have the ability to control the public chain.

In addition, OKEx also claimed that its public chain could process more TPS than the Ethereum blockchain and has reportedly already cooperated with over 60 ecosystem partners, including the public chain, PoS mining pool, explorer, wallet, and other key components of the crypto industry.

In the coming days, OKExChain aims to become EVM-compatible and support all existing Ethereum smart contracts, making it easy for developers to move their decentralized applications to the new chain.

Binance Smart Chain Transaction Volume Reaches 10% of ETH Network Days After Launching

September 13, 2020 by Reena Shaw

Transaction volume on Binance’-owned public chain called Binance Smart Chain [BSC] has continued to soar higher with each passing day, In the latest development, the number reached an ATH of 102,051 transactions on the 12th of September as recorded by BSC Scan.

With this, the transaction volume reached 10% of the Ethereum network just a couple of days after launching. This was observed by CEO and Founder of Binance, CZ who tweeted,

https://twitter.com/cz_binance/status/1304998423293116421

Diving into BSC

Binance mart Chain is essentially what the world’s largest crypto exchange calls “a sovereign smart contract blockchain delivering Ethereum Virtual Machine [EVM] compatible programmability“. It is designed to run in parallel with Binance Chain. This helps Binance Smart Chain to retain the former’s fast execution times and low transaction fees while adding Smart Contracts functionality to support compatible decentralized applications [dApps].

What led to the rise of 615% in transaction volume in just two days?

The latest surge comes days after Binance Smart Chain gained accessibility to its centralized exchange [CeFi] after panning out an integration between Binance and BSC. CZ noted that this integration is a “bridge” between DeFi and CeFi.

According to the official press release, the exec announced the creation of a seed fund worth $100 million for DeFi during The World of DeFi summit. This fund along with other initiatives from Binance aims to further support the DeFi ecosystem and solutions to bridge DeFi and CeFi ecosystems as the leading cryptocurrency exchange continued to flourishing DeFi ecosystem.

This would eventually enable users to benefit from CeFi services on Binance such as spot, margin, and futures trading, savings, DeFi Staking, DeFi Pooling, etc as well as DeFi products on BSC [such as lending, AMM, liquidity mining, yield farming, etc.] This Binance users will be able to explore DeFi elements without leaving the centralized platform. This could have potentially initiated the spike in the transaction volume on BSC.

Since venturing into DeFi in April this year, Binance has continued to roll out new products to attract customer base inclined to decentralized models. Among its wide range of products, are Launchpool and Binance Liquid Swap.

Polkadot, Chainlink, Binance Coin Technical Analysis on 13th September 2020

September 13, 2020 by Reena Shaw

The collective cryptocurrency market cap rose to $348 billion as Bitcoin‘s dominance declined by 55.8%. As Bitcoin continued to consolidate between a tighter range, several altcoins appeared to be pushing above key resistance levels.

Polkadot [DOT]

A couple of weeks ago, the blockchain interoperability project Polkadot was not even in the top 100. But today, it stands tall as the fifth largest coin with a market capitalization of $991.53 million and a 24-hour trading volume of $852 million. After yet another surge of 17.29% over the past day, the coin was priced at $5.31, at the time of writing.

On the technical side, DOT hit crucial support of $4.01. However, the coin’s tryst with the bears was brief as it renounced following gaining necessary bullish momentum. As evidenced by both MACD and Klinger Oscillator on the 4-hour price chart for DOT, the token was exciting a positive trend that could propel it to reach an overhead resistance of $5.82.

Chainlink [LINK]

LINK was up by 4.56% which pushed the price to $12.90 as it held a market cap of and a 24-hour trading volume of $4,51 billion and a 24-hour trading volume of $5.80 billion, at the time of writing.

In the short-term chart for LINK, bulls appeared to be making a comeback following the latest uptick. Awesome Oscillator witnessed a resuming bullish momentum with the green closing bars. However, Chaikin Money Flow was still below the zero-line depicting the bearish presence. If the token manages to retain the necessary momentum, it could target its immediate resistance at $13.5. But if the bulls continue to have an upper hand, LINK could slide to the support level of $10.33.

Binance Coin [BNB]pP

BNB has made a consistent upward trend but turned down from the resistance of $31.38. At the time of writing, the coin registered a market cap of $4.49 billion and a 24-hour trading volume of $1.169 billion.

The dotted markers of Parabolic SAR aligned below the BNB price candles resisting a downward price action. The RSI was also well above the 50-median neutral line depicting a sentiment of high buying pressure among the traders in the coin market. If this trend persists, the coin could climb to immediate resistance of $34.98, a level unseen since July 2019. The coin’s support level was found to be at $23.11.

Search Results for: ethereum

DeFi Project Yearn.Finance’s Founder Wants to be Uniswap Protocol’s Delegate