Altcoins

Coinbase Abruptly Adds Support for 70 New Altcoins to Global Custody Service

Coinbase continues to expand its crypto footprint by extending custodial services support to dozens of altcoins for international customers. In a new announcement, the US-based cryptocurrency exchange says it’s adding 70 cryptocurrencies to its roster of 150+ assets that are part of the Coinbase Custody International cold storage trust in Dublin, Ireland. “These new assets […]

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Altcoins Analysis Bitcoin Blockchain

How Big Eyes (BIG), Dogecoin (DOGE), and Uniswap (UNI) Strategically Brand their Blockchain Networks

How Big Eyes (BIG), Dogecoin (DOGE), and Uniswap (UNI) Strategically Brand their Blockchain Networks

With over 18,000 cryptocurrencies in existence, it is difficult for blockchain networks to distinguish themselves. The market is in a state of oversaturation due to having a high amount of coins. However, this is also positive as buyers have a variety of tokens to choose from. Crypto has seen better days, with the past two […]

Crypto News

Web3 Wallets Realize the Frontier Exploration of On-chain Addresses

An Ethereum address is a complex 42-bit string starting with 0x. As the most basic part of the crypto infrastructure, addresses are the carriers of users’ assets, rights, and on-chain interactions. We often see people name their Twitter starting with 0x to indicate their identity as a blockchain player, which demonstrates the importance and representativeness of addresses to users on the chain. As the necessity for users to step into the on-chain world, there are more than 200 million unique addresses on the Ethereum chain alone. Over the past year, there have been an average of about 500,000 active addresses interacting on-chain every day. Users often use mainstream wallet products such as Metamask to manage addresses. However, the increasing Web3 protocols have opened rich usage scenarios for users, and also stimulated many users’ demands yet to be met, such as address co-management, private key recovery, address privacy and so on. On-chain developers are also actively proposing various innovative solutions based on these demands. In this article, people will learn about the ambitions of infrastructure developers to improve the security and usability of address management through the examples of Gnosis Safe and Argent Wallet. By looking into Blank Wallet, a project focusing on private transactions, and A3S Protocol, a pioneer in “transferable addresses”, having a glimpse of how the “careerists” bring revolutionary changes to this entrance-level field of the Web3 world. 1.   Dreamers who pursue security and usability 1.1 Security: A Multi-Signature Management Scheme for Addresses Gnosis Safe represents the multi-signature wallet solution in the context of implementing secure co-management of addresses. The multi-signature function simply means that the user needs to set up several owners or devices, and the transaction must be approved by a minimum number of roles before it can be carried out. Based on this, Gnosis Safe also provides users with more rights management functions, such as batch transactions and custom modules for authorization under certain conditions including social recovery modules and allowance modules. 1.2 Usability: mnemonic-free management of addresses In terms of usability, a representative project is Argent, featuring “no private key” and “no mnemonic”, thereby greatly reducing the user’s threshold. Argent allows users to set up several other accounts or devices as Guardians, to facilitate the recovery of accounts and assets through Guardian’s verification if the device is replaced or the address is stolen. The wallet owner can also grant the “keeper” several permissions, including locking and unlocking accounts, triggering account recovery procedures, and approving large transactions. At the same time, Argent also gives away 1 ENS domain per user, which allows users to convert a long list of complex addresses starting with 0x into easier-to-remember “URLs” ending with “.eth” to further improve the user experience. 2.   Strong Anonymity, Subversive SBT Careerist 2.1 Privacy: Privacy Protection for Addresses As a public ledger, users’ privacy is one of the weaknesses of Blockchains. When users try to conduct private transactions, they often need to go through a currency mixer such as Tornado Cash. Under the ambition of pursuing privacy and emphasizing anonymity, Blank is an address management protocol designed for private transactions. It adopts the method of currency mixing and zero-knowledge proof to realize private transactions. Specifically, whenever a user transfers funds, Blank will generate a password for the transaction and mix the funds, which will also become the proof of the payments sent; when a user accepts the transfer, Blank will create a brand-new address to receive the funds; also, the transaction will be mixed with Blank’s internal fund pool to conceal user’s financial information. Blank can provide users with wallet applications and be incorporated into other wallets and DeFi projects as extensions. 2.2 Liquidity: Control separation and transferability of addresses Due to the nature of the private key, the ownership of addresses can only be shared but is difficult to be transferred as it’s almost impossible to ensure one has completely forgotten or discarded its private key. A3S Protocol, trying to separate the control of the address from itself, endows the address with liquidity. Users discovered this pioneering idea from the much-anticipated Grants Round 14 of Gitcoin (GR14). The relevant information remains to be limited as people try to understand the project developer’s “ambition”. A3S Protocol is not a wallet and no longer uses private key signatures to control addresses. It is a protocol that uses NFT as the “controller” of the addresses. In simple terms, the protocol allows users to mint an address controlled by an NFT, and transfer control of the address through the circulation of the NFT. A3S Protocol also discards mnemonics, replacing the abstract mnemonics and private keys with more concrete NFTs. Just like a real key, whoever holds the “key” has control of the address. Due to the non-fungible nature of NFT, the “key” is also unique and there are no concerns of being copied. In addition, this “key” being an NFT can be easily adapted to the existing NFT infrastructure. According to the project conception, after such NFT-Gated Addresses open up the address liquidity, there will be more potential user demands being fulfilled in many ways: OTC transaction of non-transferable on-chain assets and interests: for example, non-transferable assets such as veCRV in the Curve protocol, or NFT whitelist qualification attached to addresses, can be transferred directly by transferring addresses. Temporary escrow of addresses: temporarily entrust others to operate your address, such as automatic investment, P2E on Gamefi, etc. After the end of the escrow period, the control of the address will be fully recovered through the return of NFT, and the continuation of the interaction record can be maintained. Addresses being the new collectibles: trading addresses of celebrities, such as auctioning addresses used by Elon Musk, Stephen Curry, Jay-Z, etc. Basic services on-chain: When users occasionally need a large number of addresses to interact with protocols, users can simply buy or rent the addresses with gas in bulk, thus eliminating the tedious and expensive operation of transferring small assets in and out. In other words, A3S Protocol realizes the capitalization of addresses and provides a new possibility for value transfer. Just like domain names, addresses can become the new subject matter for collectibles and leases, or become a unique on-chain service. At the same time, the “restrictions” and “privileges” for addresses will therefore no longer be exclusive. Although A3S has not yet launched its product, if the design of the project can be implemented, it might become the No. 1 public enemy of the anti-Sybil attack, SBT, and NFT communities. Conclusion With the development of the crypto market and Web 3, users have growing diversified needs for address management. The value of addresses has become increasingly prominent, and addresses are more than something that can be discarded carelessly. How to manage the “first stop” in the crypto journey and uncover more value embedded in addresses will certainly become the focus of more and more projects. Developers are continuing to design revolutionary solutions in the process as we keep paying attention to the progress and updates of address-related projects and sharing our research.

Crypto News

A Comparison of Global Futures Trading Platforms Shows 5 Advantages of CoinEx Futures

In today’s market, plenty of trading platforms, including mainstream exchanges like Binance, Huobi, Bybit, and KuCoin, have introduced futures contracts. Huobi has extensive experience in futures and provides a wide range of linear/inverse contract markets. However, its market share has fallen sharply, and the platform’s user traffic is also going downhill. Bybit and Binance are both professional futures trading platforms that demand a high threshold. Bad news is that Bybit was chased out of the UK by FCA, while Binance has suffered several security breaches. Futures beginners should avoid professional-focused trading platforms with a high threshold. Instead, they should go with a platform like CoinEx that features a low threshold and simple operations. Today, we will look into the advantages of CoinEx Futures in 5 aspects. I. CoinEx Futures boasts simple, easy–to–use, convenient operations First of all, compared with professional-centered futures trading platforms like Binance and Bybit, CoinEx Futures offers simple, easy-to-use products. It aims to allow all crypto investors to trade futures with ease, moving futures trading out of the realm that’s exclusive to professional traders. With easy operations, convenient order placement, and clear position information, CoinEx users can trade futures through an extremely smooth process. Secondly, before starting to trade futures on CoinEx, users can quickly master the key takeaways through simulated operation tutorials provided by the platform, which helps them avoid the common booby traps in futures trading. In terms of functionality, CoinEx Futures provides all-inclusive, easy-to-use functions like TP & SL, Close All, and Futures Calculator, which helps users manage their positions with greater ease. II. CoinEx boasts a zero-accident record against its peers’ frequent security scandals In 2020, KuCoin suffered a serious hacking incident that incurred an asset loss of about $275 million. Apart from KuCoin, Binance, a top crypto exchange, has also been hacked several times. In 2019, over 7,000 bitcoins were stolen from the exchange. The frequent security breaches Binance has suffered jeopardize the bond of trust between this leading crypto exchange and its users in the long run. CoinEx, on the other hand, has suffered no security scandals in the 5 years since its inception, which indicates the strength of its security system. On CoinEx, all crypto assets are 100% reserved. The exchange does not misuse users’ assets for any reason whatsoever. Moreover, all withdrawals are 100% processed in time. CoinEx has also adopted multiple security strategies and established a well-rounded security system to fully protect its system and users’ assets. For example, the exchange regularly conducts penetration tests to promptly identify security loopholes and monitors any abnormal system changes in real-time. III. CoinEx boasts an all-encompassing product family that spans all crypto categories In addition to futures, CoinEx also provides many other products and services, including margin trading, AMM, mining, financial service, and CoinEx Dock. The exchange features trading sections for BTC, BCH, ETH, and stablecoins, over 500 first-rate, innovative cryptos, and nearly 1,000 trading markets. As an exchange under ViaBTC Group, CoinEx is backed by an all-inclusive ecosystem that brings together a mining pool, an exchange, a wallet, a public chain, and an institutional investor. Today, CoinEx has earned global user recognition with its fast, stable performance and smooth deposits/withdrawals. In the future, the exchange will continue to strive for a comprehensive, stable service ecosystem. IV. Backed by a tech background, CoinEx boasts years of crypto expertise According to its official introduction, CoinEx is backed by a founding team consisting of technical experts who boast rich experience in the security of systems, operations, and wallets. For instance, Haipo Yang, CoinEx’s founder, is a top-notch tech expert in the industry. During the early days, he launched ViaBTC Pool and completed all the coding. In addition, members of CoinEx’s core team all have a background in world-renowned companies that focus on the Internet or finance, including some of the earliest crypto practitioners and investors. The team has expertise in technology R&D and global operations. When it comes to technology, CoinEx independently built the world’s first 10,000-TPS trade matching engine that allows it to carry 10,000 transactions per second, running stably despite the concurrence of massive transactions. In addition, on CoinEx, deposits arrive as fast as five minutes, and small withdrawals are processed in real-time. CoinEx’s system remains steady and solid even when the trading volume surges during a bull market. V. Centering on user experiences, CoinEx keeps pushing for globalization While building a global presence, CoinEx has always prioritized product & service and user experiences. As the exchange explores international markets, it has remained committed to product development and the user-first principle. Right now, CoinEx is providing services in markets around the world 24/7. Available in 16 languages, the exchange continues to venture into new markets. It should be noted that CoinEx’s product design features an interactive experience that combines elements such as aesthetics, simplicity, smoothness, and practicality, which allows users to benefit from simple, elegant operations. This also shows that the CoinEx team has always been committed to product improvement, providing users with one-stop crypto trading services that are more satisfying and considerate. Overall, when choosing a suitable futures trading platform, apart from security, users should consider whether a platform’s products are easy to use and if its operations are convenient. In addition, they should also account for the products and services that are available on a platform to benefit from efficient, satisfying crypto trading experiences.

Altcoins

Coinbase Ignites Crypto Rallies After Listing Several Altcoins Built on Ethereum and Solana

A decentralized media-sharing ecosystem built on Solana (SOL), plus several altcoins built on Ethereum (ETH) are surging after being added to top US crypto exchange Coinbase’s roster of digital assets. In an announcement, Coinbase says Media Network (MEDIA) and four other cryptocurrencies will start trading paired with Tether (USDT) once appropriate liquidity conditions are met. […]

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Altcoins

One Ethereum Gaming Altcoin Stands Out From Rest of Emerging Market, According to Coin Bureau

The closely followed analyst and host of the popular Coin Bureau channel says that one metaverse altcoin has more potential than most crypto assets in the sector. In a new video update, the pseudonymous analyst known as Guy tells his 2.07 million followers that while its price action has looked underwhelming for many months now, […]

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Altcoins Analysis Bitcoin Blockchain

Posschain: A Multi-Chain Ecosystem Connecting All Blockchains

Posschain: A Multi-Chain Ecosystem Connecting All Blockchains

Posschain, a next-generation blockchain protocol, allows seamless scaling and communication of legacy, current, and future blockchains. The protocol has attained an advanced scalability position through advanced sharding, pipelining resemblant sale processing, and chunking.  Notably, these technologies have helped Posschain pave the way for blockchain and its technologies by simplifying the use and development of blockchains […]

Crypto News

ViaBTC Capital | Reasons Behind Solana’s Frequent Downtime: Design Flaws in the Gas Economy

What is the gas fee? In the blockchain world, the gas fee is a fee that users have to pay to the blockchain network for each transaction. For example, when a user makes a transfer on Ethereum, miners must package his transaction and put it on the blockchain to complete the transaction. This process consumes the computing resources of the blockchain, and the fee paid to miners is called the gas fee. Gas economy Imagine that each public chain is a society or a city, and gas would be the currency that users need for various activities in the city, and the economic designs of gas have far-reaching impacts on the public chain’s future development. Today, we will illustrate the significance of the gas economy from the perspectives of performance and value capture. Performance – The frequent network congestion of Solana In early May, Solana’s mainnet lost consensus, and block generation was suspended for 7 hours. The mainnet was down due to the NFT minting of a new NFT project. Users turned to bots for sending transactions as much as possible to increase their success rate of minting. This led to 6 million transactions per second on the Solana mainnet, which jammed the network. Moreover, as Solana transmits consensus messages as a special transaction message between validators, the heavily congested network also disabled the normal transmission of consensus messages, eventually leading to the loss of consensus. This is not the first downtime of Solana. Last September, the public chain suffered a 17-hour downtime due to the massive trading volume created by on-chain bots during the launch of the hit project Raydium. A 30-hour Solana downtime incident happened at the end of January 2022 when the BTC price plunged from $44,000 to $33,000 during a market crash and created plenty of arbitrage opportunities. Meanwhile, the liquidation/arbitrage bots on Solana, which center on DeFi, kept creating massive transactions, which resulted in network downtime. When comparing Solana to a conventional IT system, we can tell that the downtime resembles a DDoS attack. 「A DDoS (distributed denial-of-service) attack refers to adding traffic from multiple sources to exceed the processing capacity of a network so that real users would not be able to acquire the resources or services they need. Attackers often launch a DDoS attack by sending more traffic to a network than it can handle or sending more requests to an application than it can manage.」 Instinctively, many people would think that Solana’s downtime is rooted in its public chain designs: the monolithic design of Solana inevitably leads to downtime. At the moment, mainstream public chains use two kinds of designs: the modular and the monolithic. The modular architecture refers to a modularized deployment where consensus, storage, and execution are implemented separately so that the collapse of the execution layer will not compromise the security of the consensus layer. At the same time, mainstream designs adopted by Avalanche’s Subnet, ETH 2.0, and Celestia’s Rollup can all diverge massive transactions. On the other hand, although Solana as a whole is designed to enable fast transactions, scalability and security were sacrificed. However, the modular design of a public chain is not the key because although the consensus stayed secure, the individual rollup could still suffer from downtime when facing overwhelming transactions in a very short period. In other words, the modular design just lowered the systemic risks (e.g., a certain rollup could halt but the rest can survive) for the public chain. The gas design is the real reason behind Solana’s downtime, and more network downtime is on the way if the design is not improved. – The gas mechanisms of different chains The figure below shows the gas designs of three mainstream public chains. On Solana, the gas fee is based on the number of signatures. The more signatures a transaction uses, the higher the gas fee. However, the maximum memory capacity of each transaction is fixed, and so is the maximum gas fee per transaction, which helps users easily calculate the cost of sending massive transaction requests. Moreover, transactions on Solana are not sequenced, which means that when the cost of sending massive requests is lower than the profit (arbitrage, NFT minting, etc.), users would use bots to send transactions on a large scale to increase the likelihood of the execution of their transactions. This is also the reason behind the downtime events that took place on Solana. Ethereum and Avalanche share similar gas designs. Both feature the base fee and the priority fee, which creates an inherent sequencing issue because transactions with a higher priority fee would be first executed. As such, although users can still use bots to create massive transactions on Ethereum and Avalanche, their transactions will not be executed no matter how many requests are sent when the priority fee becomes insufficient, and they have to wait in line. Considering the cost of gas, such a design eliminates the possibility of network downtime arising from massive transactions at the economic level. Source[1] – Improvement by Solana Economic isolation has always served its purpose better than methodological isolation. Solana has already started to build its own Fee Market by introducing a concept similar to the priority fee. Meanwhile, Metaplex, Solana’s NFT market, will also adopt a new concept called Invalid Transaction Penalty, which means that users will have to pay a fee for invalid transactions when minting NFTs. Value capture Value capture is the reflection of a gas economy via the market cap of the gas (the native crypto of the chain). The market cap of a native coin is roughly determined by two factors: cash flow and monetary premium. – Cash flow When it comes to charging the gas fee, most public chains follow the same approach: lower the gas fee as much as possible to attract users from Ethereum. From the perspective of cash flow, such an approach is unsustainable. Of the three mainstream public chains, only Ethereum stands with a considerable net cash inflow, although the network is still issuing more Ethers. If we consider additional issuance as a type of subsidy, then the net expenditure of Ethereum per day would be about $25.7 million if the annual issuance rate stands at 3.21%. Solana and Avalanche, on the other hand, have an income of $6,250 and $42,000 a day on average, with a daily net expenditure of $4.6 million and $1.86 million and a yearly issuance rate of 6.93% and 5.22%. The high net expenditure & high issuance rate significantly dilute the market cap of the public chain coins. Source[2] Let’s turn to the destinations of cash flows. Under Ethereum’s current mechanism, the base fee is burned, while the priority fee is offered to miners. Compared with the gas burning and distribution mechanisms of Solana and Avalanche that offer the gas fee to validators, the miner reward is a design that compromises value capture. Ethereum uses the PoW design for block generation, and most of the miners adopt a business model under which tokens that have been mined are sold to cover the mining cost (such as electricity fees and maintenance costs). Therefore, the part of the gas fee paid to miners will most likely go out from the ecosystem. It would be better to give the gas fee to validators because the cost of running a node is not as high as operating a mining factory. Since there are not significant ongoing operating cost, validators are more likely to invest the rewards they’ve received in the nodes, which makes the ecosystem safer without diluting the value of the native coin. Burning fees might be the most direct and effective way to capture valuee and benefits both node stakers and token holders. In addition, MEV constitutes another major source of revenue for public chains. According to statistics from Flashbots, from 2020 to now, $600 million worth of MEV has been paid to miners, which is a conservative estimate. Source[3] – Monetary premium Monetary premium refers to the appreciation of a public chain coin in terms of its practical value and value storage. Most existing public chain coins are carrying out massive issuance, which makes them poor value storage, and the practical value forms the backbone of their market cap. The growth of the ecosystem of a public chain coin will create scenarios where it can be used as a payment method. For instance, most NFT transactions are settled with public chain coins. Meanwhile, most emerging public chains also consider the practical value as the primary means of appreciation, which is why they have set negligible gas fees to attract traffic and new users. Meanwhile, some public chains have built foundations worth hundreds of millions of dollars to encourage more developers to build DApps in their ecosystem. The logic behind such an approach is to make big investments to attract users in the initial stage and try to recover the cost later. Conclusion To sum up, the gas design of a public chain will have profound impacts on the future development of a public chain, and a poor design could lead to poor value capture and even performance bottlenecks. When evaluating a public chain project, we can also get a rough picture of its development strategy and future growth through its gas designs.   [1] https://docs.solana.com/implemented-proposals/transaction-fees#congestion-driven-fees,https://ethereum.org/en/developers/docs/gas/,https://docs.avax.network/quickstart/transaction-fees/ [2] https://cryptofees.info/,https://moneyprinter.info/,https://solanabeach.io/ [3] https://docs.solana.com/implemented-proposals/transaction-fees#congestion-driven-fees,https://ethereum.org/en/developers/docs/gas/,https://docs.avax.network/quickstart/transaction-fees/

Bitcoin Blockchain Crypto News

SithSwap raises $2.65M to build next-gen AMM on StarkNet

SithSwap, a next-generation automated market maker (AMM) on StarkNet, announced it has successfully raised $2.65 million at a $25 million valuation in a seed funding round led by Lemniscap, with participation from Big Brain Holdings, GSR, DWeb3 Capital, Ghaf Capital Partners, as well as angel investors Anthony Beaumont and Etienne Royole. The SithSwap team will […]

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Crypto News Ethereum

Ethereum dYdX Will Launch Standalone Blockchain On Cosmos, Token Jumps 10%

Ethereum-based decentralized trading platform dYdX will be deployed as an independent blockchain on the Cosmos ecosystem. The team behind the project made the announcement this morning leading to a positive reaction for its governance token, DYDX. Related Reading | Bitcoin Steady Above $20K After Drop To $17K – A Slow Climb To Green? At the time of writing, this token trades at $1.50 with an 8% profit in the last 24 hours for its USDT trading pair and a 10% profit on its ETH trading pair. In the meantime, larger cryptocurrencies are facing hurdles and could continue to consolidate around their current levels. The standalone blockchain is part of this platform’s fourth iteration, dYdX v4. The team behind the project expects to “open source dYdX V4 by the end of 2022” but, as they clarified, this iteration will provide “critical” improvements so it will “require months of heads-down development”. The team behind the Ethereum-based trading platform picked Cosmos and its Proof-of-Stake (PoS) Tendermint consensus because of its security, decentralization, customizability, cross-chain capacities, and leverage its scalability. Thus, the platform will be able to process more transactions, and potentially increase its market share, amount of users, and trading volume while moving to its next development stage: full decentralization. The team behind the project said: The main requirement for the V4 protocol is full decentralization. The decentralization of a system is equal to the decentralization of its least decentralized component. This means that every part of V4 needs to be decentralized while also remaining performant. The ultimate objective, according to the announcement, is to make dYdX “one of the largest exchanges in all of the crypto”. This requires an infrastructure capable of processing a lot of transactions and supporting the exchange’s engine without compromising its level of decentralization. The team behind the project added: Developing a decentralized off-chain orderbook and moving from Ethereum to a dYdX-specific chain as a major DeFi protocol is very much untested, but we believe this gives dYdX the best shot at offering a competitive product experience with centralized exchanges. Is Leaving Ethereum The Best Choice For dApps? The fourth iteration of dYdX will have new features, such as an off-chain order book, and no trading gas fees. The fee structure will be similar to that of centralized exchanges. The governance token DYDX will continue to be the main component of the exchange’s governance model. The announcement has been celebrated across a portion of the crypto community, the market seems to have reacted positively. However, others have expressed concerns as they believe a standalone version of dYdX will lack security and composability, or design flexibility. Related Reading | Ethereum (ETH) Market Cap Falls More Than $124 Billion In Six Weeks Analyst Ryan Watkins said the following on the dYdX announcement: While I understand the desire for sovereignty and the need to scale more quickly, I’m not convinced why an app-chain is the best path forward. Losing security and composability (as opposed to deploying on Starknet) with the Ethereum ecosystem seems risky.