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Crypto Venture Capitalist Says Solana (SOL) Going Through Same Bear Phase As Ethereum (ETH) in 2018

One crypto veteran says Solana (SOL) is currently going through a similar phase to what Ethereum (ETH) experienced four years ago. Crypto venture fund Variant co-founder Spencer Noon tells his 112,100 Twitter followers Solana’s current issues won’t matter a few years down the road. “It feels to me like SOL is going through a similar […]

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Altcoins Blockchain

Cardano (ADA) Founder Charles Hoskinson Addresses Congress, Argues for Real-World Uses of Crypto and Blockchain

Cardano (ADA) founder Charles Hoskinson is addressing Congress in an attempt to detail the real-world use cases of crypto assets. In a prepared testimony to Congress on the topic of digital asset regulation, Hoskinson says blockchain technology helps marketplaces thrive due to its decentralized and permissionless nature. “Distributed ledgers (i.e., blockchains) store information that needs […]

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Altcoins Analysis Bitcoin Blockchain

Uniswap Set To Add NFTs To Its Product Lineup With Latest Acquisition

Grayscale Expands Its MultiBillion-Dollar Investment Net To Include Solana And Uniswap

On Tuesday, a popular crypto start-up and founders of a leading decentralized exchange of the name Uniswap announced the acquisition of Genie, an NFT marketplace aggregator, as it plans to launch NFT trading on Uniswap soon. “We’re excited to announce that we’ve acquired Genie, the first NFT marketplace aggregator, which lets anyone discover and trade […]

Crypto News

Stepn GST Token Slides 97% – Despite Fitness App Having 3M Users

Stepn (GST) is competing in the fitness industry using cryptocurrencies and the blockchain. Stepn is a smartphone software built on Solana and produced by app developer FindSatoshi Lab that allows users to earn money by jogging, running, or walking. Under the influence of this bearish market, however, the price of GST (Green Satoshi Tokens) has fallen below the $1 critical support level. The coin is currently trading at $0.18, representing a 97 percent decline from its all-time high of a little over $9 on April 28. To prevent the ecosystem from imploding, the coin must once again attract purchasers like it did during that month. Suggested Reading | Bitcoin Steady Above $20K After Drop To $17K – A Slow Climb To Green? Can 3 Million Stepn Users Help Boost GST Price? The NFT-based exercise app has amassed 3 million active users each month. Given the high number of customers, market experts wonder if this will cause the GST price to rise slightly. Similar to Fitbit, Stepn is a GPS-based game in which the app counts your activities and steps. To begin running, you must acquire a virtual pair of sneakers. These newly-minted NFTs can be resold on the market for a possible profit to purchase a better pair. By the way, the Stepn app doesn’t work with a treadmill or any other electric-powered gym equipment: you must use your legs, and run outside of the house. Two months ago, Web3 employees would boast on Crypto Twitter about making up to $30 just by running. At the time, one pair of Stepn’s NFT sneakers cost a whopping $600 (priced in SOL). Crypto total market cap at $905 billion on the daily chart | Source: TradingView.com GST Price Drops Lowers Those that engage in physical exercise can earn GSTs. Different types of sneakers refund GST at varying rates; the better the efficiency attribute of a sneaker, the more GST the user can earn per minute. At the peak of GST, you might get your money back in approximately 30 days. Now, GST is only 18 cents, and jogging a few miles with an entry-level footwear NFT will earn you less than $1, which is a far cry from the easy $30 you could earn by running a short distance. GST was the most popular cryptocurrency earlier this month when the token’s price was closer to $1; however, despite the excitement and a 30 percent increase on June 8, GST’s price fell further. GST has a market cap of only $23 million and ranks #529 on CoinMarketCap. The market capitalization of GMT is at $365 million, down from $4.17 and over $2.2 billion at its peak on April 28. Suggested Reading | ApeCoin Shed $2.5 Billion From Its Market Cap In May – Investor Appetite Fading? Featured image from RationalInsurgent, chart from TradingView.com  

Crypto News

Top Decentralized Stablecoin Alternatives to USTC (Formerly UST)

The recent cataclysmic crash of the Terra Classic (LUNC; formerly LUNA) left several people bankrupt. South Korean officials reported 8 confirmed suicides due to this blow. Stablecoins emerged as a way for cryptocurrency investors to park their funds to escape from volatility. USTC (formerly UST) was among the largest stablecoins by market cap and the single largest stablecoin on the Cosmos blockchain. This is not the first time an algorithmic stablecoin fell below the point of recovery. So much so that the head of the IMF even suggested that stablecoins that are not backed by physical assets are similar to pyramid schemes. However, a crash as biblical as that of UST was a first for a stablecoin. While history seemed to have indicated this to be an obvious outcome, the utility of UST and the communities around LUNC-UST indicated otherwise. The Death Spiral – Here’s What Went Wrong Stablecoins are digital assets whose value is pegged to a fiat currency or other asset. USTC is one such stablecoin, pegged to the US dollar by not backed by it. LUNC maintained USTC’s price algorithmically, using a mint and burn mechanism. When USTC’s demand-to-supply ratio was high, more LUNC was burnt. Contrariwise, more LUNC was minted when USTC’s supply-to-demand ratio was high. This created an arbitrage opportunity for traders which helped maintain USTC’s price at approximately $1. However, when the selling pressure became too high for the algorithm to keep up, LUNC began to hyperinflate. It thus sent the entire ecosystem into a death spiral, eventually leading to a point of no recovery. Today, USTC costs less than $0.01 while LUNC is over 99% down from its all-time high. Decentralized Alternatives – The Way Forward The failure of algorithmic stablecoins doesn’t mean the end of all possibilities. Instead, they provide us with crucial lessons. One of them is avoiding centralization at all costs. So, here’s a list of non-algorithmic, decentralized stablecoins for you to consider while entering the world of crypto. 1. USDr USDr is a collateralized, fiat-backed stable token receipt by METL, a first decentralized crypto on-ramp solution native to the Avalanche blockchain. Since METL’s USDr stable token receipt is collateralized with a 1:1 ratio using USD, it will not be affected by unexpected selling pressures like in the case of LUNC and other algorithmic stablecoins. The USDr token’s issuance mechanism is designed to have users be the actual issuers of the token, so that they interact with the DeFI ecosystem. This allowed METL to bypass any MTL (Money Transmitter Licensing) requirements and receive exemptions in all the states in the US except NY. METL does not host any wallets and therefore does not take user’s funds on their balance sheet, which again protects them from a bank run. METL is currently building an SDK to let any developer build a FIAT gateway using METL microservices and plug/play it into any DeFI platform that wants native gateway.  METL holds a 20 year patent for this technology issued by the USPTO office. 2. DAI DAI, a decentralized stablecoin, is a product of MakerDAO, an Ethereum-based peer-to-peer organization facilitating collateralized loans. Unlike USDC and USDT, DAI is an over-collateralized, crypto-backed stablecoin. This means that the collateral backing this stablecoin is other cryptocurrencies. Moreover, its “over collateralized” nature implies that the value of the collateral backing DAI is greater than DAI’s value. For instance, $1.5 worth of ETH-based (ERC-20) tokens back $1 worth of DAI. Instead of any centralized, corruptible entity, immutable and tamper-proof smart contracts maintain DAI’s peg to $1 by increasing or decreasing the amount of collateral based on market dynamics. 3. EOSDT EOSDT is an over-collateralized, decentralized crypto-backed stablecoin by Equilibrium, a cross-chain money market project in the Polkadot ecosystem. Users can borrow EOSDT by collateralizing their digital assets in a smart contract with a small interest rate of 1% APR. The stablecoin also has an insurance mechanism called the “Stability Fund” to shield EOSDT and its holders from extreme market volatility. Further, the price of EOSDT is maintained at $1 by incentivizing arbitrators. This is similar to USTC’s mechanism. However, unlike USTC, EOSDT is not algorithmic and currently has a collateralization ratio of 281%. 4. sUSD sUSD is a crypto-backed, overcollateralized stablecoin by Synthetix, an ETH-based protocol that facilitates DeFi derivatives trading. sUSD acts as the bridge to trade these on-chain synthetic assets on the Ethereum network. All synthetic assets on Synthetix are referred to as “Synths” and are denoted by an “s” at the prefix. sBTC, sETH, and sSOL are some examples. Similarly, sUSD is a synthetic stablecoin asset. 5. RSV RSV is a collateralized stablecoin. However, unlike other tokens mentioned here, RSV employs a hybrid collateralization method. Thus, a combination of fiat and cryptocurrencies back this stablecoin. RSV is a product of Reserve, a protocol working to offer citizens of countries with high inflation rates a robust inflationary hedge. The Reserve Dollar (RSV) is the stablecoin that facilitates this. Caution is Wisdom It’s abundantly clear that you have several alternatives to stablecoins like UST. They are more robust, more reliable, and above all, more decentralized. But despite everything, one can’t stress the importance of due diligence enough in these matters. You must do your research, thoroughly, before investing in any stablecoin whatsoever. Look closely at the project’s team, their track record, and most importantly, the protocol’s architecture. It’s difficult at times but utterly necessary. Particularly because the crypto domain is still nascent, with much volatility and uncertainty. New changes are happening every day and you must always be cautious about negative consequences. The storm will, however, be over soon, when the future of finance will shine bright. Stablecoins will define this future, and so can you.   Image by succo from Pixabay

Crypto News

Cardano Vasil Hard Fork Launch Date Set, Time To Buy The News?

The highly anticipated Vasil Hard Fork on the Cardano network has been rescheduled. The hard fork was expected to push forward work that had been done on the network over the last couple of years. Due to this, the news of the June 29th launch had sparked a lot of enthusiasm for the network and had seen the price of its native token, ADA, surge. Now, with the delay, investors have had to reassess their stance and strategy when it comes to Cardano. When Is Vasil Hard Fork Launching? According to a blog post from IOG, the developer behind Cardano, the launch date for the Vasil Hard Fork had been moved back by another four weeks. So instead of launching next week as was previously announced, users will have to wait until the last week of July for the hard fork to be completed. Related Reading | Bitcoin Recovery Wades Off Celsius Liquidation, But For How Long? Delays like these are not new in the crypto space. Ethereum’s move to the consensus layer has been in the works for a while now and has been subject to many delays over this time. Cardano notes in the blog post that the reasons for the delay have been the bugs that have been found to date. In particular, there are seven bugs that the developers are working to figure out. Although none of them are particularly ‘severe’. ADA price declines to $0.49 | Source: ADAUSD on TradingView.com The post also notes that the developer is 95% done with the Plutus V2 test scripts. Adding that the Vasil hard fork had been the most complex development and integration on the network to date and as such, has been a challenging process. Time To Buy Cardano? Like with anything, an important upgrade such as the Vasil Hard Fork can carry various implications for the price of the digital assets themselves. This is why investors are always trying to time and buy along with times when there will be the most hype. Since the upgrade has been pushed further by another four weeks, it has pushed the buying opportunity far back. If the price of the digital asset were to fall below its 20-day moving average in the next three weeks, it would present a good opportunity to enter the cryptocurrency in a bid to catch the height of the hype. Related Reading | Over $250 Million In Liquidations As Bitcoin Recovers Above $20,000 Mostly, when “buy the rumor and sell the news” comes into play, it is best to always purchase the cryptocurrency right before the rumors begin. And then around the time of the launch will see a good amount of dumping which is when the price declines. This was the same thing that occurred prior to and after the launch of smart contracts capability on the Cardano network.  The price of the digital asset is currently trading at $0.504 at the time of this writing. The next major resistance point lies at $0.55 while support is available at $0.43. Featured image from Zipmex, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Crypto News

What Makes CSC an Exceptional Public Chain?

May 2022 had been a heart-stopping ride for the crypto market. Most of you have heard about the recent meltdown of Luna, a cryptocurrency released by Terra. With a peak market cap of over $40 billion, the project suddenly slumped, and the price of Luna dropped from $90 to less than $0.00015 within a few days. The plunge of Luna, which was formerly one of the top 3 stablecoins, far exceeded the price drops of altcoins out there. Meanwhile, investors holding Luna also suffered heavy losses, and many have lost millions. In nearly a month since the Terra meltdown, Terraform Labs recently released Terra 2.0, a new version of Terra, and equipped it with newly minted Luna coins to make a comeback. Yet, will investors still trust Terra 2.0? Trust can dissipate instantly, but it takes a long time to build. At the moment, Ethereum remains at the center of public chain ecosystems. That said, Ethereum is also subject to multiple flaws. For example, due to its low TPS, a large commercial DApp in the ecosystem can slow down the entire network. Moreover, Ethereum users also have to pay expensive gas fees. During peak hours, a single transfer could cost hundreds of dollars, which hinders the large-scale adoption and growth of DApps. Though Ethereum has rolled out ETH 2.0, there is no specific date as to when the ETH 2.0 upgrade will be fully completed, and the upgrade process has not been all plain sailing. Undoubtedly, the boom of DApps is enabled by public chains that feature high performance and low fees. Committed to building the infrastructure for the blockchain world, CSC is exactly such a public chain. CoinEx Smart Chain (CSC) is a decentralized, efficient public chain created by CoinEx’s public chain team for decentralized finance. CSC provides developers with an efficient and low-cost on-chain environment where they can run smart contracts and DApps and store digital assets. In our view, CSC boasts the following unique advantages. 1. Great performance Speaking of the performance of a public chain, the most commonly used indicator is TPS, the number of transactions that a public chain can process per second. Simply put, TPS is like throughput. The higher the TPS, the greater the performance of a public chain. CSC features a TPS of up to 1,000. To understand what that means, we can compare CSC’s TPS with that of Ethereum and BSC. TPS Ethereum: 15 CSC: 1,000 It’s clear that CSC’s TPS is way higher than that of Ethereum and BSC. This means that the public chain can process more transactions in one second and carry more DApps. In other words, CSC can run more DApps at the same time. CSC can achieve a TPS of 1,000 primarily because it uses the PoS consensus mechanism from the very beginning. Furthermore, CSC also features permissionless validators, high throughput, low fees, and compatibility with EVM. As we all know, compared with PoW, PoS, which is the mainstream consensus mechanism among public chains in today’s market, significantly improves the performance of public chains. For instance, the goal of Ethereum 2.0 is to upgrade the network from PoW to PoS. In addition, there are different branches of PoS. For example, EOS uses DPoS, which is one of the PoS branches. However, as DPoS is not sufficiently decentralized, EOS validators can form alliances, resulting in a certain degree of monopoly. 2. A high degree of decentralization Decentralization is also a major indicator for assessing public chains. If a chain is not sufficiently decentralized, validators can collude with each other when casting votes, and sometimes multiple validators could be controlled by one validator, which is what happened on EOS. CSC, on the other hand, features a high degree of decentralization. The public chain accommodates up to 101 validators, much higher than the 21 supernodes of EOS. The 101 CSC validators are ranked by the amount of CET they staked. The higher the amount of CET staked, the higher the ranking. On CSC, anyone can become a validator by staking CET without any permission, which keeps the public chain highly decentralized. 3. Enhanced security First of all, CSC was built by the CoinEx team. As a world-renowned crypto exchange, CoinEx is backed by one of the earliest developer teams in the industry, with expertise in technology R&D and global operations in the crypto space. Hacking is common among exchanges, and even Binance was once hacked. However, CoinEx has maintained a zero-accident record for five straight years, which is an exceptional track record in terms of security. CSC, a public chain developed by the team, has been running steadily since its launch in June 2021. CoinEx’s strong tech team keeps CSC secure. Secondly, the codes of CSC have been audited by a professional security company. The public chain partnered up with PeckShield, a world-leading blockchain security company, which keeps CSC safe and secure in terms of the bottom-layer codes. 4. An emphasis on ecosystem building: CSC introduced Multi-Million Dollar Supportive Plan The success of a public chain ecosystem is inseparable from the strong support of the public chain behind it. In this regard, EOS serves as a counter-example. To date, EOS remains the public chain that raised the most funds. Yet, Block one, EOS’s parent, did not spend the funds raised on the growth of the EOS ecosystem but on compliance. Block one wasted the precious window of opportunity, which is why EOS started off well but lost its momentum. Having learned from the failures of many public chains, CSC attaches great importance to ecosystem building. The public chain also set up Multi-Million Dollar Supportive Plan and Five-Million USD Special Funding Support for Metaverse Ecology. Apart from offering funding support to the outstanding projects in its ecosystem, CSC also provides project teams with technical support and marketing resources. For example, promising CSC projects have priority access to token listing on CoinEx. In short, as a PoS-based public chain, CSC features high performance, decentralization, and low gas fees. To help DApp projects grow on CSC, the public chain provides project teams with strong support in terms of funding, technology, and resources, as well as technical/resource support from the CoinEx team. Moreover, CSC is also EVM-compatible, which enables the seamless migration of Ethereum-powered projects.