BTDeFi Daily
new report by the ECB suggests that crypto assets are more likely to be used for speculation than for payments, due to their volatility and lack of scalability AND MORE...
Good Morning Maxis! There has been a lot of movement in the metaverse today, so let’s jump right in!
Large Cap Movement
Bitcoin
UST: $40,485
UST market cap: $768,823,779,856.0375
UST 24h vol: $29,258,033,731.314144
UST 24h change: $4.2942973395322985
Ethereum
UST: $3,006.25
UST market cap: $362,164,770,823.5351
UST 24h vol: $19,285,798,473.196365
UST 24h change: $5.641893798280389
Polkadot
UST: $17.95
UST market cap: $19,813,997,341.812775
UST 24h vol: $533,432,879.18354
UST 24h change: $3.345053099105351
Chainlink
UST: $13.33
UST market cap: $6,211,622,987.607047
UST 24h vol: $380,808,092.5276385
UST 24h change: $4.072412050062473
Avalanche
UST: $71.55
UST market cap: $19,206,637,574.57489
UST 24h vol: $510,799,447.68019754
UST 24h change: $4.342428355999147
Near
UST: $14.78
UST market cap: $10,017,627,425.084152
UST 24h vol: $1,016,091,276.4756019
UST 24h change: $6.226033134575669
Solana
UST: $100.51
UST market cap: $33,494,175,053.03336
UST 24h vol: $1,269,410,175.4206684
UST 24h change: $4.203558468786374
Fantom
US Token Value: $1.051
UST market cap: $2,666,979,724.9830484
UST 24h vol: $389.744,122.3776301
UST 24h change: $3.818165631662497
Matic
US Token Value: $1.32
UST market cap: $9,080,383,539.101578
UST 24h volume: $479,362,776.279222
UST 24h change: $2.0199491761687147
DeFi News
FTX/ Defi: If it looks like a duck and quacks like a duck . . . - Financial Times
Sam Bankman-Fried, chief executive and founder of Bahama-based crypto-exchange FTX, appeared on Bloomberg’s excellent Odd Lots podcast Monday, and was joined by the Borg’s Matt Levine alongside regular hosts Joe Weisenthal and Tracy Alloway.Levine took the opportunity to ask SBF about the mechanics of “yield farming”, which involves staking coins or tokens in exchange for some form of interest.You start with a company that builds a box and in practice this box, they probably dress it up to look like a life-changing, you know, world-altering protocol that’s gonna replace all the big banks in 38 days or whatever.Alright so, you put it into the box and you get like, you know, an IOU for having put it in the box and then you can redeem that IOU back out for the token.And then this protocol issues a token, we’ll call it whatever, ‘X token.’ And X token promises that anything cool that happens because of this box is going to ultimately be usable by, you know, governance vote of holders of the X tokens.
DeFi partnership aims to tokenize shares of pre-IPO companies - Cointelegraph
Decentralized finance (DeFi) protocol Portal has partnered with the asset marketplace HighCircleX (HCX) to tokenize stocks of pre-initial public offering (IPO) companies, according to an announcement shared with Cointelegraph on Monday.Through this, HighCircleX is looking to solve problems such as the lack of liquidity and value uncertainty for traditional assets.According to the announcement, HCX will create and manage a limited liability company (LLC) for the investments.The pre-IPO companies that can be tokenized and traded include SpaceX, Epic Games, Klarna, Automation Anywhere and Cross River Bank.Eventually, we will see the tokenization of many more financial assets onto the Bitcoin blockchain.”
Additionally, Duggirala explained that while the assets are different from BTC, simplifying the interface for traditional assets starts the "beginning of merging the Bitcoin ecosystem with mainstream finance."
Avoiding Sticky Situations with Web3: DOJ, SEC Scrutiny of NFT and DeFi Projects Expected to Continue - JD Supra
At best, these parties do not understand the legal issues implicated by their projects; at worst, they abuse Web3's buzz and the accompanying fear of missing out (FOMO) to defraud investors and consumers alike.The Frosties team sold all 8,888 NFTs within 48 minutes of the public launch on January 9, 2022, raising $1.1 million in ether – the native cryptocurrency of the Ethereum blockchain.In a statement published shortly after the fraud, Nguyen acknowledged that he "never intended to keep the project going[.]"In practice, DeFi projects come in many flavors, and may combine virtual token offerings, smart contracts and decentralized autonomous organizations (DAOs) with conventional centralized databases, agreements and management structures.The pair of BCP executives established smart contracts selling two different virtual tokens: mTokens represented a share of the money market's asset pool and promised a 6.25 percent annual return, while DMG tokens represented a share in the governance and excess profits of the DeFi project itself.
How Binance Smart Chain (BNB) Solana (SOL), and Quitriam Finance (QTM) are solving DeFi problems - Cyprus Mail
They are Binance Smart Chain (BNB), Solana (SOL), and newcomer Quitriam Finance (QTM) which has great potential to make its users very rich.Whilst keeping to its vision of facilitating ‘secure’ smart contracts developments on the Binance Smart Chain (BSC).Quitriam Finance’s DEX protocol looks to solve “order matching” problems, like impermanent losses suffered on many DEXes by еmрlоуing аdvаncеd machine learning, and nеurаl network аlgоrithmѕ.Quitriam Finance’s tokenomics show the large prospect in its coin, with over 500B tokens in total supply, which will be distributed in the following order:
- 5% will be for marketing purposes
- 5% will go to dev wallets
- 30% will go into presales
- 10% will power the DeFi ecosystem
- It will use the remaining 50% to provide liquidity on the exchange.Quitriam Finance (QTM) will operate a secure multichain mainnet comprising some necessary components, like a community-driven token, AMM, and a saving and lending portal with mouth-watering returns, among other things which are great reasons to consider investing in the cryptocurrency because of its popularity and great potential.
Faulty codes to flash loan attacks: Here’s how cybercriminals attack DeFi platforms - The Indian Express
It refers to a smart contract exploit when an attacker takes a flash loan (uncollateralized loan) from a DeFi platform, uses the capital that they borrowed and pays it back in the same transaction, causing the price of the crypto asset to rise and then quickly withdrawing their investments.“The decentralized nature of DeFi platforms makes them even more vulnerable to attacks, as hackers target specific bugs in the software suites, which are very transparent since the apps are open source.While this peculiarity requires even more time and resources to be spent on code audits and stress tests, many of today’s DeFi projects are launched hastily and do not pay much to build a strong security team.It can be seen that for the current security vulnerabilities in Defi projects, smart contract auditing, senior and experienced teams will be helpful to prevent hacker attacks,” advised Johnny Lyu, CEO of KuCoin.-
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
IMF: DeFi lending has a centralization problem - Axios
But if most funds available for lending come from a few giant depositors, that could cause a one-person bank run.Yes, but: DeFi's over-exposure to a few large depositors creates a systemic risk for these platforms that many users might not be aware of.- "Idiosyncratic withdrawal of funds by any of those large depositors can have a material impact on the liquidity condition of the platform," the IMF report states.Quick take: The report's suggestions about fostering better risk management in DeFi lending reads as fairly half-hearted, like the authors realize there's no especially direct way to get a handle on the space.- The DeFi Education Fund, an advocacy organization, expressed some of its own concerns about the regulatory suggestions made by the IMF, while noting that "regulators across the globe are starting to take notice of DeFi in a big way."
Giving Back to the Cardano Community and Driving DeFi Adoption – crypto.news - Cardano Feed
As a demonstration of how powerful the technology is, Bitcoin exploded to over $1.2 trillion in market capitalization at peaks, finding utility as a medium of exchange and increasingly a store of value.Cardax Academy is how the Team is Giving Back to the Global Cardano Community
One such project is Cardax, a top-tier DeFi protocol on the Cardano ecosystem aiming to release a decentralized exchange for seamless swapping of native tokens.By doing so, Cardax, through the academy, is giving back to the Cardano community as it aligns with blockchain’s principles of being community-centric and open.In their quest to educate the global community of Cardax and Cardano users, the DeFi protocol will publish as many articles as possible covering every facet of the Cardano and DeFi ecosystem.Source: https://crypto.news/cardax-academy-community-defi-adoption/
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Original Source: https://bitcoinethereumnews.com/crypto/giving-back-to-the-cardano-community-and-driving-defi-adoption-crypto-news/?utm_source=rss&utm_medium=rss&utm_campaign=giving-back-to-the-cardano-community-and-driving-defi-adoption-crypto-news
Blindex Brings Two New Stablecoins To RSK And Bitcoin DeFi - CryptoSlate
The advent of Bitcoin DeFi has attracted attention from other projects seeking to leverage Bitcoin’s network security and RSK’s functionality.The integration of Blindex protocols with the RSK platform marks a crucial milestone toward achieving that goal.Taking it further into the “real” world is our ambitious long-term vision, and it’s the thing that gets our team’s creativity levels up.These new financial services have more flexibility and interoperability and are much cheaper.”
Blindex brings two new algorithmic stablecoins to the Rootstock ecosystem:
- bGBP: a stablecoin pegged to the British Pound
- bXAU: a stablecoin pegged to the value of 1 oz of gold
bGBP is a highly demanded liquid British Pound stablecoin that can be swapped at the market rate with other coins.About RSK
RSK is the most secure smart contract platform in the world, secured by Bitcoin’s hash power via merge-mining.
Crypto's DeFi growth stalls as exchange-traded product offering grows - City A.M.
Crypto’s DeFi growth stalls as exchange-traded product offering grows
Data from CryptoCompare shows that the price of Bitcoin started last week with a sharp move higher, from the $39,000 mark to a $42,800 high before the cryptocurrency endured a sell-off that it drop to $38,500.Ethereum’s Ether, the second-largest cryptocurrency by market capitalisation, moved in a similar way and reached a $3,150 high over the week before plunging to $2,800, the level at which it’s trading at the time of writing.They’re joined by Cosmos Asset Management’s Bitcoin ETF, which will be listed on CBOE and offers indirect exposure to spot BTC investments through the Purpose bitcoin ETF that was listed on the Toronto Stock Exchange last November.The deal could provide Robinhood’s growth prospects a crucial boost after the company reported a drop in monthly active users in the fourth quarter of 2021, to 17.3 million from 18.9 million the previous quarter, as it could help it expand in the UK and Europe.After an impressive surge in activity last year, the total value locked dropped 20.8% from the end of 2021 to the first quarter of this year, now standing slightly above $150 billion.
Crypto News
For a few cryptos more: the Wild West of crypto finance - European Central Bank
- Speech For a few cryptos more: the Wild West of crypto finance Speech by Fabio Panetta, Member of the Executive Board of the ECB, at Columbia University New York, 25 April 2022 170 years ago Americans pushed westward across the frontier to seek their fortune in the gold rush.Fast-forward a century and a half and, amid the global financial crisis, growing distrust of banks, coupled with technological innovation, gave rise to a new dream – a digital gold rush beyond state control.Satoshi Nakamoto – or rather the software developers using that pseudonym – created the source code of what they thought could be decentralised digital cash.[8] In spite of these weaknesses, the number of crypto-assets has expanded significantly, with around 10,000 available on the market today.For one thing, the market is highly concentrated: for example, retail investors holding less than 10 bitcoins own one-tenth of bitcoin supply, while professional investors and high-net-worth individuals hold almost two-thirds.
Bitcoin Prices Fall as Crypto Market Is Slammed by Hawkish Fed Expectations - Barron's
Bitcoin Prices Fall as Crypto Market Is Slammed by Hawkish Fed Expectations
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Bitcoin and other cryptocurrencies dropped Monday as expectations that the Federal Reserve will move aggressively to tighten monetary policy continued to rock the digital asset space.Bitcoin fell 3% over the past 24 hours to around $38,500, having moved below the key $40,000 level late on Friday.The price of the largest crypto was as high as $43,000 last Thursday before the slide began.“The...
3 Signals a Crypto Crash May Be Coming, According to Experts - CoinDesk
EZCharts, a pseudonymous crypto trader, told CoinDesk that to test a bearish direction, he mostly looks at bitcoin’s weekly price closes and wicks.As time passes, bitcoin price forms certain shapes on the chart, giving indications of its direction.“Currently, the market has rallied a bit off our local lows but is forming a very clear bear flag (see the chart below).A bear flag is a technical analysis pattern that points towards downside continuation.Because we formed our macro double top we can see that the trend has been down, and based off this continuation pattern, it seems likely bitcoin will head lower in the near term,” he said.
Bitcoin's 'Stuck at the Moment' as Record Cash Flees Crypto ETFs - Bloomberg
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Crypto.com Price | CRO Price and Live Chart - CoinDesk
Previously, CRO was known as Crypto.com token before the company changed the token’s name to cronos in February 2022.The Crypto.com ecosystem started out with monaco coin (MCO) as its native cryptocurrency but has shifted toward using CRO coin for all of its in-network functionalities.While MCO was first used to power the Crypto.com trading application, all Crypto.com users were asked to exchange the MRO into CRO on the Crypto.com app by November 2020.The company has allocated the tokens in the following manner: The founders of Crypto.com decided to freeze 60% of the total CRO coin supply to ensure the project’s long-term viability.The two respective wallets for the capital reserve and network long-term incentive allocations will remain frozen until November 7, 2022.
Bitcoin's down 55% but everyone still wants a job in crypto - AltFi
While investing in cryptocurrencies such as Bitcoin is as volatile as ever, down 55 per cent since its 10 November high of $68,000, for fintech veterans and incumbent bankers alike, crypto is rapidly becoming the next big career move.West joined Revolut in its first few years and after a brief spell at grocery delivery startup Dijia, which was acquired by rival GoPuff last year, is now VP of marketing for crypto wallet provider Argent.A jobs platform recently revealed the number of employers currently seeking staff in the crypto industry, showing the US as the highest number of vacancies at 3,893 with the UK as second with 954 vacancies with most of these roles are based in London.Globally, investors poured more than $28bn into start-ups in the crypto and blockchain sector last year, a 400 per cent rise from 2020, according to PitchBook, demonstrating just how bullish - and hype-driven - the trend has become with more cash being put to work.John Glenn, economic secretary to Treasury, stood in for the UK chancellor Rishi Sunak recently to deliver a paean to the UK's future as a 'crypto hub' as well as more practical applications for blockchain technology in a speech.
Crypto Coach: How to purchase crypto coins using Robinhood - ZDNet
One of my readers, asked the following question: "Instead of going through the hassle of downloading and setting up from a dedicated crypto app, can you break down how that can be done through brokerage apps like Robinhood and WeBull?After you run through Robinhood's Know Your Customer (KYC) registration guidelines, you can link up your bank account and begin purchasing crypto.As of right now, you can purchase and trade the following cryptocurrency on Robinhood:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin SV (BSV)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
In addition, you can get real-time market data on the following coins:
- Bitcoin Gold (CRYPTO:BTG)
- Lisk (CRYPTO:LSK)
- Monero (CRYPTO:XMR)
- NEO (CRYPTO:NEO)
- OmiseGO (CRYPTO:OMG)
- Qtum (CRYPTO:QTUM)
- Ripple (CRYPTO:XRP)
- Stellar (CRYPTO:XLM)
In fact, in the middle of writing this post, I got an email stating the following coins are now supported on the Robinhood platform.Next, let's walk through purchasing your first crypto on the Robinhood platform…in just six steps:
- Open the Robinhood app and tap on the magnifying glass.I made a quick video to show you how this could be done, as well as give you a review of the platform.
Vast majority of the City think crypto will go mainstream within a decade - Evening Standard
Vast majority of the City thinks crypto will go mainstream within a decade
Around two-thirds of UK respondents said they actively recommend cryptocurrency investing to their clients almost 90% of UK financial institutions believe cryptocurrencies will reach mainstream adoption in less than a decade, a new survey has found.That makes UK businesses the most confident in the future of cryptocurrency in Europe, according to the first Bitstamp Crypto Pulse survey, which analyses trust in and adoption of cryptocurrency around the world.Around 70% of the 250 UK companies surveyed, which included banks, hedge funds, pension fund managers and brokerage firms, said they currently trust cryptocurrency products.CEO of Bitstamp Julian Sawyer said: “In the last few years, cryptocurrencies have moved from the outskirts of the financial ecosystem to find themselves front and centre of mainstream investing, with many of the largest trading venues in the world now catering to both retail and institutional crypto needs.”
Larger companies, including Paypal, Twitter and Tesla have sought to gain a foothold in cryptocurrencies in recent years, either by accepting them or investing in them.Sawyer said: “Talking about survival of digital assets is firmly over — the question is now about evolution.”
As well as financial institutions, Bitstamp also polled more than 1,000 UK consumers.