DeFi Daily: Cross Chain Minting, Celo, and the Bahamas.
Cross Chain Minting, Celo, and the Bahamas
Welcome back to the Metaverse Maxis! Today Terra is hiring, we look at Cross Chain Minting, The Bahamas, Uniswap Deploying Celo, And after a rough April, AVAX looking to grow! Let’s jump right into it.
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DeFi News
Finance Redefined: Samson Mow's DeFi question, Fireblocks expands to institutional and more - Cointelegraph
Fireblocks has expanded its institutional access to Terra’s DeFi ecosystem and Solana partnered with the Notifi network to improve the abysmal participation rates in governance votes.‘DeFi is not decentralized at all,’ says former Blockstream executive
Samson Mow, former chief strategy officer at Blockstream and founder of JAN3, is convinced that most decentralized finance protocols can’t compete with Bitcoin (BTC) when it comes to providing an effective monetary network because of their lack of decentralization.“If you can change it at will, then you’re no better than a fiat currency governed by the Fed.”
Solana DAOs can now bug you to vote with phone calls and texts
The Notifi Network is banking on this concept to help improve the abysmal participation rates in governance votes.The team of experienced cryptoanalysts from the Big Four and the best universities worldwide dives deep into the blockchain’s ecosystem, community and underlying technology, assessing the potential regulatory, market and technological risks.Data from Cointelegraph Markets Pro and TradingView reveals that DeFi’s top 100 tokens by market capitalization registered a week filled with volatile price action and constant bearish pressure.
Interconnected DeFi hub successfully launches first token fundraising NFT - Cointelegraph
For this reason, the next major technology revolution is being led by a move away from large tech players toward a community-led alternative.Building a plan for long-term DeFi growth
Treasury Bills are designed to align the incentives of the organization, community, and network of partners to focus on sustainable growth.Looking at the big picture, the ApeSwap platform aims to support first-time users and DeFi veterans with their goals, primarily using BNB Chain and expanding to multiple top-tier blockchains.Since the DeFi revolution extends beyond the ApeSwap ecosystem, the platform also supports other projects post-TGE plans.While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.
XTRA.FUND has Launched one of the Leading DeFi Platforms Built to Protect and Deliver Returns - GlobeNewswire
UNITED ARAB EMIRATES, Dubai, April 29, 2022 (GLOBE NEWSWIRE) -- Launched on October 20, 2021, XTRA.FUND is one of the leading decentralized finance (DeFi) funds offering investor protection of up to 90% of all initial capital invested for the full staking period.The base value of the XTRA token is a function of two factors: staking on the XTRA.FUND platform and the appreciation of the XTRA token value.XTRA.FUND participation also provides investors with priority access to XTRA’s LaunchPad: a multi-chain platform for ERC20 tokens for select IDO and NFT projects across a range of EVM networks including EVM networks like Binance Smart Chain, Ethereum, Polygon, Klaytn, and Optimism.These projects will be hand-picked & vetted for growth and potential, with preferential terms being offered to XTRA.FUND investors.The valuation was around 180% on the last day, a historic and record increase for the company.
Avalanche (AVAX) loses 30%+ in April, but its DeFi footprint leaves room to be bullish - Cointelegraph
The network is compatible with the Ethereum Virtual Machine (EVM) and unique in that it does not face the same operational bottlenecks of high transaction fees and network congestion.Positive news could create a price support
Even though the AVAX token price has suffered and the TVL stands behind some of its competitors, investors remain bullish, based on fundamentally positive developments that occurred in the month of April.Total value locked drops 10.5%, but follows the market-wide downtrend
Avalanche’s primary DApp metric strengthened in the last 30 days as the network‘s TVL rebounded to 121 million AVAX.As shown by DappRadar, on April 28, the number of Avalanche network addresses interacting with decentralized applications declined by 14% versus the previous month.For instance, Trader Joe’s 180,830 active addresses outnumber those of Ethereum’s leading DeFi application, MetaMask Swap, which holds 116,210 active users.
DeFi Transactions at One-Year Low, NFTs and Games Standing Strong - Cryptonews
DeFi Transactions at One-Year Low, NFTs and Games Standing Strong
Transactions related to decentralized finance (DeFi) applications have hit a one-year low, with DeFi being the niche within crypto that is most affected by this year’s downturn in crypto prices, a new report from the decentralized application tracking site DappRadar has said.Worth noting, however, is that the decline in TVL has come as the price of ETH has also gone down, falling from USD 3,680 at the beginning of the quarter, to USD 3,280 as the quarter ended – a decline of about 10%.Ethereum TVL:
Meanwhile, DappRadar’s report said that NFT-related transactions peaked in the first quarter of this year, growing by 153% compared to the same quarter last year.Similarly, crypto-based gaming saw a rise in the number of transactions of a massive 520% compared to Q1 last year, strongly outperforming activity in DeFi.According to the report, both NFTs and crypto gaming have reached a point where they are now “critical to the evolution of the crypto industry.”
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Learn more:
- Crypto Trading Volume Falls for Sixth Month
- Thanks to DeFi, Ethereum Edges Out Bitcoin in Global Realized Crypto Gains
- KuCoin Launches USD 100M NFT Fund to Empower Artists, Lower Barriers for Users
- NFTfi Eyes Massive Growth for NFT Lending; CryptoPunks, BAYC & Art Blocks Most Common Collateral
- Play-to-Earn Bitcoin Games: How Lightning Network Enables Gamers to Earn Sats
- Final Fantasy Developer Braves Wrath of Gamers with Blockchain Gaming Statements
- Crypto Trading Volume Falls for Sixth Month
- Thanks to DeFi, Ethereum Edges Out Bitcoin in Global Realized Crypto Gains
- KuCoin Launches USD 100M NFT Fund to Empower Artists, Lower Barriers for Users
- NFTfi Eyes Massive Growth for NFT Lending; CryptoPunks, BAYC & Art Blocks Most Common Collateral
- Play-to-Earn Bitcoin Games: How Lightning Network Enables Gamers to Earn Sats
- Final Fantasy Developer Braves Wrath of Gamers with Blockchain Gaming Statements
With BTC-Backed Loan, Goldman Sachs Signals TradFi’s Designs on DeFi’s Bread and Butter - PYMNTS.com
Banking and investment giant Goldman Sachs has issued its first cash loan secured by cryptocurrency, signaling the entry of a traditional financial institution into a field that has generally been the purview of decentralized finance, or DeFi.Blackrock this year has revealed plans to offer crypto trading services and just this week launched an exchange-traded fund focused on blockchain- and crypto-focused firms like Coinbase.That’s up from $9.7 billion two years ago
And while that’s down from the $100 billion in total value locked, or TVL in November, it’s a number that, along with crypto’s $1.7 trillion market cap, is just too much for TradFi firms to ignore.Along with investing in the automated market maker (AMM) liquidity pools that power decentralized exchanges (DEXs), crypto lending is DeFi’s bread and butter.TradFi vs CeFi vs DeFi
Goldman isn’t the only traditional finance company offering bitcoin collateralized loans — Fidelity Digital Assets began offering cash loans for crypto collateral at the end of 2020 and has been working with crypto-focused Silvergate Bank and a number of the crypto lending FinTechs like Nexo, Celsuis and BlockFi known as centralized finance, or CeFi, in the industry.
Uniswap Deployed on Celo for Greener DeFi - Crypto Briefing
Key Takeaways
- The popular DeFi exchange Uniswap has been deployed to the carbon-negative Proof-of-Stake blockchain Celo.- By leveraging Celo, Uniswap will create "green asset liquidity pools" that make use of tokenized carbon credits.Share this article
The popular DeFi exchange Uniswap has been deployed to Celo following a community vote that concluded Apr.Uniswap aims to take advantage of this by using tokenized carbon credits to create “green asset liquidity pools.”
The proposal will also see Celo rebalance its reserve with green assets without the need to rely on centralized exchanges.With $7 billion in locked value, Uniswap is currently the fifth-largest DeFi platform, according to data from DeFiPulse.
OneStake: A new way to maximize APR in the DeFi yield market - Cointelegraph
Tallinn, Estonia, April 29, 2022 — OneStake, a decentralized finance (DeFi) yield aggregator, claims to be the first total-value-locked (TVL) service protocol that offers the highest APR possible on single staking.According to its website, “OneStake is the 1inch Network in the field of yield protocols.”
TVL-as-a-service
OneStake uses governance mechanics and TVL-as-a-service to provide users with optimal yield opportunities.Thanks to the protocol’s automatic rebalancing mechanism, users always have access to the highest possible APR at the time of rebalancing.Half of these fees go to buybacks and a reserve fund, while the rest goes to the strategy developer.Working with major industry blockchains, such as Aave, Compound, Curve and Yearn, helps OneStake establish itself in the yield market.
First Cardano-Based Stablecoins Are Already Available via DeFi Platforms: Here's How - U.Today
Cardano-based stablecoins were long-awaited by a community interested in the ecosystem since this type of asset is the cornerstone of any blockchain-based ecosystem that acts as a bridge between fiat and digital assets.It depends whether or not you want to learn about the risks of a bridge or learn about the risks of the algorithmic stable coin's adjustment mechanism — Sebastien Guillemot (@SebastienGllmt) April 29, 2022
Some Cardano enthusiasts expressed their concerns with using bridges as they bring more risks during transfers and are less user-friendly.But before using each algorithm, it is better to become educated on the type of mechanism used by it as a wrong configuration in the coin's code may bring various risks to its users and even cause a decoupling.The main concern of crypto users was the fact that it was not clear if Tether held any illegal papers to back their stable asset.Tether, USDC and UST remain one of the biggest assets on the cryptocurrency market with $155 billion in combined capitalization.
Argent secures $40M to build crypto 'Super App' for DeFi and Web3 - SiliconANGLE News
“For crypto to live up to its potential, it needs to break the stranglehold of big exchanges and incumbent wallets,” he said.So, Argent removes this stress by relying on “guardians.” These guardians can take the form of hardware wallets, a third-party service or a human who can approve account recovery or untrustworthy transactions.The company the security of the backups is “bulletproof” and the recovery mechanism allows only the original user to access assets.Photo: Argent
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Crypto News
2 key metrics point toward further downside for the entire crypto market - Cointelegraph
The native tokens of move-to-earn lifestyle app STEPN (GMT) rallied 28% after the U.S.-based crypto exchange Coinbase announced plans to list the token.Zilliqa (ZIL) price has been adjusting after the token pumped 380% in late March and this follows the project’s March 25 announcement of a metaverse service that will utilize Nvidia technology.Meanwhile, data from DappRadar shows that play-to-earn unicorn, Axie Infinity (AXS) plunged to its lowest level in 9 months after the number of users and transactions declined by 15% over the last 30.Futures markets show mixed sentiment
Perpetual contracts, also known as inverse swaps, have an embedded rate that is usually charged every eight hours.As shown above, the accumulated seven-day funding rate is slightly positive for Bitcoin and Ether.
Top Cryptocurrency News Today: The biggest moves in NFTs, bitcoin, crypto rules and more - Moneycontrol
Last Updated : April 30, 2022 / 09:30 AM IST
Top Cryptocurrency News Today: The biggest moves in NFTs, bitcoin, crypto rules and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum, and NFTs to help you jump-start the day
Market Buzz
Cryptocurrency Prices Today on April 30: Bitcoin, Ether decline; Polkadot biggest loser
The global crypto market cap is $1.76 trillion, a 2.43 percent decrease over the last day.The dominance of the world's biggest cryptocurrency is currently 41.78 percent, an increase of 0.12 percent over the day, according to CoinMarketCap data.Read More Here
Policy Central
How blockchain gaming is booming despite challenges
Based on the technology that powers the ever-popular cryptocurrencies such as Bitcoin and Ethereum, blockchain gaming is taking off really fast.It provides true ownership of in-game assets to players that can be cashed out and converted to fiat money (a government-issued currency not backed by commodities like gold).It’ll Now Cost You Nearly $430,000 in Ethereum
Bored Ape Yacht Club NFT prices are surging this week ahead of the expected launch of digital land for Yuga Labs’ upcoming Otherside metaverse game, and now the Ethereum NFTs have reached an all-time record "floor" price.
Bitcoin Prices Slip. The Crypto Market Awaits Next Week's Fed Meeting. - Barron's
Bitcoin Prices Slip.The Crypto Market Awaits Next Week’s Fed Meeting.- Order Reprints
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Bitcoin and other cryptocurrencies were weaker Friday as digital assets continued to trade in a fairly tight range, with market participants looking ahead to next week’s meeting of the Federal Reserve as a point of uncertainty.The price of Bitcoin fell more than 2% over the past 24 hours to below $39,000.The leading crypto continues to trade in a relatively tight range around $40,000 level but remains volatile, falling as low as $38,000 in recent days and changing hands $43,000 a week ago.
Wall Street's Latest 'Market Manipulation' Scandal Should Be a Wake-Up Call for Crypto - CoinDesk
With the paper value of its holdings dropping against its outstanding loan obligations, Archegos was forced to liquidate – ultimately nuking the entire fund.The Luna team is working to diversify that backing to avoid the kind of concentrated risk that nuked Hwang, but their current goal would get them all the way up to three different assets by adding BTC and AVAX.See also: Lex Sokolin: The Fundamentals of Crypto's $2T Market Cap | Opinion These big blocks of untraded tokens inflate the total market value of coins in a way quite similar to how Archegos inflated its portfolio.And both, though for different reasons, can lead to retail investors getting their faces ripped off: If you saw ViacomCBS spiking in March of last year and bought in, you wound up being Bill Hwang’s exit liquidity as he torched it from $97 down to $48 in just seven days.Bill Hwang may be a criminal, or he may have simply been playing the Wall Street game according to a set of unwritten but accepted rules – after all, in this day and age, cheating and lying are practically qualifications for working in high finance.
Why a bipartisan embrace of crypto might never extend to Bitcoin - TechCrunch
Hey everyone, and welcome back to Chain Reaction In our Chain Reaction podcast this week, Anita and I chatted with Sequoia Capital’s Shaun Maguire on why gamers are skeptical of NFTs and where decentralization really matters.the hottest take Crypto’s biggest skeptics see plenty of reasons to criticize the industry, but generally at the heart of most complaints is a belief that crypto is contributing very little to society while burning massive amounts of energy.The work in this case is mining that involves computers working around the clock to essentially solve math problems that are protecting the integrity of the blockchain, making it extremely expensive and technically challenging for hackers to overwhelm the network to make unauthorized transactions and steal tokens.At recent industry events, it’s becoming clearer that amid a burgeoning developer ecosystem for blockchains like Ethereum and Solana, the philosophy of the Bitcoin network’s infrastructure is increasingly its most harmonizing element.Caught up with @sequoia’s @shaunmmaguire for the second episode of @chain_reaction and talked about progressive decentralization, why gamers are weary
Binance to drive crypto and blockchain awareness among Indian investors - Cointelegraph
According to the official announcement, the crypto influencers will focus on teaching the basic concepts of blockchain and crypto while demystifying myths related to crypto trading:
“Along with providing certificates issued over blockchain by Binance NFT to all attendees, select winners will receive grand giveaways in Bitcoin and Binance Coin (BNB).”
Excited!— Kashif Raza (@simplykashif) April 26, 2022
Plz register yourself for a LIVE webinar on 1st may 2022 at the link https://t.co/b1XUiAF77u
Each participant will get a free certificate on Blockchain issued by Binance.pic.twitter.com/YBYgj6bKAa
Speaking to Cointelegraph about the Indian landscape, the founder of Bitinning, Kashif Raza, revealed that “The major roadblock in the current crypto education system is that there are not enough platforms providing education in a simplified manner.” He also pointed out the need for introducing educational information in various languages to cater to the vastly diverse Indian population.Underscoring the untapped opportunity in educating the young crowd of India, Leon Foong, Head of APAC at Binance, stated:
“We hope to create the right incentives for users to do more thorough research and make better-informe investment decisions.”
The crypto exchange has also partnered with one of India’s top tier universities, the Indian Institute of Technology Delhi (IIT - D), as a title sponsor for its cultural fest Rendezvous to showcase use cases, including NFT tickets and certificates, fan tokens and Proof of Attendance Protocol (POAP).Speaking to Cointelegraph about the impact of the new tax law in attracting foreign investments, Buidlers Tribe co-founder Pareen Lathia stated:
“Tax law is just one positive step.
Why We Need Crypto Payments to Work - CoinDesk
The storekeeper's internal dialogue might have gone after seeing their store window vandalized: "why bother accepting the odd bitcoin payment when it attracts such negative attention?"A few months before, Discord – a popular messaging platform – quashed rumors of a cryptocurrency integration after pushback from users concerned over energy use.According to Wikimedia, just 0.08% of its donations have been in crypto, mostly bitcoin.Unfortunately, stablecoins are built on energy-intensive proof-of-work blockchains, which opens them up to the growing environmental critique.Given the already difficult chicken-egg payments problem being faced by stablecoin issuers, the last thing they need is for card users to come up with one more excuse not to give stablecoins a try.
Belgian financial regulator FSMA to regulate crypto exchange services - Cointelegraph
A new rule imposed by Belgium’s financial regulatory agency, the Financial Services and Markets Authority (FSMA), will now require crypto exchanges and custodial wallet services in the region to register within a sharp deadline.Starting tomorrow, May 1, legal individuals and entities that wish to provide crypto exchange services or custodial wallets in Belgium will have to register in advance, according to the information released by the FSMA.As from 1 May 2022, providers of exchange services between #virtual #currencies and legal currencies, or custody #wallet services will have to register with the #FSMA.https://t.co/P44mkovn5L pic.twitter.com/aAdtQ9Dqwx — FSMA (@FSMA_info) April 29, 2022
Crypto businesses in Belgium that have been already operating before this official announcement are required by law to notify the FSMA of the “exercise of their activity” within the next two months, before July 1.The FSMA expects to process registration applications within three months, considering all required information has been provided.
The Crypto Report: Bitcoin and Ethereum make gains in what is another mixed day for crypto market - Proactive Investors UK
Bitcoin and Ethereum both added to gains after their midweek recovery, although it has been a mixed bag for the crypto market with many coins in the red, despite more positive sentiment in stock markets.The largest coin by market cap climbed back above the US$40,000 mark overnight but was unable to trade above its key support level for any sustained period, gaining only 0.32% to US$39,508 over the past 24 hours.Ethereum was stronger, rising 1.26% to change hands at US$2,922, although it hasn’t traded above US$3,000 for the last three days and like Bitcoin remains near monthly lows.
Highlights From Crypto Bahamas Conference - CoinDesk
Highlights From Crypto Bahamas Conference
Apr 29, 2022
CoinDesk’s Zack Seward, Tracy Wang and Danny Nelson share their key takeaways from this year’s Crypto Bahamas conference, highlighting the participation of Wall Street players.The panel discusses which projects are more represented than others, noting that there seems to be more presence of Solana and Avalanche developers and projects than those involved in Ethereum.
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