South Park’s recent episode called the “Post COVID” special mocks a future where the only currency accepted is bitcoin and other cryptocurrencies. The hour-long animated sitcom picks up years into the future where the main characters are now all grown up, except Kenny McCormick who is dead. Stan Pays for a 1 Night Stay at […]
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Sam Bankman-Fried, the founder of the crypto exchange FTX, is optimistic about Solana (SOL). He believes that Solana has the potential to scale to Bitcoin’s (BTC) mass adoption level. Bankman-Fried added that Avalanche (AVAX) also has the potential to climb to the top. He also believes Solana is better than ethereum as it’s one of the few blockchains with a plan to accommodate mass adoption. Related Reading | Solana Hits New All-Time High, Surpasses Cardano And Tether To Fourth Place The 29-year old crypto founder has a net worth of $22.5 billion, making him the youngest person to enter the Forbes rich list after Mark Zuckerberg. Cryptos With The Potential For Real Adoption In an interview with Kitco News on Thursday, Bankman-Fried talked about bull and bear runs. And which projects would see mass institutional adoption. When asked if he thinks Bitcoin would see its last Bull run in December before eventually crashing, Bankman-Fried responded that he could not predict the future. However, there will always be more crashes as well as more bull runs. And in the next few years, he expects to see “see substantial institutional adoption of cryptocurrencies.” In the event of a crash, however, he says that projects with loyal followers and important use-cases are more likely to survive. Hype-driven projects, like meme coins, often crash the hardest. “Projects that have real adoption, or potential for real adoption are the ones that loyalists will be backing, even during bear markets.” Bankman-Fried also believes that Solana could be the next Bitcoin. And that there is a possibility that it could see mass adoption very soon. As he has previously said, Solana has a plausible roadmap to scale millions of transactions per second. And that is the most important indicator. SOL trading at $196.5 | Source: SOLUSD on TradingView.com “I think Solana has a shot at doing so, which is really exciting. I think that there are other tokens out there as well that are aiming to scale a bit, and Avalanche is one of them.” He emphasized that the core technology of every blockchain is something that is hard to overhaul. Furthermore, he says that Solana could potentially be the base for more DeFi applications in the future. Bankman-Fried adds that Solana’s market cap could exceed Ethereum’s market. However, it is hard to make a concrete prediction. But one thing that cannot be disputed is that Solana fixes a lot of problems with Ethereum. These include high gas fees and low transaction rates. Subsequently, many have dubbed the network “ethereum killer.” Solana Is Better Than Ethereum Bankman-Fried believes that in terms of scale, not many blockchains could compare to Solana. Earlier this month, he spoke at Yahoo Finance and Decrypts’s “Crypto Goes Mainstream” conference. Related Reading | Why Billionaire Chamath Palihapitiya Invested In The Solana Ecosystem “Solana is one of the few currently existing public blockchains that has a really plausible roadmap to scale millions of transactions per second at you know, fractions of a penny per transaction, which is a scale that you need for this,” Bankman-Fried said. “That is not where a lot of other blockchains have been focusing, including ethereum.” Featured image by Forbes, Chart from TradingView.com
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30 days ago on October 28, the total value locked (TVL) in cross-chain bridges to Ethereum was around $22.48 billion and in the face of the recent market dump, the TVL still increased by 9.56%. At the time of writing, there are 135,148 unique depositors and Axie Infinity’s Ronin Bridge holds the largest TVL. Cross-Chain […]
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Australia remains outstanding with its increased swing and adoption of cryptocurrencies by the populace. Despite its volatility, the popularity of digital assets has triggered more investment moves towards this financial asset. Joining in the train of crypto investment within the country is the Retail Employees Superannuation Trust (Rest Super). By its indication to invest superannuation fund in cryptocurrency, the Australia Rest Super will be the first of its type to do so. Before now, the entire retirement fund sector has been careful with cryptocurrency. Related Reading | SEC Takes Blow In Action Against Ripple, Will It Impact XRP Price? With about 1.8M members, Rest Super fund’s assets under management (AUM) are worth $46.8 billion. However, superannuation is mandatory for all Australian employees. It has an equivalence of a U.S. Individual Retirement Account or 401k. Speaking on Tuesday during the annual general meeting of Super Rest Fund, Andrew Lill, the company’s Chief Investment Officer (CIO), acknowledged the volatility of such crypto investments. However, he said that their allocation to the investment is a part of diversifying their portfolio. The CIO mentioned that the company considers cryptocurrencies an important investment aspect and will exercise caution in its move. However, he stated that his opinion is that the investment introduces members to digital assets and blockchain technology. Hence, they could access a stable source of value within a period where people stick more to crypto investment to combat fiat currency inflation. Furthermore, another statement from a Rest spokesperson explained that the firm considers cryptocurrencies as a diversifying means of its members’ retirement fund. But, the plan may not be a direct investment. In addition, the spokesperson confirmed that the company is still doing its research before its final decisions. Also, they are focusing on both the regulations and security involved in crypto investment. Investment In Cryptocurrencies To Strive In The Country Contrasting comments are coming within the week to the ones from the Australian Rest Super. On Monday, Paul Schroder, the Chief executive of the $167 billion funds, stated that crypto is not an investment option for their members. Reports from last month revealed that Queensland Investment Corporation (QIC), an investment fund owned by the state, is considering embracing cryptocurrency. But, contrary to that, the company, this week, disclosed to Business Insider the implication of the reports. Hence, it piped down all moves towards digital assets. Cryptocurrency market notices upward trend | Source: Crypto Total Market Cap on TradingView.com The Head of Currency at QIC, Stuart Simmons, said he wants superannuation funds to embrace cryptocurrency. However, the move is likely to be a gradual trickling instead of a massive flow. The entire deliberation on Australian superannuation funds is happening within the period of a bullish trend in the country’s crypto market. This is after the Senate committee brought up some regulatory proposals within October. Related Reading | XRP Builds Momentum With 7% Increase As Ripple Launches New ODL Partnership It catalyzes pushing the country as a focal point in crypto transactions. Also, the Commonwealth Bank of Australia (CBA) intends to offer cryptocurrency trading earlier in the month through its banking app. As more cryptocurrency adoption is expected in the country, Matt Comyn, the CEO of CBA, commented on the bank action this week. The CEO explained that participation in digital assets is motivated by FOMO. He said that though there are risks to their involvement, there will be more significant risks with their non-participation. Featured Image: Pixels | Charts by TradingView
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Bitcoin’s hashrate has been volatile in recent times following the same patterns as the crypto asset’s price. Three days ago, Bitcoin’s hashrate neared the 180 exahash (EH/s) zone only to plummet to 128 EH/s two days later. The recent shifts have taken place before the upcoming network difficulty adjustment, which is due to change on […]
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Nigerian artist Davido has launched a fan token, the Echoke Social Token, that he says gives “power” to his millions of fans. Eliminating the Middlemen A Nigerian pop artist and celebrity, Davido, recently announced the launch of his fan token, the Echoke Social Token, via his Instagram account. According to Davido’s Instagram post, this token […]
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Phemex has come back with its popular Phemex Trader’s Arena trading competition. The previous 2020 edition of the competition saw traders win over 100 Bitcoin. The fourth edition of the anticipated trading competition promises to be exciting with massive rewards. This time around, Phemex has upped the stakes. The crypto exchange is calling on all traders to participate for a chance to share in the prize pool of $750,000. Traders will battle each other and victorious traders will be rewarded at the end of the competition. Traders can compete in Phemex IV as individual traders or as part of a team. Prizes will be awarded to the victors in two categories: individual and teams. Changing The Rules, Not The Game Previously, Phemex had only counted inverse BTCUSD contract trades towards the final total for each trader. However, the 2021 edition of the competition comes with a few tweaks to allow for more participation. Phemex has announced that for Phemex IV, all contracts available on the platform will be counted. ROI on both USD and BTC trading will count towards the final total. The contract with the highest amount at the end of the competition will be counted for the individual. Phemex will calculate individual results using PnL across BTC and USD trading accounts. Users with the highest ROI at the end of the allocated time period will emerge as winners of the competition. How To Participate Traders can sign up for the Phemex IV trading competition through the registration link. The more traders sign up to participate in Phemex IV, the bigger the prize pool. Traders can sign up to compete as individual players. Although traders who possess enough clout to get a team behind them can sign up as a Team Captain and compete as a team. Team Captains will need to sign up for their team and each team must include 10 members to be considered a valid registration. Traders can add to their team over time but if they do not reach the minimum requirement by the time registration closes, the team will be automatically disqualified/disbanded. Members from disbanded teams will then be assigned randomly to other teams in order to compete. A team may have well over 10 members. However, only the ROI of the top 10 traders in each team will be counted towards the team’s final total at the end of the competition. Registration for Phemex IV will run from Nov. 25th, 2021 to Dec. 9th, 2021, after which the competition will kick-off. The competition is scheduled to begin on Dec. 9th, 2021 8 AM UTC to Dec. 24th, 2021 8 AM UTC. Enter The Phemex IV Arena Players in the Phemex IV trading competition will be rewarded according to the category they compete in. Individual traders will be rewarded based on their BTC and USD PnL (profits and losses). While teams will be ranked according to the average ROI of their top 10 performing members. Bonuses are up for grabs in both categories. For individual traders, Phemex IV is giving trading bonuses to participants who make high enough deposits into their contract trading accounts for the duration of the competition. The higher the deposit, the larger the bonuses that individuals can get. Team Captains are not left out of the bonuses. Team captains will be awarded prizes based on the size of their teams. Teams can be as small as 10 members and as large as 200 members. The higher the team members, the better the prize Prize Pool Allocation The prize pool for Phemex IV will feature a 78%-22% breakdown. Teams will receive a larger share of the final prize pool, while the remaining 22% goes to individual players. For teams, the team captains will receive 40% of the team’s award. The top 10 members will each receive 3%, amounting to 30% of the total team’s award. The rest of the members will receive a share of the remaining 30% according to the number of people in the team. Winners in the individual trading category will receive 8% of the total prize pool if they place in the first place. 5% will go to the 1st runner up of the individual competition and the 2nd runner up will receive 2%. Individual players who place 4th-10th will have the remaining 7% divided up equally among them. Prizes, bonuses, and awards will be distributed after the competition ends. Up to $750,000 in BTC awaits the teams/traders that emerge victorious in this competition.  
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Leading Venture funds including Exnetwork Capital, CSP DAO, STC Capital, Oracles Investment Group, MoonBoots, Leos Ventures, Global Key Investment, and Aza Groups, have successfully led a funding round for MINE Network. A group of strategic partners including Skyrim Finance, Kylin Network, Charged Particles, and FOMO Chronicles also supported the round, to help MINE Network raise $2 million. Reportedly, it was an oversubscribed private sale with unimaginable responses from some of the industry’s most influential and trusted names. The project has attracted a slew of high-net-worth individuals who are trusting the project’s vision to be a premier solution provider in the crypto mining industry. With the successful funding and IDO launch, MINE Network is ready to kickstart the journey of creating its eco-conscious, multi-chain mining protocol until it attains its fullest potential. MINE Network is enthusiastic about revolutionizing the very core of the crypto sphere and with immense support from the blockchain community. Standardizing Mining Power As the first decentralized standard hashrate token protocol solving mining problems, MINE Network is geared towards standardizing mining power. MINE will set up the mining power standard for a list of mining projects so that the mining power. This applies to mining powers from MINE and other mining pools, so they can be easily tokenized and clearly identified. Growing cloud mining pools have curbed and lowered certain barriers impeding entries in crypto mining. However, there are a good number of cloud mining pools with no proper standard which can inhibit the rapid growth of the sector. MINE Network’s goal to standardize mining power is targeted at offering scaling potential to the industry. MINE Network’s protocol is out to develop the right standards for numerous mining powers and also the minimum standardized hashrate unit. With this, the MINE Network mining pool will be an open and accessible tokenized market. As MINE aims at this problem of low standards, it is positioned to bring the mining ecosystem to a completely new level of accepted standards including energy consumption ratio, types of specific mining equipment as well as their numbers. Building A Decentralized Community With Complete Autonomy MINE Network as a project seeks to build a decentralized community with complete autonomy. This is a major factor in dealing with credibility issues facing the mining industry. MINE aims to act as a fully transparent decentralized autonomous organization. For every growing mining project, the MINE Network DAO will be adjusted to suit all stages for the community to be developed without hindrances. As the project matures, the MINE Network DAO increases. The primary objective is to grow into a decentralized protocol with full community autonomy. As it works towards becoming a DAO, MINE Network is encouraging the willingness of the community to participate in governance by lowering participation thresholds and increasing incentives. MINE Network is building a community with no hierarchical management or central governance. It will have a plethora of beneficial purposes. Miners on the platform will enjoy a self-sustaining economy with a better distribution of mining power for an even more equitable space.
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The recent bitcoin correction down from its all-time high has had the market in a panic in the past week. However, not everyone has seen it as a bad omen. The digital asset’s price had gone down below $60,000 causing investors to believe the bear market had arrived. Mostly, small-time investors had been hit the most by panic as sell-offs happened through the space. Nevertheless, the correction was bound to happen following the incredible run that bitcoin had. Market corrections are always normal and expected after a bull rally but market analysts have pointed out that this particular correction could have some positive implications for the digital asset going forward. Related Reading | Bitcoin Whale Wallet Containing 1,299 BTC Activates After Eight Years Be Grateful For The Slump Analysts at BOOX Research recently released their analysis of the market and shared thoughts surrounding current market conditions. The analysts explained that the correction was good for the digital asset. This type of slump is important for a “healthy” market and bulls should be grateful for it, the analysts said. The recent sell-off has not been bad for the market and although bears believe that bitcoin had already seen its top, this is not true. BOOX Research analysts further explained that the market is nowhere near the “crypto winter” despite its 20% downward retracement. Further stating that the fact that the digital asset had held above $50,000, which is an important psychological level for bitcoin, shows that it is still going strong. BTC dip continues | Source: BTCUSD on TradingView.com The analysts pointed out that a major pullback would have been witnessed if the price had broken below $50,000, leading to a $30,000 retest. However, it would take something impactful, like an “unforeseen major regulatory setback” for the asset to break below this level. Bitcoin Headed For $100,000 Analysts at BOOX Research have echoed a widely held prediction in the crypto space. That is, bitcoin at $100,000. The analysts put the digital asset at this price point in 2022 but not without a bit of a hurdle. In their report, they state that the digital asset would have to first break above $60,000, which would set it up for an all-time high retest. Additionally, the asset is expected to accelerate towards $75,000 until it touches $100,000 next year. “Bitcoin has made several key pivots around $50,000 going back to February of this year. We expect the bulls to put up a strong fight and hold that line if it gets down there, which could be a good spot to add to positions.” Related Reading | JPMorgan Lists Ethereum As A Better Investment Than Bitcoin For the pioneer digital asset, the pullback has done for good for it. Prices have stabilized somewhat – as stable as they can be for the highly volatile crypto market – setting the asset up for another bounce above $60,000. Bitcoin had recovered back up to $59,000 on Thursday and indicators point to a continuation of the bull rally. Featured image from Republic World, chart from TradingView.com
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