Open Letter Pausing AI Innovation?!

https://www.youtube.com/watch?v=MIokzR9LnGs

A letter signed by some of the worlds most influential people proposes that the world stops further innovation and experimentation with AI. Let us know in the comments, is this for the best?
#aritificalintelligence #ai #elonmusk #andrewyang #chatgpt #dalle2 #shorts

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Shiba Inu (SHIB) Price Prediction 2025-2030: Did the burn spur SHIB prices

https://ambcrypto.com/shiba-inu-shib-price-prediction-27/

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject. 

There is mild but consistent growth in the total number of Shiba Inu (SHIB) tokens being burnt as the price of the meme coin takes a breather. Over 5.2 million SHIB tokens have been burnt over the past 24 hours. Shiba Inu has been on a rampage for the better part of the week.

Despite the launch of the much-awaited Shibarium L2,  whale trading activity continues to decline.

SHIB Its price is now making a mild correction and currently trading at $0.00001061, down by 1.7% over the past 24 hours. Shiba Inu has continued to maintain its position as the second largest meme coin after Dogecoin (DOGE).

The lead Shiba Inu developer Shytoshi Kusama had earlier promised that Shibarium would not only serve as a Layer 2 platform for Shiba Inu ecosystem members, but would also attract members of the broader crypto community. Built on the Ethereum blockchain, Shibarium is expected to bring a lot of attention to meme coins. 

The Shiba Inu token took a massive hit in the wake of the Silicon Valley Bank collapse. The token tumbled down the price chart but has been trying to recover.


Read Price Prediction for Shiba Inu [SHIB] for 2023-24


That being said, the arrival of Shibarium might potentially mark a new era for Shiba Inu. One in which it moves from being just a meme cryptocurrency to being a platform that offered genuine utility. Just last week, the project announced the public beta launch of Shibarium, a launch that is expected to push SHIB’s price in the future.

Shiba Inu was founded in 2020 by an anonymous techpreneur. Elon Musk and Vitalik Buterin, both tech billionaires, have praised the project. Shiba Inu has been successful in attracting people who missed the Dogecoin craze previously.

Investors seeking to join the joke have increased the popularity of memecoins, which are not supposed to be taken seriously.

Shiba Inu has been known to be a disrupter when it comes to management and operations. The enterprise began with a supply of one quadrillion; its founder Ryoshi first locked 50% in Uniswap and then burned another 50% to Vitalik Buterin, the founder of Ethereum. We are yet to know why this step was taken.

Later in 2021, Buterin burned 90% of his Shiba Inu holdings and donate the rest to charities. He had earlier donated SHIB tokens worth $1 billion to a COVID-19 relief fund for India, CryptoRelief. He said that this was the only way he could avoid his transactions in Shiba Inu being read as actions.

Buterin’s decision to burn his holdings, nearly 50% of the Shiba Inu coins in circulation, effectively put them outside the purview of the market since these coins are now stored on an inaccessible public address. Ryoshi thanked Buterin for his contribution to creating a decentralized financial system.

Buterin has also praised the Shiba Inu community for supporting different initiatives such as the Fellows in AI Existential Safety.

The platform also supports the Shiba Inu Incubator, facilitating a large group of creative digital artists who bring forth an experience of what feels like a decentralized movement. The NFT project gives support to artists in the creation, exhibition, promotion and auction of their artworks, besides providing them with other streams of income.

In August 2022, the Shiba Inu Ecosystem announced on Twitter the name of the Shib CCG game, Shiba Eternity. It also revealed that the game would be available on both Google PlayStore and Apple AppStore. On 17 September, the game was launched in Australia and plans to venture into other countries. 

The community is also involved in rescuing real Shiba Inu dogs through its association with the NGO named Shiba Inu Rescue Association.

Skeptics are unsure of the future of cryptocurrency and memecoins in particular. While the mainstream cryptocurrencies projected themselves to be the alternatives to fiat currencies, memestream cryptocurrencies such as Shiba Inu were only poking fun at the former’s claims. 

But as these memecoins got popular, they didn’t go in the direction of developing use cases of the currency. That wasn’t the intention either, neither did the community expect such a popularity in the growth of memecoins. There are, however, a number of merchants today in the US accepting Shiba Inu as a payment method.

Another factor affecting the growth of the Shiba Inu currency is the huge number of crypto whales selling the memecoins. As per a report, whales at one point of time held $1 billion worth of SHIB coins. However, they keep selling and burning the currency from time to time, and now they hold barely a fraction of that amount. 

The second quarter of 2022 proved to be a bloodbath for the entire cryptocurrency industry as Terra Luna, FTX and several crypto projects failed in the year. The banking crisis following the collapse of the crypto-friendly Silicon Valley Bank (SVB) also impacted SHIB’s performance.

Why these projections matter 

As is evident, a sense of community is crucial to the growth of SHIB. Whether it is their demand to get it listed on Robinhood or asking McDonald’s to accept it as a mode of payment, the community has always rallied around the growth of SHIB.

It has also become home to a huge community of NFT artists who focus on the Shiba Inu breed of dogs in their artworks. 

“Rather than simply dismissing the hype outright, it’s important to realize that what we’re seeing is the mass movement of traders new to crypto moving into the space,” said Ben Caselin, Head of Research and Strategy at AAX. He added, “SHIB coin is a meme coin and embraces that.”

In this article, we will give an overview of the key performance indicators of SHIB such as price and market cap. We will then share with you what most popular crypto-analysts have to say about the future of this meme coin. This information will be complemented by data charts for a better understanding of the trajectory of SHIB so far and later. 

Shiba Inu’s Price, Market Cap, and everything in between

During the crypto-bloom of 2021, SHIB’s price continued to soar and hit 0.00003503 in mid-May. Its price further rose by over 34% when it got listed on the crypto-exchange Coinbase in September 2021. 

When the Shiba Inu community clamored to get the cryptocurrency listed on Robinhood Markets Inc., its price soared to an ATH of $0.00008845 in late October 2021. The altcoin, however, was not listed on the exchange before April 2022. At that point in time, it even dislodged Dogecoin to become the most-valued meme coin by market capitalization. The surge also led to its mass adoption by many cryptocurrency enthusiasts. 

As the cryptocurrency market crashed during Q2 of 2022, SHIB’s market price also continued to fall. From its April 2022 price of 0.000026, it fell to a little below $0.000008 by mid-June 2022. Since then, it hasn’t performed any better, sitting at $0.00001009 at press time. 

SHIB’s price has plunged again but has been trying to recover. At press time, the meme coin was trading at $0.00001124 with a market cap of $6,586,869,163 and a 24-hour trading volume of $383,740,846.

Source: SHIB/USD, TradingView

However, one cannot disregard the fact that along with DOGE, SHIB has been responsible for a flood of meme-coins in the cryptocurrency market such as Bit Shiba, King Shiba and Baby Doge. 

Shiba Inu Coin’s 2025 Predictions 

Before reading further, we must understand that market predictions of different analysts widely vary. A good number of times, these predictions will prove to be wrong as analysts cannot always foresee events such as political or environmental crises. It is wise that an investor conducts their own research before investing in a cryptocurrency, especially in something as volatile as SHIB. 

A Changelly blogpost says that after studying the SHIB prices and market fluctuations, experts predict that SHIB could hit as high as $0.0000440756 and as low as $0.0000366063 in 2025. Its average price is expected to remain at $0.0000376362.

Telegaon writes that according to some crypto experts, the Shiba Inu Coin price can hit a new ATH in 2025. They predict the minimum and maximum prices of SHIB this year to be $0.00009839 and $0.0001928, respectively. Its average price is predicted to be around $0.0001152.

As per DigitalCoinPrice, the minimum and maximum prices of SHIB in 2025 will be $0.0000312 and $0.0000381, with its average price remaining at $0.0000356.

Shiba Inu’s 2030 Predictions 

The aforementioned Chanelly blogpost writes that SHIB could hit as high as $0.0002908409 and as low as $0.0002463454 in 2030. Its average price is expected to remain at $0.0002532547

Telegaon writes that SHIB’s price can hit as high as $0.00112 and as low as $0.0009354 in 2030. Its average price in the said year however will be $0.0009915. 

The post adds that if users burn enough tokens, a cryptocurrency’s acceptance is bound to increase. But we should understand that for this purpose, it has to have different use cases. 

The aforementioned DigitalCoinPrice article predicts that SHIB’s average price in 2030 will be $0.000108. Its minimum and maximum prices for the year will be $0.000103 and $0.000111.


Are your SHIB holdings flashing green? Check the profit calculator


Fear & Greed Index

Source: CFGI.io

At the time of writing, SHIB’s Fear and Greed Index was in the ‘neutral’ position.

Conclusion 

Shiba Inu Coin has continued to grow, hand in hand with the token burns. However, as its supply decreases and demand increases, its price should rise. Ideally. In fact, many investors have become millionaires by investing in this meme coin. 

Shiba Inu has a lot of promising possibilities that will keep pushing the market. What also works in its favor is its extremely low price, which is why a lot of people keep buying it. 

Shibarium, the platform’s Layer 2 protocol, has been launched. It will allow users to move assets with minor gas fees, facilitating micro transactions over Shiba Inu-based dApps. The team has deployed a host of new and innovative developers to build the UX/UI of its platform and web portals as a part of the same process. 

The launch of Shibarium will be accompanied by the launch of the TREAT token. It will be used as a reward token on Shiba Inu-based metaverse and games such as the Shiba Collectible Card Game. A limited supply of these coins is reserved for its most loyal Breed members who have been working for years to build public confidence in the entity. The team has also been contemplating launching SHI, a stablecoin; but no concrete information about this coin is there so far.  

In January 2022, Shiba Inu Ecosystem announced the arrival of Shiberse, the native metaverse of the Shiba Inu community. As digital coins, games, virtual land and memes populate the Shiberse, it is bound to get popular among an audience that is keen to explore a brave new world beyond the confines of time and space. 

The same month, the group tweeted the news about Shiba Eternity, a collectible card game. The game has been developed in close collaboration with the legendary AAA game development studio PlaySide Studios. 

What the enterprise is certain to face is a challenge in this space from Big Tech metaverse ventures such as Yuga Labs’ Otherside and Zuckerberg’s Meta. It is difficult for an independent community such as the Shiba Inu Ecosystem to sustain the might of Big Money and Big Tech. The only way it can gain an edge in this segment is by introducing revolutionary ideas in the metaverse, gaming and NFT segments. So far, we haven’t seen anything new. 

In October 2022, Elon Musk announced the launch of a fragrance that can be bought with SHIB, besides PayPal, Google Pay, DOGE and regular bank cards. As cryptocurrency is accepted in collaboration with BitPay payment processor, payments in SHIB are also possible. 

The same month, Google Cloud and Coinbase made an announcement about their relationship for Web 3.0 development initiatives. A select group of clients will also be able to pay for these services using SHIB and other cryptocurrencies. We’ll have to wait and see if the decision is implemented and if other businesses decide to follow suit.

Shibarium’s imminent launch suggests that the Shiba Inu team looks serious about being more than another memecoin, something also indicated by its long-awaited metaverse. As such, SHIB really could be one of the major coins to watch this year, with significant rallies potentially in sight.

Furthermore, its upcoming Metaverse project improves this project’s allure from a tokenomics perspective. As a memecoin, the value of SHIB is driven by how bullish (and large) the Shiba Inu community is at a given point in time.

Analysts speculate that SHIB cryptocurrency might retrace its recovery path as soon as it gets support from the level. However, volume change can be seen declining and under the influence of sellers. Buyers need to come forward to rescue the SHIB token from the seller’s grip.

Early this month, Shib announced that it will debut its Wagmi Temple at the upcoming SXSW festival. Here, WAGMI stands for “We’re all gonna make it,” a popular phrase among fans of Shiba Inu. Meanwhile, the broader crypto community is representing their belief in the potential of Shiba Inu for growth and success.

Klarna Joins Forces with OpenAI, Signuptoken.com Set to Transform Cryptocurrency Industry

https://en.cryptonomist.ch/2023/04/02/signuptoken-com-transform-crypto-industry/

SPONSORED POST*

Fintech platform Klarna has announced it will collaborate with OpenAI to leverage ChatGPT to provide an enhanced shopping experience for shoppers.

As the fintech platforms challenge the traditional banking industry, how will cryptocurrencies like Signuptoken.com fare in the transition to a digital financial industry?

Swedish fintech platform Klarna has announced a collaboration with OpenAI to leverage the strength of ChatGPT to provide an enhanced shopping experience.

Fintech firms are disrupting the traditional banking industry and are envisioning new ways to improve customer experience.

The transition from the traditional financial system holds massive opportunities for fintech platforms, cryptocurrencies, AI and machine learning, and novel payment solutions.

Signuptoken.com provides the perfect opportunity for those looking to cash in on the dawn of the fintech revolution and join the ranks of millionaires.

It offers users the best chance to be millionaires with just their email addresses. Just one email can change your life forever.

Fintech Disruptor Klarna Collaborates With OpenAI

Klarna is a Swedish fintech platform providing payment and banking solutions to users. The company was founded in 2005 with the goal of making online shopping and payments hassle-free.

signuptoken

The fintech firm offers “buy now, pay later” services to shoppers allowing them to spread payments to be spread out through installments.

Klarna has collaborated with OpenAI to leverage ChatGPT’s plugins to improve customers’ shopping experience using ChatGPT for recommendations.

Users must install Klarna’s plugin from ChatGPT’s plugin store to use the tool. After installing the plugin, users can ask for shopping recommendations, and the plugin will direct them to desired links.

Upon finding suitable product recommendations, users can use Klarna’s search and compare solutions to make the experience smoother.

Fintech firms like Klarna are revolutionizing financial services and exploring the future of mobile banking financial transactions.

The impact AI and machine learning will have on financial transactions will transform the global financial system and drive innovation in the field for years to come.

Signuptoken.com: Sign Up for the Crypto of the Future

Signuptoken.com is a crypto project with a difference. Crypto projects usually get off the ground with a presale, and the tokens launch on exchanges.

signuptoken

But Signuptoken.com has taken a different route and wants users to just sign up with their email addresses to join its community.

Signuptoken.com is looking for a million sign-ups before its launch. Once it hits the target of one million subscribers, each user will get an email containing information about the coin’s launch date and exclusive access to the tokens.

What does Signuptoken.com Offer?

Signuptoken.com is an ERC20 token, and it will launch on the Uniswap (UNI) platform.

The members of the Signuptoken.com community will have exclusive access to the coin by signing up on its website.

Signuptoken.com offers a million people a chance to be millionaires with just an email.

The cryptocurrency has plans to build a comprehensive ecosystem with DeFi applications.

The crypto project has what it takes to be a lucrative investment option, with the project being highly community centered.

The strength of the community means that the token will resist market price fluctuations and be a solid investment.

Signuptoken.com is fast on its way to launch, with the platform cruising to 2000 sign-ups.

The token is a golden opportunity for users to strike it rich, and the amazing model of the coin means that the chance of being a millionaire is absolutely and takes only an email.

signuptoken

Key Takeaways

The financial system is bracing for major changes from the innovative projects from fintech firms.

Be it by devising innovative payment solutions or improving the consumer experience, fintech firms are disrupting the players from the traditional banking sector.

Klarna’s use of AI and machine learning to deliver consumers a hassle-free shopping experience is a sign of an exciting future.

The exciting future of payments and financial services will have cryptocurrencies as its cornerstone.

Signuptoken.com is uniquely positioned to capitalize on the growth of the fintech sector.

The token can become the medium of choice for millions while delivering its community the riches of the crypto future.

Signuptoken.com will soon go live, and the chance to be a millionaire is for your taking with just an email!

More on Signuptoken.com:

Website: https://www.signuptoken.com

Twitter: https://twitter.com/_SignUpToken_

Telegram: https://t.me/SignUpToken

*This article was paid for Cryptonomist did not write the article or test the platform.

VGX Price Prediction: What is Next for Voyager Token after Binance Deal?

https://blockchainreporter.net/vgx-price-prediction-what-is-next-for-voyager-token-after-binance-deal/

The decentralized finance sector has emerged as a leading sub-sector within the blockchain industry, attracting numerous projects that aim to provide novel features and use cases. Among them is Voyager, a decentralized broker built on blockchain technology that enables users to access diverse exchange platforms and markets. As the native token of the Voyager platform, VGX serves as a cornerstone in a growing ecosystem designed to empower individuals across the globe. With its ingenious utility, attractive staking rewards, and fervent community support, Voyager Token is poised to become a beacon of innovation in an ever-expanding universe of cryptocurrencies. However, in a $1 billion deal, Binance announced the acquisition of assets from the crypto exchange Voyager Digital (VGX). Following the announcement, the value of the VGX token, which had experienced a decline in 2022, briefly surged but has since dropped. As Voyager is one of several centralized exchanges that incentivize users with its native token, the question remains: what does this deal signify for VGX’s future? Hence, our VGX price prediction aims to provide insights into its potential future value by utilizing advanced technical analysis to help you make informed investment decisions amidst the market’s volatility.

Voyager: A Quick Introduction 

Voyager is a mobile broker app that allows users to invest in, buy, sell, and swap cryptocurrencies. This app is available on both iOS and Android platforms, making it a significant project. By connecting its users to multiple cryptocurrency exchanges and markets, Voyager aims to help traders and investors maximize their profits. 

With this app, users can trade, swap, and invest in more than 60 cryptocurrencies and tokens, promoting financial freedom and efficient portfolio management. Additionally, Voyager provides attractive interest rates for users who maintain a minimum monthly balance without having to lock up their funds. With over 30 cryptocurrencies, including Bitcoin, Ethereum, Polkadot, and Dash, users can earn compound interest.

In October 2018, Voyager Digital was launched. Its parent company, Crypto Trading Technologies, was co-founded by Stephen Ehrlich, Philip Eytan, Gaspard de Dreuzy, and Oscar Salazar, all of whom have experience in electronic trading and investments in startups like Uber. Before moving further, let’s take a look at VGX crypto’s current market details to clarify our VGX price prediction better. 

CryptocurrencyVoyager Token
Ticker SymbolVGX
Price$0.35
Price Change 24h+3.42%
Market cap$96,481,981
Circulating Supply278,482,214 VGX
Trading Volume$30,366,138
All time high$12.54
All time low$0.01699
VGX ROI+408.44%

VGX Token: Features And Roadmap

In January 2019, Voyager introduced the mobile app with the goal of providing users with a cryptocurrency trading experience similar to traditional online brokerages. With over 70 cryptocurrencies available for trading, Voyager’s platform allowed commission-free transactions, enabling traders to pay the quoted price when buying and selling.

Voyager offered deposit yields of up to 12% annual percentage yield (APY) by lending cryptocurrencies to other companies. Additionally, the company introduced its own cryptocurrency, the Voyager Token (VGX), which primarily functioned as a reward and loyalty token for the Voyager brokerage platform.

The VGX whitepaper states, “Voyager connects to multiple exchanges, liquidity providers and market makers via our smart-order router to achieve better execution on pricing and trades. Voyager partners with multi-billion-dollar counterparties and market makers to generate revenue off custodied customer assets. We also utilize blockchain staking whenever possible to generate staking yields.”

To ensure safe and secure transactions, the Voyager app utilizes industry-standard protocols and encryption. Additionally, data storage is secured to safeguard the transmission of information.

Voyager partnered with Plaid, a secure open banking platform that collaborates with services such as Venmo. Through this partnership, Plaid safely connects users’ bank accounts to the Voyager platform, enabling secure interactions.

Initially, the Voyager token was based on the Ethos Token, which was introduced in 2017. However, in 2019, Voyager acquired Ethos.io and integrated its team, technology, and native token into its ecosystem.

Until 2020, the platform used a multi-token system. However, in 2020, Voyager implemented a new single-token model known as VGX 2.0, which incorporated its native tokens. The VGX coin is now an ERC-20 cryptocurrency that operates on the Ethereum blockchain. The whitepaper said, “Voyager plans to introduce more features including a debit card and DeFi [decentralized finance] offerings. Customers deploying and staking VGX 2.0 through the Platform or web portal will be integral in powering rewards in our expanded ecosystem.”

VGX Price Prediction: Price History

To accurately forecast future price trends for VGX, investors must have an understanding of its historical performance. However, it is crucial to note that solely relying on price history is inadequate for predicting the Voyager token’s future price movements.

On 18 July 2017, the Voyager Token was launched at $0.06, preceding the platform. Its value fluctuated between its launch price and $1.25 for the remainder of the year. The token experienced its highest surge at the start of 2018, during a bullish phase in the crypto market, reaching its peak of $12.54 on 5 January 2018.

Afterwards, the token was promptly corrected and remained around the $4 level for the next month. Although VGX climbed above $5 in early March 2018, it declined for the rest of the month and fell to $2.

On 10 May 2018, the Voyager Token rallied once more, reaching a high of $5.02 following Voyager’s announcement of its plan to launch a mobile app by the end of 2022.

Nevertheless, the Voyager Token was not immune to the crypto crash in 2018. Following its peak in May, the token continued to plummet and closed the year at $0.12. The Voyager Token was unable to reverse this trend for the next two years, remaining below $1 until 2021.

In 2020, VGX initiated a rally that carried over into 2021. On 30 January, the token obtained a price point of $2.80, which had not been reached in two years. This upswing followed the addition of numerous tokens to the Voyager platform. In January alone, Voyager introduced trading support for Enjin, Elrond, Golem, Terra Luna, Kyber Network, and other tokens.

VGX continued to surge and reached a pinnacle of $6.90 on 20 February 2021, just one day after the Uniswap token was listed on the platform. The Voyager Token managed to maintain a value above $5 for the rest of the month. On 1 March 2021, it achieved another peak of $6.97 after announcing new interest rates for the brokerage. Cryptocurrencies such as Dogecoin, Decentraland, and Uniswap were all included in that month’s interest event.

After stabilizing for the remainder of March, VGX experienced another price upswing on 14 April. This was a result of the announcement that Voyager had been nominated for the US FinTech Awards, propelling the token past the $5 mark.

A new token update was released for the brokerage on 20 August 2021. VGX 2.0 aimed to attract more users to the platform by offering greater rewards and incentives. The culmination of all Voyager’s news in August was reflected in the token’s value, reaching a pinnacle of $4.67 on the day of the VGX 2.0 roll-out.

However, since then, VGX has been unable to come anywhere close to that level. Its value dropped below $3 by the end of December and under $2 in January 2022. More negative news emerged when, on 30 March 2022, the state of New Jersey ordered Voyager, along with other cryptocurrency-based interest-bearing account issuers in the US, to “cease and desist” in response to complaints. On 12 May 2022, VGX reached its lowest point, trading at $0.5895. The coin’s value experienced a sharp decline during this time.

The VGX token and companies associated with the Voyager platform have both been affected by the crypto market crashes. On 27 June, Voyager declared that it had served a default notice to Three Arrows Capital (3AC) for not fulfilling the payment obligations linked with the hedge fund’s loans. The 3AC loan from Voyager comprises 15,250 BTC and $350 million in USDC, resulting in a sharp decline in the VGX token. 

VGX Price Prediction: Technical Analysis

The Voyager token has been in a bearish consolidation range with no significant price action over the last few days. Although the token has experienced some success recently, it still faces significant challenges due to the overall bearish trend in the cryptocurrency market. The collapse of SVB, the loss of USDC’s dollar peg, and regulatory scrutiny into Binance have all contributed to a pessimistic outlook for VGX’s price. However, our VGX price forecast utilizes advanced technical indicators to provide investors with a comprehensive analysis of the risks and opportunities associated with investing in Voyager. Despite the challenges, our analysis suggests that there may still be potential for growth in VGX. 

CoinMarketCap reports that the current price of the VGX token is trading at $0.35, showing an uptrend of nearly 3.5% from yesterday’s price. Our technical analysis of the VGX token suggests this cryptocurrency could soon display bullish signals, forming new highs as it experiences a significant recovery rally in line with the overall bullish market led by Bitcoin following the Fed’s efforts to aid banks’ collapses. Looking at the daily price chart, Voyager is struggling to trade above its EMA-50 trend line at $0.377, facing rejection near its immediate resistance level of $0.35. However, after forming a low near $0.32, the VGX token has taken support and is making an effort to surge above the 23.6% Fib level. As the EMA-20 trend line has dropped significantly from its previous resistance level of $0.45, VGX tokens are trading within a consolidation level dominated by bears. VGX is currently in an extreme fear zone due to the SEC’s crackdown on crypto, creating a FUD situation for investors. The Balance of Power (BoP) indicator is trading in a bullish region of 0.27, suggesting that the bullish momentum may extend if the VGX token breaks above its consolidated pattern.

The popular RSI-14 indicator is trading on the verge of a bullish region at the level of 48, just near the midline, which may cause the VGX token to test its resistance near the 31.6% Fib levels. Moreover, the MACD line has formed a consolidated pattern in the chart, showing small bullish candlesticks above the signal line and indicating increased buying pressure in the VGX price chart. However, the SMA-14 is showing no action as it trades parallelly at 45-level, hinting at a slight downward correction in the next few days. If the Voyager coin breaks above its resistance of $0.38, it may pave its upward road to its Bollinger band’s upper limit of $0.42, and if it manages to break its strong resistance of $0.51, it may attempt to go higher. Conversely, if VGX drops below the crucial support level of $0.3, a further bearish rally is expected, which may cause it to accelerate a sharp collapse and trade near its Bollinger band’s lower limit of $0.24. If Voyager’s price fails to hold above $0.2, it may gear up for a more bearish bloodbath and trade near $0.12. 

VGX Price Prediction By BlockchainReporter

VGX Price Prediction 2023

BlockchainReporter’s current VGX price prediction for the upcoming years is optimistic. In 2023, we anticipate a bullish trend for Voyager with a minimum value of $0.76, a maximum price of $0.90, and an average market price of $0.79. The frequent updates and new developments of VGX could influence the price levels of the cryptocurrency.

VGX Price Prediction 2024

Our VGX price prediction for 2024 suggests that Voyager is predicted to reach a minimum price of $1.15, with an average forecast price of $1.19 and a maximum price set at $1.33. The token’s adoption and the market price could increase if VGX establishes new partnerships with other major blockchain networks, making it easily accessible to investors.

VGX Price Prediction 2025

By the end of 2025, the minimum VGX cost price is anticipated to be $1.67, with a maximum price of $1.99 and an average price of $1.72. With a higher adoption of blockchain-based applications in the future, Voyager could see an enormous increase in price.

VGX Price Prediction 2026

For 2026, Voyager is expected to have a sustained bull market, leading to a minimum value of $2.54 and a maximum price of $2.86, with an average market price of $2.63.

VGX Price Prediction 2027

According to the VGX token price forecast for 2027, investors could record huge profits, as the cryptocurrency could reach a minimum possible level of $3.60 and a peak price of $4.43, with an average price of $3.71. VGX’s reduced fees, transparency, security, and faster transactions could contribute to a surge in price.

VGX Price Prediction 2028

In 2028, Voyager could trade between a maximum price value of $6.10 and a minimum price value of $5.05, with an expected average value of $5.23. Being one of the best-performing digital coins in the crypto market, there would be a huge demand for the token in the future, leading to a massive increase in price.

VGX Price Prediction 2029

For 2029, Voyager is expected to trade at a minimum value of $7.54, maintaining an average trading value of $7.75 and a maximum value of $8.94 throughout the year.

VGX Price Prediction 2030

Our VGX price forecast for 2030 expects Voyager to attain a minimum level of $11.06, with an average trading price of $11.37 and a maximum level of $12.88.

VGX Price Prediction 2031

The VGX price forecast for 2031 indicates an overall bullish trend leading to a minimum price of $15.90, an average price of $16.36, and a peak price of $18.96. The digital coin’s potential could attract many users, influencing these high prices.

VGX Price Prediction 2032

Finally, for 2032, VGX is expected to have a fully bullish year with loads of upside fluctuations, leading to a minimum price of $23.58, an average trading price of $24.24, and a maximum price of $27.39.

VGX Price Prediction: Industry Experts

According to Digital Coin Price’s VGX price forecast, it is anticipated that VGX will surpass the $0.76 mark in 2024, with projections indicating that Voyager Token will reach a minimum value of $0.75 by year-end. Moreover, the potential exists for VGX to achieve a maximum price point of $0.78. In 2032, the price of VGX is predicted to exceed $6.58, and by the end of the year, Voyager Token is anticipated to attain a minimum value of $6.53. Furthermore, there is potential for VGX to reach a maximum price of $6.73.

CryptoPredictions.com’s Voyager price analysis states that, in May 2023, Voyager VGX is expected to commence trading at a price of $0.393 and conclude the month at $0.487, with a projected maximum price of $0.567 and a minimum price of $0.385.

In 2027, the average trading price of the VGX token is predicted to hit $0.91, with a minimum price of $0.77 and a maximum trading price of $1.14. 

Is VGX A Good Investment? When Should You Buy It?

The underlying technology utilized by the Voyager Token project to facilitate brokerage services, technical capabilities, use cases, and adoption is the primary driver of its value, even though the intrinsic value of VGX is often not reflected by its market price. Numerous factors contribute to the market value of VGX, such as enhancements, progress on the project roadmap, the performance of the development team, and collaborations with other entities, including the recent merger between VGX and LGO token. The recent bankruptcy filing is a cause for apprehension regarding the future price of VGX, and it may not be a viable choice for long-term investment.

Conclusion

The Voyager app addresses prevalent challenges faced by traders and crypto investors on different exchanges, such as limited accessibility, inadequate liquidity, exorbitant fees, and a lack of transparency. With its user-friendly interface, Voyager offers commission-free trading, rapid transaction speeds, and enhanced accessibility.

Using a mobile device, users can manage their assets and trade over 60 cryptocurrencies on major exchanges within a single app. By resolving critical problems within the crypto trading sphere, Voyager has the potential to become an indispensable component of the expanding DeFi industry.

FAQ

What is Voyager?

Voyager is a decentralized broker built on blockchain technology that enables users to access diverse exchange platforms and markets. The Voyager platform’s native token is VGX, which serves as a cornerstone in its growing ecosystem.

What is VGX used for?

VGX primarily functions as a reward and loyalty token for the Voyager brokerage platform. It is an ERC-20 cryptocurrency operating on the Ethereum blockchain.

What is the current price of VGX?

As of the writing, the VGX token is trading at $0.35, showing an uptrend of nearly 3.5% from yesterday’s price.

What is the VGX price prediction for 2023?

In 2023, VGX is anticipated to have a bullish trend with a minimum value of $0.76, a maximum price of $0.90, and an average market price of $0.79.

What is the VGX price prediction for 2030?

The VGX price forecast for 2030 expects Voyager to attain a minimum level of $11.06, an average trading price of $11.37, and a maximum level of $12.88.

READ MORE:

Bankrupt Crypto Firm Voyager Digital is Selling Assets through Coinbase Amid SEC’s Scrutiny

US Department of Justice Files to Stop Acquisition of Voyager by Binance.US

Binance.US Voyager Acquisition Deal Given a Go-Ahead

What is driving Trader Joe’s [JOE] recent surge in DEX trading volume?

https://ambcrypto.com/what-is-driving-trader-joes-joe-recent-surge-in-dex-trading-volume/

  • Weekly DEX volume on Trader Joe surged 35% at press time.
  • Trader Joe’s total value locked on the Arbitrum chain more than tripled since ARB’s AirDrop

Trader Joe [JOE] registered a phenomenal growth in its trading activity over the past week. As per a tweet on 31 March, the 24-hour volume on the decentralized exchange (DEX) was second only to DeFi behemoth Uniswap [UNI].


Read Trader Joe’s [JOE] Price Prediction 2023-2024


Though it slipped to the sixth position in the list at press time, its achievements were noteworthy. While weekly DEX volume on Uniswap declined by 36%, the number of trades getting settled on Trader Joe increased by 35%, per data from DeFiLlama.

 

Joe brings ‘Joy’!

Volume on the DeFi protocol has grown emphatically over the last four months. From an average of less than $10 million in the latter half of 2022, Trader Joe expanded to clock its nine-month high of $240 million on 30 March.

Trader Joe was originally launched on the Avalanche [AVAX] network in 2021. However, it expanded its services to Arbitrum [ARB] towards the end of 2022.

Evidently, Trader Joe’s trading activity swelled after its launch on Arbitrum, with nearly 74% of its nine-month peak volume coming from the activity on the layer-2 solution.

Source: DeFiLlama

The trading activity was boosted by the recent airdrop of ARB tokens on 23 March, as pointed out in the aforementioned Twitter thread. Since the day of the airdrop, Trader Joe’s total value locked (TVL) on the Arbitrum chain had more than tripled until press time.

It is worth mentioning that Trader Joe received more than 900,000 ARB tokens as part of the AirDrop.

Source: DeFiLlama

Incentives Program attracting LPs?

On 2 March, Trader Joe introduced a Liquidity Book Rewards program wherein liquidity providers (LPs) are incentivized to deposit ARB and Ethereum [ETH] tokens and earn rewards based on the trading fees.


How much are 1,10,100 JOEs worth today?


The program was currently in its third epoch, where more than 300,000 JOE tokens were up for grabs. This program could have brought many users to the DEX.

Additionally, JOE’s increasing price was a big factor for users to actively participate in the program. The native token reaped the benefits of the increase in trading activity, skyrocketing 87% in March, growing by over 53% over the last week, per CoinMarketCap.

Uniswap v3 code free to fork as BSL expires

https://cointelegraph.com/news/uniswap-v3-code-free-to-fork-as-bsl-expires

Developers are now allowed to fork Uniswap v3 protocol as its Business Source License (BSL) expired on April 1, shows the protocol documentation. The expiration was a much-anticipated event within the DeFi ecosystem, as it enables developers to deploy their own decentralized exchange (DEX). 

The BSL is a type of license meant to last for a determinate period before becoming completely open source. In general, the purpose is to protect the author’s right to profit from their creations. Uniswap v3’s license was released in 2021 for a period of two years, preventing its code from commercial use. A new license called General Public License applies to the protocol now.

To fork the code, developers will be required an Additional Use Grant, a production exemption meant to accommodate both the needs of open-source and commercial developers.

Screenshot: Uniswap V3 core smart contracts repository on GitHub. Source: GitHub

Uniswap is a widely utilized decentralized exchange, considered the biggest automated market maker (AMM) in DeFi space, providing a platform where token creators, traders, and liquidity providers to swap tokens. Its token UNI (UNI) is a popular way for investors to gain exposure to the DeFi market.

In May 2021, shortly after being launched, Unisawp v3 surpassed Bitcoin in terms of daily fee generation, Cointelegraph reported. Data from Cryptofees showed that Uniswap v3 was generating $4.5 million in daily fees at that time, while Bitcoin was behind at the time with $3.7 million in daily fee generation.

Uniswap v3 Total Value Locked. Source DefiLlama.

Earlier this month, Unisawp officially went live on the BNB Chain, Binance’s smart contract blockchain, after more than 55 million UNI token holders voted in favor of a governance proposal by 0x Plasma Labs to deploy the protocol on the BNB Chain. Through the move, Uniswap users will have access to BNB Chain’s ecosystem for trading and swapping tokens. The integration also allowed Uniswap to tap into a pool of liquidity with BNB Chain’s DeFi developer community.

Magazine: DeFi abandons Ponzi farms for ‘real yield’

UK Drops NFT Plans But the Millionaire Dream is Still on With Signuptoken.com

https://en.cryptonomist.ch/2023/04/01/becomes-millionaire-with-signuptoken-com/

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Treasury’s economic secretary, Andrew Griffith, confirmed the withdrawal while responding to a question from the Conservative MP Harriett Baldwin.

Griffith stated, “In consultation with HM Treasury, the Royal Mint is not proceeding with the launch of a non-fungible token at this time but will keep this proposal under review.”

The decision has come after almost 12 months of inaction on the development of the NFT by the Royal Mint. It has been reported that the Royal Mint was yet to show what the proposed NFT would look like. Moreover, no information was shared about how the NFT will function and what it would offer its users. The Royal Mint also didn’t tell which blockchain infrastructure it was planning to build the NFT on.

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What is Signuptoken.com?

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It is a game-changer opportunity for everyone who has a dream to make big bucks with cryptocurrencies. Use your email address to get an exclusive entrance to the Millionaires Club which also comes with a chance to win a handsome amount of money.

 

 

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Key Takeaways

The UK government has backtracked from its plans to produce a non-fungible token for sale through the Royal Mint. However, the development shouldn’t put a shadow of doubt or concern in your mind as Signuptoken.com has come up with just the perfect opportunity for everyone to join the Millionaires Club.

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*This article was paid for. Cryptonomist did not write the article or test the platform.

Surge In On-Chain Activity For Arbitrum As Whales Intensify Trading

https://coinedition.com/surge-in-on-chain-activity-for-arbitrum-as-whales-intensify-trading/

  • Arbitrum ($ARB) network uses optimistic rollups and has a high trading volume of $1.4 billion.
  • $ARB tokens have a market cap of $1.7 billion and may experience high volatility.
  • Prominent DeFi ecosystems like Uniswap V3 and AAVE V3 have launched on Arbitrum, and Sector Finance experienced considerable growth.

The Arbitrum network, which utilizes optimistic rollups to enable high throughput as an Ethereum layer 2 scaling solution, has captured the interest of cryptocurrency traders following its highly publicized airdrop.

As per the most recent market data, the daily trading volume for Arbitrum (ARB) on Friday was roughly $1,397,327,284. The token is currently being traded on various platforms, including Binance, OKX, Bybit, Bitrue, and BTCEX.

Moreover, it is worth noting that the $ARB tokens currently possess a market capitalization of around $1.7 billion, indicating that they may experience significant volatility in the upcoming weekend and weeks to come.

Defillama’s compiled data shows that the Arbitrum network ranks fourth in terms of total value locked, coming after Ethereum, Tron, and Binance. As of Friday, the network reported a total of $2.24 billion in locked value.

Meanwhile, prominent decentralized financial ecosystems such as Uniswap V3, Sushi, GMX, and AAVE V3 have already been launched on the Arbitrum chain. Additionally, web3 developers have introduced several DEXs, such as Camelot protocol, ZyberSwap, and Vela Exchange, on the network.

Earlier this month, Sector Finance was launched on Arbitrum, providing transparent risk analysis and real-yield market-neutral investment strategies. Since then, the project has experienced considerable growth. Within less than 24 hours after launch, the total value locked (TVL) surpassed $700,000, with most Vaults reaching full capacity. Since then, the TVL has continued to increase steadily, reaching a peak of over $3.0 million.

In addition, $ARB whale addresses have increased their trading activity, with an example being Amber transferring 11.2 million $ARB worth $15.8 million to OKX and Binance. The largest Arbitrum whale owns 9.94 million $ARB tokens worth $14 million. LookOnChain shared that more whales withdrawing $ARB tokens from centralized exchanges may cause price momentum during an expected altcoin rally.

Bittrex Announces Closure of U.S Division Citing Regulatory Concerns

https://thenewscrypto.com/bittrex-announces-closure-of-u-s-division-citing-regulatory-concerns/

  • The exchange stated that trading will continue until the 14th of April.
  • Bittrex settled enforcement actions with U.S. authorities last year for $29 million.

Bittrex, a cryptocurrency exchange based in the United States, announced it will be closing its doors. The exchange stated in a statement on Friday that customers’ monies were secure and that they may withdraw them until April 30. It also stated that trading will continue until the 14th of April.

The announcement also confirmed that the company will maintain its international trading platform, Bittrex Global. Richie Lai, co-founder, and CEO of Bittrex, announced the exchange’s closure on Twitter, citing the “current U.S. regulatory and economic environment” as the reason.

Lai stated:

“Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape.”

Most Severe Crackdown on Crypto Sector

Bittrex is a firm located in Seattle that was founded in 2013. According to CoinGecko, it has a 24-hour trading volume of just $11.7 million, making it the 71st biggest digital asset exchange. That’s lower than Uniswap, Pankcakeswap, and even Orca, three decentralized alternatives.

The news from Bittrex coincides with what may be the most severe crackdown on the cryptocurrency business from U.S. officials. Many American cryptocurrency firms, notably the widely used Kraken, have been punished with penalties by the U.S. Securities and Exchange Commission in recent months.

Coinbase, the largest cryptocurrency exchange in the United States and a publicly listed company received a Wells Notice this week alleging that its staking products are unregistered securities. The warning indicates that a legal proceeding to enforce the agreement is imminent.

Binance, the largest cryptocurrency exchange in the world, was sued by the Commodities Futures Trading Commission (CFTC) on Monday for allegedly breaking trading and derivatives laws. Bittrex settled enforcement actions with U.S. authorities last year for $29 million due to “apparent violations” of sanctions against nations including Iran, Cuba, and Syria.

Recommended For You:

Binance CEO CZ Replies to the Disappointing CFTC Complaint

Solana DEX Trading Volume Falls, Here Is Why?

https://thenewscrypto.com/solana-dex-trading-volume-falls-here-is-why/

  • DEX volume on the solana network has decreased.
  • Arbitrum’s TVL reached a new ATH.

The trading volume of decentralized exchanges (DEXs) that function on the Solana network has rapidly decreased. Despite the Solana network having seen high levels of activity, there has been a decline in interest in its DEXs, as demonstrated by the network’s declining number of DEX transactions. 

And also there has been a drop in interest in Optimism network’s DEXs, as shown by the network’s declining volume of DEX transactions. According to DeFiLlama’s on-chain data, trading activity on Solana-based DEXs dipped to $33.5 million on March 31. 

According to certain sources, the decline in DEX volume on the Solana network may be due to the poor performance of DeFi protocols such as Saber and Radium. However Arbitrum and Polygon’s decentralized exchange (DEX) trade volumes have also increased.

As per DeFillama data, the Arbitrum’s DEX transaction flow reached a new all-time high (ATH) in each of the last two weeks. Uniswap, SushiSwap, ZyberSwap, Camelot, and Balancer were the top five DEXs on Arbitrum. Trading volume on these platforms improved over the past week as well.

Recommended For You:

ARB Holders Voting Begins to Form Arbitrum Foundation

https://ourbitcoinnews.com/arb-holders-voting-begins-to-form-arbitrum-foundation/

Establishment of the Arbitrum Foundation

After the airdrop of Arbitrum’s crypto asset (virtual currency) ARB, voting on proposals for establishing the “Arbitrum Foundation”, a management organization for a decentralized autonomous organization (DAO), began on the 28th.

While there were voices of opposition, citing uncertainties in the budget allocation and management system, 87% of the votes were in favor.

This proposal (AIP-1) defines the steps towards establishing an Arbitrum Foundation to support the growth of the Arbitrum ecosystem. It calls for allocating a budget of 750 million ARB (just over 130 billion yen) to the newly established Arbitrum Foundation and transferring the ARB to an “administrative budget wallet” managed by the foundation.

The Arbitrum Foundation has three appointed directors and will also establish a 12-member Security Council. Each member of the council will be paid $5,000 in ARB tokens per month.

A data availability committee will also be set up to store transaction data batches for Arbitrum Nova, a proprietary chain for Web3 games and social apps, with participation from ConsenSys, Google Cloud and Reddit.

Voting deadline is April 3rd. At the time of writing, 87% are in favor and 13% are against.

What is Arbitrum

A project to develop an L2 solution that utilizes a technology called Optimistic Rollup. While utilizing the security of Ethereum’s blockchain, we aim to eliminate network congestion by processing some transactions off-chain.

▶Cryptocurrency Glossary

connection:Ethereum L2 “Arbitrum” decentralizes operations to implement its own token distribution

Opposition claims

Blockworks Labs, a voting representative of 2.2 million votes in the ArbitrumDAO, today announced its opposition to AIP-1, citing its lack of governance and transparency.

Blockworks Research Institute first pointed out that only 3.5 billion ARB was actually distributed to the Arbitrum DAO treasury, although 4.278 billion ARB was allocated at the time of token issuance planning. Prior to the results of the vote, he criticized, “There is reason to think that (development company) Offchain Labs was separated for the administrative budget wallet.”

Source: Arbitrum

Blockworks Institute also points out that the 750 million ARB (just over 130 billion yen) requested by the Arbitrum Foundation is too much. As a comparison, citing the initial budget (total of 9.8 billion yen) of the Uniswap Foundation, which forms a representative DeFi ecosystem, we requested a detailed explanation of the “fund storage method, monitoring system, and usage process”. there is

The proposal states that the 750 million ARB will be used for “special subsidies, reimbursement of set-up fees to service providers, and ongoing administration and operating costs for the Arbitrum Foundation.” The Arbitrum Foundation, based in the Cayman Islands, is seeking $3.5 million in legal fees, administrative and registration fees.

connection:Decentralized Exchange Uniswap Starts Operation on BNB Chain

The post ARB Holders Voting Begins to Form Arbitrum Foundation appeared first on Our Bitcoin News.

Between Arbitrum’s [ARB] surging demand and whirlwind drop-off

https://ambcrypto.com/between-arbitrums-arb-surging-demand-and-whirlwind-drop-off/

  • Korean exchange Upbit could be the second-largest ARB holder per accumulation speculation
  • ARB’s value has decreased by 6% in the last seven days

A part of Arbitrum’s [ARB] 2023 roadmap was the objective for its token to become available to the public. In grand style, it was done on 16 March as users of the network were AirDropped free tokens. Amid the extravaganza, ARB fell to selling pressure as beneficiaries of the distribution could not wait to gather the harvest of active participation. 


How much are 1,10,100 ARBs worth today?


ARB: Gold in the eyes of “these entities?”

While many of the retail class engaged in selling, some deep pockets thought it a good time to hold and accumulate more. OxScope revealed the details of one such case. According to the web3 knowledge graph protocol, an Externally Owned Account (EOA) had been stockpiling ARB since 30 March.

An EOA is a contract account controlled by a private key. As indicated above, the wallet held 59 million ARB at press time, making it the second-largest holder of the token behind Binance [BNB]. 0xScope also mentioned that there were chances that the address could belong to Upbit, Korea’s largest digital asset exchange. 

An action like this suggests that the address may have settled for a buying opportunity at the ARB’s press time price. In disparity, there was also a case where a massive sell-off matched up to the large accumulation.

Lookonchain, the famous Twitter smart money detector, disclosed that one of the largest recipients of the ARB token had sold every part of the token held. Interestingly, this address has been involved in providing liquidity on Uniswap [UNI] as of 24 March.

But as things stand, Uniswap’s benefits from the scaling solution could rest in uncertainty. Following the development, ARB lost 2.49% of its 24-hour volume, bringing the seven-day performance to a 6.11% decrease.

Bears sneaking but the bull company isn’t gone

Technical chart-wise, ARB was exhibiting a high amount of volatility based on the Bollinger Bands (BB). Hence, price swings in either direction could play out in the short term. Meanwhile, the Awesome Oscillator (AO) showed that the risk of falling to a bearish momentum was higher than the possibility of a bullish breakout. As of this writing, the AO was -0.0075.

In addition, nothing exactly positive came out of the Directional Movement Index (DMI) trend. Indeed, the +DMI (green) and -DMI (red) at 19.76 and 21.84 individually had no strong support from the Average Directional Index (ADX). 

Arbitrum [ARB] price action

Source: TradingView


Is your portfolio green? Check the Arbitrum Profit Calculator


With the ADX (yellow) less than 25, it means that many traders were avoiding jumping on the ARB price trend. However, price patterns could be easy to recognize here, denoting a sign of possible accumulation and distribution.

Finally, it may be a call too quick to write off ARB as underperforming since it’s less than one month old. Take, for instance, Aptos [APT] which launched in a similar style in 2022, and experienced a decline in growth. Later, it went haywire with a tremendous uptick. Hence, there is a chance that ARB could recover, especially since it capitulated from an $11 launch price.

Ether Capital Corporation Reports Annual 2022 Financial Results

https://thenewscrypto.com/ether-capital-corporation-reports-annual-2022-financial-results/

TORONTO–(BUSINESS WIRE)–$ETHC–Ether Capital Corporation (“Ether Capital” or the “Company”) (NEO: ETHC) announces the reporting of its audited consolidated financial results for the year ended December 31, 2022. The financial results include a restatement of comparative 2021 consolidated financial statements. There is no cash impact on the financial position of the Company resulting from the restated comparative 2021 financial statements which includes accounting for Deferred Income Taxes on unrealized gains. See “Restatement of Comparative 2021 Financial Statements.”

The Company managed to stay financially strong during 2022 despite challenging conditions that impacted the digital assets industry. Financial highlights for the fiscal year include:

  • The Company recorded revenue during the year of $3.7 million vs $1.5 million in 2021, a 149% increase.
  • The Company incurred Operating Expenses of $3.91 million vs $2.02 million in 2021, a 94% increase.
  • The total value of the digital assets held by the Company was $73.1 million vs. $210.4 million in 2021 a decrease of 75%.
  • Cash and cash equivalents were equal to $2.9 million vs. $3.4 million in 2021, a decrease of 15%.
  • The Company had no debt at the 2022-year end.
  • Basic and fully diluted Net Loss per share in 2022 was $1.73 compared to Net Income per Share of $0.05 (restated) in 2021.
  • The total shareholders’ equity of the Company was $75.6 million vs. $204.2 (restated) million in 2021.

Management Commentary

“It was a difficult year for many businesses in the sector. The collapse of major crypto companies coupled with a sharp decline in asset prices presented a lot of challenges that we needed to overcome as an industry,” said Brian Mosoff, CEO of Ether Capital. “Where the uncertainty would normally cause players to pack it in, we’re seeing the community stay resilient and evolve. I’m confident in Ether Capital’s ability to grow and look forward to building out new operating businesses that support Ethereum and create enterprise value for the Company.”

“We are in the midst of transforming our Company from a passive holder of Ether to one that can generate both yield on our treasury assets and operating earnings. In 2022, we began building the internal infrastructure and team on a financially prudent basis, such that our operating expenses exceeded revenue by only $173,000,” said Ian McPherson, CFO of Ether Capital.

Commentary on the 2022 financial results and the impact of the restatement to comparative amounts is discussed below.

During 2022, the price of Ether declined 65% and ended the year at C$1,620 compared to C$4,676 on December 31, 2021. The table below summarizes the volatility and range of Ether prices over 2022.

2022 (C$)

Q1

Q2

Q3

Q4

Annual

Average in Period

$3,726

$2,863

$1,971

$1,769

$2,575

Period End

$4,225

$1,416

$1,826

$1,620

$1,620

Revenue Highlights

The Company increased its revenue 149% from $1.5 million in 2021 to $3.7 million in 2022, largely due to a material increase in Staked Ether Rewards.

Total Staked Ether Rewards Revenue, a combination of Consensus Layer Rewards (illiquid) and Execution Layer Rewards (liquid), was $2.45 million in 2022 vs. $0.1 million in 2021. During the year, the Company increased its allocation of Staked Ether to 20,512 in February 2022 from 10,272 on December 31, 2021. The Staked Ether generated an average yield of 5.13% during the year. The Staked Ether Rewards have not been sold and remain as digital assets held by Ether Capital.

Additionally, the Company earns consulting fee revenue from Purpose Investments, a related party, that is linked to the assets under management of Purpose Investment’s crypto ETFs (“Crypto AUM”). During the year, the Crypto AUM declined materially (see table below), and this resulted in a 9.6% reduction of consulting fees from $1.38 million in 2021 to $1.24 million in 2022.

$000s

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Consulting Fees

$450

$393

$218

$184

Average Crypto AUM ($ Millions) during the quarter

$2,057

$1,886

$923

$767

Operating Expense Highlights

Operating Expenses before Impairments and Revaluations (“Operating Expenses”) increased 94% in 2022 to $3.9 million from $2.0 million in 2021. This was primarily due to staff expansion and the building of internal capabilities. Ether Capital is amid a strategic transition and is assessing the launch of new products and business lines for which key staff were recruited. The Company is also in the process of internalizing certain functions that it has historically outsourced.

The most material expense within the Company during 2022 pertains to staff compensation. Headcount increased from three employees at the start of the year to 10 by December 31, 2022. Compensation expenses, both salaries and share-based compensation of employees and Directors, were $2.28 million in 2022 vs. $0.72 million in 2021, of which $0.81 million is non-cash share-based compensation (2021-$0.33 million).

A significant component of Operating Expenses pertains to professional fees, such as legal counsel, independent external auditor, and other consultants. In 2022, these professional fees totaled $0.77 million compared to $0.58 million in 2021, a 33% increase. The growth is reflective of the expanded activity and increase in professional advice during the Company’s transition. A new expense this year pertains to the cost of outsourcing staking services. The 2022 cost of $0.14 million is variable to the revenue generated from staking.

Other Operating Expenses are discussed in some detail in the Company’s Management Discussion and Analysis (MD&A) that has been filed on the System for Electronic Document Analysis and Retrieval (SEDAR) and may be viewed under the Company’s profile at www.sedar.com.

Revenue less Operating Expenses

One measure of operating performance used by the Company is calculating Revenue less Operating Expenses. In 2022, the Operating Expenses exceeded Revenue by $0.17 million compared to $0.51 million in 2022. This is a non-IFRS measure, and it is calculated by subtracting Operating Expenses from Revenue.

Other Comprehensive Income (Loss) and Net Income (Loss)

The Other Comprehensive Income (Loss) (OCI) incurred a significant loss in 2022. In 2021, the OCI generated additional income for shareholders of $139.9 million (restated). By comparison, the OCI generated a loss of $70.4 million in 2022. This loss comprised reversals related to dispositions and remeasurements due to unrealized losses on digital assets vs. unrealized gains in 2021, the full write down of the non-core portfolio investment in Wyre in 2022, and the recognition of corresponding deferred taxes related to these gains and losses.

Cashflow

The cashflow from operations of the Company are materially different from the financial statement’s Net Income, whether before or after OCI, for the following reasons:

  1. 65% of the Revenue in 2022 is non-cash.
  2. Operating Expenses include an amount for the amortization of Share Option Expense, a non-cash expense.
  3. The unrealized impairments for the Company’s digital assets total $63.5 million.
  4. The write down of the Wyre investment for $6.2 million was a non-cash expense, of which $2 million is an impairment.

During 2022, there were several activities that impacted the cash position of the Company. These included the sale of non-core digital assets for $5.85 million (MKR and Uniswap), a realized trading loss on the purchase and sale of a Purpose Ether ETF (net realized loss $1.86 million), cash proceeds from the issuance of new common shares, the exercise of options and warrants ($0.7 million), and the expenditure of cash on the Normal Course Issuer Bid to acquire shares trading in the market at a cost of $1.31 million.

The Consolidated Statement of Cashflow and the Notes in the Company’s annual financial statements will include more detail.

$000s

Q4 2022

Q4 2021

December 31,

2022

December 31,

2021

Net Cash used in Operating Activities

($451)

$193

($1,620)

($46)

Net Cash provided by (used in) Investing Activities

$638

$nil

($732)

($24,185)

Net Cash provided by (used in) Financing Activities

$nil

$164

($617)

$27,226

Increase (decrease) in Cash

$187

$357

($2,969)

$2,996

Net Income (Loss) per Share

The Net Loss per Share was ($1.73) compared to Net Income per Share of $0.05 in 2021 (restated). The Net Income (Loss) per Share does not include the impact of OCI (Loss), which is material the components of which are discussed above.

Assets

Cash on the balance sheet was $0.44 million on December 31, 2022 compared to $3.4 million on December 31, 2021. However, an incremental $2.45 million is invested in a cash equivalent, marketable security. During the year, the Company invested excess cash in a listed Purpose High Interest Savings ETF (“ETF”). Combined, the cash and ETF total approximately $2.9 million.

During 2022 there was a material change regarding the valuation of the Company’s digital assets as discussed above. The digital assets decreased in value by $137.3 million to $73.1 million, primarily due to a 65% decline in the price of Ether during the year. The valuation of the Company’s digital assets exceeded the cost base of those assets by $15.5 million as at December 31, 2022. The Company has a cumulative tax loss carryforward of $20.7 million as at December 31, 2022 that can be used to offset possible future capital gains, but is not recognized on the consolidated financial statements as recovery is not probable at year end. As at December 31, 2022, approximately $12 million remains unutilized.

$000s

December 31, 2022

December 31, 2021

% Change

Digital Assets Value

$73,139

$210,423

-65.2%

Digital Assets Cost Base

$57,800

$54,366

6.2%

Unrealized Capital Gain

$15,339

$156,056

-90.3%

As discussed previously, the Company also owns a minority interest in a private U.S. company, Wyre. The Company has undertaken an assessment of Wyre and estimated the fair market value of its minority stake at $nil.

Shareholders’ Equity Highlights

The shareholders’ equity as at December 31, 2022 was $75.6 million compared to $204.2 on December 31, 2021. The reduction was primarily due to the revaluation of the Company’s digital assets ($137.3 million) and Wyre ($6.2 million). The Net Equity per Share also declined from $6.04 (restated) to $2.24 per share. At year end, the shares outstanding were 33.754 million compared to 33.826 in 2021.

Restatement of Comparative 2021 Financial Statements

The comparative 2021 financial statements are being restated to reflect the inclusion of a Deferred Tax Liability in 2021 due primarily to unrealized capital gain on assets. There has been no cash impact to the Company as a result of these corrections.

The valuation of the digital assets and portfolio company was $216.6 million compared to the cost base of $56.4 million on December 31, 2021. Although the Company does not intend to trade its digital assets and trigger a realized taxable capital gain, accounting standards require that a Deferred Tax Liability be recognized as providing for this possibility. The Company did have tax loss carryforwards that were able to reduce the Deferred Tax Liability on December 31, 2021, but they were insufficient to offset the total amount. As such, the Deferred Tax Liability was $15.63 million as at December 31, 2021. The consequences of this financial restatement are summarized in the tables below:

Consolidated Statement of Financial Position

$000s except for per share amounts

As at December 31, 202

(Previously Reported)

Adjustment

As at December 31, 2021

(As Restated)

Deferred Tax Liability

$nil

$15,634

$15,357,020

Total Liabilities

$503

$15,634

$16,137

Share Capital

$72,862

$1,301

$74,163

Accumulated Deficit

($17,450)

$4,687

($12,763)

Accumulated Other Comprehensive Gain

$163,062

($21,623)

$141,439

Consolidated Statement of Net Income (Loss)and Comprehensive Income (Loss)

Deferred Income Tax recovery (expense) recognized in Income

$nil

$4,687

$4,687

Income (loss) after tax

($3,180)

$4,687

$1,507

Deferred Income Tax recovery (expense) recognized in OCI

$nil

($21,623)

($21,623)

Other Comprehensive Income (Loss)

$161,521

($21,623)

$139,898

Net & Comprehensive Income (Loss)

$158,341

($16,935)

$141,405

Net Income (Loss) per Common Share, Basic

($0.10)

$0.15

$0.05

Net Income (Loss) per Common Share, Diluted

($0.10)

$0.14

$0.05

Ether Capital continues with its three-pronged strategy in 2023: To continue being a net accumulator of ether, stake the majority of ETH on the balance sheet, and build new products and businesses that leverage the Company’s intellectual property and market leadership.

Ether Capital will host an investor presentation on Wednesday April 5 at 3:00pm ET. The Company’s CEO Brian Mosoff and President & CFO Ian McPherson will be in attendance to discuss the financial highlights of 2022 and answer any investor questions. You can go here to register for the webinar that will be conducted via Zoom.

The Company’s audited financial statements, the MD&A, and the annual information form have been filed on SEDAR and may be viewed under the Company’s profile at www.sedar.com.

About Ether Capital Corporation

​​Ether Capital (NEO: ETHC) is a public technology company with a long-term objective to become a central business and investment hub for the Ethereum ecosystem. The Company has invested most of its balance sheet in Ethereum’s native utility token “Ether” as a core strategic asset and yield-generating instrument. The Company is focused on building financial infrastructure that supports the Ethereum blockchain and delivers corporate value. Ether Capital’s management team and Board of Directors are comprised of crypto natives, leading venture capitalists and traditional finance experts, which uniquely positions the company to identify and capitalize on opportunities in the digital asset ecosystem. For more information, visit http://ethcap.co.

The content of this document is for informational purposes only and is not being provided in the context of an offering of any securities described herein, nor is it a recommendation or solicitation to buy, hold or sell any security. The information is not investment advice, nor is it tailored to the needs or circumstances of any investor. Information contained in this document is not, and under no circumstances is it to be construed as, an offering memorandum, prospectus, advertisement, or public offering of securities. No securities commission or similar regulatory authority has reviewed this document and any representation to the contrary is an offence. Information in this press release is current only as of the date provided and Ether Capital is under no obligation to update this information, other than in accordance with applicable securities laws.

Non-GAAP Measures

The Company’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). The Company refers to the Operating Revenue less Operating Expenses before Impairments and Revaluations (“Operating Expenses”), which is a non-GAAP financial measure. This non-GAAP measure is not defined by IFRS, does not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Company has presented such non-GAAP measure as management believes it is a relevant measure of the Company’s operating performance independent of asset valuation changes. Non-GAAP measures should not be considered as alternatives to the information set out in the Company’s financial statements.

Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. The Company cautions the reader not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Generally, but not always, forward-looking information can be identified by the use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “on pace,” “anticipates,” or “does not anticipate,” “believes,” and similar expressions or state that certain actions, events or results “may,” “could,” “would,” “should,” “might,” or “will” be taken, occur or be achieved.

Forward-looking statements are based on information available to management at the time they are made, management’s current plans, estimates, assumptions, judgments and expectations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to the risk factors discussed in the Company’s Annual Information Form dated March 23, 2023, the Risk Factors section in its most recently filed management’s discussion and analysis and its other filings available online at www.sedar.com. Although the forward-looking information contained in this press release is based on assumptions that the Company believes to be reasonable at the date such statements are made, there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. In addition, the Company cautions the reader that information provided in this press release is provided to give context to the nature of some of the Company’s future plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any forward-looking information, except in accordance with applicable securities laws.

Contacts

Brian Mosoff

Chief Executive Officer

brian@ethcap.co

Ian McPherson

President and Chief Financial Officer

imcpherson@ethcap.co

Ashley Stanhope

Director of Communications

ashley@ethcap.co

Crypto Scammers Pilfered Over $370M In Q1

https://thedefiant.io/crypto-scammers-pilfered-370m-q1

Losses Are 90% Lower Than Previous Quarter

More than $370M was lost to hacks and exploits during the first three months of 2023, down from a whopping $5B in the last quarter of 2022.

According to data from Rekt, $215M, or 57% of losses for the quarter, was stolen during the first three weeks of March. 

“It’s worth noting that January 2023 was one of the lowest months for hacks, with a total of $14.6 million lost, a sum that wasn’t registered in all of 2022,” said DappRadar. “This may be a positive sign that the industry is taking security more seriously and implementing better measures to prevent hacks and exploits.”

In 2022, losses cleared $1.1B in October and $3.9B in November, before dropping to $87M in December.

Euler Finance Fiasco

The $196M flash loan attack that targeted Euler Finance on March 13 accounts for more than half of the quarter’s losses.

Flash loans allow users to borrow funds from a DeFi protocol without collateral so long as the loan is repaid within the same block, eliminating any risk of the lending protocol sustaining losses. The technique is often used to facilitate arbitrage trades but also provides an avenue for opportunistic coders to perpetrate malicious exploits.

The hacker stole DAI, USDC, WBTC, and stETH from Euler using a multichain bridge that transferred assets between Ethereum and BNB Chain, before obfuscating the origin of the funds using Tornado Cash, a crypto mixing service.

However, the hacker has since returned the majority of the funds, having transferred roughly $177M worth of ETH and other assets back to Euler. On Monday, the attacker sent transactions to Euler containing encrypted messages apologizing for their actions and pledging to return the stolen assets.

BonqDAO Exploit

BonqDAO’s $125M oracle exploit in February was the quarter’s second-most expensive incident.

On Feb. 1, the attack’s perpetrator manipulated price data for the ALBT token on Bonq protocol, allowing the attacker to mint large sums of BEUR tokens against ALBT collateral. 

The hacker then swapped the ill-gotten BEUR for other tokens on Uniswap and walked away with around $10M in profits. They also triggered a wave of ALBT liquidations on Bonq after the token’s value crashed by half amid heavy selling.

Q1’s most expensive incidents also include the $45M CoinDeal fraud and the $16.5M taken by the Monkey Drainer phishing scheme.

BNB Chain Tops List By Number Of Exploits

BNB Chain remains the preferred chain for hackers and scammers, with Rekt identifying 18 incidents on the Layer 1 blockchain.

Ethereum ranked second with 10 hacks, despite representing the majority of Q1’s losses, while seven scams hit Arbitrum users amid anticipation for the Layer 2 network’s long-awaited airdrop

Rekt counts 47 incidents over the past three months in total. Smart contract exploits are the most popular form of attack this year, with 17. Rugpulls ranked second with eight, followed by flash loan attacks at six.

Y00ts Takes Flight To Polygon: 77% Migration Milestone Achieved

https://www.tronweekly.com/y00ts-takes-flight-to-polygon-77-migration/

Y00ts NFT project, one of the biggest on the Solana blockchain, has migrated to Polygon, one of the fastest-growing blockchain ecosystems for NFTs and DeFi. Y00ts announced the successful completion of 77% of its migration, where it shares a home with well-known projects such as Aave, Uniswap, and OpenSea.

Y00ts allows users to stake their tokens and collect rewards. Since the migration, over $766,000 of secondary sales volume has been generated, and 9,456 NFTs have already been staked on Polygon. According to Dune Analytics, the number of bridged Y00ts NFTs stood at 11,633 as of March 30th, 2023.

The NFT project is moving from Solana to Polygon to tap into a broader Ethereum ecosystem of collectors. The team is using a carrot-and-stick approach to encourage a speedy migration for all 15,000 NFTs. 

According to the announcement, holders who moved in the first 24 hours were eligible to win a BTC DeGod, an NFT from a sister project. Starting April 3rd, holdouts will be subject to a 33.3% “Paper Hands Bridge Tax,” a fine payable by increased royalty fees.

Polygon’s Attraction For Web2 & Web3 Players

According to a January report, in 2022, Polygon became a popular destination for big Web2 and Web3 players, including Meta, Instagram, Reddit, Disney, Coca-Cola, Nike, and more. 

In the same year, the blockchain network onboarded nearly 500 Web2 companies to the Web3 space, including popular projects like Coinbase, Robinhood, Phantom Wallet, and Magic Eden. 

The migration of Y00ts is another indication of Polygon’s rising influence in the NFT and DeFi space. The migration of NFT projects has increased unique wallets, transactions, and secondary sales volume. 

For example, Profile picture NFTs like y00ts saw unique wallets more than triple month-on-month, over 70% gain in transactions, and more than 30% increase in secondary sales volumes in the period to March 15th, according to data compiled by Polygon Labs. 

NFT sales on Magic Eden more than tripled from the previous month to about $492,000, with projects like RektDogs leading the way. The y00ts project’s migration provides a perfect opportunity for the project to tap into a new ecosystem and for Polygon to showcase its capabilities in the NFT space.

Nevertheless, as Polygon continues to attract big players in the Web2 and Web3 spaces, it is poised to become a major player in the blockchain world.

Related Reading | Bitcoin’s Steady Pursuit Of $30K: Insights & Cautionary Flags From Santiment

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The Investment Case for Uniswap

https://blog.coinshares.com/the-investment-case-for-uniswap-b5ea7d3524a8

Takeaways:

  • Fee switch should drive profitability in 2024 in all bull, base and bear case scenarios
  • End of the vesting schedule compounds protocol profitability for token holders
  • Better relative fundamental value compared to competitors
  • Market leader in volumes and fee revenues
  • Two major risks include securities laws and order books

Overview

Uniswap is a platform that enables users to swap and trade tokens without using Centralised Exchanges (CEXs). Unlike CEXs, which match up order makers and takers based on order-book models, Uniswap’s trading market is created by liquidity providers. Liquidity Providers (LPs) lend their tokens to Uniswap pools and earn a portion of the fees generated in their respective pools. Uniswap typically has several fee-tiered pools for its various trading pairs, with volatile pairs having three fee-tiered pools and stable pairs having two fee-tiered pools. All fees generated on the Uniswap protocol are paid out to LPs based on their percentage of funds loaned/deposited in a given pool, with none of the fees generated fed back to Uniswap. Uniswap v3 has a built-in “fee switch” to redirect between 10% (1000 bps) and 25% (2500 bps) of the total fees in each pool from LPs back to Uniswap. For an additional report on Uniswap’s team, protocol architecture and on-chain activity, see here.

Investment Catalyst

Uniswap has made an impressive $2.5 billion in cumulative fees since inception, but not a single dollar has returned to the protocol. The fee switch is essential because it mends Uniswap’s broken value accrual mechanism and ultimately results in a sustainable earnings model. Reducing issuance, which is a cost to the protocol, compounds profitability.

Accounting Value Accrual

Uniswap has two sides to its value accrual: accounting and cash flow. On the former, Uniswap’s daily issuance — which supports its treasury, team, advisors, and investors — has mostly decreased over time which has led to an average annual increase in earnings of 41% since 2020, even though the earnings are still negative and Uniswap has made no top-line revenue. Based on value accrual through accounting standards and without the fee switch, Uniswap is predicted to break even in 2025, where gross profit is zero and issuance is zero.

Free Cash Flow Value Accrual

After implementing the fee switch and when issuance goes to zero, fee revenue would flow straight to Uniswap’s bottom line. In our base case scenario, without the fee switch, we’ve predicted a $118m loss in 2023 compared to a ~$113m gain in 2024 with the fee switch; net margins could equate to 64%, and earnings per token could increase to $0.12. Theoretically, this should only increase as costs to the protocol (issuance) stay flat at zero and value continues to accrue in the future. Currently, Uniswap doesn’t have earnings per token or profitability figures because that assumes it makes fee revenue; it doesn’t.

Without implementing the fee switch, Uniswap will not be profitable going forward. 2023’s scheduled issuances of around $118m present a significant cost that the bear and base cases fail to overcome, resulting in a $19m profit in the most bullish scenario of a 2500 bps fee switch. This situation is similar on an earnings-per-token basis, a mere $0.02 per token using the bull case, whilst bear and case cases are negative.

2024 represents the inflexion point, where all scenarios across gross profit, net profit, and per token, respectively, are positive, representing multi-hundred per cent increases from 2023 scenarios, both with and without a fee switch.

More robust relative fundamentals

Uniswap’s power is in its capital efficiency. The protocol turns over more dollars per one dollar of total value locked (TVL) and commands the highest fees per user than any other competitor. This is due to concentrated liquidity and customisable fee tiers from the v3 upgrade on 5th May 2021, which forces LPs to take a view of the market by risking their capital (more specifically, a portion of their collateral marked as an impermanent loss) at specific price points on the asset, thereby affecting their preferred risk-adjusted returns. This favours more sophisticated users with larger sums of money who tend to play with stable assets in pools with lower fee tiers, volatility and higher liquidity. This is evident in the average fee tier declining from 3000 bps to 1400 bps since 2020 as volumes have risen.

Strategic Vertical Integration

NFTs and ERC-20 tokens have largely existed as separate ecosystems within crypto, but both are essential to growing the digital economy. Launching its NFT capability in November 2022 and the recent February 2023 upgrade, allowing buyers to purchase any NFT with any ERC20 token whilst the seller still receives their desired token, comprise Uniswap’s first significant steps in building more interoperable experiences between the two ecosystems. Expanding into the NFT market will help drive market share, revenue, profitability and value for token holders.

Uniswap has also recently released a self-custodial mobile wallet, a core tenet of DeFi that ensures one’s crypto can’t be misused by a centralised party. Although currently in test flight as uncertainty builds due to Apple refusing to give the green light on the App Store, this could likely be a core strategy to keep users within Uniswap rails.

Risks

Token holders subject themselves to two main risks: regulation and order books. The fee switch subjects Uniswap to securities laws if it were to take some of the protocol revenue generated. To reduce any possible legal issues, a suggestion is only to enable the fee switch for liquidity pools of tokens that have not been in the cross-hairs of regulatory firepower, such as select stablecoins, BTC or ETH. A problem with this is that volatile pairings with higher fee tiers (stablecoin:ETH/BTC or ETH/BTC) tend to have less liquidity, capital efficiency, and fee market share and hosts more elastic users and LPs who will likely receive less revenue, therefore, directing them away from the protocol or towards pools without the fee-switch, resulting in less overall protocol revenue and decreased market share.

Order books have advantages that may detract from Uniswap’s DEX market dominance over the long term. Lower slippage is primarily a result of smaller spreads from the role of market-makers and granular limit orders. These privileges are not available on Uniswap’s AMM because its pricing function (x*y=k) determines prices instead of traders — one takes the price they are given, not the price they set. Order books remain optimal for surfacing market prices and placing large orders. Widely accepted and used by institutions and retail traders, order books often provide a better experience to trade, as is reflected in volume/TVL. GMX is a popular order book which has proven its capital efficiency. Albeit, Uniswap is significantly larger in terms of nominal fees, volumes, TVL and users — around 3x, 6x, 6x, and 19x, respectively.

Investment Summary

Uniswap’s better fundamental relative value against other AMMs concerning capital efficiency and dominant market share of volume and fee revenue demonstrate its market-leading nature. But the main value driver over the coming years is the fee switch, planting its flag in 2024 as the protocol turns profitable in all scenarios and accrues value directly to token holders. As costs trend to zero around September 2024, Uniswap’s profitability theoretically only increases as all top-line revenue will flow straight to its bottom line and compound for all token holders.

Disclosure

The information contained in this document is for general information only. Nothing in this document should be interpreted as constituting an offer of (or any solicitation in connection with) any investment products or services by any member of the CoinShares Group where it may be illegal to do so. Access to any investment products or services of the CoinShares Group is in all cases subject to the applicable laws and regulations relating thereto.

This document is directed at professional and institutional investors. Investments may go up or down in value and you may lose some or all of the amount invested. Past performance is not necessarily a guide to future performance. This document contains historical data. Historical performance is not an indication of future performance and investments may go up and down in value. You cannot invest directly in an index. Fees and expenses have not been included.

Although produced with reasonable care and skill, no representation should be taken as having been given that this document is an exhaustive analysis of all of the considerations which its subject-matter may give rise to. This document fairly represents the opinions and sentiments of CoinShares, as at the date of its issuance but it should be noted that such opinions and sentiments may be revised from time to time, for example in light of experience and further developments, and this document may not necessarily be updated to reflect the same.

The information presented in this document has been developed internally and / or obtained from sources believed to be reliable; however, CoinShares does not guarantee the accuracy, adequacy or completeness of such information. Predictions, opinions and other information contained in this document are subject to change continually and without notice of any kind and may no longer be true after the date indicated. Third party data providers make no warranties or representation of any kind in relation to the use of any of their data in this document. CoinShares does not accept any liability whatsoever for any direct, indirect or consequential loss arising from any use of this document or its contents.

Any forward-looking statements speak only as of the date they are made, and CoinShares assumes no duty to, and does not undertake, to update forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Nothing within this document constitutes (or should be construed as being) investment, legal, tax or other advice. This document should not be used as the basis for any investment decision(s) which a reader thereof may be considering. Any potential investor in digital assets, even if experienced and affluent, is strongly recommended to seek independent financial advice upon the merits of the same in the context of their own unique circumstances.

This document is directed at, and only made available to, professional clients and eligible counterparties. For UK investors: CoinShares Capital Markets (UK) Limited is an appointed representative of Strata Global Limited which is authorised and regulated by the Financial Conduct Authority (FRN 563834). The address of CoinShares Capital Markets (UK) Limited is 82 Baker Street, London, W1U 6TE. For EU investors: CoinShares AM (napoleon-am.com) is a French asset management company regulated by the Autorité des Marchés Financiers (AMF), registered under number GP-19000015 since 27/03/2019. Its office is located at 25 rue du 4 Septembre, 75002 Paris, France.

Copyright © 2023 CoinShares. All rights reserved.


The Investment Case for Uniswap was originally published in CoinShares Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Uniswap (UNI) Bulls Defended the $5.50 Support, Now Can It Reach $7?

https://beincrypto.com/uniswap-bulls-support-7-attainable/

Uniswap (UNI) has rebounded above $6 as the bulls fiercely defended the $5.5 support zone in the past week. On-chain data suggests that Uniswap has benefited from the recent DeFi boom. Do the bulls have more in the tank? 

The industry-wide spike in Decentralized Finance (DeFi) trading activities appears to have driven up the demand for UNI. 

Supply of UNI in Smart Contracts is Increasing  

The introduction of the novel Concentrated Liquidity mechanism during its V3 product update has seen Uniswap consolidate its status as the largest crypto Automated Market Maker. On-chain data reveals that crypto investors appear to be accumulating UNI tokens as they intensify DeFi activities on the Uniswap trading platform.  

The supply of Uniswap tokens locked up in smart contracts has been on an uptrend since February, according to data compiled by Glassnode. 

The chart below shows how UNI holders locked up an additional 1.4 million tokens (0.24% of total UNI supply) in smart contracts between Feb. 2 and March 31. The additional UNI tokens locked up in the past month are worth approximately $8 million. 

Uniswap (UNI) Supply In Smart Contracts. March 2023, Source: Glassnode

When the supply of tokens locked in smart contracts increases, it temporarily reduces the number of tokens available to be traded on exchanges. The relative scarcity caused by the recent spike in DeFi activity could power UNI into further price gains.

Another critical on-chain metric corroborating this bullish stance is the decline in the supply of UNI tokens on exchanges.

Glassnode’s Balance on Exchange metric tracks the flow of tokens into exchanges when daily outflows are deducted. The chart below depicts how the UNI tokens in recognized exchange wallets declined persistently in the past month.

Since Feb. 26, UNI supply on exchanges has reduced from 41.4 million tokens to 37.6 million as of March 31. 

Uniswap (UNI) Balance on Exchanges, March 2023.
Uniswap (UNI) Balance on Exchanges, March 2023. Source: Glassnode

When the balance on exchanges declines for an extended period, it causes relative scarcity across exchanges which often triggers a price surge. Ultimately, UNI holders can expect a prolonged price rally if Uniswap traders and investors continue to move tokens off exchanges and lock them up in smart contracts.

UNI Price Prediction: All Eyes on $7

IntoTheBlock’s Global In/Out of Money data shows that only 24% of Uniswap investors are currently in profitable positions. This could mean significant room for growth before most holders begin to take profits. 

As things stand, UNI will likely break its current resistance at $6.14, the maximum price that 34,000 addresses have purchased nearly 60 million tokens. If that happens, UNI could rally toward the next significant resistance at the $7.61 zone. Around this zone, another 34,000 addresses had bought 38 million UNI tokens. 

Uniswap (UNI) in/out of the money chart, March 2023
Uniswap (UNI) Global In/Out of Money data. March 2023. Source: IntoTheBlock

Yet, the bears can flip the narrative if UNI drops below $5.66, which is the minimum price that 34,000 addresses have purchased their 60 million tokens. 

If that happens, it could trigger a flurry of sell orders, pushing UNI further downward to the next significant support at $4.8. The $4.8 zone is the average price that 33,000 addresses had bought 20 million UNI tokens.

The post Uniswap (UNI) Bulls Defended the $5.50 Support, Now Can It Reach $7? appeared first on BeInCrypto.

Former FBI Agent’s Thoughts on Crypto

https://www.youtube.com/watch?v=F52QsrFWMFo

Chris Tarbell, former FBI agent shares his thoughts on crypto
#Bitcoin #cryptonews #money #blockchain #crypto #shorts

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XRP, XLM, CFX, XDC and MASK rank among the top 5 altcoin gainers in March

https://cointelegraph.com/news/xrp-xlm-cfx-xdc-and-mask-rank-among-the-top-5-altcoin-gainers-in-march

Bitcoin’s dominance over the crypto market, which represents its share of market capitalization relative to the total cryptocurrency market capitalization, rose steeply from around 44% to highs of 48% in March. 

While Bitcoin’s price increased by 22.7% during the month, most altcoins yielded subpar or negative returns. However, there were some outliers which showed a second month of positive momentum. Take for example, XRP, which saw steady positive momentum as investors expect a positive outcome in its U.S. court case against the SEC.

Tokens with highest 30-day returns in the top 100 by market capitalization. Source: CoinMarketCap

Conflux Network

Conflux Network continued its positive run from February, nearly doubling its price in March. The project’s team continued to strengthen its partnerships in China by adding XCMD, the world’s third-largest construction machinery manufacturer and Zen Spark Technology.

The Conflux team also supports the development of permissionless applications. It has established a grants program to promote its ecosystem development.

The CFX token tested the support between $0.10 and $0.20 and continued its positive run to reach a new yearly high of $0.46. The market structure of the token with higher highs and higher lows looks bullish, with a potential target of $0.80. It represents the breakdown level from the 2021 bull run.

CFX/USD price chart. Source: CoinGecko

XRP

Ripple’s chances of winning the court case against the Securities Exchange Commission (SEC) improved on March 21 after the presiding judge, Analisa Torres, decided to exclude an expert’s opinion explaining how XRP could be a security.

On March 27, another U.S. regulatory move was a blessing in disguise for XRP holders. The Commodity Futures Trading Commission (CFTC) in the U.S. charged Binance with improper compliance procedures and market manipulation.

The regulatory body classified Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) as commodities in the filing. Some believe that this classification will extend to XRP as well. Thus, effectively refuting the SEC’s claim of XRP being a security. The market’s expectation of Ripple winning the case against the SEC pushed XRP’s price to new yearly highs.

If Ripple goes on to win the case against SEC, the bullish momentum in XRP will likely continue in the medium to long term.

XRP is currently facing resistance from the peak levels of 2022, around $0.53. A successful breakout above this level could launch the price toward previous support and resistance levels around $0.65 and $0.90.

Notably, the Relative Strength Indicator (RSI), which measures the momentum of price moves relative to volume, shows that XRP has reached overbought levels. It raises the possibility of a correction toward the $0.45 level.

XRP/USD daily price chart. Source: TradingView

Stellar

Stellar’s XLM token benefited primarily due to its strong positive correlation with XRP. The correlation coefficient between XLM and XRP price movement usually stays above 0.7.

Behind the scenes, the Stellar Organization is making efforts to increase the adoption of Stellar Network for remittances across third-world countries like Africa. Stellar is also working with international payments provider Money Gram to integrate the Stellar Network into facilitating global payments.

Technically, the XLM/USD pair has broken out above the resistance level of $0.10. If buyers consolidate above this level, the pair can target upside to $0.15 and $0.24. On the flip side, if the bullish breakout fails to materialize, XLM can fall back toward support at $0.08.

XLM/USD daily price chart. Source: TradingView

XDC Network (XDC)

XDC network combines a permissioned and public chain that addresses scalability and security. The XDC token is the fuel of the network used to pay network fees and deploy applications.

The network supports EVM-compatible smart contracts, protocols, and atomic cross-chain token transfers. It also fully complies with the ISO-20022 message standard, an internationally accepted standard for electronic data interchange between financial institutions.

The top public blockchains in the XDC ecosystem include Ecoin, Stasis Euro, and Gobiance Exchange. These are relatively lesser-known projects trading on second-tier exchanges like HitBit and BitMart. It paints a dull picture of the project’s ecosystem development with permissionless blockchains.

On the enterprise side, the project has established decent partnerships with brands like Travala and Guarda Visa cards.

The factors promoting the recent price increase include the introduction of a DAO and the active role played by the management firm, XinFin, responsible for the development and managing the blockchain.

XinFin recently decided to decentralize the governance of the blockchain by forming a DAO. After deployment in May 2023, the community will get to decide on the distribution of ecosystem funds to promote development. A Web3 meetup in Dubai hosted by XDC Network with over 60 developers worldwide also promoted the blockchain’s ecosystem growth.

The technical setup of the XDC/USD pair shows that it is at the edge of a bullish breakout. If buyers stage a breakout above the $0.045 level, the pair can likely shoot toward targets 0.064 and beyond. In case of a downside, the support level of $0.02 will be crucial for buyers.

The Klinger Oscillator, a momentum indicator, paints a similar picture with a reading at zero. Positive buying action from the current levels will move the indicator into positive territory, usually a bullish sign.

XDC/USD daily weekly price chart with Klinger Oscillator. Source: TradingView

Related: Top 5 crypto winners (and losers) of 2022

Mask Network (MASK)

The Mask Network bridges Web2 and Web3, enabling cryptocurrency transactions directly through Web2 websites.

More than 40,000 users have installed the Mask Network Chrome extension. The browser extension currently supports several decentralized applications (dApps), including Uniswap and SushiSwap, and is compatible with many social media platforms, including Twitter and Facebook.

The network’s Facebook integration has met with some complaints. After Elon Musk’s acquisition, it mainly benefits from its Twitter integrations and the hype around cryptocurrency integrations on the social media platform. This adds considerable speculation in the token’s price as the nature of Twitter’s adoption is still unknown.

On March 9, the token obtained a listing on the BTSE exchange, improving the liquidity and volume of the token. The project was one of the recipients of the ARB airdrop, receiving 257,540 ARB tokens.

The MASK token is the governance token for the project, which is discouraging as it does not accrue yield from the network’s usage. However, over 76% of the token’s supply is already in circulation; it has a relatively low inflation rate.

MASK/USD daily price chart. Source: TradingView

The MASK/USD pair broke above 2022 highs of $6.10, a positive sign for technical buyers. The RSI indicator is in bullish territory and has cooled off from the overbought region, providing room for more upside.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Gnosis Rolls Out Hashi Bridge Aggregator To Prevent Hacks And Protect Blockchain Bridges

https://usethebitcoin.com/gnosis-rolls-out-hashi-bridge-aggregator-to-prevent-hacks-and-protect-blockchain-bridges/?utm_source=rss&utm_medium=rss&utm_campaign=gnosis-rolls-out-hashi-bridge-aggregator-to-prevent-hacks-and-protect-blockchain-bridges

Gnosis has launched a hash oracle aggregator for blockchain bridges, as per a recent announcement from the company. Gnosis is known for its products, such as Gnosis Safe multi-sig and Gnosis Chain. Martin Koppelmann, CEO of Gnosis, indicated that the new aggregator should increase the security of bridges by requiring multiple bridges to authenticate a withdrawal before it can be validated.

According to the announcement, other bridge protocols, including Succinct Labs, DendrETH, ZK Collective, Connext, Celer, LayerZero, Axiom, Wormhole, and LI.FI has already committed to working with Hashi.

In 2021 and 2022, more than $2 billion was taken from bridges, according to a report by Token Terminal. Bugs in the code caused some bridge hacks, while others were the result of an attacker seizing control of a multi-sig governance wallet.

Martin Köppelmann, has stated that the newly launched hash oracle aggregator, Hashi, can enhance the security of cross-chain transactions in the blockchain ecosystem. According to him, Hashi requires withdrawals to be validated by multiple bridges instead of relying on just one. Köppelmann explained that Hashi functions by creating an aggregator that can utilize different bridges and ensure that they all agree on the same message. He added that if there is a disagreement among the bridges, the matter will be escalated to governance, and the bridge will be halted.

Koppelmann further underlined that Hashi helps eliminate multi-sig governance attacks since it enables a protocol to preclude governance intervention if individual bridges are in agreement.

Köppelmann explained that Hashi offers a beneficial tradeoff, where governance has limited control and cannot interfere with the system, except in cases of explicit conflict or bug. He stated that if the bridges meant to report on the same message disagree, governance is permitted to interfere. Otherwise, governance has no role to play. In essence, Hashi ensures that governance only intervenes when there is a problem with the system, thereby enhancing its overall security.

Hashi is accessible as open-source software on GitHub.

During the December and January Uniswap bridge dispute, the concept of a multi-bridge aggregator gained prominence. Despite the fact that Wormhole was finally selected as Uniswap’s bridge supplier, representatives from Celer, LiFi, and deBridge, along with other participants, determined that a multi-bridge aggregation solution must be adopted in the future.

USDC’s Fall Below $1 Sent Ripples Across DeFi

https://www.galaxy.com/research/insights/usdcs-fall-below-usd1-sends-ripples-across-defi/

In this report, we examine the impact of USDC’s largest depegging event in its history on DeFi markets.

Circle, the issuer of USDC, holds a portion of its cash reserves with US regulated banking partners including Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, Silicon Valley Bank and Silvergate Bank. Per its most recent monthly attestation report as of January, most of the total $43.5bn in reserves backing USDC were in the form of short-term US Treasuries (~77%) while the remaining ~$9.9bn (~23%) were in the form of cash held with US regulated financial institutions.

Circle relied on these banking partners not just for banking the cash reserves that back USDC but also for 24/7 real-time payment services to move its capital to quickly meet demand for client USDC issuance/redemptions requests (e.g., Silvergate Exchange Network (“SEN”) and Signature Bank’s Signet platform). Over the past two weeks, several of the banking partners that Circle relied upon had experienced financial/operational issues. Silvergate announced its voluntary liquidation plan on Wednesday March 8, Silicon Valley experienced liquidity/solvency issues and was eventually taken over by the FDIC March 10, and New York State regulators shut down Signature Bank on Sunday March 12 citing systemic risk.

Since a portion of USDC’s cash reserves were tied up at these financial institutions, these sudden banking failures led to concerns over the redeemability of USDC for dollars. On the evening of Friday March 10, Circle disclosed it had $3.3bn of cash reserves at SVB. As USDC’s primary stability mechanism via complete collateralization and Circle’s full redemption guarantees at $1 became temporarily unavailable, USDC’s price became more susceptible to fluctuations on external markets such as on Curve and Uniswap. The price of USDC fell as low as $0.88 over that weekend, which drove significant volatility across the rest of the crypto markets and record-setting trading activity on-chain.

Even though the price of USDC largely recovered back towards $1 following Sunday evening’s joint announcement from the Treasury/Fed/FDIC that all depositors of SVB and Signature would have access to their deposits (including non-FDIC insured amounts) and Circle’s resuming processing redemptions on Monday, the effects of the past week’s abrupt events impacting the leading onshore stablecoin continue to be felt.

1

Withdrawals & Redemption Requests Pour in for USDC

Circle experienced massive redemption requests starting on Friday March 10, totaling over 2.3bn for the day, as panic from banking failures spread to Circle, which had failed to alleviate concerns around the solvency of its stablecoin.

USDC Depeg 3

Circle temporarily halted processing of new mints/redeems of USDC overnight on Friday 3/10, which drove USDC’s price to slide. USDC holders with Circle accounts were still submitting redemption requests by sending USDC to the Circle address on-chain (0x55f…844b8), but many of the requests were not processed until after the weekend as a backlog had grown. Minting activity on-chain had resumed in small amounts after a hiatus of 26+ hours, but there were no material mints until Sunday night when there was a large mint of 408m USDC – the largest minting transaction over the previous week.

Despite USDC eventually (mostly) recovering back to its dollar peg after the assurances from the Fed/FDIC/Treasury on Sunday, there were still sizable redemptions in the days that followed. Circle experienced its single largest redemption in its history of 656m USDC (previous record was 555m on 5/16/22), which was quickly surpassed the next day by a redemption of 724m USDC submitted on Tuesday 3/14, only to be eclipsed by an even larger request of 779m the following day – these three redemption transactions are the 3 largest in Circle’s history.

USDC Depeg 4

On a net basis, the supply of USDC has decreased by over $7.2bn since 3/7 to ~35.5bn (-18%) as of 3/20. The pace of USDC outflows also accelerated for several days even as the price of USDC recovered from its lows – for the from March 11 to March 19, net outflows of USDC averaged $909m per day.

USDC Depeg 2

USDC’s Impact on DeFi

USDC is a foundational asset within DeFi. Compared to Tether, the leading stablecoin by market cap which is used primary as a trading instrument on centralized exchanges, USDC is utilized much more heavily in DeFi as nearly 40% of USDC supply sits within smart contracts. USDC’s de-pegging saw many other stablecoins to fall in line due to various redemption or conversion mechanisms that linked USDC to other stablecoins – or even other stablecoins to other stablecoins by extension through USDC.

USDC Depeg 5

Curve

As concerns over USDC’s collateralization first started to pick up, traders turned to Curve for “exit liquidity” – namely the 3pool composed of USDC, USDT & DAI. Traders swapped USDC and DAI for USDT, leading to large supply inbalances that dried up the liquidity of USDT and causing significant price deviations, which in turn, led to further panic selling and creating a negative feedback loop.

At the 3pool’s peak inbalance, the total amount of USDT dropped to $5.6m, representing just 1.39% of the 3pool – the lowest amount in its history. During that time, the USDT was priced at nearly 1.15 USDC.

USDC Depeg 6

The stablecoin price volatility drove an all-time daily high in volumes on Curve of over $6.04bn on March 11, more than double the previous record of $2.87bn from 10/26/20.

USDC Depeg 7

Maker

Maker’s DAI relies heavily upon USDC for its collateralization. Prior to the depegging, USDC represented ~40% of DAI’s collateralization and over 63% of DAI has been generated directly using USDC (even more when counting indirect backing through various LPs).

The slide in USDC’s price below $0.90 dragged down the prices of DAI (and GUSD to a lesser degree) thanks to Maker’s Price Stability Module (PSM), which enabled 1:1 conversions with DAI and other stablecoins. The PSM was originally intended for DAI to leverage the price stability of USDC, but in this case, the tool had worked to DAI’s detriment, at least in terms of price (similar to Maker, the FRAX stablecoin is also significantly reliant on USDC for its collateralization, leading prices to fall in line). That said, Maker’s reliance on USDC contributed to a significant expansion in DAI supply by 1.44bn (+29%) from 4.91bn to 6.35bn over 3 days from March 10 to March 13 as USDC holders tapped the PSM while DAI traded higher than USDC.

USDC Depeg 8

The daily mint limit for the USDC PSM (950m DAI) and GUSD PSM (50m DAI) were quickly reached, leading Maker governance to submit an emergency proposal to implement circuit breaker to disable PSMs and other measures in an effort to reinforce DAI’s peg. However, DAI’s collateralization by USDC quickly surged back up from 38% to over 60%, erasing 5-months of MakerDAO’s progress to diversify its collateralization to other assets.

USDC Depeg 9

On Saturday 3/11, the emergency Executive Vote approved to proposal to implement changes including adding a 1% swap fee for the USDC PSM to go from USDC→DAI, reducing the daily mint limit using the USDC PSM, restricting new issuance of DAI by LPs with USDC, while simultaneously tuning the parameters to make new DAI issuance backed by USDP more favorable. Specifically, the list of changes is the following:

  • Increase the USDC PSM USDC→DAI swap fee (tin) from 0% to 1%.

  • Reduce the USDP PSM USDP→DAI swap fee (tin) from 0.2% to 0%.

  • Increase the USDP PSM DAI→USDP swap fee (tout) from 0% to 1%.

  • Reduce the USDC PSM daily mint limit (gap) from 950 million DAI to 250 million DAI.

  • Reduce the GUSD PSM daily mint limit (gap) from 50 million DAI to 10 million DAI.

  • Increase the USDP PSM daily mint limit (gap) from 50 million DAI to 250 million DAI.

  • Increase the USDP PSM debt ceiling (line) from 450 million DAI to 1 billion DAI.

  • Reduce the UNIV2USDCETH-A debt ceiling (line) from 50 million DAI to 0 DAI.

  • Reduce the UNIV2DAIUSDC-A debt ceiling (line) from 100 million DAI to 0 DAI.

  • Reduce the GUNIV3DAIUSDC1-A debt ceiling (line) from 100 million DAI to 0 DAI.

  • Reduce the GUNIV3DAIUSDC2-A debt ceiling (line) from 100 million DAI to 0 DAI.

USDC Depeg 10

Aave

Across Aave v2 and v3 markets, the volatility in stablecoin prices drove over 3.4k liquidations from March 8 to March 15 with ~$24m of collateral sized – 86% of which was in the form of USDC. Over 91% of the USDC that had been liquidated had been against debt positions in USDT or other stablecoins as many borrowers were caught off guard by the two-way impact of their collateral value falling simultaneously as their debt value increased. Since it has historically been a reliable stable asset, Aave set a relatively high max LTV against USDC deposits on Aave v2. Even higher max LTVs were permitted up to 97% against USDC through Aave’s Efficiency mode (E-mode), which drove many of the liquidations.

USDC Depeg 11

On Saturday March 11, the Aave DAO passed an emergency proposal by Gauntlet to freeze stablecoin markets on Avalanche to prevent new debt positions and adding risk to the protocol. Note: Avalanche, which led all Aave markets in liquidations, was the first market to implement these new risk parameters given the cross-chain infrastructure doesn’t cover Avalanche so the Aave Guardian can act immediately.

Meanwhile, for traders looking to take advantage of the price volatility of the various stablecoins, demand to borrow USDT drove borrowing rates above the optimal utilization target limits across many of Aave’s markets.

USDC Depeg 12

Other impacted DeFi protocols with collateralized stablecoins

  • Compound: Compound had hardcoded USDC’s price to $1 with an 85% collateral factor, enabling borrowers to take on more leverage and leaving the protocol at risk of bad debt (which would have occurred if USDC had dropped below $0.85). Compound temporarily disabled USDC supply transactions in Compound v2 (users could still borrow, repay and withdraw USDC). Compound v3 functioned without any issues.

  • FRAX: Frax, which had been nearly entirely reliant on USDC for its backing, had made efforts reduce its exposure to assets with excessive off-chain risk, but still suffered as it hardcoded prices at $1 for several collateral stablecoins including USDC, DAI, USDP, LUSD, and sUSD.

  • Vesta Finance: Vesta Finance, a CDP on Arbitrum that issues its own stablecoin VST, had also been negatively impacted as it is primarily paired with FRAX.

  • Reserve Protocol: Reserve is accelerating its timeline for converting its RSV stablecoin (which has been collateralized by BUSD and USDC before Paxos’ ordered wind-down of BUSD) to eUSD, a more resilient stablecoin collateralized by a basket of stablecoins lent out on Compound and Aave.

Overall Impact

The stablecoin market underwent meaningful changes among the leading tokens. As USDC supply contracted meaningfully since 3/8, other stablecoins experienced supply growth including USDT, DAI, TUSD, and LUSD. TUSD has been the largest benefiary in relative terms, expanding supply by 61% as Binance launched several TUSD spot trading pairs with zero maker and taker fees. Across chains, Tron and Arbitrum were some of the few networks with supply growth of stablecoins while Solana and Avalanche experienced double-digit declines in stablecoin supply.

USDC Depeg 13

New all-time records

USDC Depeg 15

Outlook

Overall, USDC’s de-pegging event illustrates USDC’s influence over crypto markets and weaknesses in the structure of DeFi markets with its outsized reliance on a centralized stablecoin.

Even though Circle has taken extraordinary measures to increase the transparency of USDC (e.g., monthly attestation reports, detailed breakouts of Treasury holdings, more frequent updates on balances), there needs to be more progress made. Even with monthly attestations, as of March 20, the latest report filed was for the period ended January 31, 2023, which contained stale information that was not useful in assessing USDC’s risk profile. Adopting practices such as disclosing the CUSIPs of US Treasuries is helpful for transparency but, in this case, a lack of visibility existed for the cash portion of USDC reserves (25%), including the amounts held with various banking partners. Crypto-backed stablecoins like DAI and LUSD hold an advantage in transparency over their reserves as anyone can view all the information with real-time updates via on-chain data, although they certainly come with their specific own set of risks.

Across DeFi markets, quick actions taken through governance by teams like Aave, Compound, and Maker were instrumental in mitigating some of these risks. Ideally, these events will hopefully serve as a wakeup call for DeFi protocols to not place their complete trust in a single asset like USDC (e.g., limits on PSMs, greater diversification of collateral assets, no longer hardcoding USDC at $1). As with any failure in crypto, we expect improvements in risk management to follow along better security practices. Hard times build hard money, and the stablecoins that endure the toughest challenges are likely to gain share and thrive.

Legal Disclosure:
This document, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. This document may not be reproduced or redistributed in whole or in part, in any format, without the express written approval of Galaxy Digital. Neither the information, nor any opinion contained in this document, constitutes an offer to buy or sell, or a solicitation of an offer to buy or sell, any advisory services, securities, futures, options or other financial instruments or to participate in any advisory services or trading strategy. Nothing contained in this document constitutes investment, legal or tax advice or is an endorsementof any of the digital assets or companies mentioned herein. You should make your own investigations and evaluations of the information herein. Any decisions based on information contained in this document are the sole responsibility of the reader. Certain statements in this document reflect Galaxy Digital’s views, estimates, opinions or predictions (which may be based on proprietary models and assumptions, including, in particular, Galaxy Digital’s views on the current and future market for certain digital assets), and there is no guarantee that these views, estimates, opinions or predictions are currently accurate or that they will be ultimately realized. To the extent these assumptions or models are not correct or circumstances change, the actual performance may vary substantially from, and be less than, the estimates included herein. None of Galaxy Digital nor any of its affiliates, shareholders, partners, members, directors, officers, management, employees or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any of the information or any other information (whether communicated in written or oral form) transmitted or made available to you. Each of the aforementioned parties expressly disclaims any and all liability relating to or resulting from the use of this information. Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Galaxy Digital and, Galaxy Digital, does not assume responsibility for the accuracy of such information. Affiliates of Galaxy Digital may have owned or may own investments in some of the digital assets and protocols discussed in this document. Except where otherwise indicated, the information in this document is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. This document provides links to other Websites that we think might be of interest to you. Please note that when you click on one of these links, you may be moving to a provider’s website that is not associated with Galaxy Digital. These linked sites and their providers are not controlled by us, and we are not responsible for the contents or the proper operation of any linked site. The inclusion of any link does not imply our endorsement or our adoption of the statements therein. We encourage you to read the terms of use and privacy statements of these linked sites as their policies may differ from ours. The foregoing does not constitute a “research report” as defined by FINRA Rule 2241 or a “debt research report” as defined by FINRA Rule 2242 and was not prepared by Galaxy Digital Partners LLC. For all inquiries, please email [email protected] ©Copyright Galaxy Digital Holdings LP 2023. All rights reserved.

Meet the Man Who Seized $5 Billion in Bitcoin

https://www.youtube.com/watch?v=7QUirOv1YR8

Meet the man who seized $5 billion in Bitcoin!
#Bitcoin #cryptonews #money #government #crypto #shorts

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Signuptoken.com’s ‘No-Presale’ Strategy Turns Heads As The UK Government Drops NFT Launch Plan For Now

https://en.cryptonomist.ch/2023/03/31/signuptoken-coms-no-presale-strategy/

SPONSORED POST*

As Signuptoken.com’s no-presale, no-prepayment strategy gets crypto investors’ attention, the United Kingdom dropped its plan to launch government-backed NFTs. Why did the UK government scrap its revolutionary plan? What does Signuptoken.com have in store for investors? Will these new developments in the crypto world influence the crypto market? Let’s discuss answers in detail.

Rishi Sunak – The Crypto-Friendly PM

In 2022, Rishi Sunak, then chancellor of the Exchequer, ordered the Royal mint to create government-backed NFTs to be issued by the summer. His decision showed the UK government’s ambition to make the nation a global hub for crypto asset investment and technology. But the plan failed to meet the deadline. When the crypto-friendly Rishi Sunak became the prime minister of the United Kingdom in October 2022, it was believed that he would create room for the crypto market to grow in the Kingdom. But five months after he took office as prime minister, the treasury announced that it had abandoned Rishi’s plan to create NFTs.

The treasury’s decision has shocked many crypto investors as when Rishi Sunak won the Prime ministerial election in 2022, the news outlets wrote it as a victory for the crypto industry. He has been known for his crypto-friendliness since 2020 when he expressed his intention to prioritize central bank digital currency and stablecoins to put the UK financial services industry at the forefront of technology and innovation. But what made the government abandon the plan to produce NFTs while keeping a crypto-friendly PM at the helm?

Reason Behind Treasury’s Decision

NFTs are digital assets that can be bought and sold, and that use blockchain technology to register transactions. Although blockchain technology can’t be forged, some crypto critics still think of NFTs as a bubble waiting to burst.

When responding to a question regarding the NFT launch plan, Harriet Baldwin, the chair of the treasury, referred to NFTs as speculative tokens. He went on to say “we haven’t seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money.” Though the UK PM is optimistic about the crypto industry, the government doesn’t seem to share his enthusiasm.

Apart from this, the UK government’s NFT launch plan has remained unclear since the announcement. Both the Royal Mint, the UK’s official coin producer, and the Treasury have failed to elaborate on what the NFTs would do and how they would be used.

signuptoken

Join A Millionaire Club With No Money

What comes to mind when you think of a new cryptocurrency venturing into the market? Different stages of presale? Enticing offers to lure more investors? These are the usual marketing strategies that crypto companies have been practising to establish their currencies before launch.

But Signuptoken.com employs entirely different tactics. The platform has decided to directly launch its token on Uniswap without presale. Hence, there will be no need for prepayment.

Users who sign up with their mail id on the Signuptoken.com web page will be added to the millionaires’ club. The platform aims to reach one million sign-ups before launch. After reaching the goal, registered users will be notified of the token launch, giving them early access to purchase the token.

Signuptoken.com is believed to reach its goal sooner than expected as it simplifies the process of investing in the decentralized financial system. It is worth being on Signuptoken.com’s waiter’s list, as users will not be charged for the sign-up process.

Final Thoughts

Although the UK government dropped its plan to launch NFTs, Andrew Griffith, the secretary of economics, has indicated that the NFT launch proposal would still be subject to review. Hence, if the UK government reviews its decision and comes up with a better plan to proceed with the abandoned project, it will definitely establish an attractive destination for the crypto industry. And if Signuptoken.com’s attempt to simplify the crypto investment succeeds, we can expect more cryptocurrencies to follow the same path in the future, making the crypto market more accessible to common people.

For more information:

Website: https://www.signuptoken.com

Twitter: https://twitter.com/_SignUpToken_

Telegram: https://t.me/SignUpToken

*This article was paid for. Cryptonomist did not write the article or test the platform.

Top Stories of the Week [Galaxy Research]

https://www.galaxy.com/research/insights/top-stories-of-the-week-3-31-23/

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European AML Regulation Targets Crypto

Members of the European Parliament (MEP) of the Economic and Monetary Affairs Committee have voted in favor of an anti-money laundering (AML) bill that will require decentralized autonomous organizations (DAO), decentralized finance (DeFi) protocols, and non-fungible token (NFT) marketplaces to conduct the same due diligence checks on their users as traditional banks and financial institutions. Additionally, the new regulation according to an official press release by the European Parliament will seek “to restrict transactions in cash and crypto assets” by capping payments from self-hosted, unidentified wallets. “They set limits up to €7000 for cash payments and €1000 for crypto-asset transfers, where the customer cannot be identified,” the release states. Luděk Niedermayer, Vice Chair of the Committee on Economic and Monetary Affairs, said about the bill, “Money laundering is a serious crime. It undermines society, the economy, and people’s trust. In our proposals, we focused on data quality, better data access by national authorities and relevant bodies, and cross-border cooperation across the EU. The quality of data is an essential factor in countering money laundering.”

The bill will now enter another round of negotiations between the Parliament, European Council, and European Commission. This is not the first piece of legislation around crypto AML regulation that has been passed by MEP in the past. In 2018, MEPs voted in favor of new AML regulation, which was colloquially known as “5AMLD”, to prevent money laundering and terrorism financing through cryptocurrencies. It has since been implemented as law across the EU. 5AMLD targets cryptocurrencies exchanges and custodian wallet providers, requiring both to apply customer due diligence controls and customer verification requirements. In 2022, MEP passed legislation over self-hosted crypto wallets through revising the text of the Transfer of Funds Regulation (TFR). According to CoinDesk reporter Jack Schickler, the new TFR rules await a formal vote in the European Parliament before being implemented into law. The latest bill passed by MEP on March 28, 2023, explicitly targets the activities of applications and services controlled and operated not by centralized entities or end-users, but rather by smart contracts.

Alongside these efforts to expand AML regulation to seemingly all facets of crypto activity, EU lawmakers are making progress on the Markets in Crypto Assets Regulation (MiCA) bill. MiCA represents a more comprehensive approach to regulating cryptocurrencies that encompasses rules around crypto mining, crypto business licensing, crypto custody, and more. The final version of MiCA, which is over two years in the making, will be the topic of discussion in the European Parliament on April 18. MiCA unlike the policies around crypto AML regulation in specific are widely viewed by the crypto industry as a positive step forward that ensure greater market integrity, encourage broader participation among crypto projects, and drive more innovation to the EU.

Our take

The explicit naming of DAOs, DeFi protocols, and NFT protocols as entities that must conduct the same due diligence on their users as traditional banks is a major action that will impact large swaths of on-chain applications. Despite the term “decentralized” in the naming of these types of applications, most smart contract applications can be controlled by a small group of individuals, usually token holders and/or developers. As discussed in prior newsletters, the ability to change the operations of a smart contract or override normal functions is built in to most smart contracts as a safety net of sorts in case of an unexpected bug or hack. However, so long as these backdoors exist, administrators have the ability to enforce changes to these applications according to rulings and laws, and the legal system can force them to do so, as was depicted in the counter exploit of the Oasis DeFi app back in February. The latest AML bill passed by MEP again illustrates another clear example of how regulators can continue to target dapp developers and token holders to enforce changes to smart contract applications.

Not all smart contract applications have admin keys or upgradeability that make them susceptible to legal action. Uniswap is an example of a decentralized exchange on Ethereum that cannot be changed or influenced in accordance with the will of the Uniswap core development team or UNI token holders. New versions of Uniswap smart contracts can be released, but existing versions of the application cannot be changed and exist on-chain in perpetuity. Since its team’s compliance with court orders back in February, Oasis developers have removed all capabilities for upgrading Oasis smart contracts. Privacy application Tornado Cash continues to operate as normal on Ethereum despite Tornado Cash smart contract addresses having been targeted by OFAC. Apart from these examples, there are still several nuanced designs of DeFi applications where an outright overhaul of all operations is impossible, and only changes impacting certain features of the application can be subject to change through governance (token holder voting) or the influence of the core development team. Therefore, the extent to which the new AML bill passed by MEP can be enforced across all DAOs, DeFi protocol, and NFT protocols is expansive but certainly not all-encompassing. Furthermore, it is precisely regulatory actions like these that could encourage the creation of more decentralized smart contract applications that are truly immutable and non-upgradeable.

Unlike MiCA and the TFR revisions, the AML bill is still a long way away from becoming law. Judging by how fierce pushback and input from the crypto industry influenced the final draft of the TFR revisions in the industry’s favor, there is still time for the final language of this AML bill to be revised such that the existence of non-upgradeable smart contracts on public blockchains and the limited authority of regulators to enforce AML rules on these applications is acknowledged and accepted. That would be a much better outcome than imposing rules to which applications are incapable of complying, which could result in some applications becoming illegal or off-limits to EU citizens – CK


Binance on the Hot Seat After Lawsuit From CFTC

The Commodity Futures Trading Commission (CFTC) sued Binance, the largest crypto exchange in the world, for illegally offering trading products to U.S customers. The 78-page lawsuit shares new allegations that Binance strategically evaded regulation through loopholes, VPNs, false reporting and poor internal processes. Tim Massad, a former CFTC chairman, said that “the CFTC’s allegations appear to include significant information from people who worked at Binance and that “this is a very powerful complaint.” The CFTC opens the lawsuit claiming that a significant portion of Binance’s reported trading volume and revenue derives from customers located in the U.S. Although Binance owns a U.S entity (Binance.US) to comply with U.S regulation, that platform does not provide futures or options trading capabilities, and the CFTC alleges that U.S based customers instead use the international exchange to access these products. Under The Commodity Exchange Act (CEA), all derivatives and futures trading platforms used by U.S investors must be registered with the CFTC.

The CFTC also alleged that there are 300 internal accounts on the exchange tied to Binance and other Binance-controlled trading firms (Merit Peak and Sigma Chain AG) that Binance failed to publicly disclose. However, the CFTC did not mention the type of trading activity the internal accounts conducted, and Binance stated that the trading accounts did not seek profit and were only used to swap tokens, offramp crypto to fiat and provide liquidity for trading pairs. Notably, the lawsuit did not actually allege any fraud at Binance,

Our take

The CFTC’s lawsuit against Binance coupled with the SEC’s lawsuit against Paxos (which issues BUSD, the Binance-branded stablecoin) in February suggests that U.S regulators are focusing on Binance. Last month, Paxos ended its relationship with Binance for BUSD as ordered by the NYDFS, which justified the order by saying there were “several unresolved issues related to Paxos’ oversight of its relationship with Binance in regard to Paxos-issued BUSD.” In ournewsletter, we wrote that the NYDFS and SEC’s approach to Binance suggested that it’s more difficult for regulators to go after Binance directly as a foreign company, so a more addressable option would be to target affiliate and partnered companies like Paxos. However, the CFTC’s lawsuit shows regulators aren’t too deterred to target Binance directly.

The largest crypto exchange in the world receiving regulatory pressure from one of the most aggressive regulatory regimes in the world is an event that shouldn’t be glossed over. However, the market seems to have mostly shrugged off the news. Considering that the CFTC’s allegations almost exclusively involve events from several years ago, many of which have been known or suspected by market participants, it’s fair to say this news is mostly priced-in. Since the CFTC’s lawsuit against Binance on 3/27, Bitcoin and Ethereum increased 3.3% and 4.2% respectively. Notably, Bitcoin also hit a new yearly high of $29,100.

There will be more regulatory headlines about Binance, though. The DOJ and IRS have been investigating Binance since May 2021, we can expect additional developments in regards to Binance evading U.S regulation from these regulatory entities. Additionally, on March 3 during Voyager’s bankruptcy hearing pertaining to Binance’s potential acquisition, the SEC said that Binance U.S. is selling unregistered securities, clearly the SEC is also watching Binance. Also interestingly, the SEC’s argument in the Voyager bankruptcy coupled with the CFTC’s lawsuit shows there remains significant dispute about what is a security. The CFTC’s lawsuit said that BTC, ETH, and LTC are commodities, while the SEC and NYAG believe that these tokens are securities. While the dispute is real, we spoke to one prominent crypto lawyer who told us that these various pronouncements (by the SEC in their legal claims, by the CFTC in theirs, etc.) are not consequential but mostly relevant to the cases themselves as a way for the regulator to establish jurisdiction. “Tokens are basically Schrodinger’s Tokens. While they’re in the box, unobserved, they exist in a superimposed state, existing as everything at once: securities, commodities, money. Once taken out of the box, they’re whatever that regulator regulates.” – GP


Lido Unveils Staked ETH Withdrawals Process and Interface

During Lido’s Node Operator Community Call #5, the Lido team shared more details around the process for stETH to ETH redemptions. Notably, the process involves the use of non-fungible tokens (NFTs) to create transferability for staked ETH withdrawal requests. The following is a step-by-step overview of the Lido staked ETH withdrawals process presented on Tuesday’s call:

  • Users must navigate to the Lido withdrawals webpage.

  • On this webpage, they must connect their wallet containing their steth or wsteth balance.

  • Once a user’s wallet is connected, the webpage will update with additional information about the available balance of stETH ready to be redeemed for ETH and the expected waiting time to process the withdrawal request.

  • Then, a user will sign a transaction through their connected wallet to initiate the withdrawal request on-chain.

  • As soon as the transaction has been processed, a user will be able to verify the transaction on blockchain explorers like Etherscan. From the webpage, users will also receive an NFT representing their withdrawal claim, which they can accept and deposit into their wallet.

Caption: Lido staked ETH withdrawals user interface
Source: YouTube, Lido Finance
Caption: Lido staked ETH withdrawals user interface
Source: YouTube, Lido Finance
Caption: Lido staked ETH withdrawals user interface
  • On the backend, Lido smart contracts will burn the specified amount of stETH and withdraw an equal amount of ETH either from Lido’s staking rewards buffer or from initiating validator exits. Once the stETH has been burned and ETH withdrawn, the ETH balance will be made claimable on the Lido withdrawal webpage under the “Claim” tab.

TS0331 Picture2
Caption: Lido staked ETH withdrawals user interface
  • Once a user has claimed their withdrawn ETH, the NFT representing the status of their withdrawals request will be burned. There is no canceling feature for withdrawals requests. However, users can transfer claims to staked ETH withdrawals by transferring the NFT created when they first initiated their withdrawal request to a different wallet.

As stated by the Lido team on Tuesday, the user interface (UI) for staked ETH withdrawals on Lido is in the testing process. The UI depicted above changes slightly during times of extreme volatility such as in the case of a mass slashing event or a sudden outage of Lido validator nodes. During these times, the interface will warn users that the Lido protocol has entered into “bunker” mode and wait times are not guaranteed for stETH to ETH redemption.

As highlighted in a previous Galaxy Research brief, Lido will not be ready to activate withdrawal functionality at the time of Shanghai. Scheduled for activation on April 12 at 6:27PM (ET), Shanghai is the name of the upgrade that will enable staked ETH withdrawals from a protocol-level for all validator node operators. While users staking with Lido will have to wait a few extra months before taking advantage of the network’s withdrawal functionality, at-home stakers and users staking through other services such as Rocketpool and Coinbase will be able to start redeeming their liquid staking tokens for ETH shortly after the upgrade goes live on Ethereum.

Our take

The Lido team has spent a lot of effort on making the user experience for initiating staked ETH withdrawals simple and easy. There is no command line interface that users will have to use. Every step of the withdrawal process can be initiated through the click of a button. The use of an NFT to help users track the status of their withdrawal claims and intuitively transfer claims to another wallet as needed without having to revert transactions or rely on blockchain explorers is another clear example of how usability is being prioritized in the design of Lido’s staked ETH withdrawals process. This comes as no surprise as a large part of Lido’s value proposition over other staking solutions is rooted in Lido’s ability to offer ETH holders a convenient and simple way to stake and unstake their ETH with little to no technical know-how.

It’s important to note however what complexities get abstracted away in the process of simplifying the staked ETH withdrawals process for a non-tech savvy audience. For example, most users relying on Lido’s webpage for withdrawals will not know what interactions are being triggered between Lido smart contracts in the process of claiming their staked ETH. Under normal circumstances, it is not necessary for users to know, especially if the functionality of the Lido webpage is working as expected. However, there are edge cases where understanding how to execute transactions through more direct interactions with Lido smart contracts may be necessary. For example, if the Lido webpage unexpectedly goes down or becomes restricted and censored in certain countries around the world, end-users may be forced to rely on other permissionless tools to stake and unstake their ETH.

To this end, the Lido team is working on documentation around how to use their services through alternative means and without relying on Web2 tools. Given increasing regulatory scrutiny of staking services and crypto more broadly around the world, building tools and levels of access to smart-contract based applications that do not rely on centralized points of failure is becoming increasingly important and needed. That being said, the Lido team’s focus and skill in advancing a more user-friendly design for their services has certainly contributed to greater adoption of not only the Lido protocol in comparison to other liquid staking providers but staking activity more broadly on Ethereum. – CK/GP


Other News

  • FDIC seeking Signet buyer, returning Signature crypto deposits next week

  • Circle announces USDC launch for Cosmos via Noble network

  • Fetch.ai announces fresh funding at a $250 million valuation

  • U.S. charges FTX’s Bankman-Fried with paying $40m to bribe Chinese regulators

  • Do Kwon to face Montenegro justice first as US and Korea vie for extradition

  • Safemoon liquidity pair compromised in $8.9 million hack

  • Lido to cease staking on Polkadot, Kusama in August

  • Art Blocks debuts NFT marketplace with enforced creator royalties

  • NFT Collection Y00ts makes anticipated move from Solana to Polygon

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Today in DeFi – StarkNet Alpha Mainnet, Phantom Supports EVM Apps, GLP Leverage, and More…

https://todayindefi.substack.com/p/today-in-defi-starknet-alpha-mainnet

StarkNet Alpha Mainnet

StarkNet alpha v0.11.0 is now live on mainnet, with Cairo 1.0 contract mainnet deployment to be enabled soon.

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Phantom Supports EVM Apps

Solana-based wallet Phantom now supports EVM apps on Ethereum, Polygon, and Solana. The Phantom team is working with apps to integrate dedicated “Connect with Phantom” buttons.

RON Staking Live

TON Staking is now enabled on the Ronin blockchain, with the staking rewards kicking start on April 12.

Magic Eden Coming to Ethereum

Solana-based NFT marketplace Magic Eden is launching on Ethereum in April to support native ETH NFTs.

Polygon zkEVM Deployments

The votes to deploy Uniswap and Balancer on Polygon zkEVM are running with positive support.

Token Emission Reduction, GLP Leverage, …


Read more

Arbitrum Whale Offloads 930,000 ARB While Korean Exchanges Brace for Soaring Demand

https://beincrypto.com/arbitrum-whale-arb-korean-exchanges-soaring-demand/

A large quantity of newly launched Arbitrum ARB tokens has been sold by a single entity. However, it has had little impact on daily price action.

As is often the case with airdrops, the tokens are sold to markets pretty quickly. This causes a massive dump from the launch price in a very short time.

On March 31, a single whale converted almost a million ARB tokens into Ethereum. A whopping 933,375 ARB was exchanged for 708 ETH a few hours ago. Additionally, the transaction was worth around $1.27 million at current prices.

Arbitrum ARB Token Swap

Furthermore, the move was observed by ‘Lookonchain’ which described the entity as a “super airdrop hunter.”

Observers have speculated that it could be the Arbitrum hacker offloading their ill-gotten gains.

Korean Exchanges Accumulating Arbitrum?

The on-chain analytics feed found another super airdrop hunter that received 1.4 million ARB worth $1.9 million on March 24. These were sent to Uniswap to provide liquidity but have yet to be sold or converted.

The Arbitrum airdrop occurred on March 23 when the initial price of the token was as high as $8.60. However, in true airdrop fashion, most of them were instantly sold, causing an 85% price crash from which it has not recovered.

According to industry outlet Wu Blockchain, Korean crypto exchange Upbit may have been hoarding ARB tokens. On March 31, Wu reported the address had been accumulating massive amounts of ARB over the past day, adding:

“Now it holds 59M ($84.4M) ARB, based on the activity, it might be Upbit’s hot wallet. This Korea’s largest exchange now holds the second most ARB after Binance.”

This could be a sign that Korean exchanges are expecting an uptick in demand for Arbitrum tokens.

According to L2beat, Arbitrum One remains the most popular layer-2 network in terms of total value locked. It has an L2 market share of 67% with $6.13 billion in TVL. However, the spike occurred on the same day as the airdrop, suggesting that its own tokens are making up around $2 billion of that.

ARB Price Outlook

ARB is currently trading at $1.39, following a 3.7% gain on the day. Nevertheless, it has been a flat line around current levels since the massive dump following the airdrop.

ARB/USD price 1 month – BeInCrypto

ARB is currently down 84% from that peak price and appears to have found equilibrium. There are 1.27 billion tokens circulating out of a total of 10 billion. Its market cap is around $1.77 billion at the time of writing.

The post Arbitrum Whale Offloads 930,000 ARB While Korean Exchanges Brace for Soaring Demand appeared first on BeInCrypto.

Binance and CZ Sued by CFTC Over Regulatory Violations

https://www.youtube.com/watch?v=82V2AzayQP0

Bankless Weekly Rollup
Last Week of March 2023

——
📣 Infura | New SDK for NFT APIs For Devs
https://bankless.cc/Infura

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🚀 JOIN BANKLESS PREMIUM:
https://www.bankless.com/dashboard

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BANKLESS SPONSOR TOOLS:

⚖️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
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🦄UNISWAP | ON-CHAIN MARKETPLACE
https://bankless.cc/uniswap

👻 PHANTOM | FRIENDLY MULTICHAIN WALLET
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🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE
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🚁 EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS
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——
Topics Covered

0:00 Intro

3:56 Markets
5:49 2/3 of QT reversed


17:41 Staking tokens up – April 12 is the date
https://decrypt.co/124812/ethereum-staking-tokens-shanghai-upgrade-gets-date
19:14 Arbitrum
https://l2beat.com/scaling/projects/arbitrum


21:00 How much ETH is lost forever?

26:50 Binance gets busted
https://www.cftc.gov/PressRoom/PressReleases/8680-23


https://www.binance.com/en/blog/from-cz/czs-response-to-the-cftc-complaint-2408916493005890282

35:18 War on Crypto continues
https://www.whitehouse.gov/wp-content/uploads/2023/03/ERP-2023.pdf

43:20 Crypto has its defenders even outside of crypto!


https://www.bankless.com/congressman-tom-emmer-tackles-the-war-on-crypto
https://decrypt.co/124872/sec-gensler-insists-clear-rules-crypto-already-exist

57:38 ETH
57:45 Polygon ZkEVM launched


59:48 Consensys launched their zk-rollup Linea


1:00:18 L2Beat introduced Risk Rosette

1:02:39 Euler
https://etherscan.io/tx/0xf69c53b82273764989cdecf75b6daabb0c0bd30b4e659bca080948126c1f992c
https://etherscan.io/tx/0xf69c53b82273764989cdecf75b6daabb0c0bd30b4e659bca080948126c1f992c

1:05:39 MakerDAO

1:07:18 NFTs
Ticketmaster debuts NFT-gated ticket sales

Ticketmaster Launches Token-Gated Sales, Enabling Artists to Reward Fans with Prioritized Ticket Access and Concert Experiences Through NFTs

1:09:56 Microstrategy
https://www.coindesk.com/business/2023/03/27/microstrategy-pays-off-silvergate-loan-buys-more-bitcoin/

1:11:07 Nasdaq to launch crypto custody service in Q2

1:11:40 Avalanche C chain out of order for +50 minutes


1:12:27 U.S. charged SBF from bribing China
https://www.reuters.com/legal/ftxs-bankman-fried-charged-with-bribery-conspiracy-new-indictment-2023-03-28/
1:13:05 Pause on training AI

Pause Giant AI Experiments: An Open Letter

1:16:44 Dune Integrates Chat GPT4!


1:18:48 MetaMask is integrating SiwE natively!


1:21:00 Kraken partnership with Williams Racing


1:22:33 Conduit

1:23:33 Jobs
https://bankless.pallet.com/jobs/f39528ec-e381-4c1f-a9ad-907e69ac27bf

1:27:06 Questions from the Nation
Bigwiggle501
Goggart
RocketPoolster

1:34:18 Takes

1:43:55 What David’s Bullish On
1:46:00 What Ryan’s Bullish On

1:48:25 MEME of the Week

1:49:44 Risks & Disclaimers

—-
Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures

What Is Decentralized Application (dApps)? Everything You Need To Know

https://coinedition.com/what-is-decentralized-application-dapps-everything-you-need-to-know/

In technology, we need revolutionary change, not incremental change.

Larry Page

What is Decentralized Application (dApps)?

An open source software application that is distributed on a peer-to-peer (P2P) blockchain network rather than on a single computer is called decentralized application or dApp. The decentralized apps are smart contract-powered versions of apps popularized by and built on the Ethereum network

According to blockchain pioneer David Johnston’s book “The General Theory of Decentralized Applications, Dapps”, for an application to be considered a dApp it must meet the following criteria: 

  1. The application must be completely open-source, it must operate autonomously, and with no entity controlling the majority of its tokens. The application may adapt its protocol in response to proposed improvements and market feedback but all changes must be decided by consensus of its users. 
  2. The application must use a cryptographic token (bitcoin or a token native to its system) which is necessary for access to the application and any contribution of value from (miners/farmers) should be rewarded in the application’s tokens. 
  3. The application must generate tokens according to a standard cryptographic algorithm acting as a proof of the value nodes are contributing to the application.  

How are Decentralized Applications different from software applications? 

A software application — also called an application program — is designed to handle specific tasks for users. Such software directs the computer to execute commands given by the user and may be said to include any program that processes data for a user. Some examples include payroll apps, spreadsheets, or word processors. 

Similarly, dApps use the same front-end code that is supported on a website or mobile device for a user. However, a dApp’s back-end code is different and will provide much more in terms of a feature set. Once a developer has released the dApps codebase, others can build on top of it without the control of a single authority as it runs on a decentralized P2P network. A dApp supports a variety of industry applications, including those for self-executing financial contracts, multi-user gaming, and social media platforms. 

Scope of DApps

Dapps represent a new way of managing personal finance. If you think about traditional finance, often financial tasks such as money lending, borrowing, and savings are all powered by a central authority such as banks or other financial institutions. 

However, how would financial tasks work in a decentralized world? Especially where many consider cryptocurrencies and the blockchain to be the future of finance? 

Dapps enable financial tasks to be performed in a decentralized environment. These dApps are supported by a blockchain-distributed ledger and run on a decentralized network. The dApp is used by the user to process data across remote networks and carry out financial operations.

DApps are used to 

  • Facilitate secure, blockchain-based voting and governance. 
  • Function as plugins integrated to web browsers that serve ads, track user behavior, and solicit crypto donations. 

Some industries that employ dApps are

  • Financial services 
  • Supply chain management 
  • Identity verification 
  • Real estate 
  • Healthcare 
  • Education 
  • Social media 
  • and Predictive markets

Advantages and Disadvantages of dApps

Pros:

  • They have zero downtime, are always accessible to serve clients, and do not have a single point of failure for malicious actors to launch denial-of-service attacks. 
  • DApps safeguard user privacy as there is no need to provide real-world identity. It uses smart-contracts to complete transactions between two anonymous parties without the need to rely on a central authority. 
  • It is resistant to censorship because no single entity on the blockchain can delete messages, prevent transactions, deploy dApps, or read data. 
  • DApps created on Ethereum, a flexible platform, provides developers with the infrastructure to find innovative uses for digital applications in a variety of industries. 
  • They offer complete data integrity as hackers cannot forge transactions or other data that has already been made public on the blockchain. 

Cons:

  • They are difficult to maintain as the already published code and data are harder to modify. Even if bugs or security issues are identified in the once deployed versions, it’s hard for developers to make updates. 
  • Effective scaling is challenging due to performance overhead. Nodes run and store every transaction to get the level of security, integrity, transparency, and reliability.
  • It is difficult for an average end-user to set up a tool stack necessary to securely interact with the blockchain. This will in turn be harder to engineer user-friendly experiences. Since dApps are fairly new, users aren’t seeing the support they need. 
  • A lack of central authority will also mean slower updates and platform changes. Even for a minor bug fix, dApps will need a consensus of the acting government. This could take up to weeks or months while users debate the pros and cons of the fix. 
  • Currently, dApps are not for those who aren’t tech savvy. It’s not a download away, users need dApp supported browsers, send the required crypto to that wallet and interact from there. 

1. UNISWAP

This US-based decentralized protocol was launched in November 2018 and enables users to swap and trade ERC-20 tokens. With more than 150k monthly users and $2.5 billion daily trading volume on average, it is at present one of the largest crypto exchanges on the internet. 

2. PANCAKE SWAP

Even though it uses Uniswap’s source code which is built on Ethereum blockchain, Pancake Swap is an Automated Market Maker which is part of Binance Smart Chain (BSC) network. On it you can trade BEP-20 tokens. It allows users to swap, stake, farm, and participate in contests, lottery, and offers many more such features. 

3. AAVE

This is an open-sourced liquidity protocol, providing complete transparency to the users. The users can lend, borrow, stake, and earn interest on digital asset deposits on this decentralized platform. The highlight of Aave is to carry out flash loans within a few seconds, participate in policy-making, and vote on important decisions using the native token. 

4. OPENSEA

The first NFT marketplace to gain mainstream attention, OpenSea was launched in December 2017. Initially developed on the Ethereum network, it was later integrated on the Polygon blockchain to minimize the transaction costs. Hosting more than 10K different NFT projects, it features some of the biggest brands in the NFT industry like Bored Ape Yacht Club, Crypto Punks, The Meebits, and more. 

5. RARIBLE

This NFT marketplace is developed on the Ethereum blockchain and can yet trade NFTs on multiple chains. It allows users to trade, mint, and list NFTs. Rarible includes various NFT genres such as photography, music, 3D illustrations, etc. The native token RARI enables participation in governing the platform and vote on future decisions. 

The Future of Decentralized Applications or dApps

Decentralization comes with distributing control or authority. It implies the distribution of authority or control over something, including a piece of information or any system of an organization. With decentralization this distribution is achieved without relying on a controlling authority, such as a centralized server, a central computer, big corporations or a government. 

DApps hold an immense level of potential to drastically change the way we work, communicate, commute and more. This also means it has the power to change the web, contributing towards the battle against internet censorship while providing increased trust in the system. DApps can work to reshape the business landscape through decentralization and make use of a peer-to-peer system. 

Involved in our day-to-day living, reducing costs and eliminating third parties from many of our personal and business transactions, these applications are expected to take automations and transaction security to the next level. Many enthusiasts in the field are expecting a steady growth and popularity of decentralized applications. 

Kleros Founder Federico Ast reassures that criticism of blockchain technology is only natural. He adds that any criticism about dApps is only temporary, and he is optimistic about dApps’ future. 

New technologies are usually received with skepticism. It’s easy to dismiss a new technology when you compare its very first iteration with the established versions of previous technologies.

Dapps offer so many benefits that some consider them to be the internet’s future. These benefits include distributed storage for increased security and redundancy, distributed computation for increased scalability and efficiency, and more.  

However, dApps are currently at the state of infancy and waiting to be evolved. Once it has reached its peak, how this power will be leveraged and what will happen is something only time can tell. Some even think that with the number of advantages that decentralized apps have to offer, they will most likely replace some centralized apps in the coming future. 

DAO treasuries top $25 billion for the first time: DeepDAO

https://cointelegraph.com/news/dao-treasuries-top-25-billion-for-the-first-time-deepdao

Decentralized autonomous organization (DAO) treasuries are rapidly growing having just surpassed a major milestone, according to DeepDAO.

According to figures from the DAO data platform, on March 31, total assets for all decentralized autonomous organizations reached a record $25.1 billion.

The treasury is the total sum of assets the DAO may use at its own discretion. It excludes DAO-managed but unowned assets such as staking accounts and reward fees.

Around $22 billion of that total is liquid with around $3.5 billion set aside for vesting, according to DeepDAO.

Remarkably, assets in DAO treasuries have more than doubled since the beginning of 2023 which is no mean feat for a bear market.

Total DAO treasury assets. Source: deepdao.io

Furthermore, the figure of $25.1 billion represents around 40% of the total value locked for all of DeFi as reported by DeFiLlama. This is currently $61.7 billion following a 39% increase since the beginning of this year.

DeepDAO is a discovery and analytics engine for the DAO ecosystem that lists and analyzes financial and governance data for the fast-growing sector. DeepDAO reports that there are 12,108 DAOs, 2,353 of which are analyzed by the platform.

Related: DAO gets legal recognition in the US as Utah DAO Act passes

A DeepDAO representative told Cointelegraph the big movers are layer 2 DAOs, with infrastructure now the leading category overtaking DeFi.

“Up till recently Uniswap and BitDao were biggest with over $2 billion each, now with the addition of Optimism, Arbitrum, Polygon we’ve got a whole pack of really big DAOs,” DeepDAO’s Daniel Bar said.

The Optimism Collective is the leader in terms of treasury funds with $5.5 billion giving it a market share of 22%. Optimism is the second most popular Ethereum layer-2 solutions provider after Arbitrum One, according to L2beat.

However, Arbitrum has a slightly lower DAO treasury with $4.4 billion giving it a share of 17.5%.

The remaining DAOs comprising the top five include BitDAO, Uniswap, and Polygon with treasuries of $2.6 billion, $2.5 billion, and $1.5 billion respectively.

DeepDAO also reports that the most active DAO over the past week has been PancakeSwap with 66 decisions. The total number of decisions made for all DAOs analyzed over the past month was 3,300, a fall from February’s 3,700 decisions.

Web3 Gamer: Shrapnel wows at GDC, Undead Blocks hot take, Second Trip

Asia’s largest Web3 conference “WebX”, ticket sales start

https://ourbitcoinnews.com/asias-largest-web3-conference-webx-ticket-sales-start/

WebX ticket sales start

CoinPost Co., Ltd., which operates Japan’s largest crypto asset (virtual currency) and blockchain media “CoinPost”, has started ticket sales for Asia’s largest international Web3 conference “WebX” in which the company is involved in planning and operation. i will let you know.

WebX is Asia’s largest Web3 conference, gathering promising Web2/Web3 projects, companies, entrepreneurs, investors, developers, etc. from all over the world. The WebX official website has been released in conjunction with this ticket sale.

The following four types of tickets will be sold.

  • Corporate Ticket ($3,500)
  • VIP ticket ($2,000)
  • General ticket ($150)
  • Student ticket ($80)

The ticket price is set significantly lower than the ticket price of overseas conferences in order to “get more people to participate in WebX and get interested in Web3”. You can purchase it from the WebX official website, and we are currently selling it at a discount, so please purchase it as soon as possible.

ticket description

$2,000 VIP tickets are limited to the first 100. The benefits are as follows.

  • 2 days conference participation
  • VIP lounge
  • Guaranteed participation in Japan Web3 Night on Tokyo Bay (BBQ party)
  • Official After Party (VIP/general)
  • VIP tag distribution
  • Interact with speakers and VIP guests
  • Front row seat arrangement on the main stage
  • Free snacks and coffee
  • Use of networking drink reception

Also, the benefits of the $150 General ticket are as follows. Student tickets are intended to allow students to purchase General tickets at a lower price, and offer the same benefits as General tickets.

  • 2 days conference participation
  • Part 2 Official After Party at Raise

Lastly, there is the $3,500 Corporate ticket, which is purchased for multiple participants from a company. By purchasing in bulk, the price is cheaper. There are 2 VIP tickets and 3 General tickets. Benefits are as follows.

  • Participate in monthly Web3 seminar
  • All 7 seminar archive distribution
  • Web3 industry business report provided
  • Provide matching system inside and outside WebX venue

For ticket inquiries, please visit the WebX official website or contact info@webx-asia.com.

What is WebX

As mentioned above, WebX is one of the largest Web3 conferences in Asia, gathering promising Web2/Web3 projects, companies, entrepreneurs, investors, and developers from around the world.

Visitors will enjoy performances (simultaneous interpretation in Japanese) by top projects and founders of the Web3 field, networking opportunities, technical workshops by major projects, Web3 hackathons, exhibitions of various companies and projects, and GameFi games. You can participate in the event.

The outline of the conference is as follows.

  • Date: July 25th (Tue) and 26th (Wed), 2023
  • Venue: Tokyo International Forum
  • Organizer: General Incorporated Association WebX Executive Committee
  • Management/Planning: CoinPost Co., Ltd.
  • Number of visitors (expected): 15,000 or more
  • Participating companies (expected): 2,000 or more
  • Number of exhibitors (expected): 150 or more
  • Number of media partners (expected): 100 or more

We will also introduce some of the speakers (titles omitted).

  • Masaaki Taira (Member of the House of Representatives)
  • Noriyuki Hirosue (CEO, Bitbank Co., Ltd.)
  • Sota Watanabe (Astar Network/Startale Labs CEO)
  • Yuzo Kano (CEO of bitFlyer Blockchain Inc.)
  • Eiji Araki (Director/Senior Executive Officer, GREE Co., Ltd.)
  • Jeremy Allaire (Circle Co-Founder, Chairman and CEO)
  • Takeshi Chino (Binance Japan CEO)
  • Samuel Yim (1inch Network Deputy GC & APAC Director)
  • Colin Wu (Wu Blockchain Founder)
  • Ryan Zarick, LayerZero Labs CTO
  • Charles d’Haussy (CEO, dYdX Foundation)
  • Salman Banaei (Uniswap Labs Global Head of Policy)
  • Emi Yoshikawa (Ripple VP, Strategy & Operations)

Next, we will introduce some of the sponsor companies. In addition to the following, many companies are participating. Please check the official website for details.

  • Bitbank Co., Ltd.
  • NEROCHAIN ​​PTE. LTD.
  • SBI Holdings Co., Ltd.
  • chiliz
  • Ripple

In addition to WebX, we plan to hold multiple side events limited to ticket purchasers. Details can be found on the official website, but we will introduce the events that are scheduled to be held.

  • Japan Web3 Night on Tokyo Bay (BBQ Party) (July 24, 2023, 17:30-21:00)
  • WebX VVIP Party (Limited Dinner) (July 25, 2023, 17:30-20:00)
  • WebX VVIP Party (buffet) (July 25, 2023, 20:00-22:30)
  • WebX VIP Party (July 26th, 2023, 18:30~21:00)
  • WebX After Party (July 26, 2023, 21:00-3:00)

The post Asia’s largest Web3 conference “WebX”, ticket sales start appeared first on Our Bitcoin News.