Category: Cryptocurrency News

The decentralized finance (DeFi) ecosystem will introduce leveraged trading of US stock prices via its gTrade trading platform. Gains Network, a fully-fledged DeFi ecosystem, is launching its beta version of on-chain leveraged trading of US stock prices on gTrade, a decentralized trading platform. The beta launch will start off with three US-listed stocks namely $AAPL, $GOOG, and $FB, a statement from the Gains Network team reads. More US stocks are set to be added to the platform following a successful beta testnet period, it added. Announced Tuesday, May 3, the launch of leveraged trading of US stock prices will allow users to trade prices of stocks on-chain with leverage of up to 150x. This aims to boost the liquidity of decentralized trading while marking a crucial milestone in the DeFi space as the first-ever leveraged trading DeFi platform for publicly traded stocks. “We are delighted and honoured to be the project that takes DeFi a significant step further by being the first to offer synthetic leveraged trading on the spot price of US stocks,” Gains Network Founder Sébastien comments. “Use cases are getting closer to what TradFi offers, and the user experience is finally reaching acceptable levels for mass adoption. It truly is the most exciting time to be in DeFi.” Built on Polygon, the Gains Network provides an innovative full-suite DeFi ecosystem including rewards via its deflationary token, $GNS, deeply integrated non-fungible tokens (NFTs), staking pools that provide value and high returns, and decentralized leveraged trading via the gTrade platform. According to the team, the latest launch of leveraged trading of stock prices will provide users with cutting-edge technology, a user-friendly UI/UX, high leverage, and a superior user experience. First, there will be no funding or borrowing fees, allowing users to make as much profit as possible. Secondly, users will be provided with high leverage of up to 150x, which is also offered on crypto assets on gTrade. Finally, the platform has integrated Chainlink’s decentralized oracles to provide real-time and trustless stock prices to the platform. To ensure smooth trading and increased liquidity, gTrade uses an innovative synthetic leveraged trading architecture powered by the $GNS utility token. The platform has two liquidity pools that help execute trades for all assets listed on gTrade which reduces the need to build out a liquidity pool for every pair. The leverage provided to traders on the platform is synthetic, which unlocks a much higher degree of liquidity efficiency. Furthermore, the platform ensures reduced liquidation risk, no scam wicks, and no price impacts on the trades. In the coming weeks and months, gTrade will add support for virtually all US-listed stocks, opening up the platform to more users. Every significant publicly traded stock will be listed in the future and be available for leveraged price trading. The leveraged trading of the three front-running US stocks on gTrade ($GOOG, $AAPL, and $FB) went live on May 2nd, 2022 at market open. The platform aims to launch the second batch, containing 20 big US stock prices, on May 9th, 2022, a week from today.

The second-largest blockchain has developed a massive ecosystem around it. However, its scalability issues have made room for “ETH Killers” to enter the ring.

Ethereum Name Service, or ENS, surpassed a million created names this week, according to statistics from the crypto metrics dashboard Dune Analytics. Data shows that there’s been a significant spike in ENS names registered during the last 30 days, and 24-hour statistics indicate ENS has been a top burner in terms of protocols burning the […]

Strong ADA accumulation among whales is also in progress, according to on-chain data.

The report highlights the DeFi’s potential for lower financial audit costs and substantial opportunities for financial integration across borders

XRP price shoots 6% over the past 24 hours despite suffering a slump of 28% on April 16. The crypto was able to bounce back on May 1 and get stronger by the day with a surge of 12%. XRP is set on its road to recovery in the coming weeks. Suggested Reading | What’s In A Name? Ethereum Domain Name Sales Climb 2,300% XRP’s expected jump would be at 30% in Q2 this year. (Image credit: Dreamstime.com) Ripple (XRP) – Pioneering The Crypto Scene XRP was one of the frontrunners of the early crypto market alongside Bitcoin and Ethereum. It is was one of the pioneers of the early cryptocurrency market, which experienced massive price hikes in early 2017. Recently, the crypto together with all other cryptocurrencies has been experiencing turmoil and stunted growth because of political, environmental, and regulatory issues. The decline was expected but it’s not a happy state as it is for crypto traders all over the globe. However, unlike others, XRP seems to be recovering and gaining momentum. Ripple-SEC Legal Battle XRP is currently trading at $0.61 after experiencing intraday highs of $0.63. Its bullish comeback seems to have been triggered by favorable investor and technical sentiment in spite of setbacks from a lawsuit by the U.S. Securities and Exchange Commission. Ripple was sued by the SEC for selling securities illegally using XRP. Nevertheless, Ripple seems to be winning in market capitalization from this legal battle. The Relative Strength Index (RSI) on XRP seems to have come to a maximum point considered as oversold which signals that the heavy selling activity seems to have drained itself dry. With that scenario, investors would normally turn to other entry-point buying opportunities.   XRP total market cap at $29.76 billion on the daily chart | Source: TradingView.com RSI measures current fluctuations or movements in market price to determine whether a specific coin or asset is oversold or overbought. The technical analysis indicator of RSI with a reading below 30 would mean that the asset is oversold. Investors seem unfazed even with the SEC lawsuit going on. Suggested Reading | SEC, Ripple Agree To Extend Legal Battle Until 2023; XRP Bears The Brunt Of Case Momentum Despite Legal Brawl Ripple operates in the perspective that it has already lost the legal battle because it has been dragging for quite some time now. Nevertheless, Ripple is unbothered. Instead, the company is confident that they are set for a breakthrough in growth especially outside of the United States. XRP’s expected jump shot would be at 30% in the second quarter this year. The current buying sentiment climbed to $0.58 which provided solid support in January this year, pushing XRP to go above 50%. XRP/USD tandem on the daily price charts now provides strong support around the $0.58 level. It signals a lower trendline with the pattern of a descending triangle that is getting bearish going for $0.18 in the next couple of months. Overall, XRP seems to have benefited from the ongoing legal tussle with SEC. In turn, XRP has become a speculative asset for traders. Featured image from VOI, chart from TradingView.com

ApeCoin DAO board member Yat Siu said that there is currently “no discussion” regarding an exclusive chain for APE.

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We're all probably more or less in the red by now. That's why now more than ever its crusial to stick to your strategy, make rational decisions and NOT fall for mind tricks and fallacies. And it's certainly not the time to abandon simple math! We've all heard of sunk cost fallacy, gambler's fallacy, survivorship…
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