At 12:14 p.m. (ET), the Twitter account operated by the Terra team announced that the Terra blockchain network had been halted. According to the Terra developers’ tweet, Terra validators needed to apply a patch to further disable delegations. Terra Blockchain Halts in Order to Prevent Governance Attacks, Team Says Restart Coming Soon At the time […]
Terra’s UST dropped as low as $0.29 and Tether’s USDT stablecoin briefly de-pegged from the dollar to hit $0.96 on Wednesday.
Now that we've had the latest face-melting event, and the crypto marketcap as a whole has plummeted from “$3 trillion to $1.25 trillion, I thought it would be worthwhile to survey the landscape a bit and see where things stand. Of the $1.25 trillion market cap, Bitcoin dominance is at 44.8%, Ethereum is at 19.3%,…
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Hi, Have you guys looked into the Arcana network? Specifically the storage part? If so, what are your impressions of it? Do you see any vulnerabilities or points of centralisation? submitted by /u/pheonix10yson [link] [comments]
MoonXBT, a crypto margin trading platform offering up to 150x leverage, announced it has integrated XanPool, a fiat-gateway solution for crypto companies. By allowing users to buy crypto directly on MoonXBT with fiat, it lowers the entryway for MoonXBT to serve new traders and old users who want to trade more. Users in Asia can…
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BiFARMS has announced the launch of the all in one decentralized finance yield optimizer platform that’s focused on providing high yields on crypto assets. BiFARMS aims to simplify this process by creating a seamless and streamlined process for users to earn a rewardingly high yet modest APR in the easiest and safest way while ensuring sustainable growth within the BiFARMS platform across multiple farming ecosystems. According to the research, the Decentralized Finance (DeFi) crypto market cap is estimated at $122.40B, at the time of writing. Statistically, it’s crystal clear that the DeFi sector is gaining a lot of traction as it continues to offer decentralized financial services with high yields to crypto investors. The emergence of DeFi has not only provided crypto enthusiasts with a new way of investing and wealth management but also complete control of their finances thus eliminating intermediaries from the system. With peer-to-peer relationships and self-executing “smart contracts” on the blockchain network, DeFi democratizes finance and replaces traditional centralized institutions like banks, brokerages, and more. Decentralized Finance leverages decentralized networks to reshape old financial products into trustless and transparent protocols that run without intermediaries. DeFi projects on the blockchain network provide easy and cheaper access to financial services, from banking, loans and mortgages, to asset trading. There are also decentralized yield optimizer platforms that allow users to earn compound interest on their crypto holdings. They are an on-chain asset management protocol that leverages data analysis and optimization techniques to automatically compound rewards to earn the highest compound interest rate possible. One of such unique DeFi yield optimizer projects is BiFARMS. Through a set of investment strategies secured and implemented by smart contracts, BiFARMS network automatically maximizes the user rewards from different liquidity pools (LPs), automated market making (AMM) projects, and other yield farming opportunities in the DeFi ecosystem. The investment strategy tied to the platform’s vault will automatically increase the deposited token amount by compounding arbitrary yield farm reward tokens back into a user’s initially deposited asset. Users can un-stake deposited digital assets from the vault at any time and also withdraw generated assets at their convenient time. Revolutionizing the DeFi space BiFARMS consists of a wide range of unique solutions such as decentralized exchange, multi-chain yield optimizer, liquidity providing pool, yield-farming protocol, staking program and all in one tier-less launchpad. BiFARMS is a decentralized exchange that connects users to trade cryptocurrencies in a peer-to-peer marketplace. It enables users to swap their tokens with low token transaction fees, and users stay in control of their private key when transacting on a DEX platform. By utilizing the BiFARMS multi-chain liquidity protocol, users are allowed to swap different tokens across all networks, thus addressing the issues of liquidity fragmentation and poor user experience for DeFi and web3. It also provides liquidity to exchanges, loans, and other DEFI applications. The transaction fees are distributed proportionally to all the liquidity providers in the pool, so the more crypto assets users stake the more fees they will earn. The multi-chain yield optimizer enables users to receive high yields on their crypto holdings while eliminating the cost and inconveniences of daily harvest. By deploying data analysis, automation and optimization methods, yield optimizers are able to help users earn the highest compound interest rate possible. Users can leverage DeFi yield farming of stable coins and other crypto assets on BiFARMS to increase their crypto earnings with their assets. Through staking programs, the decentralized ecosystem offers users the opportunity to put their crypto to work and earn rewards on it. When users stake crypto, they are chosen to validate transactions, and in turn, they receive those crypto rewards. BiFARMS is a decentralized tier-less launchpad that works on a first come first serve system. The IDO launchpad will help to engage and empower new crypto projects by raising funds and ensuring authenticity to investors. The launchpad also provides investors with a good list of all the reliable crypto projects to be launched. Spearheaded by Rohit Diwan, CEO of BiFARMS, the all-in-one DeFi yield optimizer project comprises a team with an extensive background in crypto and finance, directly inspired by already existing yield optimization projects on the Ethereum network. This team of developers intends to nourish the long-term DeFi ecosystem and make it easier for everyone to participate within it. BiFARMS network is also actively encouraging developers to participate and engage in the development of the project to make BiFARMS an even better product. What makes BiFARMS different from existing yield optimizers? Unlike traditional yield optimizers, BiFARMS largely distributes revenue back to those who stake the native utility token – $BFS. $BFS tokens are ‘dividend-eligible’ revenue shares in BiFARMS, through which holders earn profits generated by BiFARMS network and are given the right to vote on key platform decisions. The platform revenue is generated from a little percentage of all the vault profits and distributed to those who stake $BFS. Token holders can stake $BFM to either earn more $BFS in a BFS vault, or earn $ETH, $BNB, $MATIC, $AVAX, $FTM, $HT, $CELO, $ONE, or $MOVR in the native staking pools. What’s more is that the project has expert smart contract developers and financial advisors who meticulously test and review the platform’s vaults, investment strategies, new platforms and smart contracts before releasing them to the public. BiFARMS is flexible and operates on more than one blockchain including BSC, HECO and Avalanche. Through this expansion, the unique project will be exploring new methods of optimizing automation to secure the highest yields available. Moreover, by making the source code widely available for public testing, scrutiny, and experimentation, all forms of bugs within the BiFARMS ecosystem will be discovered rapidly. BiFARMS offers unique strategies that are non-existent in other yield optimizers. This includes liquidity pool pairs that are available only on the BiFARMS platform. BiFarms is a decentralized, multi-chain yield optimizer that focuses high yield on crypto holdings. All in one tierless launchpad. The best is that the BiFarms BFM presale is happening right now.
BTC price is in a freefall and data suggests bears plan to keep the price below $30,000 until the May 13 options expiry.
Mangata Finance, the Polkadot-based DEX, is all set for launch on June 6th. Recently, it had a successful crowdloan that was closed in just under an hour that secured it a slot on Polkadot’s innovation network Kusama. Over $2 million in value was bonded through the crowdloan, a process of staking Polkadot (DOT) tokens to support a specific project in the Polkadot Slot Auction, in return for which participants receive rewards from the projects. The project also raised $4.2 million in equity, which came shortly after the launch of its first blockchain on the Kusama network, which raised the Polkadot startup’s valuation to $60 million. New investors including Signum Capital, IVC, Figment, ZMT Capital, AngelDAO, and Paribu Ventures joined the returning investors Altonomy, Polychain, and TRGC in this strategic round. “Altonomy believes in Mangata’s efforts around connecting major blockchains, improving security for traders, and helping reduce fees by eliminating gas from the equation, which is why we returned for a second round of funding,” said Altonomy Director Ricky Li. Olaf Carlson-Wee, the founder and CEO of investment firm Polychain Capital, was actually the first one to fund Mangata’s vision of efficient DEXes without MEV. Leveraging Polkadot Interoperability The Slovakia-based Mangata is both a blockchain and DEX that will be connected as a parachain in the Polkadot ecosystem. By choosing Polkadot for its multi-purpose DEX, Mangata wants to leverage the key value proposition of Polkadot, which is interoperability. Polkadot is a layer 1 blockchain network designed to support various interconnected, application-specific chains called parachains. Each chain built within its network uses the Substrate modular framework of Parity Technologies, allowing developers to select specific components that suit their chain the best and optimize their chains for specific use-cases This entire ecosystem of parachains plugs into a single base platform called Relay Chain. This base platform is responsible for providing security to the network’s parachains and contains Polkadot’s consensus and voting logic. Mangata is a one-stop-shop for easy and secure trading of Polkadot (DOT) assets while serving as a bridge between Ethereum and Polkadot so that assets can be seamlessly migrated on-demand between the two ecosystems. It is actually the first parachain to build a specialized ETH < > Polkadot trading UI. Besides connecting these two significant blockchains, Magnata connects other popular layer 1 blockchains; Cosmos, Solana, and Avalanche. Novel Proof of Liquidity Mechanism Founded in 2020 by Peter Kris, who previously founded European web3 studio Block Unison, and CTO Gleb Urvanov, a computer scientist, Mangata aims to solve some of the biggest problems in terms of insider trading and institutional adoption that DeFi and the crypto market faces at large. Other barriers to mainstream DEX adoption involve complex structure, price oracle manipulation, and flash loan attacks. With a team of 14 people, which includes software engineers, product designers, blockchain experts, and business strategists, Mangata believes it is uniquely positioned to deliver on its goal of eliminating these problems. To advance the adoption of DeFi and crypto, Mangata will be using its funding to offer low fixed fees per operation, capital efficiency via on-chain limit orders, and MEV prevention while providing the first UI to trade ERC20 tokens with native Polkadot assets. This community-driven DEX is secured through its unique Proof of Liquidity mechanism, which reuses liquidity to ensure chain security. This helps create deeper liquidity pools, increases capital efficiency, and allows stakers to be rewarded twice. “Mangata’s unique Proof-of-Liquidity mechanism raises the bar on chain security and staking rewards, and our no-gas economy does away with slow, expensive settlements rampant on other blockchains. This latest round of funding will enable us to continue our mission to create a better crypto market for everybody within the Polkadot ecosystem and beyond,” said CEO Kris. Moreover, the project deliberately does not support smart contracts, self-executing contracts directly written into lines of code, to further shield itself from exploitation by malicious actors or bots. The first production-ready Layer-1 DEX blockchain also prevents dominant forms of price manipulation and maximal extractable value (MEV). While other blockchains are vulnerable to frontrunning bots, Mangata DEX stops them on the consensus layer with a new block production method, Themis architecture, which makes frontrunning next to impossible. On top of all these benefits, Mangata’s design eliminates gas from the swaps equation entirely, while other blockchains like Ethereum charge extremely high gas fees, pricing out small users. This allows for faster settlements at no additional cost, as well as new strategies like dollar-cost averaging. Algorithmic buy & Burn The way the DEX is designed ensures fixed fees while providing greater control over trading costs and increased opportunities for arbitrage. Besides addressing the limitations of DeFi, Mangata has also implemented a novel algorithmic buy and burn mechanism that will reflect the protocol’s success in the price of its native token MGX. The way this mechanism works is 0.05% of the 0.3% commission charged by Mangata X will be used for this algorithmic buy and burn. Meanwhile, 0.2% will go to liquidity providers as LP fees and 0.05% to the Treasury. MGX is hard-capped at 4 billion, and right at the launch, 1 billion MGX will be released to allow for deep liquidity. Eighty percent of MGX tokens’ supply will actually be distributed to the community, out of which 30% is set aside for validation rewards, and 37.5% is for LP rewards. Now, ahead of its launch, Mangata is partnering with other DeFi protocols like Acala, Oak Network, Bifrost and Moonriver as it moves forward to make the cross-chain future happen and allow tokens to flow freely from one blockchain to the other. All in all, Magnata aims to create a high-quality trading system that facilitates community access to early-stage Polkadot projects.
The metaverse isn’t merely tech jargon. It’s a whole new virtual reality, evolving rapidly to change lives and industries. Beginning as a sci-fi fantasy two decades ago, the metaverse has now become intertwined with modern life. The estimations of it being a $1 trillion revenue opportunity is thus no surprise. The excitement also gripped corporates recently, with the Facebook rebranding to Meta and launching metaverse-focused initiatives in 2021. But above all, the metaverse is Web3’s poster child. It’s critical to the internet’s new era, leveraging technologies like blockchain, crypto, NFTs, and DAOs. Thus, quite naturally, its scope is expanding across domains. The sports sector, in particular, is witnessing a dramatic upheaval, with significant sporting events going virtual. Even VR-based sports gaming is quickly becoming a popular pastime among sports enthusiasts. Many projects have already launched their NFT-based sports game. One such GameFi protocol is TopGoal. It’s a football fantasy metaverse with a built-in digital marketplace for fans to access official NFT-collectibles of their favorite players, clubs, and moments. TopGoal’s association with Binance, football institutions, and world-famous players has made it a reputed metaverse project recently. And now, it has announced a strategic partnership with the Kakao-powered public blockchain, Klaytn, to expand its sports gaming ecosystem. Exploring the Asian Crypto Land TopGoal’s collaboration with Klaytn explores cooperation opportunities in the football industry, leveraging the network’s strong influence across Asia, particularly in South Korea. Klaytn is the dominant blockchain in Korea, facilitating the Bank of Korea’s Central Bank Digital Currency (CBDC) initiative. Moreover, the platform is well-known for connecting with the nifty app, KakaoTalk, via its crypto wallet, Klip. Klaytn adopted a bullish stance towards the metaverse, tailoring its solutions for metaverse-oriented use-cases. These include AAA-grade Play-to-Earn games, NFTs, and additional DeFi services. The platform is well-positioned to thrive in this space, given its governance council members’ expertise in blockchain, social networks, digital assets, gaming, and entertainment. TopGoal and Klaytn jointly envision a framework to introduce a new dimension to the sports metaverse. The mission is to serve a prolific crypto market with friendly policies, high penetration, and entrepreneurship clusters, hoping to address a wider audience. The partnership will involve launching co-branded Korean sports players certified IPs as Klaytn-based TopGoal NFT cards on OpenSea. Upcoming NFTs will, in turn, introduce novel utilities for Klaytn users through TopGoal metaverse. Its extensive expertise in sports gaming, along with Klaytn’s clout throughout Asia, will open a door of opportunities for sports lovers. Towards a Collaborative Web3 Ecosystem The metaverse enables a plethora of new possibilities. While sports gaming is one application of this virtual environment, many others are up for exploration in the near future. Besides prolific innovators, we are witnessing a steady rise in collaborative enterprises like the one involving TopGoal and Klaytn. The continuation of such trends is key to boosting mainstream adoption of the metaverse. And that will ultimately strengthen the foundation of Web3. A better world is thus around the corner. Image: Pixabay
