Category: Cryptocurrency News

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At this point, non-fungible tokens, popularly known as NFTs, need no introduction. A by-product of blockchain technology, these digital collectibles have seemingly established themselves as digital diamonds and created immense new opportunities in industries like art, entertainment, and gaming. However, while NFT sales are skyrocketing, financial experts from across the globe are still debating whether these digital collectibles have any use-cases at all. To their satisfaction, most NFT projects too haven’t yet been able to present any use-cases for the “JPEGs”. But the SYNC Network is changing this for the better. By combining NFTs with DeFi, the SYNC network is actively changing the way the DeFi ecosystem operates and cementing the place of NFTs in the financial markets. CryptoBonds: The Introduction of a New Crypto Asset Class SYNC Network is an Ethereum-based platform that recently introduced a new asset class called CryptoBonds to the DeFi space. Holding an ERC-721 contract, CryptoBonds are essentially time-locked NFTs that generate rewards for their holders. Okay! But, what are they actually used for? In simple terms, these NFTs are used to provide liquidity to decentralized exchange protocols. Liquidity mining is probably the most popular reward system in the DeFi ecosystem today. Projects rely on it to create liquidity for users and keep their platform running while investors use it to earn yields on their digital assets. This reward system largely contributed to the growth of DeFi but is also responsible for creating volatility in the market. Why? Because investors can withdraw funds at any given time, creating a sudden lack of liquidity, price fluctuations, and the downfall of promising projects. This is where CryptoBonds come into the picture. This new asset class effectively maintains liquidity in DEX protocols while ensuring that long-term investors are properly rewarded for their contributions. Let’s now take a look beyond the surface to see how CryptoBonds actually maintain liquidity and stability. Dissecting the CryptoBond A CryptoBond consists of three main components – the liquidity provider tokens (LPTs), SYNC tokens, and the NFT highlight artwork. The NFT highlight is what gives rarity and tradability to CryptoBonds and the artwork is generated uniquely for each new CryptoBond by an algorithm. LPTs represent the liquidity pair staked on the DEX protocol and SYNC is the native token of the platform that is locked in the CryptoBond along with LPTs. To create a CryptoBond a user must visit a DEX protocol such as Uniswap on the Ethereum network and stake a trading pair to receive LPTs. Then, on the SYNC platform, these LPTs are combined with an equivalent amount of SYNC tokens and attached to an NFT highlight and CryptoBond ID to form a CryptoBond. Every CryptoBond has a lock duration that can vary lasts anywhere between 90 days to three years. During this time period, investors cannot unlock their crypto assets. However, because the bond itself is a rare NFT, it can be traded as a whole on NFT marketplaces, in case the investor wishes to exit their position before expiration. This entire ordeal takes place without disturbing the liquidity on the DEX protocol. CryptoBonds bring in revenue from liquidity provision on the DEX and also interest on the SYNC part of the bond. Upon maturation, the NFT is burned and investors get all this revenue along with locked SYNC tokens and newly mined SYNC tokens, resulting in a yield much higher than usual liquidity mining. For reference,  the value of 1,800 CryptoBonds created so far has seen an average increase of over 203%, which easily covers the recent downtrend in crypto that led SYNC to drop by 75%. The longer the lock duration, the higher is the yield. A Myriad of Use-Cases With the invention of CryptoBonds, the debate around NFTs not being useful can finally be put to rest. Now NFTs are being used to not just create liquidity but also to maintain stability and mitigate risk in the DeFi ecosystem. Pump-and-dump episodes can now largely become a thing of the past, protecting promising projects. Apart from this, their rarity makes them unique collectibles and can be traded across NFT marketplaces for profits. CryptoBonds can also be used as collateral for acquiring loans in the DeFi space. SYNC Network itself has a P2P lending feature where CryptoBonds serve as collateral. The duration of the loan and the rates of interest are dynamic and are agreed upon by the borrower and lender. The platform also has additional promissory note NFTs that can be sold on NFT marketplaces to allow the lender their funds back before loan expiry. In short, this novel platform has the potential to revolutionize NFTs and forever change the way the world views them. Its ambitious visions have already brought the project significant success with $6M worth of crypto locked across 1800 bonds. The path forward for this project looks quite promising and the team believes that this project could become DeFi’s stability standard.

Hi everyone, I’m a total noob looking to buy ETH and BTC for the first time. I first learned about BTC in 2011 when it was still super fringey and almost bought but didn’t. I’m now kicking myself and don’t want to make that mistake with ETH and the upcoming crypto/blockchain decade. My strategy: I’m…
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On October 5, the youth fashion and retail brand Pacsun announced the company is now accepting cryptocurrencies via Bitpay’s payment services. Pacsun says the company has a youthful audience that is “very tech-oriented” and the firm has seen an “increasing desire towards cryptocurrency.” Pacific Sunwear of California Goes Crypto The American retail clothing brand, Pacific […]

This is based on the comment here. Will there be an issue with block producing nodes after EIP-3675 due to eth2 nodes having to now also fill/process block, which is beyond the capability of the minimum hardware requirement (e.x. RaspPi). And if so, how will the affect the network? According to the linked comment, an…
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Rune Christensen believes MakerDAO’s collateral should be mobilized to capital into sustainable investments.

Bloomberg senior analyst Eric Balchunas says there is a 75% chance that the SEC will approve a Bitcoin futures ETF this month.

Bitcoin extended its rally above the $55,000 resistance against the US Dollar. BTC could correct lower, but the bulls might aim more gains towards $60K. Bitcoin climbed higher above the $52,000 and $54,000 resistance levels. The price is now trading above $53,000 and the 100 hourly simple moving average. There is a connecting bullish trend line forming with support near $53,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise above the $55,500 and $56,500 resistance levels in the near term. Bitcoin Price Extends Rally Bitcoin price started a strong increase above the $50,000 resistance. BTC even broke the $52,000 resistance level and settled above the 100 hourly simple moving average. The upward move was such that the price broke the $53,200 resistance. It even spiked above the $55,000 level. A high is formed near $55,770 and the price is now consolidating gains. An immediate support on the downside is near the $55,000 level. It is close to the 23.6% Fib retracement level of the upward move from the $50,366 swing low to $55,777 high. There is also a connecting bullish trend line forming with support near $53,000 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, an initial resistance is near the $55,500 level. The first major resistance is near the $56,200 level, above which the price could accelerate higher. The next major resistance for the bulls may possibly be near the $58,000 level. Any more gains could set the pace for a move towards the $60,000 level. Dips Limited In BTC? If bitcoin fails to clear the $56,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $55,000 level. The first major support is now forming near the $54,200 level. The next major support is near the $53,000 level and the trend line. It is near the 50% Fib retracement level of the upward move from the $50,366 swing low to $55,777 high. If there is a break below the trend line support, the price might decline towards the $50,000 level and the 100 hourly SMA. Technical indicators: Hourly MACD – The MACD is still moving in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level. Major Support Levels – $55,000, followed by $53,000. Major Resistance Levels – $55,500, $56,200 and $58,000.

Public mining firm Riot Blockchain has more than tripled its year-to-date Bitcoin production.