So I was watching some of the meeting today and for the most part 90% of it was pointless. There was some representatives like New Jersey asking about about race in the Federal Reserve, but completely ignored how people are hurting. Most of the questions I seen were extremely softball questions. Anyways, this was…
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The protocol chose Cosmos as a best fit as it would not only need decentralization but also the ability to handle and scale 1,000 orders per second.
Polygon ID, a new self-sovereign, zero-knowledge proof (ZKP) identity service, is today integrating with Polygon DAO to foster equitable voting in DAO communities. Introducing Polygon ID to replace token DAO governance with one founded on identity and reputation. Bots and unequal voting privileges often plague DAO governance… By leveraging Polygon ID and basing voting on…
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Tether, the blockchain-enabled stablecoin platform, today has announced that it will be launching Tether tokens (GBP₮) pegged to the British Pound Sterling in early July. Initial blockchain support will include Ethereum. The newly launched GBP₮ will join four other fiat-currency pegged tokens Tether has in the market: the U.S. dollar-pegged USD₮, the Euro-pegged EUR₮, the…
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Bulls bet on BTC prices above $60,000 for the June monthly options expiry, and now pro investors are going to pay a hefty price for being wrong.
Bitcoin mining profitability has been dropping along with the market decline. The cash flow from the mining rigs has become increasingly stunted over time, causing bitcoin miners to begin selling their holdings to cover the cost of their operations. But even as this rages on, there is a bigger issue that could threaten the recovery that BTC has made so far, which is the fact that larger miners may be forced to liquidate their holdings. Bitcoin Miners Can’t Meet Up Usually, bitcoin miners are known for holding the coins that they realize from their activities. Since miners are not buying the coins in the first place, it makes them the natural net sellers of bitcoin. However, their tendency to hold these coins has often seen them having to offload their bags onto suffering markets. So instead of actually selling in a bull, they tend to hold until the bull market is over and with profitability down in a bear market, are forced to sell coins to finance their operations. Related Reading | Bitcoin Recovery Wades Off Celsius Liquidation, But For How Long? The same is the scenario that is currently playing out in the market. With bitcoin more than 70% down from its all-time high value, miners are nowhere close to as profitable as they were back in November 2021. In the first four months of 2022, it is reported that public mining companies have had to offload about 30% of their BTC gotta from mining. This meant that the miners were having to sell more BTC than they were producing in the month of May. Given that the market in May was significantly better than in June, it is expected that the miners would have to ramp up selling. This would likely see miners selling all of their BTC production for the month alongside the BTC that they already held prior to 2022. BTC miners selling off holdings | Source: Arcane Research Implications Of A Sell-Off It is important to note that bitcoin miners are some of the largest bitcoin whales in the space. This means that their holdings have the potential of being a major market mover when dumped at the same time. These miners hold as large as 800,000 BTC collectively with public miners accounting for just 46,000 BTC of that number. What this means is that if bitcoin miners are pushed to the wall where it triggers a mass sell-off, the price of the digital asset would have a hard time holding up against it. The massive sell-side pressure it would create would push the price further down, likely being the event that would see it touch its eventual bottom. Declining prices forcing miners to selling BTC | Source: BTCUSD on TradingView.com The behaviors of the public miners can often help point to if a massive sell-off is imminent. These public companies only account for about 20% of all bitcoin mining hashrate but if they are forced to sell, then it is likely that private miners are being forced to sell. Related Reading | Gold Proves To Be A Safe Haven Asset Amid Bitcoin Crash Short-term recovery on the part of bitcoin can push back this sell-off. However, it will only be a short-lived reprieve as energy costs are constant and some machines, namely the Antminer S9, have now become cash-flow negative. To survive the bear market, miners would simply have no choice but to dump some BTC to weather the storm. Featured image from Newsweek, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
The company enables artists and collectors to create, purchase and resell NFTs via blockchain-enabled transactions.
NFTs and DeFi have taken the world by storm in recent years, but both industries have downsides. Bringing them together could be a force for good.
Ethereum-based decentralized trading platform dYdX will be deployed as an independent blockchain on the Cosmos ecosystem. The team behind the project made the announcement this morning leading to a positive reaction for its governance token, DYDX. Related Reading | Bitcoin Steady Above $20K After Drop To $17K – A Slow Climb To Green? At the time of writing, this token trades at $1.50 with an 8% profit in the last 24 hours for its USDT trading pair and a 10% profit on its ETH trading pair. In the meantime, larger cryptocurrencies are facing hurdles and could continue to consolidate around their current levels. The standalone blockchain is part of this platform’s fourth iteration, dYdX v4. The team behind the project expects to “open source dYdX V4 by the end of 2022” but, as they clarified, this iteration will provide “critical” improvements so it will “require months of heads-down development”. The team behind the Ethereum-based trading platform picked Cosmos and its Proof-of-Stake (PoS) Tendermint consensus because of its security, decentralization, customizability, cross-chain capacities, and leverage its scalability. Thus, the platform will be able to process more transactions, and potentially increase its market share, amount of users, and trading volume while moving to its next development stage: full decentralization. The team behind the project said: The main requirement for the V4 protocol is full decentralization. The decentralization of a system is equal to the decentralization of its least decentralized component. This means that every part of V4 needs to be decentralized while also remaining performant. The ultimate objective, according to the announcement, is to make dYdX “one of the largest exchanges in all of the crypto”. This requires an infrastructure capable of processing a lot of transactions and supporting the exchange’s engine without compromising its level of decentralization. The team behind the project added: Developing a decentralized off-chain orderbook and moving from Ethereum to a dYdX-specific chain as a major DeFi protocol is very much untested, but we believe this gives dYdX the best shot at offering a competitive product experience with centralized exchanges. Is Leaving Ethereum The Best Choice For dApps? The fourth iteration of dYdX will have new features, such as an off-chain order book, and no trading gas fees. The fee structure will be similar to that of centralized exchanges. The governance token DYDX will continue to be the main component of the exchange’s governance model. The announcement has been celebrated across a portion of the crypto community, the market seems to have reacted positively. However, others have expressed concerns as they believe a standalone version of dYdX will lack security and composability, or design flexibility. Related Reading | Ethereum (ETH) Market Cap Falls More Than $124 Billion In Six Weeks Analyst Ryan Watkins said the following on the dYdX announcement: While I understand the desire for sovereignty and the need to scale more quickly, I’m not convinced why an app-chain is the best path forward. Losing security and composability (as opposed to deploying on Starknet) with the Ethereum ecosystem seems risky.
What is the point of staking on ETH 2.0 now via for example Lido Staked Ethereum? I can understand that staking now is supposed to provide security for the chain, but as their is no transactions, how does staking on the Beacon Chain exactly work? submitted by /u/Futuristic-Lawyer [link] [comments]
