It’s wild. I can’t believe how many people are, lack of a better word, brainwashed. I feel like it has been proven that the developers are engaging in shady practices and not ethical. I am thinking they will take that money and run at some point. Why do you think people are so adamant that…
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MATIC has rebounded sharply after testing the July 2021 support level, borrowing further upside cues from Polygon’s partnership with Meta.
LUNA was down by over 50% in today’s session as markets continued to react to UST losing its parity with USD. As such traders lost faith in the stablecoin founded by Do Kwon, which dropped to its lowest point since September. Whilst LUNA stole the headlines, XMR and AXS also saw recent losses extended. Terra […]
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On the 6th of May, Polkadot’s most recent auction round came to an end, generating over $13.8 million and bringing a new platform to the system. The winner of this auction, Polkadex, put up 973,324 DOTs across over 6000 community member donations, demonstrating the incredible community push that was behind this win. Polkadot is an interoperable blockchain ecosystem that offers high levels of security, user-driven governance, high energy efficiency, and is readily built for rapid scalability. Part of this scalability comes through its interoperable parachains, with many different blockchain systems linking into the central chain. By winning the most recent parachain slot auction, Polkadex has become the 16th chain to become embedded into Polkadot. Polkadex is built on substrate, providing a user-friendly decentralized order-book exchange where users can participate in high-frequency trading and other DeFi functions. The COO of Polkadex, Deepansh Singh, comments on their parachain win, suggesting that “Thanks to the Polkadex parachain, we will be able to bridge assets with the Dotsama ecosystem and now users will be able to trade Polkadot ecosystem tokens from across the whole spectrum of parachians,” signaling the core interoperability that Polkadot offers. Equally, he continued by marking this as a monumental event for the ecosystem itself, “This is a first for Polkadot and a first for DeFi as a whole,” seeing the potential for the expansion of both Polkadot and Polkadex with their parachain win. As Polkadex can now interact with all of the other blockchain assets within this ecosystem, the versatility of application of their platform has been radically increased. Campaign Strategy This round of crowdloan saw Polkadex become the very first parachain auction to surpass it’s 90% target cap of $1 million USD, making this the largest in Batch 3. Part of what made this campaign so effective was Polkadex’s rallying within their own community, providing many benefits to users that decided to get involved with the funding opportunity. Polkadex created an auction cap of 1 million DOT tokens, but offered 2 million PDEX tokens (which is 10% of the total supply). Due to the ratio they created, there was a 2:1 opportunity, with users being able to get at least 2 PDEX tokens for every single DOT token that they added to the campaign effort. Considering the vast utility of PDEX, allowing users to get discounts on any Polkadex transitions made, lowering trading fees, providing governance voting, and even offering staking opportunities, it’s no wonder that the community flocked to this fantastic crowdloan structure. Alongside token allocation, Polkadex offered the top 1,000 crowdloan participants the opportunity to get a utility-based NFT, which provides even further discounted fees on all of their Polkadex orderbook transactions once it has launched. These rewards were also distributed through several DeFi platforms that Polkadex partnered with during the event. Large-scale exchanges like Kraken and KuCoin were all involved, being equally balanced by decentralized platforms like Equilibrium and Parallel Finance, allowing the community to get involved through whichever financial system they prefer. Commenting on the fantastic community effort, the head of marketing at Polkadex, Dagmara Handzlik, stated that they are “extremely proud of the way the Polkadex community led the charge during the crowdloan campaign.” Following this, she stated that, “Polkadex is proof of how important a strong community is to the overall success of a project, and we could not be more excited to deliver the products we have been building with the eager support of Polkadexers.” By winning this campaign and obtaining a parachain slot, Polkadex is one step closer to becoming the central trading engine for Web3 and DeFi as a whole, with the Polkadot ecosystem now set to benefit from this comprehensive, cutting-edge crypto trading solution.
CoinJar, an Australian-based bitcoin & crypto exchange company, announced today that it has successfully rolled out a newly upgraded exchange platform. A number of tweaks and upgrades are now implemened on CoinJar’s trading platform, including: All new order book display. Customizable, information-rich design. Adaptive scrollbar for easier graph navigation. Layout performance improvements. CoinJar Exchange provides…
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CoinJar, an Australian-based bitcoin & crypto exchange company, announced today that it has successfully rolled out a newly upgraded exchange platform. A number of tweaks and upgrades are now implemened on CoinJar’s trading platform, including: All new order book display. Customizable, information-rich design. Adaptive scrollbar for easier graph navigation. Layout performance improvements. CoinJar Exchange provides…
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It's weird if you think about it. Imagine if Lightning was made such that you had to buy THUNDER token to use it. How stupid would that be? Yet that's exactly the situation going on in the alt coins space. It seems like the classic case of the hare and the tortoise. Lightning was proposed…
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I've been bullish with Polkadot ever since and now that it's regaining a foothold after a huge Drop Since ATH, I can't help but think about it's approach to solving the decentralized problem. And I think this approach will be proved superior in time. Right now, I'm looking forward to seeing how crowdloan works. When…
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The crypto market has been subject to large liquidation following the price crash. Coming out of the weekend, the market had recorded one of its worst crashes which saw bitcoin fall below the $30,000 territory for the first time this year. With this had come hundreds of millions in short liquidations. However, the bloodbath seems far from over as the market continues to crumble and liquidations have now run over the $1 billion mark. Crypto Traders Getting Rekt After the crash that rocked the market coming out of the weekend, crypto traders had taken a hard hit. However, like always, this is always skewed to one demographic, and long traders had taken the hit with 77.5% of longs making up the majority of the $421 million liquidation figure that had been recorded on Monday. Related Reading | Bitcoin Price Hits Three-Month Low, What’s Driving This? With Tuesday now on the horizon has come even more challenges for traders in the space. While most speculated that bitcoin would not fall to $30,000, it had done just that and even fell briefly to the $29,000 territory before recovering once more. The damage would be done though as more traders would see their positions liquidated in the market. This number has now gone above $1 billion liquidated in the past 24 hours with Bitcoin and Ethereum traders bearing the brunt of it. Once again, long positions continue to dominate the liquidations as bitcoin struggles to find its footing and recover. The numbers are slightly better in favor of long traders falling from 77.5% on Monday to 71.8% on Tuesday. Crypto liquidations surpass $1 billion | Source: Coinglass The total amount of liquidations sits at $1.10 billion at the time of this writing. Longs account for $789.27 million and shorts came out to a total of $310.04 million. Bitcoin and Ethereum continue to rival one another with $354.77 million and $326.51 million in liquidations respectively. Market Sentiment Dives To Hell Along with the crypto market crash has been the dip in market sentiment. This really is no surprise as sentiment has been moving consistently into the negative for the past couple of weeks. However, the market crash has accelerated this movement. The Crypto Fear & Greed Index now has a reading of 10. This is one of the lowest that the index has ever been in the past year. With the number so low, it puts the market in the extreme fear territory. This means that investors are warier than ever to put money into the market, with some opting to liquidate their holdings in order to avoid more losses. Related Reading | Ethereum Miners Surpass Bitcoin Miner Revenue By $224M One thing to note though is that low sentiment can also be a prelude to a bull rally. The last time the index was this low was in July 2021. What followed was a recovery that eventually served as the lift-off point for bitcoin hitting its all-time high of $69,000. If history repeats itself, then this may very well be another start to a massive bull rally. That is if the bottom of the current crash has been achieved. Crypto market loses over $1 trillion | Source: Crypto Total Market Cap on TradingView.com Featured image from ITPro Today, chart from TradingView.com
