According to reports, there’s a 32 million square-foot island located in Vanuatu that’s in the midst of being constructed into a crypto-centric residential community by the island’s owners: Satoshi Island Holdings Limited. So far, more than 50,000 individuals have applied to live on Satoshi Island, and land rights will be minted in the form of […]
While everybody is cheering at recent price increase and counting chips, an important vote is coming this thursday at EU parliement. This vote will basicaly determine if EU will enforce identification and regulation of every non-custodial wallets such as Metamask, software wallet, Trezor, Ledger etc. This could lead to exchanges refusing to transfer in or…
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API3, a first-party oracle solution that makes real-world data accessible by smart contracts, has announced its latest partnership and integration with Metis, a layer-2 protocol for decentralized apps. Now, API3 will be making the API3 Alliance’sWeb3 API Catalog, the largest selection of data providers in Web 3.0, available for dApp devs to use on Metis.…
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Across the proof-of-stake (PoS) industry, a vast number of users and protocols have been long reaping the benefits of the PoS consensus mechanism. It is not only an easy and practical way to secure blockchain networks but also a fool-proof way for users to earn high APYs in exchange for their participation via staking. However, the fact that staked assets remain locked for extended periods of time, limits their usability and deters many users from staking altogether. This is precisely why liquid staking as a means of unlocking liquidity of staked assets is being explored within DeFi, and leading the charge in this realm is the Tendermint/Cosmos-based Persistence network. Persistence empowers the creation of an ecosystem of products that help make liquid staking the default form of staking. And with the tokens $XPRT and $PSTAKE at the helm of operations to capture the value of this ever-growing ecosystem, the Persistence network is poised to become the epicenter for liquid staking in DeFi. A Symbiosis Like Never Before As mentioned before, Persistence is a layer-1 blockchain network that aims to build an ecosystem of products to promote liquid staking in the industry. For the uninitiated, liquid staking is a way of issuing tokenized versions or derivatives of staked assets to unlock their liquidity and allows them to be stored, transferred, used in DeFi, or spent just like any other tokens. In this regard, pSTAKE, the signature product and the cornerstone of the Persistence ecosystem, is the epitome of liquid staking. It allows token holders to stake their PoS assets via the pSTAKE protocol to receive 1:1 pegged stkASSETs as representative tokens that can be spent or used to generate additional yield with DeFi protocols. The PoS assets staked via pSTAKE are staked with top validators on their underlying networks. This means that users while reaping the full staking rewards for assets on underlying networks, will also have the opportunity to re-use those assets on DEXs and DeFi lending protocols. As such, $PSTAKE is the native governance token of the pSTAKE protocol that gives holders the right to participate in platform governance by staking the token. Along with this, $PSTAKE is also used to incentivize the use of products and protocols built by the Persistence network to create innovative use-cases for the unlocked stkASSETs. A protocol like this is poised to unlock liquidity of billions of dollars worth of assets staked in DeFi, and by incorporating them into other protocols within the industry, will contribute to the growth of DeFi as a whole. While pSTAKE is its signature protocol, the Persistence network has plans for an entire ecosystem of DeFi protocols that incorporate the stkASSETs at the core of their operations and create utility for them. And $XPRT as the native token of the Persistence chain is in a unique position to foster the development of these new protocols and capture the value of the ecosystem. Users of pSTAKE and these new protocols will pay user fees and gas fees in $XPRT, which are then partly funneled to $XPRT stakers who are helping to secure the persistence chain. As such, both $PSTAKE and $XPRT have a unique symbiosis with each other. While one of these fosters the growth of new utilities for liquid-staked assets, the other incentivize their use, ultimately positioning Persistence as the go-to liquid staking platform. The Next Generation of DeFi With DeFi’s mainstream adoption underway, the industry is taking strides toward fixing gaps that could potentially hinder its adoption. In this regard, the lack of utility for staked assets is a problem that was glossed over for a long time and only recently has come into full view. Now, with networks like Persistence taking steps towards closing this gap with liquid staking, the next iteration of DeFi will move from mere speculation towards real-value creation, creating a brand new financial infrastructure for users.
In May 2010, Laszlo Hanyecz famously made one of the first Bitcoin purchases when he got a Papa John's pizza for 10,000 BTC (apparently it was two pizzas, but let's stick to the legend). Currently, with a coupon on "Consumer Queen," you can get a small 1-topping Papa John's Pizza for $4. This means that,…
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Bitcoin price has shattered $47,000 and has left in its wake the bloodbath that is short liquidations. These short traders that obviously expected the previous market trend of low momentum to continue have now incurred hundreds of millions of dollars in losses in the crypto market, and in a very short time too. The bloodbath has not eased up either since bitcoin is still firm in its recovery trend. Bitcoin Traders Get Rekt Bitcoin had been on a slow but steady recovery trend over the past week. However, the weekend would quickly put a stop to this slow trend as the digital asset had surged drastically on Sunday night. This trend continued into Monday, seeing the cryptocurrency break the $47,000 price level, setting a three-month high record for bitcoin. Related Reading | Bitcoin Retakes Robust Position As Price Nears $45,000 This increase in price had seen short traders liquidated almost immediately. These traders who had millions in the market riding on bitcoin continue to fall would see themselves lose millions before the trading market open on Monday. BTC liquidations reach $169 million | Source: Coinglass As usual, bitcoin led the pack in terms of liquidation losses. The digital asset saw tens of millions of shorts liquidated in just a matter of minutes following the price surge. In total, there have been more than $60 million in shorts liquidated in the past 12 hours as of the time of writing. On the 24-hour scale, the numbers are even grimmer given that more than $169 million in liquidations have been recorded. Liquidations Rock Crypto Market On a broader scale, a lot of crypto traders have been burned in just the last 24 hours ago. Most notable was when the price of bitcoin had successfully broken past $45,000. This point is where bears mounted significant resistance and it was expected it will fall once again from this point like it has the past three months. But traders would bear the brunt of this given that over $100 million in BTC and ETH shorts were liquidated in a mere five minutes after this. BTC surges past $47,000 | Source: BTCUSD on TradingView.com Data from Coinglass shows that over $187 worth of liquidations has been recorded in the crypto market in the last 12 hours. While more than $432 million in liquidations have happened in the last 24 hours. Naturally, Bitcoin and Ethereum make up the majority of these liquidations, almost rivaling each other. Related Reading | Here’s Why ADA Could Replicate Ethereum’s 2017 bullish break-out It also shows that a total of 78,079 traders have been liquidated in this one-day period. While Bitmex saw the largest single liquidation order which was valued at $10 million. Featured image from Futurity, charts from Coinglass and TradingView.com
STG price rallied after excited investors piled into Stargate Finance, an interoperability-focused multi-chain DeFi platform.
Solana reclaimed the eighth position in the crypto top ten, as ADA and DOT were both over 10% higher to start the week. Despite this, it was EOS and FIL which led today’s gainer, with FIL gaining over 30% in the session. Filecoin (FIL) FIL rallied by as much as 30% to start the week, […]
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So I have just learned Ethereum and solidity. Created my first Dapp using truffle and metamask which is great for me at least I have learned the Ethereum fundamentals but a few things are confusing about accounts? When I create an account on metamask, where exactly keys are stored? If the private key is stored…
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