Category: Cryptocurrency News

JD.com implements its own blockchain to issue free NFTs to attendees of its annual JD Discovery conference.

On Wednesday, just before bitcoin surpassed the digital asset’s all-time high (ATH), the crypto analyst known as “Techdev” says the “2-week chart looks strong and ready for much higher highs.” Just 26 days ago, Techdev said that “$200-300K bitcoin looks almost too programmed” and this week, the analyst noted that we are “nowhere near a […]

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The new allocation extends DCG’s purchase authorization for the Grayscale Bitcoin Trust by $250 million.

Holy shit! So this is what it feels like! I bought in about 5 weeks ago with zero idea what I was doing. The September correction immediately brought me down, but I followed some advice on this sub and DCA’d my way into BTC and ETH along with an alt coin that I love. Nobody…
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​ https://preview.redd.it/hjh3vs27kmu71.png?width=714&format=png&auto=webp&s=14b903cb0ca6f7efab79c6b8ed1ffc3018fcb4cf Source: Crow vs Raven – Difference and Comparison | Diffen submitted by /u/Prestigious_Oil9859 [link] [comments]

The 30-day correlation between Ether and Bitcoin remains at 0.81 above zero.

Ruling the headlines on the BSC network is now a norm for the Mars Ecosystem. Armed with some of the highest APRs in the DeFi space and an ever-growing TVL, the team recently earned a Monthly Star in the Binance Smart Chain “Most Valuable Builders” program and is working towards reinventing the utility of Stablecoins. With BSC supporting Mars’ products and technology, it adds a layer of credibility to the constantly evolving Mars ecosystem. In this write-up, we will deep dive into stablecoins and what Mars Ecosystem means to the future of DeFi and crypto. Stablecoins were first introduced as a blend of stability of fiat currency and mobility of cryptocurrencies. Generally, they are backed by underlying assets or algorithms. Stablecoins ensure that money is borderless and accessible to everyone without the need for a bank or a central authority. Simply put, if Bitcoin is decentralized gold, then stablecoins are decentralized currencies. However, with time and usage, specific attributes of stablecoins have turned them into the antithesis of decentralization. Also, they have ignited the fire for the genesis of the Mars Ecosystem and its vision to reinvent stablecoin with decentralization and scalability intact. Current Landscape of Stablecoins The market cap of all stablecoins is worth nearly $128 billion with Tether (USDT) accounting for more than half of the value. Despite not having one decentralized stablecoin that fulfills the basic requisites, the stablecoin market enjoys a huge upside, courtesy of DeFi. Every decentralized stablecoin protocol needs 1. Price stability, 2. Overall decentralization, and 3. Scalability. Today, most of the stablecoins are overcollateralized which directly affects their scalability. Also, many stablecoins are pegged to assets deposited in centralized systems which effectively goes against the ethos of blockchain technology and DeFi. Though Algorithm-based stablecoins do away with the collateral issues, their price stability is a huge concern. Major Concerns of Stablecoins Currently, every stablecoin protocol has its share of tradeoffs with regards to the three properties. However, all the issues boil down to two key concerns. They are 1. The positive externality problem, 2. The integration problem. The positive externality problem reflects the imbalance in efforts to reward ratio for the stablecoin protocols. The cost of producing and maintaining stablecoins is borne by the protocol and its users. However, stablecoin’s value is generated in DeFi applications. The financial incentive for the stablecoin protocol is minimal which often ends up with a shortage of supply. The integration problem is quite similar to the previous concern of how stablecoins’ value is solely decided by DeFi apps. Stablecoins are impacted by their ease of integration with various DeFi protocols. If a stablecoin cannot be integrated with a certain DeFi protocol easily, the stablecoins’ stability is affected. To resolve these, Mars Ecosystem stands apart as a decentralized stablecoin paradigm with an all-inclusive system to capture the true utility of stablecoins. Mars Ecosystem 101 As a potential solution to the positive externality and integration concerns Mars Ecosystem presents a three-part system. Their efforts are concentrated on producing a stablecoin ecosystem with high price stability, high decentralization, and scalability potential. These efforts have been recognized by the Most Valuable Builder (MVB), an initiative by Binance Smart Chain to support innovative projects. The Mars Ecosystem was one of the winners of the MVBIII – September Monthly Stars. Also, the Mars Ecosystem will receive key support from BSC, not limited to financial influx. The mentoring and technical assistance provided can be a gamechanger for the Mars Ecosystem. The three cores of the Mars Ecosystem are; Mars Treasury This is the foundation on which the Mars Ecosystem resides and grows. Its building blocks are $USDM or USD-Mars (Mars Ecosystem stablecoin) and $XMS or Mars Ecosystem Token (Mars Ecosystem governance token). Their treasury is built to support multiple types of cryptos from the likes of BTC to DeFi blue chips. The team is equipped with minting and redemption mechanisms for the circulation of $USDM. With a set 1:1 ratio, users can deposit their assets into the Mars Treasury to mint $USDM and vice-versa. The circulation of $USDM fuels the value of $XMS which can be used to participate in the governance of the protocol. Mars Stablecoin $USDM stablecoin can be minted with $1 worth of any of the Mars Treasury white-listed assets. The maximum supply of the $USDM is relative to the market cap of $XMS. This cap in supply is part of their mintage control mechanism which accounts for users’ behavior to ensure the price of $USDM is always stable. Also, an anti-bank run mechanism has been enabled to protect $USDM from mass shorting and a potential collapse. This is ensured by incentivizing the holding time of the token. Malicious actors trying to encash on the difference in the collateral ratio of $USDM and $XMS fail in their efforts as quick sales are burdened with slippage losses. This makes bank runs an unfeasible activity in the Mars Ecosystem. Mars DeFi Protocols This is a series of functionalities being added to the Mars Ecosystem to facilitate transactions, improve liquidity, and enhance $USDM’s utility as a medium of exchange and store of value. First in the series of DeFi protocols is Mars Swap which is an automated market maker-powered DEX similar to Uniswap. Mars Swap This DEX is designed to provide 24/7 liquidity for $USDM and other DeFi protocols that adopt $USDM as a token of exchange. Also, the transaction fees generated on Mars Swap are pushed back into the Mars Treasury where liquidity providers and $XMS holders and stakers are awarded. Since $USDM users earn without leaving the ecosystem, the positive externality issue is resolved. Also, the value generated here incentivizes the holding of $XMS which in turn stabilizes $USDM as the latter’s supply is based on the former’s market cap. Staking and Liquidity Provision September saw the launch of Mars Ecosystem liquidity farms and pools. Currently, the total locked value has crossed $250 million with the average APR being more than 1000% Already, eight pools have been created for users to stake their $XMS and earn BNB, ETH, CAKE, or more XMS as per their preference. Alongside, more than 10 yield farms have been set up for liquidity provision. 0.25% of the transaction fees on Mars Swap go directly to liquidity pools. Also, the team is introducing many liquidity pools and farms in unison with other projects in the BSC network. Venus Protocol, Kalata Protocol, ForTube, Helmet Insure are some of the projects they have partnered with in creating liquidity pools and farms. Apart from this, they have coupled sustainability with the growth of farms and pools using a linear vesting period. Simply put, the $XMS token allocated to investors (8%) and the team (10%) will be slowly released. This means, as per $XMS’s total supply, 180 million $XMS will be released for periods of 18 (investors) and 36 (team) months. The vesting period will start from our genesis launch which will be held in a month. Future of Mars Ecosystem Community-first is how the Mars Ecosystem team is approaching the future. Special emphasis will be placed on the direction that their community wants to take, in unison with their roadmap that includes launching more DeFi protocols and incubating nascent projects. Everyone holding $XMS tokens can participate in MarsDAO and contribute to the evolution of the Mars Ecosystem. Also, they will be opening their NFT collection to the community to purchase alongside a few airdrops for lucky winners. The Boarding Pass NFT and the Captain NFT have been designed to reward those who have contributed to the initial MarsDAO community. They believe that ‘To the Mars’ will be the new ‘to the moon’ in the crypto and DeFi community. But, in place of the volatility, we will see if the stablecoin $USDM will grow into being the reserve currency of the DeFi world.   Image by WikiImages from Pixabay

Bullish momentum has returned to the cryptocurrency market, with Bitcoin leading the charge towards new all-time highs.

A few years ago, if someone asked you the monetary value of an internet meme or Jack Dorsey’s first tweet, you’d have found it strange. After all, what value can a mundane tweet or a meme hold? But today, they can be worth thousands of dollars, thanks to non-fungible tokens, a.k.a. NFTs. By creating on-chain, unique representations of everyday things like music, art, videos, and memes, NFTs catapulted their value from almost nothing to millions of dollars. So naturally, the trend spread like wildfire, opening new opportunities for artists and creative professionals across the globe to gain recognition like never before. Artists can now claim ownership of their work and make a sustainable living through NFTs. From their supporters’ point of view, they get exclusive access to their favorite artist’s work in the form of NFTs. As the NFT world keeps evolving to different dimensions, we see the launch of new NFT projects every single day. But one novel project that has the potential to make a mark of its own in the NFT space is Shangangrs. For Photographers by Photographers When compared to a regular NFT project, Shabangrs has quite the unique approach to NFTs. For starters, it is a photography-inspired collection of 10,000 NFTs created in honor of photographers from across the globe. While artists and creators have long been recognized in the NFT space, photographers and their art are still on the back burner, and now, Shabangrs aims to change that. But that’s not all. Alongside being a futuristic NFT project, Shabangrs is also building a photography metaverse called Shabangrsville. This ambitious project was envisioned by the renowned photographer Peter Hurley who realized that the next step in the evolution of photography was going to be on the blockchain via NFTs. And Shabangrs is the first step in that direction. The vibrant collection of 10,000 photography-inspired NFTs brings the best of photography onto a single platform. Not just photographers but anyone even remotely interested in photography would be able to find and own a uniquely curated piece of art. Everyone who owns an NFT on this platform is automatically considered to be a citizen of Shabangrsville, giving them access to the best photographers, creatives, and resources in the world. Apart from this, these NFTs are dynamic in nature and come with exclusive lifetime perks that the NFT owners can claim. These perks include special offers, giveaways, access to official merchandise, and headshot crew memberships. Users have the choice to choose whether or not they want to claim the perk, where claiming the perk reduces the rarity. In turn, the value of the NFT also decreases, but the perks are worth the trade-off. However, if the user chooses not to claim the perk, the value of the NFT and its rarity are retained and can be sold on NFT marketplaces. The cherry on the cake is that a percentage of all NFT sales will be directed towards a charity that teaches photography to refugee children. An NFT project like this could be truly revolutionary for the photography space, recognizing the work of photographers and giving a platform for them to truly shine. The project has a robust roadmap in place to ensure speedy development and distribution of perks. When 25% of the NFTs are sold, Shabangrs will donate $5000 to the United Nations Association of Tampa Bay’s Picture My Life annual program. And when the sales hit 50%, $10K will be donated to the same program. Along with this, Rarity tools listing, OpenSea verification, and the grand opening of Shabangrsville are planned for the near future. Unleashing the NFT Power Within just a couple of years, NFTs went from being a hidden part of blockchain technology to taking the center stage in decentralized operations. These digital diamonds have laid the path for the transformation of the art, music, films, and the creative world as a whole with revolutionary use-cases. Now, as Shanbangrs unleashes the power of NFTs in the world of photography, the revolution that photographers hoped for could unfold, taking the value of their art to the moon.