Monat: Dezember 2022

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DeFi protocol Tranchess introduces ETH liquid staking

DeFi protocol Tranches has launched ETH liquid staking to fulfil an urgent need for secure and decentralized alternatives on Ethereum.

KEY TAKEAWAYS

  • Tranchess is a decentralized app that executes yield-generating strategies tailored to users’ risk profiles.
  • The ETH liquid staking will enable users to earn from staked ETH while retaining liquidity with an ETH-equivalent token, qETH.

The new Tranchess offering comes at a time when the top holders of staked ETH are under scrutiny following the recent collapse of FTX which was at some point the second-largest cryptocurrency exchange. It provides a solution for secure and decentralized alternatives on Ethereum.

Offering non-custodial ETH staking

The Tranchess ETH liquid staking meets a crucial need for more decentralized entities to offer non-custodial ETH staking which is in line with Ethereum’s objective of being a secure, decentralized, and censorship-resistant network.

While announcing the launch of the ETH liquid staking, the co-founder of Tranchess, Danny Chong, said:

“This launch is part of our ongoing commitment to deliver new and sustainable products for DeFi users. With the surging demand for more decentralized entities that have sufficient technical know-how, we’re thrilled to bring our expertise of securing PoS blockchains to Ethereum.”

Liquid staking is specifically important since Ethereum does not currently allow the withdrawal of staked ETH. With the ETH liquid staking, validators can offer liquid staking services and also give users token equivalents that they can use as collateral elsewhere.

Users will be able to deposit ETH on Tranchess to earn yield through liquid staking and at the same time receive qETH which can be swapped for ETH in the Tranchess’ Balancer pool.

About Tranchess

Tranchess is a decentralized application built on BNB Chain and it executes yield-generating strategies tailored to users’ risk profiles. It has also remained a top validator of the BNB Chain, which is a Proof-of-Stake (PoS) blockchain with the second-largest total value locked (TVL).

The validators of PoS blockchains like Tranchess earn native tokens for processing transactions and Tranchess has used this revenue to offer users additional yields of 6 to 12% over the past year.

The CEO said:

“Tranchess provides a sound and transparent alternative to centralised entities that offer liquid staking. As a top BNB Chain validator, the protocol has the solid technical background needed to operate proof-of-stake validators, on top of offering different risk-return solutions for users.”

The post DeFi protocol Tranchess introduces ETH liquid staking appeared first on CoinJournal.

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Bitcoin slides, but you do not want to miss out on a low price this analyst calls a “steal”

  • Bitcoin has lost a weekly 1.52%, and bear pressure is high

  • A quantitative analyst expects a bottom in around 3 months but says Bitcoin is attractive

  • Bears have an edge as long as BTC does not recapture $19,000

Bitcoin (BTC/USD) has lost 1.52% in a week as most cryptocurrencies struggle. Despite recovering slightly by 0.25% in the day, the price of the largest cryptocurrency was struggling to retain the $17,000. As of press time, BTC was trading at $16,860. That has raised questions over the potential of Bitcoin to recover to the $19,000 resistance. 

But a renowned crypto analyst thinks Bitcoin is a bargain at the current low valuation. The crypto analyst dubbed PlanB expects Bitcoin to rally at least 5,800%. Consider that Bitcoin is trading at about 4 times less value than its all-time high of over $68,000. Reflecting on the stock-to-flow model, the analyst says the current BTC price is a “steal.”

Typically, the stock-to-flow model assesses assets’ value by comparing their current price to the supply. In his view, if we consider BTC’s original 2019 model or the $55,000 model, BTC’s next halving could catapult prices to $100k-$1 million. He expects the supply to be squeezed in 2024, around the halving event. But how about the short-term price?

PlanB opines that BTC’s bottom could occur in around three months. He says the price of BTC hits the bottom 18 months from the record high.

BTC is struggling to rise at the 20-day MA

BTC/USD Chart by TradingView

From the daily chart technical outlook, BTC’s upside is limited. Although the price has kept the $16,000 support intact, bears are exerting pressure as prices recovered above the 20-day MA. 

The RSI is pointing lower and sliding further from the 50-midpoint reading.

Will BTC remain bearish?

The limited upside on BTC price indicates that the bear market is far from over. The $19,000 remains the crucial resistance. If BTC breaks below $16,000, the next level to watch is around $13,000.

Where to buy BTC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

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The post Bitcoin slides, but you do not want to miss out on a low price this analyst calls a “steal” appeared first on CoinJournal.