Monat: April 2024

• Sui has integrated First Digital USD (FDUSD) stablecoin, joining Ethereum and BNB Chain as only networks currently with native FDUSD support.
• FDUSD’s expansion to Sui targets the growing decentralised finance (DeFi) ecosystem on Sui.
• FDUSD is the fourth-largest stablecoin by market cap with $3.3 billion – behind DAI, USDC and USDT.

First Digital Trust, the Hong Kong-based issuer of the US-dollar pegged stablecoin FDUSD, has announced a strategic alliance with Layer-1 blockchain Sui.

In an update on Wednesday, First Digital said its expansion to Sui marks the first time the stablecoin will be available on a new blockchain since its launch.

FDUSD now available on Sui, Ethereum and BNB Chain

FDUSD, currently a $3.3 billion stablecoin, initially launched on Ethereum  and BNB Chain in August 2023. Sui is the third blockchain to have native FDUSD support. 

“The partnership between First Digital and Sui is a strategic alliance aimed at enhancing liquidity and efficiency of transactions, continuing to bridge traditional finance to the ever-expanding digital economy,” First Digital Labs pointed out via X.

According to First Digital, the expansion is aimed at bolstering the stablecoin’s use in the burgeoning decentralised finance (DeFi) ecosystem on Sui.

First Digital USD is the fourth-largest stablecoin by market cap. It’s currently behind MakerDAO’s Dai (DAI), Circle’s USDC (USDC) and top stablecoin by market cap Tether (USDT).

Sui, on the other hand, has a market cap of just over $2 billion. The blockchain has seen notable growth amid sentiment around its Sui Basecamp, the L1 blockchain’s first global conference.

SUI token reached highs of $2.17 on March 27. Recent declines see it currently poised at $1.55.

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• IOTA price is down 4% in the past 24 hours and trades near $0.30.
• The IOTA team announced a key partnership in Singapore,but is the price set to bounce or dip futher?

IOTA’s price has declined 5% in the past 24 hours to trade near a key support level. The slip now has weekly gains cut to just 2% while the altcoin has turned red on the monthly time frame.

The IOTA token trades at $0.31, down from recent highs of $0.41. This cryptocurrency is also one of the worst performing since the 2017 bull market. Per data from CoinGecko, IOTA is down more than 94% since its all-time high above $5.25 reached over six years ago.

On Tuesday, IOTA announced a major partnership with Tenity as it looks to tap into the growth potential in the Real-World Assets (RWAs) and DeFi sectors. The APAC Accelerator is a 12-week program that will see select startups receive $50k in grants.

📣 Big news from Singapore! We’ve teamed up with @tenity_global to launch the #IOTA APAC Accelerator, a 12-week program to empower the next generation of DeFi pioneers.💪

Find out how you can apply & receive a $50,000 grant 👇 https://t.co/R4EQAVaX4O pic.twitter.com/rKQp9jJqDa

— IOTA (@iota) April 9, 2024

Despite this and other recent key developments, price remains largely devoid of any strong momentum.

IOTA price – bounce or dip?

Bitcoin’s run to the new all-time high above $73k in March catalysed strong gains for most altcoins. Ethereum for instance reached a multi-year peak above $4,000 while Solana, BNB and even Dogecoin soared.

IOTA did manage to break above $0.30 during the broader market spike in March. However, it remained well below its 2021 highs above $2 and as a result has dropped out of the top 100 by market cap.

Can IOTA’s price recover to the last bull market highs and potentially eye a retest of its ATH?

IOTA price chart

IOTA/USD on the weekly chart is below the 50-week EMA and the RSI is trending lower below 50.

A symmetrical triangle pattern is also formed on the daily chart, with price capped by a downtrend line since mid-March.

If price breaks out from the upper trend line, IOTA could retest levels at $0.35 and potentially $0.41 to allow for a bullish breakout in line with the broader market.

On the flipside, a breakdown for IOTA from the lower trend line would indicate a bearish trend. In this case, a drop to $0.20 is possible, below which bears could target October 2023 lows of $0.13.

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• Zeta Markets is among the top decentralized exchanges built on Solana.
• Zeta Markets plans to distribute 100 million Z tokens to Solana community members.
• Zeta Markets has also unveiled plans for the first Layer 2 scaling solution.

Solana-based decentralized derivatives protocol, Zeta Markets, has launched its governance token, Z, and unveiled plans to introduce Solana’s first Layer 2 scaling solution.

Zeta Markets is positioned as one of the top five decentralized derivatives platforms on Solana and its move aims to enhance community involvement and scalability within the Solana ecosystem.

Zeta Markets to airdrop 100M Z tokens

With a total supply of 1 billion tokens, Z’s allocation strategy underscores its commitment to decentralization and community-driven decision-making.

Through an airdrop, 10% of the Z token supply will be distributed to active traders, stakers, and strategic Solana community members.

Active traders, determined by Zeta’s Z-score system, will receive 50% of the initial distribution, while 40% will be allocated to token stakers, emphasizing the importance of long-term commitment to the protocol.

Additionally, Zeta plans to dedicate 30% of the token supply to incentivize market makers, essential players in maintaining liquidity and fostering optimal exchange conditions.

Zeta Markets’ Layer 2 scaling solution

Beyond the introduction of its governance token, Zeta Markets also announced plans to roll out Solana’s inaugural Layer 2 scaling solution.

6/ The Road Ahead

Since 2021, Zeta has pushed the boundaries of DeFi with Solana’s most used fully on-chain CLOB.

This year we are continuing to push boundaries with major upgrades including multi-collateral & Solana’s first DeFi L2:https://t.co/3KseoDJiKO

— Zeta Markets | v2 Live 🔥 (@ZetaMarkets) April 9, 2024

This initiative aims to address scalability challenges and enhance transaction throughput on the Solana blockchain.

By leveraging Solana exclusively as the settlement and data availability layer, Zeta aims to achieve faster settlement times and reduce transaction costs compared to Ethereum-based rollups.

The forthcoming release of technical details in Zeta’s whitepaper is expected to provide insights into the architecture and functionality of the Layer 2 scaling solution, positioning Zeta Markets as a pioneer in Solana’s DeFi ecosystem.

Zeta Markets’ vision aligns with Solana’s overarching goal of fostering innovation and scalability in decentralized finance. With its Z token governance model and plans for Layer 2 scaling, Zeta is poised to play a pivotal role in shaping the future of decentralized derivatives trading on the Solana blockchain.

By adhering to its principles of decentralization and community empowerment, Zeta Markets aims to establish itself as a cornerstone of the burgeoning Solana DeFi landscape. 

As the cryptocurrency market continues to evolve, Zeta’s strategic initiatives position it for sustained growth and impact within the Solana ecosystem.

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• Raindex app offers real-time access to data with full on-chain execution of trades.
• The Raindex desktop app will leverage the Flare Time Series Oracle (FTSO).
• Anyone can use the Rainlang smart contract platform to create and deploy trading strategies on-chain.

Flare, the blockchain for data network, has integrated Raindex, a platform that brings a new decentralised CEX-style trading solution to the Flare ecosystem.

Raindex is a Rainlang smart contract language platform that offers an intents-like trading architecture for desktop users. The app has been in development for over three years and blends the best of both CEXs and DEXs, going beyond traditional Automated Market Makers (AMMs) to offer full on-chain execution of trades.

Notably, app users can simulate the performance of their strategies before they deploy them on-chain.

Raindex app to leverage Flare’s FTSO

Raindex app leverages the Flare Time Series Oracle (FTSO) to provide for advanced trading, with the Flare decentralized price oracle technology allowing for on-chain trading that taps into benefits of centralised exchanges.

In a press release shared on Tuesday, Flare noted that with Raindex, users can set bid and offer prices as well as activate risk management mechanisms such as stop loss and take profit.

Other customised trading strategies users can deploy include dollar-cost-averaging (DCA), Dutch orders, copy trading and portfolio rebalancing.

These activities are possible because Raindex app uses the Rainlang smart contract language, which allows anyone to design and deploy or manage a trading strategy.

Flare’s FTSO then allows anyone to perform the trades on the user’s behalf but within the constraints of the deployed strategy.

Josh Hardy, co-founder of Rain, said the collaboration with Flare adds to the overall growth of the DeFi space.

“Secure, reliable data is an indispensable part of the toolkit for anybody writing trading strategies. We’re super excited to introduce Rainlang and Raindex into Flare’s ecosystem, connect with the DeFi community and see what they create,” he said in a statement.

Enhanced security for users

The new platform will utilize Flare’s FTSOv2, taking advantage of its “Fast Updates” capability to deliver real-time asset prices. Raindex integration on Flare will also include an extension of Rainlang that eliminates the need for third-party, off-chain data oracles.

Access to real-time asset price data, trading without intermediaries among other added functionality is enhanced by DEX-style security. A user remains in control of their private keys and therefore their digital assets.

Raindex has announced a $12,000 trading contest as it celebrates its launch on Flare. The program is aimed at incentivising the community and will run throughout May 2024.

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