Kategorie: Crypto Markets

• MakerDAO is considering a proposal to raise the Dai savings rate (DSR).
• This follows the last change that saw DSR increase to 1%, attracting over 35 million DAI deposits in a month.
• If approved, the latest proposal would see the DAI savings rate increase from the current rate to 3.33%.

MakerDAO, the decentralized finance (DeFi) protocol that issues the DAI stablecoin, has proposed an increase of the Dai savings rate (DSR) to 3.33%. 

The proposal comes a few months after a vote to raise the DSR to 1% from 0.6% saw over $35 million worth of the stablecoin deposited within a month. The latest change was put forward by DeFi platform Block Analitica and is subject to an Executive Vote by MKR holders. 

MKR is the governance token of the Maker lending protocol.

“The Dai Savings Rate (DSR) is a fundamental component within the Maker Protocol system, offering users the opportunity to deposit DAI and receive a consistent interest rate. This interest is accrued in real-time, accumulating from the system’s revenues,” the protocol said.

Implications for the broader DeFi ecosystem

As noted, the DSR plays a key role in MakerDAO’s monetary policy. Other than allowing platform users to earn interest on their DAI deposits, it helps in ecosystem growth with the community incentivized to mint new DAI.

The proposal to increase the DSR comes at a time when interest rates are rising in the traditional financial system.

For instance, the US Federal Reserve has raised interest rates several times in recent months as it looked to combat inflation. The change in the Dai rate also comes as yields on the US Treasury bonds spike, with the 3-month yield at around 5.29%.

Industry experts and observers say MakerDAO’s move could have broader implications for the wider DeFi market.

Primoz Kordez, the founder of Block Analitica, said raising Dai DSR to the proposed 3.33% will have ramifications across the sector as its DSR is the “benchmark for safest DeFi stablecoin yield.”

Dai rate has been low compared to other platforms such as Compound and Aave that currently offer up to 2.5% in rates for the likes of USDT, USDC and DAI. The industry should therefore brace itself for higher rates across lending protocols, stablecoins, bridges and DeFi treasuries, according to one expert.

The post MakerDAO proposal eyes new DAI savings rate of 3.33% appeared first on CoinJournal.

• The Metacade community is only counting days to the launch of the much anticipated Metacade Lite.
• MCADE price has started responding to the hype on the upcoming Metacade Lite launch.
• At press time, MCADE was trading at $0.02229, up 5.44% in the last 24 hours.

Metacade is gearing up for releasing its Metacade Lite version to the public soon, details of which can be confirmed in the recent AMA held on 24 May 2023.

As the CEO of Metacade embarks on AMAs to explain the current status of the project, it is important to point out that the project hit all the milestones set in its roadmap for Q1, 2023. The team is currently working to hit the targets set for this quarter including the launch of the Create2Earn platform that will allow users to sample the game-changing gaming experience that comes with Metacade’s unique approach to play-to-earn (P2E).

What is Metacade and what does it offer?

Metacade is a blockchain gaming platform that aims to become the largest Web3 gaming arcade.

At its core, Metacade aims to offer gamers, investors, and developers access to a decentralized gaming hub, complete with the biggest collection of different play-to-earn (P2E) arcade games. It also plans to allow the integration of multiple earning mechanisms for ecosystem players.

The platform also has a utility ERC-20 token, the MCADE token, which is used to pay rewards in the ecosystem and help platform users access services and opportunities including staking and DeFi. In the future according to the project’s roadmap, MCADE holders will also play a pivotal role in running the project by getting voting rights on governance proposals.

For how long will MCADE maintain the current bullish trend?

The crypto markets are expected to enter a new bullish cycle after a gruelling bear market, it is possible that MCADE could lead the charge within the GameFi and Web3 ecosystem. Seemingly, the crypto market has been on a short bearish pullback after what was a very splendid market recovery for the year that saw the likes of Bitcoin and Ethereum recover 70% and 55% respectively.

The recent developments including the recent Axie Infinity’s debut on the Apple App Store, and the reaffirmation by the Japan-based gaming giant Square Enix that it is committed to blockchain and Web3 gaming could help spark new GameFi demand and adoption.

In addition to the developments within the GameFi space, the MCADE token is also likely to benefit from the Metagrants programme that incentivises developers to increase the creation and deployment of games on the platform. However, MCADE’s future is also dependent on the easing of the macro headwinds including inflation to help the crypto market grow.

Jamie Douglas of Bloomberg Intelligence recently said that Bitcoin price could shoot to $18,000 if only 1% of the global bond market value moved to Bitcoin.

Taking all these into consideration including the upcoming Metacade Lite launch that is likely to spur increased interest in Metacade and its native token, the MCADE price is projected to sustain the current Bull Run and possibly hit $0.045 by the end of the month.

The post MCADE price prediction ahead of the Metacade Lite launch appeared first on CoinJournal.

Key takeaways

• Regulatory agencies globally have been rolling out frameworks to guide the cryptocurrency market.

• Europe recently approved the MiCA guideline, while Hong Kong is set to release its crypto regulatory framework soon.

• Crypto exchange Bitget said it supports all regulations designed to advance the cryptocurrency industry. 

Cryptocurrency regulation begins to take shape globally

The past few months have been interesting for the cryptocurrency industry in terms of regulation. Despite the ongoing bear market, regulators around the world have been busy rolling out regulatory frameworks for the crypto sector.

In the United States, the Securities and Exchange Commission (SEC) has stated that the existing securities laws in the US cover cryptocurrencies and no new laws are needed.

However, that is not the case in the United States. In Europe, the European Union has chosen to adopt MiCA, or Markets in Crypto Assets, to regulate the cryptocurrency industry.

Earlier this month, finance ministers in Europe unanimously voted in favour of MiCA.The law is expected to come into effect in 2024 and will regulate how the crypto market operates. 

Hong Kong is expected to release its cryptocurrency framework soon. Once that happens, companies seeking to offer services in Hong Kong will need to apply for and get licenses from the commission.

The The International Organization of Securities Commissions (IOSCO) also opened up its policy recommendations for crypto and digital asset markets for public comment earlier this week. 

Bitget supports market regulation

With regulation coming from various parts of the globe, crypto companies have been making changes to ensure they operate in line with these frameworks.

Crypto exchange Bitget is one of the crypto exchanges that continues to strive to operate according to the set regulations. 

While commenting on the recent regulatory efforts, Bitget’s Managing Director Gracy Chen said; 

“Bitget, as a pioneer in the crypto-based fintech revolution and a highly innovative solution, welcomes all forms of regulation. We believe such regulations can help position the industry on a defined path for growth, protect consumers, and assist in combating cyber crimes. We believe that digital currency and its underlying technology have the power to bolster financial innovation and economic growth.

Based on this, the moves from IOSCO, the European Union, and Hong Kong to advance the industry’s broad reach are well appreciated. They will serve as a major basis for other countries to build their own regulations as well.

Our brand is committed to embracing regulation and implementing a comprehensive set of risk control and anti-money laundering procedures.”

Bitget has become one of the leading cryptocurrency exchanges in the world and currently processes more than $500 million in daily trading volume. 

The crypto exchange is headed by Gracy Chen, a leader specialising in the growth and execution of global market strategies. She has been a metaverse and crypto enthusiast since 2014 and has now become a prominent figure in the industry. 

The post Crypto exchange Bitget appreciates regulatory moves to advance the industry appeared first on CoinJournal.

Key takeaways

• USDT’s total market cap is close to its all-time high of $84.1 billion.

• Tether’s recovery could see the broader crypto market embark on a rally again.

• Metacade could be one of the biggest winners thanks to the project’s huge potential. 

The cryptocurrency market has been in a bearish cycle since 2021, with the prices of most coins and tokens down by more than 50% from their all-time highs. 

However, the market sentiment has improved this year, with Bitcoin and other major cryptocurrencies up by over 40% year-to-date.

One of the biggest positives this year is the recovery of USDT, the stablecoin issued by Tether. USDT remains the largest stablecoin in the world in terms of market cap, and its recovery could spell excellent times ahead for the cryptocurrency market.

Does USDT’s recovery signal an upcoming bull cycle, and should investors take the opportunity to purchase cryptocurrencies like Metacade? 

USDT’s total market cap crosses $83 billion

USDT, the world’s leading stablecoin by market cap, has almost recovered from the bear market jitters. 

The total market cap of USDT recently crossed $83 billion, which is just below the all-time high of  $84.1 billion reached on May 10, 2022. According to the data obtained from Coinmarketcap, USDT’s total market cap crossed the $83.5 billion mark earlier today, indicating that the stablecoin is doing as well as it did during the most recent bull cycle.

What does Tether’s recovery mean for the cryptocurrency market?

Tether’s recovery is an excellent development for the broader cryptocurrency market. It comes following numerous regulatory uncertainties and the banking crisis in the United States.

The collapse of the Silicon Valley Bank severely affected the market cap of USDT’s nearest competitor, Circle’s USDC. Due to the crisis in the US, the supply of rival USDC has declined from nearly $47 billion to $27.8 billion

With USDT now close to its all-time high, a liquidity crisis in the cryptocurrency space might not be something investors worry about. 

Data provider Kaiko revealed that the rising USDT isn’t tied to an increase in trading volumes. The firm stated that;

“The data doesn’t show any notable increase in USDT market share (as measured by trade volume) relative to other stablecoins over the past few months, in large part due to Binance’s promotion of TUSD as an alternative to BUSD.”

The firm further stated that the increase in USDT could be because of offshore trading among market-making firms and whales.

How does this affect projects like Metacade?

USDT’s recovery will be a boost for the broader cryptocurrency market. Historically, Bitcoin has performed well when there is an increase in the total USDT supply. 

With USDT now close to its all-time high again, it could benefit Bitcoin and other cryptocurrencies. 

MCADE, the native token of the Metacade ecosystem, could be one of the biggest winners if the market rallies. 

Metacade has performed well over the past seven days despite the broader crypto market recording slight losses. At press time, the price of Metacade stands at $0.02111, down by 1% over the last 24 hours. The token is up by more than 5% from the low of $0.01954 recorded over the weekend.

Despite its recent positive performance, MCADE is down by 53% from its all-time high price of $0.04569. This could represent an excellent buying opportunity for investors. 

Metacade has huge potential in the GameFi ecosystem, making it one of the tokens investors could consider. It is a web3 project on the Ethereum blockchain, with the team currently working on launching a play-to-earn ecosystem that allows users to enjoy new web3 experiences. 

What Metacade hopes to achieve is to allow players to be able to play, connect, build, and earn seamlessly. The team is working to also turn Metacade into a decentralised autonomous organisation (DAO) by next year, ensuring that the project is truly decentralised. 

Should you buy Metacade now?

Metacade is a relatively new project, and its token price is down by more than 50% from its all-time high. This implies that MCADE could be trading at a discount.

However, the major investment decision regarding MCADE should be based on the potential of the project. As stated above, Metacade hopes to change the way the P2E model works by introducing new web3 experiences for the users.

The development team is already working on its P2E ecosystem after raising $16 million in the recently concluded presale event. The token has also launched on Uniswap, MEXC, and BitMart, and the team is working to get it listed on other leading cryptocurrency exchanges. 

The post USDT’s total supply nears all-time high: will cryptos like Metacade rally higher? appeared first on CoinJournal.

• Synthetix has added 7 new perpetual futures markets for XRP, DOT, FLOKI, INJ, PEPE, SUI and BLUR.
• The protocol will also add support for TRX, with the new perps markets available on perps trading front-ends Kwenta, Polynomial, Decentrex, and dHEDGE.
• Synthetix now provides SYN liquidity for 40 perpetual futures markets.

Synthetix, a decentralised derivatives trading platform built on Optimism and Ethereum, has added 7 new perpetual futures markets, including for some tokens currently attracting huge interest.

According to the derivatives protocol’s blog announcement on Wednesday, 24 May, the new markets feature XRP(XRP), Polkadot (DOT), Floki Inu (FLOKI), Injective (INJ), Pepe (PEPE), Sui (SUI) and Blur (BLUR). 

The listing of the seven new perpetual futures markets bring the total perps markets on Sythentix to 40, the platform noted.

Fantastic news! Synthetix Perps now supports $PEPE, $SUI, $BLUR, $XRP, $DOT, $FLOKI, and $INJ. 7 new markets & 300K in $OP trading rewards are available this week.

Synthetix Perps now has 40 total perps. 🥱 🥱 🥱 🥱

Learn more 👇https://t.co/k3d9XEsv3X pic.twitter.com/sBQpQ1xAz1

— Synthetix ⚔️ (@synthetix_io) May 23, 2023

New perps markets are live on Optimism

Support for the new markets follow the approval of SIP 2014 and SIP 2015. Per the blog post, an eighth perps market for Tron (TRX) was also approved. However, Synthetix is waiting for oracle support for the token before launching its trading.

The new perps markets are now live on the Optimism protocol for leverage trading.

Holders of the SNX tokens can access the perpetual markets on various SNX integrated derivatives trading protocols. User-facing platform on Synthetix that support perps trading include Kwenta, Polynomial, Decentrex, and dHEDGE

Perpetual futures contracts are a type of derivatives that allows traders to bet on future prices of an underlying digital asset without having to hold the actual asset. The markets have no expiration and trade 24/7, often with high leverage.

The price of Sythentix‘ native token SNX rose 3.5% on Wednesday to trade at highs of $2.60. SNX was up 17% in the past week at the time of writing, although its value remains more than 90% down from its all-time high above $28 reached in February 2021.

The post Synthetix adds 7 new perpetual futures markets appeared first on CoinJournal.