Kategorie: Crypto Markets

• The new decentralized exchange will offer peer-to-peer cross-chain swaps.
• The DEX will not depend on any intermediaries.
• The exchange combines privacy, resilience, and cross-chain compatibility.

Sovereignty and privacy maximizing currency Decred (DCR/USD) has today launched the latest version of its decentralized exchange.

The new version of decentralized exchange DCRDEX 0.6 will use a combination of privacy, resilience, and cross-chain compatibility to offer direct peer-to-peer cross-chain swaps without any kind of intermediaries, solving key problems around privacy and security. This makes it the first exchange to offer direct P2P swaps without using intermediaries.

New features introduced on DCRDEX 0.6

The most prominent new feature on DCRDEX 0.6 is the introduction of USDC and Ethereum. Users will have access to direct layer 1 atomic swaps without the need for an intermediary, utility token, or third-party arbitration.

When swapping from an asset like BTC, the funds are locked in a native contract of the user’s creation that is never spendable by a third party, only the swap participants.

In addition, the DEX offers P2P swaps between Ethereum and other layer 1 chains like Decred and Bitcoin among others without the use of centralized pools or crypto wallets.

All the features on DCRDEX 0.6 ensure users maintain full custody of their funds throughout the swapping process.

The new version of the exchange also introduces native wallets for Bitcoin Cash and Litecoin. Just like the Bitcoin and Decred wallets previously available on the exchange, the two newly added wallets are built on the privacy-preserving light wallet technology introduced by BIP157/158 and transact directly on P2P networks, providing a high level of privacy and security while keeping the system requirements and sync times reasonable.

The DCRDEX 0.6 also eliminates the previous one-time registration fee and replaced it with time-locked fidelity bonds. Instead of completely parting with some funds when registering, users will now lock up funds on-chain for a certain amount of time after which the bond expires and the user redeems it.

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• At press time, the price of Kyber Network Crystal v2 (KNC) had dropped 2.26% today.
• Kyber’s Elastic product’s TVL has plunged to $61 million yesterday.
• Kyber Network has advised liquidity providers to withdraw funds

The Kyber Network Crystal v2 (KNC) took a hit today after Decentralized finance (DeFi) Kyber Network advised its liquidity providers to withdraw funds citing market vulnerability. The token had dropped by more than 2% at the time of writing.

The protocol advised its KyberSwap Elastic product liquidity providers to withdraw funds after finding a potential vulnerability. Kyber confirmed the potential vulnerability via a tweet although it noted that no product has been affected and no funds have been lost so far.

KyberSwap Elastic TVL drops

On Sunday, Kyber Network’s KyberSwap Elastic product had $108 million in total value locked (TVL). However, that figure had dropped to about $30.88 million on Monday according to DefiLlama.

The news comes at a time when vulnerabilities and exploits have become rife across the DeFi space. The most recent hack includes the $196 million Euler Finance hack, the $23 million Bitrue exchange hack, and the recent Yearn Finance hack.

In 2022, Kyber Network was also hit with a $265,000 exploit.

The post Kyber Network price dips after withdrawal alert appeared first on CoinJournal.

• Scott Melker says crypto won’t achieve mainstream adoption by trying to explain dank sharding and SHA-256, and trashing other coins.
• The Wolf Of All Streets believes mainstream adoption is being impacted by the approach being taken by the crypto community.
• Crypto leaders disparaging each other and trashing rival projects doesn’t help, he recently tweeted.

Scott Melker, a crypto investor and trader and author of the crypto publication The Wolf Den Newsletter, says the crypto community isn’t going about the push for mainstream adoption the right way.

Crypto should try to meet user where their needs are

According to Melker, aka “The Wolf Of All Streets” on Twitter, what crypto needs to do is cut out unnecessary terminology when putting out the crypto message to the masses. He believes meeting the common user where “their wants and needs exist” could help a lot with promoting overall adoption.

“Mainstream adoption won’t come with attempting to explain dank sharding and sha-256,” he recently tweeted, noting that taking this route is impacting the desired goal. “There’s a reason people ignore us,” he added.

Jeff Garzik, one of the early Bitcoin believers, agreed with Melker’s assessment. 

It’s all „plumbing.“

Crypto wins when average people can use our technology without ever having to know or understand esoteric concepts such as sharding or hashing.

Plumbing is not exciting or cool to most people. It’s something that silently Just Works.

— Ser Jeff Garzik (@jgarzik) April 14, 2023

Crypto leaders need to do better, The Wolf Of All Streets opined.

“One of the biggest problems the crypto community has is that its leaders often talk down to the mainstream audience or speak in terminology that is over the average person’s head. We need to simplify the messaging for the masses and meet them where their wants and needs exist.”

On what else the community needs to work on as it looks to help the next wave of adoption across everyday users, Melker believes trashing other projects is not one of the avenues.

“Imagine having the opportunity to go on mainstream media and extol the virtues of bitcoin but instead railing about your hate for Ethereum or shitcoins instead,” he observed.

His message has been echoed by many on Crypto Twitter. One such comment was from Jahon Jamali, the CEO of American Crypto Academy, who believes explaining “the value proposition more than the technology,” will definitely ring a bell with many people.

I’ve been saying this from day one.

– Avoid technologically intimating language;
– Explain the value proposition more than the technology;
– Scrap the condescension.

This is a belief system in its totality.

Preach in the vernacular of the flock you’re trying to convert.

— Jahon Jamali 😎🇺🇸 (@JahonJamali) April 13, 2023

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• Uniswap V3 recorded a 208% jump in liquidity in Q1.
• Coinbase and Binance saw declines of – 6.35% and -13.4% respectively amid regulatory pressures.
• The depeg of USDC and collapse of Silicon Valley Bank also highlighted the pressure events in the quarter.

Uniswap, the largest decentralised exchange (DEX) platform, recorded a significant boost in liquidity during the first three months of 2023, compared to major centralised exchange (CEX) platforms Binance and Coinbase.

Other insights from a new market report include Bitcoin dominance rising to above 45%, Ethereum continuing its dominance in the DeFi space and Tether (USDT) accounting for over 60% of stablecoin transactions in the quarter.

Get the inside scoop on 2023 Q2 with our Outlook Report on macro trends, inflation & digital assets.

✔️ $BTC’s market dominance rises to 45.2%, highest since April 2021

✔️ $ETH dominates DeFi, TVL rises 52% to $76.8bn, market share increases to 72%

✔️ Centralised exchange…

— CCData (@CCData_io) April 14, 2023

CCData: impact of regulatory pressures on liquidity

The market outlook report by CCData highlights how market liquidity suffered from regulatory pressure in Q1, with the impact being on reduced liquidity for the world’s largest CEX platforms.

The first quarter was littered with various enforcement actions, lawsuits and settlements involving crypto exchanges. Coinbase reached a $100 million settlement with the NYDFS in February before receiving a Wells Notice from the SEC in March, while Binance was sued by the CFTC in March.

Other landmark regulatory pressure events in the quarter involved Gemini, Kraken, KuCoin and CoinEx, and further market uncertainty as the stablecoin USDC briefly depegged sucking liquidity from centralised exchanges.

Unswap V3 saw a 208% jump in liquidity as CEX platforms registered declines

Comparing ETH liquidity on Uniswap to that of Binance and Coinbase during the quarter for instance, shows Uniswap V3’s liquidity increased substantially. CCData, in their 2023 Quarter 2 Outlook Report, found that Uniswap V3 recorded an impressive 208% surge in liquidity.

Meanwhile, Coinbase and Binance registered declines of – 6.35% and -13.4% respectively. According to CCData, the boost in liquidity for the DEX platform can be attributed to prevailing market conditions that saw participants try to capitalise on USDC’s depeg by pushing liquidity into pools like the ETH-USDC.

On-chain data shows a noteworthy drop in the 1% market depth for the top trading pairs BTC-USD and BTC-USDT. Liquidity declined to its lowest level for USD and USDT on 26 March as the impact of the collapse of Silvergate Bank, Signature Bank and Silicon Valley Bank (SVB) hit the crypto industry.

CCData researchers also note that low liquidity and trading volumes had a noticeable impact on centralised exchange reserves. Uncertainty saw exchange reserves fall to the lowest level since 2020, before seeing a slight improvement in March, according to the report.

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