Kategorie: Crypto Markets

• Fantom price soared by more than 17% early Tuesday as the DeFi platform’s market cap hit $500 million.
• Andre Cronje shared a breakdown of Fantom’s finances, stating that the platform is ‘cash flow positive’ with over $450 million.
• He revealed Fantom refused to pay millions to be listed on certain exchanges or deployed on NFT platforms.

Fantom (FTM) is up more than 26% in the past seven days, with double digit pops for the FTM token as well as other ecosystem tokens over the past 24 hours. The dash to buy Fantom pushed the token’s price above $0.215.

Fantom price jumps 17% as market cap hits $500 million

Data on CoinGecko shows Fantom price surged from a low of $0.178 on Tuesday morning, hitting intraday highs of $0.219 and a daily volume of more than $200 million. The cryptocurrency’s market cap rose above $500 million and was around $546 million as at 8:15 am ET.

Fantom projects such as Scream (CREAM) and Geist Finance (GEIST) were also trading higher.

Why did Fantom price surge?

The crypto market remains largely bearish, with recent events around the collapse of FTX and other platforms contributing to the jitters that have seen major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) hover near multi-month lows.

As for Fantom, although the latest upside has helped cut the DeFi token’s losses over the past 30 days to under 5%, a look at the charts shows the price of Fantom remains more than 93% down on its all-time high of $3.46 reached in late October 2021.

But what pushed the FTM price to its highest level since early November?

The answer is in a wave of fresh optimism sweeping through the Fantom ecosystem after a dose of great news regarding the financial state of the crypto company. In short, crypto developer Andre Cronje shared details that basically show Fantom is financially healthy.  

Fantom is ‘cash flow positive’

According to Cronje, Fantom’s treasury currently holds more than 450 million FTM, over $100 million in stablecoins, and more than $100 million in crypto assets. The DeFi platform also holds $50 million in non-crypto assets, giving the company approximately 30 years of runway even with a salary burn rate of $7 million a year.

And notably, Fantom won’t have to sell FTM to stay in the green financially for the next several years. With more than $10 million earned annually from validators, delegators, various DeFi strategies and network fees, Fantom is “cash flow positive” and scaling, Cronje noted.

On lessons learnt as multiple crypto projects file for bankruptcy, he wrote:

“If your entire revenue model is selling your token, you are doing a disservice to yourself, your blockchain, and your supporters.”

Cronje also revealed that Fantom had refused to part with millions of dollars in return for listings, partnerships and deployment on an NFT marketplace.

The post FTM price soars amid news on Fantom’s financial health appeared first on CoinJournal.

• Gavin Wood co-founded Ethereum, Polkadot and Parity Technologies among other top crypto platforms.
• He says FTX’s implosion offers a chance for crypto to go for “decentralised, trust-free technology.”
• Wood stepped down as CEO of Parity in October, announcing his decision allowed him to focus more on building Polkadot.

Gavin Wood, the co-founder of blockchain platform Polkadot, says FTX’s failure isn’t a precursor of what’s to come in the crypto sector. It doesn’t count for the future of cryptocurrency, (even if a setback). 

As for why, he says the collapsed exchange was a mismanaged platform that tried to hide behind a massive marketing strategy. 

FTX was a ‘mismanaged, heavily-marketed’ company

The FTX token has lost nearly 98% of its value in the past month, all because FTX happened and most people within crypto are extremely irritated that it did. Of particular concern has been the impact to millions of people who didn’t get out as it became clear the Sam Bankman-Fried led exchange was in trouble.

And then 130 FTX affiliated entities filed for bankruptcy – with all these coming just months after SBF had painted himself as crypto’s ‘white knight.’

But despite the contagion that has followed the FTX fiasco, Wood says the event is nowhere near being a ‘harbinger for crypto.’ 

According to the Polkadot co-founder, if there’s anything, FTX has demonstrated one thing: the cryptocurrency industry needs to work towards “better decentralised and trust-free technology.” Wood shared his sentiment on Friday.

“I’m sick of hearing crypto confused with a heavily-marketed centralised, mismanaged exchange. FTX’s failure is far from a harbinger of crypto. Quite the opposite: it’s a concrete demonstration of the need for more, better decentralised, trust-free technology.”

I’m sick of hearing crypto confused with a heavily-marketed centralised, mismanaged exchange. FTX’s failure is far from a harbinger of crypto. Quite the opposite: it’s a concrete demonstration of the need for more, better decentralised, trust-free technology.

— Gavin Wood (@gavofyork) November 25, 2022

Wood stepped down as CEO of Parity Technologies, the firm he co-founded and which is behind the development of Polkadot, in October this year.

As we highlighted, the Ethereum co-founder noted his move was to help him focus more on Polkadot. He is currently the Chief Architect at Parity. Wood is also the founder of Kusama and Web3 Foundation.

The post FTX’s failure is not a harbinger of crypto: Gavin Wood appeared first on CoinJournal.

• Jump Crypto, Polygon Ventures, and Justin Sun have indicated the desire to contribute to Binance’s recovery fund. 

• Genesis could file for bankruptcy if it fails to get funding as FTX’s collapse continues to affect more companies.

• Cardano’s algorithmic stablecoin will go live in 2023.

Binance’s $1 billion recovery fund off to a positive start

Binance, the world’s leading crypto exchange, announced earlier this week that it targets around $1 billion for its recently announced “industry recovery fund.” the company CEO Changpeng Zhao revealed that the fund’s wallet address would be public so that there would be transparency during the contribution phase.

A few companies have also announced their intention to contribute to the fund. Jump Crypto, Polygon Ventures, Aptos Labs, Tron DAO, Animoca Brands, GSR, and Kronos, all announced this week that they would be contributing to the industry fund. CZ added that these firms have agreed to contribute to the fund with an initial aggregate commitment of around $50 million. Binance said it expects more firms to join the fund as it has received over 150 applications so far.

FTX’s negative impact continues

It has been two weeks since FTX filed for bankruptcy, and the effects are already clear in the crypto market. Earlier this week, FTX-owned Liquid exchange, announced that it had halted trading activities on its platform. The Japanese-based exchange said its decision was due to the ongoing Chapter 11 bankruptcy proceedings of FTX.

Cryptocurrency lending platform Genesis also revealed earlier this week that it is facing a hard time raising funds to continue its operations. Failure to raise funds could see the company file for bankruptcy. Cryptocurrency exchange Binance has reportedly decided against investing in Genesis despite approaches from Digital Currency Group, Genesis’ parent company.

On its part, FTX had requested to hire BitGo to secure its assets as the bankruptcy procedure. The company wants to protect its assets from theft and hacks. In a separate filing earlier this week, FTX revealed that it has a cash balance of $1.24 billion. The money is far below the $3.1 billion FTX owes its top 50 creditors. 

Cardano’s algorithmic stablecoin will launch next year

COTI’s CEO, Shahaf Bar-Geffen, announced earlier this week that Djed, Cardano’s over-collateralised algorithmic stablecoin, will go live in January 2023 following a successful full audit.

The Cardano community has taken lessons from Terra’s collapse earlier this year and said it would implement a gradual and slow approach to providing ADA liquidity to the Djed smart contract. Following the launch of Djed, the stablecoin will be integrated with select top Cardano partners to enable more use cases. 

ConsenSys collects the IP addresses of MetaMask users 

Ethereum-focused software company ConsenSys updated its privacy policy earlier this week, revealing that it collects IP addresses and wallet address information of users who access the Ethereum wallet MetaMask. 

The company revealed that it collects the data using the blockchain infrastructure service, Infura. ConsenSys owns both Infura and MetaMask. ConsenSys explained that when users initiate blockchain transactions via their MetaMask wallets, it defaults to Infura. Infura then broadcasts the transaction to the Ethereum blockchain. Afterward, MetaMask connects to Infura via a remote call procedure service (RPC).

However, ConsenSys added that it doesn’t collect data from users who access MetaMask with alternative RPC providers like Ankr, Alchemy and others. 

The post This week in crypto: Binance’s $1 billion recovery fund already has contributors appeared first on CoinJournal.

South Korea’s largest crypto exchanges have stated that the WEMIX tokens in circulation supply exceed what Wemix had disclosed.

Key Takeaways

• South Korea’s largest crypto exchanges non-November 24 said they would terminate contract support for WEMIX.
• At press time the WEMIX token was trading at $0.3578 after a 24-hour drop of 77.12%.
• The exchanges had issued an investment warning on Oct. 27 alleging that there was more WEMIX in circulation than Wemix had disclosed.

Alleged false information by Wemix

Bithumb, Upbeat, Coinone, Korbit and Gopax, which are part of a collection of South Korea’s largest cryptocurrency exchanges called the Digital Asset eXchange Alliance (DAXA), announced yesterday (Nov. 24) that they would delist the WEMIX token. DAXA alleged Wemix, the firm behind the WEMIX token, provided false information in response to an investment warning that DAXA had issued in October.

According to the announcement by DAXA, WEMIX trading is set to end on December 8, 2022.

On October 27, DAXA issued an investment warning alleging that there were more WEMIX tokens in circulation than what Wemix had disclosed. In response to the allegations, Wemix had pledged to work with DAXA to alleviate the concerns.

Wemix response 

Immediately after the delisting news broke, Wemix Communication released a statement claiming it had responded to the concerns raised by DAXA and had corrected a number of issues concerning the circulation supply, the team said:

“The WEMIX team does not acknowledge or agree with the unreasonable decision made by the Digital Asset eXchange Alliance (DAXA)… It is crucial to note that the Foundation has not circulated a single WEMIX more than what we have officially disclosed thus far.”

Unfortunately, the market had already responded to the delisting news and the WEMIX token plunged by more than 70% within minutes of the news and it is still dropping.

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The price of BinaryX (BNX) cryptocurrency has been on a bullish trend for the last two days. Today’s surge however seems supported by news of BinaryX releasing the concept Art for its new free-to-play, play-to-own, open-world MMO game, CyberLand.

Key Takeaways

• BinaryX is a leading metaverse project on BNB Chain.
• The BinaryX (BNX) cryptocurrency has surged to hit a daily high of $173.67 today.
• BinaryX is working on an open-world MMO game called CyberLand.

The main catalyst behind today’s BNX price surge

As previously reported in a press release today, BinaryX, the GameFi platform behind play-to-earn games CyberDragon and CyberChess, both of which run on the BNB chain, has confirmed that it is working on a new free-to-play, play-to-own, open-world MMO game called CyberLand.

The news has reenergized the BinaryX (BNX) giving the cryptocurrency some oomph to surge ahead after a sudden dip on Tuesday (November 22, 2022) dip. The market took a sudden turn on Tuesday and BNX dropped to a low of $138.94 by Wednesday morning sparking fears among investors.

BNX however bounced back almost immediately starting Wednesday morning and has been on a promising bullish trend since then. The bullish streak seems to have been boosted by today’s confirmation that BinaryX is working on a new World Building MMO game.

At press time BNX was trading at around 171.22 after a slight pullback from a daily high of $173.67 up from a daily low of $155.72.

BinaryX is among the top projects on BNB

BinaryX started out as a decentralised derivative trading system before gradually evolving into developing a decentralised video game platform. The platform is now transitioning to becoming a GameFi platform offering IGO services bridging Web2 developers to Web3.

It is currently among the top ten projects on BNB Chain with a community of more than 100,000 coin holders and 17,000 monthly active wallets. It also doubles up as one of the largest metaverse projects on BNB Chain with a market cap of over $476 million.

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