Kategorie: Crypto Markets

Mike Novogratz says centralized crypto companies like Celsius and BlockFi have exposed the rot that decentralization in crypto sought to remove.

Cryptocurrencies are almost done with the turbulence of the massive deleveraging that has swept through the market wiping out more than $2 trillion of value, says Galaxy Digital CEO Mike Novogratz.

Speaking in a CNBC ‘Squawk Box’ interview on Thursday, the investor talked of the current market outlook as suggesting the worst of it is almost done.

However, while most of the sell-off momentum appears spent, after the “receding tide” revealed just how massively some centralized companies were leveraged, everything will need to calm down before prices begin to go higher again.

Novogratz says meantime, crypto prices might continue to hover sideways or even see fresh downsides until the Fed flinches or new capital comes into the market.

“Can we go lower? Of course we could,” he told CNBC. “It feels that we’re 90% through that deleveraging, but the problem is for you to go much higher, you need the narrative to re-pick and you need new capital to come in.”

„Can we go lower? Of course we could. It feels that we’re 90% through that deleveraging,“ says @novogratz on #crypto. „The problem is for you to go much higher, you need the narrative to go much higher and you need new capital to come in.“ pic.twitter.com/aoWFcorWhX

— Squawk Box (@SquawkCNBC) July 7, 2022

Novogratz blast some centralized crypto companies 

Commenting on the woes facing some of the crypto companies, the Galaxy Digital CEO says he expects investigations and even prosecutions over gross misconduct.

He says decentralized companies in crypto like Compound or Aave have functioned “as they were meant to,” with transparency and such.

However, it’s centralized firms that have come in and operated opaquely, leading to all the massive leveraging and interlending that is now pushing most into bankruptcy.

“Look at Celsius for example, no one knew how much leverage they had. Or Three Arrows Capital. I think when all is said and done there will be accusations and prosecutions for fraud. There will be gross misconduct, you know, in some of these companies.”

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DeFiChain is a blockchain platform that’s helping boost the world of decentralized finance (DeFi) on the world’s leading blockchain network Bitcoin.

Growth trends in the decentralized finance (DeFi) space point towards a new phase of next generation decentralized applications (dApps), as blockchain technology’s application expands across products and services.

DeFiChain, the decentralized blockchain platform seeking to bring the benefits of decentralized finance (DeFi) to Bitcoin, is one such project. But why are dApps developers’ interest in building on DeFiChain growing? 

Here are some of the key reasons as to why this is increasingly the case.

Build DeFi dApps anchored on the most secure blockchain network

DeFiChain leverages Bitcoin’s security and provenance to offer the best of blockchain to DeFi developers and users. Its security is anchored on the pioneer blockchain, even as it uses a native network mechanism to allow for smart contract functionality, scalability and high throughput. 

DeFi comes alive with DeFiChain due to its leveraging of the Bitcoin blockchain – provably secure records that can easily be checked on the blockchain and a robust community of users add to the mix of what secure smart contracts can help achieve for builders and users.

A carbon-neutral network

While DeFiChain taps into Bitcoin’s security, it remains a proof-of-stake network – which is a more energy efficient consensus mechanism and one that has helped DeFiChain achieve carbon neutral status well ahead of so many other platforms in the ecosystem. 

The DeFiChain network also continues to work on offsetting CO2 emissions that come with the daily activities on the network. 

As Bitcoin miners increasingly adopt and use renewable energy to secure the network, DeFiChain is already offering what major blockchains in the POS category, including the ‘transitioning’ Ethereum, are struggling to achieve.

DeFiChain is community-owned and community-driven

Decentralization is a critical cog of the DeFi ecosystem, but this aspect is often not seen to apply in reality when it comes to some platforms. This is because core developers, to a large extent, remain in control as they coordinate and lead network development. 

DeFiChain has no such loophole to a ‘centralized’ feel in a supposedly decentralized environment. The blockchain is entirely community-owned, and is open to DeFiChain Improvement Proposals (DFIPs) from anyone within the community.

Benefit from the DeFiChain accelerator

You have Bitcoin’s security, community-driven development and carbon neutrality as some of the reasons to take the DeFi journey via DeFiChain. However, there’s another one – the value of the native DeFiChain Accelerator. 

With the Accelerator feature, builders have the opportunity to benefit from tailored support, including financial, that can help jump start and propel a project to the next level of adoption. A recent report on DeFiChain growth shows the Accelerator program has played a huge role in injecting momentum into new dApps. The program is being expanded to cater to US-based developers – another big step in the effort to bring DeFi to Bitcoin.

Conclusion

DeFiChain offers a great ecosystem for any DeFi dApps developer, not least the leveraging of Bitcoin’s robust network security to protect both the teams bringing projects to the ecosystem and consumers looking to tap into the available opportunities. 

Just to put this into context, one of DeFi’s greatest concerns is security, with a growing number of breaches across different protocols highlighting this blot. As blockchain security firm Chainalysis pointed out in a recent report, more than 90% of crypto attacks in 2022 have been on DeFi protocols. 

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Bitwells, a leading crypto derivatives exchange, has launched a 100% deposit bonus for new signups in a program that will see the exchange give away a total of 777 bitcoins (BTC).

The promotion is geared toward rewarding those traders who deposit up to 10 BTC where a trader will be given a matching bonus equal to the amount he/she deposits.

If a user deposits, 1 BTC, for example, they will get a total of 2BTC credited to their account while a trader that deposits a maximum of 10 BTC will get 20 BTC credited to their account.

The move is aimed at establishing Bitwells as a leader in the field of crypto derivatives since the promotion is one of the most generous promotions within the industry.

Besides, it is an attractive opportunity for traders looking to benefit from intraday trades, especially at the moment when the crypto market is highly volatile.

How the deposit bonus works

Most importantly, the matching bonus is not withdrawable. However, it can be used as a margin to open bigger positions that entitle traders to higher profits if the market speculation is correct.

Any profit made when using the bonus as a margin is wholly withdrawable.

In essence, the bonus ensures the safety of the traders’ capital especially when the market goes against their speculation. Normally, without margin, the capital is easily wiped away if the market experiences large price swings.

Bitwells is a renowned crypto derivatives platform that offers 100X leverage on ETH, LTC, EOS, XRP, and BTC futures contracts and the matching bonus goes a long way in giving traders more exposure during trades.

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Equilibrium has announced Polygon integration as it aims to offer cross-chain DeFi solutions to both projects and users of the Polygon Network ecosystem. Following the integration, Equilibrium will allow Polygon users to leverage the innovations and advantages of the Equilibrium DeFi 2.0 platform.

Developers will also be able to build scalable solutions that feature cross-chain interoperability and communities of both parties will leverage the advantages of the integration.

Equilibrium and Polygon integration uses cases

Polygon’s integration with Equilibrium offers unlimited benefits to both sides. MATIC holders, for example, will be able to use their tokens to borrow assets on Equilibrium and the borrowed assets can be moved through the ecosystem and even exchanged on the decentralized exchange of Equilibrium.

Borrowers will require low collateralization of 105%, which is 20X the leverage.

Additionally, users will have the advantage of diversifying the risk of the volatile market and also get payable interest at the lowest possible rates. Users will even have the opportunity to go short on their MATIC holding using the same amount of ETH.

Following the integration, Equilibrium is planning to expand its reward program to users. Users will be able to easily earn an average APY of 10% to 20 %. Users earn APY in Equilibrium depending on the provided liquidity. The higher the provision the higher the APY.

Users will also be able to earn interest from their holdings by providing insurance to the network. The insurance comes in handy when circumstances cause panic among the community members.

Following the integration Polygon will drive the transaction fees to a fraction of a cent for cheaper movement of both crypto assets and stablecoins between partners.

Aave, which runs of Polygon, will allow users to use its AAVE tokens as collateral to borrow funds from Equilibrium.

The integration will also see JellySwap and Dfyn Network protocols allow their users to move assets to Equilibrium for locking in pools to earn interest.

Currently, the assets borrowed on Equilibrium are moved across the Polkadot ecosystem using the XCM Communications between Polkadot parachain. However, in the future, Equilibrium plans to EQD liquidity and EQ to the Polygon Chain as ERC20 compatible smart contracts.

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The crypto market is bullish as a whole, with most top 100 coins in the green at the time of writing. 

Top cryptos

Major cryptos registered small gains today. Top cryptos were led by Ethereum, which gained around 3.5%, followed by Solana, XRP, and Cardano, all adding more than 2%. 

Bitcoin was trading above $20,000 at the time of writing, up more than 1.5% over the past 24 hours. Cryptos outside the top 10 also fared well. The biggest gainers were Avalanche and FTX Token, each adding around 4-5%. 

Shiba Inu’s price has recently been in a consolidation phase, analysts report. Its developers will launch TREAT and SHI stablecoins, after which the token SHIB is expected to increase by more than 15%. 

Top movers

Outside the top 20, the tendency was similarly bullish, with most coins adding 2-4% to their value. Notable standouts include Convex Finance’s CVX. 

It’s up by just over 4% today, which isn’t that impressive. What’s more important is that its gains for the week are at 58%, the most of all top 100 coins.

Convex Finance lets people earn additional interest rewards in Curve Finance, a major entity in DeFi and a leading automated market maker (AMM). Curve makes it easy and affordable to exchange tokens. 

The price of CRV, Curve DAO’s native token, also rallied over the past few days. Curve Finance stands out from other AMMs due to its relatively lower fees to users. It also has lower impermanent loss and slippage.

Curve DAO is responsible for Curve Finance governance. The token of another AMM, Compound, is doing just as well, if not better. It has gained around 6% today. 

Storj is the biggest top 100 winner with gains of 18% today. Arq Backup, Mac client software, announced it offers Storj DCS as a native storage location.

The losers 

A few coins registered minor losses, such as Synthetix, Arweave, Kava, eCash, Cosmos, and TRON. After a brief rise, Terra’s new stablecoin TerraClassicUSD began declining. It has lost 12% of its value so far today.

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