Kategorie: Crypto Markets

• Fluidity Money seeks to incentivize blockchain use by rewarding users when they use their crypto.
• The platform is offering a cashback system employing a new yield-generating mechanism.
• Cashback payouts are currently in stablecoins like USDT and USDC.

DeFi protocol Fluidity Money has announced a cashback program that will see businesses reward their customers when they pay for goods and services using crypto.

The goal is to incentivize more people into using their crypto for payments by rewarding them whenever they do so. According to Fluidity, the “spend-to-earn” program is a collaboration with enterprise crypto payments app Request Finance.

Cashback payouts in stablecoins

Fluidity says the new cashback program will also allow merchants to earn rewards when they integrate crypto payments.

“Request Finance helps thousands of enterprise teams and DAOs use stablecoins easily. We wanted to work with them to introduce this cashback program as a fun way of rewarding people for using stablecoins for payments”, Shahmeer Chaudhry, the CEO at Fluidity Money, said.

The program will work by offering a reward in stablecoin, like Tether, every time a sender or recipient uses the app. Users will benefit from a loyalty program that doesn’t eat into the cashback via huge interchange fees, as is the case with credit card-type programs.

Distribution of the cashback rewards will be random, with payments sent to users’ wallet, the platform said.

While support is currently for stablecoin payouts, Fluidity Money plans to expand the program to other loyalty offerings, and could add non-fungible tokens (NFTs) and other rewards at a later date. In this case, Request Finance will offer the rewards depending on the type of NFT. 

Payouts from NFT-related deals will include tickets to token-gated offerings, air miles, and digital collectibles.

How does Fluidity Money work?

Fluidity Money works with wrapped stablecoins,  or what’s called “Fluid Assets.” To obtain these fluid assets, stablecoins such as USD Coin (USDC) and Tether (USDT) are deposited into the Fluidity Webapp. The stablecoins are then wrapped to generate the cashback rewards.

Minting any Fluidity stablecoins requires that one deposits an equivalent amount of USDC or USDT into a smart contract, with these lent out to DeFi protocols for yield generation.

Fluidity smart contracts are audited by Bramah Systems and 80% of the yield from protocols like Compound goes into the cashback program.

The post Fluidity launches cashback program on crypto payment app Request Finance appeared first on CoinJournal.

• PlutusDAO price rose to a new all-time high of $1.42.
• The PLS token has spiked 41% in the past 24 hours and 170% this past week.
• PlutusDAO announced the launch of plsRDNT on Arbitrum, making it easy for holders to earn RDNT.

As cryptocurrencies look to bounce higher on Tuesday, PlutusDAO (PLS) price has skyrocketed 170% in the past seven days, with the Arbitrum-native Layer 2 governance platform seeing massive network activity. According to data from CoinGecko, the price of PlutusDAO’s native token has spiked over 41% in the past 24 hours.

Data showed PLS price rose to $1.42 on Tuesday 21 March 2023, the token’s new all-time high. PLS/USD traded at $1.38 on Tuesday afternoon, having changed hands around $0.95 earlier in the day.

PlutusDAO price: Why PLS rose 170% this week

Per CoinGecko, the decentralised network had recorded a 50% surge in trading volume in 24 hours, with over $1,700,800 worth of PLS traded so far on the day.

The spike suggests a surge in market activity. Notably, the price soared after PlutusDAO announced it had added plsRDNT, the fourth asset in its product range. The new plsAsset is for the native token on Radiant, a money-market protocol on the Arbitrum network.

“We’re excited to announce that $plsRDNT is now live on #Arbitrum! The best cross-chain money-market in crypto just got a massive upgrade – users can now earn max-locked yield without having to lock their tokens!” the PlutusDAO team tweeted.

Given PlutusDAO’s attractive rewards system for plsAsset stakers, the hype around Arbitrum looks to have aided an uptick in user activity. RDNT holders can now tap into the benefits of liquid staking via the PLS platform and earn rewards from Radiant.

In a blog post, PlutusDAO said plsRDNT stakers can earn from three possible fees sources —underlying locked liquidity tokens (dLPs), PLS emissions and from dLP-boosted plvRDNT, a new vault product on Radiant.

The post PlutusDAO skyrockets 41% to new ATH amid spike in network activity appeared first on CoinJournal.

• At press time, IOTX was trading at $0.0261, up 1.02%.
• The recently passed proposal will introduce ether liquid staking derivatives.
• The proposal also adds native support for representing staking buckets as NFTs on IoTeX.

The IoTeX governance community has voted for the 13th improvement proposal (IIP-13) which among other things introduces Ether liquid staking derivatives. 97% of IOTX token holders participating in the vote voted in favour of the proposal.

IoTeX (IOTX) price reacted to the development by turning bullish after three days of a bear market. The token is now trading at the same level where it was trading on March 18.

What the IoTeX IIP-13 proposal introduces

To start with, 141 million IOTX tokens were staked in favour of the IIP-13 proposal, which considerably increases the IOTX staking ratio and enhances network security since it has increased the number of validators on the blockchain.

The IIP-13 proposal also adds support to represent staking buckets as NFTs to allow liquid staking protocols to manage their stakes using smart contracts. This will allow dApp developers to easily and quickly launch liquid staking dApps and improve the network’s use cases and also contribute to the value proposition of the IOTX token, which the top 10 richest IOTX addresses hold 89.87% of all available token supply according to data from CoinLore.

Prior to the passing of the proposal, staking on IoTeX was done directly on the network without connecting to smart contracts. Introducing liquid will among the many mentioned things also place the IoTeX blockchain among the leading DeFi protocols.

Some of the liquid staking protocols like Lido have performed so well this year with its native token, the Lido DAO (LDO) price appreciating by more than 200% in the last three months.

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• OMG price has fallen to lows of $1.85 after rejecting around $2.50.
• The 15% dip is likely due to profit taking, a scenario that threatens flipping momentum to the bears.
• Technical indicators suggest bulls need to hold at current levels or risk retreating to primary support near $1.68.

OMG Network price rose to its highest price level since August 2022 late last week, hitting highs of $2.50 on major exchanges. The price surge for OMG happened as bulls capitalised on positive crypto sentiment amid turmoil in the banking sector, with prices rising significantly over the weekend.

The coin has also pumped despite recent delisting news from Coinbase.

But while OMG/USD remains more than 32% higher in the seven-day timeframe, it has dipped over 15% in the past 24 hours. At the time of writing, OMG was trading around $1.89, with its bullish momentum at risk should bears manage to short term strengthenig.

OMG price daily price outlook

Profit taking deals appear to be behind OMG price retreating sharply in the past few hours. As seen on the daily chart below, OMG’s failure to breach resistance at $2.50 has seen it retrace to lows of $1.85 (data from TradingView).

The daily RSI is dipping towards the middle line to suggest weakness from bulls. In this case, bulls have to hold support at $1.80 to prevent further losses. If the bearish scenario persists, its likely OMG will revisit demand zones at the 200 EMA (near $1.68). 

The 50-day EMA could offer another anchor around $1.56.

On the 4-hour chart, OMG is facing an old resistance level from February around $2.00, while bulls must hold above the highlighted orange zone to prevent further bloodbath. As can be seen below, the 4-hour RSI has flatlined near the middle line to suggest bulls are trying to take control fresh buy OMG deals.

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• Estonia’s Financial Investigation Unit (FIU) has introduced new crypto legislation.
• 90% of platforms are at risk of losing their license or being forced to relocate under the new laws.
• Among other things, cryptocurrency providers must have a local base in Estonia.

The Estonian-based crypto startup, CryptoWallet, has renewed its virtual asset provider license to conform to the new digital assets legislation in Estonia.

Estonia’s Financial Investigation Unit (FIU) has introduced new laws targeting digital currency platforms after poor management, financial risk, and fraud concerns among crypto service providers especially following the various crypto collapses in the recent past.

New Estonia crypto regulation

Under the previous crypto regulation, more than 55% of cryptocurrency service providers around the world licensed outside Estonia could still practice in Estonia. The crypto services providers were also only required to hold €12,000 in capital reserves.

However, under the new laws, about 90% of the crypto platforms offering services in Estonia are at risk of losing their license or being forced to move out of the country.

The new laws require crypto service providers to have €250,000 held in capital reserves to prevent financial mismanagement. The service providers should also be based in Estonia and should introduce stricter KYC and AML checks besides showing viable business products and strategies.

Commenting on CryptoWallet’s license renewal, the startup’s COO Aleksander Smirmin said:

“This sought-after license, once again awarded by the FIU, is the culmination of years of hard work and dedication by the CryptoWallet team. We are fully compliant, have the required shared capital, and are launching products that will enhance our users’ lives.”

CryptoWallet to launch a crypto card

CryptoWallet aims at leveraging its license to operate in the country to launch a crypto card that will support 800 cryptocurrencies later this year.

The new FIU regulations are aimed at preventing fraud, ensuring compliance and transparency within the crypto space and creating a safer and more competitive industry.

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