Kategorie: Crypto News

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MakerDAO community leader proposes the governance token, MKR, to be replaced

The MakerDAO community leader ‚monet-supply‘ on March 14 made a proposal on the MakerDAO forum outlining an alternate token economic mechanism. The proposal seeks to introduce a new token stkMKR to replace the current governance token, MKR.

If the proposal goes through, it shall present a tokenomics shift in MakerDAO.

Immediately the proposal was made, the community erupted and very many responses were made and most of them were in support of the proposal.

Following the development, the proposal will need to be passed as a MIP (Maker Improvement Proposal) for it to be voted by the MKR holders, a process that takes two weeks.

What the proposal seeks to address

The proposal seeks to address several issues affecting the current MakerDAO tokenomics that use the “buyback and burn” mechanism. Monet-supply said that the proposal shall address issues like lack of targeted incentives since all the capital is returned to the MKR holder through the buyback and burn mechanism.

Monet also says that the current system has limited deterrence against governance attacks especially when it comes to voting manipulation.

The proposed solution

Besides an overhaul of the tockenomics mechanism, the ‚monet-supply‘ proposal proposes introducing a new token stkMKR to replace the MKR as the governance token of the MakerDAO.

According to the proposal, the stkMKR token shall act as a bonding or staking token and shall be issued to those who deposit MKR for governance purposes only.

A section of the proposal reads:

“stkMKR will be non-transferable and represents MKR staked in governance. Staked tokenholders will receive a share of MKR tokens purchased through surplus auctions, so stkMKR will be backed by an increasing amount of MKR over time.”

The post MakerDAO community leader proposes the governance token, MKR, to be replaced appeared first on Coin Journal.

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Aave launches V3 of its DeFi protocol, expands to six blockchains

Aave V3 sees the leading DeFi lender expand beyond Avalanche, Ethereum, and Polygon.

Aave, one of the leading decentralized finance (DeFi) platforms in the market, has announced V3 of its protocol.

The third version sees Aave expand its liquidity pool to six other blockchains, the platform said in a release.

As per the announcement, V3 going live allows access to the lending protocol’s features to Avalanche, Polygon, Fantom, Optimism, Harmony and Arbitrium. Other than these six blockchains, Aave is set to deploy the latest iteration of its protocol to the Ethereum mainnet.

„Aave V3 is the result of continuous iteration resulting from community involvement and ecosystem growth,“ said Stani Kulechov, founder and CEO of Aave Companies. 

On what next for the DeFi protocol, Kulechov added:

“V3 brings new and existing Aave community members to participate in the Aave DAO, which will continue to shape the future of DeFi.”

What’s new with Aave V3?

According to Aave, “V3 brings groundbreaking new features that span from increased capital efficiency to enhanced decentralisation.”

Among the new features, Aave users will benefit from enhanced cross-chain asset flow and a 20-25% reduction in transaction costs via gas optimisation. An “isolation mode” will enhance security, while high efficiency will unlock the user’s ability to access even higher borrowing.

Compatibility with different blockchains means DeFi investors on the protocol can seamlessly deposit and borrow assets from one network to another.

For example, a user could deposit on the Polygon chain and proceed to borrow on the Avalanche network. If they wish, they could repay the loan on another blockchain, say Ethereum.

“Along with the launch of V3, there’s also a fully redesigned & refreshed Aave app on IPFS where users will be able to access simplified transaction flows, enjoy faster load times, & gain enhanced visibility into their holdings,” the platform said in the announcement.

Users can also access Aave V3 via multiple wallet integrations, including Instadapp, 1inch, DeFiSaver and ParaSwap.

The post Aave launches V3 of its DeFi protocol, expands to six blockchains appeared first on Coin Journal.

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The Sandbox metaverse token SAND jumps 10% on Paris Hilton and HSBC bank partnership news

The Sandbox, a gaming platform launched on the Ethereum blockchain to leverage non-fungible tokens (NFTs) and cryptocurrencies, has become the center of attraction for big brands venturing into the metaverse.

As a result, the price of its native token, SAND, has started rising again. Today, for example, saw the price of SAND jump 10% to trade at $2.97 after the HSDC bank and American celebrity Paris Hilton choose The Sandbox for their metaverse debut.

However, SAND still remains 65% below the all-time high it set in November 2021.

HSBC partnership with The Sandbox

This morning, HSBC, Europe’s second-largest bank, announced its new partnership with The Sandbox platform.

HSBC aims to buy some virtual plots of LAND on The Sandbox that can be used by the bank’s customers to create gaming activities and build different esports.

In a prepared statement HSBC’s Asia-Pacific branch chief marketing officer Suresh Balaji said:

„Through our partnership with The Sandbox, we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers…. We’re excited to be working with our sports partners, brand ambassadors, and Animoca Brands to co-create experiences that are educational, inclusive, and accessible.“

Animoca Brands Company has been the one behind the success of The Sandbox and has invested a lot in gaming and cryptos. The main difference between The Sandbox and the other popular platforms like Minecraft or Roblox is that in The Sandbox, players can customize the platform designs, avatars, and objects, and virtual land plots can also be bought or sold.

Paris Hilton featured on The Sandbox SXSW concert

On Tuesday night, Paris Hilton, an American celebrity, also initiated her partnership with The Sandbox in this year’s SXSW festival concert that was held virtually by The Sandbox.

In a press release she said:

„I am a huge believer in the metaverse and the way web3 technologies are empowering creators, gamers, and artists…It’s such an important movement and community that I’m proud to be a part of. I can’t wait for people to see what amazing experiences The Sandbox and I bring together to the metaverse.“

The rising metaverse adoption among corporations

The rising popularity of metaverse within the virtual world has attracted major corporations.  A good example is Facebook which was rebranded to Meta by the Zuckerberg social media empire with the desire to own metaverse.

Other brands like Red Bull, Walmart, Nike, McDonald’s are also filling trademarks with terms like ‘NFTs’ and ‘cryptocurrencies’ for use in virtual worlds, where their metaverse is likely to be tokenized.

We have also seen major celebrities and companies venture into the metaverse either by creating virtual headquarters or minting and selling NFTs.

The post The Sandbox metaverse token SAND jumps 10% on Paris Hilton and HSBC bank partnership news appeared first on Coin Journal.

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Cosplay Token gets listed in two major exchanges in Japan – Here is what to expect

The Cosplay Token (COT) has been listed in two major exchanges in Japan over the last few days. This was done simultaneously. It is a big move for the token in an effort to get more visibility. Here is what we know so far:

  • The COT token was listed on Zaif and the SAKURA exchange

  • Both these exchanges are in Japan, one of the leading crypto and cosplay markets.

  • At the time of writing, Cosplay (COT) was trading at $0.194462, up about 10%.

Data Source: Coingecko 

Cosplay Token (COT) – What to expect from the listing

In most cases, listings are always good for tokens. After all, if coins are available in some of the leading exchanges, it’s easier for potential investors to buy them. The fact that COT is getting listed in Japan is a huge plus. Japan is one of the biggest crypto and cosplay markets. 

News of the listing seems to encourage investors to buy up COT. At press time, the coin had actually gained some ground. It was trading at $0.194462, up 10% for the day. 

The listings on Zaif and SAKURA are now live. As more details on the listing hit, the coin will become widely available in the next 24 hours. We can expect to see some positive price action in the coming days. 

Should you consider Cosplay Token (COT)

The Cosplay Token (COT) is not one of the biggest crypto assets out there. In fact, it’s a niche-specific token that looks to target the $45 billion cosplay industry. 

It is however getting some traction. While we don’t expect it to make 100x in the near term, there is still some upside here for decent short-term gains. For investors willing to take a chance, buy it now.

The post Cosplay Token gets listed in two major exchanges in Japan – Here is what to expect appeared first on Coin Journal.

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Highlights March 16: Cryptos in the green, US markets higher

The crypto markets were mostly higher this morning, with the majority of the top 10 cryptos registering gains over the past 24 hours. 

US stocks bounced back yesterday, with beaten-down tech firms leading the way. Investors will be closely following a few major releases coming out of the US today.

At 12:30 GMT, the Census Bureau will announce retail and core retail sales. At 18:00 GMT, the Federal Reserve will release its FOMC Economic Projections, FOMC Statement and Federal Funds Rate, followed by FOMC press conference at 18:30.

Top cryptos

Bitcoin climbed around 1%, trading above $39,000 at time of writing. Ethereum was up around 3%, and Cardano saw small gains while XRP recorded small losses.

Top movers

The Graph added 17% to its value. Its price has been rebounding recently, which may be due to the ongoing migration to its platform. Graph developers note that many Ethereum builders are embracing its network.

1inch has broken through the resistance line. The 99th biggest coin gained 16% today.  

Waves gained another 15%. With the unceasing support of the global community, the cryptocurrency created by Ukrainian-born Alexander Ivanov reached 39th position by market cap size. It’s currently trading for around $29.

eToro has listed Theta and Fantom. Fantom is up 16% today, but Theta Network’s gains are more moderate.  

Other winners include BAT (+11%), Chainlink, AAVE, and SAND (each +9%), UniSwap (+8%), and Elrond (10%).  

The ThorChain price bounced back a few days ago after the developers launched a series of new features, including synthetic assets, the THORFi platform, and more. RUNE, its native token, was trading at $7 yesterday, which is about 126% above the lowest level this year. 

Despite the current jump, the coin is in a bearish trend, which is expected to continue in the coming days. It has lost 12% of its value in the last 24 h.

Trending

The native token of COVID Cutter (CVC), the first ever themed play-to-earn, Web3.0 and blockchain-enabled game project, gained 709% today.

The post Highlights March 16: Cryptos in the green, US markets higher appeared first on Coin Journal.