Schlagwort: blockchain markets

• TON Foundation partners with Curve Finance to launch a stablecoin swap project.
• The stablecoin swap project will use Curve’s CFMM tech to reduce volatility and slippage for TON stablecoin trades.
• The project will be developed by an independent team under Curve’s Michael Egorov.

The TON Foundation has partnered with Curve Finance, a decentralized exchange (DEX), to launch a TON-based stable swap project. In a blog post announcing the partnership, TON Foundation, a nonprofit organization dedicated to advancing the Open Network (TON) blockchain, described it as a major step towards making stablecoin trading more accessible.

The new TON-based stable swap project aims at enhancing the trading experience for stablecoin swaps on The Open Network blockchain, using Curve Finance’s Constant Function Market Maker (CFMM) technology.

Reducing slippage and price volatility for stablecoin trades

This partnership is particularly noteworthy as projects seeking to use Curve Finance’s technology are typically required to obtain a license.

By integrating Curve Finance’s CFMM technology, renowned for minimizing the price impact on swaps between stablecoins and equivalent assets, the TON-based stable swap project is expected to offer users more efficient trading with less friction.

It will improve liquidity and reduce price volatility and slippage for stablecoin trades within the TON ecosystem.

By offering this innovative stable swap solution, the TON Foundation aims to enhance the broader adoption of its blockchain, while accelerating the growth of stablecoin trading.

Curve Finance’s founder to oversee the project’s development

The project, which will be developed by an independent team selected through a transparent process, will be overseen by Curve Finance’s founder, Michael Egorov, who will act as an advisor.

Egorov will assist the selected team in protocol mechanics and growth strategies.

The independent team will also be granted the rights to implement Curve’s CFMM formula in the new stable swap project, with a portion of the project’s tokens airdropped to eligible users.

The TON-based stable swap initiative marks a milestone in both platforms’ expansion, reinforcing the importance of stablecoins and low-slippage trading in the evolving DeFi landscape.

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• BitGo launches a unified platform for Web3 token management and compliance.
• Major protocols like Worldcoin and Sui are already using BitGo’s new solution.
• BitGo is also the custodian for 21Shares’ US Spot Bitcoin and Ethereum ETFs and remains key in Wrapped Bitcoin (WBTC).

BitGo, a prominent cryptocurrency custodian based in the United States, has launched Token Management platform, a comprehensive digital asset management platform designed specifically for Web3 protocols.

This new offering, aimed at transforming how protocols handle token custody, distribution, and liquidation, promises to streamline the management of native tokens in a compliant and secure manner.

BitGo’s Token Management platform

The Token Management platform, as detailed in BitGo’s announcement, addresses the complexities and risks associated with Web3 token operations. It provides an end-to-end solution that encompasses token vesting, liquidity management, token unlocks, and staking.

By integrating these functions into a unified system, BitGo aims to eliminate the fragmentation and associated risks of using multiple, disjointed tools for token management.

The platform already supports major protocols such as Worldcoin, Sui, and LayerZero, highlighting its appeal to leading projects in the crypto space. Its automated processes are designed to offer a compliant, insured environment that upholds BitGo’s high standards of custodianship, thereby enhancing security and reducing the operational complexities faced by Web3 organizations.

BitGo diversification efforts

In addition to the new token management solution, BitGo has recently solidified its presence in the crypto ETF market.

21Shares has selected the firm to serve as the custodian for its US Spot ETFs, including the ARK Bitcoin ETF and Core Ethereum ETF. This role further underscores BitGo’s growing influence and its commitment to providing reliable custody solutions for institutional investors.

BitGo also continues to play a crucial role in the custody of Wrapped Bitcoin (WBTC), a token that facilitates Bitcoin’s participation in decentralized finance (DeFi). Despite recent controversies surrounding WBTC, including diversification efforts and the introduction of competing products like 21BTC, BitGo remains a key player in this space.

With its new platform and expanded services, BitGo is poised to offer innovative solutions that cater to the evolving needs of digital asset management and Web3 protocols.

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• Tether (USDT) market share has risen to 75%, up from 55% in two years.
• Tether generated $400 million in revenue in the last 30 days.
• USDT on crypto exchanges hit a record $20.3 billion in August 2024.

Tether (USDT), the world’s largest stablecoin, now commands over 75% of the stablecoin market, a rise of 20% in just two years. This growth reflects increasing adoption of USDT as a primary bridge between fiat currency and cryptocurrency.

With a USDT supply of $118 billion, Tether has seen rapid expansion, supported by strong financial performance and strategic advancements.

Tether’s surging market share

According to data from Token Terminal, Tether’s market share in the stablecoin sector has surged from 55% to 75% over the past two years.

ICYMI: @Tether_to has grown its market share from 55% to 75% over the past 2 years.

1) Tether’s USDT supply is $118 billion
2) Tether’s market share is 75%
3) Tether has made (an estimated) $400 million in revenue in the past 30 days pic.twitter.com/IFxXGY0UYg

— Token Terminal | @ TOKEN2049 🇸🇬📊 (@tokenterminal) September 16, 2024

With a USDT supply of $118 billion, this growth solidifies Tether’s dominance in the market, as its stablecoin has become a crucial tool for investors transitioning between fiat currencies and cryptocurrencies.

The firm’s significant revenue generation supports this rise. In the 30 days leading up to September 16, 2024, Tether generated an impressive $400 million in revenue. This follows a record-breaking first quarter of 2024, where the company netted over $5.2 billion in profits.

Notably, $3.52 billion of this profit came from Tether’s investments in Bitcoin and gold, while $1 billion was derived from operating profits.

These figures emphasize Tether’s ability to generate value beyond its core stablecoin business, particularly through strategic asset allocations.

As Tether continues to expand, the company is focusing on building a stronger compliance team. It has set a target to double its workforce by mid-2025, with a particular emphasis on hiring compliance specialists.

This move coincides with the recent appointment of Jesse Spiro, PayPal’s former head of regulatory relations, to strengthen its government affairs team, signalling Tether’s commitment to long-term stability and regulatory compliance.

USDT on exchanges hits record high

Another significant indicator of Tether’s growth is the USDT balance on crypto exchanges, which reached a record $20.3 billion in August 2024. This marks a notable milestone, as traders stockpile USDT for potential market opportunities.

In bearish conditions, investors often convert their volatile crypto assets into stablecoins like USDT to shield their portfolios from uncertainty.

Conversely, in bullish phases, the accumulation of stablecoins suggests a readiness to invest in cryptocurrencies when prices dip.

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There is some activity in the crypto market as some heavyweights emerge with surging momentum. You may have noticed the recent headlines surrounding Ripple (XRP), Ethereum (ETH), and the new boy on the block, Rexas Finance (RXS), all due to their upside prospects. Let’s explore why some analysts believe these tokens might be worth our attention.

Ripple (XRP): Eyeing the $1 Barrier?

Ripple (XRP) has recently experienced impressive growth and is currently trading around $0.58. This movement is buoyed by the fact that the coin is maintaining well above the important support zones at $0.40. The benchmark of $0.40 continues to hold firm as a good bottom from where, up to now, it has been easier for XRP to move upwards.

All eyes are now set on a potential breakout above $0.60, with some analysts expecting that trend to serve as a trigger for XRP to move past the $1 territory.

Ethereum (ETH): On Track for a New ATH in Q1?

The second largest cryptocurrency by market capitalization, ETH, could break its All-Time High (ATH) in Q1 2025, according to several analysts.

A number of factors have shaped positive sentiments towards Ethereum’s market potential, including the evolution of its ecosystem and some major technical improvements. A predicted bull run towards the end of 2024 could also reinforce this positive sentiment around Ethereum, possibly driving its value to new heights.

Rexas Finance (RXS): Revolutionizing the RWA Market

The finance holding company Rexas Finance (RXS) is a young disruptor within the sphere of asset tokenization. In the very first week of its presale, Rexas Finance raised nearly $600,000, highlighting the growing interest in this RWA token and underscoring why a number of analysts are indicating their growing confidence in RXS’s growth potential. 

In its ongoing presale, RXS tokens have moved from Stage 1 to Stage 2, with the cost of the token now standing at $0.040. This means early-stage investors who bought back at $0.030 during stage 1 have seen a lucrative 33.3% appreciation already. This amazing head start underpins the promise of the project and the fact that investors are positioning themselves ready to catch the next biggest opportunity in the cryptocurrency space.

Rexas Finance aims to democratize the purchase of real estate investments anywhere in the world. Picture being able to buy such real estate in New York, Paris, or Tokyo while sitting in your living room. Because of Rexas Finance’s platform, people can purchase fractional parts of the whole property or equity depending on how much they are willing to invest. The strategy shifts the paradigm from exclusive to inclusive, by enabling middle-income earners to invest alongside high new worth investors. 

What This Means for Investors

The Ripple story, the narrative of Ethereum, and that of Rexas Finance – they all hold out the possibility of outsized gains according to a growing number of crypto insiders. So, be it the next step by Ripple, be it the next peak by Ethereum, or be it the out-of-the-box thinking Rexas Finance, there are likely to be some solid opportunities for would-be investors during the looming crypto bull run. 

For more information about Rexas Finance (RXS) visit the links below:

Website: https://rexas.com

Whitepaper: https://rexas.com/rexas-whitepaper.pdf

Twitter/X: https://x.com/rexasfinance

Telegram: https://t.me/rexasfinance

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• Hedera announced it had joined the Linux Foundation Decentralized Trust project as a founding member.
• The initiative includes contributing its entire source code to the LF Decentralized Trust.
• HBAR price traded largely lower amid the news, although it was signalling a potential uptick.

Hedera has joined the Linux Foundation’s newly launched Decentralized Trust project as a founding premier member, according to a news release published on Sept. 16.

But Hedera hasn’t just become a member of the LF Decentralized Trust.

Per the details shared in the company blog, the blockchain platform has taken a bigger step in promoting decentralization in the blockchain and crypto space. That’s by contributing its entire source code, including the Hashgraph consensus algorithm and its network’s core services, to the Linux Foundation.

The Hiero initiaive

Charles Adkins, the president of Hedera, said that this new direction for the blockchain ecosystem will evolve via a new project named Hiero.

The new project begins the next innovation chapter for Hedera and the broader ecosystem, driving key applications such as wallets, cryptographic solutions, decentralized exchanges and software development kit, or SDK.

As well as contributing code, Hedera joins LF Decentralized Trust’s governing board, which also comprises Accenture, DTCC, and Hitachi.

What next for Hedera?

According to Adkins, the Hedera Council will continue to handle the network’s governance.

“Our commitment to the Hedera ecosystem remains unwavering. While Hedera’s code now benefits from the stewardship and vast resources of the Linux Foundation, the operational governance of the Hedera network remains with the Hedera Council,” Adkins wrote.

Benefits of the transition include security, integrity and decentralization. It also provides for a robust ecosystem for developers.

Hedera’s contribution to the Linux Foundation, adds to the platform’s participation in the Decentralized Recovery Alliance. Hedera joined DeRec Alliance alongside Cardano’s IOHK in early September.

HBAR, the native token of the Hedera ecosystem, traded around $0.05 at the time of writing. The altcoin’s value was down 2.8% in the past 24 hours.

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