Schlagwort: blockchain markets

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Lido now has the highest TVL in DeFi after overtaking MakerDAO

  • Lido has overtaken MakerDAO in TVL in DeFi by $0.05 billion.
  • At press time, Lido had $5.96b DeFi TVL.
  • Lido seems to be benefitting from Ethereum’s merge upgrade.

At press time, Lido which specializes in liquid staking had a total value staked of $5.96 billion which is $0.05 billion higher than MakerDAO’s TVL of $5.91 billion according to Defillama. MakerDao has had the largest DeFi TVL for many years and the overtaking means Lido is gaining ground despite the ongoing crypto winter.

Besides, the increasing staked digital assets, the price of LDO, Lido DAO’s native token, has been on a consistent rise having gained over 18% in the past 7 days. It had surged by 14.67% in the past 24 hours at press time.

The rise of interest in Lido among decentralized finance participants is highly thought to be due to the increased demand for Ether staking solutions since Ethereum shifted to a proof-of-stake (PoS) consensus mechanism after the merge upgrade in September 2022.

Digital assets staked on Lido

According to Lido Finance’s website as of January 2023, Ether (ETH) was the largest staked digital asset with over $5.86 billion worth of staked ETH tokens. Solana follows closely with over $26.087 million worth of staked SOL tokens.

The other notables tokens staked on Lido include Polygon’s MATIC with over $45.093 million worth of staked MATIC tokens, Polkadot’s DOT with over $11.395 million worth of staked DOT tokens, and Kusama’s KSM with over $2.238 million worth of staked KSM tokens.

No 32 ETH min. needed to stake Ether on Lido

Lido’s model allows users to access Ethereum staking without having to commit the traditional minimum of 32 ETH to be allowed to stake Ether. This has greatly increased the number of people choosing to stake ETH on Lido compared to other DeFi staking platforms.

According to Lido’s staking model, users stake any amount of tokens including Ether and access daily staking rewards. In addition to the daily staking rewards, the users also receive liquid stTokens that can be used across DeFi to compound more to the daily staked rewards.

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Nic Carter: BitMEX, Kraken top proof-of-reserves ranking

  • BitMEX and Kraken crypto exchanges received highest scores for their proof of reserves attestations.

  • Binance ranked lower for its ‘incomplete’ PoR among other metrics.
  • Nic Carter says the PoR momentum is good for crypto and a “silver lining” out of the FTX chaos.

BitMEX and Kraken score highly in an assessment of proof-of-reserves attestations by major crypto exchanges. 

That’s according Nic Carter, one of the most popular Bitcoin advocates out there.

In a Medium article highlighting the score list and rankings of some of the leading crypto trading platforms, Carter points out the latest PoR results and offers insight into why some of the exchanges just getting to publish their cryptographic proof of reserves may still have a lot of work to offer the assurances the market seeks.

While Kraken and BitMEX rank highest, the world’s largest crypto platform Binance posts a relatively low score. But according to the crypto analyst, the move to have PoRs is undeniably one in the right direction. He sees the momentum as a good signal for cryptocurrencies, terming it “a genuine silver lining from the FTX debacle.”

“We may well yet emerge from this crisis with a major step forward in exchange credibility,” he wrote in his ‘The Status of Proof of Reserve as of Year End 2022’.

BitMEX, Kraken rank higher on various metrics

Looking at crypto exchange reserves attestations via metrics such as assets for which the platform provided the attestation, estimates of deposits covered and disclosure of liabilities, BitMEX scored the highest with 5 out of 6.

Crypto platform Kraken was second, while Deribit, KuCoin and OKX ranked third to fifth in that order.

Exchange proof of reserves scores and ranking. Source: Nic Carter on MediumWhile some platforms scored highly Binance’s proof of reserves was mostly ‘incomplete’ and thus the exchange scored poorly.  In a comment on this, Carter wrote:

“Binance’s first PoR doesn’t grant strong assurances. It only covers Bitcoin, which only represents 16.5% of their client assets. It does allow individual users to verify their inclusion in the liability set but does not contain the entire liability list, making it hard for a third party to verify the procedure.”

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UK’s NFT industry expected to grow to $9,257 million by 2028

  • The United Kingdom’s NFT industry is expected to grow at a CAGR of 34.5% over the next 5-6 years.
  • NFT spend in the UK will increase from $1,725.2 million in 2022 to $9,257.0 million by 2028.
  • Increased adoption, government support and venture funding are key factors to that growth.

The global non-fungible tokens (NFT) market took a hit alongside the rest of the market in 2022, with sales volumes and creator revenue seeing a significant decline.

But despite the brutal crash that’s characterised the crypto sector throughout the year, the latest trends and projections suggest the NFT industry will continue to grow over the next six years. 

Key segments in the next few years will be collectibles and art, real estate, sports, gaming, fashion & luxury and utility.

UK’s NFT industry to grow at a CAGR of 34.5% up to 2028

2021 remains a benchmark year for various sectors, yet according to a recent Research and Markets NFT industry report, 2022-2028 would see growth at a CAGR of 34.5%.

The United Kingdom will see its NFT industry grow from $1,725.2 million in 2022 to $9,257 million by 2028. The forecast put the NFT Spend Value for the UK on an upwards trajectory of an annual 48% for this year.

The Research and Markets report highlighted on Thursday forecasts widespread adoption of digital assets across the country’s different user groups will spark even further interest in NFTs.

Among factors to aid the UK NFT industry is the increased participation from innovative startups, sports clubs and even real estate giants. Just recently, Premier League giants Manchester United unveiled their NFT collection, joining an industry that’s already boasting of major global brands.As previously reported, the soccer club partnered blockchain platform Tezos in February this year.

The growing recognition and support for the industry from the UK government is another factor, as is the rising number of investors backing NFT startups.

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MicroStrategy buys another 2,500 BTC to bring total to 132,500

  • MicroStrategy reportedly bought approximately 2,500 BTC between 1 November and 24 December, 2022.
  • The company now holds 132,500 BTC acquired for approximately $4.03 billion.
  • MicroStrategy did however sell 704 BTC for $11.8 million on 22 December for what it termed as tax benefits.

MicroStrategy, a publicly traded company that’s the world’s largest corporate holder of Bitcoin, has reported buying more of the flagship cryptocurrency even as the market hit turbulence beginning early November.

As per the filing submitted on 28 December to the US Securities and Exchange Commission (SEC), MicroStrategy says it purchased an additional 2,500 bitcoins between 1 November and 24 December, 2022. 

Altogether, the software analytics and business intelligence firm purchased Bitcoin worth approximately $56.4 million in nearly two months and $4.03 billion in total.

MicroStrategy now holds 132, 500 bitcoins

As crypto navigated the turmoil caused by FTX’s collapse that had crypto price tapping new multi-year lows, MicroStrategy saw an opportunity to buy Bitcoin. In short, the company added 2,395 bitcoins worth $42.8 million to its holdings between 1 November and 21 December, 2022.

The total BTC acquisition in this period cost the firm $42.8 million at an average purchase price of $17,871 per coin.

On 22 December, 2022, MicroStrategy sold 704 bitcoins for $11.8 million. According to the company, the sale was at an average price of $16,776 per coin. Although the sale was at a loss, the company plans to offset the capital losses against capital gains made earlier.

Despite the BTC sale, MicroStrategy went to the market again on 24 December 2022. It bought another 810 bitcoins at an average price of $16,845 and for a total outlay of $13.6 million. By 27 December 2022, the company had added 2,500 bitcoins at a total cost of $56.4 million. 

As of this report, MicroStrategy had increased its Bitcoin holdings from 130,000 BTC at the end of October to 132,500 bitcoins by 27 December, 2022.

The recent purchases means MicroStrategy has spent $4.03 billion on acquiring BTC since its first purchase in 2020. The coins’ average purchase price currently stands at $30,397 per bitcoin. 

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Trust Wallet introduces Cardano staking for iOS users

  • Cardano staking is now available for both Android and iOS users
  • Trust Wallet supports ADA staking directly from within its mobile app.
  • To stake Cardano, one needs a minimum of 4 ADA tokens.

Cardano users with iOS powered devices can now stake and earn rewards on the native ADA token, thanks to an integration by non-custodial crypto wallet Trust Wallet.

This is the latest development for the wallet, whose TWT, the native Trust Wallet token, gives users a vote in the project’s governance. The project recently launched an browser extension, allowing users to take control of their cryptocurrencies whether on mobile or PC.

Trust Wallet introduces ADA staking

Trust Wallet’s announcement highlighting support for Cardano staking for all users with Apple devices comes a few weeks after the company announced support for ADA staking on Android devices.

Integration with devices running on iOS means mobile users on the two major operating systems can now access the staking feature for Cardano directly in their Trust Wallet.

The process is easy and fast and the minimum staking amount is 4 ADA tokens.

To stake ADA, one needs to have access to the Trust Wallet mobile app. A user may need to buy Cardano if they do not already hold ADA. The next step is to go to the “Stake ADA” page in the wallet and select ‘stake.’ In the next step, a staking screen allows one to choose a validator.

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