Schlagwort: blockchain markets

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Tron DAO Reserve deploys more assets as USDD depegs and TRX falls 18%

The general crypto Monday has started the week with a plunge, but for TRON, things have somehow started to get worse after the Tron DAO Reserve was forced to deploy resources after its stablecoin de-pegged.

The USDD stablecoin started the week by temporarily depeging to as low as $0.97; something that caused a corresponding reaction affecting TRX price which had dropped by 18.68% to $0.06291 at the time of writing.

At the time of writing, the price of the USDD stablecoin had not yet regained its Dollar parity and was trading at $0.9892.

Justin Sun is ready to fight for the stability of USDD

The head of Tron Foundation, Justin Sun, has stated that he is ready to deploy as much as $2 billion to keep the USDD pegged to the dollar.

So far, the TRON DAO has deployed 700 million USDC coins to try and keep the USDD pegged to the dollar.

The current situation with the USDD stablecoin seems to be following a similar trajectory to Terra’s TerraUSD (UST) stablecoin.

When the UST first de-pegged, Do Kown announced that they would be deploying more capital to try and keep the UST pegged to the US Dollar. 

Avoiding Terra’s path

Justin Sun had earlier on said that the USDD would be overcollateralized at 130% to avoid going down the same path that the TerraUSD used.

Sun has gone ahead to also say that TRON DAO will deploy $2 billion to fight back the negative funding on Binance. He also warned of an impending short squeeze on TRX tokens over the next few days or weeks.

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Highlights June 13: Dreadful day for crypto, Convex Finance drops 50% in a week

Cryptocurrencies have been hit very hard by US inflation data, the war in Ukraine and the ensuing supply crisis, and other adverse events. 

However, June 13 has been beyond painful. To paraphrase CZ: 

Remember how you felt during the ATHs? This is what the other half of the time feels like. Your actions now (not investment advice) define your experience at the next ATHs.  

Top cryptos

Bitcoin was trading below $25,000 at the time of writing, down more than 10% in the last 24 hours. Ethereum dropped by more than 12%. Solana is the biggest loser in the top 10, having shed almost 17% of its value. 

It was much the same for cryptos outside the top 10, the biggest loser being Avalanche with -17%. 

Top movers

Outside the top 20, the tendency was similar, with most coins suffering double digit losses.

Notable standouts include Maker and THORChain with 17%, Fantom with 22%, Curve DAO Token with 20%, and Kava with 18%. Nexo lost a quarter of its value today.  

The biggest losers over the past 7 days are Convex Finance, which shed half of its value, and ApeCoin, down 43%.  

No coins are in the green today. As for the past 7 days, the only coin with gains is UNUS SED LEO at #15. It has added 4% to its value since last Monday.  

Trending

The biggest winner today is United Bitcoin (UBTC), which can be generated through mining. United Bitcoin is up 466% over the last 24 hours. 

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Highlights June 10: VeChain flat despite becoming official UFC blockchain partner

The crypto market was mostly in the red over the past 24 hours, as the majority of top 10 cryptos were seen lower or flat at time of writing. 

Top cryptos

Bitcoin registered moderate losses, dropping below $30,000 at time of writing. Cardano shed almost 7% of its value, rapidly reversing recent gains. 

Cryptos outside the top 10 registered moderate losses, up to -4% for Litecoin. 

Top movers

Outside the top 20, the tendency was similar, with most coins losing 2-5% of their value. Notable standouts include Loopring with -7% and Stepn’s GMT with -6%. 

On the other end, the only discernible gainers are Bitcoin Gold, which added 3%, and Bitcoin SV, up 6%. 

The Bitcoin SV Technical Standards Committee appointed and reappointed five members for their leadership skills and their key knowledge of the Bitcoin SV blockchain. A listing on the crypto exchange Latoken is also coming up for the protocol.

VeChain is up less than 1% despite yesterday’s news that it has become the UFC’s first official Layer 1 blockchain partner.  

Trending

The biggest winner today is the token of Tenset, a dynamically growing blockchain project that sees itself as a bridge between the traditional stock market and the crypto market.

Tenset uses an intelligent staking method and a new-generation ETF 2.0 deflationary token. Its token is up 651% today. 

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Amazon stock split: What it means for DeFiChain’s dAMZN token

Amazon, and many other top stocks in the traditional market, have equivalent decentralized tokens that give investors price exposure to these real-world stocks. 

For AMZN, one such token is dAMZN that’s listed on DeFiChain. With a minted dAMZN, an investor can gain investment opportunities closely mirroring the Amazon stock, only that this DeFi token does not offer holder ownership in the company.

So, how does Amazon’s stock split affect the available dAMZN tokens? Should you be worried as an investor? Here’s what you might want to know, but first – the Amazon stock.

Amazon shares after 20-for-1 split

Shares of Amazon (AMZN) currently trade around $118.28, about 2.4% down as the stock market hits another downside amid concerns over economic slowdown.

The AMZN stock is down 4.8% over the past five days and more than 31% year-to-date, with the latest losses for the tech stock coming after Monday’s brief rally. That aside, if you have followed market events over the past few weeks, then you know that Amazon announced a 20-for-1 stock split in early March.

The split took place on 3 June 2022, with each shareholder receiving 20 shares for every AMZN share they held. Trading for the split-adjusted stock opened on Monday, and at current prices, relatively cheap and accessible to small investors.

What it means for DeFi tokens tracking AMZN

It’s notable that the crypto market continues to show a high correlation with the stock market, with the latter’s performance invariably influencing crypto. The mirroring also reflects in the DeFi tokens sector, and as such, the stock split does have an impact on dAMZN.

dAMZN was also split into 20 tokens, with holders receiving 20 tokens for every one of their dAMZN tokens. However, it does not mean that the holder’s investments will increase 20 times. Rather, the value of their holdings will remain the same as before the split.

What investors will see is a reflection of the current Amazon stock price, and with the split concluded smoothly, nothing much changes. 

Here’ what a DeFiChain developer Prasanna Loganathar said after the split.

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Chainlink (LINK) jumps by over 20% after unveiling its new economic roadmap

Chainlink, an Oracle service provider, has revealed its new economic roadmap by introducing the new staking mechanisms to the blockchain. During the announcement, Chainlink noted that the mechanism will present the operational efficiencies of the blockchain and that of its oracle network.

At the same time, all LINK investors will be rewarded. Chainlink also unveiled the four main long-term goals that it plans to achieve with the staking mechanism.

  1. Generating Sustainable Rewards for Long-Term Users
  2. Enabling Greater Community Participation in the chainlink Network
  3. Empowering Node Operators to Acces Higher Value Jobs Through Staking.
  4. Increasing the Crypto economic Security and User Assurances of Chainlink Services

 

Chainlink Staking mechanism

According to Chainlink, its staking mechanism will continue to advance as its Oracle network continue to expand over time. However, its original goal is to develop a secure and simple foundation for staking and later continue with the expansion based on the feedback they will get.

Chainlink staking mechanism rollout will be similar to the functionality of its Price Feeds. With the help of this mechanism, it will be possible to identify opportunities and risks at the initial stage of the execution before scaling.

According to the announcement, the initial version v0.1 of Chainlink Staking is expected to be released later in the year and will focus on introducing an alert system and a reputation framework. 

The initial staking pool in v0.1 will have a distinct allocation to the member of the community, coordinators of oracle networks, and node operators.

Chainlink noted:

“The pool will start with an aggregate size of 25M LINK tokens, with the planned goal of scaling to a pool size of 75M LINK tokens in the months after launch, based on demand.”

Additionally, it is expected that in v0.1, the native token emission will be focused on stakers who will aim at a base level of annualized rewards of about 5%.

LINK price rally

The price of Chainlink (LINK) rose by over 10% immediately after the economic roadmap was revealed yesterday and the price has continued to rally to today. At the time of writing, a day after Chainlink released the economic roadmap, LINK was trading at $9.38, up 9.08% over the past 24 hours having hit a daily high of $9.46. 

Apart from the new economic roadmap that has also contributed to the rally, it seems that Whales capitalized on the broader market correction by accumulating LINK tokens.

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