Schlagwort: crypto business

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Finally! Chainlink gives early access to its staking feature. Who has an edge now?

  • Chainlink fell by 5% on Wednesday amid a staking feature launch

  • The cryptocurrency has set $6 as the important support zone

  • LINK could continue to slide further, but whale accumulation is a bullish trigger

Chainlink (LINK/USD) staking is now here. According to a tweet on the official Twitter account, Chainlink Staking v0.1 is live on the Ethereum mainnet. The early access program is stated to be available to about 25 million, who can stake and earn rewards. Chainlink says adding the staking feature will improve the network’s security and attract more users.

Apparently, Chainlink staking has been a much-anticipated development. Investors bought LINK massively when the blockchain announced Chainlink 2.0 Economics with the staking service back in April. That underlined the enthusiasm around the new feature, which kicked off on December 06. Consequently, on-chain data shows that whales are accumulating LINK.

According to Santiment, whales and sharks hold the largest percentage of Chainlink tokens in supply in five years. The large investors have accumulated 26.8 million LINK worth $194.3 million in the last two months. That represents an increase of nearly 13%.

Conversely, in the past two months and extending to May, LINK price has defended the $6 support level. The level has become so crucial that buyers have arrested the decline quickly every time sellers try to break below. To buyers, this is the most important level to buy LINK and hold ahead of a potentially explosive move. But as the staking feature launches, LINK has fallen slightly and was down by an intraday of 5%.

LINK struggling at the moving averages

LINK/USD Chart by TradingView

A technical outlook shows LINK trading at or slightly below the 20-day and 50-day moving averages. The RSI has shifted to below the midpoint, suggesting the entry of sellers or profit-taking by buyers.

What next for LINK?

We remain bullish on LINK as long as $6 support continues to hold. With increased buying, it is just a matter of time before we see a bullish LINK. A recovery could occur at the moving averages or $6 support. Wait for bullish reversal signals to buy LINK.

Where to buy LINK 

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy LINK with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy LINK with OKX today

The post Finally! Chainlink gives early access to its staking feature. Who has an edge now? appeared first on CoinJournal.

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Sushiswap developers propose to divert 100% of fees generated to Sushi’s multisig

  • Sushiswap developers have submitted a new governance proposal to the community.

  • The proposal seeks to divert 100% of fees generated on the platform to Sushi’s multisig.

  • The funds would be used for Sushi’s multisig for a year or until new tokenomics are implemented.

Sushiswap developers want to divert trading fees

Developers of the decentralised finance (DeFi) protocol, Sushiswap, have submitted a new proposal to the community. According to the proposal, 100% of the fees generated on the platform would be diverted to Sushi’s multisig for one year or until new tokenomics are implemented.

This latest cryptocurrency news comes as Sushiswap is currently facing a significant deficit in its treasury. The deficit threatens the protocol’s long-term operational viability. 

In his proposal, the Head Chef, Jared Gray, said;

“After reviewing expenditures, it’s clear that a significant deficit in the Treasury threatens Sushi’s operational viability, requiring an immediate remedy. In my original proposal, Sushi operated with an annual runway of 9M USD. However, after my detailed review, we reduced that requirement to 5M USD. We made the reduction possible by renegotiating infrastructure contracts, scaling back underperforming or superfluous dependencies, and instituting a budget freeze on non-critical personnel and infrastructure.”

Despite reducing the project’s annual runway requirement from $9 million to $5 million, the treasury still provides for only about 18 months of runway.

The developers are now proposing to set up Kanpai, a fee-diversion protocol. The proposal, if accepted, will lead to 100% of fees diverted to the Treasury multisig for one year or until the project’s new token distribution and reward schemes become active. 

Sushiswap’s fee-diversion solution is temporary

The developers pointed out that the proposal is a temporary solution to a long-term problem. The proposal was put in place because new tokenomics will take time to implement

The Head Chef said;

“Kanpai is a temporary solution to a long-term problem, and a new tokenomics proposal is on the horizon, which will help address the long-term value proposition of Sushi for stakeholders. Sushi must implement a holistic token model that allows the rebuilding of the Treasury and delivers value for all stakeholders while reducing the fiscal liability carried solely by the protocol.”

In addition to Kanpai, the Sushi team said it increased its funding by securing several multi-million dollar partner deals. 

However, the developers added that relying on business development deals is only part of a successful business model to secure Sushi’s future. In October, asset management firm GoldenTree invested $5.2 million in Sushiswap.

The post Sushiswap developers propose to divert 100% of fees generated to Sushi’s multisig appeared first on CoinJournal.

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LOKA price prediction as League of Kingdom user growth slides

  • League of Kingdom Arena is a Decentraland competitor.

  • It combines the concepts of gaming with NFTs. 

  • The number of active users in its ecosystem has dropped.

LOKA price has held quite well in the past few days even as user growth in the ecosystem dropped. League of Kingdom’s token rose to a high of $0.5342, which was the highest level since December 1. It has jumped by over 87% from the lowest level in November. 

What is League of Kingdom Arena and why is it rising?

Gaming and NFTs are two of the biggest use cases for the blockchain industry. Their popularity grew during the Covid-19 pandemic as cryptocurrency prices surged and as people remained locked up in their homes. Some of the top blockchain gaming ecosystems were Sandbox and Decentraland.

League of Kingdom Arena is a blockchain gaming and NFT platform built on Ethereum and accelerated in Polygon. In it, the participants fight for dominion and win rewards as they go up the ladder. In addition, since it is a decentralised ecosystem, people can easily participate in their governance by buying LOKA coins.

There are other ways to participate in the League of Kingdom Arena. For example, you can buy your virtual land, which is viewed as a virtual piece of real estate. Holders of this land earn Ethereum rewards. 

Further, users can adopt Drago and start earning $DST coins. The Drag Soul Token is similar to Axie Infinity’s Smooth Love Potion, which is used to fuel the ecosystem. Also, you can buy the LOKA token and take part in its governance.

LOKA price has done well in the past few weeks even as its ecosystem growth has engaged reverse gear. In the past 30 days, the number of unique active wallets (UAW) in its ecosystem has dropped by 13% to 2,000. The number of transactions has dropped by 33k to 2.96k while the volume of these transactions has crashed by 56%. As shown below, the all-time trends of these metrics has not been encouraging. 

LOKA price prediction

LOKA chart by TradingView

The four-hour chart shows that the LOKA price has been in a strong bullish trend in the past few days. It has moved above the ascending trendline shown in black. Also, the coin rose above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level.

In the near term, the League of Kingdom token price will likely continue rising as buyers target the key resistance level at $0.60. In the long term, however, the coin will likely retreat as sellers target the key point at $0.45.

How to buy League of Kingdom

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Gemini launches page to help Gemini Earn users affected by Genesis crisis

The co-founder of Gemini, Cameron Winklevoss, on Wednesday announced via a series of tweets that the crypto exchange has launched a page to help Gemini Earn users.

KEY TAKEAWAYS

  • Gemini Earn was impacted after crypto lender Genesis paused withdrawals and Earn redemptions.
  • Genesis is Gemini’s lending partner and it is facing liquidity issues amid the FTX crisis.
  • Gemini has also formed a creditors’ committee and hired the law firm, Kirkland & Ellis.

The newly launched page will help bring transparency process regarding finding a resolution for all Earn users to redeem their funds.

In addition, the exchange has also formed a creditor’s committee which will be tasked with trying to recover lost money. They have also hired the law firm, Kirkland &Ellis, to help resolve the issues around the Earn product the earliest possible.

Genesis’ impact on Gemini Earn

Genesis and its parent company DCG are currently trying to raise about half a billion in emergency funding due to its exposure to the collapse FTX crypto exchange. DCG also owes Genesis about $1.7 billion. As a result, Genesis halted withdrawals and Gemini Earn redemptions and has not given any updates on when the services will resume.

 As a result of halting the Gemini Earn redemptions, Genesis owes Gemini Earn users $900 million and Gemini is currently trying to recover those funds to help gain their customers’ trust which has been greatly impacted by the developments.

The post Gemini launches page to help Gemini Earn users affected by Genesis crisis appeared first on CoinJournal.

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Synthetix token soars 6%, but watch for bear repulse at the descending trendline

  • Synthetix token extended weekly gains on Tuesday by adding another 6%

  • The token trades below a descending trendline

  • Bears may attempt to force a correction if buyers weaken at $2.0

Synthetix token price (SNX/USD) initiated an accelerated recovery on Tuesday, jumping by an intraday of 6%. The token’s value has now increased by double digits in the past week. The recovery happens from the November lows of $1.57. The cryptocurrency was trading at $1.91 as of press time. Is it too early to make a bull call?

Fundamentally, SNX is earning bullish momentum from a slightly improved crypto sentiment. Most cryptocurrencies traded in the green in the past week despite falling slightly in the last 24 hours. The recoveries in SNX, however, face a snag as the cryptocurrency heads for resistance at the descending trendline.

SNX meets resistance at the descending trendline

SNX/USD Chart by TradingView

Technical indicators are bullish for SNX. The MACD indicator initiated a bullish crossover, despite remaining in the bear zone. The RSI shows improving momentum, and the reading has moved above the 50 midpoint level. That suggests a high demand for SNX.

SNX buyers now face a test at the descending trendline. That should coincide with a price of $2, implying that bulls could remain in control for at least one or two days.

SNX concluding thoughts

Although SNX buyers could remain in control, for now, bulls must overcome bears at the descending trendline. The price is already facing a correction as it approaches the crucial dynamic resistance level. 

If bulls recover above the crucial zone, $2.7 is the next potential resistance for SNX. Conversely, a rejection at the descending trendline could pit SNX back to the $1.5 bottom.

Where to buy SNX

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy SNX with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy SNX with OKX today

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