Schlagwort: crypto business

Bitwells, a leading crypto derivatives exchange, has launched a 100% deposit bonus for new signups in a program that will see the exchange give away a total of 777 bitcoins (BTC).

The promotion is geared toward rewarding those traders who deposit up to 10 BTC where a trader will be given a matching bonus equal to the amount he/she deposits.

If a user deposits, 1 BTC, for example, they will get a total of 2BTC credited to their account while a trader that deposits a maximum of 10 BTC will get 20 BTC credited to their account.

The move is aimed at establishing Bitwells as a leader in the field of crypto derivatives since the promotion is one of the most generous promotions within the industry.

Besides, it is an attractive opportunity for traders looking to benefit from intraday trades, especially at the moment when the crypto market is highly volatile.

How the deposit bonus works

Most importantly, the matching bonus is not withdrawable. However, it can be used as a margin to open bigger positions that entitle traders to higher profits if the market speculation is correct.

Any profit made when using the bonus as a margin is wholly withdrawable.

In essence, the bonus ensures the safety of the traders’ capital especially when the market goes against their speculation. Normally, without margin, the capital is easily wiped away if the market experiences large price swings.

Bitwells is a renowned crypto derivatives platform that offers 100X leverage on ETH, LTC, EOS, XRP, and BTC futures contracts and the matching bonus goes a long way in giving traders more exposure during trades.

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Equilibrium has announced Polygon integration as it aims to offer cross-chain DeFi solutions to both projects and users of the Polygon Network ecosystem. Following the integration, Equilibrium will allow Polygon users to leverage the innovations and advantages of the Equilibrium DeFi 2.0 platform.

Developers will also be able to build scalable solutions that feature cross-chain interoperability and communities of both parties will leverage the advantages of the integration.

Equilibrium and Polygon integration uses cases

Polygon’s integration with Equilibrium offers unlimited benefits to both sides. MATIC holders, for example, will be able to use their tokens to borrow assets on Equilibrium and the borrowed assets can be moved through the ecosystem and even exchanged on the decentralized exchange of Equilibrium.

Borrowers will require low collateralization of 105%, which is 20X the leverage.

Additionally, users will have the advantage of diversifying the risk of the volatile market and also get payable interest at the lowest possible rates. Users will even have the opportunity to go short on their MATIC holding using the same amount of ETH.

Following the integration, Equilibrium is planning to expand its reward program to users. Users will be able to easily earn an average APY of 10% to 20 %. Users earn APY in Equilibrium depending on the provided liquidity. The higher the provision the higher the APY.

Users will also be able to earn interest from their holdings by providing insurance to the network. The insurance comes in handy when circumstances cause panic among the community members.

Following the integration Polygon will drive the transaction fees to a fraction of a cent for cheaper movement of both crypto assets and stablecoins between partners.

Aave, which runs of Polygon, will allow users to use its AAVE tokens as collateral to borrow funds from Equilibrium.

The integration will also see JellySwap and Dfyn Network protocols allow their users to move assets to Equilibrium for locking in pools to earn interest.

Currently, the assets borrowed on Equilibrium are moved across the Polkadot ecosystem using the XCM Communications between Polkadot parachain. However, in the future, Equilibrium plans to EQD liquidity and EQ to the Polygon Chain as ERC20 compatible smart contracts.

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The crypto market is bullish as a whole, with most top 100 coins in the green at the time of writing. 

Top cryptos

Major cryptos registered small gains today. Top cryptos were led by Ethereum, which gained around 3.5%, followed by Solana, XRP, and Cardano, all adding more than 2%. 

Bitcoin was trading above $20,000 at the time of writing, up more than 1.5% over the past 24 hours. Cryptos outside the top 10 also fared well. The biggest gainers were Avalanche and FTX Token, each adding around 4-5%. 

Shiba Inu’s price has recently been in a consolidation phase, analysts report. Its developers will launch TREAT and SHI stablecoins, after which the token SHIB is expected to increase by more than 15%. 

Top movers

Outside the top 20, the tendency was similarly bullish, with most coins adding 2-4% to their value. Notable standouts include Convex Finance’s CVX. 

It’s up by just over 4% today, which isn’t that impressive. What’s more important is that its gains for the week are at 58%, the most of all top 100 coins.

Convex Finance lets people earn additional interest rewards in Curve Finance, a major entity in DeFi and a leading automated market maker (AMM). Curve makes it easy and affordable to exchange tokens. 

The price of CRV, Curve DAO’s native token, also rallied over the past few days. Curve Finance stands out from other AMMs due to its relatively lower fees to users. It also has lower impermanent loss and slippage.

Curve DAO is responsible for Curve Finance governance. The token of another AMM, Compound, is doing just as well, if not better. It has gained around 6% today. 

Storj is the biggest top 100 winner with gains of 18% today. Arq Backup, Mac client software, announced it offers Storj DCS as a native storage location.

The losers 

A few coins registered minor losses, such as Synthetix, Arweave, Kava, eCash, Cosmos, and TRON. After a brief rise, Terra’s new stablecoin TerraClassicUSD began declining. It has lost 12% of its value so far today.

The post Highlights July 7: SHIB in consolidation, CVX adds over 50% in a week appeared first on CoinJournal.

Ethereum’s switch from a proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS), via the much-awaited ETH 2.0 upgrade, is not here yet. 

But as the platform slowly transitions, deposits into the staking contract on the Beacon Chain have risen continuously since November 2020. reached nearly 13 million ETH.

Most of the deposits happened before Ether’s price rose to its all-time high above $4,800. However, profitability for those coins has fallen sharply amid the bear market, according to analytics platform Glassnode.

Per a report the firm published on Wednesday, most stakers are “underwater” with only 17% of the staked coins are in profit at ETH/USD current levels of just above $1,100.

“Ethereum 2.0 stakers have deposited over 12.98M $ETH, with 62% of it flowing in before the Nov ATH. However, with $ETH prices collapsing over 78%, and coins unable to be withdrawn, only 17% of staked $ETH is now in profit.”

The USD value of the deposited ETH has also fallen sharply, down from $39.7 billion at the November peak. Currently, that value is below $14 billion, reflecting a 65.2% decline.

No withdrawals yet

The ETH 2.0 deposits account for almost 11% of the cryptocurrency’s circulating supply.

Ethereum holders have continually deposited their coins into the Beacon Chain contract as they look to benefit from the rewards of running a validator. To do so, a staker needs to deposit 32 ETH, with solo staking as well as pool staking available.

But there is no withdrawal of staked ETH as yet. All that holders who bought and staked near the ATH can do is watch as the bear market wipes out their token’s value.

Notably, deposits into the ETH 2.0 contract have fallen in recent months. During the bull market, daily volumes ranged from 500 to 1,000 in 32 ETH deposits. 

That has dropped significantly, with weekly averages now at around 122 per day.

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