Schlagwort: crypto business

Veröffentlicht am

Zipmex files for two-month extension to moratorium

  • Zipmex says it filed for the court extension as it seeks to find a solution that suits its customers and an investor.
  • The moratorium was put in place following Zipmex’s bankruptcy filing in July last year.
  • The cryptocurrency exchange says it is negotiating with new investors even as it engages the current one.

Zipmex, a cryptocurrency exchange that filed for bankruptcy amid last year’s crypto market contagion, has provided an update to its investment deal.

Per an announcement published today, Zipmex says it is seeking an extension to the moratorium currently in place amid its bankruptcy proceedings. 

The exchange revealed that it had filed for a two-month extension from the Singapore bankruptcy court after an investor delayed payments agreed upon as part of the exchange’s restructuring.

Zipmex Asia seeks 2-month moratorium extension

After missing the March tranche of payments and impacting Zipmex’s Z Wallet operations, the said investor asked for the investment agreement – the Scheme of Arrangement – to be modified. The investor reportedly also sought the crypto exchange to modify the investment amount.

“As of today, the investor claims that the SSA has lapsed and that it is no longer bound to abide by the terms of the SSA. The investor has also demanded a return on its working capital loan,” Zipmex wrote.

According to the update, Zipmex is now in talks with the investor as it looks to find a solution that would suit all parties. Knowing that the delay impacts customer withdrawals and the planned reopening of Z Wallet, the company has also begun negotiating with new investors.

This is why the Zipmex team is looking to have the moratorium extended for two months to allow it to find the best possible solution for its customers.

As CoinJournal reported, the Southeast Asia exchange halted withdrawals in July before filing for bankruptcy protection. At the time, Zipmex revealed $5 million and $48 million exposure to collapsed Celsius Network and Babel Finance respectively.

The post Zipmex files for two-month extension to moratorium appeared first on CoinJournal.

Veröffentlicht am

Cardano’s DeFi TVL rose 172% in Q1 amid significant ecosystem growth: Messari

  • Cardano TVL increased 172% QoQ, from $50.8 million in Q4, 2022 to $138.3 million in Q1.
  • Indigo and Djed stablecoins catalysed overall growth in Cardano’s TVL, with 72% and 27% volume spike respectively.
  • ADA price also rose in Q1, rising by 54% amid a broader bull rally for cryptocurrencies.

Cardano, currently the seventh-largest crypto network by market cap, had a significantly positive first three months of the year.

Insights for the Cardano ecosystem for Q1 that crypto market research platform Messari shared on Tuesday shows that the proof-of-stake blockchain network recorded significant increases in both financial and ecosystem metrics over the quarter.

In particular, Messari says in its State of Cardano Q1 2023 report that the ADA network’s market cap and total value locked (TVL) in DeFi saw substantial bumps. The growth came as Cardano saw increased adoption for new stablecoins amid notable technical developments around network scalability and VM compatibility.

Among the key developments was the deployment of multiple layer-2 solutions on the Cardano mainnet. Also notable was the increase in sidechains that continue to bolster cross-chain compatibility.

It is notable however that Cardano saw decreases in new addresses (by 71.5%) and in average daily transactions (by 10.6%) QoQ. Daily NFT transactions on the network also fell in Q1, declining by 27% as daily unique buyers shrunk by 23%

Cardano’s DeFi TVL grew 172% in Q1, 2023

An ecosystem overview of Cardano shows DeFi TVL increased 172% quarter on quarter, jumping from $50.8 million in Q4 2022 to $138.3 million at the end of Q1, 2023. DeFiLlama data shows Cardano’s DeFi TVL has increased 39% in the past month to $171.28 million, with stables accounting for over $12 million.

According to Messari, the increase in Q1 was primarily driven by broader growth across established ecosystem protocols like MinSwap, and greater adoption for newer protocols and stablecoins. This included TVL growth for ADA-backed stablecoin protocol Djed, synthetic assets and stablecoins issuer Indigo and Cardano-based borrowing and lending protocol Liqwid Finance.

Stablecoin volume on Cardano grew 261% QoQ, faster than overall TVL

As noted above, stablecoin volume on Cardano exploded in Q1 and grew at a faster rate than the network’s overall TVL. Although there are three stablecoins live on Cardano – Sharelake’s RUSD, Indigo’s IUSD and Djed’s DJED – the largest amount of volume was from just two.

Indeed, Indigo’s IUSD and Djed’s DJED helped push overall stablecoin value in the Cardano ecosystem up by 261%, from $2.8 milllion in Q4 to $10 million at the end of Q1. This was as a result of IUSD volume growing 72% in the quarter, while DJED saw a 27% increase. RUSD’s volume dominance was less than 1%.

Increased interest in the newer protocols saw the dominance of leading DEXs such as Minswap, SundaeSwap and WingRiders decrease over Q1, Sheehan noted in the report.

ADA price rose 54% in Q1 amid growth in other financial metrics

In terms of price action, data shows Cardano’s native coin had its value up by 54% in Q1, with ADA price mirroring the broader market uptrend in Q1, 2023. As of 18 April 2023, Cardano price was at $0.44, up more than 30% in the past month and over 77% higher year-to-date.

Meanwhile, Cardano’s treasury balance grew by 100 million ADA to 1.21 billion. Growth value in terms of ADA and USD was 9.1% and 66% QoQ respectively. The treasury balance in USD terms rose from $278 million to $460 million.

The post Cardano’s DeFi TVL rose 172% in Q1 amid significant ecosystem growth: Messari appeared first on CoinJournal.

Veröffentlicht am

Bitget and Core DAO launch $200 million ecosystem fund

  • Bitget’s strategic partnership with Core DAO targets projects on the Core network.
  • The collaboration includes a $200 milion fund also backed by MEXC.
  • Core recently integrated with blockchain messaging protocol LayerZero.

Bitget, a leading crypto derivatives trading platform and Core DAO, the organization that’s developing the Satoshi Plus ecosystem, have announced a strategic partnership to support the development of decentralised applications (dApps) on Core network’s Layer-1 blockchain.

Fund to support projects on Core network

According to a news release from Bitget, the collaboration with Core DAO involves an ecosystem fund worth $200 million. The fund is backed by other strategic partners, including global crypto exchange MEXC and will see early stage projects on Core receive support across product research and development, marketing, recruitment of talent and community-building programs.

Bitget will also list Core projects and open a new Core Trading Zone on the derivatives platform and its integrated BitKeep wallet. The platform will also support CORE staking and become a validator on Core.

Core DAO’s ecosystem fund will offer a grants strategy for projects where funds will be available when developers hit agreed-upon benchmarks. According to Bitget, the community will have to see tangible value before the projects get funding.

News of Core DAO’s partnership with Bitget is a big boost for Core, whose mainnet launch happened recently and saw a CORE tokens airdrop benefit roughly 2 million users. The growth trajectory for Core DAO also includes key integrations with LayerZero, a cross-chain messaging protocol. 

The network is also collaborating with Switchboard, a permissionless Oracle protocol.

In the market, Core (CORE) price rose after the news, trading to intraday highs of $1.70, while Bitget Token was down 1%. Meanwhile, the crypto market had climbed 2% to $1.34 trillion as Bitcoin bounced above $30k amid a price uptick for cryptocurrencies.

The post Bitget and Core DAO launch $200 million ecosystem fund appeared first on CoinJournal.

Veröffentlicht am

Vechain price rising after the launch Of VORJ

  • VORJ is Vechain’s ‘Web3-as-a-Service’ Platform.
  • Vechain aims to build solutions that solve obstacles impeding the mass adoption of blockchain technology.
  • At press time, the VET token was trading at $0.02636, up 4.13%.

The price of Vechain (VET) has jumped by more than 4% hours after VeChain announced the launch Of VORJ, its ‘Web3-as-a-Service’ Platform — Blockchain Made Easy.

Since its launch, Vechain has been focusing on building solutions that solve the obstacles that hinder the adoption of blockchain technology. VORJ is one of the important solutions that Vechain has launched.

The VORJ platform

The VORJ platform almost entirely summarizes the blockchain development process thus opening up Web3 building to the masses without having to be a technical guru. It is a no-code Web3-as-a-service platform that allows anyone to create, deploy, and interact with smart contracts on the VeChainThor blockchain.

Users will not need to understand solidity to start deploying digital assets on the VechainThor blockchain.

VORJ combines familiar Web2 user experience with the ability to create Web digital assets in a few clicks. Users don’t need to even manage crypto assets to pay for the transaction fees. Fees on VORJ are taken care of by VORJ itself; which is quite a huge step in eliminating a key barrier to Web3 entry.

EVM compatibility

VeChainThor blockchain is an Ethereum Virtual Machine (EVM) compatible blockchain making VORJ offer secure and battle-tested OpenZeppelin smart contracts, which is considered the industry standard.

Furthermore, VORJ offers the creation of fungible ERC-20 contracts or non-fungible tokens (NFT) ERC-721 contracts on the VORJ frontend while the VORJ Application Programmable Interface (API) offers users a wider selection of token standards.

In addition, VORJ seamlessly integrates with existing VechainThor projects.

The post Vechain price rising after the launch Of VORJ appeared first on CoinJournal.

Veröffentlicht am

Radix price skyrockets 40% as XRD breaks above psychological level

  • Radix price was up 40% in 24 hours and 118% over the past week as trading volume jumped 155%.
  • Gains for XRD come as the layer-1 blockchain announced the date of an upcoming major upgrade.
  • XRD has broken into the top 50 cryptocurrencies by market cap with $1.16 billion as Bitcoin price looks to retake the $30k level.

The price of Radix (XRD) is up 40% in the past 24 hours after massive buying pressure pushed it past the psychological $0.10 mark early Tuesday. Radix is outperforming the top coins across the daily, weekly and monthly charts even as Bitcoin price looks to reclaim $30,000 and Ethereum moves above $2,100.

XRD tokens have seen a 155% jump in daily trading volume in the last 24 hours, a scenario that comes from the recent spike in market activity for the cryptocurrency. The price gains have seen XRD break into the top 50 cryptocurrencies by market ranking. 

CoinGecko data shows Radix currently ranks 48th on the list, with $1.16 billion in market cap.

Radix up after Babylon upgrade date announcement

As the cryptocurrency market teeters on the verge of a new bull market, it’s no doubt Radix has seen renewed bullish momentum. However, most of the buying pressure for XRD is down to the hype around its upcoming developments.

Radix is a layer-1 blockchain network built to offer truly decentralised and scalable DeFi access. In the past few days, the XRD price has surged after news of its upcoming smart contracts integration. The network will also soon add full atomic composability, with support for sharding.

The highly anticipated network growth will be part of the Babylon upgrade, whose launch date was recently confirmed for 31st July 2023. According to Radix, the upgrade is expected to pave the way for mainstream adoption of Web3 and DeFi on Radix. Currently, the features are only available in “tech demo,”

Radix price outlook

The positive sentiment has benefitted Radix bulls. Having struggled to break past resistance around $0.08 last week, XRD/USD exploded to an intraday high above $0.12 on early Tuesday.

With a 24-hour trading volume of over $16.9 million and price gain of over 118% in the past 7 days, Radix appears all set for a major swing in coming days. The bullish perspective has the daily RSI and MACD strengthening.  

Chart showing Radix (XRD) price. Source: TradingView 

Although there’s been a brief lull in buying that had XRD price retreat towards $0.11, the immediate outlook suggests a pump to March 2022 highs of $0.16 could be the next step.

The long-term Radix price prediction has the XRD token trading higher in the next bull market and beyond. However , for the immediate outlook, the area around $0.074 and $0.061 provides the primary demand zone.

The post Radix price skyrockets 40% as XRD breaks above psychological level appeared first on CoinJournal.