Schlagwort: crypto markets

TRON DAO Reserve has today announced on Twitter that it has purchased an extra $10 million worth of USDD and $10 million worth of TRX for its reserve.

The tweet reads:

“To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have purchased another $10,000,000 #USDD and #TRX as reserve.”

TRON reserve had fallen by $20 million following the current bear market and the added amount will bring back the reserve to its previous level. TRON has been adding to its reserve continuously as the crypto bear market persists.

The update by TRON DAO Reserve was also confirmed by Justin Sun, who is the founder and leader of the TRON Foundation.

total 20 million for today! https://t.co/Hcaq58TZhg

— H.E. Justin Sun 🅣🌞🇬🇩 (@justinsuntron) July 8, 2022

The Fight to preserve USDD dollar parity

USDD is TRON’s algorithmic stablecoin, similar to the USTC (previously UST) of Terra Classic (previously Terra LUNA).

To prevent the USDD from undergoing a similar collapse as what happened to the USTC, TRON has collateralized USDD using a TRON DAO Reserve.

The DAO holds $2.2 billion worth of collateral in BTC, USDC, USDT, TRX, and the added $10 million worth of USDD. The USDD is about 316% overcollateralized.

Last month, the TRON DAO Reserve added $2 billion as it fought shorting against the TRX in trying to perverse the USDD dollar parity. The USDD had spent a week trading below $1 and even went to as low as $0.93 but has since recovered to the dollar party. Following the de-peg, TRON DAO has added USDD and TRX on several occasions.

While the launch of the USDD stablecoin was hyped as a major booster for TRON, TRON has had to fight tooth and nail to ensure the algorithmic stablecoin doesn’t collapse like the UST. In general, while the USDD has maintained its dollar parity so far, the TRON token has dropped by about 50% from its 2021 high of $0.16.

The post TRON DAO adds $20M to its reserve to safeguard against bear market appeared first on CoinJournal.

The crypto market as a whole is mixed. Bitcoin was trading at $21,333 at the time of writing.  

Top cryptos

Over the past 24 hours, Bitcoin’s price rose around 5% to reach its highest levels in three weeks. Ethereum was up around 2% at time of writing, while XRP climbed around 3%. 

Cryptos outside the top 10 were mostly in the green. Polygon is the biggest gainer, up by more than 5%. 

Top movers

Outside the top 20, the tendency was similarly mixed, with most coins adding or losing 2-4% of their value. Notable standouts on the winning side are Neo with 6% and Curve DAO Token, up 5%. As predicted yesterday, the CRV token keeps increasing. 

Another winner today is Aave, up 8% at the time of writing. It began surging after Aave proposed to introduce GHO, a native, decentralized, collateral-backed stablecoin pegged to the US dollar. 

The biggest gainer today is 1inchnetwork, up 10% at the time of writing. Kyber Network just announced that 1inch completed integration of KyberswapElastic on 7 chains: Ethereum Mainnet, Binance Smart Chain, Polygon, Optimism, Avalanche, Arbitrum, and Fantom.  

Users can now take advantage of the competitive rates of the newly launched liquidity protocol. 

The losers 

Compound shed 4%, reversing some of yesterday’s gains. Convex Finance is down by more than 4%, which is seemingly perplexing considering the close association with Curve DAO Token. However, the biggest loser of the day is The Sandbox with -6%.  

The post Highlights July 8: Bitcoin reaches highest price level in 3 weeks appeared first on CoinJournal.

Celsius Network, a famous crypto lending firm, has been battling a serious financial crisis owing to the current crypto market meltdown. It lends out customer deposits and in return earns some interest. It manages over $11.8 billion in crypto-assets and offers its customers percentage yields as high as 18.63% of crypto deposits

Celsius financial crisis was through to the limelight after the crypto lender indefinitely froze withdrawals, swaps, and internal transfers shortly after the Terra LUNA debacle that set the crypto market on a free fall. Shortly after pausing withdrawals, Celsius then hired restructuring lawyers as it tried to keep afloat.

As events continued to quickly unfold and fears of insolvency gained traction, MakerDAO voted to temporarily disable the Direct Deposit Module (D3M) of DAI for DeFi lending platform Aave. The move was aimed at reducing Celsius’ exposure to the DAI, which it had already borrowed through the Aave platform. Celsius had borrowed 100 million DAI tokens on Aave.

On July 6, Celsius, however, paid $183 million to Maker in DAI tokens in an attempt to clear its debt. It paid 59 million DAI tokens meaning it remains with a debt of 41 million DAI tokens. The move frees up some of the wrapped bitcoin that had been used as collateral for the debt.

But in a shocker turnaround of events, the embattled crypto lender Celsius, was then on Thursday (July 7) sued by its former investment manager for allegedly using customer deposits to rig the price of its native token, CEL, while failing to properly hedge risks; something that led to the freezing of customers’ assets.

Owing to the woes facing Celsius Network, it could be necessary to look for an alternative platform that offers similar or better services. Coinjournal has compared five alternatives to Celsius Network for you. The list compares features, pricing, ratings, and products offered.

Alternatives to Celsius Network

1. Nexo          

Nexo was the first crypto lending platform to offer instant crypto-backed loans. Besides allowing customers to borrow, the crypto lender also allows crypto investors to use their digital assets and provide them as collateral for a crypto credit line.

It allows users to instantly buy cryptocurrencies using cards at 0% fees and with a 0.5% cashback strategy allowing users to earn as they spend. It also allows users to swap cryptocurrencies and also earn up to an APY of 16% for providing their crypto assets.

Most importantly, Nexo has remained steady regardless of market conditions and it recently entered into talks with Citigroup for strategic opportunities in crypto lending.

2. CakeDeFi

CakeDefi is Singapore-based staking, liquidity pool, and lending protocol that allows users to deposit their crypto assets and earn a percentage yield.

Despite its ‘DeFi’ tag, Cake DeFi is more of a centralized platform since it is a custodial platform that offers a suite of DeFi products.

CakeDeFi offers three primary DeFi products namely lending, staking, and Liquidity Mining. Users can earn an average of 6.5% for lending out their crypto assets or up to 80% for participating in Liquidity Mining.

3. Compound  Finance

Compound Finance is a San Francisco, California-based mechanical money market protocol that allows users to deposit crypto assets and earn interest of up to 16% APY or borrow other crypto assets against the assets they deposited. It was founded in 2018 and was among the first crypto lending platforms to be developed.

Compound users can also Buy, Sell or Swap cryptocurrencies.

Compound started as a centralized platform but has grown out of its image after the issuance of its native governance token, COMP, ushered in the transformation of Compound into a community-governed decentralized autonomous organization (DAO).

4. Aave

Aave is renowned crypto-based lending and borrowing platform. It was launched in 2017.

Aave is a non-custodial DeFi protocol, and it offers three main products namely borrowing, lending, and Liquidity Mining (for the liquidity providers who provide liquidity to the lending pools).

Aave has some of the largest lending pools across the blockchain industry and has become a common name for crypto experts.

Besides offering over-collateralized crypto loans, Aave users can also get uncollateralized loans called Flash Loans.

5. Crypto.com

Crrypto.com offers a range of crypto services including a Crypto.com App, Exchange, Visa Card, DeFi swap, DeFi Wallet, DeFi Earn, Crypto.com Price, staking, and crypto lending among other services.

In addition to the wide variety of services, Crypto.com also offers some of the lowest transaction fees and incredibly generous rewards programs within the crypto industry.

Conclusion

With the above alternatives to Celsius, you have a selection of reputable platforms that offer similar or better crypto services as the Celcius Network, which is currently undergoing some hardships.

The above list is, however, but a fraction of crypto protocols out there that offer similar services to what Celsius offers.

The post 5 best alternatives to Celsius appeared first on CoinJournal.

Mike Novogratz says centralized crypto companies like Celsius and BlockFi have exposed the rot that decentralization in crypto sought to remove.

Cryptocurrencies are almost done with the turbulence of the massive deleveraging that has swept through the market wiping out more than $2 trillion of value, says Galaxy Digital CEO Mike Novogratz.

Speaking in a CNBC ‘Squawk Box’ interview on Thursday, the investor talked of the current market outlook as suggesting the worst of it is almost done.

However, while most of the sell-off momentum appears spent, after the “receding tide” revealed just how massively some centralized companies were leveraged, everything will need to calm down before prices begin to go higher again.

Novogratz says meantime, crypto prices might continue to hover sideways or even see fresh downsides until the Fed flinches or new capital comes into the market.

“Can we go lower? Of course we could,” he told CNBC. “It feels that we’re 90% through that deleveraging, but the problem is for you to go much higher, you need the narrative to re-pick and you need new capital to come in.”

„Can we go lower? Of course we could. It feels that we’re 90% through that deleveraging,“ says @novogratz on #crypto. „The problem is for you to go much higher, you need the narrative to go much higher and you need new capital to come in.“ pic.twitter.com/aoWFcorWhX

— Squawk Box (@SquawkCNBC) July 7, 2022

Novogratz blast some centralized crypto companies 

Commenting on the woes facing some of the crypto companies, the Galaxy Digital CEO says he expects investigations and even prosecutions over gross misconduct.

He says decentralized companies in crypto like Compound or Aave have functioned “as they were meant to,” with transparency and such.

However, it’s centralized firms that have come in and operated opaquely, leading to all the massive leveraging and interlending that is now pushing most into bankruptcy.

“Look at Celsius for example, no one knew how much leverage they had. Or Three Arrows Capital. I think when all is said and done there will be accusations and prosecutions for fraud. There will be gross misconduct, you know, in some of these companies.”

The post Mike Novogratz says crypto is 90% through recent carnage appeared first on CoinJournal.

DeFiChain is a blockchain platform that’s helping boost the world of decentralized finance (DeFi) on the world’s leading blockchain network Bitcoin.

Growth trends in the decentralized finance (DeFi) space point towards a new phase of next generation decentralized applications (dApps), as blockchain technology’s application expands across products and services.

DeFiChain, the decentralized blockchain platform seeking to bring the benefits of decentralized finance (DeFi) to Bitcoin, is one such project. But why are dApps developers’ interest in building on DeFiChain growing? 

Here are some of the key reasons as to why this is increasingly the case.

Build DeFi dApps anchored on the most secure blockchain network

DeFiChain leverages Bitcoin’s security and provenance to offer the best of blockchain to DeFi developers and users. Its security is anchored on the pioneer blockchain, even as it uses a native network mechanism to allow for smart contract functionality, scalability and high throughput. 

DeFi comes alive with DeFiChain due to its leveraging of the Bitcoin blockchain – provably secure records that can easily be checked on the blockchain and a robust community of users add to the mix of what secure smart contracts can help achieve for builders and users.

A carbon-neutral network

While DeFiChain taps into Bitcoin’s security, it remains a proof-of-stake network – which is a more energy efficient consensus mechanism and one that has helped DeFiChain achieve carbon neutral status well ahead of so many other platforms in the ecosystem. 

The DeFiChain network also continues to work on offsetting CO2 emissions that come with the daily activities on the network. 

As Bitcoin miners increasingly adopt and use renewable energy to secure the network, DeFiChain is already offering what major blockchains in the POS category, including the ‘transitioning’ Ethereum, are struggling to achieve.

DeFiChain is community-owned and community-driven

Decentralization is a critical cog of the DeFi ecosystem, but this aspect is often not seen to apply in reality when it comes to some platforms. This is because core developers, to a large extent, remain in control as they coordinate and lead network development. 

DeFiChain has no such loophole to a ‘centralized’ feel in a supposedly decentralized environment. The blockchain is entirely community-owned, and is open to DeFiChain Improvement Proposals (DFIPs) from anyone within the community.

Benefit from the DeFiChain accelerator

You have Bitcoin’s security, community-driven development and carbon neutrality as some of the reasons to take the DeFi journey via DeFiChain. However, there’s another one – the value of the native DeFiChain Accelerator. 

With the Accelerator feature, builders have the opportunity to benefit from tailored support, including financial, that can help jump start and propel a project to the next level of adoption. A recent report on DeFiChain growth shows the Accelerator program has played a huge role in injecting momentum into new dApps. The program is being expanded to cater to US-based developers – another big step in the effort to bring DeFi to Bitcoin.

Conclusion

DeFiChain offers a great ecosystem for any DeFi dApps developer, not least the leveraging of Bitcoin’s robust network security to protect both the teams bringing projects to the ecosystem and consumers looking to tap into the available opportunities. 

Just to put this into context, one of DeFi’s greatest concerns is security, with a growing number of breaches across different protocols highlighting this blot. As blockchain security firm Chainalysis pointed out in a recent report, more than 90% of crypto attacks in 2022 have been on DeFi protocols. 

The post Reasons to build dApps on the DeFiChain appeared first on CoinJournal.