Schlagwort: crypto markets

Adaswap, a Gal Gadot-backed decentralized exchange (DEX) platform on the Cardano network, has launched its public testnet.

A press release shared with CoinJournal stated that the Adaswap DEX, also backed by Shima Capital, was going live today 29 June 2022.

According to the platform’s team, the testnet launch makes the project among the very first to tap into the capabilities of the Ethereum Virtual Machine (EVM). 

The project  went live on the Milkomeda Network.

Tapping into blockchain interoperability

With the testnet launch via Milkomeda Network, Adaswap is looking to tap into the benefits of a layer-2 protocol with over $36 million in TVL. 

The team notes that among the key benefits for builders will be the ability to deliver EVM capabilities to non-EVM compatible blockchains.

This, they added via the announcement, enables the extension of Cardano’s ecosystem to projects that seek to build advanced products and services. 

AdaSwap CEO Itai Levi said:

“Deploying on Milkomeda has allowed Adaswap to deploy at a rapid pace and bring lightning-fast usability to our DEX for Cardano native assets. We can’t wait for our community to explore these new opportunities and bring a new wave of liquidity to the Cardano DeFi ecosystem. We’re also looking forward to the blockchain interoperability benefits that Milkomeda will offer.“

Adaswap has been building towards the launch of its testnet over the past month, with the team noting in early June that they were focused on delivering this milestone despite the tough market conditions.

The Market might be 📉temporarily, but at #adaswap we keep building. And when the market comes back 🆙 we will be ready to🚀

Testnet is so close we can taste it!#altcoins #Cardano #ADA #cryptocurrency

— AdaSwap – The next-gen Cardano DEX! (@adaswapapp) June 7, 2022

Earlier in May, Adaswap announced the NFT marketplace ADANFT, which was launched in collaboration with globally renowned artist Jonathan Paul, aka Desire Obtain Cherish.

The post Cardano ecosystem builder AdaSwap launches public testnet appeared first on CoinJournal.

Bitcoin Cash (BCH) today dropped to a low of $102.08 following reports that a major advocate of the blockchain had been accused of default.

Roger Ver, the former CEO of Bitcoin.com and a big advocate for Bitcoin Cash, was on Wednesday accused of owing $47 million to crypto exchange CoinFlex.

Coinflex CEO Mark Lamb disclosed a written agreement between the exchange and Roger Ver that obligates the Ver to guarantee any negative equity.

Roger Ver owes CoinFLEX $47 Million USDC. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default.

— Mark Lamb 💪 (@MarkDavidLamb) June 28, 2022

Lamb indicated that they have already written notice of default to Roger Ver for defaulting on the agreement.

In a subsequent tweet thread, Lamb went ahead to clarify that the debt in question pertains to Ver’s account.

He is denying that the debt pertains to him and so we felt the need to clarify to the public that yes – the debt is 100% related to his account. Roger Ver a citizen of the European Union who we believe has significant assets in the US, UK and other relevant jurisdictions

— Mark Lamb 💪 (@MarkDavidLamb) June 28, 2022

But in a rejoinder, Roger Vertook to Twitter to deny Lamb’s claims of owing any debt and rather accused CoinFlex of owing him a substantial amount of money and revealed that he was seeking the return of his funds.

Roger Ver’s relations with Bitcoin Cash

Roger Ver has been the biggest promoter of Bitcoin Cash since it hard forked from Bitcoin.

The main reason Ver supports Bitcoin Cash is that he believes that Bitcoin should be a peer-to-peer transaction system instead of just being a store of value like it currently is.

The position or trade-in question is a leveraged 600-800K BCH long that Roger Ver holds on CoinFlex exchange.

The post Major advocate of Bitcoin Cash accused of default: BCH price sinks 7% appeared first on CoinJournal.

Terra Luna Classic (LUNC) has gained 44% today and over 110% over the past seven days while TerraClassicUSD (USTC) has gained over 140% today and over 780% in the past seven days.

Both TerraClassic (LUNC) and TerraClassicUSD (USTC) had almost been forgotten by the greater crypto community over the past two months following the unfortunate Terra (LUNA) debacle that started with the de-pegging of the TerraUSD (USDT) stablecoin.

But the recent price hikes have brought the two cryptocurrencies back to the limelight.

📈🤷 #TerraClassic and #TerraClassicUSD have been all but abandoned by the #crypto community over the past 2-4 months. However, $LUNC’s +107% and $USTC’s +320% respective rises in the past 55 hours are something that may merit increased attention soon. 🤔 https://t.co/ddhyKjE9tz pic.twitter.com/oFnZ0JjaNJ

— Santiment (@santimentfeed) June 29, 2022

According to CoinMarketCap, the number of LUNC holders has started to increase with the rising price and the same case applies to the USTC stablecoin holders. Between June 26 and today, the number of LUNC holders rose by about1.41%.

Why is USTC and LUNC price rallying?

One of the main contributors to the sudden rise of LUNC price and consequently that of the USTC stablecoin is the recent announcement by a metaverse venture called StarShip that it shall incorporate LUNC into its ecosystem. LUNC will be one of the payment methods in StarShip.

In addition, StarShip will also burn 1.2% of the total amount of LUNC that it will receive as payment.

A press release by StarShip read:

“LUNC will be implemented into the StarShip ecosystem as one form of payment within StarShip Universe, burning 1.2% of all LUNC received for these payments.”

StarShip is one of the biggest metaverses to be created and it recently released footage showcasing its gameplay. The MetaUniverse features 32,000 square kilometers of buildable area and is powered by the new Unreal 5 engine.

The crypto community welcomes the practical use case for LUNC and the partnership between StarShip and Luna reinforces each ecosystem.

The post Here’s why Terra Luna Classic (LUNC) and USTC are suddenly rising appeared first on CoinJournal.

Crypto hedge fund Three Arrows Capital (3AC) has had its goose finally cooked after failing to repay a $670 million loan owed to crypto brokerage firm Voyager Capital.

But while what looks like a final nail has been hooked in place by Voyager via its notice of default issued on Monday, 3AC was already massively hit by the collapse of the Terra Luna cryptocurrency last month.

Failure to meet a margin call also saw crypto lender BlockFi liquidate the company’s assets – one among multiple such moves across the ecosystem.

3AC and what it means for crypto

CNBC’s Arjun Kharpal said on Tuesday the risk is really in what happens next with those firms that are heavily exposed to 3AC.

According to the analyst, the uncertainty and jitters are already being felt in the market, with pressure on Bitcoin price on Tuesday (BTC/USD is still above $20k at the moment but it’s nearly 3% down in the past 24 hours).

But going forward, Kharpal says the industry could find a solid footing. Among issues to be addressed, however, are structural issues like the outrageous yields firms like Celsius have been offering and which a major factor in the liquidity issues are facing the lender and others.

Acquisitions and consolidations are also another outcome of the crypto winter and the credit conundrum that some projects have found themselves in. Already, several market players, including crypto exchange FTX are eyeing the M&As route as one way of navigating this.

Of course, there’s a lot that could still happen in the market, with the likely contagion linked to 3AC one to watch.

The post What does Three Arrows Capital demise mean for the crypto universe? appeared first on CoinJournal.

Rapper Snoop Dogg, one of the biggest celebrity personalities with a bullish outlook on the crypto and Web3 space, says the current “crypto winter” has been tough on investors as well as projects and companies.

But he believes the tough market conditions will pass and that crypto is here to stay.

The rapper made his comments during an interview with CNBC on Tuesday, where he discussed NFTs and their place in the music industry. Also on the “Crypto World” show was Web3 entrepreneur Cordell Broadus, aka Champ Medici.

Every industry has seen a depression

Asked to comment about his outlook for the crypto sector amid the impact of the bear market, Snoop Dogg said it would “last forever.”

According to him, whatever is setting crypto back today is not exclusive to it as there has been a “downfall” in other sectors too. He believes crypto, which has been rocked by the collapse of some major projects amid contagion, will emerge even better.

He sees the problems facing some companies and the price wipe out as growing pains experienced in almost every other industry.

“I feel like every great industry has a downfall,” he said. “There’s been a depression in every industry you can look at – alcohol, tobacco, clothing, food – every industry you can imagine,” he added.

He also notes that the crypto winter offers the market the break it needs to separate strong projects from poor ones that have “abused” the opportunities they had.

In his view, this weeding out of “all the people who weren’t supposed to be in the space,” can only mean the future will be bright.

“Now it’s going to bring on great business, and moving forward, when the market comes back, there will only be great things to pick and choose from,” he said.

The post Snoop Dogg: ‘crypto will last forever’ appeared first on CoinJournal.