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Category: DeFi

Indexed Finance’s NDX Is Down 92% from ATH After $16 Million Hack Sends it Crashing

Indexed Finance, a decentralized protocol for passive portfolio management on Ethereum, got hacked for $16 million worth of assets this week. This resulted in a drop of over 35% in the price of its native token NDX, currently trading at $2.28. The coin is now down about 92% from its early February high of $27.71. […]

The post Indexed Finance’s NDX Is Down 92% from ATH After Million Hack Sends it Crashing first appeared on BitcoinExchangeGuide.

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Visa Launches NFT Support Program, Stripe Sees Crypto’s Potential of Faster and Cheap Payments

Payments giant Visa is launching a non-fungible token (NFT) support program in partnership with Major League Baseball player turned NFT artist Micah Johnson. With this program, the idea is to support artists who want to sell NFTs of their artwork. Johnson is the creator of animated astronaut Aku which was released on Nifty Gateway in […]

The post Visa Launches NFT Support Program, Stripe Sees Crypto’s Potential of Faster and Cheap Payments first appeared on BitcoinExchangeGuide.

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More People are Buying Ethereum and this On-Chain Metric Confirms the Trend

Ethereum (ETH), the world’s largest decentralized blockchain network is attracting more small-scaled to medium-sized retail buyers according to on-chain trends. Data from Glassnode analytics shows that the Ethereum number of addresses holding 32+ coins has just reached a 5-month high of 109,188, confirming an accumulation trend that peaked about a week ago. 📈 #Ethereum $ETH

The post More People are Buying Ethereum and this On-Chain Metric Confirms the Trend appeared first on Coingape.

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Meet The First Ever Polygon Ecosystem Index Token

Polygon continues to be a substantial force in DeFi. The protocol’s ease of use and lower fees have been major draws for developers, leading to a wide variety of new projects coming to life on the platform. Meanwhile, the folks over at Amun Tokens are working on DeFi index tokens left and right. In June, the platform announced the launch of two index tokens, $DFI and $DMX, engaged in the Ethereum ecosystem. Given Polygon’s increased presence lately in DeFi, it was only a matter of time before the team at Amun unleashed a Polygon-based token as well. That time has come, as Amun announced today their latest token headed to pre-sale: PECO. This token looks to encapsulate the best and brightest projects being built on Polygon. Amun, PECO, & The Polygon Ecosystem Amun released their Medium post announcing PECO today in collaboration with the Polygon Foundation and leading Polygon projects. The Foundation is providing $5M in MATIC tokens to seed the index’s launch, according to the Medium post, and many leading projects are providing seed capital for liquidity. The token initially launches on October 19 and will start with 50% MATIC until the network matures further. Protocol tokens make up the remaining 50%; take a look at the initial PECO compensation on launch below:   As the Polygon network grows and develops, the PECO portfolio will be rebalanced monthly. PECO will be available on both Polygon and Ethereum, and early participants can earn up to an additional 30% bonus tokens in the pre-sale via airdrop. Polygon (MATIC) has seen stable price movement in recent months, but has been slowly becoming a DeFi power player. | Source: MATIC-USD on TradingView.com Related Reading | TA: Ethereum Is Primed For A Rally And Only One Thing Is Holding It Back Amun & DeFi Growth The Amun whitepaper cites the need for scalability in DeFi and looks to provide ERC-20 tokens that address an index of the top DeFi tokens available. Earlier in the year, Amun unleashed DeFi index token $DFI, aimed to give investors exposure in “blue chip DeFi projects.” This allowed consumers to come to one token for a wide exposure of DeFi’s biggest coins, without incurring individual swap costs. Additionally, Amun released their DeFi Momentum Index, $DMX, which seeks to automate weights based price momentum calculated by a relative strength index. This index sought out momentum riders who “missed out on the last bull run.” Both indices were initially composed of eight tokens per index. Amun is building out a wide breadth of DeFi exposure during what seems to be an ideal time. A Bank of America report this week cited DeFi’s growth and largely untapped potential, and Polygon and it’s subsequent platforms have been enormous growth drivers in DeFi. Related Reading | Investors Expect Ethereum To Outgrow Bitcoin, According To CoinShares Survey Featured image from Medium.com/amun-tokens, Charts from TradingView.com
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ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3

Whenever it looks like non-fungible tokens (NFT) mania is starting to slow down, the trend gains traction and starts moving towards new highs yet again. This growing interest in NFT has seen their sales surging to $10.7 billion in Q3, representing an outstanding 704% increase from the previous quarter and a 38,060% increase year-over-year, according […]

The post ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits .7B in Q3 first appeared on BitcoinExchangeGuide.

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‘Tokens That Provide True Underlying Value Will Stand the Test of Time,’ Says Axia CEO

BeinCrypto spoke to Nick Agar, Founder of AXIA, about hyper-deflationary assets and their value to projects and the cryptocurrency space.

The post ‘Tokens That Provide True Underlying Value Will Stand the Test of Time,’ Says Axia CEO appeared first on BeInCrypto.

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Multi-Billion Dollar Investment Management Firm cashes out from Stocks to invest in Defi

Dawn Fitzpatrick, CEO, and CIO of the $27 billion Soros Fund Management announced that the investment management giant has been liquidating the $5 billion it had invested in March 2020 during the Covid-19 triggered market instability. Furthermore, Fitzpatrick noted that the company will be redirecting its investment into Decentralized Finance. Defi Dominance over the “mainstream”

The post Multi-Billion Dollar Investment Management Firm cashes out from Stocks to invest in Defi appeared first on Coingape.

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DeFi TVL Climbs to A New ATH, Aave Dominates After Amassing $1 Billion on Avalanche

As the crypto market makes a recovery, the total value locked (TVL) in the decentralized finance (DeFi) sector has hit a new all-time high of $199.04 billion, according to DeFi Llama. And popular lending platform Aave is currently dominating the DeFi TVL. With a dominance of 7.74%, Aave leads the space with $15.4 billion in […]

The post DeFi TVL Climbs to A New ATH, Aave Dominates After Amassing Billion on Avalanche first appeared on BitcoinExchangeGuide.

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Chainalysis Report: India tops the Global Crypto Index in virtual currency usage

The latest virtual currency adoption report by blockchain-based analysis firm, Chainalysis noted that India is among the top three countries with the most cryptocurrency usage according to the Global Crypto Adoption Index. The report stated that the Central and Southern Asia and Oceania (CSAO) region has risen as the dark horse of crypto adoption, with

The post Chainalysis Report: India tops the Global Crypto Index in virtual currency usage appeared first on Coingape.

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Compound Bug Puts 490k COMP at Risk to Become the Largest Fund Loss in a Smart Contract Incident

The total COMP at risk has now increased to about 490k COMP tokens, amounting to over $155 million at the current price of $317.71. This latest surge in the affected tokens is due to another $68.8 million of COMP being sent to the Comptroller. Last week, this updated Comptroller Contract containing a bug had resulted […]

The post Compound Bug Puts 490k COMP at Risk to Become the Largest Fund Loss in a Smart Contract Incident first appeared on BitcoinExchangeGuide.

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Umbrella Network Announces New Launch: Decentralized Oracles On Ethereum Mainnet

Umbrella Network, the decentralized Layer-2 oracle solution, has officially launched on Ethereum Mainnet. The company made this announcement on its blog on Friday. Umbrella Network is a community-owned Layer-2 oracle network that batches data for providing low-cost, scalable, and secure data. It utilizes the advances in Merkle tree technology to write multiple data points on a single on-chain transaction, making batching data to smart contracts more accurate and cost-effective. Umbrella network believes a community-owned oracle solution is essential to creating a truly decentralized financial system. Blockchain Oracles Explained Most blockchains have cryptocurrencies that are used to transfer value and enable the operations of the protocol. Some blockchains also enable Smart contracts. According to Wikipedia, a smart contract is a computer program or a transaction protocol that is intended to automatically execute, control, or document legally relevant events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need in trusted intermediates, arbitrations, and enforcement costs, fraud losses, as well as the reduction of malicious and accidental exceptions. Related Reading | DOTOracle – Rendering Decentralized Solutions to Polkadot and its Ecosystem However, there needs to be a way for blockchains and on-chain smart contracts to make use of external, off-chain data for smart contracts to have any real-world applications. Ethereum.org clearly defines what an oracle is, the oracle problem, and how decentralized oracles solve it. “An oracle is a bridge between the blockchain and the real world. They act as on-chain APIs you can query to get information into your smart contracts. This could be anything from price information to weather reports. Oracles can also be bi-directional, used to “send” data out to the real world.” Blockchain (e.g. Ethereum) transactions cannot access off-chain data directly. At the same time, relying on a single source of truth to provide data is insecure and invalidates the decentralization of a smart contract. This is known as the oracle problem. This oracle problem can be avoided by using a decentralized oracle that pulls from multiple data sources; if one data source is hacked or fails, the smart contract will still function as intended. Related Reading | Decentralized Oracle Plugin Offers Solution for XinFin’s Smart Contract Umbrella Network claims its decentralized network is a superior solution to its competitors. It provides comparatively quick and affordable price feeds. It also says that it would make available more data pairs (currently 1,200 data pairs growing to over 10,000 by end of 2021) than any other oracle in the ecosystem. According to Cointelegraph, the need for reliable data feeds appears to be growing as smart contract technology becomes more mainstream. For example, Brazil’s main stock exchange is exploring ways to provide data inputs for the country’s central bank digital currency (CBDC) project. Umbrella Network Mainnet Launch On Ethereum Umbrella Network’s mainnet launch on Ethereum means that it deployed Smart contracts on the Ethereum Blockchain. This means that Ethereum-based dApps can communicate with Umbrella Network code in the live environment — requesting and getting data that is reliable, comprehensive, and cost-effective. ETH price at $3,431 | Source: ETHUSD on TradingView.com Speaking on the mainnet launch, founding partner Sam Kim said, “We are absolutely thrilled to be able to achieve this important milestone. We will now be able to serve the needs of the largest DeFi community with our decentralized oracles, and look to address real challenges the community faces when it comes to the high cost, low availability of data offerings in the ecosystem today.” The company has been busy with acquisitions and new products in recent months. In May, the network launched on Binance Smart Chain (BSC) mainnet. Umbrella network also stated its plans for future cross-chain integration with Polygon, Solana, Cardano, and Avalanche, in the coming months. In the same breath, it mentioned the launch of its in-house developed Token Bridge next week. This enables seamless transfers of $UMB across all supported Blockchains. Featured image by @UmbNetwork on Twitter, Chart from TradingView.com
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DeFi Deep Dive — Gnosis, Building New Market Mechanisms for DeFi

Decentralized Finance (DeFi) focuses on righting the wrongs found in traditional finance. Gnosis is one of these trustless DeFi vanguards, delivering a comprehensive approach to Finance 2.0.

The post DeFi Deep Dive — Gnosis, Building New Market Mechanisms for DeFi appeared first on BeInCrypto.

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Axie Infinity Raises $860K While Their AXS Token Rises 55% In The Last 24 Hours

The Axie Infinity team is making moves. On the one hand, they raised $860K “through a strategic sale of our governance token, AXS.” On the other, they announced an in-game decentralized exchange and their AXS increased in prize by 55% in the last 24 hours. Great numbers all around that would satisfy and attract any investor. And speaking about satisfied investors, their original backers were the people invited to Axie Infinity’s private sale. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Let’s digest all that part by part. Axie Infinity ‘s $860K Private Sale The terms of the “strategic sale” state the following: “Axie Infinity raised $864,000 in a private sale of AXS to strategic investors in the middle of 2020. These investors purchased AXS at a 20% discount. 20% of the private sale tokens will be unlocked during the AXS public sale. The rest of the private sale tokens will be unlocked quarterly over the next 2 years.” In the press release, they disclosed the investors: Arca Three Arrows Capital DeFiance Capital DeFi Capital Sparq Ventures Animoca Brands Hashed Dialectic as well as angel investors: Alexander John Amsel Alex Svanevik (Nansen) Bashylok Oleksander The investors seem extremely satisfied. In a recent tweet, DeFiance Capital’s Zhu Su announced Axie Infinity and their Axie Infinity Shards (AXS) are the company’s most profitable seed investment by far. “Craziest thing is at the time of the round, it was so undersubbed that many people invested just to support ecosystem without any expectation of returns,” he adds for color.  $AXS @AxieInfinity I think is now @DeFianceCapital best seed investment ever and it’s not even close Craziest thing is at the time of the round, it was so undersubbed that many people invested just to support ecosystem without any expectation of returns World is unbound growth — Zhu Su 🔺 (@zhusu) October 2, 2021 The Great AXS 55% Rise According to Chinese journalist Colin Wu, “Axie Infinity is launching a decentralized exchange and its price rose 55% in 24h. However, its trading volume and active users are declining.” He also said it was “the highest increase among top50 crypto.” At the time of writing, the number has decreased a little. According to Coinmarketcap, AXS is “up 42.90% in the last 24 hours.” Axie Infinity is launching a decentralized exchange and its price rosed 55% in 24h. However, its trading volume and active users are declining. — Wu Blockchain (@WuBlockchain) October 2, 2021 The recently announced decentralized exchange will eliminate the need to leave Axie Infinity to trade tokens. “People want to acquire and use their tokens from the same place without having to use a bridge constantly,” growth lead Jeff Zirlin told The Block” That website broke the Axie Infinity meets DeFi news, saying: “The DEX could help keep users playing the game because it will remove certain frictions that exist for players who have to move their tokens off the platform to trade them. The DEX will be built on Ronin, an Ethereum-linked sidechain purpose-built for Axie Infinity.” In the “Strategic Sale” press release, they quote Defiance Capital’s Arthur0x, who said: “Axie has been building relentlessly since 2018 and we are impressed by their execution so far. Their vision of combining NFT, gaming and DeFi together is extremely exciting. We are thrilled to see Axie continue to be at the forefront of innovation in NFT gaming and DeFi space.” AXS price chart for 10/02/2021 on Gemini | Source: AXS/USD on TradingView.com Epilogue: Our Prediction Just three months ago, when NewsBTC first covered Axie Infinity, we predicted:  “In the long run, Axie Infinity could add new features to its game, a new game mode, more resources. The expansion of this universe is set to provide cryptocurrencies and blockchain technology with a real-world use case that nurtures the gaming experience.” Related Reading | Jack Dorsey Plans to Build A Decentralized Exchange For Bitcoin They did add new features, just not the ones we were expecting.  At that time, AXS was trading at $17,47. Each token is worth $111.21 nowadays. Featured Image: Axie Infinity screenshot from their press release | Charts by TradingView
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