ValteFri, Jul 16, 2021 6:02 PM
Weekly Digest: From ShibaSwap to Vexchange 2
Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to find out what companies’ representatives and media think about all things crypto.
Please enjoy and don’t forget to add your favourites to your CoinJoy Feed!
Cardano successfully performed Alonzo White Fork that brought it as ever close to the smart contracts. As per the developer from Hong Kong by July 15 the network was already creating the blocks. It's a significant step for Cardano's roadmap and it makes it very realistic that the full release will be complete in time. So far the deadline was scheduled for August. For many it will mean much extended utility of Ada which comes as a result of the years of development. In particular, this hard fork is a part of the Goguen phase which is all about smart contract implementation. Additionally, the members of ProjectCatalyst and more Plutus partners will be joining the network. Charles Hoskinson shares more details on the completed update in his Youtube video. This all gives no concerns why ADA token stayed among one of the best performers during the bull market.
“User activity has also increased, with over 650,000 staking addresses recorded in June 2021. The estimated sum of staked ADA is valued at $29 billion, which is more than 70% of the total supply.” — Beincrypto
Coinbase Pro makes a step towards its clients offering remunerative Mask and Rally networks for their accounts. From July 15 those networks are admitted into the exchange. They are to become leveraging points for many clients as Ethereum-based Rally allows the users to promote their individually owned crypto tokens and Mask allows the VIP clients authorization for the tokens transfers and also to manage crypto content and create the association with dApps. Additionally, Mask owners can determine the market initiatives of a choice through MaskDAO — decentralized self-governing association. Including those new social tokens is supposed to cause the increase of the revenue as well as investors income, but also the new offering will be only available on the Coinbase Pro trading platform. To make the offering available, Coinbase wallet was also consolidated with Polygon network, so the moderate transaction fees can be maintained, as well as to enable the adoption of dApps and to bring institutional trades.
“The intent for this enhancement in the cryptocurrency exchange platform is to enable a varied set of assets clients can choose from.” — Cryptonewsz
Italy has joined the regulatory offense flash-mob against Binance and issued a stark warning saying the company isn’t authorized to provide its services in Italy, including the activities performed through the official company website as it has sections named “derivatives'' and “Stock Token” that are related to the crypto assets and were written in Italian. Moreover, the exchange is now facing a lawsuit from a major Italian law firm representing unsatisfied futures traders.
“Italy has now become part of the simultaneous global clampdown on the cryptocurrency giant. Canada, Japan, the U.K., the Cayman Islands, Poland, Thailand and, most recently, Malta, have all ramped up their scrutiny of Binance in recent weeks.” — U.Today
As reported by Australian Financial review on Wednesday Australians soon will get the chance to use their owned crypto via brick-and-mortar sales point as local Australian startup CryptoSpend is going to start issuing the physical debit cards for its users. Visa has already approved the initiative. So whoever is using the CryptoSpend App will be able to make purchases and pay for the services with their Bitcoin and other tokens in some stores and venues. The peculiarity of the offering is that the users won’t need to convert crypto to fiat and back and instead of it the payment will be done directly. The card will be issued by Novatti and expected to be delivered to the first users in September this year. As for the custody of the crypto holdings, it will be handled by BitGo.
“We have customers that range from 18-year-old students to 70-year-old grandmothers. [This] further emphasizes the growing appetite for people of all ages to use crypto as an everyday currency.” — Richard Voice, Co-Founder & COO of CryptoSpend
VeChain got the functionality of Uniswap 2 through updating to Vexchange 2, which brought many improved features and extensions. In 2 years the service grew from a swap service to a full-fledged swap service and a hardfork of Uniswap V1. The exchange has ambitions to become a completely novel decentralized marketplace for the users and it already got lots of support from the community. The protocol is a forum for pooled and automated liquidity and allows fast conversion of VIP180 tokens. Vexchange 1 should be compatible and continue functioning along with VeChain. Now the second version of the platform Vexchange 2 got much more unique features, such as the possibility to directly pool any version of VIP180 token with other VIP180 tokens. The core contracts of the exchange deploy wrapped VET instead of native, while the helper contract enables the optimal deployment of VET. The launch of VIP180 tokens is essential for the liquidity providers as they can maintain a diverse variety of those tokens in denominated positions without getting exposed to VET. This direct token deployment helps to improve the prices by eliminating the fees and slippage of tokens routing.
Users of mobile and browser extension versions of Coinbase now can make transactions and run dapps on the Polygon (MATIC) blockchain network. In the official Twitter the company also promised to be adding more scaling solutions in the nearest future. Polygon is a layer 2 solution to drop transactions prices and duration on the Ethereum network while it’s also compatible with Binance Smart Chain and any other network reconcilable with Ethereum network. So the integration of Polygon network will allow Coinbase users to run transactions faster and cheaper as well as to access Polygon-based dApps easier and make it possible and convenient for small transactions as well. To access extra functionality, the users only need to change the “Active Network” setting to Polygon in the settings once and it will be automatically switched on both versions.
Bridge Wallet the cryptocurrency mobile app developed by Swiss Fintech Mt. Pelerin and allowing direct fiat-to-crypto investments and easy crypto withdrawals launched support for Tezos without the fees on no ramp and off-ramp for the native token of Tezos blockchain XTZ. Mt. Pelerin is connecting traditional and crypto economy and recently brought their non-custodial app to Tezos ecosystem. Tezos also will power Mt. Pelerin’s open source platform to issue and manage tokenized securities such as shares, bonds and funds. Bridge Wallet has 13’000 users as per now and gets recognized for offering fiat-to-crypto transactions without extra fees and commissions. And Tezos stands out from other blockchain protocols offering service with the minimal disruption but with the continuous upgrades and extended functionality. After the 6 upgrades it reached a relatively low level of gas fees, fast transactions speed and improved token standards. So this collaboration both gives better rates for the exchange and allows Tezos users to buy native XTZ token by bank transfer at no cost. The next step will allow users to make instant card purchases and withdrawals.
“Tezos celebrated its three-year anniversary this year, making it one of the first and longest running Proof-of-Stake blockchains. Network activity on Tezos has grown 1’200 percent this year due in part to its energy-efficient design and ease of use.” — Dailycoin
Billy Markus, Co-Founder of Dogecoin is going to add a fifth non-fungible token to his weekly series collection named “Crappy Dogecoin Doodles”. He announced the addition through his personal Twitter. The NFT minted on Ethereum and auctioned via Rarible is a poorly self-drawn image of Shiba Inu dog lying in the field. The initial token price is set to 0.069 ETH per item. 420 copies of the token will be available until the end of the auction next week. All the unclaimed doodles from the collection are burnt before the new one goes for sale. Only 10 percent of the price will go to Markus. Even though he has quit the Dogecoin project, Billy Markus still strongly supports it and doesn’t think the token or NFTs can actually cause any harm to the environment. From June this year he created 39 NFTs for his ”Crappy Dogecoin Doodles” collection and sold the first one for $3192, which exceeded the initial price 1500 times.
“It is worth noting that Markus currently works for an education company in the San Francisco Bay Area.” — CryptoPolitan
Reef Finance that works on end-to-end anonymity solutions for the Web 3.0 stack will start a partnership with Raze Finance for working on private transactions of decentralized finance and EMV-compatible DeFi. They are to make a novel solution to apply zkSHARKs to the framework of Zether to create anonymous decentralized modules. Reef Chain, the blockchain of Reef Finance is compatible with EVM and powers the operation of DeFi applications it also allows to migrate the dApps from Ethereum to Blockchain network of Reef Finance without any changes in the code. Raze Network maintains a private cross-chain trading and payment system. The integration will bring the homomorphic public-key encryption in the dApp system so the users can keep confidentiality. Reef Chain now is in the canary stage and its official mainnet will be launched soon.
“It is the primary goal of the partnership to amplify the level of privacy of transactions and make the process of investing in DeFi applications and building DeFi solutions more convenient.” — CryptoNewsz
Nifty Inc. follows its plans to become an “inviting home base for new and experienced explorers of the NFT universe” and launched its social NFT platform on Monday in a partnership with Warner Brothers. The project also managed to accumulate $10 million investments from the big blockchain venture firms. The NFT limited edition collection developed with the technology of Palm NFT by Ethereum Software Company ConsenSys featuring the characters from the upcoming movie Space Jam: A New Legacy will be launched as a product of partnership with Warner Bros.
“What Nifty’s has developed in such a short time deeply impressed us, and we cannot wait to see how they shape the future of NFT engagement.” — David Lee, executive vice president at Samsung and the head of Samsung Next venture group
Shiba Swap protocol has influenced the record increase in the DeFi transactions lately. In its recent tweet it reveals having more than 1 billion dollars’ total value locked on the platform in a single day and, according to experts, such a big transaction value could affect the transactions fee growth. The launch of the new platform led to the significant SHIB token price rise but at the same time caused the enchanted coin adoption that fueled the gas prices on Ethereum as ShibaSwap became the leading platform on the network. It’s necessary to note also that the platform got very popular on Ethereum, though it’s not much different from the other ones, since its launch a few days ago, it is becoming a preferred choice of many investors. But we are yet to see if the success run will continue.
“Having more than 1 billion dollars in total locked value is no small feat, and ShibaSwap must get credit for this achievement.” — DeFi News
At the end of last week, the booming social network TikTok announced the ban on the cryptocurrency promotion. This move comes along with their advertisement policy. It’s known that recently many users invested money in several crypto projects following the advices from famous TikTok bloggers, but from now on TikTok prohibits any kind of touting of financial products on the platform, including not just crypto, but also loans, credit cards, investment services, etc. The regulation bodies and some individuals warned young investors that this kind of promotion can be misleading. According to crypto firm Paxful research conducted earlier this year, one out of seven TikTok videos were encouraging the audience to make unfounded financial decisions.
”Influencers have been guilty of encouraging social media users to invest in an asset as they attempt to cause the price of the asset to favor them. These influencers also used past market behaviour to predict future profits bar the consideration of other swing factors.” — Coinjournal