Ethereum Rallies 5%, Why ETH Could Surge To New ATH Above $5K

Ethereum gained pace above the $4,550 resistance against the US Dollar. ETH is trading above $4,700 and it could accelerate further higher in the near term.

• Ethereum is trading in a bullish zone above the $4,550 level.
• The price is now well above $4,650 and the 100 hourly simple moving average.
• There was a break above a major ascending channel with resistance near $4,560 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue higher if it stays above the $4,650 support level in the near term.

Ethereum Price Rallies Above $4,700

Ethereum remained stable above the $4,500 level and started a fresh increase. ETH broke the $4,600 level to move further into a bullish zone.

There was a clear break above the $4,650 level and the 100 hourly simple moving average. Besides, there was a break above a major ascending channel with resistance near $4,560 on the hourly chart of ETH/USD.

The pair climbed to a new multi-week high above the $4,700 level. It traded as high as $4,774 and is currently correcting lower. It is trading above the 23.6% Fib retracement level of the upward move from the $4,352 swing low to $4,774 high.

Source: ETHUSD on TradingView.com

An initial resistance on the upside is near the $4,775 level. The first major resistance is near the $4,800 level. A close above the $4,775 and $4,800 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $5,000 level. Any more gains could lift the price towards the $5,200 zone in the near term.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $4,800 level, it could start a downside correction. An initial support on the downside is near the $4,675 level. The first key support is now forming near the $4,550 level.

It is near the 50% Fib retracement level of the upward move from the $4,352 swing low to $4,774 high. A downside break below the $4,550 support zone could p a sharp ush the price further lower. In the stated case, the price is likely to revisit the $4,400 support zone and the 100 hourly simple moving average.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now correcting lower towards the 60 level.

Major Support Level – $4,550

Major Resistance Level – $4,775

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Bitcoin Aims Fresh Run To $60K, Why Bulls Could Face Hurdles

Bitcoin is trading above the $56,200 support against the US Dollar. BTC must clear $58,500 to start a major increase in the coming sessions.

• Bitcoin is struggling to gain pace above the $58,000 and $58,500 levels.
• The price is still trading above $57,000 and the 100 hourly simple moving average.
• There is a major contracting triangle forming with resistance near $58,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair must clear the $58,500 resistance to start a steady increase in the near term.

Bitcoin Price is Showing Bullish Signs

Bitcoin price corrected lower below the $57,000 support level. However, BTC remained stable above the $56,200 support level and the 100 hourly simple moving average.

The recent low was near $56,555 and the price is now moving higher. It broke the $57,000 resistance zone. There was a break above the 23.6% Fib retracement level of the recent decline from the $59,230 swing high to $56,555 low.

It is still trading above $57,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $57,850 level. It is near the 50% Fib retracement level of the recent decline from the $59,230 swing high to $56,555 low.

The first major resistance is near the $58,200 level. There is also a major contracting triangle forming with resistance near $58,200 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

A clear break above the $58,200 resistance zone could open the doors for more upsides. The next key resistance is near the $58,500 level, above which the bulls could aim a test of $60,000. Any more gains might push the price towards $61,200.

Fresh Drop In BTC?

If bitcoin fails to clear the $58,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $57,000 level.

The first major support is now forming near the $56,200 level and the 100 hourly SMA. A downside break below the $56,200 support may perhaps push the price towards $55,500. Any more losses might lead the price towards $55,000.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.

Major Support Levels – $57,000, followed by $56,200.

Major Resistance Levels – $58,000, $58,500 and $60,000.

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Grayscale Launches Solana Trust Following Investors ‘Appetite’

Grayscale Investments, the largest cryptocurrency fund in the world, announced a Solana trust, adding the growing cryptocurrency to its list of product offerings. They have shown great interest in Solana’s performance and see a near and long-term potential in it because of its capability for experimentation.

In a public release, Grayscale Investments said they will be “enabling investors to gain exposure to SOL in the form of a security while avoiding the challenges of buying, storing, and safekeeping SOL directly.” This will require a $25,000 minimum investment, charging Grayscale’s standard 2.5% management fee.

Grayscale CEO Michael Sonnenshein commented to Forbes:

In many investors’ minds, there’s a continued appetite to invest in Solana, In some sense, it is a more cost-effective blockchain [than Ethereum], and today we are seeing over 500 decentralized apps and about 1.2 million monthly active users on the network. When you kind of take a step back, and you see how quickly it has been able to ramp up, it’s certainly pretty impressive.

Regarding the investor’s appetite for Solana, FTX founder Sam Bankman-Fried is a strong supporter of the digital asset, giving a constant public endorsement that has become a key point of its current visibility.

Bankman-Fried has shared his view on Solana being better than Ethereum given its lower fees and possibilities of use and recently claimed it has the potential of becoming the next Bitcoin by mass adoption level.

Related Reading | Solana Could Become The Next Bitcoin, According To FTX’s Sam Bankman-Fried

With this addition, Solana becomes the 16th offering in Grayscale’s product line. They also provide exposure to Bitcoin (BTC), Basic Attention Token (BAT), Bitcoin Cash (BCH), Chainlink (LINK), Decentraland (MANA), Ethereum (ETH), Ethereum Classic (ETC), Filecoin (FIL), Litecoin (LTC), Livepeer (LPT), Stellar Lumens (XLM), Zcash (ZEC), and Horizen (ZEN).

Solana, the “Ethereum killer”, has had a great year overall, being in the investor’s spotlight, rallying to new all-time highs, showing massive adoption. It has aggressively dominated the terrain of funds held in cryptocurrency wallets.

The cryptocurrency managed to climb to the 4th position of largest cryptocurrencies by market capitalization, with a value of over $70 billion. The inclusion of Grayscale’s portfolio promises more visibility around institutional and individual accredited investors.

Related Reading | Solana Tops Cardano, Ethereum To Become The Most Staked Cryptocurrency

Grayscale Sees Potential In Solana

Despite the issues Solana has faced -such as the network’s 17-hour outage- and being more centralized than its close competitors, many call for its staking token SOL to hit $300 next, after having rallied close to $217,50 recently. Solana also dominates DeFi services and NFT minting, and its native token SOL became one of the best-performing assets of the year.

Solana Lab’s CEO, Anatoly Yakovenko, recently commented to The Block that the chances of the network going down again don’t really matter “in terms of safety to funds in the state”, not worried about the possibility of it happening again as he claims the users have nothing to worry about if they do not care about the time the transactions could take during an outage.

Sonnenshein shared that Grayscale sees near and long-term potential in Solana, not only seeing the growing interest from important investors but its fields of use for blockchain technology.

What’s been interesting about Solana is that it gives users the ability to learn, experiment, and build. They generally have more budget to experiment on the protocol than some other more established blockchains like Ethereum, because of lower transaction fees.

Solana trading at $212 in the daily chart | Source: SOLUSD on TradingView.com

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Cardano Ambassador Addresses FUD Surrounding The Project

Cardano has been in the middle of some major FUDs these past weeks and this has not been good for the value of the digital asset. Numerous negative news circulated around the asset, the most prominent being the delisting of ADA for U.S. users from the eToro crypto exchange. Since then, the altcoin has suffered massive dips that have sent the price of the digital asset towards three-month lows.

Related Reading | Cardano Founder Addresses Liquidity Concerns Over eToro Delisting

Although news of the delisting is a week out, the FUD surrounding the project has not subsided. This has prompted a Cardano ambassador to take action and has led to a run-down of why the FUD around the digital asset has refused to die out.

Cardano Is A Legitimate Alternative To Ethereum

The Cardano ambassador took to Twitter to address all of the FUDs that have been circling the altcoin in recent weeks. For one, they explain that most of it have been because Cardano presented the only legitimate alternative to the leading smart contracts platform, Ethereum. This leans into the fact that Cardano has often been proposed as an “Ethereum killer” after smart contracts capability has debuted on the blockchain.

They pointed to the network activity that showed that Cardano’s activity has consistently been on the rise in the past few weeks. While Ethereum had maintained momentum in the same time period, Cardano had spiked significantly, pointing to increased adoption. Yet, the market continued to treat the digital asset like it is a failing project.

Furthermore, Cardano had recorded such heavy spikes in network activity despite still being a bit away from the first decentralized exchanges launching on the network. Right now, NFTs are the only avenue with which both blockchains compete and Cardano has already recorded more activity.

Cardano network activity spikes above Ethereum | Source: Twitter

The ambassador closed out the Twitter thread by saying pointing out that the network has not really been given any benefit of the doubt since it launched. Nevertheless, the project has proved the market wrong and will continue to do so.

We have never been given the benefit of the doubt by the industry.

We were told we could never do PoS and our consensus will never work – we proved them wrong.

Now we are told our ecosystem will not have any worthwhile dapps and we will prove them wrong again.

— Southrye – (₳) (@Southrye) November 28, 2021

ADA continues to suffer dips | Source: ADAUSD on TradingView.com ADA Struggles Against FUD

The impact of all the FUD that has been circling the project has shone through in the price of ADA. The digital asset had dipped below $1.5 for the first time in three months and had touched the low $1.4 before recovery back up again. All progress that Cardano had made during this period had been buried underneath the FUD and panic among investors as sell-offs continued.

Related Reading | Cardano Active Addresses Shoots To New Highs Amid Downtrend

Despite this, the asset has not lacked support from its community. Taking to Twitter, others expressed their outlook for the future of the cryptocurrency. Choosing to focus instead on the potential of the blockchain instead of the current situation.

$ADA can be more scalable than #ETH. #Cardano uses a fraction of the energy of $BTC & $ETH. Ether’s fees are high & #ADA is a strong competitor. $ADA's scarcity of 45B coins will lead to an increase in value & demand, and will also provide banking services to the Worlds unbanked

— Andrew | Investing, Stocks & Crypto (@FluentInFinance) November 28, 2021

Cardano founder Charles Hoskinson also took time out to approve of the message being passed. The founder tweeted that others were terrified of Cardano due to being a self-sustaining project that doesn’t need outside help to grow.

And they are terrified because there doesn't need to be some magical Cardano 2 to survive. It's a future proof design and we are systematically building towards it together with the strongest and most engaged community brick by brick https://t.co/JDOKhAwrZA

— Charles Hoskinson (@IOHK_Charles) November 28, 2021

Featured image from Bitcoin News, chart from TradingView.com

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Bitcoin “Speculative Chart” Suggests Cryptocurrency To Soon Blast off

As institutions, corporations, countries, and more buy into Bitcoin, the cryptocurrency is beginning to transition from a speculative asset to a macro financial asset much like gold, oil, and others. But before that happens, the top cryptocurrency by market cap is mimicking Jesse Livermore’s “speculative chart” with incredible accuracy and precision.

If this rare chart pattern referred to as a Livermore Accumulation Cylinder continues to play out, the Bitcoin bull cycle is about to come to a dramatic climax. We’re also taking a deep dive into the legendary life and untimely death of Jesse Livermore himself.

Speculative Chart: Bitcoin Price Pattern Matches Livermore Accumulation Cylinder

Bitcoin price action has been up and down – literally and figuratively. After setting a new all-time high, rather than blasting off to $100,000 or more where the bull market is projected to end, the cryptocurrency fell back to retest lows around $53,000.

The gyrating price action has put the king of cryptocurrencies into a wedge-like pattern with a broadening mouth. It also closely mimics that of a Livermore Accumulation Cylinder.

The 2021 BTC bull cycle  | Source: BTCUSD on TradingView.com

The chart above layers BTC price action since the April high was put in through today. If the pattern is valid, an enormous amount of speculative volume could suddenly appear, pushing Bitcoin and other cryptocurrencies to more dramatic highs, and likely the climax of the current market cycle.

Related Reading | Finding Fibonacci: Is Bitcoin Beginning A “Golden” Recovery?

Before you write off “Livermore’s Speculative Chart,” juxtaposing the 2017 bull run over the same cylindrical price action below follows the rest of the pattern – even going full parabolic the moment the eight phase of the chart takes place. At nine, the rally is nearly out of steam, and at ten, things begin to teeter bearish.

The 2017 BTC bull cycle  | Source: BTCUSD on TradingView.com Who Was Jesse Livermore: Reminiscing Over A Legendary Stock Operator

But who was Jesse Lauriston Livermore and why should be believe his chart pattern might still work today – some 80 years after his death? According to Wikipedia, Livermore is a “pioneer of day trading.”

“In a time when accurate financial statements were rarely published, getting current stock quotes required a large operation, and market manipulation was rampant, Livermore used what is now known as technical analysis as the basis for his trades. His principles, including the effects of emotion on trading, continue to be studied.”

Livermore’s short position ahead of the Wall Street collapse of 1929 was legendary, earning him the title the “greatest trader to ever live.”  His legend doesn’t end as a happy one, however. Nor does it begin that way.

He grew up in Massachusetts, forced out of school by his own father. With his mother’s support, he ran away.  At age 14, he worked as a board boy posting quotes at a Boston-based brokerage. By age 20, he had made 1,000% ROI and was banned from nearly every Boston-area bucket shop due to his significant and regular winnings. Livermore was forced to wear disguises and take on fake names to continue to trade.

Livermore later was the basis for the main character of the best-selling book by Edwin Lefèvre, Reminiscences of a Stock Operator.

Related Reading | Want To Learn Technical Analysis? Read The NewsBTC Trading Course

During the panic of 1907, his short positions earned him more than $1 million in a single-day.  His mentor at the time, J. P. Morgan, plead with Livermore to stop short-selling – to which he agreed, and instead profited from the rebound. He earned the reputation as the “Great Bear of Wall Street” and was personally blamed for the crash – even receiving death threats and needing to hired armed bodyguards.

Back then, this sort of wealth was rare. Livermore owned a $200,000 yacht, for example. But following this 1929 stock market crash, Livermore’s mental health deteriorated.  His wife had shot his son, but not fatally; he had an ongoing lawsuit from a Russian mistress; and several bankruptcies.

In 1934 the United States SEC imposed new rules that supposedly impacted Livermore’s trading and he lost his entire fortune. He died on November 28, 1940 from a self-inflicted fatal gunshot wound leaving a handwritten note to his wife apologizing. His son, Jesse Jr. also died by tragic suicide, as did his grandson.

All roads lead to this. #Bitcoin pic.twitter.com/DAMANCCtHi

— Tony "The Bull" Spilotro (@tonyspilotroBTC) November 30, 2021

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

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MicroStrategy Follows El Salvador’s Lead As It Buys Bitcoin Dip

For those who can afford it, the recent dips in Bitcoin price have been nothing more than an opportunity to buy the digital asset at a discounted price. This has certainly been the case for El Salvador and now MicroStrategy, as both these entities have moved swiftly to take advantage of the price dip to increase their holdings.

El Salvador had quickly snapped up another 100 BTC when the price had fallen to $54,000, with the president once again saying that the country got the coins at a discount. MicroStrategy, the publicly traded firm that holds the largest amount of bitcoin on its balance sheet, followed in the footsteps of El Salvador. This time buying up $414 million worth of BTC.

Related Reading | Report Shows Institutional Investors Are Abandoning Bitcoin For Altcoins

MicroStrategy Deepens Bitcoin Bet

MicroStrategy has renewed its promise to keep adding bitcoin to its balance sheet with its latest purchase. The firm which is headed by Bitcoin maximalist Michael Saylor announced that it had bought even more bitcoins to add to its already impressive holdings. MicroStrategy’s latest purchase consisted of a $414 million buy, which amounted to 7,002 BTC added to its balance.

This recent purchase brought the total of MicroStrategy’s bitcoin holdings to a whooping 121,044 coins. The firm bought the digital asset at an average of $59,187 per coin, well below its record $69K high at the beginning of November.

MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per #bitcoin. As of 11/29/21 we #hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin. $MSTRhttps://t.co/OA8VWG1bZX

— Michael Saylor (@saylor) November 29, 2021

BTC recovers above $57K | Source: BTCUSD on TradingView.coms

MicroStrategy has gradually filled its coffers with bitcoin and has so far spent approximately $3.57 billion in total. Despite bitcoin’s drop from its all-time high, the firm continues to remain in profit with an average price of $29,534 per bitcoin.

Companies Betting Big On Bitcoin

MicroStrategy is not the only company that has thrown its hat in the ring with bitcoin, although it holds the largest volume of all publicly traded companies. Electric vehicle maker Tesla had also announced that it holds bitcoin on its balance sheet. Tesla which is headed by another Bitcoin maximalist in the person of Elon Musk holds 48,000 BTC on its balance sheets, currently worth around $2.99 billion.

Related Reading | El Salvador Buys Bitcoin Dip As Omicron Variant Ravages Market

Galaxy Digital is headed by Mike Novogratz, an outspoken crypto bull that has reiterated the potential of bitcoin numerous times. The firm also holds16,402 bitcoins on its balance sheet, $956.69 million in today’s value.

Square Inc. headed by Twitter boss, Jack Dorsey holds 8,027 BTC, while Marathon Patent Group holds around $280.7 million in bitcoin (4,813 BTC).

A recurring theme around all these companies is that no matter when they entered the market, they are all in profit by at least 100% of the value the bitcoins cost at the time of purchase.

Featured image from Forbes, chart from TradingView.com

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Ethereum Supply On Exchanges Reaches New Low Of 14%

On-chain data shows that the percentage of Ethereum supply present on exchanges has set new lows of around 14%.

Ethereum Supply On Exchanges Continues To Go Down

As pointed out by an analyst in a CryptoQuant post, the ETH supply present on exchanges has been going down since a while now. It has now hit new lows of about 14%.

The “percentage supply on exchanges” is an indicator that shows the share of the total Ethereum supply stored in wallets of all exchanges.

Usually, this supply present on exchanges is said to be the selling supply of ETH, and so if the indicator’s value goes up, it means there is a higher number of coins in the available sell supply.

Due to supply-demand dynamics of the market, this kind of trend can prove to be bearish for the cryptocurrency’s price.

On the other hand, if the metric’s value moves down, it implies the available supply of Ethereum has reduced. Prolonged such trend can create a supply shock in the market, which can turn out to be bullish for the coin’s price.

Related Reading | Exchanges See Bitcoin Outflows For 7th Straight Day As BTC Price Begins Recovery

Now, here is a chart that shows the trend in the percentage of total ETH supply on exchanges in the past year:

Looks like the indicator's value has been gradually going down | Source: CryptoQuant

As you can see in the above graph, the percent ETH supply on exchanges has shown a steady downtrend during the entire year so far.

Currently, the value of the indicator sits around 14%, a new low. At the start of the year, the metric’s value was about 21% so that in the past year 7% of ETH supply has been taken off exchanges.

Related Reading | Ethereum Scarcity: After London Fork, ETH’s Supply Change Drops To Almost Zero

Also, back in May, when the price of Ethereum was at similar levels as now, the metric’s value was around 18%, a sizeable difference. Because of this the analyst believes that the current supply shock isn’t fully reflected in the price yet. And that it won’t be long until a difference is seen.

ETH Price

At the time of writing, Ethereum’s price floats around $4.6k, up 10% in the last seven days. Over the past month, the crypto has gained 5% in value.

The below chart shows the trend in the price of the coin over the last five days.

ETH's price looks to be recovering from the crash | Source: ETHUSD on TradingView

A few days back, Ethereum and the wider market had a crash due to fud from the latest COVID variant. However, ETH looks to have already recovered from it.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Crypto Adoption Begins With Fan Power. Corite’s CEO Discusses NFTs, Blockchain, and Democratizing the Music Industry Through Technologies.

By now, after almost a year since the start of the NFT hype, non-fungible tokens have proven to be one of the turning points in crypto’s history. The utility and use cases for these assets have been disrupting arts, sports, movies, and music. On the other hand, we humans have always been willing to go the extra mile to acquire a unique piece of history, an exclusive work of art, or something that allows us to connect with our idols and passions.

Corite, a Stockholm-based fan funding music platform, taps into these two trends, preparing to launch a blockchain platform and leverage NFTs to transform the billion-dollar industry. We sat down with Mattias Tengblad, Corite CEO, to discuss the irruption of NFTs in financial markets, the hype around non-fungible tokens, and their potential to help bring crypto into the mainstream.

Q: Could you tell us a little about your background? How is Corite embracing digital assets and blockchain technology, and why did you decide to bet on NFTs?

A: Well, my co-founding partner Emil and I are true music lovers, and we’ve been working together for many years. We’ve spent five exciting years at Universal Music when Spotify launched and rocked the industry to its foundation. We have successfully run corite.com since late 2019, which provided valuable insights on how to incorporate blockchain technology to open up even more opportunities for both artists and fans. Corite decentralizes the traditional record deal model, giving independent artists financial and creative freedom while engaging their fans in novel ways. When admirers and musicians share in the success of a project, their bond grows stronger. We believe that fan power will drive the music industry’s future. We are also convinced that by monetizing digital art and music, NFTs enable artists to gain control of their work and generate new revenue streams.

Q: Could you tell us about your latest accomplishments and how they are driving the platform to its ultimate goal, i.e. to democratize the music industry?

A: Corite is already used by tens of thousands of fans. We are currently launching the blockchain platform CO, which provides new ways for artists to enjoy and live off of digital art and music. Fans will get song shares by backing the music and earn fan power by making the music a hit. We’re bringing Play to Earn to the music industry, and we just completed a $2.2 million pre-sale of the platform’s native $CO token last month. Our first NFT campaign in collaboration with actor and artist Emery Kelly has been a great hit.

Q: In any trend, there are supporters and detractors. What would you say to those that don’t understand the power of blockchain? How NFTs in general, and Corite in particular, are going to provide them with a better experience?

A: NFTs are unique digital assets that can represent anything and enable new ways for fans and artists to interact in meaningful ways. They allow fans to show their dedication and ensure artists can offer one-of-a-kind experiences, VIP access, exclusive discounts, and merch. That is why I believe NFTs have the potential to become as important to generation Z as music videos once were during the hay days of MTV in the 90s.

Q: What do you think has fueled the NFTs craze we saw in recent months? Do you share Beeple’s view that the entire sector is a bubble?

A: I don’t know anyone who would say ‘no’ to an autograph from their idol, and NFTs are the next evolutionary step here. You can invest in a distinctive piece of art created by an artist that will never fade, and it’s something you can pass along without the need for external validators. Of course, the sector is still to reach maturity – for example, there are quite a few badly-designed NFTs that are selling for millions of dollars out there, but we’re getting there. As more professional content creators, producers and artists enter the scene, the quality will go up.

Q: Recent surveys have shown that younger generations have a positive disposition to adopt digital assets. Which role platforms such as Corite will play in the next decade as Millennials benefit from a massive wealth transfer?

A: Without a doubt, NFTs are here to stay, and they are much more than collectibles.  Basically, NFT is a music investment that has been made available to the public. Consider supporting your favorite artist through a Kickstarter campaign in exchange for a percentage of the profits rather than merchandise or concert tickets only. It works wonders for prominent artists with millions of followers, allowing them to fund songs and albums with a single social media post, but also for the talented unestablished artist taking the first steps with the support of friends and family. In return, fans earn a share of artists’ success, while actively helping them with the promotion using our play to earn model. Corite and our CO platform will help artists understand and explore the NFT space offering turnkey solutions from creation and mechanics to distribution and marketing.

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Solana Tops Cardano, Ethereum To Become The Most Staked Cryptocurrency

Solana has slowly made its way into being the crypto sweetheart of 2021. The smart contracts platform had found popularity in the third quarter of the year as it rallied to new all-time highs following the massive adoption of the blockchain. It didn’t take long before the blockchain was being listed as an “Ethereum killer” placing it in competition with the likes of Ethereum and Cardano.

Solana has lived up to expectations since then as it stole more market share with each passing week. Decentralized finance (DeFi) services on the blockchain quickly took off as investors sought out cheaper alternatives to Ethereum.

Related Reading | Cardano Active Addresses Shoots To New Highs Amid Downtrend

Solana still holds a small share of the DeFi market compared to Ethereum but the blockchain has quickly grown to be a force to be reckoned with when it comes to staking.

Solana Takes The Lead For Staking

For a long time, competitor Cardano held bragging rights as the network with the most staked cryptocurrency. Now that title has been stolen by Solana as staking ramped up on the network. It now stands ahead of Cardano and Ethereum for total value staked on the blockchain.

Staking has become one of the leading ways for investors to make passive income while they held on to their coins. This has propelled the rise of digital assets like ETH and ADA to the forefront of the market given that these networks offered attractive yields to users.

However, Solana has quickly become the network of choice due to offering some of the highest yields compared to competitors Ethereum and Cardano. On November 23rd, Solana became the network with the highest value of tokens staked when total value had crossed $84 billion. This number put it right ahead of market leaders Cardano and Ethereum.

Solana staked value surpasses Cardano | Source | Staking Rewards

Solana’s yields currently have 77.37% of its total supply staked at an annual yield of 6.79%. Compared to this, Cardano has 70.5% of total supply staked at an annual yield of 5.71%, while Ethereum has only 6.85% of total supply staked with an annual yield of 5.2%.

Make Way For The “Ethereum Killers”

Activity on other smart contract platforms is ramping up as competition grows for Ethereum. Although the network still sees the most activity for DeFi and NFT minting, others such as Solana and Cardano are creeping up on the blockchain.

For the month of November, Cardano’s network activity has spiked considerably above that of Ethereum, suggesting more usage on the part of the former. Likewise, activities like NFT minting and DeFi services are ramping up on Solana, with Cardano expecting its first DEXes to launch soon.

Related Reading | Cardano Founder Addresses Liquidity Concerns Over eToro Delisting

Cardano had also recorded a spike in new staking wallets, with over 100K staking wallets added in the space of two months. Furthermore, Cardano’s new and active wallets had increased dramatically for the month of November, signaling growing adoption.

Solana received high praise from FTX founder Sam Bankman-Fried who hailed the cryptocurrency as a potential candidate for being the next Bitcoin.

SOL maintains value above $210 | Source: SOLUSD on TradingView.com Featured image from CNBC, chart from TradingView.com

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VLaunch Announces Big-Name Crypto Backers Ahead Of Its Launch

The VLaunch project is picking up some major traction ahead of its big launch this month, with a raft of big names from the blockchain community throwing their weight behind the effort.

The project’s list of backers reads like an A to Z of some of the top influencers in the blockchain space. Names such as That Martini Guy (117,000), Altcoin Buzz (with 335,000 subscribers), and Crypto Busy (205,000) are joined by professional investors such as the venture capital firm Metavest Capital, plus Altcoin Daily, Crypto Lark, The Moon Carl and Davincij15.

VLaunch is fronted by a couple of well-known blockchain influencers themselves – MMCrypto and CrypotoMo, and has the noble goal of democratizing access to promising early-stage crypto projects before they enter into the mainstream.

VLaunch should be very different from other projects of its kind. It bills itself as a first-of-its-kind metaverse-based, multichain launchpad with support for Ethereum, Binance Smart Chain, FTM and Matic/Polygon right off the bat. So not only will it have plenty of new tokens in its scope, but its choices will be guided by its active engagement with hundreds of well-known influencers in the crypto industry.

Indeed, community focus is a big part of what VLaunch is all about. As its founders point out, blockchain is all about removing control from the few and giving power to the many. So we can expect its community of prominent blockchain thought leaders to play a key guiding role as VLaunch strives to identify the most promising emerging DeFi projects.

Vlaunch has been moving quickly, attracting more than 88,000 members in its Telegram and recently announcing its pre-launch listing on CoinMarketCap. Key partnerships are said to be in place too, with hedge funds such as Brilliance Ventures and Hype Partners, the decentralized file-sharing protocol Skynet and blockchain PR agency MarketAcross all onboard.

Christopher Jaszczyski (MMCrypto) said he was inspired to create VLaunch after missing out on some of the biggest initial coin offerings of the past few years.

“I missed out on Axie Infinity, for example, I missed out on Decentraland… I wanted to invest in the ICO back then,” he said. “These things made like 100s and even 1,000s of X’s…  We want to find a way – how we can get our community in completely for free… the whole space is gonna be big.”

 

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The Cheapest DEXes To Trade On Layer 1 Ethereum

The past couple of years has seen decentralized finance (DeFi) maintain a meteoric rise. Such an impressive growth can only mean one thing—a rise in decentralized exchanges as well.

With centralized exchanges proving a little complicated and problematic at times, the crypto space will agree that decentralized exchanges are the future of cryptocurrency trading on Layer 1 Ethereum.

While these decentralized solutions are great and have caused a rise in DeFi activities, users have had to contend with paying miners higher transaction/gas fees.

But these solutions don’t have to be expensive and there are some great exchanges keeping things economical. Here are some of the cheapest DEXes to trade on layer 1 Ethereum.

#1. Balancer

Balancer launched in 2020 as an Automated Market Maker allowing DEXes to function more efficiently in the DeFi space. One of Balancer’s aims has been reducing gas fees for traders on Ethereum and making liquidity pools relatively gas-efficient for new smart contracts.

The protocol has set out to make loads of features solid but streamlined. Balancer has recently integrated with blockchain network Gnosis, creating the Balancer-Gnosis protocol (BGP). Their joint work culminated with the launch of CowSwap DEX, which has users needing only to pay a fraction of the gas fees other traders pay to use other DEXes. The gasless option however only functions for ERC-20 tokens.

#2. Uniswap

Uniswap is seen as the benchmark for decentralized exchanges in the crypto space. The platform is the most used DEX, recording a 7-day trading volume of $12.5 billion in September.

Uniswap is also the biggest gas consumer on the Ethereum network. While Ethereum transaction fees have gone really high over the years and have become economically non-viable for less bigger users.

However, Uniswap tries to keep things cost-effective for traders. It charges three fee tiers of 0.05%, 0.30%, and 1.00%, depending on the pair. Fees are paid to liquidity pools

#3. Sushiswap

Sushiswap and its token, $SUSHI, were launched in August 2020 as a decentralized exchange and a crypto token respectively. Sushiswap offers traders a 0.3% fee for swaps.

Out of this fee, 0.25% of it is forwarded to the liquidity pool while the remaining 0.05% is distributed to the holders of SUSHI token.

#4. 1inch

The 1inch platform utilizes a gas token called Chi which is minted when gas prices fall and burnt when gas prices are high. It allows the exchange to save at least 40% in gas fees despite trade going through exchanges like Sushiswap or Uniswap. It charges no swapping fees.

The DEX aggregator searches for some of the best rates on more than one dex. It splits the trade by pools to retrieve the maximum number of tokens possible in a single transaction. This is great for bigger trades where passing through multiple exchanges will be beneficial to maintain a better exchange rate while reducing lost value from gas fees.

#5. dYdX

dYdX is primarily a derivative decentralized crypto exchange. On dYdX, there are no deposit or withdrawal fees associated with transactions. Users are however responsible for the cost of gas that accrues from their withdrawal or deposit transactions.

However, the platform charges takers a fee of 0.10% and makers 0.05%. A recent study shows that the fees that dydx charges are higher than the industry average contract trading fees.

Conclusion

At the moment, DeFi platforms are getting the well-deserved recognition and patronage they deserve from investors and consumers.

Despite struggling with rising transaction fees, DEXes on the Ethereum layer 1 blockchain is still out to offer some of the cheapest decentralized exchanges for traders to thrive on. If you’re on the lookout for a DEX you can trust, you can start with Balancer and other DEXes on the list.

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Safle Review – Bringing Your Identity Back Into Your Hands

The concept of digital identities has gained popularity following the debut of modern-day technologies such as blockchain. Safle, a next-generation non-custodial wallet, is one of the projects currently leveraging blockchain to bring identities back to the hands of users. Unlike the centralized and federated identity models, the Safle ecosystem introduces decentralized identities, giving crypto users control over their identities and data.

While the crypto market has grown exponentially, users have limited options of non-custodial wallets. Meanwhile, the ones that exist have proven to fall short in some areas. For starters, most of the current non-custodial wallets are limited to specific blockchain networks, making it hard to transfer assets across multiple chains. They also face major security issues that have exposed DApps and crypto users to malicious attacks in the past.

Safle is designed as a decentralized blockchain identity wallet consisting of other Web3 infrastructures that support DApp development and integration with multiple blockchain networks. The Safle ecosystem seeks to solve the existing pains in the digital identity niche, creating a frictionless experience for cryptocurrency users and developers to build on decentralized infrastructures.

Dating back to 2019, the primary goal of Safle is to give users back what is rightfully theirs: security and privacy. At the helm is Abhimanyu Kashyap, an MSC Communications graduate from the University of Nottingham, whose interest in recent years has been in the development of infra tools for the decentralized modern web. Kashyap was also involved in the building and marketing of India’s fastest loan engine, Moneyloji.

That said, let’s delve deeper into the Safle ecosystem features to understand better the value proposition in creating a decentralized digital wallet identity.

The Safle Ecosystem

Safle leverages its native features, including SafleID, SafleVault, Saflekeyless, SafleNode, SafleDAO and the platform’s token $SAFLE to introduce an ecosystem where users can create digital identities and access the crypto market seamlessly. Ideally, the Safle digital wallet enables users to manage their crypto assets, access DApps, store NFTs and make smart payments.

1.   SafleID

The SafleID feature is a core part of Safle’s ecosystem; it facilitates user onboarding and lifecycle management of the platform’s software plugins. This decentralized ID wallet is designed using EVM-compatible smart contracts. As such, it supports several chains, including Ethereum, Polygon and Binance Smart Chain (BSC). Users who opt for this digital wallet can transfer their digital assets across the networks mentioned above without leaving the SafleID wallet. In addition, SafleID features advanced wallet management tools such as time-locks, multi-sig, daily limits, seedless recovery and trusted contacts.

2.    SafleVault

The SafleVault is a secure vault built with six layers of encryption, allowing users to manage their private keys securely and flexibly. This vault is designed to store users’ private keys and can be deployed through multiple avenues, including a user’s device (desktop or mobile) or the cloud. Users can retrieve the information stored in the vault using a password or biometric identification. Notably, the SafleVault supports the management of all BIP44 compatible digital assets while maintaining the same level of encryption.

3.   SafleKeyless

As mentioned earlier, crypto users often find it hard to navigate between various ecosystems without moving funds to different wallets. The SafleKeyless feature eliminates this barrier by allowing users to sign transactions on any DeFi application as long as it is integrated with the Selfkeyless SDK. With this feature, Safle wallet users can carry out transactions across multiple DeFi platforms and assert their identity without installing extra software or hopping screens.

4.    SafleNode

Besides decentralized wallets, Safle’s ecosystem features a dynamic tech stack, providing building tools for DApp developers. The SafleNode comprises several SDKs and infrastructure APIs, including the previously highlighted Saflekeyless feature that DApp developers can integrate to enable a seamless user experience. Additionally, the platform has made open APIs available, allowing access to real-time blockchain and crypto data for price predictions and on-chain analysis.

5.   SafleDAO & the Native Governance Token

Like most decentralized ecosystems, Safle is governed through a Decentralized Autonomous Organization (DAO). The DAO makes decisions on Safle’s ecosystem development by creating proposals and voting through the platform’s native token, $SAFLE. This token also powers other operations, including fee payments on the network and community rewards for early adopters and supporters. Per the project’s whitepaper, the initial supply of $SAFLE at the token’s generation event (TGE) will be distributed to seed investors, public token sales and strategic allocation.

6.   Staking Rewards

The Safle ecosystem also features staking rewards through its native token, $SAFLE. Even better, users who leverage SafleID to stake on platforms like Ethereum can do so from their non-custodial wallets. While staking rewards are yet to launch, Safle intends to enable users to access the high APY offered by various DeFi protocols to maximize their returns. The rewards programs will also be used to balance the $SAFLE token demand and supply – at any point, the number of distributed rewards will be proportional to the number of tokens in supply and those in staking pools.

7.    Safle SmartPay and Swaps

The Safle SmartPay feature is designed for merchants looking to use the Safle ecosystem as a primary business tool. Merchants who integrate the Safle infrastructure will be able to accept crypto payments, swap crypto for fiat and create master-child wallets managing several child wallets.

On the other hand, SafleSwaps will facilitate single transactions without leaving the SafleID wallet. This feature is powered by smart contracts, introducing an aggregator model that provides a high-liquidity and low-cost environment for swapping digital assets.

The Future is Decentralized Identities

Though relatively new, the concept of decentralized identities is spreading like wildfire. More people are gradually realizing that centralized organizations are taking advantage of personal data and information. Well, thanks to blockchain-built innovations, the future of the ownership economy is looking brighter.

Safle, which has already taken up the mantle of building self-governed digital identities, is not only making progress in its technical features but strategic partnerships and capital raising. The project raised $900k in its seed funding round, attracting notable investors such as Draper Dragon Fund, Woodstock fund, Sandeep Nailwal and JD Kanani (Matic/Polygon founders).

JD Kanani, who commented on Safle’s recently concluded seed funding round, was keen to emphasize the value proposition of decentralized identities in fostering blockchain adoption,

“Safle is building vital next-generation wallet infrastructure that will eliminate existing points of friction to drive wider adoption of all blockchain applications. Matic is excited to be among the first chains supported by SafleID, and we look forward to supporting Safle on their mission to drive greater adoption of blockchain technology.”

With blockchain ecosystems becoming mainstream, decentralized identities will play a significant role in shaping the future of the digital world. This extends to upcoming niches such as NFTs that have popularized the idea of the metaverse. Looking into the future, thriving within digital ecosystems will require one to have a digital identity that is verifiable and unique.

 

 

Image Source: Safle

 

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How Gaming NFTs are Changing the Gaming Economy

NFTs and blockchain are about to transform the gaming sector forever. In this article, we break down the why and the how. But first let’s explain how we got here.

NFTs — Non-Fungible Tokens — have taken much of the internet by storm. In 2020, it was an obscure term familiar only to the most entrenched Ethereum enthusiasts. Now, they are a household world and not only that – a buzzword representing tech innovation. Dozens of other major blockchains now support NFTs – from Bitcoin to Binance Smart Chain.

NFTs are unique tokens or digital signatures created on a blockchain (decentralized ledger supported by many different computers on the internet). The process done to create an NFT is called “minting” an NFT.

NFTs and cryptocurrencies – the other type of token on a blockchain –  have one major difference.

Cryptocurrencies, like any currency, are fungible – designed to be swapped out or replaced by many others just like it. A $20 bill, a quarter, a gallon of water at the supermarket can be replaced by many others just like it. A non-fungible token is an opposite – it is unique.

Something non-fungible in everyday life would be a driver’s license. It might cost someone $400 of time and money to get a driver’s license, but one cannot simply hand someone $400 in return for their driver’s license. You need your own unique version.

In the same way, non-fungible tokens operate in the digital realm on the blockchain. The world of art, digital art and collectibles embraced NFTs and they are now deeply embedded into the culture of those fields in less than a year.

How did this happen so fast? For one, it minimized the power of the traditional gatekeepers in the space.  Art galleries were the centralized gatekeepers who decided which artists would be featured.

Now for the first time, an unknown artist could log onto an NFT marketplace from almost any country in the world and mint an NFT. They could display their art and sell it for cryptocurrency. The gatekeepers saw the writing on the wall and embraced this new technology as the future of their industry.

NFTs x Gaming

The next logical field is that NFTs and the blockchain are poised to disrupt gaming.

The gatekeepers, traditional gaming studios and corporations with large gaming divisions such as Nintendo, Sony and Microsoft are making billions in the gaming sector. They are not excited to share their profits.

Many traditional gamers and streamers have grown successful and comfortable and are understandably critical of the talk of NFTs disrupting gaming. So how could blockchain gaming win out. Here’s how:

1. The gaming industry is massive and growing. There are now 3.24 billion gamers in the world per this report from Statista. Out of this, there are 2.2 billion mobile gamers. Across the developing world, this figure is projected to balloon next year – and every year after that for some time.
2. NFTs on blockchain make it possible for outsized organic economic growth. Using NFTs as part of a Play-To-Earn model, the economy of any successful game is poised for exponential growth. This can be made seamless through blockchain technology, which is borderless. Players in Tanzania, Thailand and Omaha have no barriers to participate. All they need is a cell phone with an internet connection.
3. Open protocols are more efficient and inexpensive to build on. Public blockchains such as Binance Smart Chain are open protocols. Any developer can build games on Bsc.
4. Ownership of Assets. While traditional gamers could argue that there is an existing Play-To-Earn model, let us take NFTs and how they change this. In-game player characters, skins and attributes as NFTs give ownership to the user. While you could “own” assets inside centralized gaming, you are given that right by the game studio. If the game is shut down, there goes the asset.

If this is an NFT you can port this to a crypto wallet, and in the future, you may even be able to port to another game, you will have full sovereignty over your assets.

NFTs show ownership, but they also show provenance (who created it when) and the chain of ownership. An NFT used by a champion gamer could have increased value. The concept of royalties is also potential in NFTs, making it a potential win-win for an artist who created it, or even the gaming studio, as well as the players who use and trade it.

PizzaBucks

Five years from now, the gaming industry will look completely different. And it will be built on the blockchain with full NFT support.

A leading gaming creator, PizzaBucks is building its own Metaverse and filling it with NFT-supported Play-To-Earn gaming. The first of these games is an upcoming highly-anticipated AAA-rated high-end graphically composed auto racing game.

The game will feature players competing in racers in cities across the globe. It also will feature the customization of cars, avatars, the acquisition of real estate, art, music and collectibles. All of these customizations will be supported with NFTs that are owned by the users that purchase them.

Followed by the launch of the first game, PizzaBucks will continue building its gaming metaverse, with full NFT and Play-To-Earn functionality in every game. The gaming ecosystem is being produced on the Binance Smart Chain, allowing a seamless user experience with minimal transaction fees.

 

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Why Flux Is Set To Become The Hub For The Web3 Solutions Of The Future

Since its inception, blockchain technology has seen an explosion in products, projects, and use cases and has managed to attract millions of users. However, the industry is dispersed and seems to have lost focus on the problems it tries to solve.

Innovation still runs deep on the blockchain-based industry within a select group of projects with a deeper understanding and vision on the future of its underlying technology: to become the future of the internet. In that sense, the Flux ecosystem has emerged as a tough competitor to become the infrastructure that will support that future.

This suite of decentralized computing and blockchain-as-a-service (BaSS) solutions with similarities to the Amazon Web Service (AWS) is comprised of its own cloud operating system based on Linux called FluxOS, a Proof-of-Work (PoW) utility cryptocurrency, and enterprise-grade server hardware hosting the Fluxnode network and the entire ecosystem.

Every component on the network operates in perfect harmony to create the right incentives that power the Flux ecosystem, mitigate bad actors from attacking it, provide users with an on-chain governance model, and reward miners, node operators and holders.

The Flux ecosystem is one of those projects with a long-term vision of onboarding new users into the crypto space by providing real solutions, a critical infrastructure that can support it, easy interoperable development tools, and a vast inventory of use cases for the benefits of the users. In that way, the project seeks to usher in a sustainable new wave of crypto adoption.

The Flux Ecosystem And Its Advantages Over Competitors

As mentioned, there are many projects trying to tackle different use cases, many more attempting to become the main platform for cloud services and solutions. On Ethereum, many of these projects face limitations in terms of high transaction fees and low scalability.

Other blockchain-based cloud service providers, such as the recently launched Internet Computer (ICP), have complicated nodes mechanism and requirements that users need to fulfill in order to become a network participant. In addition, they are components in these platforms that seem centralized with their ecosystem relying on single points of failure.

The Flux ecosystem eliminates these tradeoffs with an innovative model that allows any FLUX holder that meets the hardware requirements to participate in the network. These users allow Flux to operate as a completely decentralized platform without a single point of attack as its nodes are distributed around the globe. According to Flux’s whitepaper:

With FluxNodes, the goal has always been to have thousands of potential nodes operating on the network, allowing anyone to participate and solve the scalability issue through available raw processing power.

Flux, The Future Of Cloud Services In The Hands Of The People

Flux has already partnered with prominent names to host and decentralize their infrastructure, a trusted partner is the Kadena blockchain who has a long-running partnership with Flux to deliver their infrastructure, blockchains Firo and Presearch have also partnered with Flux.

In addition, Flux supports many other key players in blockchain by helping decentralize their infrastructure, some examples are Coinbase Rosetta, Polkadot and Kusama nodes running on the Flux network.

The Flux ecosystem already host decentralized social media solutions such as an alternative privacy-focused frontend for Twitter and the Dropalo messaging project; its own decentralized cryptocurrency price oracle services, so users can have access to real-world data on the blockchain; a great selection of games and game servers, such as Minecraft servers; and the ecosystem enables interoperable capabilities for users to transact with other blockchains and power their smart contracts.

Furthermore, the Flux ecosystem is run with aid from its community. As the industry enters an era of institutional participation, many in the crypto space fear that Wall Street and other giants could take over and push their own agendas for the detriment of the users. As a community-driven and open-source project, Flux is fully transparent and focused on community empowerment, major decisions are made by the community using the Flux xDAO (decentralized autonomous organization) governance.

In that sense, Flux has gone to great efforts to consolidate its partnerships with global leaders across multiple sectors and become more and more accessible for corporate adoption. This has been achieved while preserving the principles that support the crypto industry at its inception: for users to a role, a voice, and a word at creating the future of the internet.

 

Image: Pixabay

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TA: Ethereum Regains Strength, Why Bulls Could Aim $4,500

Ethereum gained pace above the $4,250 resistance against the US Dollar. ETH could accelerate higher if there is a clear break above the $4,400 resistance zone.

• Ethereum is trading in a bullish zone above the $4,250 level.
• The price is now well above $4,250 and the 100 hourly simple moving average.
• There was a break above a key bearish trend line with resistance near $4,070 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue higher if it stays above the $4,250 support level in the near term.

Ethereum Price Starts Recovery

Ethereum extended its decline below the $4,120 level. ETH tested the $4,000 support zone and recently started a steady recovery wave. There was a break above the $4,120 and $4,150 resistance levels.

The bulls pumped the price above the 50% Fib retracement level of the downward move from the $4,552 swing high to $3,920 low. Besides, there was a break above a key bearish trend line with resistance near $4,070 on the hourly chart of ETH/USD.

Ether price is now well above $4,250 and the 100 hourly simple moving average. An initial resistance on the upside is near the $4,380 level. The first major resistance is near the $4,400 level.

Source: ETHUSD on TradingView.com

The 76.4% Fib retracement level of the downward move from the $4,552 swing high to $3,920 low is also near the $4,400 level. A close above the $4,380 and $4,400 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $4,500 level. Any more gains could lift the price towards the $4,550 zone in the near term.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $4,400 level, it could extend its downside correction. An initial support on the downside is near the $4,250 level.

The first key support is now forming near the $4,200 level and the 100 hourly simple moving average. A downside break below the $4,200 support zone could spark a sharp decline. In the stated case, the price is likely to revisit the $4,000 support zone in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now correcting lower towards the 60 level.

Major Support Level – $4,250

Major Resistance Level – $4,400

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The Price of the SNAKE (SNK) Game Token Is Growing as We Approach November 30. Wait for a Dump or Buy Now?

Less than two weeks are left before the start of one of the most anticipated blockchain games of 2021 — Cryptosnake. Now the project already has more than 60 thousand active community members who are waiting for the start of the game. Two whales even bought two game NFT Artifacts for 100,000 BUSD each. The total amount of sales of game artifacts even before the start of the game is over 500,000 BUSD.

Info: Cryptosnake is a play-to-earn game with DeFi and NFT, the first blockchain game on the BEP-1155 standard. The gameplay is based on the nostalgic “Snake”. The release is scheduled for November 30th.

Meanwhile, the SNAKE (SNK) token continues to grow, increasing the threshold for entering the game. The starting price was 0.01 BUSD for 1 SNK. Then the cost of the base playable character (the Dasypeltis snake) was $22. Now, this same character costs about $800.

The SNK token rate has grown significantly immediately after the start of sales. The demand for in-game currency turned out to be even higher than expected. In total, more than 280 million tokens have been sold to date (about $95 million at today’s rate). The listing on Coinmarketcap and the burning of the liquidity pool were also strong shocks.

Further, there are three possible scenarios.

• The first (pessimistic) — the rate will continue to grow until the publication of the audit results of smart contracts, or until the planned release date of November 30, but the game will not come out (or it will turn out to be worse than many expected). This will be a disappointment for the community and will lead to a gradual collapse of the course. However, a pessimistic forecast is unlikely given the marketing budget and the size of the project’s live community. In addition, the first screenshots of the game have already appeared in the chat.
• The second — the rate will continue to grow until November 30, but many holders will not be able or will not want to buy a character at that price. According to a poll in the official Telegram chat, only 45% of holders bought more than 500 SNK, and only 21% — more than 5000 SNK. This can lead to a course correction and a bounce to an acceptable price for most.
• And the third scenario — the rate will continue to grow until November 30. This is the start date of the game. On this day, doubters will see that the game is really out and that you can really earn money in Cryptosnake. Then there will be even more people who want to start playing — and SNK tokens will rise in price even more.

There are always risks in new projects, but such projects allow you to earn more. Aside from the pessimistic forecast, the optimal strategy would be to buy SNAKE tokens as early as possible and wait. A strong drop in the rate until the end of November is unlikely, so we can hold. Further, on the day the game is released, we can decide what to do next: sell tokens at the peak, or buy a character and start the game.

In case of a successful start of the game, the second option will be more profitable, because the first players will be able to earn more than others on staking. APR for players joining in the first six months will range from 60% to 115% depending on the snake type and TVL balance. Also, the APR rate can be increased by using artifacts, but now they can only be bought on the secondary market.

You can buy a SNAKE token on PancakeSwap paired with BUSD.

More details about the project can be found on the official Telegram or on the website. These two weeks would be crucial for the project. In any case, it will be interesting to watch the development of Cryptosnake. What do you think?

 

 

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New Innovative NFT Use Cases that Might Change the World

The transaction volume of the entire NFT market crossed US$16 billion in November 2021. In 2020, it was only US$355 million, which shows how impressive of a run NFTs have made to create a new asset class in the crypto industry. At the beginning of 2021, the market was mainly dominated by sports highlights and trading cards. But in the second half of the year, we saw NFTs take new forms, which created multiple market segments such as virtual real estate, gaming avatars, and fashion.

Seeing the growth and evolution of NFTs, investors started to see long-term value in NFT and metaverse-based projects. As a result, many NFT gaming companies that aim to create virtual worlds raised tens of millions of dollars. An example is True Global Ventures which invested US$10 million into a metaverse leader, The Sandbox which is launching their Alpha access at the end of November 2021.

The goal here is to take NFTs beyond digital art and status symbols. As the underlying technology, blockchain, of NFTs allows for greater transparency and trust in ownership, it can be used in creating new business models or making the existing ones more efficient.

Though it is still relatively early in NFTs, we might just witness the birth of new use-cases that can change the whole world. Some are already making that difference:

Generative NFT Art Becoming More Innovative

Generative NFT Art gives artists the ability to generate different variants, but making sure that each of them is unique and with different rarity of attributes. Probably the most famous project so far is the 10,000 unique CryptoPunks that are used as a status symbol as they keep fetching higher and higher prices on the market places, and have made their way to top tier auction houses like Christie’s.

As more projects are created everyday, many of them have started to “innovate” for example a Bored Ape Yacht Club NFT holder would get digital vials of mutant serum, which they could mix with their Bored Ape to create another NFT – a Mutant Ape. This engages the community of holders and incentivizes them to keep on holding their NFTs to be part of this exclusive group.

Then, there are other innovative projects like Mauer, where they take the historical and emotional aspects of important human history, and mix it together with art and deploy them as unique NFTs. It tells the extraordinary stories of a divided world, as relevant today as it ever was, where a majority of the proceeds will go to charities that work for freedom and democracy across borders.

NFTs Changing the Metaverses

Metaverse could be the biggest bet of this decade and NFTs increase their odds significantly. By incorporating NFTs in a metaverse, users turn into creators, allowing them to monetize their content and to have true digital ownership. It can be anything as long as it adds value to the metaverse. Not only that, they can use NFTs as a provable identity card, or with the prerequisite reputation, in order to access exclusive events, groups and virtual spaces.

For example, in a virtual space like The Sandbox, users dictate the future of its ecosystem, as they are the ones creating and developing game assets. This metaverse also offers VoxEdit, a powerful 3D modeling tool, to easily create assets and convert them into NFTs.

The Sandbox is now the number one NFT Metaverse in terms of unique addresses, with over 500,000 registered wallets and 12,000 special virtual LAND owners. In November 2021, they generated more than US$144m worth of lifetime Gross Merchandise Value (GMV) sales and it looks to be growing even more in 2022.

NFTs Making Music more Equitable

The unequal distribution of revenue in the music industry has been a long-standing problem. On top of that, there is a lack of transparency and low royalty rates on most current streaming models. Now, this can be solved by tokenizing music tracks as NFTs. Artists immensely benefit from creating music NFTs, as they can release their album on-chain with higher royalties and avoid sharing a huge revenue split with third parties.

Apart from the monetary upside, artists can involve their fans and build a passionate community. Building a community will help artists to directly connect with fans and start crowdfunding and crowdsourcing ideas/inspiration for new Albums. Artists can even issue their NFTs to raise funds and offer their fans the chance to earn a portion of the revenue generated by the artist.

Mass NFT Adoption is Just a Matter of Time

With so many use-cases penetrating the real world and adding significant value to people’s lives, it is only a matter of time before we see full-on mass NFT adoption. We will see the creator’s economy change completely, as every creative takes back more control and can monetize in multiple ways with the help of a community. Metaverses and Play-to-Earn games will fully integrate NFTs into their economic model and will create the next generation of gamers, who will not only enjoy their time in Metaverses and Games, but would also likely be able to earn money while engaging in these activities.

 

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The First Decentralized Betting Exchange

The world of online betting has had a controversial history with several attempts being made in the past to introduce a legal, compliant and secure space for bettors to enjoy. In the past, most of these projects failed due to legal issues, privacy concerns, and other inefficiencies. However, the introduction of blockchain technology in the space has sparked a new hope in the heart of bettors as it ensures a secure and safe space for sport betting enthusiasts.

The pre-blockchain scenario compelled users to act solely on trust that the platform will put their bets in due time and accurately. Besides, they had to rely on an unknown betting mechanism in an opaque and unfair environment. But blockchain can potentially change the way betting works by distributing the responsibility of tracking transactions across a broad network of participants. 

Blockchain technology also introduces DAO in the online sports betting space. A DAO or Decentralized Autonomous Organization is an organization that does not have a single entity controlling the odds of the project but its community and investors. DAO can potentially change the online sports betting industry by distributing control and making the platform fair and transparent. 

Betswap.gg is driving this change by being the first decentralized betting exchange that operates on multiple blockchains. It is a multi-chain project that will first go live on Ethereum and Polygon, followed by Solana and more, designed to help betting enthusiasts lay bets on their favorite sports against bettors around the globe. 

What is Betswap.gg?

Betswap.gg is a multi-chain decentralized betting exchange built as the first true challenger to the world’s dominant betting exchange. The project empowers its users to bet on any sport against a community of global bettors by simply connecting their MetaMask in seconds. Betswap brings the thrill of online sports betting with the added advantages of being anonymous, decentralized, and global. 

• Anonymous – Bettors do not have to register or create an account to start betting. They can simply connect their MetaMask wallet and start betting.
• Decentralized – Betswap is powered by Ethereum and layer 2 Polygon with a governance token that makes the project completely decentralized.
• Global – Blockchain enables global access, making Betswap available to bettors around the globe without any restrictions or limits. 

Betswap.gg is a multi-purpose platform with a variety of services and features. Apart from betting, Betswap also allows their users to become bookmakers, making the sports betting experience more flexible and exciting. Some of the features of Betswapp includes, 

• Order Book – The order book gives the bettors in-depth knowledge about their returns, odds, lay, matched bets and make your own odds.
• Back Betting – Back betting is a feature offered by most online sport betting platforms, including traditional sport-books. Bettors can place their bets on a team and wager them to win.
• Lay Betting – with Lay Betting, the bettor can play the role of the bookmaker and bet on something that does not happen to increase the odds of winning. 

Betswap.gg is the first decentralized platform to fully utilize the capabilities of blockchain technology in the online sports betting industry. All the transactions on Betswap.gg are done in a mistrust-free environment without any centralization. Moreover, the project is backed by a utility token with a buyback mechanism to keep the supply fluid. 

Betaswap.gg is one of the most promising blockchain projects solely built for online sports betting enthusiasts. It ensures anonymity and security of the users, allowing them to enjoy the thrill of online sports betting without compromising on transparency. 

 

 

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TA: Bitcoin Attempts Recovery, Why BTC Could Revisit $60K

Bitcoin started a fresh increase above $57,000 against the US Dollar. BTC could extend recovery and it might revisit the $60,000 resistance in the near term.

• Bitcoin started a fresh increase above the $57,000 and $57,500 levels.
• The price is now trading above $57,000 and the 100 hourly simple moving average.
• There was a break above a key bearish trend line with resistance near $54,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair must clear the $60,000 resistance to continue higher in the near term.

Bitcoin Price is Back above 100 SMA

Bitcoin price found support near the $53,500 level and started a fresh increase. BTC broke the $55,000 resistance zone to start a decent recovery wave.

There was a break above a key bearish trend line with resistance near $54,800 on the hourly chart of the BTC/USD pair. Besides, the pair surpassed the 50% Fib retracement level of the downward move from the $59,376 swing high to $53,576 swing low.

It is now trading above $57,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $58,000 level. It is near the 76.4% Fib retracement level of the downward move from the $59,376 swing high to $53,576 swing low.

The next key resistance is near the $58,500 level. A close above the $58,000 and $58,500 levels may possibly push the price towards $60,000. If there is a close above the $60,000 level, the price could accelerate higher.

Source: BTCUSD on TradingView.com

The next major resistance sits near the $61,200 level. Any more gains could lead the price towards the $62,000 level in the near term.

Fresh Decline In BTC?

If bitcoin fails to clear the $58,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $57,200 level.

The first major support is now forming near the $56,500 level. The next major support is near the $56,000 level and the 100 hourly SMA, below which the price could resume its decline towards the $55,000 support. Any more losses may possibly push the price towards $53,500.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the overbought zone.

Major Support Levels – $57,000, followed by $56,500.

Major Resistance Levels – $58,000, $58,500 and $60,000.

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Hackers Are Now Using Compromised Cloud Accounts To Mine Crypto

Attackers are exploiting poorly configured cloud accounts to mine crypto, Google warned users in a recent report.

Cryptocurrency mining is a computationally intensive activity. And Google Cloud customers can access it at a cost. However, miners are now hacking Google Cloud accounts for mining purposes. In the report titled “Threat Horizons,” Google’s cybersecurity team assessed various threats to Cloud users, providing details of the breaches.

Related Reading | Data Shows Crypto Hacks And Fraud In 2021 Are On Track For A New Record

The report also provided cybersecurity threat intelligence to cloud users. The aim is to enable them “better configure their environments and defenses in manners most specific to their needs.”

Crypto Miners Hacking Google Accounts

In the report, the cybersecurity team analyzed 50 recently compromised Google Cloud accounts. And out of those, 86% were related to crypto mining. “Malicious actors were observed performing cryptocurrency mining within compromised Cloud instances,” Google wrote.

Related Reading | Ethereum Miner Revenue Outpaces Bitcoin In 2021

The report also stated that in the majority of these incidents, the hackers downloaded crypto mining software to the compromised accounts within 22 seconds. The attacks were scripted, and it would have been impossible to manually stop them. Additionally, in 10% of these incidents, the hackers scanned other publicly available resources on the Internet to identify vulnerable systems. While in 8% of the instances, they attacked other targets.

However, as reported by the cybersecurity team, the crypto mining hacks were not the only attacks.

“The cloud threat landscape in 2021 was more complex than just rogue cryptocurrency miners, of course,” wrote Bob Mechler, Google Cloud Director of the office of the Chief Information Security Officer, and Seth Rosenblatt, Google Cloud Security Editor, in a blog post.

Other Threats To Google Cloud Users

Another threat the team identified was a phishing attack by the Russian group called APT28, or Fancy Bear. The attackers targeted 12,000 Gmail accounts in a mass phishing attempt. They attempted to trick users into handing over their login details. Google, however, said it had blocked all the phishing emails, and no user was compromised.

The report also pointed out an attack by a North Korean government-backed group. This hacker group posed as Samsung recruiters, sending fake job opportunities to employees at South Korean information security companies. They attached a malicious link to malware stored in Google Drive. Google said it also blocked it.

Another threat to cloud users is ransomware attacks, whereby hackers encrypt users’ data until they pay. In the report, Google mentions the formidable Black Matter ransomware group. And although the group announced that it was shutting down earlier this month, Google is still cautious. “Google has received reports that the Black Matter ransomware group has announced it will shut down operations given outside pressure. Until this is confirmed, Black Matter still poses a risk.”

Total crypto market at $2.4 Trillion | Source: Crypto Total Market Cap from TradingView.com

Google attributes some of these attacks to users’ poor security practices. And also vulnerabilities in third-party software that the users install.

The report also recommends a few ways to prevent these attacks. One of which is enabling two-factor authentication.

Featured image by Dreamstime, Chart from TradingView.com

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3 Play-to-Earn Crypto Games Users Can’t Afford To Miss

In 2021, the gaming industry have earned approximately $175 billion. As blockchain technology has become more prevalent in games, gamers are now enjoying the rewards of their efforts, with some earning up to $2,000 USD per hour on crypto games like Axie Infinity.

As their popularity grew, so did their token prices. The Sandbox captivated both retail and institutional investors when its coin soared over 800% in a month.

Recent studies predict that gaming, particularly the play-to-earn model (P2E), will grow by over 20% by 2022, with blockchain and crypto being the most suited technology and in-game money to support the business. While AXE and SAND are grabbing investor interest, here is a list of top and emerging blockchain gaming projects to keep an eye on!

JEDSTAR (JED)

After a recent increase of almost 100,000 percent in the previous 90 days, the newest entrant to the blockchain gaming arena is storming through the crypto world and playing with the big players. While $JED is a DeFi token in JEDSTAR DECO (Decentralized Ecosystem), the company will soon introduce its GameFi token $KRED.

The company has over 100 games in development that will use $KRED as an in-game currency and has partnered with other gaming developers and studios to provide their cryptocurrency as a service. Not only will this ambitious initiative produce in-house games and an NFT marketplace, but it will also form strategic blockchain and non-blockchain alliances.

Decentraland (MANA)

This is another Ethereum-based cryptocurrency. Like the game Second Life, players are encouraged to create 3D in-game products to sell. The Decentraland cryptocurrency MANA is used to sell digital LAND, and it may also be used to trade 3D items. The game is up and running and shows the possibilities of crypto gaming.

Partnerships with Atari (ATRI) and Decentral Games (DG) might bring an in-world casino to Decentraland. If you desire, you may play the game now!

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GALA Games (GALA)

Eric Schiermeyer, co-founder of mobile gaming startup Zyn, also the maker of games including Mafia Wars and Farmville, designed GALA, an Ethereum-based coin. The company aims to get users greater control over their tournaments.

The platform has 1.3 million active users. Owners of NFTs on the platform may vote on new games and influence gameplay. The GALA token is used to buy NFTs and in-game products. While other games are making, Town Star, a virtual town builder akin to Sim City, is already available.

Conclusion:

Cryptocurrency gaming is a new rage. Play-to-Earn games will make current games disappear. Since actual ownership is exciting. This is especially true in the gaming sector, where individuals may now earn large sums of money for their efforts and enjoy exciting games.

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Solana Could Become The Next Bitcoin, According To FTX’s Sam Bankman-Fried

Sam Bankman-Fried, the founder of the crypto exchange FTX, is optimistic about Solana (SOL). He believes that Solana has the potential to scale to Bitcoin’s (BTC) mass adoption level. Bankman-Fried added that Avalanche (AVAX) also has the potential to climb to the top.

He also believes Solana is better than ethereum as it’s one of the few blockchains with a plan to accommodate mass adoption.

Related Reading | Solana Hits New All-Time High, Surpasses Cardano And Tether To Fourth Place

The 29-year old crypto founder has a net worth of $22.5 billion, making him the youngest person to enter the Forbes rich list after Mark Zuckerberg.

Cryptos With The Potential For Real Adoption

In an interview with Kitco News on Thursday, Bankman-Fried talked about bull and bear runs. And which projects would see mass institutional adoption.

When asked if he thinks Bitcoin would see its last Bull run in December before eventually crashing, Bankman-Fried responded that he could not predict the future. However, there will always be more crashes as well as more bull runs. And in the next few years, he expects to see “see substantial institutional adoption of cryptocurrencies.”

In the event of a crash, however, he says that projects with loyal followers and important use-cases are more likely to survive. Hype-driven projects, like meme coins, often crash the hardest. “Projects that have real adoption, or potential for real adoption are the ones that loyalists will be backing, even during bear markets.”

Bankman-Fried also believes that Solana could be the next Bitcoin. And that there is a possibility that it could see mass adoption very soon. As he has previously said, Solana has a plausible roadmap to scale millions of transactions per second. And that is the most important indicator.

SOL trading at $196.5 | Source: SOLUSD on TradingView.com

“I think Solana has a shot at doing so, which is really exciting. I think that there are other tokens out there as well that are aiming to scale a bit, and Avalanche is one of them.” He emphasized that the core technology of every blockchain is something that is hard to overhaul. Furthermore, he says that Solana could potentially be the base for more DeFi applications in the future.

Bankman-Fried adds that Solana’s market cap could exceed Ethereum’s market. However, it is hard to make a concrete prediction. But one thing that cannot be disputed is that Solana fixes a lot of problems with Ethereum. These include high gas fees and low transaction rates. Subsequently, many have dubbed the network “ethereum killer.”

Solana Is Better Than Ethereum

Bankman-Fried believes that in terms of scale, not many blockchains could compare to Solana. Earlier this month, he spoke at Yahoo Finance and Decrypts’s “Crypto Goes Mainstream” conference.

Related Reading | Why Billionaire Chamath Palihapitiya Invested In The Solana Ecosystem

“Solana is one of the few currently existing public blockchains that has a really plausible roadmap to scale millions of transactions per second at you know, fractions of a penny per transaction, which is a scale that you need for this,” Bankman-Fried said. “That is not where a lot of other blockchains have been focusing, including ethereum.”

Featured image by Forbes, Chart from TradingView.com

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Australian Super Rest Retirement Fund To Invest In Cryptocurrencies

Australia remains outstanding with its increased swing and adoption of cryptocurrencies by the populace. Despite its volatility, the popularity of digital assets has triggered more investment moves towards this financial asset.

Joining in the train of crypto investment within the country is the Retail Employees Superannuation Trust (Rest Super).

By its indication to invest superannuation fund in cryptocurrency, the Australia Rest Super will be the first of its type to do so. Before now, the entire retirement fund sector has been careful with cryptocurrency.

Related Reading | SEC Takes Blow In Action Against Ripple, Will It Impact XRP Price?

With about 1.8M members, Rest Super fund’s assets under management (AUM) are worth $46.8 billion.

However, superannuation is mandatory for all Australian employees. It has an equivalence of a U.S. Individual Retirement Account or 401k.

Speaking on Tuesday during the annual general meeting of Super Rest Fund, Andrew Lill, the company’s Chief Investment Officer (CIO), acknowledged the volatility of such crypto investments. However, he said that their allocation to the investment is a part of diversifying their portfolio.

The CIO mentioned that the company considers cryptocurrencies an important investment aspect and will exercise caution in its move. However, he stated that his opinion is that the investment introduces members to digital assets and blockchain technology.

Hence, they could access a stable source of value within a period where people stick more to crypto investment to combat fiat currency inflation.

Furthermore, another statement from a Rest spokesperson explained that the firm considers cryptocurrencies as a diversifying means of its members’ retirement fund. But, the plan may not be a direct investment.

In addition, the spokesperson confirmed that the company is still doing its research before its final decisions. Also, they are focusing on both the regulations and security involved in crypto investment.

Investment In Cryptocurrencies To Strive In The Country

Contrasting comments are coming within the week to the ones from the Australian Rest Super. On Monday, Paul Schroder, the Chief executive of the $167 billion funds, stated that crypto is not an investment option for their members.

Reports from last month revealed that Queensland Investment Corporation (QIC), an investment fund owned by the state, is considering embracing cryptocurrency. But, contrary to that, the company, this week, disclosed to Business Insider the implication of the reports. Hence, it piped down all moves towards digital assets.

Cryptocurrency market notices upward trend | Source: Crypto Total Market Cap on TradingView.com

The Head of Currency at QIC, Stuart Simmons, said he wants superannuation funds to embrace cryptocurrency. However, the move is likely to be a gradual trickling instead of a massive flow.

The entire deliberation on Australian superannuation funds is happening within the period of a bullish trend in the country’s crypto market. This is after the Senate committee brought up some regulatory proposals within October.

Related Reading | XRP Builds Momentum With 7% Increase As Ripple Launches New ODL Partnership

It catalyzes pushing the country as a focal point in crypto transactions. Also, the Commonwealth Bank of Australia (CBA) intends to offer cryptocurrency trading earlier in the month through its banking app.

As more cryptocurrency adoption is expected in the country, Matt Comyn, the CEO of CBA, commented on the bank action this week.

The CEO explained that participation in digital assets is motivated by FOMO. He said that though there are risks to their involvement, there will be more significant risks with their non-participation.

Featured Image: Pixels | Charts by TradingView

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Phemex IV Set To Begin With $750,000 Up For Grabs

Phemex has come back with its popular Phemex Trader’s Arena trading competition. The previous 2020 edition of the competition saw traders win over 100 Bitcoin. The fourth edition of the anticipated trading competition promises to be exciting with massive rewards. This time around, Phemex has upped the stakes. The crypto exchange is calling on all traders to participate for a chance to share in the prize pool of $750,000.

Traders will battle each other and victorious traders will be rewarded at the end of the competition. Traders can compete in Phemex IV as individual traders or as part of a team. Prizes will be awarded to the victors in two categories: individual and teams.

Changing The Rules, Not The Game

Previously, Phemex had only counted inverse BTCUSD contract trades towards the final total for each trader. However, the 2021 edition of the competition comes with a few tweaks to allow for more participation. Phemex has announced that for Phemex IV, all contracts available on the platform will be counted.

ROI on both USD and BTC trading will count towards the final total. The contract with the highest amount at the end of the competition will be counted for the individual. Phemex will calculate individual results using PnL across BTC and USD trading accounts. Users with the highest ROI at the end of the allocated time period will emerge as winners of the competition.

How To Participate

Traders can sign up for the Phemex IV trading competition through the registration link. The more traders sign up to participate in Phemex IV, the bigger the prize pool.

Traders can sign up to compete as individual players. Although traders who possess enough clout to get a team behind them can sign up as a Team Captain and compete as a team. Team Captains will need to sign up for their team and each team must include 10 members to be considered a valid registration.

Traders can add to their team over time but if they do not reach the minimum requirement by the time registration closes, the team will be automatically disqualified/disbanded. Members from disbanded teams will then be assigned randomly to other teams in order to compete. A team may have well over 10 members. However, only the ROI of the top 10 traders in each team will be counted towards the team’s final total at the end of the competition.

Registration for Phemex IV will run from Nov. 25th, 2021 to Dec. 9th, 2021, after which the competition will kick-off. The competition is scheduled to begin on Dec. 9th, 2021 8 AM UTC to Dec. 24th, 2021 8 AM UTC.

Enter The Phemex IV Arena

Players in the Phemex IV trading competition will be rewarded according to the category they compete in. Individual traders will be rewarded based on their BTC and USD PnL (profits and losses). While teams will be ranked according to the average ROI of their top 10 performing members.

Bonuses are up for grabs in both categories. For individual traders, Phemex IV is giving trading bonuses to participants who make high enough deposits into their contract trading accounts for the duration of the competition. The higher the deposit, the larger the bonuses that individuals can get.

Team Captains are not left out of the bonuses. Team captains will be awarded prizes based on the size of their teams. Teams can be as small as 10 members and as large as 200 members. The higher the team members, the better the prize

Prize Pool Allocation

The prize pool for Phemex IV will feature a 78%-22% breakdown. Teams will receive a larger share of the final prize pool, while the remaining 22% goes to individual players.

For teams, the team captains will receive 40% of the team’s award. The top 10 members will each receive 3%, amounting to 30% of the total team’s award. The rest of the members will receive a share of the remaining 30% according to the number of people in the team.

Winners in the individual trading category will receive 8% of the total prize pool if they place in the first place. 5% will go to the 1st runner up of the individual competition and the 2nd runner up will receive 2%. Individual players who place 4th-10th will have the remaining 7% divided up equally among them.

Prizes, bonuses, and awards will be distributed after the competition ends. Up to $750,000 in BTC awaits the teams/traders that emerge victorious in this competition.

 

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Innovative Mining Protocol Concludes a $2 Million Fundraise Led by Exnetwork Capital and Oracles Investment Group

Leading Venture funds including Exnetwork Capital, CSP DAO, STC Capital, Oracles Investment Group, MoonBoots, Leos Ventures, Global Key Investment, and Aza Groups, have successfully led a funding round for MINE Network. A group of strategic partners including Skyrim Finance, Kylin Network, Charged Particles, and FOMO Chronicles also supported the round, to help MINE Network raise $2 million.

Reportedly, it was an oversubscribed private sale with unimaginable responses from some of the industry’s most influential and trusted names. The project has attracted a slew of high-net-worth individuals who are trusting the project’s vision to be a premier solution provider in the crypto mining industry.

With the successful funding and IDO launch, MINE Network is ready to kickstart the journey of creating its eco-conscious, multi-chain mining protocol until it attains its fullest potential. MINE Network is enthusiastic about revolutionizing the very core of the crypto sphere and with immense support from the blockchain community.

Standardizing Mining Power

As the first decentralized standard hashrate token protocol solving mining problems, MINE Network is geared towards standardizing mining power. MINE will set up the mining power standard for a list of mining projects so that the mining power. This applies to mining powers from MINE and other mining pools, so they can be easily tokenized and clearly identified.

Growing cloud mining pools have curbed and lowered certain barriers impeding entries in crypto mining. However, there are a good number of cloud mining pools with no proper standard which can inhibit the rapid growth of the sector. MINE Network’s goal to standardize mining power is targeted at offering scaling potential to the industry.

MINE Network’s protocol is out to develop the right standards for numerous mining powers and also the minimum standardized hashrate unit. With this, the MINE Network mining pool will be an open and accessible tokenized market. As MINE aims at this problem of low standards, it is positioned to bring the mining ecosystem to a completely new level of accepted standards including energy consumption ratio, types of specific mining equipment as well as their numbers.

Building A Decentralized Community With Complete Autonomy

MINE Network as a project seeks to build a decentralized community with complete autonomy. This is a major factor in dealing with credibility issues facing the mining industry. MINE aims to act as a fully transparent decentralized autonomous organization. For every growing mining project, the MINE Network DAO will be adjusted to suit all stages for the community to be developed without hindrances. As the project matures, the MINE Network DAO increases. The primary objective is to grow into a decentralized protocol with full community autonomy.

As it works towards becoming a DAO, MINE Network is encouraging the willingness of the community to participate in governance by lowering participation thresholds and increasing incentives.

MINE Network is building a community with no hierarchical management or central governance. It will have a plethora of beneficial purposes. Miners on the platform will enjoy a self-sustaining economy with a better distribution of mining power for an even more equitable space.

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