Bitcoin Breaks Above $57,000 As April Ends, Altcoins Continue To Rally

Bitcoin and the whole crypto market turned green at the close of April. The run-up to this month’s $4.2 billion options expiry was uneventful, with no signs of dissent.

After a brief fall below the $53,000 support level on April 29, Bitcoin rallied 10% by midday to reclaim its previous high of $57,400.

BTC/USDT 4-hour chart. Source: TradingView

Related article | Bears Salivate As Bitcoin Monthly Close Leads To Indecision

Mainstream Acceptance Increase

MicroStrategy CEO Michael Saylor’s announcement that the company saw a 52% increase in sales relative to the same quarter last year would likely bolster the case that businesses should keep Bitcoin on their balance sheet to fight inflation and attract new investors.

Central bank digital currencies (CBDC) are also gaining momentum, with the Bank of England announcing plans to introduce a digital pound, and the French central bank making news on April 29 after settling a $100 million Euro bond using a CBDC hosted on the Ethereum network.

Altcoins Continues To Rally

While much of the mainstream news and analysis has been focused on Bitcoin and Ethereum, a handful of altcoins drew traders’ attention on Friday as their prices rose by double digits.

Bitcoin’s dominance in the crypto-market is a well-known fact. The last price correction the altcoins collectively faced was when BTC dropped below the $50k price level. Since then, while many altcoins were able to pull off an inspiring recovery and even go on to achieve new highs, BTC’s price has continued to languish well below the $55k-resistance level – a move diametrically opposed to what many believed would be BTC’s price action in April.

According to data provided by Santiment, BTC’s supremacy over altcoins such as ETH is dwindling. Over the last few months, Ethereum has closed the gap on Bitcoin’s supremacy, according to the results. With its new ATH occurring at a time when BTC has been struggling, it could indicate a small change in how the crypto-market will likely work in the future.

Santiment data on ethereum address activity

These metrics add up to articulate an extremely bullish scenario for ETH in the coming month. This also substantiates the possibility of the altcoin hitting the coveted $3,000 price range in the coming weeks if unhindered by a BTC-induced market shakeup.

IoTeX jumped 75% to a new all-time high of $0.085, was one of the best performers of the day. The blockchain project aims to address the issues of scalability, anonymity, and high operating costs that are preventing the Internet of Things (IoT) ecosystem from gaining widespread acceptance.

Daily cryptocurrency market performance. Source: Coin360

Similarly, BNB’s market rally isn’t over yet after flipping XRP. With trade volume up nearly 80% in the last 24 hours, BNB is rallying to the $600-level once more. BNB’s volatility has also not returned to pre-price rally levels. The most recent ATH of $637 was less than a tenth of a percent higher than the price at press time.

Across the board, altcoins rallied, bringing the overall market capitalization to $2.177 trillion, while Bitcoin’s supremacy rate fell to 48.8%.

Related article | How This Bitcoin Pegged Token Could Protect Holders From Volatility

Featured image from Pixabay, Charts from Tradingview.com, Coin360, Santiment.

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Cardano Africa Special Event Soured by Fact Checking Calls

The Africa Special event aired on Thursday, showcasing Cardano developments on the continent. At the time of writing, the show has hit over 120k views, with IOG CEO Charles Hoskinson calling it the most popular show they’ve done to date.

Although the response was largely positive, with a wide range of mainstream and crypto publications covering the event, Hoskinson spoke about a distinct lack of coverage from CoinDesk. The Executive Editor at CoinDesk, Marc Hochstein, said they are still waiting on a response from Ethiopia’s Ministry.

“media response was incredible as well, we were interviewed by the Financial Times, Cointelegraph, my lord they actually covered it, CityAM, New York Times, and dozens of others. More news will come trickling out. Notably absent, I can’t see it right now, I don’t know if it’s covered or not. I didn’t check my media list, was CoinDesk.”

Cardano’s African Strategy

Cardano has been plugging away at blockchain adoption in Africa for many years now.

Hoskinson said he founded IOG with the goal of equalizing the developed and developing worlds. Adding that developed nations take for granted many things such as payments, insurance, credit, etc. In contrast, poor infrastructure in developing nations makes even simple tasks, such as getting paid, a laborious process.

“I started my company in February 2015 with the dream of delivering economic identity to those that don’t have it. The reality is, the world lives still in two different configurations. One for the developed and one for the developing.”

News of Ethiopia’s Ministry of Education partnering with Cardano via the Atala PRISM solution broke before the Africa Special event. The deal aims to boost education and employment prospects through a blockchain-based student-teacher attainment recording system. It will digitally verify grades and allow for the monitoring of school performance.

The most prominent announcement during the Africa Special event was news of infrastructure development in Tanzania. It will see a tie-in with World Mobile to provide mobile internet access and financial inclusion infrastructure to enable banking, loans, insurance, etc.

Hoskinson Defends The Assertion He’s Pulling a Fast One

Despite the monumental achievements made by IOG in Africa, Hoskinson highlighted the lack of coverage from CoinDesk on the matter.

Various representatives from the publication have skirted the issue, with its Executive Editor, Hochstein, asking for evidence of the claims directly “from the horse’s mouth.”

That’s an embassy which isn’t the ministry. It would be weird to rely on a tweet from a US embassy in another country for confirmation of what HUD or DOD is supposedly doing. We need to hear it from the horse’s mouth.

— M a r c H o c h s t e i n (@MarcHochstein) April 29, 2021

Hoskinson felt this degree of fact-checking is an extreme request considering the multiple sources of evidence already available, including directly from Ethiopia’s Minister of Education, Dr.-Ing. Getahun Mekuria, who spoke during Thursday’s show.

“Apparently, having the Minister appear on camera talking about the relationship, the official government channels tweeting about the relationship, and major publications like the New York Times is not good enough for this editor at CoinDesk for an official announcement.”

Hoskinson labeled the response bizarre and claimed there’s more to the snub than waiting for confirmation of facts.

Source: ADAUSDT on TradingView.com

 

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Binance Smart Chain Partner Receives Funds From 16 Institutions

Built on top of Binance Smart Chain, CryptoTycoon (CTT) is a monopoly game based on Binance Coin (BNB), Binance USDC (BUSD), and stablecoin Tether (USDT). With it, users can play to construct in-game buildings by rolling the dice. The game operates with a deflationary and dividend model, according to an official post.

The team behind the game recently announced the successful completion of their seed round of fundraising. Per their announcement, they have received support from 16 institutions from “different regions and backgrounds”.

In total, Binance Smart Chain’s partner was supported by HappyBlock, CryptoDiffer, R8 Capital, A195 Capital, 4SV, AKG Venture, PrimeBlock Ventures, Amplio Capital (BitMart Labs), T3E (MW partners), Infinity Labs, CatcherVC, BenMo Labs, BEST, Horizon Capital, Ternary Capital, and 7Star Capital. The team added:

In addition, we have recently received supports from many BSC community building participants, who provided a lot of valuable suggestions to CryptoTycoon and participated in CryptoTycoon’s seed round fundraising in a private form.

Binance Smart Chain’s Partner And Its Roadmap

The project will focus on “market building and user experience” for their next phase of development. They are currently taking feedback from the community. So far, they have divided their roadmap into two stages an initial stage and an early stage.

The former has been composed of game design, smart contract coding, legitimate subject and legal matters, participation from their American and European market partners, smart contract audit, official website (v0.1) launch, and other items related to community operations and media. Most of the first items have already been completed.

In their early stage, they will have a close beta of their game, a CTT release, an official website launch on their v0.5 launch, liquidity provider staking mining, game interactive contract audit, planning for their second iteration of the game, and much more.

CryptoTycoon’s native token CTT will have a burned mechanism, as two of the most important assets in the Binance Smart Chain ecosystem, BNB, and PancakeSwap’s CAKE.

BNB trades at $619 with a 5.7% profit in the daily chart. In the weekly and monthly chart, BNB has a 20.4% and 99.9% profit, respectively.

BNB with moderate gains in the daily chart. Source: BNBUSDT Tradingview

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How This Bitcoin Pegged Token Could Protect Holders From Volatility

Anonymous analyst “Wezek Bruh” posted the main reasons why BadgerDAO and its native token pegged to Bitcoin, DIGG, could be a great opportunity for investors. Created as a rebase token, DIGG has the capacity to contract or expand its supply to meet a price target, as Wezek Bruh explained.

The analyst believes there is value in DIGG as a potential speculative investment and a “critical part of the Badger ecosystem”. DIGG holders have a fixed percentage of the token’s total supply market cap. Although its price is determined by market dynamics, the numbers of DIGGs an investor has, within a wallet or smart contract, can increase or decrease depending.

This is determined by the positive or negative rebase, but as the analyst explained, this mechanism is designed for the investor to “always keep your share of the pie”. Wezek Bruh added:

The main takeaway is that you should think about your DIGG position in terms of percentage ownership of the total market cap rather than the number of tokens multiplied by the price per token.

DIGG holders can stake their tokens inside a Badger vault and receive rewards with the token bDIGG. Currently, there is a 43% APY with this product. Unlike DIGG, bDIGG is not subject to the rebase mechanism. The analyst said the following about BadgerDAO and one of its investment Bitcoin-based strategies:

(…) you can buy DIGG which imperfectly tracks the price of BTC, stake it in Badger to earn 43% APY, and also get bDIGG tokens back in your wallet that you can use in other places within DeFi.

The analyst highlights that BadgerDAO offers its users incentives that allow both holders and the protocol to benefit. Therefore, the latter can build a sustainable model.

How DIGG Can Be A Hedge Against Bitcoin’s Swings

As Wezek Bruh further explained, DIGG’s is rebased on a 10-day period. The mechanism responds to BTC’s price oscillation. Therefore, DIGG takes longer to react to a crash or bull-run. This window can be leverage in more investment strategies.

Since the token tracks BTC’s price performance, DIGG can be considered a synthetic version of Bitcoin. An “impure” one, as the analyst claimed. However, BadgerDAO has the objective of integrating BTC with the DeFi sector. Wezek Bruh added:

Badger is entirely focused on bringing BTC to DeFi. And with DIGG, it is one of the few places that offer yield in BTC. In the end, I prefer BTC over “fill in the blank” latest token of the week.

In contrast with other synthetic versions of BTC operating on the DeFi sector, such as Wrapped Bitcoin (WBTC), DIGG removes a risk factor by not requiring users to provide collateral. The analyst believes this protocol can reach the “Holy Grail of crypto” by combining BTC’s feature as a store of value with the “long-term” utility found in DeFi and Ethereum’s ecosystem. Wezek Bruh said:

The mechanics around DIGG may be different, but the utility remains as DIGG owners are provided BTC in-direct exposure on Ethereum to earn interest (bDIGG, ibBTC), lend against their positions, and (most importantly) as a composable asset in DeFi to do much more!

Bitcoin trades at $57.043 with a 7.6% rally in the daily chart. In the weekly and monthly chart, BTC has a 9.7% profit and a 2.8% loss, respectively.

BTC with medium gains in the daily chart. Source: BTCUSD Tradingview

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Biggest Token Burning in History: Sensorium Burns Over $10B Worth of SENSO Tokens; Reveals NFT Functionality

Sensorium Corporation, the company behind the highly-anticipated digital metaverse Sensorium Galaxy, has burned 4.2 billion SENSO tokens reducing the existing supply by 70%. To date, this is the largest token burning in the entire history of cryptocurrencies. In dollar value, this supply shedding is estimated at $10 billion.

As of this writing, SENSO trades at $2.31. This ERC-20 token has seen a stunning 5X growth in 2021 alone. While the recent Bitcoin boom might have stimulated the notable price increase, the token has also become a popular choice among gaming-friendly holders.

This token burn comes as a crucial step to adjust SENSO supply following the token’s public sale cancellation. The project had initially generated an ample supply of 7.6 billion tokens foreseeing both private and public sales ahead. Yet, the latter was considered no longer necessary.

“The first private sale provided sufficient funds to support further product developments. For that reason, our team no longer considers the public sale of SENSO tokens a viable option,” the team wrote in a press release.

Less supply, more use cases, blockchain migration

With the metaverse approaching its global release, Sensorium Corporation specified that SENSO would not only play an essential role in processing value transactions.

A freshly published Lightpaper outlines new use cases for the token, such as NFT minting, executing NFT marketplace transactions, and implementing a Decentralized Autonomous Organization (DAO).

“Blockchain technology enables us to make SENSO a lot more useful for participants of Sensorium Galaxy. In the past year, our team has been working on various options to ensure seamless, valuable integration of the token to the metaverse. SENSO is no longer just an in-platform currency but the fuel of our entire entertainment-focused metaverse. It will allow users to create NFTs from avatars and the content they reproduce, becoming an essential part of the product.” said Alex Blagirev, Deputy CEO at Sensorium Corporation.

Apart from the token burn, Sensorium Corporation used the occasion to announce the migration of SENSO to a Substrate-based blockchain. While no details were provided on the new blockchain itself, the company confirmed it provides lower fees, faster transactions, and compatibility with the widely popular Polkadot ecosystem.

In 2020, Sensorium Galaxy onboarded chart-topping artists such as David Guetta, Armin van Buuren, Black Coffee, among many others. All these performers are expected to perform at PRISM — a virtual world dedicated to music and dances within Sensorium Galaxy.

Earlier this month, the project announced a closed beta version of the metaverse. A sneak peek of the avatar creation process for David Guetta — the first artists to perform on the platform — was also released in April. The public launch of Sensorium Galaxy is scheduled for the summer of 2021.

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Bears Salivate As Bitcoin Monthly Close Leads To Indecision

Bitcoin price is back above $56,000 once again, after a tug-of-war between bulls and bears has led to a bit of a stalemate just as the April monthly comes to a close.

The monthly candle at current levels will close as a doji, signaling indecision, and a potential reversal ahead. Here’s a closer look at the potential reversal pattern that has crypto bears salivating for cheaper coins in the days ahead.

Bitcoin Bears Make A Stand Against Bulls, Rally Reaches Stopping Point

It is hard to be bearish on Bitcoin at all, let alone right now. The cryptocurrency has risen from pennies to more than $60,000 per coin. The scarce BTC supply suggests these are still early days and there’s a lot more ROI to go, potentially reaching prices of hundreds of thousands each in the future.

All of 2021 thus far has been like a rocket ship for Bitcoin and its altcoin brethren. Ethereum and Dogecoin have massively outperformed the top cryptocurrency and several others have done even better.

Related Reading | Bitcoin Price Forecast: Cloudy With A Chance Of Downside

Bitcoin profits being taken and flowing into altcoins is just one of many reasons for the leading cryptocurrency by market cap to take a pause. Incredibly overheated technical indicators, and a sudden fear of coming regulation combined with a huge capital gains tax hike on the horizon are also to blame.

The indecision has led the pivotal April monthly candle close to form a doji, if and when it closes tonight at 8PM ET.

The monthly should close as a doji, but there's risk of a reversal | Source: BTCUSD on TradingView.com

Potential Evening Star Reversal Pattern Could Mean Lights Out For Crypto Bulls

A doji is either a sign of indecision before a trend continues or is a signal a reversal is near. But it all depends on what comes next after the doji is formed. If another massive move up follows in May, then the bull trend is back on full force.

However, if bears get the best of price action over the next month and close with another red candle, there’s risk of an evening star pattern.

Related Reading | Potential Island Reversal Leaves Bitcoin Bulls Stranded

An evening star reversal is a Japanese candlestick pattern that that forms when there’s a sharp rise capped off by a doji, then followed by an similarly strong showing by bears to the downside.

The red candle in May must engulf at least 50% of March’s historic candle close to be confirmed. If May closes below $50,000, there’s serious risk of more downside in the top cryptocurrency ahead.

The reversal pattern also has appeared during the same month as a rare “Pi cycle top indicator” has triggered its signal for only the fourth time in Bitcoin’s history.

Featured image from Pixabay, Charts from TradingView.com

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Ethereum Miners Strike Back in Bid to Retain PoW Mining Community

In a bid to save the Ethereum mining community, a group known as the Ethereum Genesys Foundation (EGF) successfully hard forked the chain to continue Proof-of-Work (PoW) mining.

With the ETH 2.0 upgrade well underway, the switch to Proof-of-Stake (PoS) would render miners redundant. What’s more, miners claim they are slowly being phased out, even before ETH 2.0 is fully rolled out. Community splits are difficult at the best of times, more so how the original chain tends to fare better. With that in mind, is Ethereum Genesys doomed to fail?

Ethereum Genesys Looking to Continue PoW

The EGF successfully initiated the hard fork of the Ethereum mainnet in mid-April, which they called the “Maple Fork.” They intend to save the PoW mining community and produce a forked token called Ethereum Genesys (ETG).

On why users would prefer this to the original Ethereum, they say the Ethereum Foundation’s approach to PoS makes it less decentralized than PoW as most Beaconchain validators run on either AWS, Google Cloud, or Azure. They also mention the minimum staking requirement of 32 ETH ($88k) is prohibitively expensive for the average person.

“Our first priority is to save the miners across the world the have been securing the Ethereum block chain since the beginning. Therefore we will stay a pure PoW blockchain. We do not agree with Ethereums [sic] future path forward with a pure PoS model.”

Core devs are considering the implementation of Ethereum Improvement Proposal (EIP) 3238 in the London hard fork scheduled for July. This “Difficulty Bomb” increases the difficulty level of PoW puzzles. The result is longer block times and therefore less reward for miners.

The difficulty will increase over time to the point of “Ice Age,” when mining becomes so difficult it’s not economically attractive to do so.

Founding member of EGF, Earl Mai, said the “Difficulty Bomb” is the first step in ending PoW mining on Ethereum. But thanks to the Maple Fork, this code has been disabled.

“The Ethereum GeneSys Foundation has disabled this code forever, so that mining can continue indefinitely. All parameters needed to enable the fork in the ‘geth’ and ‘openethereum’ code bases are submitted on GitHub for easy setup of nodes, including fork configuration changes.”

The community response to ETG has been underwhelming, with little coverage of the split.

Community Sentiment

This month, community sentiment over the miners’ “show of force” against EIP 1559 was met with animosity.

EIP 1559 is a fee market overhaul that will bring predictable fees and a burn mechanism. This may see a reduction in revenue for miners. To protest this, some Ethereum miners threatened to concentrate hashing power to a single pool, leaving the chain potentially open to a 51% attack. They planned for this to happen on April 1, but this day came and went without any action.

At the time, many said that miners were isolating themselves from the rest of the community by making the threat. This only highlighted a conflict between what different segments of the Ethereum community want.

With that, a successful project needs all stakeholders on board. But retaining PoW is a big ask for users fed up with high gas prices.

Source: ETHUSD on TradingView.com

 

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PrimeXBT Enters DeFi Space With Yield-Generating Accounts

NFTs have recently become the talk of the crypto industry, yet they still don’t even come close to DeFi in terms of the total value generated or the amount of capital involved. These non-fungible tokens certainly offer an interesting take on digital ownership rights, but the buck kind of stops there.

DeFi, on the other hand, enables permissionless replacements for the world of traditional finance. No longer do you need to visit a bank for a loan, get a lengthy and invasive credit check, or be stuck with 0.04% savings rates. Traditional finance is dying a slow death, but DeFi has been speeding it along.

The latest brand to get involved in the DeFi space is PrimeXBT, an award-winning trading platform offering long and short positions on all kinds of CFDs, ranging from crypto to stock indices, commodities, and forex. With so much going on all under one roof, PrimeXBT is quickly becoming the place to be.

Here’s how the latest entry to the DeFi space might be the company’s most significant move yet.

All About PrimeXBT And The Continued Covesting B2B Partnership

PrimeXBT first exploded onto the trading scene in 2018 during the crypto bear market. While other businesses suffered, the trading platform’s short positions kept traders coming back for more while others lost money in the crypto downtrend.

The profits there first began to catch wind across the trading community and soon spun into a tornado of talk, buzzing about what the reliable trading infrastructure had to offer. Soon, influencers were raving about PrimeXBT, and industry awards began to stack up.

What really sealed the deal for the platform long-term was the introduction of the Covesting copy trading module last year. By partnering with European DLT developer Covesting, the duo introduced the copy trading module to the world ahead of schedule and has been growing ever since.

Covesting copy trading connects strategy managers ranked among a global leaderboard system with followers who are hungry for profits. These followers pick and choose from a growing list of traders and copy their trades to profitability. Some of the platform’s most successful traders have brought in millions – making millions more for their followers all the while.

Redefining DeFi And Breaking Down Barriers To Adoption

Although the bar is set extremely high for what PrimeXBT and Covesting could possibly do next, the upcoming Covesting Yield Accounts and the inclusion of the new COV token utilities raise that bar even higher.

Covesting Yield Accounts mark the very first attempt at DeFi for PrimeXBT. Like how Apple often comes in later with the features Samsung introduced first – Apple makes things much easier to use, and that’s when adoption truly takes off.

PrimeXBT and Covesting aim to break down the barriers that prevent DeFi from reaching mass scale – and that barrier is simplicity. There are no wonky wallet systems to connect and no sense of “if I screw this up, my funds are gone.” Instead, users can feel comfortable that with PrimeXBT, the user experience is transparent, concise, and streamlined.

In only a few clicks, users can access the world’s most popular and active DeFi protocols without having to spend a ton of time or learn the ins and outs of liquidity provisioning. Just like early winners in the internet technology arms race, those who are first aren’t always best, and oftentimes it is when those with a proven track record get involved that magic begins to happen and adoption takes place at an unprecedented rate.

COV Token Utilities Greatly Enhanced For Token Holders, Covesting Ecosystem

COV token staking rounds out the total package that is Covesting Yield Accounts. By locking up COV tokens, users will be able to access as much as 2x the already competitive, industry-high APY rates. These rates are variable; however, they’re the best of what DeFi has to offer. Users should always check the current APY rate across all staked assets to determine what’s the most profitable solution for their unique needs.

COV tokens also unlock three new account levels ranging from Advanced to Premium and Elite. Each level provides even more benefits to COV token holders, such as improving fee conditions or allowing more followers for strategy managers who stake COV.

The COV token is the native token to the Covesting ecosystem and is always included in anything Covesting puts its namesake on. As a name synonymous with value and quality, Covesting also regularly burns tokens, removing them from the circulating supply and bolstering COV tokenomics for holders.

Check out PrimeXBT today to learn more about the upcoming Covesting Yield Accounts and visit the account dashboard to join the waitlist. Anyone who gets on the waitlist will secure a 1% APY boost during the first month after the tool launches in Q3 2021.

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CoinSwap Opens Up New DeFi Opportunities with Their Certik Approved DEX

CoinSwap Space provides a suite of products and services for decentralized finance, allowing users myriad ways to make returns on their crypto.

CoinSwap, an exciting new DEX for the Binance Smart Chain, has announced its launch to take place on April 30th at 5 pm CET. This is a launch with a difference. There are no presales, no allocations, and no team tokens. The only way to acquire the native CSS tokens is to start yield farming them from the moment of the launch, which is now only hours away.

Coinswap Space is a decentralized exchange that provides users with many different opportunities to gain rewards. CSS is an automatic market maker (AMM) allowing digital assets to be traded without an order book. Users can see returns on their crypto by providing liquidity to the market, taking advantage of CoinSwap’s many yield farming pools, or simply by staking their crypto at CSS stake. Smart routing is utilized by CSS, giving clients the best swapping rates, slippage, and price impact available.

There are two tokens that exist within the CSS ecosystem. Contributing to the CSS liquidity pools will grant users CSS-LP tokens. CSS-LP tokens can then in turn be staked in any of CoinSwap’s various yield farming pools.

Significantly, Coinswap Space has just been audited by Certik, the leading security-focused ranking platform that analyzes and monitors blockchain protocols and DeFi projects. Certik uses rigorous Formal Verification technology to provide hacker-resistant smart contract and blockchain audits. The successful passing of this audit by CoinSwap Space gives reassurance to any potential investors. The rewards offered by using CoinSwap Space can be farmed without the risk of exposure to hacking.

Committed to a Fair Launch

There has been a bit of controversy surrounding launches in the crypto world of late. The existence of pre-sales means that many day-one investors can feel manipulated if the price of the token spikes and then crashes early in the launch. The CoinSwap team believes that transparency and fairness are two of the most fundamental qualities of DeFi.

For these reasons, CoinSwap Space will have a completely fair launch. There are no team tokens and no pre-sale. Every investor will have an equal chance of benefiting from the rewards on offer with CSS. The only way to acquire CSS tokens is to earn them through providing liquidity and yield farming.

The founders will, for the time being, remain anonymous. However, all of them plan to make themselves public within the next month. It’s worth noting though that even being a founder of CoinSwap won’t grant you any extra privileges for the launch. Founders will have to acquire their CSS tokens by yield farming just like everyone else, making this the fairest possible launch.

400,000 $CSS will be pre-minted to provide liquidity to the pools and the $CSS takeoff price will be $0.25. This means that the total value of provided liquidity will be $205,000 at launch. The rewards for farming will be at their highest for the first 10 days from the launch meaning that investors should get in early to maximize their profits.

CoinSwap Launch Details

Pre-minted for launch: 400,000 $CSS
Price at launch: $0.25
Initial Liquidity:

• 200,000 $CSS — $50,000 in $BNB ($CSS/$BNB)
• 200,000 $CSS — $50,000 $BUSD ($CSS/$BUSD)
• $BNB/$BUSD (worth $15,000)
• $USDT/$BUSD (worth $15,000)
• $ETH/$BNB (worth $15,000)
• $BTC/$BNB (worth $15,000)
• $CAKE/$BNB (worth $15,000)
• $ADA/$BNB (worth $15,000)
• $DOT/$BNB (worth $15,000)‌

Total value of initial liquidity : $205,000

CSS Farm

Emission rate CSS per block
First 10 days from launch: 0.6
After first 10 days: 0.45
After 12 months: 0.41
After 24 months: 0.37
After 36 months: 0.33
After 48 months: 0.29
Reduction of 0.04 per block every 12 months

About CoinSwap Space

CoinSwap Space is a decentralized exchange that provides users with a suite of services to help them maximize their returns in the DeFi space. Built on the Binance Smart Chain, CoinSwap Space utilizes smart routing to give users the best return on their investment possible.

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TA: Ethereum Consolidates Above $2,700, Here Are Chances of Downward Move

Ethereum extended its rally and it traded to a new all-time high near $2,800 against the US Dollar. ETH price is correcting gains, but dips are likely to be supported near $2,650.

• Ethereum remained well bid and it even climbed towards the $2,800 level.
• The price is now trading well above $2,700 and the 100 hourly simple moving average.
• There is a crucial rising channel forming with support near $2,700 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could correct lower, but the bulls are likely to appear near $2,650 and $2,620.

Ethereum Price Remains In Uptrend

Ethereum remained well bid above the $2,650 support level, unlike bitcoin. ETH extended its rise above the $2,750 high and it settled nicely above the 100 hourly simple moving average.

It traded to a new all-time high at $2,800 before it started a downside correction. There was a break below the $2,780 and $2,750 levels. Ether is now trading below the 23.6% Fib retracement level of the upward move from the $2,560 swing low to $2,800 high.

It is still trading well above $2,700 and the 100 hourly simple moving average. There is also a crucial rising channel forming with support near $2,700 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

The next key support is near the $2,680 level. It is near the 50% Fib retracement level of the upward move from the $2,560 swing low to $2,800 high. Any more losses could lead the price towards the $2,650 support level and the 100 hourly simple moving average.

If ether fails to stay above the $2,650 support level and the 100 hourly simple moving average, it could dive towards the $2,580 level.

Fresh Increase in ETH?

If Ethereum remains stable above the channel support and $2,650, it could start a fresh increase. An initial resistance on the upside is near the $2,780 level.

The first major resistance is near the $2,800 level. A clear upside break above the $2,800 level and the channel upper trend line could set the pace for a sharp increase towards the $3,000 resistance zone in the next few sessions.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is still above the 50 level.

Major Support Level – $2,700

Major Resistance Level – $2,800

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TA: Bitcoin Revisits Key Support, Here’s What Could Trigger Sharp Increase

Bitcoin price extended its decline below the $54,000 level against the US Dollar. BTC is holding the $52,500 support, but it must clear $54,000 for a fresh increase.

• Bitcoin failed to stay above the $54,000 support and extended its decline.
• The price is now facing resistance near $54,000 and the 100 hourly simple moving average.
• There is a major declining channel forming with resistance near $54,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could either rally above $54,000 or it might extend its decline towards $50,000.

Bitcoin Price is Facing Hurdles

Bitcoin struggled to continue higher above $55,000 and it started a fresh decline. BTC broke the $54,000 and $53,500 support levels.

There was also a close below the $54,000 level and the 100 hourly simple moving average. The price tested the $52,500 support zone. A low is formed near $52,375 and the price is now consolidating losses. It recovered above the $53,200 level.

There was a break above the 23.6% Fib retracement level of the downward move from the $56,545 swing high to $52,375 low. It seems like the price is now facing resistance near $54,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

There is also a major declining channel forming with resistance near $54,000 on the hourly chart of the BTC/USD pair. The next major resistance is near the $54,500 level. It is near the 50% Fib retracement level of the downward move from the $56,545 swing high to $52,375 low.

A successful break above the channel resistance and then a break above the $54,500 level could set the pace for a fresh increase towards the $56,500 level. The next major resistance above $56,500 could be $58,000.

More Losses in BTC?

If bitcoin fails to clear the $54,000 resistance and the 100 hourly SMA, there is a risk of more downsides. An initial support on the downside is near the $52,500 level.

A proper break and close below the $52,500 level is likely to set the pace for another 5% decline. In the stated case, the price could decline towards the $50,000 support zone in the near term.

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 rising towards the 50 level.

Major Support Levels – $52,500, followed by $50,000.

Major Resistance Levels – $54,000, $54,500 and $56,500.

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MrBeast Catches Heat For Promoting Alleged Refinable Pump and Dump Scam

American YouTuber Jimmy Donaldson, better known as MrBeast, is embroiled in accusations that he tricked his followers into buying a pump and dump token. Refinable’s Initial DEX Offering (IDO) took place on Tuesday and was Polkastarter’s biggest launch to date, selling out in less than five minutes.

But some investors claim they were unable to sell their FINE tokens as the price started tanking. Others say they were unaware of buying at the peak price. Celebrity crypto endorsements have come increasingly under the spotlight in recent times. This latest incident with MrBeast has done little to help the issue.

MrBeast in Hot Water

Refinable is Binance Smart Chain’s (BSC) first major NFT marketplace. According to a Binance blog post, the platform empowers creators “to easily and affordably create, discover, trade, and leverage NFTs.”

Currently, there are three main NFT marketplaces. Opensea, Rarible, and SuperRare, which mostly use the Ethereum blockchain and are subject to high gas fees. With Refinable running on the cheaper BSC network, users now have a more accessible NFT option.

According to @defnoodles, the price of Refinable fluctuated wildly during the launch process. He added that users blame MrBeast for the technical difficulties encountered when trying to exit during the selloff.

“Many are frustrated with MrBeast. They allege once they purchased ‘Refinable,’ they couldn’t sell it, getting a ‘no liquidity’ error. Others say they couldn’t see the purchase price and were unaware they purchased it at $9. Refinable allegedly deleted tweets after backlash.“

FINEUSD opened trading to the public at $8.36. Within hours, a sharp decline tanked the price to $4.85. It has been grinding downwards since, bottoming at $1.73 today.

Source: FINEUSD on CoinMarketCap.com

Some of MrBeast’s followers suffered heavy losses, having invested after seeing the YouTuber’s endorsement on promotional material. @defnoodles even mentioned some had lost their life savings.

Based on his philanthropic reputation, some believe MrBeast is also a victim in this. One Reddit user doubts he intended for this to happen, adding that influencers and cryptocurrency rarely make appropriate bedfellows.

“I highly doubt that MrBeast intentionally tried to screw people over, but he’s still involved here. As an influencer he should understand that him telling people to invest in crypto can have very bad outcomes.”

Celebrity Crypto Endorsements Exposed

During the height of the Wallstreetbets movement in late January, early February, Dogecoin exposure in the mainstream also put cryptocurrency on many people’s radar.

Tech YouTuber Marques Brownlee took the opportunity to share what happens behind the scenes with influencers. In a video, Brownlee discussed a sponsorship inquiry in which he was asked to promote Tron via Twitter. But to make it not seem like a sponsored post.

“The more I read into this email the more sketchy it is. They mention they’re often referred to as the Ethereum killer. Whatever you say. And they need to make it look like it’s not a sponsored tweet.”

Tron CEO Justin Sun denied any wrongdoing, explaining it as the actions of an unknown affiliate.

Nonetheless, Brownlee’s reveal hammers home the message that investors should always take celebrity crypto endorsements with skepticism.

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As Bitcoin Continues To Slump, Ethereum Seems Unstoppable

Bitcoin is struggling to sustain above the $53,000 support for the past 3 days. As the king cryptocurrency price slumped, Ethereum picked up its pace, surging to a new all-time high of $2,800.

Ethereum Appears Unstoppable

It appears that the European Investment Bank’s launch of a “digital bond” sale using the Ethereum network, has boosted Ethereum’s price. The EIB is issuing a two-year digital bond worth 100 million euros ($120.8 million), led by Goldman Sachs, Santander, and Societe Generale.

Furthermore, JP Morgan published a research note last week claiming that due to improved liquidity and increased network activity, Ether should continue to outperform Bitcoin.

According to fixed-income analyst Joshua Younger:

“Bitcoin is more of a crypto commodity than currency and competes with gold as a store of value, whereas Ether is the backbone of the crypto-native economy and therefore functions more as a medium of exchange. To the extent owning a share of this potential activity is more valuable.”

Throughout 2021, Ethereum longs dominated, reaching a high of 130 percent greater than shorts, while Bitcoin traders were typically more modest. The market pattern reversal on April 29 comes as the ratio of BTC longs to shorts is 45 percent higher. Meanwhile, Ethereum traders are just 6% net long, indicating skepticism about the recent rally.

When Wall Street banks start covering alt coins like $ETH, you know we are going to be in alt season soon. pic.twitter.com/oZisZcMhQ5

— Eugene Ng 🌊 (@Eug_Ng) April 28, 2021

Given that the long-to-short ratio is relatively flat, the status of OKEx traders in Ethereum should not be interpreted as bearish. The monthly trend in April, on the other hand, shows that Bitcoin traders are becoming more positive.

The expiration of BTC and Ethereum options on Friday should not be overlooked by traders. The $3.9 billion Bitcoin expiry poses a threat to bulls if the price falls below $50,000, as the neutral-to-bearish put options will gain a $700 million advantage.

Bulls currently dominate Ethereum’s more modest $930 million options expiry, and even if Ether’s price declines to $2,600, the $115 million gap in call options open interest appears to be guaranteed.

ETH/USD pair ranging around $2,750. Source: ETH/USD on Tradingview.com

Related article | Ethereum Seems Unstoppable, Here’s How ETH Could Extend Rally

As BTC Dominance Slumped, Alt-Coins Are Picking Up The Pace

Following the plunge of valuation on Apr 18, BTC prices have been gyrating at tight ranges above $50k but capped below $60k. Traders and investors are opting to stay away, adopting a wait-and-see approach.

Meanwhile, altcoins, spearheaded by the resurgent Ethereum and Binance (BNB), have defied gravity and expectations, soaring higher to new all-time highs.

In particular, Ethereum is primed by several solid fundamentals, including the coin’s prospects after the activation of EIP-1559 and Eth2.

On the other hand, BNB is being pumped the expansion of DeFi and the relentless efforts by Binance to catalyze NFT activities on its Binance Smart Chain (BSC).

Furthermore, projects like Cardano and IOTA, both of which are known as Altcoins, are still refining their systems.

Cardano has been developing its system over the last few years, and in the Goguen level, it will soon activate smart contracting, bringing it closer to full functionality.

IOTA, on the other hand, is pursuing complete decentralization in order to power the future computer economy.

Related article | Bitcoin Dominance Dives To Lowest In Years, Altcoin Season Is Finally Here

Featured image from Pixabay, Charts from Tradingview.com

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Why The Chinese Government Started Mining Bitcoin (BTC)

Reporter Colin Wu shared news published by Chinese state media PengPai related to Bitcoin mining activities by the national government. At the very least, China’s view of cryptocurrencies is ambiguous, but according to the report they have been dabbing with BTC.

The state media confirmed a rumor on the Beijing government’s collection data center being used in BTC mining activities. The report stated that data centers in China’s capital were asked to submit feedback to “sort out the situation”.

According to the Beijing Economic and Information Bureau, there were concerns about the energy consumption related to these activities. PengPai quotes Yu Jianing, rotating Chairman of the Blockchain Special Committee of China, to claim that the country’s environmental requirements could lead to crypto mining being more “strictly regulated”. Jianing said this will be “inevitable”.

Chinese authorities are allegedly “paying more attention” to the sector. The state media claims Bitcoin mining and the equipment required “consume a lot of electricity to run”.

An investigation published in Nature Communications, conducted by the Chinese Academy of Sciences and Tsinghua University, claims that BTC mining activities in China will peak at 296.59 TWh. In consequence, the researchers expected 130.5 million metric tons of carbon emissions to be generated.

Therefore, pressure in the country to pass a crypto mining regulation could increase. However, the same research claims that 75% of BTC hashrate is in China. This data has been contested by many external sources. Wu added:

This caused some panic in China.  However, the Chinese government said it was only conducting an investigation.  Data centers are difficult to use for Bitcoin mining and are mainly used for ETH Filecoin.

Bitcoin’s Network Recovers After Energy Outages in China

Blackouts in the Chinese province of Xinjiang took a toll on Bitcoin’s hashrate. Mining operations were halted due to security inspections by the local government.

Although this crypto sector was affected, Wu said the measures were not targeting BTC mining but were part of an “overall safety” study of the electrical system in northwestern China. Data provided by OKLink and shared by the reporter shows Bitcoin’s hashrate has recovered.

Source: Colin Wu

On its way to levels seen before the outages, when the hashrate was at 172 TH/s. Currently, it stands at 154 TH/s. As a consequence, Bitcoin’s network has experienced high levels of congestions with transaction fees skyrocketing towards an average of 150 sat/vB (around $11).

BTC trades at $53,247 with sideways movement in the 1-hour chart and small losses in higher timeframes. In the 30-day chart, BTC has a 7.5% loss.

BTC moving sideways in the daily chart. Source: BTCUSD Tradingview

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OlympusDAO Fundamentals Explode, How OHM Holders Will Benefit

In only three weeks OlympusDAO native token OHM has gone from $812 to $1639, at the time of writing. In the 30-day chart, the token has a 74.2% profit and a 55% profit in the 7-day chart. The protocol’s fundamental continues growing at an impressive pace and could yield further gains.

OHM moving sideways in the daily chart. Source: Coingecko

Data shared by the OlympusDAO revealed an increase in the number of OHM holders. Under 1,000 at the end of March 2021, this metric has more than double in April and stands at 3,300. In the past 30 days, OHM holders have been growing exponentially.

Source: Dune Analytics via OlympusDAO

The team also shows an increase in the Risk-Free Value of Treasury Assets metric, used to measure the minimum value of OlympusDAO assets. As the team said, “no matter where the price hoes; this goes flat or up”. The metric stands at 2,807,363 DAI, at the time of writing and has gone parabolic since April 21^st.

Source: Dune Analytics via OlympusDAO

The Market Value of Treasury Assets, related to OHM’s price performance, stands at $25,147,490 million and has seen similar growth in the last month. 90% of OHM’s supply, as the team said, has been consistently staked with the “3,3” as the dominant investment strategy.

In consequence, the protocols Total Value Locked (TVL) has increased after a dropped at the end of March. Since then, the metric rose with the last week seen the fastest growing. OlympusDAO registered $150 million in TVL. The team said the following on potential rewards for investors:

Things don’t look like they will let up for those stakers any time soon; OHM waiting to be distributed to stakers is now 20x more than OHM staked, securing >50,000% APY for the next six months at least.

Source: Dune Analytics via OlympusDAO

OlympusDAO Liquidity On The Rise

Additional data points towards a liquidity accumulation on the protocol. The pool for trading pairs DAI/OHM and OHM/DAI have surged and gone from $3 million at the protocol’s launch to $28 million, at the time of writing. 83% of the pool’s liquidity is treasury owned, as the Team clarified. They added the following:

This ownership is to the point that external LPs should feel quite comfortable deploying into the pool. A significant risk on the part of a liquidity provider is that everyone else to pulls and they end up holding the bag. This risk is minimized significantly when the protocol holds a majority share.

Created as an algorithmic currency protocol, OlympusDAO has created a mechanism that employs asset backing as a supply constraint. Their native token OHM is minted by the liquidity provided in DAI or OHM-DAI LP send to the protocol. As anonymous user “Shadow” explained, the protocol has been designed to protect its investors:

OlympusDAO preserves your purchasing power by rebasing your staked OHM. Rebasing is nothing other than minting new OHM which is paid to the stakers. The rebase is shown as a % increase of the staked OHM per epoch (8h). The APY is just the auto-compounded rebase over a year.

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Bitcoin Dominance Dives To Lowest In Years, Altcoin Season Is Finally Here

Bitcoin price was rejected from above $55,000 and is now back to sinking lower. Meanwhile, altcoins like Ethereum continue to climb complete unaffected by the leading cryptocurrency by market cap.

The recent divergence between the top dog and the rest of altcoins, has resulted in Bitcoin dominance taking a nosedive to levels not seen since 2017 and 2018. Could this be the official start of altcoin season before the market cycle starts all over again?

BTC Dominance Returns To Levels Not Seen Since Last Crypto Bull Market

It has been more than 1000 days that have passed since the last time BTC dominance was below the 50% level, signaling that altcoins had taken over the crypto market.

The past 1000 and then some days have been completely dominated by Bitcoin instead, rising to as high as 73% peak dominance at the end of 2020.

Related Reading | Ethereum Closing In on $2,800 As ETH 2.0 Deposit Contract Hit New ATH

BTC.D, a metric weighing the top cryptocurrency’s market cap against the rest of the space, is now back below 50% and could be ready to set new lows if an altcoin season truly is upon us.

Altcoins capturing much more dominance this time around makes sense, as there are easily several more times the coins that have appeared since, and each market cap individually is ballooning.

A weekly close below that box starts altcoin season | Source: CRYPTOCAP-BTC.D on TradingView.com

What Altcoin Season Means For Bitcoin, Ethereum, Litecoin, And Other Top Coins

If altcoin season really is here, there are a few things that crypto investors can expect according to past cycles. Altcoin season’s start doesn’t always mean that Bitcoin’s run is over.

During the 2017 bull run, there were two distinct altcoin seasons, with only one ending the historic crypto market cycle. Altcoins topped much after Bitcoin, which is a scenario that could be coming into play now.

Related Reading | The Rise Of Dogecoin: The Good, Bad, And The Ugly

But with Bitcoin still so bullish, just because altcoin season is here doesn’t mean the bull run for BTC is over. Instead, altcoin capital could flow back into BTC, propelling the top brass crypto asset even higher.

Once the coin then tops out for the grand finale cycle peak, another altcoin season could act as exit liquidity before the cycle ends, and it all starts to repeat again.

The biggest and most respected altcoins like Ethereum and Litecoin would run first, then from majors money will flow into mid-caps, and eventually risk will venture into small-caps for moonshot-type gains.

The most important thing is to get out when it looks like things are about to end, as altcoins tend to collapse by as much as 99% when they run out of steam eventually, and momentum turns downward instead.

Featured image from Pixabay, Charts from TradingView.com

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Passive Income, A Unique Blockchain Token Re-Imagining DeFi Yield Generation

DeFi has brought several new functionalities to the crypto world. From crypto mining to yield farming, everything has been optimized through the integration of blockchain technology and DeFi applications. We can see more and more platforms utilizing this tool to develop unique services and products to promote decentralization and adoption of financial services in the crypto world.

Passive Income is one such innovative blockchain token that has brought an exciting concept to the market. The company uses tokenization to upgrade yield generation to Decentralized Financial Passive Income. PSI aims to improve the existing passive income concepts and make them more affordable and adaptable to everyone.

The company does this by building upon principles such as Holding, Tokenized Assets, and Generating Yield. Holding is the core pillar for PSI to create a frictionless way for PSI token holders to earn rewards on every transaction fee. The second pillar, Tokenized Assets, helps users to generate passive income. PSI also offers the facility to generate passive income using financial services to become self-sustained.

By building upon these principles, PSI has developed a robust set of features that enables it to achieve its goal.

PSIDEX

PSIDEX is Passive Incomes’ own decentralized exchange where they introduced the company’s Income Token (INC). This Income Token will fulfill different goals of the company, such as:

Governance Utility

INC will have a governance utility using which the company will guide its future projects and investors. Users can use governance on the platform itself, a particular feature, or fee rates and commissions.

The proposals for governance can be made by the project team and the investors, giving them complete control over their assets. This feature will make PSI contracts more flexible and will promote community and investor engagement by giving them influence over the platform’s policies.

These proposals can range from Farmer earnings, Tradefee on PSIDEX, and Burnpercentage (on transfers). However, governing the company’s ecosystem is a multi-step process and involves creating a proposal, voting threshold, and deciding the threshold that makes the vote valid.

Liquidity

Apart from the governance utility, the PSI token will be used to facilitate liquidity on PSIDEX and enable INC ( Income token) farming. As every platform requires liquidity to become self-sufficient, PSI will initially rely on a fallback router. After achieving sustainability, PSI will use INC token to collect LP tokens for the company’s own PSIDEX router.

NAAS

NAAS stands for NFT as a service. It is a unique concept by Passive Income in which the company will offer an NFT marketplace for any willing cryptocurrency. An NFT stands for a non-fungible token that assigns value to real-world assets such as art, tokenized real estate, pictures, etc.

PSI provides an easy way to build an NFT marketplace by offering a template for users to install their marketplace. Contributing to this idea, PSI partnered with Omari estate, a pioneer in the real estate industry, and helped them build an NFT marketplace. PSI offers a solution to every problem and helps bring project ideas to realization.

For NAAS, the real estate industry is the first step as the company plans to continue working with several industries such as Toy Business, Marine Business, Renewable Energy, etc.

PSIPAD

Passive Income’s Launchpad is a trustworthy platform where users can get a detailed insight into the platform’s functioning. PSIPAD is used to list if the project has been audited or KYC’ed and its trust score and other variables that affect the project’s reliability.

Using PSIPAD, the company wants to ensure the trust value of the projects and avoid any fraudulent or unsafe projects. Currently, it works on BSC, but PSI will soon launch it on ERC20 in the future.

Passive Income is a public company with a robust token that can help blockchain projects in several capacities. The company aims to stay ahead of the curve while sharing its profits with PSI token holders.

The team at PSI is a combination of experts from different industries, which gives them an edge and the necessary tools to succeed in this competitive market.

Conclusion

While cryptocurrencies have seen a global acceptance, it still lacks in some areas. Platforms such as Passive Incomes use blockchain and DeFi technology to advance this revolution and make the passive income generated from cryptocurrency more affordable and profitable.

 

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Impermax Airdropped 14 Million IMX Tokens to 35,000 Uniswap V2 Liquidity Providers

Launched in 2018, Uniswap is a decentralized exchange protocol that allows users to swap between any two ETH-based tokens. Apart from providing a simple platform to liquidity providers, Uniswap has made the whole process of providing liquidity and earning trading fees a lot simpler.

Uniswap liquidity providers earn trading fees on every trade made on Uniswap. In return, the liquidity providers facilitate trading between different ETH-based tokens, which will improve the trade volume and the popularity of the platform.

On September 17th, 2020 Uniswap launched its UNI token with a massive airdrop that distributed 400 UNI to all the users who used their protocol in the past. In total, 15% of UNI total supply was distributed through the airdrop.

Following the same pattern, Impermax Finance, a DeFi lending protocol, airdropped 14 Million IMX tokens to 35,000 Uniswap V2 Liquidity Providers on April 29. Each one of the 35,000 received 400 IMX, an amount inspired by the notorious UNI airdrop. IMX token is a governance token with a max supply of 100 million, and the airdropped amounts to 14% of its total supply.

Uniswap V2 Liquidity Providers welcomed this news with great excitement as they will be able to leverage these tokens to add liquidity to the pools and earn rewards.

Airdrop Details

• Impermax Finance airdropped 14% of IMX Governance token from the max supply of 100 Million tokens to 35,000 Uniswap V2 Liquidity Providers on April 29. LPs that were providing at least $952 in liquidity to Uniswap V2 on April 25 at the time of the snapshot are eligible to claim the 400 IMX airdrop.
• To claim the airdrop, Liquidity Providers can visit the Impermax app, connect their wallets, and claim the tokens through the claim button.
• The IMX TGE goes live on Uniswap on April 29 at 12:00 pm UTC with a starting circulating market cap of $1.8 million.
• This airdrop was aimed to distribute IMX governance participation.
• This airdrop will also help increase usage across the Uniswap Liquidity Provider base, which are intended to be the primary users of the platform.
• Impermax is trying to increase awareness of leveraged liquidity provided in the DeFi industry. This protocol helps Liquidity Providers boost their yields by x20 by borrowing against their LP token holdings.
• The ability to use LP tokens as collateral for borrowing can potentially utilize billions of dollars that are locked in LP token contracts.

Why Impermax Finance is a breakthrough in DeFi

Impermax Finance is an advanced DeFi ecosystem that helps Liquidity Providers to leverage their LP tokens and holdings by creating a set of financial tools based on these tokens. It is a permissionless lending market that Liquidity Providers can utilize to leverage LP tokens as collateral to borrow other tokens in their ETH pair. For instance, Liquidity providers can use the LP token of the pair ETH/DAI as collateral to borrow DAI or ETH.

Impermax Finance acts as the missing piece in the automated market maker’s puzzle, which is full of inefficiencies. Impermax solves this problem by using its lending protocol that relies entirely on LP tokens.

This innovative collateralization model designed for LP tokens will help Liquidity Providers to take advantage of the fact that the assets are directly backed by the collateral. The first AMM that the company added is Uniswap V2.

This airdrop was also an aim to incentivize the Uniswap V2 Liquidity Providers in trading IMX and boost the popularity and usage of Impermax Finance.

This airdrop of 14 million IMX was followed by a Pre-launch airdrop by the company. In that airdrop, the company focused on their early supporters and airdropped 500,000 IMX to the users who utilized their protocol before April 29. However, both the airdrops took place on April 29, which is also the official date for their token launch.

For more information about the airdrop and the platform, you can visit their official website.

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