Hector Network's Governance Dilemma: Can DAOs Beat Out Centralized Corporations?_coin has dog

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  DeFi Is Losing the Race to Become the Future of Finance

  Reddit's Fortnite Token BRICK (BRICK) has surged 110% in the past 24 hours, bucking the wider cryptocurrency trend that saw bitcoin (BTC) fall back below $27,000 on Wednesday. The token, which was distributed to active members of the Fortnite subreddit, had lost over 80% of its value in the past two months before this recent rally. nnThe majority of trading volume occurred on Kraken, with the figure across all exchanges nearing $750,000, an 800% rise from the previous 24-hour period, according to CoinMarketCap. However, liquidity remains relatively thin across all exchanges, with 2% market depth on Kraken equating to around $2,500 on both the bid and ask side. nnThe sudden price increase has been attributed to a lack of clear catalyst, although it has been speculated that the recent rule change proposals on Reddit may have contributed to the rally. The token's performance has been closely watched by investors, with some speculating that it could be a sign of a potential revival of the Fortnite community. nnDespite the recent surge, the token's market capitalization is still relatively low, and the lack of liquidity in an asset that has experienced significant upside presents a risk to traders as price could cascade back down with minimal effort, potentially trapping those that bought the recent high. nnOverall, the sudden and unexplained rally in BRICK has caught the attention of investors and Reddit community members alike, and it remains to be seen if the token's performance will continue to defy the wider cryptocurrency trend.The Klaytn Foundation has proposed burning 5.28 billion KLAY tokens, representing approximately 48% of the total token supply, to help optimize tokenomics and develop the Klaytn blockchain into a sustainable decentralized network. The proposal includes short-term tokenomics improvements, such as enhancing transparency in information disclosures and modifying the management structure of ecosystem resources. The Foundation aims to increase KLAY demand by collaborating with major portfolio projects, fostering services within the Klaytn ecosystem, and investing in high-growth potential projects. The proposal will be voted on by the Governance Council from Feb. 22 to Feb. 28. Over 75 million KLAY has been burned to date through strategic buybacks and the burning of gas fees. Currently, around 3.073 billion KLAY is in circulation.

  27 December 2011
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  Optimism Token Prices Slide 7% Ahead of $580M OP Unlock, Doubling Token Supply

  Aventus (AVT), the native token of a blockchain service provider of the same name, has shed 4.2% to $1.22 Wednesday morning, with volatility spiking on minimal liquidity following a decision to pause a planned token split. The move was met with disappointment among the community after a December governance vote voted in favor of the split. Although AVT trades on Coinbase, daily volume remains low at just $65,000, and market depth – a metric that assesses how much capital it would take to move an asset by a certain percentage – is minimal at around $3,000 per 2%. The AVT token was issued in 2017 and hit a record high of $6.905 at the start of 2018. It currently has a market cap of $7.3 million, according to CoinMarketCap.Coco, a new crypto casino inspired by the Milady NFT project, has made a cracking debut on the Ethereum blockchain. According to etherscan data, the platform's native token (COCO) has surged to 8 cents, giving it a market capitalization of $8.8 million. The casino has already hit $36 million in transaction volume in the first 12 hours after its release. nnThe platform features a slot machine focused on popular memecoins pepe (PEPE) and dogecoin (DOGE), as well as three traditional casino table games in blackjack, baccarat, and casino hold'em. Coco brands itself as 'provably fair,' using the SHA256 algorithm to ensure that each game is tamper-proof. nnThe success of Coco has also had an impact on other crypto casinos, with Rollbit's native token (RLB) rising to 7 cents from 2 cents. The stable market this month has led to increased traction for crypto casinos like Rollbit and Coco. nnHowever, VanEck CEO Gabor Gurbacs does not think that Bitcoin ETFs will be approved by the SEC in May. He believes that the 'dominant narrative' driving Bitcoin's 2024 rally is not the ETFs, but rather the increasing adoption of cryptocurrencies and the growth of decentralized finance. nnMeanwhile, the supply of inactive Bitcoin for a year has dropped to an 18-month low, according to Glassnode. This could be a sign that the current Bitcoin rally may continue after the halving. nnIn other news, Eisenberg's $110 million fraud trial has opened, and the Foundation for the Study of Innovative Technologies (FSI) has called for consistency in stablecoin regulation. nnAs the wider crypto market continues to stagnate with a lack of volatility, crypto traders are frequently turning their attention to on-chain betting platforms like last week's phenomenon; hamster racing. The success of Coco and Rollbit suggests that crypto casinos may be the next big thing in the cryptocurrency space.

  27 December 2011
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  1inch Token Surges 58% as Daily Trading Volume Spikes to 20-Month High

  Chainlink's LINK token has seen a significant surge in value this week, with wealthy investors swapping ether for link following the release of the company's Cross-Chain Interoperability Protocol (CCIP). On-chain data shows that some whales have added upward of $6 million to their link holdings, lifting prices as much as 6%. The increased demand has helped extend weekly gains to over 25%. CCIP is designed to help build cross-chain applications and services, and is now available to all developers across five testnets. Prices of other oracle protocols, such as Band Protocol and Uma, have also risen in the past 24 hours. Oracles are blockchain-based services that fetch data from outside a blockchain, and Chainlink's CCIP is a significant development in the space. The article is well-written and provides a clear overview of the current state of the market and the impact of Chainlink's release.Community members are vying for a new model to bolster revenue and sustain a peg to the U.S. dollar for Terra Classic, the original network created by Terraform Labs. The proposed model relies on token buybacks, unidirectional swaps, staking, and an 'algorithmic peg divergence fee' to address the issues with the original design. The fees retained by the protocol would be used to buy back USTC and maintain the peg, and a USTC staking tool is proposed to drive capital to the token and increase its price appreciation. The community believes that a fully-decentralized token is necessary to create a decentralized economy, and hopes to bring the project back to its glory days despite its previous implosion. Edited by Stephen Alpher.

  27 December 2011

• Bitcoin Shorts Lose $16M as BlackRock ETF Filing Sparks Bullish Outlook

  Crypto investors looking to earn yields on their ether (ETH) holdings have to wait nearly a month before they can be set up as network validators on Ethereum. Data from two sources show waiting times for staking ether lingers at 640 hours, or about 26 days. Exiting the network, on the other hand, takes just 0.013 hours, or less than a minute. As of May, nearly 50,000 validators are waiting in a 'queue' to be able to enter the network, data shows. The demand for validators to enter the network and earn the nearly 5% annual yield is likely stemming from large ether holders who do not want to cash out and instead just want to earn some passive income on their holdings. Some market watchers say these upcoming validators could be a mix of both new market entrants as well as stakers who previously unstaked ether from the network to test if the process works seamlessly and are now entering again. Shapella, a portmanteau of Shanghai and Capella, two major Ethereum network upgrades that occurred simultaneously on April 12, gave investors the ability to withdraw their staked ether at will for the first time. As such, staking deposits have surged in the past few weeks. More than 200,000 ether were deposited to the network last week, marking the first time deposits had outpaced withdrawals since Shapella went live last month. These additions have brought the number of ether locked for staking purposes to over 19 million tokens – about 15% of the total circulating supply.Shibarium network's native test network, Puppynet, is seeing rising activity ahead of a release on the main network planned for later this year. Blockchain explorer data shows the Puppynet testnet has processed more than 700,000 transactions from almost 200,000 unique wallets after its launch on March 11. Much of that activity came in the past week, with more than 114,000 transactions over a 24-hour period on March 28-29. While Puppynet's activity has been brisk so far, upcoming features may boost the value of SHIB and BONE, two Shibarium ecosystem tokens. However, there's still reason for caution. Some might argue that the Shibarium upgrade's financial impact has been underwhelming, but the beta test network Puppynet reaching an important milestone of 200,000 wallets in just over a week is still considered remarkable. Moreover, Unification, the firm behind Shibarium, is working on an all-in-one wallet solution that will enable native two-way asset transfers, staking/delegating, and include a ShibaSwap integration module. These developments suggest that the value of SHIB and BONE could witness a near-term price spike, but given the current macroeconomic climate, any such movements will likely be short-lived. Testnets, such as Puppynet, are blockchain networks designed for testing purposes and mimic activity on the mainnet, allowing developers to debug any issues and monitor network activity ahead of a wider release. Shibarium is touted as a major development for the Shiba Inu ecosystem, which originally launched as a meme coin but has since been a serious blockchain project. Shibarium is a layer 2 blockchain that reduces bottlenecks with scaling and data, and is expected to focus on metaverse and gaming applications, especially as the non-fungible-token sector is expected to heat up in the coming years. Edited by Parikshit Mishra.

  Crypto derivatives protocol Vega has launched the first version of its mainnet, which is designed to support decentralized derivatives trading of financial products such as futures and options. The platform will initially offer cash-settled futures markets, allowing users to deploy strategies to profit from price gyrations. Vega token (VEGA) stakers can propose and vote on the creation of new derivatives markets, and traders can trade without paying gas fees. Market makers can operate as they would on any other orderbook-based exchange and can commit capital on-chain as liquidity providers to earn a portion of trading fees. Trading on Vega is expected to begin in the coming weeks, according to developers. The platform offers no gas fees on trading at low latency and has a feature to discourage front running, which will attract traders to the protocol. Front running is a frowned-on practice in which a market maker or trader buys a token and then sells it on in the same transaction for a slightly higher price.
• DeFi Protocol 0VIX Loses Nearly $2M in Flash-Loan Exploit

  In hindsight, the selling pressure of ether (ETH), Ethereum’s native token, turned out to be a “non-event” following the Shanghai upgrade, which enabled staking redemptions for the first time, according to a report from blockchain analytics firm Nansen. Over a month has passed since the Shanghai upgrade that marked Ethereum’s full transition to a proof-of-stake blockchain, and ETH staking deposits have surpassed withdrawals, making the number of staked ETH climb to 19.55 million at presstime, a new all-time high. As a result, the May 8 report stated “that the elimination of unstaking risks has thus far offset selling pressure from withdrawals.” In the weeks building up to Shanghai, crypto bulls and bears debated extensively about the market’s potential response following the upgrade. The price of ETH has decreased about 8% to $1,851, since April 13 when Shanghai went live, per CoinDesk data. The CoinDesk Market Index, designed to measure the broad performance of the digital asset market, has dropped nearly 10% in the same time period. “Ultimately, withdrawals have been minimal and have thus far been matched with inflows, signaling strong overall confidence from investors in the network and the asset itself,” according to the Nansen report. Crypto exchange Kraken, which complied with regulation from the Securities and Exchanges Commission to end its crypto staking-as-a-service platform for U.S customers in February, had the most withdrawals at over 646,000 ETH, with Coinbase, a rival crypto exchange, trailing behind with more than 376,000 ETH. (Nansen Research) While roughly 73% of the ETH withdrawn from staking has been sent to centralized exchanges (CEXs) like Kraken and Coinbase, the majority of withdrawn ETH is CEXs withdrawing ETH to themselves. “This means that the majority ETH being sent to CEXs is not primarily for selling, but for the exchange’s internal operations,” according to Nansen. Edited by Bradley Keoun.The foundation behind layer 2 blockchain Optimism has sold 116 million OP tokens ($157 million) to seven separate buyers, according to an announcement on the Optimism governance website. The token sale was described as a 'private' and 'planned' event with the tokens originating from an unallocated portion of the OP Token treasury. Optimism's treasury remains at around $1.25 billion, all of which is made up of its own token, DefiLlama data shows. The seven buyers will be allowed to delegate the tokens to third parties in order to participate in blockchain governance. The foundation also issued its third community airdrop earlier this week, with over 31,000 users receiving a share of 19.4 million tokens. Circulating supply, however, remains relatively low compared to the total supply with a further 570 million tokens being allocated to future airdrops. OP's circulating supply is 18.59% of its total supply, according to CoinMarketCap. OP is currently trading at $1.35 having lost 2.19% of its value over the past 24 hours, according to CoinDesk data.

  Investing and trading platform Robinhood (HOOD) holds over $3 billion in bitcoin (BTC) in a single wallet, according to wallet data from Arkham Intelligence. This makes it the third-largest bitcoin holder behind crypto exchanges Binance and Bitfinex. The wallet, which was previously unknown, sparked speculations about its ownership, with some suggesting it could belong to financial behemoth BlackRock or crypto exchange Gemini. Robinhood transferred 118,300 bitcoin to the wallet from several other smaller wallets over a three-month period. The firm has not publicly commented on these holdings, but the transfers have shed light on the extent of Robinhood's bitcoin exposure despite low crypto trading volumes on its platform. Robinhood reported crypto trading revenue of just $31 million in the second quarter, down 18% from the previous quarter. The figures were 16% of the $193 million in trading revenue across all categories, which saw a 7% sequential decline. All of these holdings are held on the Bitcoin blockchain, with the first transactions made on March 8 and huge amounts of bitcoin transferred until July 14, according to data from BitInfoCharts.
• Crypto Whales Accumulate Millions in Pepecoin as Trading Volume Shifts to Binance

  Solana-based decentralized exchange Raydium is proposing the creation of a bug bounty program worth 10 million RAY tokens (about $2.3 million) to squash bugs affecting the protocol's core smart contracts. The program would target Raydium's Concentrated Liquidity Market Maker smart contracts and would be managed through bug bounty platform Immunefi. The proposal is part of a broader effort to boost community participation in protocol governance. Raydium's liquidity pools held over $37 million in total value locked, with its native token RAY worth 23 cents Thursday, according to CoinGecko. The proposal is part of a wider effort to boost community engagement on Solana, which is not as strong as on other blockchain platforms. The program would reward white hat hackers as much as $505,000 or as little as $5,000 in RAY tokens depending on the severity of the detected bug.Trading firms were quick to jump on the USD coin (USDC) long trade last weekend as the stablecoin, which was meant to be pegged 1:1 to the U.S. dollar, fell to as low as 87 cents on news that Circle Internet Financial, the token's issuer, had exposure to Silicon Valley Bank, the bank that collapsed last Friday. The concerns prompted a wave of USDC sales across decentralized-finance platforms, with a pool on decentralized exchange Curve comprising three equally weighted stablecoins becoming unbalanced as the supply of USDC skewed. One wallet received $215 million of tether from Binance before executing 59 transactions that involved swapping USDT for USDC and the DAI stablecoin, making a profit of around $16.5 million. The arbitrage opportunity of trading tether, which retained its dollar peg, with USDC when it traded below 90 cents was huge, but not without risk. The resilience of USDC in what appeared to be a desperate situation demonstrates the risk-taking approach of crypto traders. Tether, the largest stablecoin by market cap, has suffered numerous deviations from its peg over the years, and yet it remains a critical part of crypto despite regulatory scrutiny.

  27 December 2011

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