Home Blog Page 2186

Over 111B LUNC Staked In A Day As New Validators Arrive

Mark Brennan
-
0
Over 111B LUNC Staked In A Day As New Validators Arrive

The Terra Luna Classic (LUNC) community saw over 111 billion LUNC staked daily as long-term confidence grows.


In a tweet on Wednesday, RexYellerBelly, a member of the independent Terra Classic development group TerraCVita, disclosed that holders had staked over 111 billion LUNC in one day, representing a daily spike of about 12%.

Highlighting that the surge comes a day before new validators launch, RexYellerBelly asserted that the move represents significant long-term confidence in the network.

“In the last day before new validators arrive: Staking is up 1.5% to nearly 12%,” the TerraCVita member wrote. “This shows massive long-term confidence in LUNC with a move to a positive economic ecosystem rather than a destructive high tax one.”

Data from LUNC staking, a Twitter bot dedicated to releasing LUNC staking updates every 10 minutes, shows that holders have staked over 825 billion LUNC. Notably, it represents around 12.4% of the total supply.

It bears mentioning that the last time The Crypto Basic reported on LUNC staking about a month ago, the total amount of LUNC staked was over 629 billion, representing just over 10% of the supply.

As highlighted by RexYellerBelly, at least four new LUNC validators are launching today. Notably, the Terra Rebels and HappyCattyCrypto are among those expected to launch validators. Meanwhile, LUNC influencer Classy Crypto has already announced that his validator Classy’s Crypto Sphere has gone live.

Furthermore, in addition to these positives, the LUNC community also has seen a boost to its community pool, with about 400 million LUNC added, as highlighted by Classy Crypto. Notably, half of it came due to the 10% seignorage from the community burn per proposal 5234, which the community passed on October 17. Consequently, while this has been met with mixed reactions, as reported by The Crypto Basic, it also means that the community has more funds to pull from for development.

It is worth noting that the long-term belief in the network will continue to grow as it charts a path toward utility. Notably, the chain will soon re-open its Inter Blockchain Communication channels, creating fresh on-chain utility.

Top U.S. Attorney Says Doesn’t SEC Have One Friend To Support It Against Ripple

Mark Brennan
-
0
Top U.S. Attorney Says Doesn’t SEC Have One Friend To Support It Against Ripple

Ripple vs. SEC: Top U.S. Attorney Raises a Vital Question For SEC.



Hogan indirectly shades the SEC for not getting support from “any friend” in its lawsuit against Ripple.

Following an increase in the number of companies seeking to file motions in support of Ripple in the ongoing lawsuit against the Securities and Exchange Commission, a top U.S. lawyer was prompted to ask a pertinent question. 

Attorney Jeremy Hogan, a Partner at Hogan & Hogan law firm, took to Twitter to ask why the SEC is yet to get a “friend” that will legally support its case against Ripple. 

“All of these Amicus Briefs in support of Ripple. Doesn’t the SEC even have ONE friend to step up and support it?” Hogan quizzed his followers. 

Hogan’s comment comes following the SEC’s response that “it takes no position” on SpendTheBits and Investors Choice Advocates Network (ICAN) motions to file briefs supporting Ripple.

Major Market Players Support Ripple

In recent months, Ripple has received enormous support from users of its fintech solution and selected blockchain organizations to prove that XRP is not a security.

TheCryptoBasic reported recently that Judge Analisa Torres approved the Chamber of Digital Commerce’s request to file an amicus curiae brief in favor of the blockchain company. 

Weeks later, two users of Ripple’s solutions, TapJets and I-Remit, filed amicus briefs supporting Ripple. TapJets Supporting Ripple Said XRP use as an alternative to fiat must be preserved, while I-Remit said SEC Dramatically Underestimates Ripple ODL Importance.

SpendTheBits and the Investors Choice Advocates Network (ICAN) supported Ripple’s case against the SEC. The parties declared their intentions to file amicus briefs in support of Ripple. SpendTheBits mentioned that Bitcoin transactions on XRPL take 5 seconds, expressing its support for the Ripple In SEC lawsuit.

Meanwhile, several developments have occurred recently, with XRP holders hopeful that the lawsuit could end in the first quarter of next year. Both the SEC and Ripple have filed their respective summary judgment motions and replies. 

The SEC thinks Ripple purposely misinterpreted the Howey test portrayed in the company’s summary judgment motion. On the other hand, Ripple asserted that the Securities and Exchange Commission could not establish a legal theory to back its claim that XRP is a security.

200 Million LUNC Minted, Sparking Confusion In Terra Classic Community

Mark Brennan
-
0
200 Million LUNC Minted, Sparking Confusion In Terra Classic Community

Terra Classic community members express mixed feelings over the newly minted LUNC due to the 0.2% burn tax proposal.



Yesterday, various members of the Terra Luna Classic (LUNC) community expressed confusion after seeing a green candle pop up on StakeBin, which allows the public to track LUNC supply. 

The candle indicated that the chain had minted nearly 200 million LUNC, taking some in the community by surprise.

Consequently, members of the Terra Rebels, an independent team of developers supporting the Terra Classic chain, have had to clarify that the newly minted LUNC resulted from the community’s approval of proposal 5234. Notably, core developer Tobias Andersen AKA Zaradar shared an excerpt from an article by fellow core developer Edward Kim where he cautions the community not to be surprised when they see a green candle on the chart.

Proposal 5234, which the community passed on October 17, reduced the on-chain burn tax from 1.2% to 0.2%. In addition, it sets aside 10% of the burn at the end of every LUNC chain epoch (approximately seven days) for the community pool so that the network can fund development activities. As highlighted by Kim in the medium blog post explaining his decision to support the proposal during the governance voting process, this 10% required from the total burn is minted and sent to the community pool.

Meanwhile, in addition to the initial surprise, several community members were unaware that the proposal would collect seignorage on all burns, not just the burn from the on-chain tax. While this is a detail Kim’s article captures, the reality of this does not seem to sit well with some in the community. Comments show that some feel the Binance burn and all other voluntary burns by members of the community and its supporters should be excluded.

Notably, reXx of the Terra Rebels has already made a simple suggestion to fix the concern, saying the community can propose to take out the difference from the community pool and send it to the burn address.

It is worth noting that the community passed proposal 5234 in the hopes of reclaiming lost on-chain volume while speeding up the rate of LUNC Burns. Unfortunately, as reported by The Crypto Basic, while on-chain volume has seen a boost, the rate of burns from the on-chain tax has significantly declined.

Major Whale Buys 165B Shiba Inu As Price Surges 13%

Zabi
-
0
Major Whale Buys 165B Shiba Inu As Price Surges 13%

Major ETH Whale accumulated $1.92 Million worth of Shiba Inu (SHIB) in the past 24 hours.



Top ETH Whale has just invested $1,927,359 ($1.92M) to purchase a staggering 165,865,688,559 (165.86B) SHIB in one gigantic transaction.

Upon further investigation, while looking into the Etherscan.io data, we found that after a few hours of the accumulation, the deep-pocketed ETH investor performed his second transaction and transferred 10,000,000,000 (10B) SHIB, worth $116,100 to the mysterious wallet.

Top ETH Whale Accumulated 1.92 Million Worth of Shiba Inu
Top ETH Whale Accumulated 1.92 Million Worth of Shiba Inu

Data further reveals that Shiba Inu is now the third biggest holding of the above-mentioned whale, following Ethereum (ETH) and USD Coin (USDC). The key ETH investor now holds a whopping 155,866,188,559 (155.86B) SHIB, worth $1,826,751($1.82M) in his wallet.

According to WhaleStats, Shiba Inu holds the biggest position in dollar value among the top 500 ETH Whales. The biggest 500 ETH Whale wallets now collectively hold $133,187,605 ($133.18M) worth of Shiba Inu.

The Whales’ renewed interest in the most popular canine-themed cryptocurrency pushed SHIB’s price higher today. At press time, Shiba Inu is trading at the price of $0.00001175, up 13.32% over the last day, with a 24-hour trading volume of $570,375,210 ($570.37M).

Interestingly whales were busy accumulating Shiba Inu before the price surge. As reported by The Crypto Basic, yesterday, a new whale added 119B Shiba Inu. On Oct 24th, a newly born whale accumulated 3.6T Shib in her very first transaction. On Oct 21, Whale holding 15T shiba added another 96B coins. On Oct 18, 3.38T Shib was moved to a new wallet.

Brian Armstrong Speaks Against Crypto Tribalism, But Ripple CEO And Community Not Impressed

Mark Brennan
-
0
Brian Armstrong Speaks Against Crypto Tribalism, But Ripple CEO And Community Not Impressed

Armstrong says the crypto industry needs to collaborate more but sparks the ire of the XRP community.



Coinbase CEO Brian Armstrong has asserted that he wants the crypto industry to collaborate more, per a clip from Coinbase’s “Around The Block” podcast on Twitter yesterday.

“I want the whole industry to kind of collaborate more,” said Armstrong to famous crypto investor Anthony Pompliano. “Like the divisiveness. The tribalism in crypto is one thing that kind of bugs me, I think probably bugs you too.”

Notably, the Coinbase chief also asserts that while he is “pro Lightning Network,” he is also supportive of everyone in the emerging market trying to increase global economic freedom through decentralized cryptocurrencies.

Ripple’s Brad Garlinghouse And The XRP Community Respond

It is worth noting that the latest statements did not attract positive responses, primarily from the XRP community, who feel that the Coinbase chief is late to the party and trying to do lip service to an ideal he does not believe in or practice.

Notably, Ripple chief Brad Garlinghouse quoted the tweet with a graphic text that read “ANTI TRIBALISM TRIBALISM CLUB,” alluding to his perception that Armstrong was hypocritical.

Several other responses emphasized that this is the ideal the XRP community has been pushing for but received little support. It bears mentioning that when the US Securities and Exchange Commission went after Ripple and XRP in 2020, the Ripple chief described it as an attack on crypto in general. At the time, there was little to no show of support from the likes of Armstrong.

Notably, the Coinbase chief has become more outspoken about the SEC’s regulation-by-enforcement approach and the attempts at crypto censorship by the US Treasury via the Office of Foreign Assets Control. However, it is not surprising that his concerns are getting little sympathy from the XRP faithful, as these concerns have only come because the issues now more directly affect his interest and that of his exchange.

Firstly, the recent outcry against SEC regulation by enforcement only comes after it was revealed that the SEC was looking into Coinbase for listing assets perceived as securities. Additionally, his campaign against censorship comes after OFAC opted to sanction Tornado Cash, an Ethereum mixing service.

Notably, crypto community members believe Armstrong favors Ethereum and Bitcoin, at a time holding a majority of his wealth in Ethereum. Coinbase, for one, is a member of the Ethereum foundation and is also footing the legal bills for a lawsuit against the US Treasury following the Tornado Cash sanction.

It is worth noting that a part of the XRP community still believes that the SEC case gave Ethereum an undue edge over XRP. As such, there is no love lost between both communities.

Unsurprisingly, the latest statements from Armstrong have reignited calls for Coinbase to relist XRP.

Whales Move 407M Dogecoin As Elon Musk Moves To Twitter HQ

Lele Jima
-
0
Whales Move 407M Dogecoin As Elon Musk Moves To Twitter HQ

Hefty amount of Dogecoin moves amid Elon Musk’s Twitter takeover.



Whale Alert, a cryptocurrency whale tracking platform, has been observing whale investors’ large movements of millions of Dogecoin (DOGE). Over the past 24 hours, a total of 407,755,487 DOGE ($32.21 million) were moved by whales in two separate transactions.

12 hours ago, a lump sum of 107,755,489 DOGE was transferred from an unknown wallet to Binance, the world’s largest exchange by 24 hours trading volume. At the time of the transaction, the fund was valued at around $7.25 million. 

A few hours later, Whale Alert also tracked the movement of nearly 300 million DOGE. According to the cryptocurrency whale tracking platform, 299,999,998 Dogecoins ($21.56 million) were moved from an unknown wallet to another unknown wallet.

Dogecoin Investors React to Musk’s Twitter Takeover

It is not surprising to see whales move large amounts of Dogecoin in the past day. The price of Dogecoin has spiked following news of Elon Musk’s Twitter deal nearing its conclusion.

Yesterday, Musk posted a video of him walking into Twitter headquarters in San Francisco, ahead of the court-ordered deadline to finalize the $44 billion deal. Musk can complete the deal by Friday, October 28.

In the video, Musk was seen holding a sink and walking into the Twitter office.

Dogecoin Price and Social Sentiment Soar 

The development got Dogecoin investors excited. Members of the Dogecoin community believe the Tesla exec will decide to favor Doge when he eventually takes over the social media platform. 

Based on this, the canine-themed cryptocurrency has soared in different aspects recently. Data from leading cryptocurrency aggregator Coingecko shows that Dogecoin’s price is up 20.2% and is currently changing hands at $0.079.

Musk’s Twitter takeover is also being reflected in Dogecoin’s social sentiments. Leading cryptocurrency social intelligence platform LunarCrush noted that Dogecoin’s social dominance started on a strong note this week. The leading meme coin became LunarCrush’s coin of the day following its recent trend across social media platforms. 

XRP Wallets Spikes Above 4.34M, Gaining 29,883 New Addresses In Days

Albert Brown
-
0
XRP Wallets Spikes Above 4.34M, Gaining 29,883 New Addresses In Days

The number of addresses holding XRP spikes.


Investors’ confidence in Ripple (XRP) has recently surged tremendously. This is reflected in the spike of addresses holding XRP. According to data from XRP validator Rich-List.Info, the total number of addresses holding XRP currently sits at 4,341,298 (4.34 million).

The data suggest that 29,883 new addresses were added to the Ripple network in only 25 days. As reported by The Crypto Basic on October 1, 2022, 4,311,415 (4.31M) wallet addresses were holding the sixth-largest cryptocurrency by market capitalization.

Interest in XRP Surge Amid Positive Developments in SEC Lawsuit

Interestingly, as positive developments are recorded in the ongoing lawsuit between Ripple and the Securities and Exchange Commission, investors regained confidence in the asset class. Investors’ confidence in XRP is slightly reflected in the asset’s price. At the time of writing, XRP is changing hands at $0.467, up 2.1% in the last 24 hours.

Aside from the growth in the number of wallets holding XRP, there have been large XRP movements among whale investors over the past week. Whales have transferred billions of XRP to different addresses on exchanges and unknown wallets. On certain occasions, Ripple has sometimes been involved in these large XRP transfers. Recently, Ripple transferred 75 million XRP to an anonymous whale.

Ripple v. SEC Lawsuit

Meanwhile, several developments have emerged in the lawsuit between Ripple and the SEC. The parties have filed their summary judgment motions. Both the SEC and Ripple have also filed replies to each others’ summary judgment motions.

Ripple recently slammed the SEC in a motion, saying the agency cannot establish a legal theory to back its claim that XRP is a security. The blockchain company recorded a significant win in the lawsuit earlier this month, as the SEC finally surrendered William Hinman’s documents. These exciting developments helped revive investors’ confidence in XRP.

Prometheum ATS Introduces SEC-Regulated Platform For Trading Digital Asset Securities

Albert Brown
-
0
Prometheum ATS Introduces SEC-Regulated Platform For Trading Digital Asset Securities

 

Prometheum Ember ATS has launched its alternative trading system platform to provide trading services to investors under an SEC-regulated atmosphere.



Despite the regulatory uncertainty plaguing the cryptocurrency industry in the United States, the Securities and Exchange Commission (SEC) has labeled certain digital assets as securities. Consequently, these assets will require registration with the agency and an SEC-regulated environment to thrive.

In this regard, Prometheum Ember ATS seeks to provide consumers with a trading environment under the absolute regulation of the SEC through the launch of its ATS platform, as revealed in a press release Wednesday.

The platform will present digital security trading options for both retail and institutional clients. To facilitate this development, Prometheum ATS has partnered with California-based digital asset medium Anchorage Digital Bank which will provide custody and settlement services for the recently-launched platform.

Prometheum ATS operates as a broker-dealer registered with and overseen by the Financial Industry Regulatory Authority (FINRA) and fully regulated by the SEC as a dealer of digital asset securities.

Considering the recent wave of debacles and rug pulls witnessed in the cryptocurrency scene of late, a properly regulated space that can promote proper consumer protection measures has become crucial.

Prometheum ATS seeks to provide a platform overseen by the FINRA and SEC under federal securities laws for consumers to trade digital assets considered securities confidently.

“For too long, digital asset trading has been conducted on unregulated platforms instead of on a platform that works within the current SEC framework for digital asset securities. Prometheum sets itself apart by maintaining the ability to be sustainably compliant under current securities laws, ensuring the multi-layer protections and standards required on Wall Street,” Aaron Kaplan, founder and Co-CEO of Prometheum said.

As a means to ensure better trading liquidity, Prometheum’s modus operandi involves integration with legacy securities trading systems.

Prometheum achieves this through a direct connection with eligible custodians to expedite swift and effectual settlements. Furthermore, through the utilization of blockchain, settlements are handled within a day without the need for intermediaries.

Per the announcement, the currently supported digital asset securities at launch include Compound (COMP), The Graph (GRT), Flow (FLOW), Filecoin (FIL), and Celo (CELO). Additionally, institutional investors patronizing the platform at launch will see a 50% discount on transaction fees for six months.

In addition to offering secure trading services, the recently-introduced platform from Prometheum will feature several other offerings, including:

  • Depth of market, Level 2 data, order and execution management, and customizable historical charts.
  • Full access functionality for all users, regardless of trading activity, volume, experience, or account size.
  • Automated systematic matching for buy and sell orders of digital asset securities.

Launched in 2017 and headquartered in New York City, Prometheum aims to provide market offerings for investors in a thoroughly regulated environment to ensure efficient consumer protection measures and full compliance with federal laws.

8,270 Old Bitcoin On Move As BTC Soar 7% Nearing $21K

Lele Jima
-
0
8,270 Old Bitcoin On Move As BTC Soar 7% Nearing $21K

Whales continue to mount pressure on Bitcoin price by selling the top asset.


As the price of Bitcoin surged above $20,000, high net-worth investors saw the recent price hike as an opportunity to offload their old BTC holdings. According to CryptoQuant data, whales have moved 8,270 BTC in two days. At the current exchange rate of $20,835, the 8,270 Bitcoins are worth $172.3 million.

The anonymous whales have held the Bitcoin for three to five years without selling. However, they saw the recent hike in Bitcoin price as an opportunity to sell the top asset class.  

“Old Bitcoin on the move. For the 4th time in two days, a relatively big Bitcoin transaction took place with coins between 3 and 5 years old. A total of 8,270 $BTC has been spent in this period,” a crypto analyst known as Maartunn tweeted today. 

OLD bitcoin on move
Image source: https://twitter.com/JA_Maartun/status/1585031103051862017

Whales Continue Selling BTC As Price Soars

Per the data shared by Maartuun, a total of 5,270 Bitcoin held for at least three years were moved by anonymous whales yesterday. The huge transfer of old Bitcoin continued today, as Maartuun observed the movement of another 3,000 BTC.

The anonymous whales are taking advantage of the recent BTC rally to sell their old BTC holdings. As reported by TheCryptoBasic today, holders of Bitcoin for over a year have sold over 50,000 BTC in a week. Investors who have held the top asset class for over two years were sold 40k units of the cryptocurrency, while Bitcoin holders for over three years offloaded 30k BTC in one week.

The continuous selling of BTC by whales has continued to mount pressure on the world’s largest cryptocurrency price. At press time, a unit of Bitcoin is trading above $20,800, up over 7% in the last 24 hours. Many hope the rally will continue to enable Bitcoin to soar above $21,000. However, with old Bitcoin investors offloading the asset class, BTC may retrace.

How To Borrow At 0% Interest Rate?

Esra Zuhal
-
0
How To Borrow At 0% Interest Rate?

Welcome, DeFi enthusiasts! And let’s dive directly into it.


What’s the best thing about the Radar Borrow feature, you ask?

Well, it couldn’t be easier; it allows you to take out loans with 0% interest rate and earn APY rewards at the same time

What makes this possible, you may wonder?

and the answer is the minor entry and exit fees

Essentially, when you take out a loan of $1000 for example, your debt will be $1000 + 1% entry fee which is $10. Then when you want to pay back the loan and unlock your collateral, you have to pay an additional 0,5% which is $5 in our case.

Therefore, instead of paying the recurring 5 to 10% interest, which adds to about $100 on a short-term loan of $1000, you just pay a one-time fee of $15.

That sounds like one of the best deals ever, right?

Well, don’t forget that at the same time, the collateral you deposited keeps earning you crypto rewards depending on the borrowing pool you chose

What are the options?

Let’s have a look for ourselves and take out a loan

Borrow tutorial

First, you go to app.radar.global

Connect your wallet by clicking on the button in the top right corner as such and heading to the Borrow USDR page.

Then to choose a pool, simply consult all the stats or directly go for the one that offers the best conditions, such as high APY and max collateralization.

Example: 5,000 USDR loan 

In this example, we choose to deposit USDT because of the high APY of 8% and lower risk.

The first time we need to approve the asset we want to deposit as collateral and confirm 

Then we input the amount we want to deposit.

Here we’ll do $10,000

This deposit will bring you $800 every year at the current APY of 8%

Now we can use the risk slider to input the amount of USDR that we want to borrow. 

The percentage shown reflects the collateralization ratio. This means the amount of collateral used to borrow against. 

50% collateralization ratio would, in this case allow us to borrow $5,000.

Getting the loan

Once you have decided all amounts are in line with what you wish, you can see a summary, including the cost of the loan.

Because we want to borrow $5,000, our entry fee will be 1% of that, so $50. 

We click sign and borrow, confirm the transaction, and get our USDR directly sent to our wallet. 

At this moment, You can officially start spending your USDR in any way you wish. To convert it to a different traditional stablecoin, simply hop onto the curve platform and buy USDT, DAI, or USDC with your USDR.

Also, you can deposit it on Curve.fi to get USDR3CRV LP tokens that can be used to farm even higher rewards on the Radar platform.

Getting liquidated shouldn’t be the case for USDT, but we always recommend being careful and monitoring your open positions and risk exposure. 

The aftermath & the potential 500k profit

Now let’s fast forward one year and suppose we want to repay the loan.

We earned $800 APY and whatever profit or benefit that came from the 5k borrowed, which for all we know, could’ve been a 100x lucky investment that produced $500,000.

To summarize, the total cost was 1,5% :

1% entry fee + 0,5 repay fee totaled $75, so our profit was anywhere from 800-75= $725 up to 500k or more.

Visit the Radar platform now to get your 0% interest loan, learn more about USDR and Radar using the docs and link in the description or watch our next video about how to multiply your exposure up to 18x.

1...2,1852,1862,187...2,640Page 2,186 of 2,640