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Is The Future Extremely Bullish For Defi?

Mark Brennan
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Is The Future Extremely Bullish For Defi?

Many Decenralized Finance (DeFi) Token holders have made a fortune in the past week. Several projects skyrocketed and price growth rate even surpassed Bitcoin (BTC) and Ethereum (ETH). In addition, Chainlink announced a partnership with PayPal Partner Paxos.

The DeFi sector knows no more holding and several tokens were able to grow strongly this week. The top performers included SushiSwap (SUSHI), Synthetix Network (SNX), Maker (MKR), Ren (Ren), Link (LINK) and AAVE (AAVE).


Each of these tokens has increased by more than 50 percent over the past seven days, with SushiSwap leading the sector with 100 percent price growth.

The” ETF Token ” DPI also recorded a price increase of 20.54 percent this week alone. DPI summarizes 10 largest DeFi projects in one Token. Investors primarily use DPI to invest in Decentralized Finance in a diversified manner.

SNX, MKR, AAVE and REN in particular have pulled the DPI rate up this week. At the moment, the” ETF Token ” is at a new all-time high of 204.66 US dollars. A lot has already happened in the DeFi sector in the past week.

What were the most important News of the last week?

SushiSwap Publishes New Roadmap


The decentralized exchange SushiSwap has repeatedly been in the headlines. After the founder of DEX sold all his SUSHI tokens in September 2020, many declared UniSwap’s Fork a failure. However, SushiSwap has now become one of the largest DeFi protocols in crypto-Space, with a trading volume of more than $ 100 million on its platform almost every day. Although sushi swap was initially a copy of UniSwap, surprised Uniswap with new innovations.

A new Roadmap for the year 2021 reveals where Sushi journey will go in the coming months.

 

Notable Updates coming this year include Theiswap, the launch of BentoBox, governance changes, a scaling solution, and cross-chain Integration through a collaboration with Polkadot. The main purpose of the Updates is to gain even more DeFi users and especially liquidity for SushiSwap. Deriswap represents an Upgrade of the entire DEX, the team of sushi swap together with Yearn.Finance works on it. Also, with the launch of BentoBox, it should be possible to trade any leverage ERC-20 Tokens on SushiSwap.

Chainlink Collaborates With PayPal Partner

On January 14, Chainlink announced on Twitter that it is working with Paxos. In Detail, Paxos intends to use Chainlink’s Oracle network to advance the adoption of its Stable Coins Paxos Standard (PAX) and gold-backed Token PAX Gold (PAXG) in the DeFi sector.

Through the Integration, it is possible that DeFi Smart Contract can interact directly with the tokens of Paxos. This is because Chainlink allows DeFi protocols to easily verify On-Chain data. So you can make sure that Paxos tokens are actually covered one-to-one with US dollars or Gold.

Why This Is Extremely Bullish For The DeFi Sector

These news could be extremely bullish for decentralized finance. Since Paxos, along with PayPal, received the first digital currency license from the New York State Department of Financial Services, it is considered a company that follows the highest regulatory Standards in crypto-Space. In addition, according to a press release, Paxos always wants to support innovations in the financial world.

To ensure that customers such as Paypal and Revolut remain at the forefront of financial innovation, Paxos is constantly researching and developing better ways to drive the adoption of financial innovation. As one of the fastest growing sectors of finance, the DeFi sector is an exciting option for growth.

In the near future, it might be possible for PayPal to integrate DeFi applications directly into PayPal together with Paxos. Should this happen, the DeFi sector would succeed in penetrating into the Mainstream of the financial world in the near future. Paxos press release strongly suggests that the cooperation with Chainlink is just the beginning of a major expansion into the DeFi sector.

Mobile Money And Bkash Have Joined The Ripplenet Network

Mark Brennan
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Mobile Money And Bkash Have Joined The Ripplenet Network

Malaysia’s Mobile Money payment company and Bangladesh’s bKash service will use the RippleNet payment network to make settlements and payments between the two countries.

Read: Another Cryptocurrency Exchange Backed XRP: “We Will Continue Listing XRP”


The commercial bank Mutual Trust Bank (MTB) will act as a partner in conducting money transfers. MTB CEO Syed Mahbubur Rahman said that last year the volume of money transfers in Bangladesh reached a record level – $18.2 billion. And most of the funds come from Malaysia, as well as from the Middle East and the United States.

Read: SEC Investigator Behind $ 1.3 Billion XRP Lawsuit Resigns

bKash CEO Kamal Quadir said that the partnership with Ripple will develop the economy of Bangladesh by facilitating the flow of foreign funds through legal channels. According to Cuadir, bKash has a user base of more than 45 million people, and bKash accounts for a third of the country’s money transfers.


The head of bKash said that he is not afraid of Ripple’s legal problems related to the SEC lawsuit. However, many companies refused to cooperate with Ripple for this reason.

Last month, money transfer service MoneyGram announced that it does not use Ripple’s payment solutions to make payments, although it began testing the Ripple ODL platform in 2019.

 Read: Ripple Hires Top Amazon Manager And Continues To Attract High-Profile Executives

It is worth noting that the RippleNet network is in demand among Asian firms. Earlier, it was joined by the Vietnamese bank TPBank to speed up the implementation of international transactions. In addition, Thai companies DeeMoney and Azimo became RippleNet participants last year.

Reasons Behind Chainlink (LINK) Price Making New All Time High

Albert Brown
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Reasons Behind Chainlink (LINK) Price Making New All Time High

Chainlink (LINK) price achieved new highs increasing over $20 touching 22 USD. The price of LINK has risen by close to 30% in the last 24 hours. Chainlink is in the top 10 of the most valuable cryptocurrencies.

Read: Kraken Allow Buying Of Monero With A Debit Or Credit Card

Chainlink’s price today broke a record, rising from $16 to over $20. LINK’s market capitalization rose to $ 8.2 billion. Daily trading volume for Chainlink exceeded $ 3.7 billion. LINK’s price had hit a record high of over $19 in August 2020. LINK, which failed to sustain this performance in the second half of 2020, but picked up momentum again in the Dec 2020, making new all time high prices in Jan 2021. So, what developments triggered such fascinating price rise?


Read: Reasons Behind Polkadot (DOT) Price Making New Highs

Paxos Collaboration

Paxos, the digital financial institution that acts as a bridge between physical and digital assets, has announced a partnership with Chainlink to make its asset-backed tokens more widely available in the DeFi space. Paxos-backed stable coin, PAX and Paxos tokenized Gold (PAXG) became part of the Chainlink oracle network through this partnership.

Read: Declining Ethereum Reserves On Exchanges-You Know What Happen Next?

Support for Cryptex’s Cryptocurrency TCAP

Cryptex has announced the launch of TCAP, which is the world’s first total market cap token. TCAP, which is in the Testnet phase, announced that it is supported by Chainlink Oracle. TCAP is being launched as a token offering access to the entire cryptocurrency sector with a single solution. TCAP announced that it is happy to cooperate within the framework of Chainlink’s decentralized, independent and reliable services.

Huobi ECO-Chain Integration

According to the announcement earlier this month, Chainlink will be integrated into Huobi ECO-Chain (HECO) as an oracle solution. Integration will start at HECO and focus on providing Link price information to DeFi applications. In addition, various Chainlink oracle services will be developed under this partnership, including NFT creation and VRF (Verifiable Randomness Function) Service.

SIMBA Chain Got A $1.5 Million Contract From The U.S. Office Of Naval Research To Develop Blockchain-Based Solution For Critical Military Weaponry Parts

Mark Brennan
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SIMBA Chain Got A $1.5 Million Contract From The U.S. Office Of Naval Research To Develop Blockchain-Based Solution For Critical Military Weaponry Parts

SIMBA Chain, a blockchain-based company, has been received a contract of $1.5 million to create a system for predicting demand for critical parts of military equipment from the US Navy.

Read: Another Cryptocurrency Exchange Backed XRP: “We Will Continue Listing XRP”

The Office of Naval Research of the United States has signed a contract for $1.5 million to create a system on the blockchain, which will help ensure uninterrupted supply of military equipment’s.

Read: Reasons Behind Polkadot (DOT) Price Making New Highs

SIMBA Chain said it was awarded a contract to implement the second phase of the Small Business Innovation Research Program (SBIR) to create a demand-sensing system that would anticipate the need for “critical” parts of military equipment.

The blockchain solution will be created for the US Department of Defense Logistics Agency that aims to reduce disruption problems and threats to design and maintenance operations.

Read: Declining Ethereum Reserves On Exchanges-You Know What Happen Next?

The contract for the development of the ALAMEDA project began on January 6. The project will be implemented at the Fleet Training Center at the Naval Air Station in Jacksonville. SIMBA will also continue to work on the first phase of the project to develop a blockchain for tracking supply chains.

“Blockchain is well suited to solving complex problems of the supply chain, as it provides a decentralized mechanism for recording irreversible transactions, making data immutable, verifiable and protected from unauthorized access after recording,” said Joel Neidig, CEO of SIMBA Chain.

Recall that SINBA Chain began work on the ALAMEDA project in May last year after signing a contract with the US Department of Defense.

Read Story on Global News Wire: https://www.globenewswire.com/news-release/2021/01/13/2157839/0/en/SIMBA-Chain-Receives-a-1-5-Million-SBIR-Phase-II-Contract-From-the-U-S-Office-of-Naval-Research.html

Another Cryptocurrency Exchange Backed XRP: “We Will Continue Listing XRP”

Mark Brennan
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Another Cryptocurrency Exchange Backed XRP: “We Will Continue Listing XRP”

The U.S. financial authority, the SEC, has sued Ripple over the XRP sales. After the securities lawsuit, many popular cryptocurrency exchanges removed XRP from their platform or suspended XRP trading.


Read: Declining Ethereum Reserves On Exchanges-You Know What Happen Next?

The Uphold exchange opposed the decision, saying it would wait for the outcome of the case. Now Gatehub has joined the Uphold exchange.

Gatehub Announcement:


Gatehub Will Continue Listing XRP

GateHub Resumes XRP Operations

An announcement by the Gatehub cryptocurrency exchange said that XRP trading will continue without any halts until a clear decision is made in the case. Gatehub has announced it will remove XRP from their platform only if court rule XRP as security.

Read: Kraken Allow Buying Of Monero With A Debit Or Credit Card

Coinbase, Bitstamp, Binance.US and many cryptocurrency exchanges, such as Bittrex, have already taken action against XRP.

Gatehub Said in their blog:

“We have never believed that XRP is a “security” under the prevailing “Howey” test in the US, and regard XRP primarily as a “utility” token whose value is based on its use in payments and foreign exchange.  Nor have we personally witnessed any improper market conduct by Ripple Labs or its senior officers.  Our own business decision to list XRP — and our attempt to build a payments business using XRP on the XRP Ledger — reflects this good faith belief.  We would not have proceeded to build a business within the XRP Ledger ecosystem if the SEC had issued any guidance whatsoever that XRP would be treated as an unregistered “security.” And we would have refused to do business with Ripple or anyone at Ripple who, in our judgment, engaged in fraudulent market practices”.

The Uphold cryptocurrency exchange gave a statement earlier this month. Uphold CEO J.P. Theriot linked the SEC to “a lion who wants to hurt investors,” saying that XRP transactions will continue until the final court decision comes out.

Read: Complete story on Gatehub Blog

A Chinese Hospital Started Issuing Electronic Invoices On Blockchain Technology

Mark Brennan
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A Chinese Hospital Started Issuing Electronic Invoices On Blockchain Technology

The state hospital of Chengmai County in Hainan Province, which positions itself as the center of technology development in China, has released the first electronic invoice on its blockchain-based system.



According to China News Service, Chengmai County People’s Hospital has become the first hospital in Hainan Province to issue and track invoices on a blockchain. Hainan is one of the few Chinese provinces that have successfully implemented blockchain in the administrative online platforms of government institutions.



The hospital sends bills to patients phones, allowing them to track medical records and check bills for reimbursement without visiting the hospital. The use of the platform will be expanded to the entire province, as the local government focuses on using blockchain to process official documents for other government services.

“Building on the pilot projects, we are optimizing platforms and moving more administrative work to the blockchain so that government agencies can share information through the same system,” said a provincial Finance Ministry official.

In Hainan Province, there is a preferential economic program to attract companies working with blockchain. Some of the leading Chinese companies in the industry, including Huobi China, are based in the provincial capital of Haikou.

Last summer, the Chinese province of Shanxi used blockchain to manage resources during its construction projects, and China’s “Social Credit System ” integrated the Remin Chain blockchain. In addition, in October, the medical data of 17 million Chinese tourists in Macau was transferred to the blockchain.

Kraken Allow Buying Of Monero With A Debit Or Credit Card

Mark Brennan
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0
Kraken Allow Buying Of Monero With A Debit Or Credit Card

The Monero team tweets that it is possible to buy Monero directly on the Kraken crypto exchange with debit or credit card.

Monero cryptocurrency (XMR) provides complete anonymity, No one can check the balance and movement of funds on Monero blockchain.

Read: Reasons Behind Polkadot (DOT) Price Making New Highs

It is because of these characteristics that many exchanges began to remove Monero to avoid problems with regulators. In addition, the claims could come from law enforcement agencies, as according to FATF rules cryptocurrency exchanges must know their customers and avoid any possible money laundering and black market money transfers.

Currently, Monero is available on major international exchanges, and some of the exchanges provide a direct purchase service for Monero using a credit or debit card.

Read: Declining Ethereum Reserves On Exchanges-You Know What Happen Next

As for Kraken, its customers must complete Know Your Customer (KYC) to purchase Monero by credit or debit cards.

When withdrawing funds in Monero, the exchange keeps transactions records, amount and address of withdrawals to comply with legal requirements.

Read: SEC Investigator Behind $ 1.3 Billion XRP Lawsuit Resigns

Reasons Behind Polkadot (DOT) Price Making New Highs

Albert Brown
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0
Reasons Behind Polkadot (DOT) Price Making New Highs

Polkadot (DOT) has reached new price records, rising more than 30% in the last 24 hours. Number 5 on the list of world most valuable cryptocurrencies with a market value of more than $ 11 billion.



The price of Polkadot (DOT) has increased by more than 30% in the last 24 hours and by more than 145% in the last 1 month. The DOT price hit an all-time high of almost $15 today. The market value of Polkadot, which is considered as Ethereum rival, has exceeded the $10 billion threshold. So, what were the reasons behind this rise of Polkadot?


Binance support

Binance, the largest cryptocurrency exchange by volume, announced on December 23rd that it would support Polkadot projects. The Binance exchange announced it had set aside $ 10 million in funding for it.

In addition, Binance users when visited the platform’s homepage on December 28, they noticed that DOT/USDT pair was replaced by the ETH/BUSD trading pair. Dot community didn’t liked that. After Polkadot price gained strong momentum, Binance had to move DOT pair to its home page instead of ETH, gaining attention of traders.

Huobi listing Announcement

Huobi, one of the most important cryptocurrency exchanges in both the Asian market and globally, announced:

Huobi Global will launch POLS (Polkastarter) in Inno Hub on January 14th, 2021. The holding limit of a single project of each account is 50,000 USDT equivalents of tokens, and there is no holding limit for API trading, insiders and above (Huobi VIP)

While POLS deposit transactions started on exchange, on January 14. Huobi also announced that they had reserved 600 thousand POLS to be won by the DOT stakers. Such encouraging announcements made traders to buy more DOT, resulting high Dot prices.

Read Huobi article: https://support.hbfile.net/hc/en-us/articles/900004157326

Alternative to Ethereum

While the decentralized financial sector (defi) is getting more and more attention, the problem of scalability continues to be a headache. The total value of the DeFi sector exceeded $ 22.5 billion at the time of writing. As the DeFi field gradually expanded, one of the biggest problems, Ethereum’s scalability problems, began to show more and more.

Read: SEC Investigator Behind $ 1.3 Billion XRP Lawsuit Resigns

Polkadot, on the other hand, promises an ecosystem that will be an alternative to Ethereum for decentralized projects and DeFi users. DOT aims to solve the problem of scalability by running smart contracts in an ecosystem of smaller blockchains called parachain. This makes Polkadot a good alternative for those who want to avoid both Ethereum’s high transaction fees and scalability issues.

Declining Ethereum Reserves On Exchanges-You Know What Happen Next

Albert Brown
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0
Declining Ethereum Reserves On Exchanges-You Know What Happen Next

Ethereum investors have started depositing Ethers they hold on exchanges to different addresses. It is believed that the shrinking of Ethereum reserves on exchanges could drive the price forward.

According to CryptoQuant data, the amount of ETH held on the exchanges decreased by 10 percent in a period of 24 hours. Cryptocurrency analysts began to talk about a liquidity crisis when a similar picture occurred for Bitcoin.

Ethereum reserves on crypto exchanges

Nugget News founder Alex Saunders thinks this shift in Ethereum reserves could have a positive impact on the price. 


remember what happened when the supply of bitcoin on the exchanges was unable to meet BTC demand. The BTC price quadrupled in 90 days.

he shared his views on Twitter.

Based on a market value of $140 billion, ETH has a circulation supply of 114 million, and more than 2.4 million of the circulating supply are held in the deposit contracts filed for Eth 2.0. There are chances that ETH bull rally is coming soon.

Read: SEC Investigator Behind $ 1.3 Billion XRP Lawsuit Resigns

Two State-Backed Crypto Mining Farms Launched In Pakistan

Jakkk
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0
Two State-Backed Crypto Mining Farms Launched In Pakistan

In the Pakistani province of Khyber-Pakhtunkhwa, two mining farms with state support have been launched. This is one of the first precedents of state funding of cryptocurrency mining.

Read: Gemini Trust Supports Arsenum Investments To Apply For Bitcoin ETF In Canada


Ziaulla Bangash, an adviser to the Khyber Pakhtunkhwa Minister for Information Technology, said the province recently passed a law allowing such operations. A law has also been passed allowing individuals to issue and hold their cryptocurrencies.

Read: A Whale With $ 300 Million Invested In Crypto Releases Its Portfolio

The climatic conditions of the province favor Bitcoin mining as there are fairly high-altitude and cold area in Khyber Pakhtunkhwa. Last year, Bangash, together with members of the local legislative assembly, appealed to the central authorities of Pakistan to legalize Bitcoin mining and allow citizens to own digital currencies.

In November 2020, it was reported that the Securities and Exchange Commission of Pakistan (SECP) has prepared a consultation document on the regulation of cryptocurrencies in the country. SECP defines several types of digital assets, separately allocating tokens-shares and utility tokens.

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