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Compound Developers Will Launch A New Protocol For Interaction With Various Blockchains

Jakkk
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Compound Developers Will Launch A New Protocol For Interaction With Various Blockchains

The development team of the popular decentralized finance project Compound is working on a new tool, Compound Chain, which will allow the protocol to attract assets from other blockchains.

A compound chain will enable the movement of assets and liquidity between different blockchains participants. Users of various networks will have access to lending on other blockchains. Users will be able to provide funds on one network to use the service of another network. For example, a user on the Solana blockchain will get a loan in tokens stored on the Polkadot network.

Our team is actively working on a test network Compound Chain with a limited set of features. the launch is scheduled for next quarter, and documentation for developers and validators will appear in the coming weeks. Together we will reinvent finance!

Compound labs shared on Twitter:

A new token, CASH, will be introduced, which will be used to pay transaction fees. The network will be managed by the existing structure of Compound Governance using COMP tokens on Ethereum. According to the Defi Pulse portal, the Compound protocol keeps the third position in deposited assets’ volume. At the moment, the project has assets worth $1.82 billion.

At the end of November 2020, positions worth $89 million were liquidated in the Compound protocol due to the Coinbase price oracle’s failure for the DAI token.

Accoring To DappRadar Report The Transactions Volume of Defi Industry Exceeded $270 Billion in 2020

Mark Brennan
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Accoring To DappRadar Report The Transactions Volume of Defi Industry Exceeded $270 Billion in 2020

The DappRadar released an annual report, according to which the volume of transactions in Defi projects increased more than 12 times in 2020.

The DApp Industry Report suggest that the total volume of transactions in the decentralized finance industry for 2020 exceeded $270 billion, and 95% of the transactions were performed on Ethereum network.

“It seems that the defi revolution has attracted increased attention because of high monthly based returns than banks,” the analysts wrote.

DappRadar also noticed that funds flowed from Bitcoin to Ethereum throughout the year. In the beginning of the year the rate of ETH against BTC was 0.018 BTC, then by the end of the year, it increased to 0.028 BTC.

The main reason for this popularity was profitable farming when users deposit funds in Defi applications and receive a reward.

87% of transactions volume goes to only ten projects. The number of users exceeded 1 million people, while the audience of the three most popular sites was 930,000 people.

Analysts noted that in 2020, the limitations of Ethereum became clear. The lack of scalability and network bandwidth has led to a significant increase in transaction fees.

Equally important, Defi hacks, fraud, and loss of funds were common in 2020. Twelve notable hacks were committed this year resulting in millions of Dollar loss.

Smart contracts of DFefi projects often do not pass a proper security audit, and some projects, such as Compounder Finance, are created specifically to raise funds and make an exit scam.

Dappradar analysts expect that in 2021, the defi industry will play an even more important role and form the foundation for the cryptocurrency economy.

Key Points Of DappRadar Report

  • Dapp’s transaction volumes topped $ 270 billion, with 95% represented by Ethereum’s Defi ecosystem.
  • The total locked value (TVL) and adjusted TVL (aTVL) among the top Ethereum dapps tracked by DappRadar reached record figures in 2020 of $ 13 billion and $ 11 billion, respectively.
  • In 2020, 238 new Defi dapps were sent to DappRadar. Of these, 106 (45%) run on the Ethereum blockchain.
  • Overall, 1,353 new dapps were sent to DappRadar in 2020. Of these, 424 (32%) run on the Ethereum blockchain.
  • Scalability issues weren’t the only challenge faced in 2020. The increased use of dapps resulted in multiple exploits and hacks amounting to more than $ 120 million.
  • Following the implementation of performance cultivation initiatives in the NFT market, Rarible’s unique active wallets increased from around 200 to more than 1,500 in September 2020.

 

 

A User Lost 4,005 LINK After Sending Them To Smart Contract Belonging To Defi Game Aavegotchi

Mark Brennan
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A User Lost 4,005 LINK After Sending Them To Smart Contract Belonging To Defi Game Aavegotchi

The user sent 4,005 LINK worth about $52,800 to a smart contract of Aavegotchi game contract that does not support Link. The tokens are irrevocable lost, and are gone forever.

According to Github’s article, a user mistakenly sent LINK tokens to a smart contract belonging to the Defi game Aavegotchi. The contract does not support these tokens, so they are lost forever. 

User Dawid (@d13kabani), a father of two and aavegotchi enthusiast made the mistake that every cryptocurrency user fears the most, Aavegotchi developer pixel craft studios confirmed.

According to the article, the user mistakenly sent most of his cryptocurrency savings to a GHST staking contract that he had previously interacted with instead of depositing them on Binance. The developers added that since it is impossible to cancel such action in cryptocurrencies, user LINK coins are permanently stuck in an immutable GHST contract.

However, the Aavegotchi project decided to help the user by creating a unique santagotchi wallet so that other cryptocurrency enthusiasts can donate money to the victim. At Christmas, Aavegotchi will transfer all donations to the affected user.

Developer Nick Mudge explained that the ERC-20 Ethereum standard is vulnerable to such errors.

This is a problem of the ERC-20 standard. It does not allow you to check whether a contract can accept specific tokens. Mudge said.

He cited two proposals for improving Ethereum ERC20 tokens. ERC-777 and ERC-223. The first prevents the address from receiving assets that it does not support. The second is compatible with the ERC-20 standard and was specifically created to avoid users from losing money due to errors.

Such mistakes happen quite often. In October, a user lost 28,050 AAVE after sending them to the token’s smart contract address.

Read Complete Story Of A Poor DAD on Github

30 Days Average of Tweets Mentioning XRP Increased By 152%

Mark Brennan
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30 Days Average of Tweets Mentioning XRP Increased By 152%

Whether Bitcoin (BTC), Ethereum (ETH), or Ripple (XRP), the crypto market hurries from lows to highs. Yesterday, the BTC price hit the $ 22,000 mark, increasing by almost 20% in one day. At the same time, Ripple reached 0.60 USD which is growth of over 25%. Can the XRP price continue to rise?

Ripple (XRP) is one of the 24h winners.

Anyone who has invested in cryptocurrencies is looking forward to crypto prices.

Bitcoin has never been above the 23,000 US Dollar mark. And, XRP was able to make up good gains in the last 24 hours. After the price drop of XRP, which resulted from the Spark Token AirDrop, Now Ripple is one of the past 24 hours’ top winners.

XRP price bounced off the 0.45 US dollar support line and hurried towards the 0.60 USD.

The support line that held the XRP price at 0.45 US dollars was significant support. Those who have Ripple wonder if another price outbreak is possible.

For this purpose, we look at the opinion of Crypto analysts MagicPoopCannon.

He expects a strong Performance from XRP, provided that the overall market maintains its Momentum.

His opinions on Twitter were as follows. 

XRP was the only top 10 cryptocurrencies with a negative Performance in the last seven days. While this may sound negative, But we saw a very healthy rally to 0.558, this strong demonstration may lead us to 0.90 USD. Ripple could explode further if the overall market continues to rise.

Now one must first note that the statement has an “if condition.”

An increase in an asset price with an increase in the overall market is self-evident. But if you buy a cryptocurrency that does not rise when the overall market grows, you have probably made the wrong choice.

The decisive question is whether Ripple can outperform the overall market. If this is true, Ripple Investors have made the right choice.

Investors can likely expect a further price increase of Ripple if Bitcoin can maintain its Momentum.

Overall interest and demand for Ripple have increased significantly within the Spark Token AirDrop. The following data from crypto broker eToro shows, the 30-day average of Tweets mentioning XRP increased by 152%.

 

CME Will Add Trading For Ethereum Futures in Feb 2021

Albert Brown
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CME Will Add Trading For Ethereum Futures in Feb 2021

CME the world leading derivate marketplace announced that after the high demand of Bitcoin futures trading on CME, The exchange will add Ethereum futures.

Read the company statement.

Bidding for the new product will start on February 8, 2021. The calculation will be based on ETH/USD exchange rate.

CME said that the addition of contracts for Ethereum is dictated by demand and the Bitcoin futures market’s steady growth.

In 2018, Tim McCord, managing director of the CME, announced plans to test the possibility of launching futures products on Ethereum.

In November 2020, the volume of open positions (OI) on Bitcoin futures on the CME came close to $1 billion. Such an interest in Bitcoin futures has motivated CME to launch futures trading on the world’s second top cryptocurrency Ethereum.

“Based on the growing customer demand and the steady growth of our bitcoin futures and options markets, we believe that the addition of ether futures will provide our clients with a valuable tool for trading and hedging this growing cryptocurrency,”

Said Tim McCourt, Global Head of Stock Indices and Alternative Investment Products at CME Group. He also Added

“Ethereum is the second-largest cryptocurrency in terms of market capitalization and daily volume. Introducing these other features to our time-tested, regulated CME Group derivatives market will help create a forward curve so that Ethereum market participants can better manage price risk.”

Nervos And Cardano Will Increase The Security Of Smart Contracts By Improving The UTXO Model

Mark Brennan
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Nervos And Cardano Will Increase The Security Of Smart Contracts By Improving The UTXO Model

Nervos and Cardano have launched a research initiative to improve smart contracts‘ security by improving the system of unspent transaction outputs (UTXO).

Nervos and the Cardano Development Team (IOHK) will co-author research papers on improving the UTXO model and future open-source developments, exploring the possibility of creating a universal UTXO standard.

They ally with other blockchains using the UTXO model to collaborate on research, development, and education in the industry.

The utxo model tracks the unspent transaction outputs of a user across all their addresses and each transaction. According to Nervos, this is a more secure alternative to the account-based accounting method used by smart contract-based blockchains, such as Ethereum. The account-based accounting method is more vulnerable to hacks, especially for decentralized finance (Defi) protocols, because it tracks the user’s total account balance but not individual transactions.

Nervos and IOHK have adopted modified versions of the UTXO model for their blockchains. The two projects will share confidential information to improve the method.

“UTXOs outperform bill-based models in many ways and provide enhanced security, privacy, and scalability, which is critical for Defi,” said Nervos co-founder Kevin Wang.

According to the CipherTrace report, many Defi projects rely on unverified smart contracts with vulnerabilities that can be exploited by attackers. Last week, Cardano held a hard fork as part of the transition to the third primary development phase, which will focus on the functions of blockchain smart contracts. Nervos recently introduced its new sudt token standard, which will compete with the ERC-20 Ethereum standard.

Bitcoin Price Breaks Above 20,000 USD

Jakkk
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Bitcoin Price Breaks Above 20,000 USD

After almost three years, the time has finally come. The Bitcoin price has broken its old all-time high and is currently above the 22,000 USD. The sharp increase was anticipated for weeks, and everyone was enthusiastic and waiting for Bitcoin to cross the 20K mark.

Bitcoin has become a recognized financial product. When the Bitcoin price corrected to as low as USD 3,000, we kept saying that it was only a short-term correction and that BTC would return to an all-time high. There’s been more than enough evidence in recent years that Bitcoin’s journey is far from over.

Private investors were unsettled by falling prices and turned their backs on bitcoin. Investors who are familiar with financial markets have taken this opportunity to invest even more in BTC.

But this year is no longer dominated by private investors, as it was in 2017. Much has happened in the meantime, and Bitcoin has become a recognized financial product.

Institutional investors are currently showing increased interest and investing billions in Bitcoin. It seems that the big players have also recognized that BTC is suitable as a hedge against inflation.

Almost daily, applications from companies are submitted to the SEC to invest in Bitcoin. And it seems that it is only the beginning. The wave of institutional investors that was long-awaited has finally arrived.

Wall Street money will slowly but surely flow into Bitcoin. Although in the start it will only be a fraction of the total volume of Wall Street, it is still sufficient to push up the BTC price.

Bitcoin Halving 2020 Affect

The history repeats itself, and after Bitcoin halving 2020, we again see an uptrend in Bitcoin price. Because of recent halving, BTC’s supply is reduced from 12.5 bitcoins per block to 6.25 bitcoins. The next few years are incredibly bullish for Bitcoin. Bitcoin’s strong demand is met by a falling supply, an economic principle, for a price increase. Even today, daily Bitcoin purchases exceed the daily production volume of new BTCs.

In 2024, There will be another halving for Bitcoin, which will result in a further shortage of supply; if the demand for Bitcoin continues to rise by that time, there will be another sharp rise in Bitcoin’s price over the next few years.

Everyone in the crypto community is happy that Bitcoin is above 20,000 USD. It’s been a challenging and stony road for BTC, but Bitcoin is a revolution and will massively turn our money system upside down over the next 50 years.

Binance Starts Shipping Binance Visa Cards To Europe

Mark Brennan
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Binance Starts Shipping Binance Visa Cards To Europe

Binance cryptocurrency exchange announced the start of delivery of the Binance Visa Card to the European Economic Area (EEA) and announced support for Ethereum on Binance Debit cards.

Eurozone users will start receiving their cards soon, according to Binance’s announcement. To get Binance visa cards, they need to complete the ordering procedure. The spending limit for Binance Visa Card is € 8,700, and no more than € 290 can be withdrawn from ATMs per day.

Card users will get up to 8% cashback, and zero commission until 2021. Also, Binance announced support for ETH, customers can use Ethereum to pay for purchases, and optionally, can specify ETH as their preferred payment method. Previously, the card supported BTC, BNB, SXP and BUSD.

The Binance cryptocurrency debit card first came in March 2020. A month later, Binance CEO Changpeng Zhao announced possible legal complications, as the card must comply with regulatory requirements in each country. In September, the head of the Binance operations department in Russia and the CIS countries, Gleb Kostarev, announced his readiness to launch the Binance Card debit card in Russia.

Earlier, there were concerns that this would be impossible due to the Law “On Digital Financial Assets (DFA) and Digital Currency”, which prohibits paying with cryptocurrencies in Russia.

However, recently Binance exchange became a member of the Committee on Digital Financial Assets (DFA) and Digital Currency in Russia. This committee was created for the development of legal cryptocurrency business and its regulation in the country.

Other exchanges have also launched their debit cards that allow users to pay for items with cryptocurrencies. A similar card was introduced by P2P platform Paxful in Mexico and the USA. Coinbase also announced the release of the Coinbase Card in the United States with cashback in XLM or BTC.

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Bitcoin Remains Strong Above $ 19,000-Bitcoin Cash Price Outperformed BTC And ETH-Other Altcoins Fluctuate

Albert Brown
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Bitcoin Remains Strong Above $ 19,000-Bitcoin Cash Price Outperformed BTC And ETH-Other Altcoins Fluctuate

Bitcoin price has the primary support at USD 19,000, with a positive outlook.

Ethereum is trading above USD 580, XRP is down 2%, and it broke a major support at USD 0.485.

Bitcoin cash performed better than others and rallied above the USD 280 resistance.

Bitcoin Price

After a minor decline, Bitcoin price remained stable above the USD 19,000 level. BTC is slowly rising, and it is currently trading above the USD 19,200 level. The bulls need to get stronger and push the price above USD 19,400 and USD 19,500 to start a new price uptrend.

Bitcoin price has mostly traded in a range above the USD 19,000 support. Immediate resistance is near the USD 19,380 level. The main hurdle is still near the USD 19,450 and USD 19,500 levels.

If the price falls, the USD 19,050 and USD 19,000 levels are decent support. A clear break below the USD 19,000 level could initiate a dip towards the USD 18,500 support level.

Ethereum price

Ethereum price is trading positively above the USD 575 and USD 580 support levels. ETH broke the USD 585 level, but it is still facing a strong resistance near the USD 595 and USD 600 levels. A successful close above USD 600 is necessary for sustained upward movement.

If the bulls fail to break $ 595, the price could drop below $ 580. The first major support is near the USD 575 level, below which the price could test the USD 565 level.

Bitcoin Cash Price

Bitcoin price analysis-Bitcoin cash price Analysis

Bitcoin cash price outperformed Bitcoin and Ethereum, with a strong upward move above the USD 275 and USD 280 resistance levels. BCH is up more than 7% and even traded near the USD 290 level. The primary resistance is at USD 295 and USD 300, above which the bulls may test the USD 320 level.

Litecoin Price

Litecoin (LTC) is consolidating above the USD 80.00 level. LTC climbed above USD 81.20 and opened the doors for a push towards the USD 83.50 and USD 84.00 levels. If there is a break above USD 84.00, the price could climb towards the USD 86.50 level. Conversely, a break below $ 80.00 can potentially increase selling pressure in the short term.

XRP Price

XRP price is down 3%, extending its decline below the USD 0.485 support level. Significant support has lined up at USD 0.475, below which the price could plunge towards the USD 0.450 support. Even more, losses could push XRP towards USD 0.425. On the upside, the USD 0.500 level is a big resistance.

Read Our Detailed Technical Analysis of XRP

Other Altcoins Markets Today

In recent hours, a few altcoins have gained some momentum, including ZIL, ALGO, DOT, ANT, UNI, BAND, and RUNE. Of these, ZIL is up 7%, and it is trading above the USD 0.034 resistance.

In short, the Bitcoin price is stable above the USD 19,000 level. That said, BTC needs to clear the USD 19,450 and USD 19,500 resistance levels to start a substantial rise in the coming sessions.

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A New DEX Polkastarter Launched On Polkadot

Albert Brown
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A New DEX Polkastarter Launched On Polkadot

In the Defi hype, new projects are built every day. One of them is a new decentralized trading Dex Polkastarter built on Polkadot. The Ethereum competitor is making fabulous achievements and is now providing the first decentralized exchange on Polkadot.

Today was the official start of the Polkastarter DEX. The platform was designed to enable cross-blockchain token pools and auctions to raise capital on the Polkadot network.

Polkastarter was officially announced in September when the project listed its native POLS token on Uniswap. It has now gone live with the first liquidity pool offering rewards for swapping ETH for POLS.

Visit Polkastarter

There are two other pools still in the testing phase to offer swaps with SpiderDAO, an online privacy-based project.

Although Polkastarter is entering an already crowded DEX ecosystem, it will add new features like cross-chain pools, support for any asset, fixed swap pools, and a secure pool listing.

It also allows projects to list tokens at a fixed price. This should help ensure less volatility at launch as prices will remain stable as long as the actual inventory of tokens is balanced.

Polkastarte DEX already has a growing list of partners, including the secure data transmission platform Shyft Network, the Moonbeam Network, which deals with the Solidity programming language, the Orion Protocol automated liquidity provider, the API service provider Covalent and the open-source Oracle -Platform include Decentralized Information Asset (DIA).

Institutional investor Digital Finance Group has also pledged financial support for the platform.

Polkadot, which operates the new DEX, has openly stated that its target is Ethereum, and they want to go well beyond the current ERC-20 standards.

Polkastarter’s native POLS token reached a price of USD 0.85 shortly after its launch in September. But like most of the new Defi tokens, there was a strong sell-off afterwards.

Now that DEX is finally going live, the POLS price has also risen. Overall, the token has achieved almost 100% since the beginning of December. Polkadot’s native DOT token has remained relatively unchanged since peaking above $ 6.30 in early September 2020.

We are curious to see how the coming weeks and months will affect Polkadot its various decentralized applications.

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