Tron Founder Justin Sun Cashing In On DeFi’s Boom With Launch of JUST BTC, LEND & SWAP

He is back!

As people in the crypto community have been expecting, Tron founder and CEO Justin Sun is here to ride the DeFi boom. But no TRX isn’t being turned into a DeFi project, but he’s announcing new plans altogether.

The “marketer” of crypto space who called his creation a “shitcoin” took to Twitter on Friday to share that Tron-based IEO JUST (JST) — which was launched on the Sun acquired Poloniex exchange in early May and then airdropped to TRX holders — will be launching not one or two but three DeFi projects.

“JST will become the core DeFi token of the entire TRON,” said Sun adding this DeFi ecosystem will cover areas in decentralized loans, decentralized trades, and cross-chain.

JUST DeFi team will be launching three new DeFi products. The first one is “JUST Lend” that will allow Tron users to earn interests or borrow assets against collateral.

The second is “JUST Swap,” which is apparently a fully decentralized on-chain protocol for token exchange. The last is “JUST BTC,” a TRC20 token backed 1:1 by Bitcoin.

“We can’t wait to see the series of JUST products’ all-rounded empowerment, community governance, and fully shareable dividend integrated into the TRON DeFi ecosystem,” he said.

Sun warns about a DeFi Project

In separate news, Sun distanced himself and his company from a DeFi project called Oikos (OKS), which is built on Tron.

Earlier this week, Sun said the DeFi project was developed by the community and has “nothing to do with Tron” and himself.

He warned investors against this project, saying the smart contract wasn’t verified. Investors need to be cautious of their investment, and the risk of getting hacked as “Justin Sun would bear no responsibilities,” he said while referring to himself in the third person.

Also, he denies OKS having any relationship with IEO on Poloniex.

“OKS is at its early stage, the risk is very high, we don’t encourage investors to participate/invest in this project,” said Sun.

Oikos has been a popular project among the Chinese crypto community, reports China-based 8btc.com. The token was reportedly listed on Chinese crypto exchange Hoo.com upon Sun’s recommendation and then on MXC exchange that saw OKS surging 4x.

Sun’s announcement resulted in the token briefly crashing 30% in minutes.

Oikos also announced that negotiation with Tron broke down and has now updated its token sale report.

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Author: AnTy

EOS’s Voice Goes Live; Ethereum Co-founder has ‘Regrets’ & Cardano Creator Feels Rivals Getting ‘Worried’

Today, Voice is officially live.

Salah Michael Zalatimo, CEO at Voice posted an update that starting July 4, 2020, registered community members can publish while everyone can read the posts.

The company was preparing for a “big reveal in the fall—but things changed,” wrote Zalatimo. And now they decided to open their platform and invite the community to be part of the building process on which they have been working on for months.

Beginning August 15th, everyone that is already registered will be able to invite their friends to join Voice and in fall, a variety of features will be released.

“This global moment has fully exposed the corrupt social spaces created by Big Tech. It’s time to break away and put humans first,” reads the post.

Brief Early Release

EOSIO-based social media platform Voice developed by Block.one, the company behind the cryptocurrency EOS briefly went live yesterday before its scheduled launch.

First revealed in June 2019, Voice temporarily started displaying several posts with multiple likes and comments only to flash ‘Error 1020’ later on.

Cardano creator and CEO of IOHK, Charles Hoskinson took to Twitter to share his views as to the reason behind this temporary early release.

One Cardano enthusiast echoed Hoskinson’s sentiments pointing to Ethereum co-founder Vitalik Buterin talking about handling Ether’s creation differently had he done it now. Hoskinson also co-founded Ethereum.

“Definitely a lot of regrets and wasted time,” he said on “Hashing it Out” podcast about all the time taking in sharding and proof-of-stake.

“We definitely did kind of underestimate how much time it would take to finish a lot of the things that we didn’t start back in 2015,” he said.

In the past two-days, IOHK’s Cardano has released a number of big announcements that have seen the price of ADA surge 20% and 193% YTD. These gains have the cryptocurrency climbing to the 6th spot, as per Messari.

Yesterday, it was also announced that IOHK has signed an agreement with Coinbase Custody, and from Q4 2020, users can take their ADA right from Coinbase’s cold storage. Staking rewards will be coming to Cardano in mid-August.

It won’t’ be a surprise if ADA will also be listed on the US-based cryptocurrency exchange soon.

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Author: AnTy

Justin Sun’s Tron Follows Binance to Become 4th Crypto With Twitter Branded TRX Emoji

Tron (TRX) became the fourth cryptocurrency to receive its branded Twitter hashtag emoji after successive additions of the top crypto, Bitcoin (BTC), exchanges native Crypto.com token, CRO, and Binance Coin (BNB), which was added on Thursday this week.

In an announcement on the official Tron Foundation page, Twitter users can now view the TRX logo beside any of the following five hashtags; #TRON, #TRX, #TRONConference, #TRONAnniversary, and TRONGreatVoyage. The latter two are possibly targeting TRON’s upcoming August 29 mainnet live launch anniversary and the TRON 4.0 launch, named the ‘Great Voyage,’ later this month, respectively.

The total cost to acquire these branded emojis is still undisclosed, but some reports point that this branded emojis cost in a range of $10,000 to $50,000 spent in Twitter ad money to acquire.

Bitcoin (BTC) led the advent of crypto emojis on the platform with Jack Dorsey, the founder and CEO of Twitter and Square, a payments firm that supports Bitcoin development, launching the service on his bio page.

Giving back to the community

Every move is a marketing opportunity for TRON Foundation, led by Justin Sun. He took this opportunity to do a giveaway to his followers to help advertise the new TRX emoji.

For a chance to win TRON merchandise, MacBook Pro, iPhone 11, and a pair of Airpods Pro, users should follow the array of Twitter accounts under the Tron Foundation, add the new TRX branded Twitter emoji on their bio page and share the screenshot on Justin’s post.

A foul taste

The addition of TRX emoji and widespread marketing campaigns have not rubbed off well with everyone in the crypto space. One community is the rival blockchain, Ethereum, which is yet to receive its own Twitter emoji despite being the second-largest cryptocurrency.

Vitalik Buterin, the founder of Ethereum, also expressed his criticism in response to TRON fanatic and Reckless VR founder, Udi Wertheimer, stating TRON deals with 10X more flaws than ETH but receives less bashing from seasoned Bitcoiners. He shared a screenshot in a bid to explain the “TRON stanning” across the BTC community:

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Author: Lujan Odera

Bitcoin Adoption Explosion in Africa, Led by Nigeria, Kenya, and South Africa

Bitcoin continues to gain traction in Africa, with Kenya being the most bitcoin maximalist country, with 94.7% dominance. The top 10 list also contains Nigeria at the 5th spot and South Africa at the 6th spot.

As per Blockchaincenter, Bitcoin remains the most searched coin in all countries, accounting for 90% of all the search volume on Google Trends.

South America is the most “bitcoin Maximalist” continent, but Bitcoin adoption in Africa has been exploding for some time now and setting new highs every week.

In just three months, the peer-to-peer volume has been up 125% in Nigeria, 199% in Kenya, 194% in South Africa, and 257% in Ghana shared Kevin Rooke.

Compared to other African countries, Nigerians transacted the most with Bitcoin in Q2 2020.

As per Usefultulips, during the last quarter, Nigeria transacted $34.4 million in Bitcoin, followed by South Africa at $15.2 million, $7.8 million in Kenya, $640k in Ghana, and $600k in Tanzania.

“Africa sees another weekly record on P2P markets. 4th week in a row,” said Matt Ahlborg, creator of the crypto data providing site.

“Bitcoin premiums remain high in Nigeria, Kenya, South Africa, and others,” he added, sharing how remitters buy BTC in the USA and then send them to families in Africa where they can sell BTC for a 5-10% premium.

Making it Easier

Recently, Nigerian startup BuyCoins also opened up crypto to everyone with its new product, Sendcash, reported Disrupt Africa. With this platform, people can receive money into their bank accounts from any country abroad using Bitcoin.

“Basically, we map a bank account to a Bitcoin wallet address, and when anyone sends Bitcoin to that address from anywhere in the world, we convert it to Naira and credit the bank account within a few minutes,” said BuyCoins product manager Teju Adeyinka.

Sendcash is processing around $300,000 from about 400 users so far and continues to see growth.

BuyCoins enable Nigerians to easily buy, sell, and use crypto and trades about $7 million worth of digital assets each month.

Back in May, it traded more than $17 million in cryptocurrencies, which have been its “best month ever.” They also saw a huge spike in OTC trades that month.

What’s driving this demand in Africa is the high inflation rates, depreciating local fiat currencies, political instability, capital control, costly remittances, and lack of financial infrastructure.

If the ongoing trend continues as Twitter and Square CEO Jack Dorsey recently said, “Africa will define the future (especially the Bitcoin one!).”

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Author: AnTy

DeFi App Growth Boosts Total Transactions On DApp Blockchains By $4.5B In Q2 2020: DAppRadar

In a report by DApp Radar, the total transactional volume on DApps touched the $12 billion mark in Q2 2020, representing a $4.5 billion increase from Q1 2020. Ethereum (ETH) continues to dominate the decentralized application (DApp) industry attracting a value of $11 billion across Q2 2020.

The growth is majorly impacted by the growth of decentralized finance platforms such as Balancer (BAL) and Compound (COMP) over the past month. EOS and TRON still lag in the DApp ecosystem despite interest in gaming and betting applications on the blockchains increasing substantially in the previous quarter.

Ethereum’s strengthening claim to the first spot

DApp Radar, a DApp aggregating platform, released its Q2 2020 DApp Report on July 2nd, showing the immense growth of Ethereum’s value in the DApp ecosystem. 2020 began as an exciting time for both the DeFi and decentralized exchange (DEX) markets.

DeFi on Ethereums substantial growth with the number of active wallets in the space experiencing a 500% year on year growth, at about 200 at the start of 2019 to over 4000 active wallets at the end of Q2 2020.

The massive growth contributed mainly to Compound’s growth into a crypto unicorn, set DeFi applications as the third largest category on Ethereum, contributing 24% of the total activity. However, DeFi remains the most crucial contributor to ETH growth and value the report states:

“DeFi already holds $11 billion in 2020. This is 2.5 times higher than it was within all of 2019. This metric shows the growth of the DeFi category by 1,410% year-on-year and 150% quarter-on-quarter.”

DEXes growth prospects

The growth of DeFi products, in turn, caused an increase in volumes on DEXes, a report from Our Network states. Curve, a market marker for stablecoins, was one of the biggest beneficiaries of the “yield farming” process on Compound and Balancer, offering competitive slippage to Uniswap and Kyber Network as well as low fees.

The DEX witnessed a 30x growth on its average trading volumes in June following the launch of Compound token, registering a daily volume peak of $60 million in mid-June.

EOS and TRON rise to challenge ETH dominance

The DApp industry is heavily dominated by Ethereum, Eos, and Tron, the latter two aiming at dethroning the king platform shortly. With DeFi cracking up an imbalance in the value stored on each blockchain, TRON sought to add its DeFi assets mirroring COMP and BAL.

While the DAppRadar report states, TRON is still early in the DeFi space, the transaction volume on the blockchain increased by 17,210% in Q2 2020 when compared to Q1 2020 when only $78,000 in size was registered.

TRON’s diversification to DeFi still has some way to go as the gambling and high-risk DApp transaction volumes dominate the blockchain activity. This section and games on the blockchain contribute to 80% of daily activity on the chain.

In a similar breath, the EOS gaming market is the only sector that has grown since the highs in daily activity on EOS back in Q2 2019. The games and marketplace category accounts for half of the total activity on EOS with two apps – the Crypto Dynasty and Upland – leading the charge.

The report also mentioned the growth of the Hive platform over STEEM since the Justin Sun takeover, as well as other DApp projects such as IOST, Thundercore, WAX, Ontology, and Waves.

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Author: Lujan Odera

Bitcoin to Follow the Equities Market; One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement.

The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just $624 million.

Meanwhile, altcoins, especially the low cap ones, are enjoying a good uptrend. Among the top altcoins, Cardano is leading the rally with about 6% gains.

Among the top 100 cryptocurrencies, some of the top gainers include REN (17.19%), Loopring (16.95%), Nexo (11.18%), Augur (10.93), ZRX (10.76), Status (9.3%), VeChain (8.42%), Enjin Coin (7.89%), OMG Network (6.92%), and Maker (5.88%).

The market in Anemic State

With a downside move on Thursday, the price of bitcoin bounced from June 27 low, and the hourly chart with a long wick candlestick indicates “the short-selling is not sustainable.”

According to the In/Out of the Money Around Price (IOMAP) indicators by IntoTheBlock, more than 2.1 million addresses previously purchased 1.38 million BTC in the range of $9,095 and $9,365, which is “a critical resistance level as several of these addresses will attempt to break-even on their positions.”

When it comes to the support levels, over 1 million addresses previously purchased 705,000 BTC between $8,805 and $9,076. Holders in this range will “attempt to remain profitable on their positions and push prices above this level.”

As such, buyers are expected to create support near the $8,900 range and sellers to provide resistance around $9,200.

Meanwhile, for trader DonAlt, a close above $9,500, bitcoin could be expected to move over $10,500; otherwise, he’s looking for $8,500 first and then lower to $7,700.

However, the market remains “boring” and “could stay that way for a while,” he said.

Follow the Equities Market?

Due to the Independence Day holiday on July 4, the US stock market was closed today before the S&P 500 rose for the fourth straight day and closed at a 4% weekly gain. The improving job market has the hopes for economic recovery rising that has the equities market up about 7% of the record set in February after about a 34% drop.

“We’re starting to see the real economic data say, ‘Yes, the recovery is here, and it’s real,’” said Brad McMillan, chief investment officer for Commonwealth Financial Network.

The biggest risk to the markets currently is the return of panic we saw in March.

“Legacy markets, however, are rejected at breakout point resistance and “breakdown from these levels would be most logical,” said trader Crypto Yoda.

Now that the trendline is broken and retested on lower time frames, the trader is also expecting bitcoin to follow.

Bitcoin’s 1-month correlation with the S&P 500 provides support to this. The correlation hit a new high of 65.8% this month, as per Skew, which began tracking the data in April 2018. The one-year correlation has also jumped to an ATH above 37%, but reading between 30% to 50% implies a weak correlation.

This means bitcoin continues to be treated like a risk-on asset, but in the current scenario of money printing, this could be a blessing in disguise.

HODLers gonna HODL

HODLers meanwhile are busy holding the digital asset. The number of addresses that are storing bitcoin for at least a year has risen to a peak of 20.3 million in June.

Bitcoin investors believe the flagship cryptocurrency should have a higher value.

Interestingly, bitcoin miners‘ balance is also rising. 1.8 million BTC, about 10% of bitcoin supply is currently held in miner wallets.

But out of this 1.73 million BTC belong to very early miners, and are likely to be lost, as such only 70k BTC is with current mining pools, noted Glassnode.

Miners’ cumulative revenue has also reached $17.5 billion on July 2nd, as per Thermocap, a metric used as a lower bound for the capital inflow into an asset.

Since 2018, while Bitcoin’s Thermocap has been $12.6 billion, Ethereum recorded $4.9 billion, Litecoin $932 million, and Bitcoin Cash $810 million.

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Author: AnTy

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily tokenize fiat money of any amount whether they have a bank account or not. The new blockchain launched after 2 years of development.

Public Mint also revealed that it has inked deals with over 200 banks that will help in holding the funds, thus backing its fiat token network. However, its website offers scant details about these banking partners. The firm has also named IBM Digital Asset Labs as well as Hyperledger as some of its supporters.

Firms that will use Public Mint will be able to accept payments through credit card, wire transfer as well as ACH payment. At the moment, the network only supports US dollars, but plans are underway to add other fiat currencies. Halsey explained about the project:

“The genesis of Public Mint was to allow regulated banks to hold funds which could then be tokenized or “minted,” allowing for the creation of applications and business processes around money without actually moving money between banks.”

Minor is also the co-founder of CNET, a digital media platform, as well as the decentralized video media platform, VideoCoin Network, which has since signed an agreement deal with Public Mint.

While the firm did not offer any technical details about the platform, it is created upon a modified version of Hyperledger Besu but based on a divergent consensus mechanism as well as fiat-based fees. This explains why Public Mint acknowledged Hyperledger as one of their main supporters.

The new platform seems to have already gotten support from various renowned players within the distributed ledger (DLT) sphere. The executive director of Hyperledger Brian Behlendorf stated:

“At Hyperledger, we are excited to see Public Mint tackle the challenges of programmable currency and frictionless transfer of funds.”

On his part, IBM Digital Asset Labs director Nitin Gaur stated that Public Mint would play an essential role in enhancing the growth of digital assets.

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Author: Joseph Kibe

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The sector continues to see growth.

In its latest update, BlockFi reported a 100% increase in revenue in Q2. Bitcoin posted 42% returns in this quarter.

The company not only posted a sharp increase in earnings but also a broadening of the client base and expansion of services to new regions around the globe despite the coronavirus pandemic.

Keep it Coming

Since raising $30 million in Series B funding led by PayPal founder Peter Thiel’s Valar Venture, Morgan Creek Digital, Castle Island Ventures, Winklevoss Capital, Arrington XRP Capital, and many others in February, the company has doubled its monthly revenue.

According to the official announcement, these gains were partially the result of Bitcoin halving in May as, during that week, BlockFi added more clients than ever since its launch in August 2017.

The company added 7,000 new accounts, at a 25% month-over-month growth rate. With this growth, BlockFi is on track to generate $50 million in revenue over the next year. Zac Prince, CEO and Co-Founder of BlockFi said,

“The crypto financial services space is maturing, and we can see a clear turning point today where traditional finance is being outpaced by digital.”

Untapped Opportunities

Another factor behind this growth was the new BlockFi mobile app that enables its clients to open and manage to trade, their Interest Account, borrow money against capital holdings, and transfer funds.

Since the launch of the app in beta in April, the company has recorded a 37% week-over-week increase in its funded accounts.

Amidst this rising demand, BlockFi also expanded its global presence by partnering up with Singapore-based hedge fund Three Arrows Capital to grow in the Asia-Pacific region and cryptocurrency mining pool Poolin to cater to the global mining community. Flori Marquez, Co-Founder and Senior Vice-President of Operations at BlockFi said,

“In the near term, this will help us reach additional institutional lenders, but over the long term, we hope it will help with our retail expansion outside of the U.S.”

The firm is also planning to open an office in Singapore with the new hire Rishi Ramchandani, who led global and Asia equities trading teams for Bank of America Merrill Lynch, as the Director of Business Development in Asia. Ramchandani said,

“Institutional support and adoption for crypto has soared among traditional investors, proving it to be a desired and valuable asset class.”

Yet the markets across Asia are an “untapped opportunity,” and Ramchandani believes BlockFi is the “best player” to capitalize on this through its zero-loss track record.

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Author: AnTy

Currencycloud Partners with Ripple to Leverage RippleNet for Efficient Cross-Border Payments

Currencycloud – one of the global payment processing giants – has become the latest member of the RippleNet family and would help ripple in expanding its cross-border remittance services further. The B2B payment processing giant is known to work with several small and medium business entities before joining the RippleNet.

RippleNet, a venture of Ripple blockchain, is known for its cross-border remittance solutions and has partnered with hundreds of banks, financial institutions, and payment processing giants to avail fast and cheap cross-border transactions using XRP as liquidity.

RippleNet aims to be the payment processor for a rapidly-changing world and is banking on the wave of globalization moving from west to east.

Asia is one of the footholds for the decentralized tech provider firm, and they have made aggressive expansion in the region with new members and services regularly.

Currencycloud, which has been working with Small and Medium Enterprises (SME), aims at expanding its service to help its new partners, especially in a world where traditional banks often overlook SMEs for big MNCs. The payment processing giants hope to reach new firms and SMEs who are deprived of the banking facilities up until now.

Ripple’s Client List Grows to 350

Ripple, which calls itself a decentralized tech company, ventured into remittance services through RippleNet a few years back, and even though the XRP token hasn’t managed to see a price break though, in a very long time, the cross-border solutions have garnered a lot of popularity over the years.

Ripple now boasts over 350 clients and recently updated its official website to include its new partners.

Mike Laven, CEO of Currencycloud, commented on their recent association with RippleNet and hoped the partnership would be mutually beneficial, helping them in expanding their network to new parts of the world. He said:

“Currencycloud is all about bringing clarity, speed, and value to the traditionally opaque, costly, and time-consuming issues associated with cross-border payments, particularly for SMEs that have historically been under-served by traditional banking. Ripple’s solution will help us to extend our network to new parts of the world, removing more barriers to payments for our clients.”

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Author: Hank Klinger

Coinbase Custody and IOHK Partner to Provide Institutional-Grade Staking For Cardano’s ADA in Q4

IOHK, the lead developer of Cardano blockchain, and Coinbase Custody, the institutional-grade custodian launched by Coinbase Inc., announced a partnership to allow users to stake their ADA tokens. Along with staking, the partnership also allows assets to remain safely locked in a cold storage wallet.

In the announcement emailed to us on Friday, the staking-custody service offered by Coinbase, a first of its kind, will be rolled out in the latter stages of the year when the staking service on Cardano blockchain goes live.

This service will ensure that users of ADA on Coinbase will be able to reap the rewards on Cardano’s proof-of-stake (PoS) network while keeping the digital assets secure in the cold wallet storage facilities. The statement reads:

“Agreements like these are essential to driving widespread adoption of cryptocurrencies, as they allow institutional and large investors to safely and securely manage their funds while also keeping in line with regulatory requirements.”

This is also expected to sway the regulators’ view on the use of cryptocurrencies without the worry of a security breach, which previously provided a barrier to digital assets being widely adopted.

Speaking on the partnership with IOHK, Sam McIngvale, Head of Product, Coinbase Custody, said the exchange tested the Cardano staking testnet protocol with over a thousand stake pools sampled. Sam concluded,

“We are pleased to have been selected as the custodian, and we’re proud to be a full-service, regulated, comprehensively-insured, and 100% offline staking provider in crypto.”

Cardano’s founder and CEO at IOHK, Charles Hoskinson, was equally pleased with the partnership stating the aim is to include the unbanked population and provide a gateway to financial investments to people who have previously were neglected. On the custody- staking services, Hoskinson said:

“This custody agreement allows us to offer the same secure storage solutions that can be found in traditional finance to ADA holders, without sacrificing what makes Proof of Stake blockchains special – being able to participate in the network.”

Cardano’s native token, ADA, is on a sustained rise since the announcement of the launch of the Shelley-era in the coming weeks. IOHK has already deployed the Shelley node on the Cardano mainnet, signaling everything is ready for the hard fork.

The token currently places seventh on Coinmarketcap charts with a total market capitalization of $2.6 billion after an 8 percent surge in price the past 24 hours.

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Author: Lujan Odera