Kraken Launches Chainlink Node to Provide Spot Price Data for DeFi Markets

Kraken Launches Chainlink Node to Provide Spot Price Data for DeFi Markets

Kraken is looking to use Chainlink to improve market transparency. Oracle miscalculations are still a significant problem for DeF protocols, and the industry needs to overcome them as it moves for broader adoption.

2020 saw the decentralized finance (DeFi) ecosystem grow into an emerging finance space.

With the market barely losing steam in 2021, several popular names in the crypto space are making overtures to lure inventors.

Improving Transparency

Major crypto exchange Kraken would run a Chainlink node to provide spot price data to DeFi applications, per a company blog post. The top cryptocurrency exchange explained that the move would improve data accessibility in the DeFi sector, which will help applications and protocols run more efficiently.

As the company post explains, a dedicated Chainlink node will help Kraken broadcast its Oracle Rates to any blockchain. The node will help Kraken to take price data from its spot markets, where digital assets are ideally sold and bought, and publish them on blockchains for DeFi protocols.

Kraken explained that it is looking to combat price manipulation effects, one of the primary challenges of DeFi protocols, which originates from faulty or deliberately inaccurate data from blockchain oracles. The exchange hopes that by providing its spot prices through Oracle Rates will improve transparency in the DeFi and traditional crypto space. The release pointed out,

“Our spot price-based Oracle Rates can be used to obtain real-time data feeds that power a wide range of decentralized applications, such as derivatives contracts, lending applications, cross-border payments, stablecoins, automated asset management protocols, and more.”

No Place for Small Errors Anymore

Price manipulation is one of the most pressing concerns facing DeFi platforms. With these platforms dependent on blockchain oracles for their operation, faults could lead to significant problems and create an opportunity for unsavory characters to cheat other network participants. This is what makes blockchain networks like Chainlink crucial.

The blockchain oracle has also seen increasing integration of late. This month, Warp Finance, a DeFi lending protocol, announced the inclusion of Chainlink’s oracles as part of its service. The protocol notably suffered a hack last month, following a series of flash loans on its platform. Losses were estimated to be between $1 million and $8 million.

In its release, Warp Finance explained that the hack was compounded by its use of liquidity provider tokens for collateral. While that feature was a major selling point, it turned out to be an undoing as well.

Emiliano Bonassi, a DeFi whitehat hacker, explained that the exploit had relied on Warp Finance and their inability to calculate the value of the pool’s tokens properly. Looking to fix that, Warp will use Chainlink price feeds for all essential functions – especially the value of liquidity provider (LP) tokens used for collateral.

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Author: Jimmy Aki

Crypto’s Are Becoming Mediums of Exchange as Visa CEO Plans to Add Them to the Network

Crypto’s Are Becoming Mediums of Exchange as Visa CEO Plans to Add Them to the Network

Describing Bitcoin as “digital gold,” Alfred Kelly said they “predominantly held as assets” but sees stablecoins and CBDCs as “emerging payments innovation” that can be used for global commerce.

Payments giant Visa could be the latest one to add cryptocurrencies to its network after PayPal allowed its millions of users to buy and sell last year and soon to use cryptos in its merchant network in October.

Last week, Alfred Kelly, the chief executive officer at Visa, said the company might add cryptos to its payment network as he said they are in a position to make digital currencies more “safe, useful and applicable.” While speaking on the company’s fiscal first-quarter 2021 earnings call, Kelly said,

“Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally.”

Kelly said they see the crypto market in two segments; the first one is new assets like Bitcoin, which he described as “digital gold.” He said,

“They are predominantly held as assets that are not used as a form of payment in a significant way at this point.”

The second segment is of stablecoins, which are directly backed by existing fiat currencies, and central bank digital currencies (CBDCs), which he said, “are an emerging payments innovation that could have the potential to be used for global commerce, much like any other fiat currency,” and Visa sees them as part of their network of networks strategy. Kelly said,

“Across both of these segments, we are the clear leader in this space.”

The CEO further goes on to mention how already several, a total of 35, leading digital currency platforms and wallets such as Crypto.com, BlockFi, Fold, and BitPanda are working with Visa, which “represent the potential for more than 50 million Visa credentials.” Kelly said,

“It goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there’s no reason why we cannot add it to our network, which already supports over 160 currencies today.”

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Author: AnTy

Bitcoin Subreddit Grows to 2.2 Million Members

Bitcoin Subreddit Grows to 2.2 Million Members

r/Bitcoin now has more subscribers than r/Apple but still has a way to go to match up the tech giant’s over $2.2 trillion market cap.

While price-wise, the Bitcoin market is calm and in a resting stage around $33,000, the same is not the case for its adoption.

One of the areas we see this growing adoption is the subreddit for the currency of the Internet, r/Bitcoin, whose members have surged to more than 2.2 million.

Created on Sept 9th, 2010, the Bitcoin subreddit recorded an unprecedented growth in 2021.

The number of total Bitcoin subreddit subscribers started trending up during the last bull market of 2017 and continued its growth since then, but with a sharp uptick seen in just one month in 2021.

2020 ended at around 1.85 million subscribers, only to jump to 2,221,348 today. On Dec. 10, 2017, Bitcoin first hit 500k subscribers, then 1 million was met on July 13, 2019.

The 2 million subscribers milestone was hit just last week on Jan 29. This makes sense, given that last week, crypto trading platforms also registered heightened traffic and new user-ups.

r/Bitcoin subreddit currently has a ranking of 173, down from 112 in 2018 and 2019.

This growth in Bitcoin subreddit is the result of WallStreetBets taking a liking to the cryptocurrency market.

r/wallstreetbets itself is recording immense growth. Last week on Wednesday, the subreddit had 3.6 million members, which grew from 2 million the previous week. Today, the r/wallstreetbets has 7.7 million degenerates.

Besides the WSB influence, the price of BTC is trending up, which is bringing the retail to the digital currency with a limited supply in the world of relentless money printing.

“The more they mess with the free markets, the more the world abandons the old system and joins the new,” noted Charles Edwards of Capriole Investments as the number of people joining the Bitcoin subreddit increases 3.6x of 2017 peak.

r/Bitcoin has also flipped r/Apple in subscribers; however, the leading digital currency still has a way to go to match up the tech giant’s over $2.2 trillion market cap. While Apple is the largest asset by market cap, Bitcoin has fallen out of the top 10 with a market capitalization of $622 billion, as per Asset Dash.

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Author: AnTy

Mark Cuban: Blockchain’s Evolution Over Past 3 Years to Support Smart Contracts, Changed the Game

Mark Cuban: Blockchain’s Evolution Over Past 3 Years to Support Smart Contracts, Changed the Game

WSB traders are applying the same principles of the digital/CryptoAsset world, said the billionaire while name dropping Bitcoin, Ethereum, AAVE, and several NFT projects like Mintable, Rarible, OpenSea, NiftyGateway, SuperRare, NBA TopShot, and Bitcoin Origin, and CryptoSlam.

Billionaire Mark Cuban has been getting more and more cryptocurrency-friendly with each passing day. While previously he didn’t find any worth in them, at least not more than bananas, now he realizes that it’s all about the demand and supply.

And this has him penning the blog titled, “The Store of Value Generation is Kicking Your Ass and You Don’t Even Know it,” where he name drops Bitcoin, his favorite AAVE, and several NFT projects.

While Cuban has been involved in the DeFi space for some time now, the battle between Wall Street Bets and Wall Street has him and the people realizing the true power of decentralization. He wrote,

“WSB traders are applying the same principles of the digital/CryptoAsset world to the stock market, and they are loving the fact that the old schoolers are hating it.”

The owner of Dallas Maverick is slowly coming around to Bitcoin and cryptocurrencies, and in his latest write-up, he talks about the evolution in the store of value.

Previously it was gold, which any gold bug would argue has value because of its history as the foundation for currency, a hedge against inflation, and other narratives and while “there are plenty of other “precious metals” that meet the same criteria, gold simply “has more buyers,” he wrote.

Cuban says this changed over the past 3 years as the “blockchain has evolved to support smart contracts and the ability to uniquely identify digital goods and the transactions associated with them.”

Now, everything is digital, and that is all that the New Generation knows — “This generation knows that a smart contract and the digital good it reflects or a CryptoAsset are a better investment than old school sees, touch or feel uses.”

While following the same laws of supply and demand, the digital space offers all the fun and same sense of ownership, “it has none of the hassles beyond remembering my passwords and dealing with wallets,” noted Cuban.

And though digital goods and crypto-assets markets aren’t perfect with high transaction costs, influenced by narratives, and propensity to be moved by a few big players, “the bottom line is that there are a growing number of investors and traders” believe in it.

The young generation loves its different features, including no central authority, and they don’t care about the Old School Wall Street’s narratives of Price-Earnings Ratios or NPV of future cash flows that are just sales pitches “designed to reward the people with the most money.”

“The more decentralized the power, the more power that comes with the collective working together,” wrote Cuban, adding that’s what Wall Street “hates and will fight because it moves the power out of their hands.” Cuban added,

“Every generation in this country has had its unique special power. This Store of Value Generation has found at least one of their special powers in financial unity. We as a country will be far better off if we understand them, respect them and learn from them, quickly.”

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Author: AnTy

Bitcoin, Ether, and NFT’s Are Hitting Mainstream; Including Gene Simmons & Epic Games Founder

Bitcoin, Ether, and NFT’s Are Hitting Mainstream; Including Gene Simmons & Epic Games Founder

While the musician is busy buying Bitcoins and altcoins, Tim Sweeney is all about the tech which he says “is going places.”

Last week, Elon Musk added Bitcoin to his bio, and this week he is announcing that he is a supporter of the leading currency, which he thinks is “on the verge of getting broad acceptance by conventional finance.”

As we reported, Musk’s change in his bio prompted others to do the same, with SkyBride’s Anthony Scaramucci, YouTuber Mr.Beats, Reddit founder Alexis Ohanian being some of them.

But this is just the beginning; in this bull cycle, everyone wants a taste of cryptocurrencies, and in the current world of fiat debasement and censorship, decentralization is gaining increasing recognition, as we have seen since last week.

So, it is no surprise that many known names outside the crypto world are coming in support of the sector.

Musician Gene Simmons is the latest among those declaring their love for cryptocurrencies.

“I bought and/or will own Bitcoin, Etherium, Litecoin, and others,” tweeted Simmons today, while cautioning that he is “not recommending any of this to anyone.”

While billionaire Mark Cuban has already been lately declaring his love for DeFi and NFTs out loudly, the founder of Epic Games, the creators of Fortnight, and operators of the largest game engine in the world – Unreal is also bullish on non-fungible tokens (NFTs) and the crypto metaverse.

Tim Sweeney took to Twitter over the weekend to share that open Metaverse is “the most plausible path towards an ultimate long term open framework where everyone’s in control of their own presence, free of gatekeeping.”

However, he did put a disclaimer that “state of the art is far from the 60Hz transactional medium needed for 100M’s of concurrent users in a real-time 3D simulation.”

He further said that this is in no way an endorsement of crypto investment as that’s a “wild, speculative mess,” but, of course, “the tech is going places.”

The article Sweeney praised blockchain-based underpinnings for an open Metaverse was by Piers Kicks of Delphi Digital, which describes Metaverse as “a persistent, live digital universe that affords individuals a sense of agency, social presence, and shared spatial awareness, along with the ability to participate in an extensive virtual economy with profound societal impact.”

It explains how crypto is laying the foundations for a self-sovereign financial system, and while crypto’s role in the Metaverse is the most imperative, yet least explored.

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Author: AnTy

The UNI Airdrop is Now Worth Over $7k as Google Searches Rise Up & Volume Hits New Highs

The traditional investors are coming to the world of decentralization. Uniswap allows users to front-run the rest of the world amidst the ongoing censoring.

UNI, the 13th largest cryptocurrency by market cap of $5.14 billion, is the largest DeFi token. The digital asset that enjoyed an uptrend throughout last week to reach nearly $20 is up 275% YTD.

These gains made the UNI airdrop currently worth a whopping more than $7,000. The popular decentralized exchange (DEX) Uniswap launched its governance token UNI in September, less than five months back. UNI tokens were airdropped to all of the users who provided liquidity to the platform before Sept. 1st.

UNI tokens’ worth is increasing as more and more users are using the decentralized exchange, which gained momentum after the Robinhood fiasco. The zero-commission broker halted the trading of popular stocks like GME and has now limited the number of shares that can be purchased. The popular retail app also halted crypto trading last week.

This pushed the traditional investors to the world of decentralized finance (DeFi).

Uniswap is actually allowing traders to front-run the rest of the world as it is open for trading 24/7/365, as is the entire crypto space.

This can be seen in the Google search volumes for “Uniswap,” which is now reaching their DeFi summer levels. The search volumes gained momentum last week just as the WallStreetBets vs. Wall Street battle intensified with trading platforms and social media platforms limited the retail traders’ scope.

Google Trends for the search term “Uniswap”

Source: Google Trends “Uniswap”

Another indicator showing an increased interest in using Uniswap can be seen in its volumes.

Interestingly, throughout January, the decentralized exchange (DEX) has been recording higher than ever volumes. All four weeks of Jan. saw $5.5 billion of volume, as per Uniswap.info.

When it comes to daily volume, it kept above $700 million, and several times it went over $1 billion.

According to Dune Analytics, Uniswap did over $25 billion in volume in January, while its competitor Sushiswap did $12.17 billion, and $6.7 billion was recorded by Curve.

The total DEX volume recorded in the last 30 days was $54 billion, with Uniswap accounting for 48.4% of the share, followed by SushiSwap’s 23.5% and Curve’s 9.6%.

“The writing is on the wall. The majority of non-fiat trading will end up on decentralized, borderless, uncensorable venues,” commented Erik Voorhees, the CEO of the self-custody crypto platform ShapeShift, which is integrating with decentralized protocols and apps.

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Author: AnTy

Wall Street Bets Have Locked In On Their New Target; Pumping XRP & Silver Now

Wall Street Bets Have Locked In On Their New Target; Pumping XRP & Silver Now

WallStreetBets, whose members on Reddit are growing fast, now over 7.7 million, has moved from DOGE to other assets.

WallStreetBets have found their next target, and it is none other than XRP and Silver, both of which are pumping hard. XRP started pumping over the weekend, and today the prices climbed as high as $0.688. Last week, the digital asset was trading as low as $0.246.

In just two days, XRP prices surged over 142% and is now retracing the gains as it is currently trading around $0.630.

Last week, fintech startup Ripple also filed a response to the US Securities and Exchange Commission (SEC), which has sued the company and its top two executives for allegedly selling an unregistered security. Ripple’s 93-page long response says,

“The functionality and liquidity of XRP are wholly incompatible with securities regulation. To require XRP’s registration as a security is to impair its main utility.”

Ripple has also filed a Freedom of Information Act request for documents on how the SEC determined that BTC and ETH are not securities.

Silver Sent to Multi-Year Highs

Before pumping XRP, WallStreetBets sent DOGE above $0.80, and already the momentum has ebbed as the cryptocurrency now trades around $0.0389. DOGE -16.77% Dogecoin / USD DOGEUSD $ 0.04
-$0.01-16.77%
Volume 7.07 b Change -$0.01 Open $0.04 Circulating 128.19 b Market Cap 4.72 b
8 h Wall Street Bets Have Locked In On Their New Target; Pumping XRP & Silver Now 8 h Elon Musk says He’s ‘Late’ to the ‘Bitcoin’ Party; Should Have Bought 8 Years Ago 2 d Dogecoin Beats Bitcoin by Becoming the Most Tweeted Cryptocurrency Ever as Mia Khalifa Buys the Top

Besides XRP, retail traders seem to be onto silver as well, which today went past multi-year highs of $30, a level that was last seen in February 2013. During the post-pandemic pump, silver went to just under $30 level while its all-time high sits at about $50 hit in April 2011.

Unlike silver, gold is trading around $1,860 per ounce, still over 10% from its ATH of $2,075 recorded in August 2020. Greenback, meanwhile, is flat around 90.7.

Given that WallStreetBets’s subreddit has 7.7 million members, it makes sense that they can coordinate to push up an asset’s prices. Trader and economist Alex Kruger said,

“Going to be interesting if WSB ever gets large enough to command a squeeze against major currencies. Based on the silver price action, it seems they could already squeeze an EM currency if so desired.”

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Author: AnTy