Matic Network Integrates Chainlink’s Decentralized Oracles And VRF for Growing DeFi Demand

  • Matic Network successfully integrates Chainlink decentralized price oracles.
  • At launch, Chainlink will offer five key price feeds, including MATIC, ETH, USDC, USDT, and DAI.
  • Chainlink’s VRF is set to launch on MATIC blockchain in the future.

Matic Network became the second native blockchain to integrate Chainlink’s decentralized price oracles after Ethereum. At launch, Chainlink will offer trusted price feeds on five cryptocurrencies against the dollar, including MATIC/USD, ETH/USD, and three stablecoins (USDT/USD, DAI/USD, and USDC/USD).

Matic Network’s integration of Chainlink oracles aims to boost decentralized finance (DeFi) projects on the blockchain. Chainlink provides DeFi developers with “access to high-quality data, decentralized oracle infrastructure, and Sybil resistant oracle nodes,” allowing them to monitor and manage the platform’s prices and node functions in real-time. Matic statement reads,

“The result is highly available, accurate, manipulation resistant, and transparent oracle networks for getting any off-chain resource necessary for success,”

Several DeFi projects built on Matic have already started to use the decentralized price feeds to execute their key functions. Chainlink’s decentralized oracles are being used on the under-collateralized lending platform, EasyFi, and predictions and betting markets, PlotX enhancing functions such as,

“checking loan collateralization, minting and swapping synthetic assets at fair market prices, and settling up the prediction markets.”

Chainlink is pushing blockchain technology into the mainstream, as explained in a previous article. The DeFi field has been one of the biggest beneficiaries, with over $4 billion in assets secured using Chainlink’s price feeds. Matic aims to witness a similar effect following the integration of Chainlink by “accelerating their go-to-market and avoid the pitfalls faced in building their own data oracles,” the statement read.

“We’re confident that Chainlink Price Feeds are an optimal solution for Matic DeFi developers needing secure, reliable, and ready-made oracle solutions that can easily be integrated into their protocols.”

Apart from the decentralized price data feeds, Matic Network will also welcome Chainlink’s Verifiable Random Function (VRF), enhancing fairness across gaming and gambling platforms. Chainlink will also be available as a general-purpose oracle solution allowing connection to an off-chain API.

Read Original/a>
Author: Lujan Odera

Ethereum Classic Labs Rolls Out Wrapped ETC (wETC); Opening Up The DeFi Marke

Ethereum Classic has announced the launch of wrapped ETC (wETC) to act as a gateway to the Ethereum blockchain, which today is a major playing field of Decentralized Finance (DeFi) applications. The announcement, which came on Wednesday, means that ETC users will have seamless access to the DeFi ecosystem without converting their tokens.

Recent months have seen the DeFi space grow exponentially as more stakeholders bet on its long term value. Unsurprisingly, the trend is catching with other crypto projects, including BTC, which already found its way to DeFi through wrapped Bitcoin (WBTC). In fact, DeFi Pulse metrics show that WBTC is the second most locked asset in the $13.5 billion DeFi TVL.

ETC Joins the Ethereum DeFi Bandwagon

The recently released wETC is an ERC-20 token, hence compatible with the Ethereum blockchain and DeFi applications, ranging from DEXes, lending, and derivatives. Basically, ETC users will now be able to stake their tokens on Ethereum and leverage the varied DeFi services within the ecosystem. ETC Labs CEO and Co-founder James Wo said that the milestone would at least attract 10% of ETC holders,

“We wanted to make sure ETC could go to a different ecosystem and use different applications on top of that ecosystem … I expect at least 10% of ETC holders will want to participate and use wETC.”

Notably, Ethereum Classic emerged from the Ethereum 2016 hard fork, triggered by the DAO hack. It now appears that the two communities are ready to work together despite Wo’s stance that ETC will maintain a Proof-of-Work consensus as Ethereum shifts to a Proof-of-Stake mechanism,

“Not everyone trusts PoS. Some projects believe in PoW … So I think some of the ecosystems will probably stick to ETC or other PoW versions of a blockchain that can make smart contracts.”

The Token Wrapping Concept

As the blockchain and crypto industry evolves, interoperability solutions have been at the forefront of most innovations. The concept of wrapping tokens and using them on a different blockchain has changed the industry, especially with the growth of an ecosystem like Ethereum. Basically, this involves issuing a blockchain asset such as Bitcoin on a different blockchain-based on a 1:1 representation.

The wrapped crypto asset can then perform various functions given its compatibility with a particular blockchain ecosystem. In the wETC case, users will transfer their wrapped tokens to the Ethereum blockchain via chainbridge, an interface for both ecosystems. A similar amount will be minted for use within the Ethereum ecosystem, after which they will be destroyed when users convert their tokens back to ETC.

Read Original/a>
Author: Edwin Munyui

DARMA Capital Rolls Out Liquidstake Loans As An Answer To Ethereum 2.0 ‘Lockup’

The long-awaited launch of Ethereum 2.0, a proof-of-stake (POS) network, is facing a problem; the risk of locking up the holders’ ETH for several months or staying liquid and opening up various options.

In efforts to solve this issue, DARMA Capital rolled out Liquidstake on Wednesday, enabling ETH stakers to acquire USDC stablecoin loans easily. The loans will be issued against staked assets and will allow stakers to earn rewards within the new network.

DARMA, a US licensed investment fund, started by ex ConsenSYS executives James Slazas and Andrew Keys, announced that it would devote about $50 million in value of its own ETH holdings for the new Ethereum deposit contract. The firm explained that this would enable individual and institutional investors to contribute towards Ethereum 2.0 and, at the same time, remain liquid.

Andrew Keys, DARMA Capital co-founder, explained that the initiative comes with economic incentives for those who will take part in Ethereum’s upgrade. Staking will see participants earn 15% of their assets in the course of the many months it might take to finish the network’s upgrades. He explained:

“Participants will not be able to ‘unstake’ those assets. So we’ve created LiquidStake, wherein users can earn staking rewards and have their staked ETH be pledged as collateral to receive a USDC loan. This is very different from BlockFi and Celsius and other lenders because, in those cases, you can’t stake the Ether, and you can’t earn the reward.”

Ethereum 2.0 (phase zero) is forecast to be rolled out on December 1 and will involve around 16,384 validators. The validators are expected to commit at least 32 ETH ($14,768) to a deposit contract. The network seeks to enhance Ethereum’s transactions by migrating from proof-of-work (PoW) to proof-of-stake (PoS) blockchain. Currently, the project is 10% finished, with about 53,000 ETH now deposited.

Although the network might begin validating blocks after being launched, stakers will essentially be locking up their assets for an unforeseeable future. They will not be allowed to withdraw them or utilize them elsewhere.

Read Original/a>
Author: Joseph Kibe

Bitcoin Wallet Reveals Wasabi 2.0 With Stronger Privacy Features through WabiSabi Debut

Leading privacy-focused Bitcoin wallet, Wasabi Wallet announces the launch of its long-awaited update, Wasabi Wallet 2.0. The new update is expected to integrate CoinJoin-ed payments on its platform to enhance privacy automatically. According to the statement, the new improvements on Wasabi 2.0 aim at making Bitcoin payments private, faster ad effortless for non-technical users.

In a blog statement by Wasabi Wallet, three key improvements will be implemented on the new updated version – including rewriting the UX design, integrating easy-to-use and automatic UX for CoinJoin enabled payments launch of the WabiSabi protocol. The latter will facilitate faster and more cost-effective transactions on the Wasabi 2.0 wallet, laying the foundation for automatic CoinJoin Bitcoin payments and transactions.

CoinJoin (CJ) is a privacy enhancement method that mixes several Bitcoin transactions into one pool, obscuring the transaction sender’s view and receiving address.

According to the lead developer and co-founder at Wasabi wallet, Adam Ficsor, the new update will allow users to choose between implementing the CoinJoin privacy feature or making transactions on the public chain. Wasabi Wallet 2.0 users will have a selection of privacy targets, including “none, some, high and Snowden,” Ficsor further stated.

Not only will the updated wallet focus on privacy but user-experience as well, the statement reads. The Bitcoin wallet provider will offer an effortless method for novice users allowing automatic CoinJoin payments. It further reads,

“Manual CoinJoining will be a thing of the past or for power users only.”

However, de-anonymizing such transactions on CoinJoin can be easy if the number of transactions in the pool is low. This raises privacy issues that WabiSabi is looking to solve once it launches together with the Wasabi Wallet 2.0 update. According to the statement, WabiSabi will allow users to put in any amount of Bitcoin in the CoinJoin pool – independent from other users – which increases the levels of privacy on CoinJoin.

Ficsor finally stated many users would prefer privacy-enhanced transactions instead of normal wallet transactions despite the CoinnJoin transactions taking some time before being released. Hence the firm’s goals in introducing automatic CoinJoin transactions. He finalized by stating,

“To improve upon these, we’re planning to make CoinJoining automatic by default and build upon the realization that coin control is mostly friction when the user would like to spend conjoined coins, so we should be able to introduce a simple send for that.”

Wasabi 2.0 is expected to launch in the coming six months – with the time interval set anywhere between 3 and 14 months.

Read Original/a>
Author: Lujan Odera

Ethereum Holders Not Staking ETH Altogether Is “Not Unreasonable” – ConsenSys DeFi Report

Ethereum 2.0 is likely to launch its genesis block in Q4 2020, says Ethereum developer ConsenSys in its latest DeFi report.

With the launch of the first phase, Phase 0 – Beacon Chain, the long-anticipated staking will come to ETH. The Proof of Stake consensus mechanism will allow the holders to earn rewards through staking Ether. For this, validators have to lock up their ETH. But this may become a problem as the report states,

“Some community members expressed concern that DeFi could be the number one threat to getting a significant amount of staking participation in Eth2.”

The Risk of Locking ETH

DeFi has been the star of Q3 2020 as it saw “the largest bull run since the ICO boom of late 2017 and early 2018.”

This DeFi bull run started with Compound’s governance token (COMP) release, leading to a frenzy of activity and an exuberant amount of yield.

With various DeFi protocols offering higher returns than staking, ETH holders may elect to direct their tokens elsewhere that wouldn’t even require them to lock ETH up for an unspecified amount of time.

“It is not unreasonable to worry that ETH holders would (at best) wait to see how early staking returns compare to DeFi returns, or (at worst) decide altogether not to “risk” locking up ETH until Phase 1.5 (which is likely at least a year away) in case another similar bull run occurs in the meantime.”

But the team sees the emergence of derivative tokens representing the users’ pooled token. As we reported, recently launched project Lido has already announced the same intentions.

However, it remains to be seen how the holders will really react when the time comes with considerations like the amount of liquidity an ETH holder can access, the volatility of Eth1.x vs Eth2, and the evolving user experience of being an ETH holder to play into their decision making to lock funds.

Major Changes Expected

The report also covered how it was the rise of Automated Market Makers (AMM), governance tokens and yield farming, forks, derivatives, and network effects, and weird DeFi where it “began to incorporate memetic internet culture into the lexicon,” were the trends that defined Ethereum DeFi in Q3.

Although the excitement has come down extensively and the price of DeFi tokens are in capitulation mode, in the afterglow still, “smart financial and technical minds are increasingly attracted to the financial capabilities of Ethereum,” states the report.

These rapid innovation periods also saw an increase in ETH locked in DeFi protocols and a spike in the average gas price. But,

“As the Ethereum community prepares for an upgrade to the base protocol, and the Eth2 Deposit Contract goes live in Quarter 4 of 2020, this cycle could see major changes as DeFi continues to drive major activity on Ethereum.”

Read Original/a>
Author: AnTy

OpenZeppelin Launches Defender Developer Suite Allowing DApp Building In ‘Minutes’

OpenZeppelin announced the launch of Defender, a developer suite aiming to help developers build smart contracts in “minutes,” on Tuesday. The suite aims to enhance and automate the development and the building of decentralized finance (DeFi) applications on Ethereum. Allowing developers to concentrate on creative inventions instead of spending time rewriting “fundamental code.”

So far, four of the top DeFi platforms – including Aave, dYdX, Compound, and Balancer – are using the product to automate the development operations when building DeFi products.

OpenZeppelin is an Ethereum focused development group providing a secure standard for decentralized applications on the blockchain. Doubling up as one of the top Ethereum smart contract audit firms, OpenZeppelin’s Defender suite will make it faster (development in minutes) to build dApps on a “secure self-secure infrastructure.”

Moreover, OpenZeppelin’s chief technology officer, Jonathan Alexander – speaking to Cointelegraph – stated that easing the process of creating DeFi apps could help reduce the risks of hacks and attacks on smart contracts.

Recently, the Harvest Finance smart contract was exploited as liquidity providers lost $25 million in staked funds. This has been a recurring problem across the decentralized finance ecosystem, including Balancer, YAM Finance, Uniswap, etc. – a problem Alexander believes “could have been avoided or reduced by following a careful security process.”

However, most startup teams lack a transparent security audit due to cost and a “comprehensive system that fully informs them on security best practices and how to assess risk,” he continued.

Props, a blockchain firm using OpenZeppelin’s Defender suite, CEO Peter Watts praised the ease-of-use and enhanced security it offers. He stated,

“Working with high-value smart contracts can be stressful. OpenZeppelin Defender relieves that stress by dramatically reducing the room for human error, making smart contract management simple and safe – it’s a no brainer that will improve the security and efficiency of any team.”

The Defender suite is open source, free, and available for any developer to use Ethereum test nets, including Ropsten, Rinkeby, Kovan, and Goerli.

Read Original/a>
Author: Lujan Odera

German Central Bank Official: CBDC Proposal is More ‘Political Strategy’ than Technical Decision

A popular figure in the German central bank has said the decision to launch a digital Euro is more politically motivated than the technical value proposition. Burkhard Balz was speaking at the Europe-Asia conference where he made the remarks. These sentiments coincide with a spike in CBDC interest, especially in Europe, where the ECB has zeroed in on the possibility of a digital Euro in recent months.

According to Balz, this move would be more politically motivated, given the fiat domination dynamics when it comes to reserve currencies. He went on to suggest a more detailed assessment based on this opinion,

“Introducing CBDC is a political decision rather than a technical decision. Therefore, a comprehensive conceptual analysis and assessment of CBDC relative to alternative options is necessary – especially in terms of the fulfillment of our mandate, but also regarding its impact on society as a whole.”

Nonetheless, he also highlighted the need to move swiftly, given the current progress to maintain Euro confidence if a virtual monetary policy shift is inevitable. Balz believed that a collaborative international approach would yield better results in developing seamless ecosystems to support global payment networks’ growth.

As for the risks associated, Balz mentioned that a CBDC could set precedence for ‘digital bank runs’ in a situation where these digital assets are held as a store of value instead of being used for payments. On the issue of stablecoins, he was adamant that they should be issued with the blessings of monetary bodies and regulatory authorities,

“I believe that it is in the interest of the global central bank community that new payment arrangements, like stable coins, with potentially global reach, should only be offered if appropriately regulated and supervised.”

With such ongoing discussions, it might not take long before a particular jurisdiction officially launches its own CBDC. Currently, China’s digital yuan is the most progressive in the pilot phase for a couple of months. Other Asian giants like Japan and South Korea are planning to follow suit with their pilot CBDCs scheduled for next year. Europe has also filed for a digital Euro trademark as discussions hit upon its viability.

Read Original/a>
Author: Edwin Munyui

Atari to Launch a Token to Sell its New Gaming System, VCS; First Hardware in Over 20 Years

Legendary players, Atari is all set to launch its new hardware in more than two decades. But this time, it comes with a twist of crypto.

By introducing a way for gamers to spend cryptocurrency in the play, Atari, once an incredibly popular gaming company that has fallen from grace, weathered bankruptcy, and now facing stiff competition from the likes of Microsoft’s Xbox and Sony’s Playstation, which are preparing to launch their new video-game consoles, is attempting to restore its former glory.

Atari VCS, called mini-console or a gaming computer, was first teased several years ago and is expected to ship next month; it will offer access to over 100 Atari arcade games and home classics.

In its efforts to remain relevant, Atari brings crypto into the mix by letting consumers buy products using Atari Tokens that will go on sale in late October.

The tokens will be available from Oct. 29 on Bitcoin.com Exchange, which will start selling $1 million worth of Atari Tokens to retail investors at 25 cents apiece outside of the US.

Initially, these tokens can be used for in-game purchases and partner games. Eventually, the tokens will be used in the broader gaming ecosystem if the company’s effort to create standard currency for the industry becomes a success.

Atari is reportedly working on a gaming stablecoin but isn’t any close to launching, as per Chief Executive Officer Frederic Chesnais, who led Atari out of its 2013 bankruptcy.

“We have a brand, we have a following — we think we are going to get some attention in any case,” said Chesnais, who added that the iPhone is more his competition than an Xbox or PlayStation. “After that, the product has to be good.”

The crypto push is part of Chesnais’s seven-year effort to bolster Atar SA and make it more modern and relevant.

So far, over 11,500 people have preordered the new hardware via Indiegogo, a crowdfunding site, where Atari ran the campaign and took in more than $3 million.

“We’ll see how it plays up,” Chesnais said. “We don’t need to sell millions in the beginning, it’s a long-term effort.”

Read Original/a>
Author: AnTy

The Most Anticipated Token is Gearing Up for its Launch This Week

In anticipation of the mainnet launch, Filecoin, which aims to be a decentralized storage network, has entered its lift-off week.

First released in mid-2014, the community is eagerly awaiting the Filecoin launch. In August 2017, the project had raised over $200 million within 30 minutes during the last bull run. And now, as the crypto market gears up for yet another one, Filecoin is ready for yet another big step.

Barry Silbert, the founder and CEO of Digital Currency Group, the parent company of Grayscale, Genesis, and others, is already excited as he wrote, “Who else is excited about the launch of Filecoin next week?”

Given that it has already been more than six years for this project to be in the market, it is past time that it leaves its testnet phase, and its mainnet is launched.

Filecoin Network Overview
Source: Network Overview

“The hottest upcoming token is Filecoin–joining Polkadot, @avalancheavax, etc. as one of the most anticipated of the year,” as noted FTX CEO Sam Bankman-Fried.

While it is clear that FIL is “very hot right now,” he did clear it up that one shouldn’t necessarily buy it as there is no knowing if it will go up or down in the future.

Cryptocurrency exchange OKEx has already announced that it will open deposit and withdrawal services right after the project’s launch on Oct. 15, 2020. The exchange will also rebalance its FILUSD index and make changes to its perpetual swap contract’s trading rules.

According to Colin Wu of Chinese crypto media publication, another Asian exchange, Huobi’s Pool Mining Machine Mall, will be launching a Filecoin mining machine.

Amidst this anticipation launch, Wu also shared that while supported by Chinese investors and miners, “its main distributed content storage will be greatly restricted by the Chinese government’s content supervision, and may even be stopped by the Chinese government.”

Moreover, if any politically related information is discovered to be stored on it, Filecoin will also be “severely punished.” Because miners derive the income from it, the risk of the content violations will also fall on them.

Read Original/a>
Author: AnTy

Japan’s Central Bank to Launch Its Digital Yen Pilot in 2021; China’s CBDC Accelerating BoJ Plans

  • Bank of Japan (BoJ) plans to launch pilot programs on the digital yen in April 2021.
  • The central bank digital currency (CBDC) will not be distributed to the general population yet.

Japan is playing catch up to China’s CBDC plans, Kenji Okamura, vice-finance minister for international affairs, said in an online seminar on Friday, as Reuters reported. Speaking on the dangers of being left behind by the largest Asian economy in digital currencies, Okamura called for the country to move towards developing its own digital yen.

“The (digital) renminbi is moving at a relatively fast pace – presumably, they are aiming to take the first-mover advantage,” he said.

“First-mover advantage is something we should be afraid of.”

Less than 24 hours following the comments, the Bank of Japan (BoJ) announced its plans to officially draft a digital yen plan as early as the start of its next financial year – in April 2021. The report, titled, The Bank of Japan’s Approach to Central Bank Digital Currency, gave the central bank’s first full picture of what its CBDC will consist of.

As reported before, the digital yen will comprise of two main “digital coins” – wholesale CBDC and the general purpose CBDC. BoJ will begin a series of testing phases on the coins by developing a test environment for the CBDC and experiment with its core function as a payment instrument among the general public.

“The Bank will first test the technical feasibility of the core functions and features required for CBDC through a Proof of Concept (PoC)”.

The first proof of concept phase is expected to test basic functions needed in a central bank digital currency, including issuance, redemption, and distribution. The second PoC phase will experiment on additional features on a test environment, checking for a digital yen’s feasibility in the economy. BoJ will then launch a pilot program if the CBDC is successful.

The report further targets security, convenience, and resilience as the main pillars for a successful launch of the CBDC. The latter remains a key factor given the geographical nature of the islandic country.

“Offline use in times of system and network failures as well as electrical outages is also important for Japan, given the frequent occurrence of natural disasters.”

However, the BoJ stressed they still do not have any plans to launch the CBDC to the general public, stating,

“While the BOJ currently has no plan to issue CBDC…it’s important to prepare thoroughly to respond to changes in circumstances.”

Read Original/a>
Author: Lujan Odera