Largest Stablecoin, Tether (USDT), is Now Live on Ethereum Scalability Solution, Hermez Network

Largest Stablecoin, Tether (USDT), is Now Live on Ethereum Scalability Solution, Hermez Network

  • The solution will lower the rising gas and transaction fees on Ethereum.
  • Competition for Tether is on the rise.

Tether’s stablecoin, USDT, is now live on Hermez, a scaling solution on Ethereum based on the ZK-rollup solution. Announced on Monday, the move to Ethereum Layer 2 is set to reduce the hiking gas fees, which have been rising as the DeFi and NFT space grew on the blockchain.

Hermez zk-rollup solution launched earlier this year to ease the load on Ethereum. Rollups provide a solution by batching up many transactions into one transaction, reducing the blockchain fees and data storage costs. The key to rollups is the concept of having a small fraction of data on the L2 chain (Hermez) represent all important data on Ethereum.

In this case, every Tether transaction completed, balance, and user accounts on the Hermez rollup will be available on the Ethereum network despite only a fraction of the information being broadcasted on the second-largest blockchain. Hermez leverages the zk-SNARK rollup solution that allows bundling transactions into one single transaction.

Speaking on the move to a nascent layer 2 solution, Paolo Ardoino, Tether’s CTO, said the solution would “solve the issues of scalability and high transactions on the Ethereum network.” Tether became the first stablecoin to launch on Hermez. He added,

“Tether takes its pivotal role in the digital token ecosystem seriously. We’re committed to overcoming technical hurdles while doing our utmost to make manifest the many great projects that developers are working on in our space.”

Tether’s move to Hermez will help free up storage on the blockchain, effectively reducing ETH fees. Data from Ycharts shows that the average fee for a single transaction on ETH is $22, as of writing, locking out users with small amounts of funds from using the platform. Hermez promises over 90% reduction of the average tx fee, which would lower the transaction fee to less than $2.

Tether’s move to Hermez follows the integration of Tether on Polkadot blockchain and Kusama networks earlier this month.

Competition for Tether

The rising gas fees on Ethereum are causing many exchanges and users to move to better solutions and cheaper blockchains. Tron, the 18th largest blockchain, has grown to become the leading competitor to Ethereum on the value of USDT transferred across networks.

Data from Coinmetrics confirms USDT transferred on Tron has reached parity with Ethereum raising concerns for the largest smart contract network.

Tether, which represents about 70% of the total stablecoin market, has significantly grown to a $48 billion market cap placing itself sixth on Coingecko rankings.

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Author: Lujan Odera

TrueUSD (TUSD) Stablecoin to Go Live on Tron Network Tomorrow

TrueUSD (TUSD) Stablecoin to Go Live on Tron Network Tomorrow

USD-backed ERC20 stablecoin TrueUSD (TUSD) would launch on Tron’s TRC20 blockchain in two days. This was made known by Tron’s CEO, Justin Sun, via Twitter.

TrueUSD Finally Coming to Tron

TrueUSD’s decision to launch on the Tron network comes barely a month after the stablecoin launched on the Avalanche (AVAX) blockchain, an open-source platform specializing in hosting decentralized finance (DeFi) applications. It currently runs on Avalanche, Binance Smart Chain, and Ethereum.

The company had also disclosed that many other TrustToken products would go live on Avalanche and play a vital role in DeFi applications on the platform.

Created in 2018, TrueUSD is one of the five largest fiat-backed stablecoins by market capitalization. It is one of several stablecoins developed by TrustToken.

TrustToken also offers stablecoins backed by pound sterling, the Hong Kong dollar, the Canadian dollar, and the Australian dollar.

Tron’s TRC‌20 standard is a technical protocol for smart contracts on the Tron blockchain for implementing tokens with the Tron Virtual Machine (TVM).

The Tron Foundation, the Singapore-based non-profit organization that runs the network, had previously said that the TRC20-based USDT would enable interoperability with TRON-based protocols and decentralized applications (dApps) while allowing users to transact and exchange fiat pegged currencies across the Tron Network. TRX 9.41% TRON / USD TRXUSD $ 0.12
$0.019.41%
Volume 6.35 b Change $0.01 Open $0.12 Circulating 71.66 b Market Cap 8.84 b
4 h TrueUSD (TUSD) Stablecoin to Go Live on Tron Network Tomorrow 1 d Tether (USDT) to Become First Stablecoin on Polkadot (DOT) And Kusama (KSM) Network 1 d Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still ‘HODLing and Not Selling’

TUSD Joins USDt On Tron Blockchain

TrueUSD (TUSD) will be the second dollar-powered stablecoin to run on TRC20 following USDt’s integration.

Tether launched on the Tron network in March 2019 and has since circulated thousands of USDt on the blockchain.

The stablecoin has enjoyed market dominance since its entrance into the market in 2014. Even though alternative stablecoins [like USDC, DAI, BUSD, PAX, & GUSD] have followed since then, it has retained its position as the number one stablecoin due to its first-mover advantage.

Tether was created in response to the growing need among traders to quickly allow movement of funds between different exchanges while benefiting from the USD’s stability. Despite its successes, Tether has had its fair share of criticisms. And it all boils down to its reserves—and whether or not it has enough cash reserves to meet its obligations when needed.

However, in a recent assurance report by accounting network Moore Cayman, Tether proved that it was fully backed by cash reserves, which is sufficient for redeeming all of the circulating USDt.

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Author: Jimmy Aki

Bancor Now Burns BNT with Every Swap With The Vortex Burner (vBNT) Launch

The Bancor Vortex vBNT burner is now live, announced by the team on Monday as the Bancor Vortex Burner gets deployed on the Ethereum mainnet.

Under this new feature, the burner will collect 5% of swap fee revenue and uses it to buy and burn vBNT. The team will be making the burn rate a critical part of BancorDAO’s flexible monetary policy and may even push it to 15%. The team says,

“vBNT will now be burned with every swap — locking BNT in the protocol forever and putting deflationary pressure on the circulating supply of BNT.”

This obviously means good things for the prices for the $1.30 billion market cap BNT, which is currently trading at $7.50, up 476% YTD.

The decentralized exchange (DEX) currently manages about half a million dollars worth of volume in a week and accounts for 3.5% of the market share, as per Dune Analytics.

Through continued buyback and burning, vBNT burning increases locked liquidity, reduces the circulating supply of BNT, and increases lending capacity. The team states,

“The full powers of the Bancor Vortex can now be accessed to perform key actions on the network that drive increased value to traders, LPs and the protocol’s owners, BNT holders.”

These actions include swapping, staking, and borrowing. Using the liquidating pools means generating fees, and in turn, the amount of vBNT bought and burned which means, as the volume rises, the burning of vBNT accelerates.

As for borrowing against staked BNT, it will allow one to earn additional yield by providing more liquidity.

“When you sell your vBNT, you’re effectively betting that if/when you eventually buy back the vBNT needed to retrieve your full BNT stake, the revenue you’ve earned with your borrowed tokens is of greater value than the amount of vBNT you originally sold.”

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Author: AnTy

Saturday Night Live (SNL) Answers “What the Hell’s an NFT” in An Eminem Style Rap

Saturday Night Live (SNL) Answers “What the Hell’s an NFT” in An Eminem Style Rap

If you still don’t know what non-fungible tokens (NFTs), “Saturday Night Live” has you covered.

On the Weekend, SNL posted a clip on Twitter called “what the hell’s an NFT” that has received 10k retweets and 39k likes so far. While Tesla CEO Elon Musk called it “Nice,” Justin Sun of Tron (TRX) cryptocurrency wants to know, “where can I buy the NFT of this video.”

The NFT mania reached the late-night show when former cast member Maya Rudolph, acting as the parody of US Treasury Secretary Janet Yellen, gets asked by a university economics class what is an NFT.

In an Eminem-inspired rap, cast members Pete Davidson dressed as Batman’s sidekick Robin and Chris Redd as Morpheus from “The Matrix” series tries to explain NFT in the roughly 3-minute skit.

“Now what the hell’s an NFT?!” starts Robin, rapping, “Everyone’s doin’ it like Gronkowski.”

Special musical guest Jack Harlow as a janitor, arrives with his more concise explanation.

“Non-fungible means that it’s unique. There can only be one like you and me. NFTs are insane, built on a blockchain. A digital ledger of transactions, it records information on what’s happening. Once it’s minted, you can sell it as art,” Harlow rapped.

NFTs are all the rage right now, helping the artists make a fortune, which according to the artists and crypto market participants, is just the beginning.

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Author: AnTy

Ethereum Layer 2 Solution, Hermez Network, Mainnet is Live; Using ZK-Rollup’s For Cheap Payments

Ethereum Layer 2 Solution, Hermez Network, Mainnet is Live; Using ZK-Rollup’s For Cheap Payments

Hermez Network, a layer 2 blockchain scaling solution on the Ethereum network, is now live on the mainnet. Hermez’s launch on Ethereum hopes to solve some of the transaction bottlenecks that have plagued the network.

Cheaper and Faster Transaction Speed

This is a major relief for developers who rely on Ethereum to run their applications.

Hermes uses the Zk-rollup, which compiles hundreds of transactions into a single transaction while eliminating data storage and gas fees for verifying transaction blocks.

Hermez’s zk-rollup is set to address this issue with the off-chain aggregator and promises to increase transaction speed 100 times over.

Jordi Baylina, head of tech at Hermez, said this latest release would see users save around 90% in gas fees.

With each transaction on the Ethereum network costing roughly $17, a 90% discount would see developers pay a meager $1.60 per transaction.

The first set of digital assets supported by Hermez includes Tether, Ether, Wrapped Bitcoin, Dai, and Hermez’s token HEZ.

The development team says other crypto-assets will be added as time goes by.

The Ethereum blockchain has witnessed network congestion and higher gas fees in recent months.

This is due to many reasons. Chief of which includes the popularity of the decentralized finance (DeFi) of 2020 and the non-fungible token (NFT) frenzy of 2021.

These bottlenecks have seen gas fees climb as high as $40 per transaction making the Ethereum network unfavorable for users.

Gas fees are not the only issues that have plagued Ethereum. The transaction speed or throughput, as experts call them, is also a major problem. Ethereum presently averages 15 transactions per second (TPS) which is slow compared to Polkadot’s 1000 TPS.

Layer 2 blockchain solutions using rollups have helped Ethereum stay in the DeFi game despite its challenges. Rollups are of two types zero-knowledge proof (zk-rollup) and optimistic rollup (ORU).

Ethereum co-founder Vitalik Buterin has spoken highly of zk-rollups being the future as the world waits for the deployment of Ethereum 2.0. Buterin said zk-rollups would win in all use cases, both in the medium and long-term scenario.

In speaking of the sister scaling solution, Buterin said ORU would address short-term computational needs.

Hermez Pursuing Full Decentralization

The Hermez zk-rollup is a big win for the Ethereum community, which is seriously challenged in the DeFi market by blockchain projects like Polkadot and Cardano. The layer 2 scaling solution is just an overlaying blockchain on the Ethereum mainnet and is a nested blockchain.

Operating mostly off-chain and consuming as little as 10 bytes per smart contract transaction, Hermez’s zk-rollup solution is touted as a major plus for the Ethereum network. In contrast to the optimistic rollup offering, funds are easily withdrawn from the network without a lockdown window.

Pol Lanski, lead of ecosystem development Hermez, said there are still some parameters the development team is working on to make it a fully decentralized network. The company said 40% of all gas fees they receive would be channeled towards building more decentralized software.

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Author: Jimmy Aki

Wrapped Monero (wXMR) Goes Live On Ethereum Extending DeFi Capabilities To Holders

Wrapped Monero (wXMR) Goes Live On Ethereum Extending DeFi Capabilities To Holders

Cryptocurrency custodian BTSE introduces ‘Wrapped Monero’ on to the Ethereum blockchain. This aims to boost the overall DeFi capabilities to XMR holders.

Privacy tokens such as Monero (XMR) are widely used to mask transactions and preserve user privacy– factors have led to the delisting of XMR on multiple exchanges; Bittrex, the latest exchange to delist privacy-enabled cryptocurrencies. However, this could change with the latest development from the crypto custodian, BTSE – wrapped Monero (wXMR) – a synthetic token built on Ethereum and backed on a 1:1 basis to XMR.

To obtain wXMR, users will need to deposit XMR to BTSE and use the conversion feature to wrap and unwrap them at will at a 1:1 ratio. BTSE will be the sole custodian and in charge of securing the XMR tokens deposited to mint the wXMR. This being the first-of-its-kind asset, BTSE stated the “Proof of Reserves” on privacy tokens is a bit harder than on open blockchains such as Bitcoin and Ethereum.

So, Why Wrapped Monero?

The launch of wXMR tokens offers users a gateway to spend and use their XMR tokens on Ethereum, expanding the overall DeFi ecosystem. This is expected to “bring additional liquidity to the DeFi ecosystem,” the statement from BTSE reads. Wrapped XMR will allow users of XMR to use their tokens on DeFi products to borrow directly, lend, yield farm, and any other function without the need to sell their tokens to ETH or stablecoins.

Moreover, this is aiming to change the bad publicity that privacy-enabled cryptocurrencies are getting. Over the past year, multiple exchanges have delisted privacy coins such as XMR, DASH, and Zcash from their platforms, citing regulatory uncertainty as to the main reason. Following the FATF ‘Travel Rule’ notice, OKEX Korea paused trading of XMR. Shortly after, Colorado-based Shapeshift delisted privacy coins adding to the unceremonious delisting of these coins from BitOasis and Bittrex.

The delisting of XMR from regulated crypto exchanges arises from money laundering fears and extreme privacy that the crypto employs. With over $2.5 billion market cap, Monero is the largest private crypto employing the “Cryptonote” algorithm to obfuscate both the sender’s and receiver’s address.

Such privacy has seen the coin rise as one of the most popular coins on dark web marketplaces and wanted ransomware payment. In October, ahead of the U.S. Presidential election, hackers demanded XMR payment after attacking Donald Trump’s official campaign website.

The quest to unmask Monero’s privacy led the IRS to raise a $625,000 bounty for companies to build a tracking solution for Monero and the Lightning Network. A cybersecurity firm, CipherTrace, in November, registered its second patent to track Monero.

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Author: Lujan Odera

Superbowl Prediction Market Goes Live on Derivatives Exchange, FTX

Superbowl Prediction Market Goes Live on Derivatives Exchange, FTX

Cryptocurrency derivatives platform, FTX has listed the “National Football Conference Superbowl 2021” (NFC-SB-2021) contracts.

The annual championship game of the National Football league is played on the first Sunday in February which this time falls on Feb. 7.

FTX is now allowing people to bet on the future of this game.

Those residing in the US, Canada, the European Union, the UK, Singapore, the UAE, Cambodia, Turkey, mainland China, and Hong Kong SAR, among other prohibited jurisdictions, however, are not allowed to trade these contracts.

These futures contracts expire to $1 if a team in the National Football Conference (NFC) wins the 2021 Superbowl and $0 if a team in the American Football Conference (AFC) wins. If there is no winner by July 1, 2021, these contracts will expire at $0.50.

Both NFCWIN-SB-2021 and AFC-SB-2021 are ERC20 tokens that will be redeemable on FTX for either $1, $0, or $0.5 based on the results of the Superbowl. These spot tokens are tradeable on the platform.

Currently trading at a market price of 0.423, they have an open interest of 535 SUPERBOWL with a trading volume of $101 in the past 24 hours.

FTX continues to jump on the trends and bridge the gap between crypto and mainstream markets. So far it has listed Pre-IPO contracts of the likes of Coinbase and Airbnb, tokenized mainstream stocks like Tesla, Google, Netflix, and launched the prediction market of 2020 US Presidential.

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Author: AnTy

Decentralized Protocol, Graph, Mainnet Goes Live; Coinbase Lists GRT For Trading

The day The Graph mainnet went live, Coinbase also listed the network token.

On Thursday, the San Francisco-based cryptocurrency exchange announced support for The Graph (GRT) at Coinbase.com. Coinbase customers can now buy, sell, convert, send, receive, and store GRT.

The token available in all Coinbase supported regions except for New York State is also available on its Android and iOS apps.

The same day the exchange also enabled earning up to $3 in GRT tokens on Coinbase Earn.

The decentralized protocol for indexing and querying data from blockchains, Graph makes it possible to build serverless dApps that run entirely on public infrastructure. It provides developers all the public data to build decentralized applications.

On Thursday, the project launched its maninnet after three long years of testnet. The testnet saw more than 200 Indexers deploying nodes and over 1,600 individuals successfully completing the Curator program.

In six months, the project saw the usage of its hosted service growing 10x from 1 billion in June to over 10 billion in November. Top DeFi applications like Curve, Zapper, Uniswap, Decentraland, and others are already using their Subgraphs. Yaniv Tal, Project Lead and Co-founder of The Graph said,

“It’s surreal that after years of hard work, our vision for a global decentralized indexing and API layer for Web3 has become real. We really believe in decentralization and the launch of The Graph Network is a major milestone for enabling humans to cooperate and organize in a decentralized way.”

The native token of the project GRT is used to coordinate the network, and node operators called Indexers can stake and earn the tokens for processing queries. The ERC20 token is currently trading at $0.19, up 62%.

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Author: AnTy

Binance ETH 2.0 Staking Rewards Goes Live; Early Users to Receive ‘Double Rewards’

  • Binance goes live with Ethereum 2.0 staking.
  • The exchange is offering double rewards for early staking users on the platform.

Binance, the world’s largest cryptocurrency exchange, announced that it is supporting the ETH 2.0 staking program starting today on Tuesday. In its press release, Binance also promised early ETH 2.0 staking users would receive extra rewards in its native BNB token.

According to the post, the crypto exchange will reward participants in ETH 2.0 staking with BETH tokens, which are redeemable for ETH at a ratio of 1:1 once ETH 2.0 Phase 1 launch.

“Binance has launched an ETH 2.0 Staking service starting from 2020/12/02 0:00 AM (UTC),” the post reads. “Users that participate in ETH 2.0 staking will receive BETH* at a ratio of 1 ETH = 1 BETH.”

The ETH 2.0 staking rewards will be paid out to users daily in BETH, with the reward period starting immediately after launch (already launched).

Eth 2.0 launched Phase 0, or the Beacon Chain, on Tuesday, starting a multistage process towards a full proof-of-stake (PoS) system from the proof-of-work (PoW) consensus mechanism.

The minimum threshold to stake ETH 2.0 on Binance is 0.0001 ETH with a staking APY of 5% to 20% offered based on the actual on-chain APY at any given time. Once ETH 2.0 Phase 1 goes live, expected in two years, BETH holders will be able to redeem their tokens to ETH at 1:1. The statement further reads,

“In the future, if BETH is made available for trading, users will be able to trade between ETH and BETH freely.”

Staking on Binance is set to reduce the hustle of participating on-chain to receive rewards, cover all validator operating expenses, and bears the risk of on-chain penalties on behalf of the user.

Double rewards for early ETH 2.0 staking

Notwithstanding, Binance is also running a double staking reward program that sees the early staking users receive both BETH token rewards and Binance’s native token, BNB. All KYC-verified ETH 2.0 staking users will receive an additional reward in BNB to the equivalent of their BETH rewards.

The rate will be calculated at the current BNB/ETH rate with the rewards distributed in two rounds – on Dec. 11. And Dec. 16.

Also Read: Coinbase Supports Staking & Trading of ETH 2.0

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Author: Lujan Odera

Contour Trade Finance Platform Backed by HSBC Launches; Reducing LC Processing Time by 90%

Contour, a blockchain-based trade finance platform, has gone live after a successful beta testing phase. The trade finance platform aims to optimize the traditional financial system by digitizing them and putting them on a blockchain. The trade finance platform is backed by 8 major banks, including HSBC, Citi, ING, Bangkok Bank, BNP Paribas, CTBC, Standard Chartered, and SEB.

The platform was launched back in 2017 as Voltron built on top of the R3s Corda Platform. The platform promise to ease up the slow bureaucratic process for several institutions and companies via a global blockchain network. HSBC tweeted about the official launch of the platform and said,

“We’re excited to announce the world’s first global, decentralized, digital trade finance platform using #Blockchain technology has gone live this week to coincide with #Sibos2020:”

However, it is also important to note that the network is a private blockchain that would be exclusively available for partner companies for data sharing. Thus, even though HSBC’s tweet calls the platform a decentralized network, it is not centralized in the traditional sense.

How Would Contour Optimize Traditional Trade Finance?

After its launch, the first goal for Contour would be to optimize the letter of credit (LC) process among parties, which, on average, takes 10 days to process currently. With Contour’s blockchain system, the time consumed for processing would be reduced by 1/10th, taking around 24 hours.

Contour would develop a rulebook and membership agreement system, which would allow for the reduction of processing time by 90%.

Carl Wegner, the CEO of the platform, explained how the rulebook would help in optimizing the process and said,

“The rulebook is really important. Rather than having to string together four or five different legal agreements between the buyer, seller, buyer’s banks, and seller’s banks, which was very onerous, we now have a rulebook which makes it very easy for everybody to sign up and know what their roles and responsibilities are.”

With the official launch of the platform, all the existing members would migrate to the main net. However, it is unclear how many other members are on the platform apart from the official partners.

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Author: James W