Celo Dollars (cUSD) stablecoins are now live on the platform’s mainnet according to a medium post by the foundation on June 29. This comes barely two months since Celo’s mainnet went live; the project has been making aggressive moves in both development and community growth. With Celo’s stablecoin (cUSD) now accessible, the foundation is optimistic that its vision of an all-inclusive financial ecosystem will be realized.
Notably, Celo’s infrastructure has been gaining popularity as its Alliance membership surged following its debut in March with an initial 50 members. Two months in, the number had grown to 75 as more players collaborate to expand Celo’s ecosystem. Prominent names contributing to this project include Bison Trails, Alpha Wallet, Paxful, Polychain, and Mercy Corps, to mention a few. Currently, the Alliance’s focus is in four areas; communications, policy, remittances, and international aid.
The Celo Dollar (cUSD)
As cryptocurrencies take the center stage of digital asset innovation, programmable money is a no brainer for today’s economy. It is, therefore, not surprising that the digital currency trend has been resilient since Bitcoin recorded ATH back in 2017. Consequently, crypto market players have come up with ways to eliminate some aspects of volatility hence the rise of stablecoins over the course of 2019.
Celo Dollar (cUSD) is designed to further enhance the grown of $34 billion P2P markets, $1.4 trillion PoS market, $248 billion gig economy, and $87 billion remittance market. Users can leverage the cUSD to make touchless merchant payments in the wake of COVID-19 preventive measures. They can also send or receive Celo Dollars locally and internationally at friendly fees that are as low as $0.01.
Finally, this Celo based stablecoin can be used to access financing by borrowing at interest. This is especially valuable in economies with a high unbanked population given the increase in smartphone accessibility hence the opportunity to operate on Celo’s network instead.
The Celo Alliance is considered a Libra rival in the digital currency space but may soon be in the clear should regulatory pressures favor its existence. It has been making significant milestones since we began 2020, including a $700k grant allocation to startups building on the Celo blockchain network. cLabs, Celo’s founding company, also raised $10 million in the Celo Gold (cGLD) token sale on CoinList in which around 509 global investors participated.
Flash loans are among the new features of Uniswap v2
Uniswap v2 Goes Live on Ethereum Mainnet
In an announcement on May 19, 2020, decentralized finance platform, Uniswap, announced that its new set of updates are live on Ethereum mainnet. This follows the successful testing of the platform on Ropsten, Rinkeby, Kovan and Görli testnets.
According to Uniswap’s project lead – Hayden Adams – the second iteration aims to solve the piercing challenges faced on the premier version including running all token swaps through ETH.
The Uniswap v2 will also add a new oracle system to complement its already running price oracle in a bid to onboard new users to DeFi projects.
The Uniswap v2 Upgrades
Following the announcement of Uniswap’s latest version back in March, the Uniswap v2 platform is finally live on the Ethereum network.
While the platform greatly differs from its predecessor, three features are highlighted in the post including:
Manipulation-resilient price oracles
The ability for anyone to create any token pair they want, if it’s on Ethereum.
Uniswap v1 supported an Ethereum-only swapping feature which always required two trades to complete ERC 20 token pair exchanges.
The second iteration is expected to have a direct pair of ERC 20 tokens; lowering the cost of the transaction while allowing liquidity providers to reduce their volatility on one side of the pool if paired with stablecoins.
The new v2 platform will include flash loans: a topic that has been met with a collective raising of eyebrows for many across the crypto industry.
To summarize: Flash loans permit a user to borrow any amount up to the total liquidity available, so long as the whole sum gets returned in the same transaction. The Uniswap v2 flash loans are expected to lower the overall number of transactions a user makes, saving them on fees.
Another distinctive feature is the introduction of manipulation-resistant price oracles that will provide backup for the Uniswap price discovery system. Uniswap will not use these price oracles as a main point of reference, however. But as a way of improving its own systems. Adams said:
“There is this huge demand for oracles, and it’s a very valuable thing to have an on-chain price feed, especially a decentralized one.”
Uniswap currently holds over $43 million in locked value on the platform representing a 2.3% drop in the past 24 hours.
Celsius Network, a crypto lending firm has teamed up with Chainlink to use its Oracle live data feeds to decentralize the process of estimation of interest rates on the platform. Chainlink has created a name for itself because of its Oracle real-world data feeds mostly used for smart contracts.
.@CelsiusNetwork, an industry leader with $600MM+ in assets under management, will be relying on Chainlink’s decentralized price oracles for their core offering’s interest rate calculation. Providing more decentralization and transparency for their users.
The partnership would see Chainlink put a portion of it’s Bitcoin and Ether holding under Celsius management, while Celsius network would make use of Chainlink’s pricing data for both on-chain and off-chain and put it into one price feed.
Celsius network has currently over $600 million worth of crypto assets under its management and offers above-market interest rates to its users. While up until now Defi applications were the primary users of the Chainlink oracle data are given its robust nature of pricing solution that it offers.
Chainlink’s Oracle Data Service a big hit in the decentralized space
Celsius is not the only prominent firm which has joined on the oracle data bandwagon, many prominent defi projects have seen the advantages of using real-world data to robust and decentralize the data. Sergey Nazarov, CEO of Chainlink noted,
“We’re allowing [Celsius] to make data inputs decentralized and what this can do is it can create a certain amount of guarantees we can show on-chain. Here’s the data that you were supposed to compute, here’s the number you would have computed if your computations were working correctly and then here’s the payment output you sent me.”
The recent crash in the crypto market on March 12 had quite a daunting impact on lending platforms as well. Many of those had to liquidate their collateral to solidify those loans as well.
Tron’s CEO, Justin Sun, kick-started the year by streaming a live telecast on Tron’s newly purchased DLive. He also streamed the telecast on Periscope as well as on YouTube.
In the message, Sun touched on several issues, but what caught the attention of most viewers was his strong stance on not selling their 33 billion TRX stash (worth approx $442M). Justin equally reiterated the company’s initiated launch of the buy-back project to retrieve the circulating TRX from the market, stressing that the coin is undervalued.
Tron Against Selling 33 Billion Worth Of TRX
Contrary to the viewer’s opinions, Justin said that the company doesn’t intend on relinquishing the hold of the 33 billion TRX stash, and doesn’t intend to sell it off to the market anytime soon. The company wants to minimize the circulation of the coins already on the market.
According to him, it would be a careless idea to sell the TRX holdings because such actions could send the price of the coin to the bottom of the chart.
TRX Unable To Grow Despite Massive Investment
Justin said TRX has not been able to meet up to its growth potentials, despite the tech advances and much collaboration the company has made for the asset. But even that will not deter Tron from holding on to the coin. Justin believes that it will be in the best interest of the company to keep hold of the TRX stash and with a plan to buy-back other TRX coins currently in the market. Tron believes that the time for the TRX coin to grow will come because it’s currently underrated.
Buying Back to Reduce TRX in Circulation
According to Tron, the main motive to launch a buy-back TRX is to reduce its amount in circulation. It is based on the theory that reducing the number of TRX in circulation will help to push up the demand, which can also impact a price surge. The whole scenario is based on the law of demand and supply.
Currently, there are too many TRX coins in circulation, which is the reason it has been underrated and remained below the expected price levels. But the buy-back initiative will ultimately reduce its supply, hence, increased demand for the coin as well as a possible increase in its price, Justin stated.
DLive Streaming App Would Provide Better Streaming Services
Justin has also promised the audience that Tron has a huge plan for the DLive streaming app. According to him, Tron plans to offer superior streaming services compared to other major centralized platforms like Periscope, YouTube, and Facebook. He further stated that Tron is working on getting more cryptocurrency influencers to upload their content on DLive.
Justin pointed out that Tron aspires to make DLive the fundamental platform for all cryptocurrency influencers. He welcomes everyone on board, promising not to delete anyone’s content or files, and his plans for the platform have already begun.
The cryptocurrency community’s sentiment seems to be very happy with this newest development, as it will open more doors for influencers and make the crypto business more mainstream.
The pilot digital currency project of the Bahamas is set to go live in Exuma today.
People who reside in the Exuma island will be able to enroll in the Project Sand Dollar initiated by the Central Bank of the Bahamas. The Bahamian government thinks that giving residents mobile wallets will facilitate future payments on the island chain. The launch has been announced by central bankers on December 24.
The Sand Dollar Dubbed as a Digital Fiat Currency
Bankers wanted to mention the Sand Dollar is not a stablecoin or cryptocurrency, nor that it will compete with the Bahamian Dollar. They named it in the project outline as a “digital fiat currency”, which means a digital version of the currency in use. However, the Bahamas does have a long-term plan to launch a central digital bank currency (CBDC) that will also be called Sand Dollar and link businesses with domestic residents in a 100% digital payment infrastructure. This means people will be able to pay retailers via QR codes linked to their wallets, and banks will move funds digitally. By doing this, the Central Bank of the Bahamas is looking to cut costs for printing currency and transactions while improving the process of financial inclusion.
The Sand Dollar Kept under Restrictive Limits
At the moment, the Sand Dollar is facing many governmental restrictive limits. For example, businesses can’t have more than $1 million kept in their digital wallets. Besides, they can’t make transactions that are over one-eighth of their yearly business through wallets, in a month. Individuals have a $500 limit that can be increased through their accounts’ “enhanced due diligence”. As the outline says, the limits will be varied by the Central Bank with time, as necessary.
The Bahamas launching a retail-based digital currency comes as many governments are looking to launch their own CBDC schemes. For example, the Swedish Riksbank is working on the E-krona, whereas China is about to launch a CBDC in 2020.
A linking page for the implementation will be live tomorrow, December 3rd.
Paolo Ardoino and Jameson Loop weighed in on the integration with Bitfinex.
The Lightning Network has promoted itself through the last year or so, as cryptocurrency proponents pushed a Bitcoin train through the social media platform, adding more BTC as it went along. Promoting the expediency of this network, it seems that the Lightning Network has officially gained the attention and the collaboration of its first exchange. This afternoon, Jameson Lopp took to Twitter to announce the implementation of the Lightning Network on Bitfinex.
Kudos @bitfinex & @paoloardoino on becoming the first major exchange to implement Lightning Network deposits and withdrawals!
Paolo Ardoino, the CTO of Bitfinex, as well as the CTO to Tether, was tagged in the post, as he replied that he was hoping that new users would be opening channels, promising a live linking page tomorrow.
Thanks @lopp Hope to see some casa HODL users opening channels with us! Tomorrow we’ll have our linking page live.
The new opportunity has caught the attention of quite a few Crypto Twitter accounts, like that of Charlie Shrem (founder of BitInstant and the Bitcoin Foundation), and has already been retweeted over 50 times.
WhalePanda also announced that the news on Twitter, linking to the Bitfinex website.
Back in June, Crypto Ticket reported that Ardoino confirmed plans for Tether to be launched on the Lightning Network by the end of the year. At the time, Bitfinex’s team was working to mount Tether on Liquid, with the help of Blockstream, for asset delivery on the Lightning Network.
Speaking with The Block in March 2019, Ardoino said,
“We really love [Lightning Network] (I personally do a lot), so we want to make sure we learn and contribute to it with our resources.”
His remarks were made regarding Bitfinex’s involvement with the Tether launch, but it seems that his appreciation for the fast-moving network has not changed.
The Lightning Network a second-layer payment protocol, operating on top of a cryptocurrency based in blockchain, like Bitcoin. The purpose of this protocol is to speed up transactions between participating nodes. It is primarily advertised as a solution for the scalability issues that Bitcoin has faced.
Along with the launch of Lightning Network integration, Bitfinex recently announced their upgrade of Multi-Collateral DAI, which replaces the former “single-collateral” DAI token, which has been renamed SAI. Deposits and withdrawals of DAI is now available on the platform.
Bitfinex teased about “two exceptional integrations” earlier this morning on Twitter, and it might be safe to say that the integration of the Lightning Network is one of those two. However, no information has been confirmed or promoted on the official Twitter account for Bitfinex, so maybe there is more to come.
XRP inflation rate drops, now lower than that of ETH and LTC
Ripple customers live with on-demand liquidity (ODL) increased by 75% last quarter
Ripple clears FUD: XRP whales weren’t behaving any different than BTC or ETH whales
Ripple delivered on its promise to “take a more conservative approach to XRP sales in Q3” and “substantially” reduce the sales as in its Q3 report the company reported a whopping 73.7% decrease in Q3.
In comparison to Q2’s $251.51 million, in Q3 2019, total XRP sales were just about $66.24 million.
While the goal for programmatic sales for Q3 has been 10 basis points, Ripple ended below that at 8.8 bps. The fact that they pause the programmatic sales altogether contributed to that along with its focus on over-the-counter sales for a few strategic partners.
As such, its inflation rate compared to ETH and LTC dropped while equaled that of Bitcoin.
Now for Q4 as well, the company is planning to maintain a similar approach to Ripple’s XRP sales.
In this quarter, the company released 3 billion XRP but returned 2.30 to escrow.
In Q3 the overall market capitalization of digital assets lost 30.4% while XRP price declined 35.4% Q/Q.
The daily volume of XRP decreased as well, going from $429.51 in Q2 to $198.10 million in Q3, however, it was higher than that in Q1 at $156.01 million. XRP volatility took a hit as well, reducing from 5.0% to 3.6%, beating BTC (3.9%) and ETH (4.3%).
Additionally, XRP is now listed on over 140 exchanges worldwide.
Ripple further put light on its partners, stating its customers live with on-demand liquidity (ODL) increased by 75% last quarter while dollar volume on ODL increased over five times than Q2.
Ripple Clears FUD
This time, Ripple addressed the FUD even in its quarterly report, saying last quarter saw an uptick in fear, uncertainty, doubt, and misinformation around XRP.
About the dumping XRP allegations, Ripple said large movements of XRP were actually the transfer between Ripple treasury and escrow management accounts and that XRP whales weren’t behaving any different than BTC or ETH whales.
As for the price manipulation allegations that Ripple “made XRP price fall,” in its defense, the company said it cannot control the price and that “XRP exists independently of Ripple.” It further stated that Ripple is aligned with other XRP stakeholders and is an interested party in its success, so this allegation won’t even make sense.
The crypto platform of the International Continent Exchange (ICE), Bakkt, is set to go live on September 23. Because of this, several traders are already theorizing about the effects that this can have on the Bitcoin market.
Tom Lee, the prominent analyst of Fundstrat Global Advisors, has recently affirmed that Bakkt could have a very significant impact in the industry. According to him, it will be the first platform to offer physical BTC futures and will raise the trust in the market.
He also believes that the launch could impact prices in the short-term. BTC has just dropped below $10,000 USD and then went up again. Now, it is recovering slowly. With Bakkt, however, a bullish move could happen and this would raise prices.
Several institutional investors have still not entered the market and the Bitcoin exchange-traded fund (ETF) is still far from a reality, so Bitcoin is really in need of some legitimacy right now. For years, its stigma of being related to illegal activities has harmed its potential, but Bakkt may change that.
The U. S. Securities and Exchange Commission (SEC) chairman Jay Clayton has recently spoken about how Bitcoin is still in its infancy and the ETF will only be approved when the market is more trusted and regulated.
Not only Bakkt is fully regulated and created to cater to institutional investors, but it is backed by companies such as ICE, Starbucks and Microsoft. This will certainly be a huge step forward for Bitcoin.
The world’s most popular cryptocurrency expert, Teeka Tiwari, is all set for hosting his free live crypto event tonight, at 8PM EST / 5PM PST about “5 Coins to $5 Million“.
Here’s why you should attend.
Yes, the single-most networked investor in crypto land is Mr. Big T. Teeka is easily one of the world’s most-renowned cryptocurrency expert who has made his readers fortunes through crypto recommendations and now is going to be sharing his latest research findings about the next bull market rally coming.
Now, let’s talk about bitcoin heading back to its all time highs .. and the three factors that are bound to drive its prices higher.
First, Teeka has been in the space since 2016 and bought his first Bitcoin at $428 (and Ethereum at $9 USD). On March 18, 2016 is when Teeka first recognized this global phenomenon and recommended it publicly to all of his followers and readers.
And by the end of 2017, the world’s first blockchain-based crypto-asset had shot up to $19,873 BTC/USD.
While today Bitcoin hovers around $10,200 range, that is a 2,300% gain from when The Crypto Oracle first suggested to buying BTC as a store of value portfolio. But there is no need to worry about missing out on those gains (as so many already do), because Mr. Big T believes the stars are aligning for Bitcoin to take out its all-time high.
And at writing, bitcoin trades for $10,263. That’s a 2,298% gain from when Teeka added it to the model portfolio.
As Teeka’s highly-respected colleague Bill Bonner echoed, bitcoin is ‘honest money’. Second, bitcoin is a safe haven asset class that can act as an ‘escape hatch‘ in the war on cash. Third, Wall Street is getting in the game and is coming with full force.
While Teeka will 100% be recommending you at least take a small stake in bitcoin, even if its $100 at a time, the important caveat is to capture the near-inevitable gains to come ahead. Getting your feet wet is a great way to get acquainted with the crypto space and will gear up for the main focus of tonight’s free live crypto event titled 5 Coins to $5 Million.
The must-see can’t miss spectacle will be focusing on five ‘altcoins’ that could turn $500 into $5 million and is going to be covering it all in his first live training session of the calendar year.
At last update, there are over 60,000 investors registered and signed up to attend.
Now, let’s look at the three biggest drivers that will be sending bitcoin to new heights.
1) Bitcoin is ‘honest money’
Bitcoin has many differences from its fiat counterparts. The most glaring variation of Bitcoin compared to the dollar, euro, yen and other government-issued currencies is that it has a mind of its own, not subject to the whims of central bankers and politicians.
The US Dollar used to be held to the gold standard but was cut off in 1971 by President Nixon and we all know Uncle Sam can create new dollars to his liking. The Fed (America’s Central Bank) can take a computer keyboard and with a few strokes essentially print new dollars into existence and begin circulating to whomever, whenever they choose.
Bitcoin, on the other side of the token, is a hard asset class like gold. It’s fixed supply of 21 million is capped. Each new coin costs time and resources to ‘mine’.
While Bitcoin might be labeled an energy hog, it is for its own protection and security (as well as yours). Why does the bitcoin network need so much power and electricty to exist?
Well, these complex math puzzles will not solve themselves. The bitcoin miners require intense amounts of computer processing power that compete with all other miners on the network. Some might consider this a drawback or bug within the bitcoin algorithm – but it’s actually one of its most vital, foundational features that make the whole no-third party money work.
This is what gives Bitcoin its honesty as money. It’s what separates it from its filmsy currencies that governments issue and control.
As the new saying goes, “fake money is a form of fake news.” It tells a false narrative that isn’t true. Money becomes unreliable when it is not based in the real world of resources and time. Like all the pitfalls of fake information, it opens the floodgates to bad investments, frauds, mistakes, wrong decisions and overall corruption that quite literally destroys wealth. At its core, this disrupts the basic fairness of the financial system and transactions.
And this is why Teeka believes bitcoin’s reliability is only going to be more valuable in the future as government-made currencies sway in uncertainty.
2) Bitcoin is an ‘escape hatch’
In what seems to be an inevitable shift into a cashless society, the digital economy is upon us. While governments cant trace cash transactions, when all of your money is digital, it becomes easier to be herded like a pig to slaughter with no other available options to come.
Many believe it won’t be long before the US adopts an ‘e-dollar’ and replaces the current systems of today. We have already saw this in China who is working on releasing their own digitaly-only version of the renminbi, as well as plans in Britian, Norway, Canada and Sweden to launch national crypto-currencies.
And here’s the thing – it will likely share many of the same characteristics as bitcoin – being able to send, receive and store it through an app on your mobile phone. It will exist on a ‘blockchain’ but the catch is, it won’t be honest money. It will depend upon a third party, someone who oversees its supply and value. While these crypto-fiat hybrids may sounds like a plausible concept, they will be subject to whatever crackpot ideas the government wants, enabling them power to monitor and track every payment made in the digital surveillance state that concerns all individuals.
3) Betting on the Greed of Wall Street’s Wealthy
Aside from the nearly 35 million crypto investors compared to almost 500 million stock market investors, there is no way Wall Street is going to stay sidelined in this asset class for too much longer.
As most know, nearly all Wall Street folks have one thing in common – they are driven by greed.
It’s the third influencial factor that will almost certainly drive bitcoin to $20,000 and beyond.
This is what Teeka was calling at the top of the year when Bitcoin was idling in the mid $3,000s, after a long 2018 crypto winter, and is now saw as high as $14,000 in 2019.
While the price has been pretty quiet since its December 2017 high, until Q2 of 2019 – one thing that was not was the infrastructure being built to attract professional investors into the crypto market. These innovations will be sending a rush of new money into bitcoin and other top crypto assets.
A prime example of this is Bakkt. Now that they have received regulatory approval to start trading physically-settled bitcoin futures, it is going to open the floodgates for otherwise-stationary investors to get in the game. The same company who owns and operates the New York Stock Exchange also is heading Bakkt. Let that sink in.
This platform is going live next week, and will be focused on buying bitcoins on the open market and provide custody storage options on behalf of its customers. This is a first-ever.
We have also reported on Coinbase’s CEO, Brian Armstrong, who said institutional investors are now depositing over $200 million to $400 million per week in crypto to their custody service. And now Coinbase Custody has over $1 billion in controlled assets.
There was also news in the Bitcoin ETF world between VanEck and SolidX who are looking to help onboard more institutional buyers with the release of a new bitcoin fund. This is catered towards accredited investors only and will be subject to less regulatory hurdles.
This smart custody and smart money is all part of the whole that is ready to spark another crypto boom. Teeka believes this is one of the true last chances to get in before the prices really take off like they did in the second half of 2017.
And, while Bitcoin is on everyone’s radar – Teeka believes the real golden opportunity will be to start dabbling into altcoins right now. And it would not be wise to bet against Teeka Tiwari’s proven track record in the space. He has proven time and time again to pick the right winners when it matters most.
Even in the Palm Beach Research Group’s Palm Beach Confidential membership program, even after the dreaded bear market crypto winter of 2018, his top three coins are up 729%… 2,089%… and 7,139% today.
And the best part – he believes these gains are only beginning now.
That’s why tonight is a must see event. The live crypto training session is absolutely free and will be diving deep into the 5 Coins to $5 Million. He will be revealing his top five coins that stand to make the biggest gains in the upcoming rally and believes you can take $500 and turn it into $5 Million in as little as 10 months from now.
He will also be covering the lucrative phenomenon that is guaranteed to happen and won’t be a thing again until 2024.
As it will be made very clear, bitcoin is growing up before our very eyes.
As it matures in size, the volatility will shrink and become more stable. And that’s why he believes now is the right time right place mentality that getting positioned with where the market stands today will have dramatic effects on where the price and value of the crypto market is in the next 9 months.
The famous crypto wallet provider Ledger has decided to upgrade its Ledger Live system. Now, the company is looking to add around 20 new tokens to its Ledger Live app. According to the reports, users could store ERC20 Ethereum-based tokens before, but this is all that they could do.
While the hardware let them store the assets, they could not send it or receive them, which diminished their possibilities by adding the assets. If they wanted to interact with their assets before the newest update, they would need to use third-party dapps. MetaMask and MyEtherWallet were the two most common ones for this kind of operation.
Now that the users have this new piece of software, they are able to get support for the ERC20 tokens, including several important stablecoins. Many tokens use the standard created by Ethereum, so this considerably upgrades the capacities of the wallet.
According to Benjamin Arama, the product manager at Ledger Live, the introduction of this feature was always in the company’s road map. During his interview with The Block Crypto, he affirmed that most of the Top 100 tokens are ERC20-based, so this was a very important upgrade.
He also affirmed that having a single app will help users. They will not need to use several apps anymore, which is why they will probably migrate to use the new feature instead of third-party solutions.
Arama believes that new upgrades will be offered soon. DeFi support, for instance, is one of the planned upgrades that will let the clients of the company experience the next level of quality.