Former Disney Star Lindsay Lohan Joins NFT Mania With Exclusive Collectibles on Tron Network

Former Disney Star Lindsay Lohan Joins NFT Mania With Exclusive Collectibles on Tron Network

After Shark Tank investor Mark Cuban launched a non-fungible token (NFT) for his motivational quote on Mintable, American actress Lindsay Lohan is joining the NFT mania.

NFTs To Change The Narrative For Creatives

The actress and singer plans to launch her own NFTs through a Tron- based auction marketplace. According to the announcement, the exclusive 1 of 1 NFT collectible would be available on Justin Sun’s blockchain project. Her NFT proposal would find itself on the newly launched TRC-721 protocol by Tron. The digital collectible would be available for bidding on March 20.

In anticipation of the NFT sales, Lohan would host a Clubhouse chat session with Justin Sun, founder and CEO of Tron blockchain, and BitTorrent and T-Mobile CEO John Legere.

NFTs have become immensely popular in the last couple of months.

With the digital collectibles niche becoming something of a fad, many artists, celebrities, athletes, musicians, companies, and even entertainment-focused businesses are looking to tap into the NFT market. This comes as popular digital artists Beeple posted record sales of his digital artwork earlier this month.

The TRC-721 protocol has been touted to be a viable alternative to Ethereum’s ETH 1.70% Ethereum / USD ETHUSD $ 1,815.85
Volume 21.25 b Change $30.87 Open $1,815.85 Circulating 115.12 m Market Cap 209.04 b
3 h Robinhood Is Working Fast on A ‘Wallet’ Feature; CEO says Might Add New Coins Too 6 h “Dark Horse”: BNT Burn Is Around the Corner As A Swiss Bank Embraces Bancor 7 h Former Disney Star Lindsay Lohan Joins NFT Mania With Exclusive Collectibles on Tron Network
expensive and often congested network. Tron and a slew of alternative smart contract platforms like Polkadot DOT 6.27% Polkadot / USD DOTUSD $ 38.27
Volume 2.49 b Change $2.40 Open $38.27 Circulating 921.9 m Market Cap 35.28 b
6 h “Dark Horse”: BNT Burn Is Around the Corner As A Swiss Bank Embraces Bancor 7 h Former Disney Star Lindsay Lohan Joins NFT Mania With Exclusive Collectibles on Tron Network 2 d “Just the Beginning,” says Charles Hoskinson as Coinbase Listing Helps Cardano (ADA) Become the 3rd Largest Crypto
are rolling out cheaper and faster solutions to attract NFT fans.

Sun’s Tron is creating an entire experience for the NFT community as fans will be allowed to interact with content creators in a fun, relaxed atmosphere.

Another Publicity Stunt by Sun?

In a statement made soon after Lindsay Lohan announced her Clubhouse show, Sun described her as a “true icon” who was driven by blockchain and crypto’s transformative potential.

Sun has always courted the public’s attention to drive visibility for his blockchain project. Earlier this month, he tried buying Jack Dorsey’s first-published tweet of March 2006. He lost the bid to Oracle CEO Sina Estavi, who paid a reported $2.5 million for the tweet.

In another instance, he came close to snatching up Beeple’s Everyday: The First 5000 Days artwork, which went for almost $70 million. He lost the bidding session hosted by UK auction house Christie’s by $250k.

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Author: Jimmy Aki

DeFi Outgrowing Ethereum, Time for DeFi Mania to Move On to Other Layer 1 Solutions?

DeFi Outgrowing Ethereum, Time for DeFi Mania to Move On to Other Layer 1 Solutions?

“Ethereum gas fees are breaking the market structure of DeFi,” noted Tushar Jain of MulticoinCap as the second largest network becomes unusable for small users, “suffering from anti-network effects.”

For the last two days, the average fees in USD on the Ethereum network have been at a new all-time high of about $23.8. Today, it has fallen to $21.7.

This resulted in a whopping $60 million paid in ETH tx during the past 48 hours. On Friday, Ethereum miners earned $3.5M in a single hour, the highest hourly revenue to date, as per Glassnode.

As we reported before, while the fees have been yet again hitting a new high in USD terms, the same is not the case in terms of ETH. At the current rate of 0.015 ETH, the average gas fee is nowhere closer to the Sep. high of nearly 0.032, as per Blockchair.

The same is the case for average gas prices, which went over 250 Gwei but is still far off from DeFi peak high of about 550 Gwie, more than 700 Gwei in June 2020, and over 800 gwei in Dec. 2016.

As the price of Ether and DeFi tokens take a drop, the average gas price has also come down to 195 Gwei.

Breaking DeFi’s Market Structure

Gas prices on the Ethereum network are not the only headache for decentralized finance (DeFi) users as DeFi projects charge more fees on top of the Ether network fees.

Tushar Jain, the managing partner at MulticoinCap, noted how sending some ETH can cost a small player about $10. While trading on popular decentralized exchange (DEX) Uniswap is costing about $100 in gas, another DEX Balancer can cost $150 in gas fees with an additional fee of the DEX itself.

And if one doesn’t choose to go with high gas fees, they can get front run by other traders. “DeFi has outgrown Ethereum,” he said.

Even the billionaire owner of Dallas Maverick, Mark Cuban, who is also invested in AAVE and SUSHI, complained about the high fees on DeFi. Jain said,

“Arb bots can’t even keep the prices in line between Uniswap, Sushiswap & Balancer right now! There are hundreds of bps of arbs right now. All because the gas fees are too high for these arbitrages to be profitable. Ethereum gas fees are breaking the market structure of DeFi.”

The Big Adoption Moment is Now!

Crazy high fees are the result of high activity and clear sign sustained activity in spite of high gas, all of which shows great demand for Ethereum; it is also becoming unusable for many users, especially the smaller ones.

“Ethereum is suffering from anti-network effects,” which means new users are reducing the utility of a platform for existing users, said Jain.

This, according to him, can have bad implications for the Ethereum network. Jain expects more than 50% of DeFi activity to be off of Ethereum by the end of this year. From here, it could move to Layer 2 solutions, which are “just a gateway drug to move to another layer 1,” he said.

While Ethereum has launched the first phase of ETH 2.0 that allows people to deposit their ETH in contract, 2.9 million Ether are already locked in for staking; the full-on transition can take years.

“ETH 2.0 will take too long to ship. DeFi is having its big adoption moment now, and the best solution is the one which works today,” Jain added: “Do you think new users will wait years for ETH 2.0 or just go to another platform?”

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Author: AnTy

OFF BLUE NFT Project Returns Customer Funds After Rarible Suspension

As the craziness in the DeFi market wanes, especially the mania around high APYs and yield farming cooling down, market participants have shifted their focus to non-fungible tokens (NFTs).

With the DeFi tokens down 80% to 90% in the past two months, people have to find excitement in something else.

And it was NFT, which has been seeing a lot of limelight lately. Even Christie’s sold its first NFT with Block21 at 7x the estimated price.

Ethereum’s ERC-721 standard made for DeFi degens, the fact that these digital collectibles can be used for yield farming is just cherry on the top, satisfying their appetite following the absence of food tokens every other day.

Dapper Labs has also taken advantage of the NFT trend and closed an $18 million token sale on CoinList on the back of its collectibles game, NBA Top Shot. The funds were raised with participation from 13,000 people between Sept. to Oct. 2.

Shutting Down

Amidst this, the popular marketplace to create and sell the NFTs Rarible, which launched the first governance token RARI in this space, suspended the OFF BLUE team account over the weekend.

“We have suspended the OFF BLUE team account until further examination due to potential violations of our terms of service. Rarible is not intended to facilitate capital-raising transactions.”

The project has been accused of rug pulling millions of dollars, which has now been refunded, 1 ETH for 1 NFT, as it closes.

Going with doxxing, threaten, and cancel, FTX CEO Sam Bankman-Fried says, the internet overreacted by not going with the path of “ask questions, give feedback, wait for responses, don’t buy unless/until you’re comfortable.”

A few days back, Twitter user @CL, who works at Yearn.Finance, shared his conversation with Blue Kirby — who was the communications manager at the project, and later made an exit after he promoted YFI creator Andre Cronje’s Eminence.Finance, which was exploited for $16 Million — which reflects on the shadiness of the project.

Still Building

OFF BLUE’s idea was to use the proceeds from their several art sales to fund a “custom platform further.” They planned to acquire some epic art, Banksy, KAWS, Warhols, to auction on OFF BLUE but didn’t communicate the game plan over the concern of someone else beating them to it. The official closure statement reads,

“This would have created unimaginable hype for OFF BLUE and positioned the decentralized Sotheby’s for long-term success.”

The team is now returning the Ether, a claim process that will go on for the next 14 days. In case one does not claim the refund, it will go towards the development of the OFF BLUE, which the team continues to build.

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Author: AnTy

Uniswap’s Dominates DeFi by Sucking Capital from Other Protocols & Breaks Ethereum

The Uniswap mania is currently leading the market.

The launch of the UNI governance token has its price hitting a new peak at $4.75 after a slow start yesterday. Getting free money propelled token holders to sell UNI, but now that selling pressure has subsidized, the token is rallying.

With these gains, UNI has become the 26th largest cryptocurrency by market cap of $784 million. A researcher from the crypto fund, The Spartan Group notes,

“UNI now has the largest TVL and highest revenue of any DeFi protocol. And that is before one assumes any further leakage from Sushiswap. At 11.6x, it’s P/S (also a proxy for P/E) is among the lowest.”

As we reported, crypto exchanges have been rushing to list the token, with Binance, OKEx, Coinbase, FTX, Kucoin, Poloniex, and others already have done so. Today, Huobi announced the UNI perpetual swaps with up to 75x Leverage.

With these futures listings, that too, with leverage, users can either long or short the asset. Now, it’s to be seen if this will propel the prices higher or push them down.

Meanwhile, the decentralized exchange is seeing a jump of 77% in its TVL (total locked value), which has hit $1.6 billion, approaching the previous high of nearly $2 billion, as per DeBank.

With this, Uniswap is currently dominating the DeFi space, managing $1.56 billion in liquidity while the volume recorded on Thursday was $582 million.

Increased activity on this popular DEX, which is built on Ethereum, also saw the second largest network experiencing a record number of transactions and fees.

This is a great opportunity for Ethereum miners who are raking in nearly a million dollars in just an hour and for large investors, while small market participants struggle.

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Author: AnTy

BoE Governor Calls for Setting Global Standards for Stablecoins, Instead of Playing Catch Up

Stablecoins have been enjoying tremendous growth, and DeFi mania has only been pushing it further, so much so that these USD-pegged coins have been adding $100 million per day since mid-July.

“DeFi yields/interest rates are clearly a vacuum sucking in a lot of stablecoins,” shared Coin Metrics co-founder Nic Carter.

Source: CoinMetrics

As such, it makes sense these coins will continue to be under the increased scrutiny of regulators, which first came under their radar after Facebook unveiled its Libra stablecoin last year.

Now, Bank of England Governor Andrew Bailey is saying that financial regulators must avoid playing catch up with them. Bailey said in a speech to the Brookings Institution,

“If stablecoins are to be widely used as a means of payment, they must have equivalent standards to those that are in place today for other forms of payment types and the forms of money transferred through them.”

Calling for a clear G20 mandate for standard-setting bodies to clarify or refresh standards, he said existing regulatory standards must be examined and updated as necessary in the light of stablecoins. He said in the prepared speech,

“Regulators of global stablecoins must, and are, working with other regulators in other jurisdictions to ensure that they are appropriately regulated and gaps in coverage, opportunities for regulatory arbitrage, do not emerge.”

Any stablecoin which is based on the pound and launched in Britain should meet standards that are applied to banks, Bailey said. Also, the issuer of the stablecoin needs to be based in the country, he added.

“If a sterling retail stablecoin wishes to operate at scale in the UK, then we will strongly consider the need for an entity to be incorporated in the UK.”

Meanwhile, central banks have taken to work on their own state-owned digital currencies. China is already in the testing phase of its DC/EP, and Japan is also making digital yen its priority while both the BOE and US Federal Reserve have taken a cautious approach towards launching their central bank digital currency.

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Author: AnTy

Ethereum (ETH) to Repeat 2017? Supply Sink & Buy Pressure Coming

Ether outperformed Bitcoin during the ICO mania of 2017, as it was the most popular platform on which these projects were built on.

Now, during the DeFi mania, ETH is again surpassing Bitcoin, the largest digital asset with a fixed supply. In 2020 so far, ETH has recorded 238% positive returns compared to BTC’s just 56.05%.

According to on-chain analyst Willy Woo, Ethereum is actually “very close to BTC in terms of risk-reward.”

Bitcoin Risk Adjusted Returns vs Other Assets

Thanks to the DeFi craze, Ether’s supply has also been shrinking as a record 6.4 million ETH is already locked in the sector. Now, Ether’s supply is going to be even more contracted thanks to DeFi darling Yearn Finance.

The project has finally added yETH vault along with yWETH and other digital assets. Obviously, these debt-based vaults carry extremely high risk like any other DeFi project and also charges a 0.5% withdrawal fee, not to mention the record transaction fees on the second largest network.

In simple terms, lock in your ETH in a vault and take out more than you put in thanks to the 65% APY.

The community is extremely excited about this development, with some calling it “the world’s first autonomous on-chain hedge fund.”

“Could be a block hole for ETH, super bullish,” said another trader.

“YFI yETH vault will lead to a supply sink from ETH deposited to mint DAI, but also ETH buy pressure from yield farming earnings converted to ETH. Another timely benefit is that gas costs are pooled,” stated Alex Gedevani, who handles research at Delphi Digital.

With ETH leveraged in DeFi, staking coming in Phase 0 of ETH 2.0, and yETH vault here, the supply-side liquidity crisis is coming for Ethereum, which is expected to send the digital asset’s prices higher.

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Author: AnTy