Nexo Set To Boost Token Value With $100 Million Repurchase Efforts

Crypto-focused lending platform Nexo is looking to boost its token value. In a tweet, Nexo said it would be launching a second set of its hugely popular buyback programs starting November 15.

Nexo’s Second Repurchase Efforts

According to a blog post, the new buyback program will be worth $100 million – a far cry from its first repurchase effort worth $12 million earlier in the year.

The buyback initiative is expected to last up to six months and will see the blockchain-based lending platform use the repurchased NEXO tokens in key strategic investments through token mergers and for dividend payouts for customers who receive their yields in NEXO.

Nexo says that its Board of Directors reached the decision, and the body of executives will likely review the success of this new effort after the six months window. This will allow them to measure the success or otherwise of the buyback program and may likely extend the repurchasing period.

For now, Nexo will be repurchasing the Ethereum-based NEXO tokens on the open market and at different prices.

Revenues generated from trading pairs pegged to the NEXO token, loans taken out on the ERC-20 token, and trades done on its exchange will be reinvested into the repurchase efforts.

The repurchased tokens will be locked in an Investor Protection Reserve (IPR), and it will be for a vesting period of a year. After this, the locked tokens will be used to run the protocol’s daily activities surrounding interest payouts, investments, and token mergers.

The Nexo blockchain has remained a popular destination for crypto-collateralized loans, with over 1 million users interfacing with the platform. This follows a growing interest in low-fee and high-yield protocols in the crypto market. Nexo has BlockFi as a rival, with both lending platforms vying for a large share of the crypto market.

Buyback 2.0 Expected to Boost NEXO

Nexo’s first repurchase efforts, worth $12 million at the time, paid substantial dividends. This saw the NEXO token surge to an all-time high (ATH) of $4.07 on May 12, reflecting a 2,430% surge year-to-date (YTD). In retrospect, NEXO has kept in tandem with the broader crypto market, given that it is tied to the price action of Bitcoin.

With such remarkable success, Nexo’s Board of Directors has deemed it fit to reintroduce another buyback program to keep its token top-of-mind among investors. According to the press release, the $100 million effort is geared towards improving the liquidity of the NEXO token and boosting its long-term value.

Alongside this, the crypto lending protocol also noted that its renewed efforts would help in enabling more institutional access into the crypto landscape.

This is following recent investments in Financial Industry Regulatory Authority (FINRA) and Securities and Exchange Commission (SEC) regulated broker-dealer Texture Capital, decentralized solutions company Qredo, and decentralized finance (DeFi) provider Yield.

Meanwhile, the broader crypto market downtrend has had its toll on the ERC-20 token. The virtual currency is trading at $3.336, down 5.15% in the past 24 hours. Currently pegged at 74th on the global crypto rankings, NEXO has over $1.8 billion in market cap.

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Author: Jimmy Aki

Popular Messaging Platform, Discord, CEO Hints They Are Exploring Ethereum Compatibility

Popular Messaging Platform, Discord, CEO Hints They Are Exploring Ethereum Compatibility

Social network platform Discord is exploring the possibilities of a partnership with the popular DeFi-enabling protocol, Ethereum.

Discord-Ethereum Integration

The firm’s CEO, Jason Citron, hinted at the possibility of linking Discord with Ethereum via a tweet in the late hours of Monday, November 8.

The tweet was accompanied by a screenshot of the Discord settings page. It displayed the option to connect to Ethereum using the Metamask wallet or open-source wallet connector, WalletConnect, and a caption tag, ‘probably nothing’ attached to it.

Citron’s Twitter post was a sequel to a previous tweet from Packy McCormick, where he laid out the endless possibilities of Discord as a Web3 Sleeper and its application in the crypto community in his NotBoring newsletter.

The settings options were not available earlier that day on the platform, indicating that it was still in its developmental stages and was not ready to be released to the public just yet.

Discord originally served as the place where gamers could come together and share experiences of laughter, frustration, nostalgia, and achievement. It can easily be utilized to host virtual games with friends and swap art. The gaming world has experienced a seamless integration into the crypto industry.

Cryptocurrency allows gamers to play internationally without security, exchange rate issues, and identity constraints.

Seamless Gaming Experience and Transactions

The play-to-earn model in the gaming industry provides players with several ways to earn by doing what they love the most. Some gamers buy a character off the game, upgrade and sell it to make money off it. Crypto helps them transfer funds faster from anywhere in the world without any restrictions.

With Discord being the number one social platform for gamers, the inclusion of the Ethereum wallet into the social network could amount to more seamless and secure transactions for gamers.

In his article on the possibilities of Discord as a Web3 sleeper, Packy McCormick stated that it had become the platform of choice for many new entities, from protocols to NFT projects to DAOs, building in the lustrous, inchoate world of web3.

The platform is currently housing a ton of gamers, with crypto enthusiasts partaking in tasks and challenges to earn spots and roles for airdrops of new tokens just hitting the market. These tokens serve as a valid means of exchange for these virtual contests.

The incorporation of the Ethereum-based wallet would help streamline the variety of tokens currently available on the platform.

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Author: Jimmy Aki

India’s Largest Mobile Payments Platform with 333 Million Users Is Considering Bitcoin Offerings

India’s Largest Mobile Payments Platform with 333 Million Users Is Considering Bitcoin Offerings

India’s payment giant Paytm had about 333 million customers and a network of more than 21 million merchants as of July 2021, would consider Bitcoin offerings if regulatory uncertainty surrounding cryptocurrencies gets cleared.

The rules around crypto-assets remain in a “grey area,” said Chief Financial Officer Madhur Deora in an interview with Bloomberg.

“Bitcoin is still a regulatory grey area if not a regulatory ban in India.”

“At the moment Paytm does not do Bitcoin. If it was ever to become fully legal in the country then clearly there could be offerings we could launch.”

Last year in March, India’s supreme court lifted the prohibition imposed by the central bank on the banks dealing with companies related to cryptocurrency.

In September came the reports that the government is drafting a new bill and planning to treat crypto commodities for all purposes, including taxation.

The company filed for an initial public offering (IPO) this summer, in which it aims to raise $2.5 billion. The listing is expected to be in mid-November. Paytm offers payment services, financial services, and commerce, and cloud services.

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Author: AnTy

Terra Founder Sues SEC, Stablecoin Platform Is Burning $4B Worth of LUNA Tokens

The algorithmically-governed stablecoin platform Terra is proposing to burn 90 million LUNA, worth $4 billion at current prices and about 10% of the total supply, in the community pool to mint UST stablecoin for the network’s insurance protocol Ozone.

When the native stabilizing crypto asset of the network, LUNA, is burned to mint new Terra (UST) stablecoins, the amount of Luna burned is “seigniorage.”

Roughly every week, a portion of this seigniorage goes to fund the community pool controlled by Luna governance and reward Luna stakers.

According to the proposal called “Burn the community pool,” this proposal will burn all remaining funds in the community pool, route all future seigniorage to be burned instead of being routed to community/staking reward pools, and amortize the distribution of the existing reward pool to three years instead of the current one year.

“Next week, we will uphold Terra signal prop 44 and initiate a proposal to burn 90M Luna in the community pool to mint UST for Ozone. This will reduce Luna’s total supply by 90M and increase UST supply by roughly 3-4 billion,” said Do Kwon, founder of the project.

As of writing, TerraUSDT (UST) has a market cap of $2.75 billion. As we reported, Kwon has predicted UST’s market cap to exceed $10 billion by the end of this year.

Kwon further shared that a byproduct of this operation is that a lot of swap fees will accrue, which is expected to result in LUNA staking returns to 5x to about 15%.

“Pretty sure this is the largest burn ever,” commented Ryan Watkins of Messari, expecting this burn to increase UST’s supply to $6.7 billion overnight and put it within striking distance of DAI, which is $7.4 billion.

“This would also be the first DeFi blue chip to be flipped by a multichain competitor on its number 1 KPI. That said think there’s a place for both, and DAI continues to grow at an impressive pace, even before it’s tokeneconomic revamp.”

As a result of the news of this burn, LUNA rallied 30% to hit $45.25 on Friday. Currently trading at $42.46, LUNA is up 6,450% YTD but still down 14% all-time high of $50 earlier this month.

In other news, Terraform Labs and CEO Kwon are suing the US Securities and Exchange Commission (SEC).

Kwon confirmed this week that he was served a subpoena by the SEC at Messari’s Mainnet conference last month. According to the filing, the matter dates back a few months; it started in May when the SEC’s Enforcement Division emailed Kwon.

Terra’s decentralized finance (DeFi) platform Mirror Protocol is at the center of the lawsuit, on which synthetic stocks of major US firms are minted and traded.

The subpoena wants Kwon to provide testimony to US regulators, but as a South Korean resident, Kwon is contesting that.

“Rare case of a preemptive lawsuit against a regulator making sense,” commented Anderson Kill lawyer Stephen Palley.

The agency also told Terraform’s lawyers that they might sue the company with the suit saying,

“the SEC attorneys advised that they believe that some sort of enforcement action was warranted against TFL [Terraform Labs] and any cooperation, and implementation of remedial actions as to the Mirror Protocol, would result in a reduced financial sanction as part of any consent agreement.”

Kwon was served just five days later at the conference as he was exiting an escalator on his way to make a scheduled presentation that was not about the Mirror Protocol. At the time, Kwon had denied being served that day.

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Author: AnTy

Sports Betting Platform DraftKings to Become Polygon Network Validator & Support Custom NFTs Drops

Sports Betting Platform DraftKings to Become Polygon Network Validator & Support Custom NFTs Drops in Marketplace

Popular sports betting company DraftKings has taken a step further into the world of cryptocurrencies and blockchain by becoming a full validator for Polygon Network, an Ethereum-based scaling platform.

The firm, whose market capitalization currently stands at $20 billion, announced that scalability remains a challenge in the blockchain space, noting that they aim to set the ground running for the DraftKings marketplace — an ecosystem that focuses specifically on NFTs.

To become a validator, the betting giant will launch a node on the Polygon Network to enhance the verification of transitions using a proof-of-stake (PoS) consensus protocol.

DraftKings and Its Validator Status

Paul Liberman, co-founder and president of global product and technology at DraftKings, in a statement, said,

“Scalability and sustainability remain among the critical challenges of blockchain technology, so as we lay the groundwork today for the vision of DraftKings Marketplace tomorrow, the vast insights and proven products from Polygon around scalable solutions are invaluable.”

Through this collaboration, DraftKings will have the option of contributing to Polygon’s governance. This means the betting firm, being a token holder, will have a say in implementing changes to the network after staking their tokens on the platform.

DraftKings, in August this year, collaborated with the Tom Brady-backed NFT marketplace Autograph to roll out the Preseason Access Collection, a marketplace for NFT collectibles from famous athletes. Some of these athletes include Jamaican sprinter Usain Bolt and U.S. gymnast Simone Biles.

The marketplace debut came as trades in blockchain-registered images soared, making NFTs more attractive to retail traders.

DraftKings’ NFT

As sports companies and athletes are more interested in the NFT markets than ever before, DraftKings, backed by over 5.5 million users, is ready to tap the potentials of this market.

According to DraftKings’ president, Matt Kalish, turning that audience onto NFTs and keeping them engaged was a key focus of the marketplace launch.

“Whether someone is well-versed or barely familiar with digital collectibles, we envision DraftKings Marketplace being a premier platform for all within a trend that is decidedly here to stay.”

As issues of stability and increased transaction fees continue to trail the Ethereum blockchain, decentralized applications (dApps) development are now shifting attention to alternatives with more scalable solutions and lesser transaction fees. Some of these solutions include Algorand, Solana, Cardano, and Polygon.

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Author: Jimmy Aki

Japanese Art Commission Platform With Over 1.5M Users is ‘Very Interested’ in Accepting Crypto

Japanese Art Commission Platform With Over 1.5 Million Users Is ‘Very Interested’ in Accepting Crypto as Payment

Japanese artwork commissioning service Skeb took to Twitter to share that it won’t be joining the non-fungible token (NFT) mania.

Last week, Skeb said that it has “no plans to issue NFTs,” and if it does, these digital artworks will belong to the creators. If they issue NFTs to clients, this will be the proof of “I requested it,” but the company noted NFTs can shift ownerships and that “will be meaningless.”

Non-fungible tokens are unique assets stored on a digital ledger that uses blockchain technology to establish a verified and public proof of ownership, and this year they have exploded into popularity and usage, recording more than $10 billion in sales.

“NFTs are now heating up as targets for investment, and creators may be issuing them without fully understanding how they work. It is also important to note that the ownership of NFTs is not in sync with the ownership of arts associated with them,” wrote the company on Twitter.

Skeb further said that NFTs are like museum memorabilia, and they should not be associated with copyrights or real properties. “NFTs should not be used as proofs of ownership of them,” it added.

As of Sept. 25, the company’s total number of registered users exceeded 1.5 million.

While not interested in NFTs, Skeb is “very interested” in using cryptocurrency as a payment method. This payment method will allow them to “keep the freedom of expression without any influence of credit card companies.”

This makes sense given that the platform accepts Visa and MasterCard but can’t accept PayPal as the payment giant doesn’t provide support to them. PayPal actually started offering crypto buying, selling, and storing last year, while Visa and MasterCard have also become crypto-friendly. This year, Visa also joined the NFT trend by buying a CryptoPunk and recently announced an NFT program to help creators.

“It isn’t that Skeb does not accept PayPal. It is that PayPal denied Skeb,” wrote the company on Twitter earlier this year.

As such, the company is actually currently having internal discussions regarding how it can be involved with cryptocurrency.

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Author: AnTy

Visa Deploys First Smart Contract on Ethereum for its “Universal Payment Channels” Platform

Visa Deploys First Smart Contract on Ethereum for its “Universal Payment Channels” Platform for CBDCs and Stablecoins

Payment giant Visa revealed its “Universal Payment Channels” (UPC) platform for central bank digital currencies (CBDCs) on Thursday.

In its paper, Visa noted that with a “significant growth” in digital tokens in the form of crypto, stablecoins, and CBDCs, as the number of distributed ledger technology (DLT) networks increases, transacting parties are getting scattered.

Here, the company envisions a future payment network built on top of DLT networks. This is where Visa’s interoperability platform for digital currencies UPC comes into play.

UPC is a scalable, interoperable platform for digital currencies which operates in a hub-and-spoke model, where clients register with a UPC hub to route their transactions to other clients.

Visa ticks cross-border payments for CBDCs and a marketplace for digital currencies as UPC’s use cases. It aims to become a bridge between independent CBDC networks and to connect regulated stablecoins with CBDCs.

“We envision that the development of this technology will significantly expand the utility of digital currencies as means of making digital payment across a network of businesses, consumers, and developers.”

Visa has also deployed its first sample smart contract on Ethereum’s Ropsten testnet. This payment channel accepts both Ether (ETH) and stablecoin USDC. Visa said,

“UPC’s specialized payment channels would be established off the blockchain and leverage smart contracts to communicate back with the various blockchain networks, delivering high transaction throughput securely and reliably and improving speeds overall.”

Visa sees privacy, concurrent transactions, UPC-as-a-Service, and liquidity management on layer 2 in the future of its Universal Payment Channels.

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Author: AnTy

AngelList to Roll Out “Several Crypto-first Features,” Starting with USDC Enabled Funds

AngelList to Roll Out “Several Crypto-first Features” Across the Platform, Starting with USDC Enabled Funds

This week, AngelList introduced USDC enabled funds.

The website for startups, angel investors, and job-seekers will now allow investors to invest in any USDC-enabled syndicate or fund through the stablecoin USDC.

The process to invest via USDC is pretty simple as in the closing flow, there will just be a different option; rather than ACH or wire, there’ll be USDC. The investor has to just click on the USDC option, scan the QR code or copy the Ether address to send the crypto asset from their wallet.

USDC, however, is just the beginning, as shared by CEO Avlok Kohli & co-founder Naval Ravikant in an AngelList Confidential 2021 Keynote on Wednesday.

“This is just the beginning of several crypto-first features that we’re actually going to be rolling out across AngelList.”

USDC is a rapidly growing second-largest stablecoin with a market cap of $31.2 billion, which has captured 24.6% of the stablecoin market share, up from 4.34% a year back.

“Super excited to partner w AngelList on one of the fastest-growing methods of startup funding and eventually treasury operations,” said Jeremy Allaire, Co-founder & CEO of Circle, which formed a consortium called Center with Coinbase to launch the stablecoin USDC.

The same day, the company also launched a new suite of products called AngelList Stack that will help founders start, operate and maintain ownership over their companies. The new software will cover end-to-end incorporation, business banking, advisor equity grants, and cap table management.

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Author: AnTy

Blockchain Platform Lido Now Supports Solana (SOL) Staking

Blockchain Platform Lido Now Supports Solana (SOL) Staking

Solana’s profile continues to rise. With the coin’s current price jump, adoption has also been growing.

The latest sign of increased Solana adoption is coming from Lido – a blockchain-based crypto staking platform.

An Interesting Staking System

Earlier this week, Lido announced expanding its staking services to include Solana’s native SOL token. In a tweet, the company confirmed that SOL holders can now stake their coins via its platform, earning rewards in the process.

The development marked the project coin that will be supported on Lido – behind Ethereum 2.0 and Terra. Lido has been especially popular due to its liquid staking operation, in which currencies are converted to their synthetic counterparts on the platform.

These synthetic tokens are then used in decentralized finance (DeFi) protocols to improve their holders’ yield-generation opportunities. So, when an investor locks their coins, they receive the synthetic versions of these tokes that they can use in the interim.

With support from Lido, stSOL (synthetic SOL tokens) will now be available on DeFi protocols such as Serum, Phantom, and Raydium. Kasper Rasmussen, Lido’s marketing chief, told industry news sources that the projects would allow stSOL users to provide liquidity and get additional rewards with their regular staking rewards.

Felix Lutsch, the chief marketing officer for blockchain staking and interoperability platform Chorus One, also pointed out the presence of a wormhole bridge that connects Solana with other leading blockchains like Ethereum. As he explained, they will be hoping to use this bridge to bring Lido-staked assets across chains. Chorus One is currently in charge of developing Lido’s liquid staking solutions for Solana.

All Eyes on SOL

Lido’s expansion into Solana is just the latest adoption play for the asset, which has been on a significant price upsurge in the past week. Yesterday, Delta Exchange – a crypto exchange and derivatives trading platform – launched options trading for SOL and Cardano’s ADA token. The move will bring both tokens to move investors, many of which would like to take advantage of their recent gains.

Delta already offers Options trading for coins like Bitcoin, Ether, Binance Coin, and XRP. The company’s rollout for SOL and ADA will start with daily maturities for call and put options. However, weekly and monthly maturities are expected to come at a later date.

Options offer owners the right – but not the obligation – to trade specific securities at a particular time and price.

They are popular in the crypto market, as they allow investors to speculate on coin prices in both the short and long term. The market for derivatives has been growing recently, with open interest in Bitcoin options alone doubling their levels in June – according to data from ByBt.

With the growth of platforms like Delta and FTX, a derivatives platform built on Solana, the derivatives market should see more cash influx. This also puts SOL in an interesting spot for bigger gains.

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Author: Jimmy Aki

dYdX Launches Governance Token, But the Airdrop Won’t Cover US-based Users

The decentralized trading platform also announced the launch of the dYdX Foundation “to fully decentralize” the Protocol and remove single points of failure.

Decentralized finance (DeFi) project dYdX announced the launch of dYdX Foundation, a Zug-based independent foundation, which it describes as the first important step in its journey towards complete decentralization.

The same day, the trading platform announced that the dYdX Foundation is launching the governance token DYDX, which “powers a community-led ecosystem of governance, staking, and rewards.”

The Foundation has minted a total of 1 billion DYDX tokens which will become accessible over five years starting on August 3rd.

50% of this is allocated to the community, out of which — 25% goes to its users who trade on Layer 2 based on fees and open interest, 7.5% to past users who complete a certain trading milestone on Layer 2, another 7.5% to LPs, 5% to a community treasury, and 2.5% goes to users staking USDC and DYDX each.

dYdX’s past investors will be getting a 27.73% share while the project’s founders, employees, advisors, and consultants get 15.27%, and the remaining 7% is allocated to future employees of dYdX Trading or Foundation.

All DYDX issued to stockholders, directors, officers, employees, and consultants are subject to various vesting schedules — 30% will unlock in 18 months, 40% will unlock equally from month 19 through month 24th, 20% from month 25 through month 36, and the remaining 10% will unlock equally from month 37 through month 48.


The tokens will be airdropped over this month which will become transferable on Sept. 8. However, DYDX is not available to its users from the US and other prohibited jurisdictions.

“The launch of the dYdX Layer 2 protocol came with a new focus on global growth outside of the United States,” noted the team.

In order to be eligible for retroactive rewards, users must have traded on dYdX protocols (perpetual, margin, spot) on Layer 1 or Layer 2 in the past or deposited funds into its borrow/supply pools and have hit a certain threshold.


The team also announced trading fee discounts based on DYDX holdings.

Meanwhile, the Foundation will help the project in research and development activities, promote and educate the public about it, and engage with third parties for the benefit of the ecosystem.

It will also issue, receive, spend, and hold digital assets (no speculative trading activities) and acquire, hold or grant trademarks, copyrights, and other intellectual property (IP) rights or licenses.

Through this Foundation, the project aims “to fully decentralize the dYdX Protocol, removing single points of failure and creating a self-sustaining protocol governed by a community of users.”

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Author: AnTy