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.

Read Original/a>
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.

image1

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.

image2

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.”

Read Original/a>
Author: AnTy

FTX Exchange Raises $900M At $18B Valuation; Binance Is Out, Coinbase and Many Big Giants Are In

Two-year-old cryptocurrency derivatives platform FTX has completed a series B fundraising round, the largest private equity round in the industry of a whopping $900 million.

With this, FTX now has a valuation of $18 billion, up from a mere $1.2 billion a year ago. This may feel fast, but it is the world “going in slow motion” while FTX is “going normal speed,” according to the founder and CEO Sam Bankman-Fried.

This makes sense given that FTX is the most rapidly growing business in the cryptocurrency space which has signed multiple high-profile marketing deals [Tom Brady & Gisele Bundchen Ambassadors, MLB Partnership, eSports Team TSM, FTX Arena, and Blockfolio Acquisition] to spread the word. The company also plans to use this fresh capital to expand its product offerings and for other investments.

“The primary goal of the raise was to [find] strategic allies who can help FTX grow its brand,” but the capital itself will be primarily used for acquisitions, said Bankman-Fried.

With this latest funding, 29-year old CEO Bankman-Fried, who previously worked for quantitative-trading giant Jane Street Capital LLC, has seen his riches grow by at least $7.9 billion.

Bankman-Fried who owns 57% of the company shares is now worth $16.2 billion and is the wealthiest known crypto billionaire, as per Forbes.

More than 60 Participants

The exchange raised the funds from a vast number of big names, more than 60, that includes the Paul Tudor Jones family, British hedge fund manager Alan Howard, Silicon Valley venture capital firm Sequoia Capital, hedge fund billionaire Daniel Loeb’s Third Point, private equity giant Thomas Bravo, another hedge-fund billionaire Israel Englander, and SoftBank Group.

Paradigm, Sino Global Capital, Circle, VanEck, Ribbit Capital, Insight Partners, Lightspeed Venture Partners, Altimeter, BOND, NEA, Willoughby Capital, 40North, Senator Investment Group, Multicoin, and Hudson River Trading also participated.

“Absolutely ecstatic to let you know that Sino Global Capital participated in FTX’s Series B round (in retrospect, it was inevitable),” tweeted Matthew Graham, CEO at Sino Global Capital.

“Today, SBF is no longer merely a titan of crypto. He’s now a titan of business, and he and our good friends at FTX are just getting started.”

Exchanges Making Strategic Investment

Amidst this, leading crypto exchange Binance recently exited its position in FTX. Binance made a strategic investment of an undisclosed sum in FTX in December 2019.

“We’ve seen tremendous growth from them, we’re very happy with that but we’ve exited completely,” said Binance CEO Changpeng Zhao.

“CZ” told Forbes that the withdrawal was part of “a normal investment cycle” and it was on good terms. “We’re still friends but we no longer have any equity relationship,” he said.

Coinbase meanwhile joined in through its investment firm Coinbase Ventures.

Coinbase recently made its debut on Nasdaq with an evaluation that briefly went past $100 billion and marked the Bitcoin top but FTX has no such plans yet. While “actively thinking about,” Bankman-Fried has no idea how this will end exactly, not to mention, there’s no “ticking clock on our need to go public.”

FTX has a native token FTT, a $3 billion market cap coin trading at $27.91, currently down over 56% from its all-time high above $63 two months back.

Read Original/a>
Author: AnTy

Energy Trading Platform Power Ledger Switches Allegiance To Solana Blockchain

Energy Trading Platform Power Ledger Switches Allegiance To Solana Blockchain

More decentralized applications (dapps) are seeking greener pastures away from the congested Ethereum network.

The latest is Australia-based blockchain company Power Ledger.

Higher TPS A Draw

In a blog post on its website, Power Ledger said it would be migrating its protocol to the Solana network. The blockchain protocol cites higher transaction output and the speed of the Solana network as its reasons for the move.

Another plus for them is that Solana’s proof-of-history (PoH) and proof-of-stake (PoS) timing mechanism is more environmentally friendly as it consumes less energy in validating transactions.

According to the energy trading company, Solana’s ability to process over 50,000 transactions per second (TPS) was a major draw.

Commenting on the development, co-founder and technical director John Bulich noted that the company was hard-pressed to work on the Ethereum blockchain for some time.

However, the limitations of the popular dapps proof-of-work (PoW) forced the company’s hands to seek out an alternative protocol that can process transactions faster and is less energy-demanding.

Power Ledger is a blockchain platform that audits and streamlines the buying and selling of renewable energy. The shift to green energy in crypto mining has seen the company reassess its priorities recently.

Commenting on the random shift, co-founder and executive chairman Dr. Jemma Green noted that the company’s growth on a global scale has seen them monitor their carbon footprint closely.

Meanwhile, the blockchain platform’s native tokens POWR will remain on the Ethereum mainnet. Validator nodes and miners can stake and earn rewards with their POWR tokens.

PoW Losing The Battle Day By Day

Consensus on blockchains is achieved through several means. More ancient platforms like Bitcoin (BTC) and Ethereum (ETH) use the proof-of-work (PoW) consensus algorithm, which demands that mining nodes compete in solving complex mathematical puzzles. Although this rightly secures the network against bad actors and is more decentralized than most other algorithms, they are slower and more energy demanding. BTC -1.40% Bitcoin / USD BTCUSD $ 32,695.41
-$457.74-1.40%
Volume 19.12 b Change -$457.74 Open $32,695.41 Circulating 18.76 m Market Cap 613.22 b
6 h There’s “More Interest in Ether,” says Fidelity Digital Assets President 6 h Energy Trading Platform Power Ledger Switches Allegiance To Solana Blockchain 8 h Grayscale Takes Another Step Towards GBTC’s Conversion into a Bitcoin ETF, Partners with the World’s Largest Custodian
ETH -4.69% Ethereum / USD ETHUSD $ 1,941.15
-$91.04-4.69%
Volume 16.62 b Change -$91.04 Open $1,941.15 Circulating 116.68 m Market Cap 226.49 b
6 h There’s “More Interest in Ether,” says Fidelity Digital Assets President 6 h Energy Trading Platform Power Ledger Switches Allegiance To Solana Blockchain 7 h SLP Farming Is Turning Out to Be Very Lucrative, While Axie Infinity (AXS) Has the Lowest P/E Ratio

This has seen new blockchain platforms like Solana (SOL), Cardano (ADA), Polkadot (DOT) switch to a more sophisticated consensus algorithm. Although these famous ‘Ethereum killers’ use various means, most rely on a less energy-demanding proof-of-stake (PoS) consensus algorithm. SOL -5.55% Solana / USD SOLUSD $ 29.12
-$1.62-5.55%
Volume 197.79 m Change -$1.62 Open $29.12 Circulating 272.64 m Market Cap 7.94 b
6 h Energy Trading Platform Power Ledger Switches Allegiance To Solana Blockchain 5 d Solana Based Non-Custodial Asset Management Platform, Solrise Finance Completes $3.4M Funding Round 6 d Is SOL Taking on Ethereum (ETH)? Solana-based Oracle Network Pyth Continues to Add Big Names
ADA -3.73% Cardano / USD ADAUSD $ 1.27
-$0.05-3.73%
Volume 1.24 b Change -$0.05 Open $1.27 Circulating 32.04 b Market Cap 40.57 b
6 h Energy Trading Platform Power Ledger Switches Allegiance To Solana Blockchain 1 d Investors Seeking Diversification in Crypto with Multi-Asset Products Recording Largest Inflows: CoinShares Report 1 d After GBTC and ETHE, Grayscale’s Digital Large Cap Fund (GDCL) to Have A 6-Month Locking Period
DOT -4.60% Polkadot / USD DOTUSD $ 14.20
-$0.65-4.60%
Volume 606.93 m Change -$0.65 Open $14.20 Circulating 975.09 m Market Cap 13.84 b
6 h Energy Trading Platform Power Ledger Switches Allegiance To Solana Blockchain 1 d Investors Seeking Diversification in Crypto with Multi-Asset Products Recording Largest Inflows: CoinShares Report 1 w Inflows Recorded Across Digital Assets for the First Time in 9 Weeks: CoinShares Report

This is because PoS delegates or chooses a particular mining or validator node for a specific blockchain transaction as against every mining node tussling for the same transaction.

Environmental concerns have made crypto investors favor these new crypto protocols, with government authorities clamping down entirely on crypto mining. One of such authorities is Asian giant China which has banned the mining of Bitcoin in its Yinchuan and Inner Mongolia regions.

Corporate bodies have also criticized PoW protocols, with EV company Tesla removing support for Bitcoin payment for its electric sedans.

The Ethereum network is planning to migrate to a PoS protocol by the end of the year. But for now, it is relying on layer two scaling solutions like the Polygon Network to relieve the load on its mainnet.

Read Original/a>
Author: Jimmy Aki

Decentralized Indexing Platform, The Graph Introduces Incentivized Data Curation

Decentralized indexing platform, The Graph is extending its decentralization efforts by launching decentralized data curation. In a statement this Thursday, The Graph is releasing ‘The Graph Explorer’ and ‘Subgraph Studio,’ allowing curators on the platform to contribute and earn incentives.

The launches aim at creating an open and competitive data curation space ensuring data remains useful, accurate, and reliable. With these upgrades, The Graph is finalizing its goals to give its users a fully decentralized indexing platform.

Founded by Edge & Node, The Graph offers users a decentralized indexing protocol to blockchains such as Ethereum. Since its launch in 2018, the protocol has attracted hundreds of developers (mostly on Ethereum), who use its “subgraphs,” or open APIs, to collect and consolidate transactional information across different dApps on Ethereum and the Interplanetary File system (IPFS).

With the launch of the Graph Explorer dApp and Subgraph Studio, any developer or user can permissionlessly deploy subgraphs and curate on subgraphs in exchange for ‘query fees,’ paid in its native token, GRT.

Subgraph Studio and the Graph Explorer DApp

The Graph uses its Open APIs to represent data collected on a blockchain transaction. These subgraphs contain lists of useful information that can be used by developers to build dApps. The subgraphs index the data collected on Ethereum and stores it on the network. DApps then query the subgraphs to obtain transaction data from the blockchain, powering their front-end interfaces.

The launch of the Subgraph Studio allows users to create, test and deploy their own subgraphs on the network for incentives. This aims to increase the number of DApps selecting to build on The Graph’s network.

“Subgraph Studio represents a fundamental shift in delivering software,” a statement from The Graph post reads. “Now developers can publish subgraphs to mainnet by deploying to the Studio and paying for query fees seamlessly via gateways and billing.”

Currently, eight dApps, including udius, DODO, Livepeer, mStable, Opyn, PoolTogether, Reflexer, and UMA, have decentralized their data curation using subgraphs and more are expected to follow.

Practical use of subgraphs

There are two network participants on The Graph – indexers and curators. Indexers are the ones who sort out the data through subgraphs and arrange it to make it more palatable to users. These indexers are then paid in GRT tokens. However, the competition amongst indexers means that only the best will be selected for rewards based on the quality of data.

To claim GRT rewards, indexers need to provide a Proof of Indexing (PoI) to ensure the data is accurate. Once provided, the rewards are unlocked automatically but can be ‘slashed’ if the data is not accurate or best quality.

Similar to Yelp or Uber ratings, curators on The Graph rate and rank the most important subgraphs and signals to indexers to use them for their dApps. For their efforts, curators are paid query fees in GRT, incentivizing them to focus on the most important subgraphs that power the most useful blockchain applications.

“You’re incentivized to select good subgraphs that are actually being used,” Baptiste Greve, product manager at Edge & Node, said.

Read Original/a>
Author: Lujan Odera

Bybit Updates Trading Platform With New KYC Rules As Global Regulators Clamp Down

Bybit Updates Trading Platform With New KYC Rules As Global Regulators Clamp Down

Major crypto derivatives exchange Bybit has updated its know-your-customer (KYC) rules.

The new KYC policies would improve security compliance for traders while also helping to protect users’ funds.

New KYC Policies Start July 12

Bybit revealed that the new policies would be implemented from July 12, 2021. Documents containing proof of origin (passport/ID), full name, date of birth, and others would now be mandatory as part of the individual KYC requirements.

According to its updated FAQ, Bybit users withdrawing more than 2 BTC in a day will have to undergo facial recognition and share an identity document.

Users who take out more than 50 BTC will also have to show proof of address.

Bybit is revamping its KYC procedures ahead of its planned introduction of Spot trading, Options, and the upgrade of its cold wallet.

The firm plans to roll out trading pairs and assets for its crypto spot trading in the third quarter of this year (Q3), while the options would come much later before the end of the year.

Founded in 2018 by Ben Zhou, Bybit is headquartered in Singapore. The crypto derivatives exchange claims to have about 2.5 million global trading clients in more than 200 countries around the world.

The platform has grown significantly since the beginning of this year. Bybit claims to have recorded more than $1 trillion in total overall trading volume in Q1 2021.The platform also claims to facilitate about $76 billion in daily trading volume.

Bybit Under Regulatory Clampdown

Similar to exchanges like Binance, Bybit has also received warnings from regulators. In May, Japanese financial regulator, the Financial Services Agency (FSA), issued a warning to Bybit for operating without registration.

The FSA had claimed that Bybit allowed residents of Japan access to the exchange without getting permission from authorities.

Bybit has also faced regulatory action in the United Kingdom. Earlier this year, the UK’s Financial Conduct Authority (FCA) issued a warning against Bybit. The regulator also alerted the public that the firm had been operating in the country without authorization. Subsequently, Bybit suspended its services to UK residents from March 31.

In Canada, Bybit also faced scrutiny over accusations surrounding the violations of Ontario securities law. The Ontario Securities Commission filed a statement of allegations against the exchange last month, accusing it of operating an unregistered cryptocurrency trading platform.

Read Original/a>
Author: Jimmy Aki

TP ICAP Teams Up With Fidelity & Standard Chartered to Launch A Cryptocurrency Exchange

TP ICAP Teams Up With Fidelity & Standard Chartered to Launch A Trading Platform for Institutional Investors

The world’s largest interdealer broker, TP ICAP, is set to roll out a crypto trading platform. The firm announced that it has partnered with UK banking behemoth Standard Chartered and Fidelity Investments to launch the crypto exchange.

According to Reuters, the new crypto trading platform by TP ICAP will launched by the end of 2021, will allow its clients to first trade Bitcoin (BTC), the leading crypto, before adding other cryptocurrencies like Ether (ETH), more digital assets are to be added at a later date.

The new platform is set to provide the post-trade infrastructure that will involve a network of virtual digital asset custodians coupled with distinct execution and settlement that will help reduce credit risks.

The deal involves the platform utilizing Zodia Custody, the virtual assets custody offshoot owned by Standard Chartered and Northern Trust. Zodia Custody was launched in 2020 to provide custodial solutions to institutional investors. In addition, Flow-Traders, an Amsterdam-located market maker, will offer liquidity solutions to the new exchange.

As per the report, the new exchange is awaiting licensing by the Financial Conduct Authority (FCA), United Kingdom’s financial overseer. It is important to note that both Fidelity Investments and Standard Chartered have not invested in the new venture yet.

The head of digital assets at TP ICAP, Duncan Trenholme, explained that crypto has become a new attraction for investors looking for a new asset class in the recent months.

“In most of our conversations with clients, they want a separation of custodial roles from execution capabilities which is opposite to the models that exist currently.”

In the past, TP ICAP has widened its reach in the world’s capital markets through the provision of new data as well as analytic services and the introduction of fresh products. The firm debuted in the crypto derivative sector in 2019 by letting its clients purchase as well as sell the Chicago Mercantile Exchange’s Bitcoin futures. The firm is in the final stages of adding support for Bitcoin forward contracts settlements, and an announcement is expected soon.

Read Original/a>
Author: Joseph Kibe

Fanatics-Backed NFT Platform, Candy Digital, Strikes A Deal With The MLB for Non-Fungible Token Trading

Fanatics-Backed NFT Platform, Candy Digital, Strikes A Deal With The MLB for Non-Fungible Token Trading

Non-fungible tokens (NFTs) are gaining more mainstream adoption by the day, and the latest is Candy Digital.

Candy Digital Launches With Lou Gehrig’s Speech

In the latest round of investment in the burgeoning NFT sub-sector, popular sports merchandise company Fanatics is partnering with Mike Novogratz’s Galaxy Digital and Gary Vaynerchuk of VaynerX in creating an NFT platform named Candy Digital.

According to a post by Major League Baseball (MLB), the company will be focused on producing sports NFTs and has already struck a deal with the baseball association.

Candy Digital will launch its platform with a 1-on-1 speech of MLB’s Hall of Fame player Lou Gehrig’s “Luckiest Man” rendition of July 4, 1939, after Gehrig was forced to retire due to ALS (popularly called Lou Gehrig’s disease). The proceeds will be used to support ALS charities.

Candy Digital says that MLB fans will easily purchase, collect, view, and trade NFTs.

The NFT platform will be hosted on layer two scaling solutions like Polygon and Immutable X on popular decentralized applications (Dapps) platform Ethereum. According to Candy Digital, it is looking to facilitate low gas fees, faster transaction resolution, and be 99% less energy-demanding than proof-of-work (PoW) the Ethereum network currently operates on.

Fanatics is a majority shareholder in the joint-venture with its Chairman Michael Rubin and Mike Novogratz serving as co-chairs of the NFT startup. Gary Vaynerchuk will serve as a board member.

Speaking on the new development, Michael Rubin said that Candy Digital is out to enable anyone to own a piece of their passion in whatever field they love. He also pointed out that the MLB partnership combines passion, community, innovation, and digital transformation.

The MLB is not a new face in the crypto space. As far back as 2018, the baseball league launched a crypto game called MLB Crypto Baseball, which it later re-styled as MLB Champions. However, it discontinued as the venture was not picking up the needed steam.

It also launched an NFT cards collection on the WAX blockchain in April.

Sports Leveraging The NFT Frenzy

NFTs are unique digital collectibles representing real-life assets. They are stored on the blockchain and are rare, given that they cannot be split.

The nascent sub-sector picked up significant steam after digital artist Beeple sold his 5000 Days NFTs for $69.3 million.

The world of sports has leveraged the NFT mania, and the National Basket Association (NBA) is a major player in this space. Its online marketplace, NBA Top Shot, has grossed over $700 million in sales in the past six months for video highlights of player moments.

The NFT market does not stop here. Ultimate Fighting Championship (UFC) is reportedly looking at the NFT space as well alongside Major League Soccer (MLS).

Read Original/a>
Author: Jimmy Aki

Meme Stock GameStop to Launch NFT Platform on Ethereum & A Dedicated GME Token

Meme Stock GameStop to Launch NFT Platform on Ethereum & A Dedicated GME Token

Meme stock GameStop (GME), a video game retailer, is back on the rise this week.

Though still down 57% from its all-time high of nearly $483 in late January, currently trading around $209, GME is up over 435% from the mid-February low of $39.

The pump in prices was also seen in other meme stocks like movie theater company AMC Entertainment Holdings (AMC), headphone maker Koss Corp, and clothing company Naked Brand Group Ltd.

GME’s latest pump could be attributed to the platform entering into the non-fungible token (NFT) space.

NFT.GameStop.com was unveiled on Tuesday with the message, “Power to the Players. Power to the creators. Power to the collectors.”

It will be launched on the second-largest network, Ethereum. Currently, GameStop is looking for engineers (solidity, react, python), designers, gamers, marketers, and community leaders for its platform, reads the website.

Not many details are known about the project, but the smart contract code states “Game On Anon” and that a dedicated token GME will also be released.

Read Original/a>
Author: AnTy

Augur Launches Sports Betting Platform, Turbo, Built on Polygon Using Chainlink’s Oracles

Augur Launches Sports Betting Platform, Turbo, Built on Polygon Using Chainlink’s Oracles

Augur, a decentralized betting ecosystem, announced its Augur Turbo project, a platform aiming to introduce sports betting, adding to its wide betting market. Turbo will use Chainlink’s decentralized oracles to raw external data and scores – ensuring a trustless and efficient way to feed data to its smart contracts, an announcement reads.

According to the statement released on Monday, Augur Turbo is built on the Ethereum layer 2 solutions, Polygon (formerly Matic), which will save a ton of fees for the players and market creators – compared to Ethereum. The new decentralized sports betting market aims to replace the “highly centralized” traditional betting exchanges solving the issues of “limited payouts, withdrawal problems, high fees, and market control,” the statement further reads.

Additionally, the Turbo project is also turning to Chainlink (LINK), which will provide decentralized oracles to feed on-chain smart contracts with external data from games schedules and results, scores, player and team stats, etc. With this integration, market makers on Augur Turbo will create a betting market from any sports discipline, including the NBA, NFL, UEFA, FA, UFC, the Olympics, and other sporting events.

Augur allows market makers to create betting markets outside the sports realm, with recent markets ranging from recent U.S. Presidential elections, weather, current events, financial assets, etc.

Read Original/a>
Author: Lujan Odera