Parity Releases Substrate 2.0 to Build Custom, Scalable Blockchains Interoperable with Polkadot

Substrate has achieved a major milestone; the blockchain framework has released version 2.0, which is also compatible with Polkadot, which, along with Kusama, is already running the latest version.

Polkadot (DOT), built on Substrate, is currently the 6th largest cryptocurrency with a market cap of $3.74 billion, currently trading at $4.40.

Polkadot blockchain developer, Parity Technologies announced the launch of the second version of its blockchain building kit on Wednesday. This blockchain framework basically allows you to create and customize the blockchain “precisely” for your application or business. The new release provides the developers with additional tools to do just that.

With an aim to develop a Web 3.0, Substrate acts as a tooling kit for developers making their own blockchains that are interoperable with Ethereum’s co-founder Gavin Woods’ Polkadot.

The new release comes with 70 composable “modules” called “pallets” to play with various design ideas. These pallets, which can be developed using FRAME, help add basic and extended functionality.

“Substrate 2.0 comes with many new pallets that will help you quickly and easily build and deploy your blockchain runtime with the right properties for you and your network.”

Version 2.0 also includes modules for getting off-chain data on the blockchain. This new feature called off-chain workers communicates with the main chain to keep all network participants up to date and remove the massive data sets and intensive processes. Parity states,

“Substrate 2.0 comes with a suite of pallets to make data integration much more efficient for blockchains that depend on existing and/or real-world data.”

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Author: AnTy

‘Bullish Divergence’ for SNX; Nearly 80% of Synthetix’s Native Token is Locked as Collateral

Synthetix currently has about $600 million worth of crypto deposit locked, which is in decline since hitting the record $1 billion on Sept. 2nd, as per DeFi Pulse.

One of the top DeFi protocols, Synthetix, is a synthetic asset issuance and trading protocol that tracks real-world assets like crypto, fiat, and stocks and uses Chainlink’s oracle for price feed.

Launched on mainnet earlier last year, the protocol has a native token called SNX, which can be locked as collateral along with ETH to mint Synths, which are tradeable ERC20 tokens. Token holders also get the transaction fees generated from Synths being exchanged on Synthetix’s non-custodial DEX.

Ranked 40th as per market cap of $408 million, SNX currently trades at $4.10 in green. While up 500% YTD, the token has lost about 35% of its value in the past month.

But unlike the price, the address activity is holding up nicely with DAA sitting “well above its expected historical levels.”

“When price levels move down, but address activity stays high, this is something we tout as a bullish divergence,” states data provider Santiment.

So Little to Accumulate

With nearly 80% of SNX locked as collateral for minting synths like sUSD, only a small percentage of SNX supply is left for accumulation.

A meager, 3.8% of all SNX is available on crypto exchanges viz. Binance, Uniswap, Poloniex, and Kucoin.

For large players, the over-the-counter (OTC) market, which tends to be opaque, is the place to get their bid filled without incurring much slippage. Here, market participants make use of Airswap and Deversifi’s smart contracts to execute OTC deals.

Over the last six months, 4,520,232 SNX, 3.78% of the circulating SNX supply, worth over $21 million have been swapped through Airswap. During this period, July was the busiest month with 11 trades conducted.

It was also in that month that the leading spot exchange Binance listed SNX, which @Neuros12 says “likely to weigh negatively on future OTC activity for SNX.” With more than 5 million SNX in its wallet, Binance is the largest SNX holder among the centralized and decentralized exchanges.

Keep on Building

The protocol is currently preparing for a technical release called The Fomalhaut that includes Ether collateral enable ETH holders to mint sUSD when sUSD is trading above $1 to help reduce the premium and opening the possibility of sUSD borrowing against BTC tokens such as renBTC and tBTC in future.

Exchange rates aggregator V3 and migrating iETH rewards to the protocol, decrease to 0 SNX per week are also part of it. The Synthetix team continues to build and become an integral part of the DeFi ecosystem.

Amidst the sky-high Ether gas fees, there are also plans to implement layer2 solutions to scale the Ethereum network, which has gotten congested due to DeFi’s speculative frenzy.

“Everyone priced out of staking SNX due to high gas prices is about to be unpriced out,” tweeted Synthetix founder Kain Warwick.

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Author: AnTy

Cream Finance Announces AMM, creamY, with Several Innovations that ‘Make it Stand Out’

Cream Finance has introduced an automated market maker (AMM) which focuses on low slippage and fees of stablecoins.

Combining Curve’s very low cost and very high-efficiency feature and Balancer’s updatable for addition or removal of an asset from the pool — unlike Uniswap or Curve pool, which are immutable — creamY has created a “dynamically updateable AMM which consolidates liquidity.”

Besides being dynamic and capital-efficient, this AMM allows users to hold or transact with yielding and provide liquidity using one token.

According to yEarn Finance’s Andre Cronje, who partook in the discussion of the project, the design of creamY. it “can alleviate a lot of the current liquidity pain-points.”

Coming up with innovations such as consolidated liquidity, a mixture of a shared order book, a governed liquidity pool, and allowing single-sided liquidity is what makes it “stand out,” said Cronje.

Right from the launch, It will support exchanges for stablecoins, BTC, and ETH.

It will be supporting cryUSD including USDT, USDC, TUSD, BUSD, yCRV, yyCRV, yUSDT, yUSDC, yTUSD, cUSDT, cUSDC, crUSDT, crUSDC, and crBUSD; cryBTC covering wBTC/renBTC/tBTC/crRENBTC/cWBTC/ycrvRenWSBTC, and cryETH inclusive of WETH/yETH/crETH/cETH.

Although the code of the protocol has been reviewed by several developers and is currently in the final stages of it, like all the DeFi projects, it hasn’t been through production testing yet.

According to the official announcement, creamY will launch with “strong incentive rewards” in CREAM tokens form, which will be escrowed until the end of the LP period.

For now, the CREAM token of the lending protocol with a TVL of $241 million, is trading at $118, up 2.63% since Sunday in line with the broad market.

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Author: AnTy

bitFlyer Europe Integrates PayPal To Bridge the Fiat-Crypto Gap For European Traders

bitFlyer Europe, the subsidiary of one of Japan’s largest crypto exchanges, has integrated PaPal, which will allow its European clients to deposit and purchase tokens directly from their PayPal accounts.

According to the official announcement, the integration between the giant online payment platform and bitFlyer will play a major part in bridging the gap between the crypto space and fiat for European crypto enthusiasts.

Although bitFlyer Europe currently allows wire card transfers, one to three days is required for clearance. PayPal integration will allow customers to make near-instant deposits.

The announcement states that bitFlyer Europe customers can henceforth deposit euros from PayPal directly to their wallets and trade different cryptos. The statement also said that no extra charges would be passed onto the customer. Jacek Bastin, bitFlyer Europe manager in charge of business strategy, clarified:

“bitFlyer charges no handling or processing costs on top of the fees charged by PayPal.”

Since PayPal has about 340 million users globally and handles approximately 35% of the total eCommerce dealings within Europe. It is expected that the integration will help in exposing a wide array of European netizens to the bitFlyer platform, as well as to the crypto world in general.

Without going into details, Bastin revealed that bitFlyer Europe is working on several projects to ensure crypto trading becomes more accessible and secure to everyone.

bitFlyer has embarked on several activities to expand its reach globally with the firm opening branches in Europe and the United States in the recent past. Integration with PayPal is an effort by the firm to attract more crypto enthusiasts and worshippers to its platform.

PayPal has also been gearing up to enhance its innovation by using cryptos as well as blockchain technology. In June this year, PayPal announced it was hiring crypto and blockchain engineers, and it is alleged that the platform is looking on ways it can enable crypto buying for its worldwide users.

In a letter to the European Commission, PayPal stated that it was carefully assessing the worldwide developments in the crypto and blockchain spheres.

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Author: Joseph Kibe

Crypto Exchanges FOMO into DeFi, Binance Takes on Ethereum

Everyone wants a piece of decentralized finance (DeFi), which is growing like crazy. Crypto exchanges, especially, are taking a special interest in the sector.

This week, OKEx announced that with the latest upgrade of its OKxChain network, it had become the most decentralized exchange powered public chain. Huobi also jumped in and added ten more members to its DeFi team, which is “a consortium of centralized and decentralized financial services providers.”

Binance has already been going deeper in DeFi, announcing a $100 million fund and launching Binance Smart Chain (BSC).

In this growing competition of CEXs in DeFi, OKEx CEO Jay Hao recently called out Binance Smart Chain for not being decentralized.

“Built on BSC, BakerySwap caused huge losses for many retail investors <12h after mining began, which led to protests against BSC in China & elsewhere,” said Hao adding, “Those financial losses are a result of blind trust in Binance.”

“I strongly condemn Binance’s irresponsible behavior, which damaged the crypto community’s trust and caused DeFi to regress. Trust is hard to build but easy to tear down. For the sake of users’ interests & Crypto development, pls stop these tricks and BUILD the real DeFi,” said Hao.

Binance Marching Ahead

The leading spot exchange ERC20-based stablecoin has been gaining traction lately, seeing its volume surpassing Circle and Coinbase’s USDC Coin (USDC). In the past week, over $100 million worth of Binance USD (BUSD) has flowed into the exchange.

But it was actually USDC whose supply has doubled since the beginning of August. In just two months, USDC’s supply went from 1 billion to 2 billion, while it took two years for its supply to go from zero to 1 billion.

Binance has also taken the road to yield farming, the heart of DeFi mania, which helped its BNB token return to life.

“This is a good way to participate in the yield farming craze in a relatively low risk way,” said a researcher from Crypto fund The Spartan Group. For BNB, it means a constant demand for staking/holding making it an attractive asset to own, he said.

The exchange also introduced Binance Launchpool, which attracted many DeFi projects and away from Ethereum, the center of the DeFi world on which most of the projects are built on.

Binance CEO Changpeng Zhao noted that while BNB’s market cap is still 10% of ETH, the transaction volume of BSC is 40% of the Ethereum network. Recently, he also noted that while BSC is 100% EVM compatible, it also has 20x lower fees and no congestion, to attract more developers and projects.

“Did a quarter of users move already? Or is this just demand that was curbed due to high fees? Looks like the later as ETH tx count didn’t drop much. Growing, not taking, the pie,” he said.

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Author: AnTy

Crypto.com Forks Uniswap & Launches DeFi Swap on Ethereum

Hong Kong-headquartered Crypto.com has launched a DeFi Swap service, which allows users to swap and farm DeFi tokens.

A fork of Uniswap V2, the platform is powered by its native token CRO, the 10th largest cryptocurrency by market cap, which is trading at $0.160, up nearly 6%.

Other coins supported are Wrapped ETH (WETH), Tether (USDT), USDC, DAI, Chainlink (LINK), and Compound (COMP), with more to be introduced in the future.

One can start farming by using any WalletConnect enabled mobile wallet, which the company says will soon be coming on its DeFi Wallet.

Gains & Losses

The liquidity providers (LPs) will be rewarded with 0.3% of the respective liquidity pools’ trading volume. For selected pools, LPs will also receive tokens that are redeemable for coins of the participating DeFi projects.

Crypto.com is guaranteeing a minimum reward pool of 14 million CRO for the first 14 days on this Ethereum-based decentralized protocol.

Meanwhile, those who stake CRO can “boost their yield by up to 20x and harvest the daily yield in as little as 30 days.”

These services, however, are restricted to the residents & citizens of over 30 countries, including the US, Mainland China, Hong Kong SAR, Iran, Iraq, and Venezuela.

Much like any DeFi project, the company clearly states using it at your own risk as it cautions of risks involved that aren’t limited to the loss of virtual assets, collapse in liquidity, changes in the smart contacts, extreme volatility, counterparty risk, attacks, hacks, defects, loss of private keys, and regulatory uncertainty.

“Not a Bubble”

The ongoing mania has resulted in the DeFi space exploding with the total value locked in it amassing nearly $10 billion, which after the recent correction, is currently under $8 billion.

However, “DeFi is not necessarily a pure bubble about to burst,” said Crypto.com in its report on decentralized finance. The report continued,

“It might deflate once the hype subsides, but as globalisation progresses and the business ecosystem further shifts towards new-generation business models built upon shared governance and decentralisation, there will be a growing demand for solutions like DeFi which will provide new ways banking, trading and investing – perhaps even setting the standard for economies to climb out of the shadows.”

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Author: AnTy

Jack Dorsey’s Square Launches COPA to Ensure Bitcoin & Crypto Remain ‘Free and Open’

Bitcoin proponent Jack Dorsey’s payment company Square, which first ventured into crypto in 2018, is now inviting cryptocurrency firms to join its Cryptocurrency Open Patent Alliance (COPA) to ensure the industry remains open-source. Dorsey wrote,

“Square is putting all of our crypto patents into a new non-profit org we’re calling the Crypto Open Patent Alliance, which will maintain a shared patent library to help the crypto community defend against patent aggressors and trolls. Join us!”

On Thursday, the announcement was made, and COPA was launched. In its “fight to keep bitcoin and crypto free and open,” the new initiative is introduced, which ensures new ideas don’t get tied up by patent litigation.

Free to Pursue Crypto’s Future

To tackle the concern of “patent lockup” stifling innovation and adoption, Square asked the crypto community to do “what it is so famous for and come together for the greater good.” The official website reads,

“We believe there needs to be a global native currency for the internet,” and everyone should be able to “participate in cryptocurrencies and have access to its underlying innovation.”

A separate entity from Square, COPA, has a two-prong approach, including a pledge that no member asserts their patents on foundational crypto technology ever except defensively, and creating a shared patent library where members pool their crypto patents and allow each other to use them. Square Crypto said,

“As more companies join and the shared patent library grows, the freer we’ll all be to pursue crypto’s future.”

In the US, the number of blockchain and crypto-related patents already doubled between 2016 to 2017. Even Microsoft filed a patent last year for a mining system powered by human activity.

The Native Currency of Internet but “Intuitive”

Dorsey is known for his bitcoin support, who believes it could be the “native currency of the Internet.”

In an interview with Reuters this week, Dorsey re-emphasized on it, saying, like the internet, bitcoin is consensus-driven. He said,

“I think the internet warrants a […] native currency and […] Bitcoin is probably the best manifestation of that thus far. I can’t see that changing given all the people who want the same thing and build it for that potential.”

But for the leading digital asset to interact with money and change the way most people think of it, it must be “intuitive.”

The main main point here is that bitcoin is expensive to use and that people must understand why they use it and access it in a way that is similar to dealing with cash. Dorsey said,

“We have to build the coin in such a way that it is as intuitive as fast and as efficient as what exists today and obviously goes beyond that.”

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Author: AnTy

Rug-Pulled on the Latest YFI Clone, Soft Yearn (SFYI), After Rebase Gets Exploited

YFI, the governance token of Yearn Finance, is the most popular DeFi token, which currently has the highest value of $21,465 and is dubbed a “cash generation machine.”

Since its launch in mid-July, many copycats of this popular DeFi token have emerged, such as CREAM, Wifey, YFII, YFL, and others.

The latest knockoff has been Soft Yearn (SFYI), the adaptive yield-stable currency, which merges Yearn.Finance and Ampleforth. “As DeFi flourishes, the demand for YFI will increase exponentially. SYFI has a direct growth relationship to the prominent YFI token,” reads the website.

Being a soft pegged currency, whenever SYFI has a significant difference form the main currency’s price, the contract or expansion algorithm will converge the market price to the pegged price.

Ampleforth birthed based-finance, but it hasn’t been a success — elastic-finance means the supply of the token changes, and so does the number of tokens held by an investor.

Also, rebases have led to the collapse of the projects. It was last seen with YAM, which found a bug in its rebase function resulting in its crash.

But on Monday, the price crashed 100% from its peak of $174 last week to $0.00040, as per CoinGecko.

The crash happened due to what happened during the rebase period.

“During our first rebase at 8:00 UTC, September 3rd, 2020, a malicious actor bought 2 SYFI, and timed the adjustment of their token holdings with a Uniswap sell. During the transaction, the rebase applied, but Uniswap price remained unchanged, thus, the perpetrator’s sell was amplified to the extent of wiping out most of the liquidity provided in the Uniswap pool. The rebase itself was also incorrect. The YFI rate per SYFI was not streamlined properly,” shared the SYFI team on its Telegram.

The team behind the project is now offering a “very large sum” of ETH as a bounty who can identify and apprehend the wrongdoer.

Last week, they did a presale and raised 400 ETH with a supply of 60,000 SYFI, double of YFI. However, unlike YFI, which is completely decentralized, but much like an ICO, they distributed portions of the token supply to the team and for marketing.

However, like the YAM project, they aren’t going anywhere and are planning a migration. They are also proposing to recreate the SYFI token, airdrop the number of tokens they had before the rebase, add at least 250 ETH to the initial liquidity pool, and fix the rebase mechanism.

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Author: AnTy

Strong Demand for Yearn Finance’s yETH Vault, Capitalizing on Ether, MakerDAO, & Curve

Since the launch of the much-awaited yETH vault on Wednesday, which is heralded as extremely bullish for Ether, it has already locked in 378,000 ETH (worth about $152 million).

“The new @iearnfinance yETH vault absorbed 378k ETH since launching 2 days ago. It also just successfully managed risk during a 25% crash. 3 Rebalances were called in the past hour leading to 2.7M DAI paid back to its CDP,” noted crypto investor Andrew Kang. “Cool validation for the product.”

Yesterday, Yearn Finance paused deposits to yETH after 70 million DAI were minted, stating, “for now this is a high enough cap to balance between best profits and best risk adjustment.”

This catalyst for Ether, which reduces the supply of the digital asset, creates value by providing ETH to Maker to mint stablecoin DAI, which is then provided to yDAI, the DAI vault. The latter vault provides DAI as LP for curve.fi/y and then curve.fi/y LP tokens are locked in the gauge to receive CRV.

“This is no different than a lender/borrower utilization ratio,” said yEarn founder Andre Cronje who explained, “as DAI in the pool becomes low, arbitragers sell DAI for (USDC, USDT, or TUSD). This adds DAI to the pool. So as DAI is removed, this makes it more valuable to trade in DAI. This is the same mechanism as explained for lenders and borrowers utilization ratios.”

But because with yETH like yaLINK, there is debt involved, one needs to have enough available funds, and yEarn maintains a ~200% ratio; as such, there is a ~50% buffer in case of lender/liquidity shortages.

yETH vault, capped at 60 million, has a buffer around $16 million.

Generally, in DeFi, a fast-growing sector where yield farming has taken the crypto world by storm, the two to four-figure yield comes from lending, trading, and liquidity.

To clarify the misinformation going around about DeFi, Cronje explained that yield is earned by lending out assets via Aave, Compound, and dYdX lenders where the closer the pool is to empty (the maximum amount borrowed out), the higher the interest paid for it.

Assets are also provided on Uniswap, Curve, and Balancer, where they earn trading fees, and these protocols also provide liquidity incentives.

But of course, the higher the gains, the higher the risk in terms of bugs and exploits in smart contracts, lack of trading activity, which reduces the fees, and price fluctuations causing unstable APY in liquidity incentives.

Also Read: DeFi Growth is Out of Control, Pushing the Centralized Crypto World Behind

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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
Source: charts.woobull.com

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