As a report has it, Cardano (ADA), the 6th largest cryptocurrency by market capitalization, will soon go live on the decentralized algorithmic money market, Venus.

Venus passed this latest development across via its official Twitter handle a few hours ago. It came in a thread of announcements that was started on 17th February 2021 by Venus on the microblogging platform Twitter.

Read Also: Cardano (ADA) Announces $1 Million Funding for Project Catalyst New Stage; Releases New Daedalus Wallet

Back then, the platform announced that Venus Improvement Proposal 9, which is slated for deployment this week will enable Cardano (ADA) to be listed on Venus for holders to participate in the liquidity mining program, earn interest, or used as collateral for loans.

Venus tweeted, “Venus Improvement Proposal 9 (VIP-9) will deployed this week and will enable Cardano ADA to be added as an asset to Venus where users can participate in the liquidity mining program (farming), earn interest, or use ADA as collateral to borrow other assets.”

Two days later, Venus announced that Venus Improvement Proposal 9 (VIP-9) has been deployed on the Venus mainnet in readiness to add Cardano (ADA) as an asset on its platform.

“VIP-9 has been deployed on the Venus mainnet…”

💴 Add $ADA to Venus 🏦 Lower VAI’s #XVS Emissions Rate (Reducing overall Venus inflation) https://t.co/u6geS2A8ch

— Venus (@VenusProtocol) February 18, 2021

Read Also: Fundamental Reasons to Be Bullish On Cardano (ADA)

In a recent update concerning the development, Venus stated that the awaiting Venus Improvement Proposal 9 (VIP-9) is now successful and it will be implemented soon.

According to the report, the development will give room for Cardano (ADA) to go live on the decentralized algorithmic money market, Venus.

Venus announced, “VIP-9 has passed and will be executed soon! Cardano will become an available digital asset on Venus!”

Get started: https://t.co/cAsPHdzOlQ https://t.co/KCgHWRPlfB

— Venus (@VenusProtocol) February 23, 2021

The cryptocurrency market has been in the red zone over the past couple of hours. Virtually all cryptocurrencies in the market are experiencing a huge dump along with Bitcoin (BTC).

Over the last 24 hours, BTC has lost relatively 20% of its value, likewise the second-largest cryptocurrency by market cap, Ethereum (ETH).

Read Also: Charles Hoskinson: Bitcoin is only valuable because it’s Valuable, It Has No Technological Advantages

Cardano (ADA) is also dumping significantly. At the moment, no one can ascertain the bottom of this bear’s perpetration. At the time of writing, ADA is trading at $0.9241, with about a 13% price plummet in the last 24 hours.

XRP price – Binance Smart Chain will Support Cardano Liquidity Mining

Cardano (ADA) has seen a lot of attention recently. The project, founded and led by Charles Hoskinson, saw quite a bit of new developments regarding its upgrades in the last few months. Its price improved significantly, and ADA even managed to climb quite high on the list of largest cryptos. Now, the coin is about to launch liquidity mining.

The new announcement indicates that those who buy Cardano (ADA) will soon be able to access liquidity mining on Binance Smart Chain’s Venus Protocol. Venus revealed that it would add support for ADA coin and allow its holders to hold the asset as collateral. In return, they will get the ability to borrow and lend funds. 

ADA is not the only coin supported, of course — Venus platform also lists Bitcoin, Ethereum, bitcoin cash, Binance Coin, XRP, Chainlink, Polkadot, Filecoin, and a number of stablecoins.

A lot more coins are likely to be included in due time, but given the fact that Venus itself was only launched four months ago, in November 2020, it has seen quite a lot of progress. Its team acquired 18,000 users so far, and the project’s TVL exceeded $2 billion. It also offers activities like token swaps, which are much cheaper than they are on Ethereum.

Until ETH 2.0 arrives in full, Ethereum will likely continue to struggle with high gas fees, which makes it difficult for traders with less capital to access and use DeFi apps. So, the Cardano team opted for Venus, at least until its own lending and liquidity protocol, Liqwid Finance , is created and launched.

The move comes soon after Cardano’s price surge that led it to become the 4th largest crypto by market cap, overtaking the position from Ripple’s XRP. At the time, the coin’s market cap sat at $26 billion. At the time of writing, the market cap is somewhat lower — currently sitting $25.19 billion, but it is still the 4th largest crypto, although XRP is not far behind.

XRP price – Binance Smart Chain will Support Cardano Liquidity Mining Tags: XRP price

A new report by CoinShares suggests Bitcoin (BTC) has garnered 97% of the total crypto inflows in 2021.

The recent correction in Bitcoin price does not seem to have deterred crypto investors as CoinShares data shows a record $1.3 billion in crypto product inflows over the past week. This suggests that investors are accumulating on the dips rather than attempting to chase higher prices.

Another space that has taken giant strides in the past few months has been the decentralized finance sector. While bond yields across the world are reeling near-zero levels, the attractive yield farming opportunities in DeFi and flash loans have attracted investors, boosting the total value locked to $26.1 billion on Jan. 25.

Unless the markets are gripped in panic, there are always certain sections that are in a bull phase. The tokens selected today have also outperformed the broader market in the short term.

Let’s investigate some of the fundamental reasons behind their bullish moves and pinpoint the critical levels to watch out for.

Transferring money seamlessly across borders without having to pay high fees is a necessity in today’s world and Celo (CELO) aims to ease this process. The project is gradually gaining adoption as there is now $30 million worth of cUSD in circulation.

After the success of cUSD, the platform plans to launch a new stablecoin that is pegged to the euro in the next two months. Similar to its cUSD, the euro stablecoin will use a basket of crypto assets to keep the price closely pegged to the underlying asset. 

Celo’s partnership with KardiaChain, Kadena, and Paychant opens several new opportunities for its users. The community also cheered Celo’s listing on Binance exchange on Jan. 5 and the altcoin broke out strongly after listing.

Celo recently announced a rewards program and starting Jan. 25 users who maintain a certain minimum average monthly balance of cUSD will earn rewards in CELO on a first-come, first-serve basis.

Along with the products, the credibility of the project is also important for its success. On that front, Celo’s inclusion in the World Economic Forum’s Global Future Council on Cryptocurrencies may have worked as a big positive.

CELO price surged from $1.752 on Jan. 12 to an intraday high at $3.922 on Jan. 22, a gain of 123% within ten days. The token is currently forming a rounding bottom pattern that will complete on a breakout and close above $4.50.

The CELO/USD pair has started a new uptrend and has been making a series of higher highs and higher lows. This suggests a bullish sentiment and traders are buying on dips. The moving averages are sloping upward and the relative strength index (RSI) is in the overbought zone, indicating an advantage to the bulls.

The pair does not have any major resistance until it reaches $4.30 but the bears are unlikely to give up easily. They will try to stall the current up-move in the $3.60 to $3.922 zone. If they succeed, the pair could drop to the 20-day exponential moving average ($2.528) where buyers are likely to step in.

A strong rebound off the 20-day EMA will keep the uptrend intact and the bulls will then again try to push the price to $4.30. A breakout and close above the $4.30 to $4.50 resistance zone could start the next leg of the uptrend.

This bullish view will invalidate if the pair breaks below the 20-day EMA. In such a case, the pair could drop to the 50-day simple moving average ($1.95).

The DeFi space continues to hold strong even as major cryptocurrencies are witnessing a sharp correction. This shows users’ confidence in DeFi and the ability of the sectors' projects to offer much better returns compared to altcoins.

Venus Protocol (XVS) is exclusively on Binance Smart Chain, therefore it did not suffer from the detrimental effects of high gas fees that negatively impacted DeFi projects in early January. This could have attracted some traders to jump over to Venus.

Decentralization is one of the key factors in crypto and Venus completed the transition on Jan. 15. The protocol will now be governed by the community, which is a welcome step in the right direction. The positives of the past few days may have resulted in its total value locked to jumping to $400 million.

XVS has risen from an intraday low at $3.945 on Jan. 18 to an intraday high at $12.90 today, a 227% rally within a short span. The momentum picked up after the bulls pushed the price above the stiff $5 to $6 overhead resistance zone on Jan. 23.

Some profit-booking was seen on Jan. 25 but the bulls purchased the dip and pushed the price above $9.89 today to resume the uptrend. Crossing into double digits seems to have ignited the bulls who have continued to buy at higher levels.

The XVS/USD pair could now rally to $15 and then to $20. However, the recent rally has pushed the RSI deep into the overbought territory, which increases the risk of a correction or consolidation.

If the price turns down from the current levels, it is likely to find support at $10. A strong rebound off this level will suggest the previous resistance has flipped to support and the bulls will then try to resume the uptrend. On the contrary, if the price breaks below $10, the correction could deepen to $8.

FantomFinance (FTM) is another DeFi project that is acting as a bright spot that is leading the market higher.

Fantom recently entered into a partnership with Injective Protocol that is expected to increase adoption as users can access assets on both chains. Together both teams plan to bring new and innovative synthetic products to the market, tapping the ever-growing popularity of synthetics and decentralized derivatives trading.

This offers an opportunity for the traders to benefit from trading markets that are in a trend rather than getting stuck to a specific asset class. FTM’s recent listing on SushiSwap also seems to have been cheered by the community.

FTM has soared from an intraday low at $0.0241 on Jan. 22 to an intraday high at $0.0678 today, a 181% rally within five days. The bulls had pushed the price above the $0.05665 resistance on Jan. 24 and 25 but could not sustain the higher levels.

The bears attempted to start a correction on Jan. 25 but the bulls were in no mood to relent. They have aggressively propelled the price to a new all-time high today. However, the sharp rally of the past few days has pushed the RSI deep into the overbought territory, which could start a correction or consolidation.

If the price turns down from the current levels but rebounds off the $0.05665 support, it will suggest the previous resistance has flipped to support. The FTM/USD pair may then start the next leg of the uptrend that could reach $0.0850.

Conversely, if the bears sink the price below $0.05665, the pair could drop to $0.05 and then to $0.045. A break below this support could signal a change in trend.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Cardano (ADA) has seen a lot of attention recently. The project, founded and led by Charles Hoskinson, saw quite a bit of new developments regarding its upgrades in the last few months. Its price improved significantly, and ADA even managed to climb quite high on the list of largest cryptos. Now, the coin is about to launch liquidity mining.

ADA is not the only coin supported, of course — Venus platform also lists Bitcoin, Ethereum, Bitcoin Cash, Binance Coin, XRP, Chainlink, Polkadot, Filecoin, and a number of stablecoins.

A lot more coins are likely to be included in due time, but given the fact that Venus itself was only launched four months ago, in November 2020, it has seen quite a lot of progress. Its team acquired 18,000 users so far, and the project’s TVL exceeded $2 billion. It also offers activities like token swaps, which are much cheaper than they are on Ethereum.

Until ETH 2.0 arrives in full, Ethereum will likely continue to struggle with high gas fees, which makes it difficult for traders with less capital to access and use DeFi apps. So, the Cardano team opted for Venus, at least until its own lending and liquidity protocol, Liqwid Finance , is created and launched.

The move comes soon after Cardano’s price surge that led it to become the 4th largest crypto by market cap, overtaking the position from Ripple’s XRP. At the time, the coin’s market cap sat at $26 billion. At the time of writing, the market cap is somewhat lower — currently sitting $25.19 billion, but it is still the 4th largest crypto, although XRP is not far behind.

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Uniswap (UNI) has become the first decentralized finance (DeFi) trading platform to generate over $100 billion in volume, the protocol’s founder Hayden Adams announced today.

— Hayden Adams 🦄 (@haydenzadams) February 15, 2021

“Uniswap just became the first decentralized trading platform to process over $100b in volume – an exciting milestone for DeFi,” Adams tweeted.

This milestone is a logical continuation of the “DeFi boom” that began last summer. As CryptoSlate reported, Uniswap’s rise to prominence ultimately led to the platform slowly eclipsing Coinbase and other centralized trading platforms in early September.

“Second day in a row where Uniswap volume > Coinbase. This month, multiple DEXes like Curve, 1inch, Balancer, also have volume on par with big exchanges like Kraken, Bitstamp, Gemini, etc. Most of these CEXs have multi-billion valuations. ETH is still sub-50B mktcap,” pseudonymous trader CL noted at the time.

This month, multiple DEXes like Curve, 1inch, Balancer, also have volume on par with big exchanges like Kraken, Bitstamp, Gemini, etc.

Most of these CEXs have multi billion valuations.

ETH is still sub 50B mktcap.

— CL (@CL207) August 31, 2020

Notably, Uniswap’s monthly trading volume reached $20 billion in January alone, clearly demonstrating the exponential growth of the sector. For comparison, the platform’s daily volume has already surged to over $1.14 billion today, data provided by crypto metrics platform CoinGecko shows.

At press time, the total dollar value locked in Uniswap amounted to roughly $4 billion, according to DeFi Pulse.

However, while Uniswap is one of DeFi’s top dogs today, its competitors are swiftly catching up. For example, the Binance Smart Chain (BSC) ecosystem is currently on the fast track to outpace Ethereum in terms of volumes as one decentralized application (dapp)—algorithmic money market protocol Venus—has generated $14 billion in transaction volume last month, according to a recent report by DappRadar.

“Venus has become the biggest dapp on BSC in January with $14 billion in transaction volumes. Venus positioned itself in the number one position in terms of transaction volume, thanks to more than $24 billion in the last 7 days,” the researchers wrote on February 11.

Today, Venus’s daily volume has already exceeded $10 billion. That’s some serious competition.

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Traders are seemingly expecting Ethereum to continue to rack up gains against Bitcoin.

The daily trading volume of Ethereum (ETH) futures on the Chicago Mercantile Exchange (CME) has exceeded $75 million, crypto metrics platform Glassnode reported today.

Hong Kong’s crypto users could shift to “unregulated” and riskier venues to trade their digital assets should the government move forward with tighter controls on the rising sector, a group of crypto exchange owners said over the weekend.

Let’s find out some interesting crypto news for today.

DIA partnered with Polygon (previously Matic) to provide transparent and community-verified price oracles on the Matic ecosystem. Together, the team will work on payment applications, on-chain deals for gaming applications, and optimize the execution of DEX trades. Moreover, DIA will also boost the application development of the Matic ecosystem. Apart from this, DIA’s grant and acceleration program for the DeFi data ecosystem will back Matic developers in the Build-n-Earn program. This program serves the development of dApps with DIA data feeds and supports developers with a predictable cash flow.

Qtum announced it will lock $20 million worth of Qtum tokens. According to the tweet, Qtum has worked with blockchain exchange Gate.io to lock these tokens. Moreover, these tokens are wrapped to spur the DeFi opportunities on numerous Ethereum decentralized exchanges. Additionally, Gate.io will help users to swap QTUM coins to wrapped QTUM (wQTUM) tokens to employ in the Ethereum DeFi ecosystem. In addition, users will be able to do liquidity mining with wQTUM on the ZKS (Zero-Knowledge Swaps) DEX starting from February 15, 2021.

ARCStake and Disruptive Digital joined the Elrond ecosystem as node operators. Jointly, the team will develop tools and applications for the Elrond ecosystem. The ARCStake is geared up by the ARC Soft development team. This team is working on the implementation of the Zabbix plugin on the Elrond wallet to monitor Elrond nodes. However, Disruptive Digital is a group of blockchain enthusiasts who worked on an inventive secret phrase backup mechanism called KryptoDots that is compatible with Elrond. Collectively, the team will further expand the infrastructure and services of non-technical supporters for the Elrond ecosystem.

Swipe announced their roadmap with enhancements for SXP on-chain and for the Swipe wallet app. According to the tweet, the team has plans to upgrade the Swipe wallet to make it a non-custodial digital wallet where users can control their keys and funds. Moreover, a custodial card wallet will be introduced in the app through which users can add crypto funds and use them with real-time conversions. In addition, users can also earn liquidity provider (LP) tokens which will be used to farm other digital assets, including SXP from transaction fees. Additionally, the team is also working on the expansion of crypto-fiat offerings.

In our last bit of crypto news, Venus Protocol, the stablecoin platform that operates on Binance Smart Chain, released its roadmap for 2021. As per the tweet, the team is working on a lot of enhancements, such as Venus origination fees, increased collateral factors, and more. Moreover, the team is planning to allow users to use their vXVS tokens to be involved in governance votes. Additionally, the project is working on the Venus DEX and on a reward program to airdrop Venus Reward Tokens (VRT) to the XVS holders. Furthermore, they also have plans to launch a fixed-rate lending system where both the supplier and borrower can calculate their earnings and how much they will pay in interest.

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Ethereum price Today – Ethereum price Today – The top 5 projects of the Binance Smart Chain (BSC) | Fintech Zoom

Binance has its own smart contract platform and it is currently booming on a large scale. In particular, applications from the field of decentralized finance (DeFi) use the Binance Smart Chain (BSC). We take a close look at five of the most promising BSC projects.

 The  fact is that the Binance Smart Chain has the second largest DeFi sector in the crypto space after Ethereum (ETH).

 The  BSC’s DeFi protocols already manage over US $ 4.2 billion.

 The  Binance Smart Chain has grown enormously, especially in the last few weeks.

 The  BSC basically works exactly like the Ethereum Blockchain and is also compatible with it. However, transactions can be carried out much faster and cheaper on the Binance Smart Chain. In view of the fact that Ethereum is unable to accommodate the large volume of transactions that the DeFi boom has brought to the blockchain, both users and operators of DeFi protocols are looking for alternative solutions – this is exactly the alternative they want the BSC offer.

In the following we take a look at the five most promising projects of the BSC.

PancakeSwap (CAKE) is a decentralized exchange (DEX) which, in terms of its functionality, is almost identical to UniSwap (UNI) and SushiSwap (SUSHI). In addition, PancakeSwap also offers other DeFi services.

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Some of the functions that are supported, for example, are simple token swaps, lending and yield farming as well as the so-called PancakeSwap lottery. In this, users can purchase tickets and have the chance to make big crypto profits.

Those: https://pancakeswap.finance/

 The  main difference between PancakeSwap and Ethereum DEXs is that transactions on PancakeSwap can be executed much faster and cheaper thanks to the BSC.

 The  disadvantage is that the Binance Smart Chain is not nearly as decentralized as Ethereum and therefore not quite as secure as ETH.

Still, PancakeSwap had a trading volume of over $ 500 million in the past 24 hours.

 The  protocol manages over $ 1 billion in capital.

Venus (XVS) is a decentralized money market that aims to build a decentralized credit and lending system on top of the BSC. With the help of the Venus Protocol, users can have loans paid out or make liquidity available on the platform to earn interest.

Those: https://venus.io/

It is also possible to generate VAI. VAI is a stablecoin that is pegged to the US dollar at a 1: 1 ratio. Thus, Venus is very similar to the MakerDAO protocol, which is based on the Ethereum blockchain. MakerDAO (MKR) is also a decentralized money market from which users can take out loans or receive interest for providing liquidity. Overall, Venus is similar to many of the Ethereum sector’s crypto lending projects.

Venus is currently one of the largest projects of the BSC and manages a total of almost two billion US dollars.

AutoFarm (AUTO) Network aims to be a DEX and interest rate aggregator. This means that the AutoFarm protocol automatically uses paid-in capital with the highest efficiency in the DeFi sector and generates interest for users. So AutoFarm is essentially the BSC’s Yearn Finance (YFI).

Those: https://autofarm.network/

In addition, you can use the DEX aggregator from Autofarm to exchange tokens at the best available rates in the BSC ecosystem.

 The  DEX aggregator automatically compares the various decentralized exchanges on the BSC and then executes trades at the best conditions.

 The  DEX aggregator from AutoFarm can therefore be compared to the DEX aggregator 1inch (1INCH), which is based on the Ethereum blockchain.

 The  auto log has only been live for a few days. But it already manages more than $ 400 million in assets.

BakerySwap is another popular token on the Binance Smart Chain. Like PancakeSwap, the project is a decentralized exchange, but it also offers the option of trading non-fungible tokens (NFTs). Compared to UniSwap, BakerySwap wants to represent a further development that wants to offer better services more cheaply and efficiently.

Those: https://www.bakeryswap.org/#/exchange/musk-doge

At the center of the platform is the ((BA))KE token, which can be used for governance votes and also to receive transaction fee dividends. This means that token holders can stake their ((BA))KE and receive part of the turnover from BakerySwap.

Additionally, ((BA))KE tokens can be used to create unique NFTs that can be used as collectibles and as a farming toll for ((BA))KE.

In total, the BakerySwap protocol manages just under $ 50 million and the daily trading volume has regularly exceeded $ 10 million a day recently.

Spartan Protocol wants to build a decentralized exchange that uses the same technology as UniSwap. In addition, it should be possible in the future to generate synthetic assets on the Spartan Protocol platform. This means that by depositing crypto currencies, users can generate synthetic assets that, for example, represent other tokens, stocks or the like. For this reason, SPARTA can be compared with some DeFi derivative platforms of the Ethereum sector

Those: https://spartanprotocol.org/

 The  SPARTA token is at the center of the platform. On the one hand, it serves as a reward for those who provide liquidity on the Sparta Protocol and, on the other hand, it is used for governance votes in the Sparta Protocol.

 The  project is still in its infancy, but according to defistation.io it already manages over $ 20 million.

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Ethereum price Today – Ethereum price Today – The top 5 projects of the Binance Smart Chain (BSC) | Fintech Zoom

Episode 7 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Tim McCourt of CME Group.

This episode of The Scoop is brought to you by our sponsors Blockset and Kraken.

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"It's been number one on the ask list for a long time."

That's Tim McCourt, global head of equity products for CME Group. Speaking about the reception of the more than hundred-and-seventy-year-old exchange's latest product -- futures based on ETH, the native cryptocurrency of the Ethereum network -- McCourt characterized the response as "overwhelming."

"People have been really excited ... I think for a long time customers have really been demanding ether futures. They're really excited about the bitcoin futures and the success they've had," he said on the most recent episode of The Scoop.

CME Group saw 388 contracts traded on the first full day of trading for the product, which was announced at the end of last year.

That's about 19,000 ETH, or $33 million. The launch of ether futures followed the launch of bitcoin options at the end of 2019 and its bitcoin futures product in 2017. 

At last check, open interest in CME's bitcoin futures product stood above $2 billion. 

McCourt said that unlike products trading on other venues, CME's crypto products trade on a venue to which professional market participants are already connected.

The firm's crypto products "widgets through the machine” in the same way as its thousands of other contracts, he said. "Your brokers are familiar. Your clearing members are familiar. So you don't have some of those barriers to enter that you have on the spot side."

In this episode of The Scoop, McCourt unpacks the growth of CME's crypto products, the development of the overall crypto trading ecosystem, and what might come next for his company's crypto offerings.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Simply visit the website at: https://www.myvenus.ooo   Register and login.  On your dashboard, navigate to “Buy now”  On the right hand side, you’d see the calculator which can be used to calculate the amount of VENUS you want to buy.  Input the amount of VENUS you want to buy and the equivalent will appear in the coin option section.  The payment options are: Bitcoin, Bitcoin cash, Ethereum, Litecoin, Ripple.  Select the payment option you’d like to pay with. That is, If you are paying with Bitcoin, You’d see “pay BTC” click on it, if you are paying with Bitcoin cash, you’d see “pay BCH” click on it and so on.  After clicking on the preferred payment option, you’d see a payment platform “Coingate”, click on “select”  A pop up will appear, click on “continue” A page to preview your purchase will come up, click on “Pay now”  Select the payment currency you’d like to pay with either: Bitcoin, Litecoin, Ethereum. Click on “pay with Bitcoin” or “pay with Litecoin “ or “pay with Ethereum “  A wallet address will be generated where you’d send your payment to.  Kindly wait for it to be confirmed.  Once fully confirmed, the coins would be visible on your dashboard.  NOTE: We are in the third stage of the ICO and the ICO will come to an end by the 31st of January. You have the opportunity to get 10% bonus before the ICO ends. DO NOT MISS THIS!!!A Worldwide Decentralized Social Networking Site — Broomstickk and Venus is new Currency

Bitcoin's price tumbled by 5% on Sunday night after a break-neck rally pushed it to all-time highs near $50,000.

The impact of the drawdown to $45,768 seeped into the bitcoin futures market, triggering more than $1.87 billion worth of liquidations in the last 24 hours, according to data from Bybt. 

The recent market action indicates the degree to which retail participants on venues like Binance were over-levered, according to Bitfinex CTO Paolo Ardoino. 

"Most of our perps traders are funds and OTC desks, so their risk appetite is quite lower than retail," Ardoino said. "So less apeing."

At last check, the price of bitcoin has recouped some of its Sunday losses. Bitcoin is trading hands at roughly $47,960 on Coinbase.

After the latest all-time high above $52,600, BTC has calmed slightly and has stalled beneath $52,000. In contrast, some altcoins have exploded in value, including another fresh record for Binance Coin, and have reduced bitcoin’s dominance over the market to below 60.5%.

Most large-cap alternative coins have remained calm similarly to bitcoin in the past 24 hours. Ethereum and Litecoin are up by about 2% to $1,920 and $230, respectively. Simultaneously, Chainlink, Bitcoin Cash, Polkadot, Cardano, and Ripple have painted minor losses.

However, Binance Coin is the apparent exception with a massive 50% surge once again. Hence, BNB marked another ATH above $270. The native crypto of the popular exchange more than doubled its value since Wednesday when it traded at $125. Thus, BNB has surpassed Tether as the third-largest cryptocurrency by market cap.

Interestingly, BNB is not the only exchange coin that has been surging lately. OKEx’ OKB is up by 50% in two days to $12, Huobi’s HT jumped by 60% to nearly $20, and FTX’s FTT broke above $30 after an increase of 70% since Monday.

In the past 24 hours, PancakeSwap has added the most value of 80% to $18. Golem (70%), Venus (47%), Ravencoin (37%), Voyager Token (26%), ICON (22%), and Ren (20%) follow.

In general, coins built on top of the Binance Smart Chain are charting massive increases in the past couple of days prompted by the surge of new investors exploring the ecosystem.

Ultimately, the total market cap also went for a new record as it touched $1.6 trillion.

The primary cryptocurrency also enjoyed the past several days as it broke above $50,000 for the first time and went further to its latest record at north of $52,600 yesterday, as reported.

Nevertheless, the asset calmed and even dipped to $50,500 in the following hours. However, the bulls didn’t allow any further drops and pushed the price to its current level of about $51,500.

Despite reclaiming some of its value, the rising altcoins have reduced BTC’s dominance once again. The metric comparing bitcoin’s market capitalization with all other cryptocurrency assets has dropped to 60.3% after rising above 62% just a few days ago.

Source

Bitwise Asset Management announced that it is launching what it claims to be the world’s first decentralized (DeFi) Crypto Index Fund.

The new fund paves way for accredited investors and financial investors to gain exposure to the young but growing world of DeFi.

Bitwise is not a newcomer in creating crypto index funds. It is the creator of the Bitwise 10 Crypto Index Fund (OTCQX: BITW), one of the largest crypto index funds in the world with $800 million in assets under management (AUM).

Matt Hougan, the chief investment officer for Bitwise Asset Management said “DeFi is the story of 2021.”

“The growth and activity in the market are incredible. Today there are decentralized trading venues handling over $30 billion in volume per month; automated lending programs making individual loans as large as $200 million; and the total estimated value of funds currently locked into DeFi-related contracts recently crossed $40 billion.”

The fund’s crypto holdings are rebalanced every month, screened for important risks, and weighted by market cap.

The fund consists of nine initial constituents. Uniswap and Aave have weightings of more than 20% while Synthetix and Maker trail behind with weightings of 11.8% and 10.67% respectively.

Compound, UMA, Yearn.Finance, Ox, and Loopring all weigh below 10%.

Anchorage Digital Bank, N.A., is the custodian of the Fund. Anchorage made history in January when it became the first federally chartered digital asset bank in the U.S. and it now has more than $5 billion in cryptoassets under custody.

Anchorage founder and president Diogo Monica said the DeFi sector is growing exponentially.

“ DeFi is happening now, every day, and the growth is exponential. As the first national digital bank, we’re here to enable its broader adoption as a qualified custodian. We’re happy to enable more DeFi participation through Bitwise’s new fund.”

The Fund will be guided by Bitwise’s public methodology as well as an advisory council comprising experts in the DeFi sector.

The five members of the council are Michael Anderson of Framework Ventures, Ben Forman of ParaFi Capital, Avichal Garg of Electric Capital, Aleks Larsen of Blockchain Capital, and Scott Lewis of DeFi Pulse.

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Polkadot (DOT), one of the largest cryptocurrencies in the market, has hit a new all-time high in recent hours. The virtual currency was able to reach a high of over $42 a few hours ago. However, it fell below $39 now that Bitcoin is traded close to $56,000 after reaching a new all-time high of around $57,600. 

The Polkadot ecosystem and community are getting excited about the parachain auctions. In this way, it will be possible for the Polkadot network to get connected to other blockchain networks. This is expected to increase interoperability among blockchains and help the crypto market to move forward. 

In order to increase interoperability, Polkadot uses a mechanism known as cross-chain message passing-lite. This helps different blockchains to share valuable information. The next step would be for the community and the team working on it to find issues within the code. 

As Polkadot has always promoted, they want to become a hub for crypto interoperability. This includes cross-chain data transfers and improving decentralization. With Parachains, it will be possible to help the market move in the right direction in terms of interoperability, communication and decentralization. 

The other two blockchain networks that have been discussed in recent days were both the Binance Smart Chain (BSC) and Ethereum (ETH). Etheruem expanded in the market as the platform to release dApps and decentralized finance (DeFi) solutions. 

Nevertheless, due to a large increase in gas fees on the Ethereum network and slow transaction times, it is becoming highly difficult to use the different solutions offered by this network. Instead, Binance Smart Chain became a more centralized alternative that is allowing users to enjoy BEP-2 trading and swapping through some DeFi projects such as PancakeSwap or Venus, among others. 

The main difference between these two networks is related to decentralization. Although Ethereum is slower and more expensive to use, it is more decentralized than the Binance Smart Chain (BSC). Thus, it is a thing to take into consideration when we handle funds in both of these networks. 

With the expansion of Polkadot, we can see more interoperability between blockchain networks. This could be also helpful to Ethereum and to increase decentralization in the market. Now, we need to wait and see how the new parachains will be implemented and released to the market. This could help DOT continue moving higher if the crypto market remains in a bullish mode. 

Binance Coin (BNB) has been on an absolute tear in the month of February. It traded at $48.93 on Feb. 1 and grew to trade at $304 at the time of publication, amounting to a 521% month-to-date gain and 707% year-to-date gain.

While Ether price was rallying to it’s all time highs on Feb. 19, Binance announced on Twitter that they have “ temporarily suspended” withdrawals of Ether and all Ethereum based tokens due to a “congestion issue." This led to the users not able to trade these tokens for around an hour and left the community speculating what actually happened. This pause led BNB to rise by another $60 in that time while Ether staggered around the same range.

Apart from macroeconomic factors such as the price of BTC and ETH reaching all-time highs this week, spilling over to drive up the price of BNB, Binance Smart Chain also has been gaining significant traction among the crypto community. BSC was launched in September 2020 and acts as a parallel blockchain to Binance Chain while enabling smart contract functionality and the staking mechanism of BNB, which powers Binance Chain as its native token.

Cointelegraph discussed this further with a spokesperson from Binance, who elaborated on the unique benefits that BSC offers users, saying:

The entire Binance ecosystem is powered by BSC. Being a global cryptocurrency exchange with extremely high user traffic, it’s highly essential for scalability and low transaction fees to go hand in hand with the BSC ecosystem. BSC is now being used extensively by various DeFi protocols, with the latest to leave Ethereum for the blockchain being multiservice platform Value DeFi and yield aggregator Harvest Finance, which cited cross-chain yield farming as the prime reason for the shift.

The influence of BSC has extended to various DeFi protocols. Venus, an algorithmic money market and synthetic stablecoin protocol designed specifically for BSC, saw the price of its Venus Token (XVS) surge over 750% after it was launched on Binance Smart Chain, from a low of $10.04 on Feb. 2 to an all-time high of $95.90 on Feb. 20. 

Another prominent DeFi protocol on BSC is PancakeSwap, which went on to become the first billion-dollar project on the blockchain. It quickly doubled that to pass $2 billion in market capitalization, owing to the growth of its food-themed token, CAKE. Data from Cointelegraph Markets indicates that the price of the CAKE has surged 973% from a low of $1.89 on Feb. 3 to its all-time high of $20.33 on Feb. 19.

Speaking with Cointelegraph, Ilia Maksimenka, CEO of PlasmaPay — a DeFi investment platform — indicated that PancakeSwap could be one of the main reasons for BNB’s price rally:

Another reason for the popularity of BSC is the lower transaction fees when compared with Ethereum, which in its state of high demand sidelines retail investors in the DeFi markets, tailoring it more for whales. While Eth2 proposes to sort the transaction fees issue through its scalability solutions, currently there is a lot of congestion on the network due to the increasing popularity of DeFi protocols, leading to high gas fees for all transactions on the Ethereum network.

William Quigley, cryptocurrency fund manager at Magnetic Capital — a crypto-focused investment firm — told Cointelegraph that BNB’s rise comes down to the congestion on the Ethereum blockchain, adding: “Ethereum has an Uber-like surge pricing mechanism. When demand on the chain is high, the price to quickly process a transaction goes up.”

On Feb. 18, BSC recorded 2.5 million transactions on its network, compared with 1.3 million transactions on Ethereum. The Binance spokesperson explained to Cointelegraph why this might be the case:

While Eth2’s phased launch promises speed in its proposed roadmap, history suggests that these launches often miss the deadline, with no clarity of when the actual updates will be done. Since Ethereum will take time to implement its scaling solutions, which should eventually reduce the gas fees on the network, until that point, blockchains like BSC stand to benefit the most from its delays.

The network speed of Ethereum compared with BSC could also be one of the reasons that DeFi protocols are migrating to BSC, as it is comparatively faster. BSC allows 300 transactions per second, while Ethereum, despite its higher transaction fees, can only process 15 transactions per second.

Lower transaction fees and network speed might not be the only reasons that some DeFi protocols are migrating to BSC. The fact that BSC is 100% compatible with DeFi’s flagship blockchain, Ethereum — which allows protocols to deploy their application on top of BSC with no additional changes — is a design victory for Binance. The Binance spokesperson further spoke on some of the other reasons:

Although various other blockchains like Cardano and Polkadot are trying to break Ethereum’s hegemony in the DeFi and NFT markets, none have quite achieved success at the rapid rate Binance Smart Chain is now witnessing. Disruptive blockchain innovation is bound to push the industry forward by challenging the status quo and pushing blockchain developers to focus on building universal, well-connected blockchains.

Related: DEXs becoming unusable? How to navigate record gas fees ahead of Eth2

Billy Adams, head of ecosystem development at XinFin — an open-source hybrid blockchain platform — told Cointelegraph that he believes blockchains like BSC are beneficial for the entire ecosystem:

Twitter boss Jack Dorsey and rapper Shawn Carter, also known as Jay-Z, are funding a Bitcoin trust. Both will pool together 500 BTC, approximately $24 million, to make this happen.

₿trust will operate as a blind irrevocable trust and will focus on Bitcoin development initially in Africa and India. Dorsey has opened applications for three board members to manage its operations.

— jack (@jack) February 12, 2021

Little is known about ₿trust, other than its mission to “make Bitcoin the internet’s currency,” the scope of which is broad and open-ended.

However, as the initial focus is on Africa and India, the trust may seek to increase Bitcoin retail adoption in underprivileged locations. Also, considering recent anti-Bitcoin sentiment from Nigerian and Indian lawmakers, there could be a political or legislative angle to the trust as well.

What’s more, speculation is rife at this stage regarding why Dorsey and Carter have gone the trust route. And an irrevocable blind trust at that.

A trust is a way of managing assets for people. They provide legal protection to the trustor’s assets, ensuring asset distribution per their wishes. Generally, a trust involves three parties, the trustor or settlor or grantor, who set up the trust. Then there are trustees or board members who manage the assets. And finally, the beneficiaries.

A blind trust gives full discretion of the assets to the trustee. The trustor can terminate the trust but has no control over the trustees’ actions and receives no reports on the goings-on at the trust. An irrevocable blind trust is the same, except nothing can be changed once it’s established.

“An irrevocable trust, for example, can be designed so that assets are no longer the legal property of the trustor and thus, preventing creditors or the government, such as Medicaid, from claiming the assets.”

So far, Dorsey’s tweet on ₿trust has garnered over a thousand comments and seventeen and a half thousand likes. Several prominent crypto figures have chimed in to share their support.

One user nominated Binance CEO Changpeng Zhao (CZ) to apply for one of the board members’ roles. However, CZ politely declined by saying he already spread too thinly as it is.

Tron CEO Justin Sun also got in on the action by saying he’s willing to donate to the cause.

Charles Hoskinson, the CEO of IOHK, called on Jack Dorsey not to create a decentralized social media standard within Twitter.

The Twitter founder is a known Bitcoin advocate.

Jack Dorsey is undoubtedly one of the most prominent Bitcoin advocates.

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Traders are seemingly expecting Ethereum to continue to rack up gains against Bitcoin.

The daily trading volume of Ethereum (ETH) futures on the Chicago Mercantile Exchange (CME) has exceeded $75 million, crypto metrics platform Glassnode reported today.

Hong Kong’s crypto users could shift to “unregulated” and riskier venues to trade their digital assets should the government move forward with tighter controls on the rising sector, a group of crypto exchange owners said over the weekend.