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11 DeFi Projects Rumored to Be Airdropping Tokens

Republished by Plato

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Who doesn’t love an airdrop? Few events are more successful at attracting ardent community members desperate to get their hands on the hottest new token. Oftentimes tokens are distributed to existing users of a platform, such as participants whose addresses have contributed to liquidity pools, although untargeted drops are also commonplace.

To save you the trouble of combing through endless blogs, Telegram channels, Crypto Twitter, and all the rest, we’ve curated a shortlist of possible upcoming DeFi airdrops you’ll want to watch. To be in with a chance, it could be worth using these protocols if you haven’t already.

1. FinNexus

Launched by a team of blockchain veterans in 2019, FinNexus is a cross-chain DeFi protocol that describes itself as “a hub for connecting different decentralized ledgers to each other and users, and also for connecting with traditional finance applications.” Among other things, FinNexus is developing a marketplace for hybrid decentralized/traditional financial products and has just launched a new mining mechanism with a reward multiplier running up to 320x.

An airdrop is set to occur before the end of the month during which 500,000 FNX tokens will be dispatched to users already active in the DeFi market. That’s a rather large market, isn’t it?

Specifically, FNX tokens will be airdropped to those deemed eligible, namely users who have interacted with options protocol FPO v1.0, provisioned liquidity to WBTC and ETH pools at Hegic, and participated in the CRV DAO at Curve. FNX tokens will be automatically transferred as FPT pool share tokens, and holders can participate in mining for three months via the FinNexus Protocol for Options. Interestingly, the airdrop is very likely to be the first in an ongoing series. Keep ‘em peeled.

2. Paraswap

Ultra-fast DEX aggregator Paraswap is one of many projects looking to capitalize on Ethereum’s sky-high gas fees: as well as using ETH for gas, Paraswap uses the GasToken.io (GST2) when possible to minimize network fees. Paraswap splits orders across multiple exchanges (Kyber, Uniswap, Bancor, Curve among them) into one optimized and secure transaction, and rumor has it an airdrop is imminent.

Nourishing the notion is the announcement that the platform will launch a new UI and smart contracts soon, to which the inevitable first reply was “I know you won’t answer it and it has been asked a thousand times but: When token?” Welcome to DeFi.

3. dYdX

Margin trading platform dYdX recently celebrated a major milestone by surpassing $3 billion in transaction volume since launching in 2018. It also noted that unique wallets depositing funds into their smart contracts rose by 4.8x, from 8,000 to 38,588, through December 31. So why on earth doesn’t it have its own native token? It’s something users have been pondering for a while now, giving rise to the rumor of a retrospective airdrop. dYdX fed the flames on January 21 by tweeting “More major announcements coming soon.” All things considered, it’s difficult to imagine a dYdX airdrop not happening in the near future.

4. Matcha

Released in mid-2020, Matcha is a low-fee decentralized exchange built on 0x Protocol. It stands to reason, therefore, that an airdrop could be in the offing for holders of 0x’s ZRX tokens. Especially since Matcha recently airdropped ZRX tokens to ring in the New Year (or was it to commemorate surpassing $2 billion in total trading volume?). The fact that rival DEX 1inch recently completed a token airdrop probably augurs well for those who are craving their very own Matcha governance token.

5. Shell Protocol

Shell Protocol incorporates elements of DeFi protocols such as Balancer, Curve and Mooniswap, facilitating large stablecoin-to-stablecoin trades with minimal slippage and letting users earn yield. The AMM’s maiden liquidity pool, which launched late last year, is notable for its deep liquidity, reserve weights, and interoperability with aTokens and cTokens, with a weighting of 30% DAI, 30% USDC, 30% USDT, and 10% sUSD. Needless to say, if they hold an airdrop in the near future, you could earn a significant windfall.

6. Set Protocol

A platform to create, manage and obtain baskets of tokenized assets, Set Protocol makes it easy for retail and institutional investors to gain exposure to the entire crypto market or one of its sub-sectors. For instance, an investor could tokenize the top 10 cryptocurrencies by market capitalization as a long-term investment, on the basis that though every one of the tokens won’t mature, most will. Set Protocol recently launched V2, integrating the likes of SushiSwap, Uniswap, and Chainlink, and even if an airdrop doesn’t materialize, it’s a platform that’s only likely to attract more investors as time goes on.

7. Opyn

Opyn is a decentralized insurance platform that lets users trade options on ETH and ERC20s. Launched last year, the fully audited platform enables the management of long and short positions and recently announced the release of Opyn V2 on mainnet, featuring technical enhancements, a slew of new features and a Chainlink integration. Via the platform’s new Gamma Protocol, farmers can harvest earned and airdropped tokens – but what about an airdrop for an Opyn governance token? The team has been tight-lipped about the possibility, but that hasn’t stopped DeFi users speculating – especially after co-founder Aparna Krishnan quoted a tweet by the Uniswap Token Listing Bot about $OPN, replying “There is currently no OPYN token.” Perhaps 2021 is the year.

8. Unslashed Finance

Unslashed Finance is a decentralized insurance protocol, built on Ethereum by a team of mathematics and finance whizzes. Users receive a token for their “cover” and need only pay for the time their crypto is insured – no minimum duration required. Users can also earn yield by providing protection, underwriting risk and diversifying their exposure, with smart contracts transparently regulating the claims process. Unslashed have been publishing invite codes on their social channels of late, deleting them as soon as they are claimed; the codes are to get access to the platform rather than obtain tokens, but an airdrop could be in the pipeline – so watch this space.

9. MetaMask

MetaMask is a ubiquitous gateway to the crypto/DeFi market for over a million monthly users. Available as both a browser extension and mobile app, the popular Ethereum wallet recently launched its own aggregation tool, MetaMask Swap, and it’s not inconceivable that it might follow up by issuing a token in the near future. To qualify, you’ll probably have to have performed a swap via MetaMask at some stage. While the fees for doing so are pretty damn high right now, it could be worth it for a lucrative airdrop.

10. ZKSwaps (ZKS)

ZKS is a forthcoming ZK-Rollups based layer-2 DEX with AMM model. On January 6, ZKSwap’s Proof-of-Gas Testnet Incentive Program got underway, with the distribution of 500,000 ZKS in rewards drip-feeding to eligible participants. Essentially, the program involved sending test tokens collected from faucets to the ZKS payment contract address. Another such program launches January 25, encouraging users to test Liquidity Mining, Proof of Transaction fees, and Smart Contract Staking.

11. Loopring

Loopring is another layer-2 DEX for low-cost swaps, capable of settling up to 2,025 trades per second while assuring the same level of security as the underlying Ethereum blockchain. Like ZKS, it launched a busy program on January 6 – L2 AMM liquidity mining, an AMM swap tournament and orderbook liquidity mining, to be specific. On January 25, Round 2 gets underway, giving users the opportunity to earn tokens by providing liquidity and performing swaps. Tokens will be directly distributed to LPs’ layer-2 accounts within three days of the end of the round.

Well, there you have it: 11 possible defi airdrops worth watching out for. While there are no guarantees that all of them will take place, it’s worth taking the time to qualify for them all just in case.

 Image by David Mark from Pixabay

Source: https://www.newsbtc.com/news/company/11-defi-projects-rumored-to-be-airdropping-tokens/

Blockchain

$250M Fund to Invest in Polkadot and Cardano Launched in India

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FD7 Ventures, the cryptocurrency-oriented fund that recently vowed to dispose of its BTC holdings for ADA and DOT, has set up a $250 million micro-fund focusing on investments in teams working on the ecosystems of Polkadot and Cardano.

FD7 Goes to India for DOT and ADA

Based in Dubai, UAE, FD7 is a crypto-oriented investment fund with over $1 billion in assets under management (AUM). The firm recently announced somewhat bold plans to dispose of $750 million of its BTC holdings and allocate the sizeable amount into ADA and DOT.

At the time, the company’s Managing Director blasted the primary cryptocurrency and highlighted the potential for Cardano and Polkadot to further rise in popularity and utilization.

FD7 Ventures doubled-down on its belief in the two projects, according to a more recent press release. It reads that the firm has opened an office in Bangalore, India, with the primary focus of offering financial assistance to Polkadot and Cardano.

To do so, FD7 has established a micro-fund targeting $250 million to invest in teams working on the two projects. The statement described this move as part of the overall “strategic road map to build its presence in Bangalore” and further reaffirm its support for Polkadot and Cardano.

“Positioning our new location where we have in Bangalore gives us a home-field advantage to tap into some of the world’s best future talent in blockchain and cryptocurrency development.” – commented Prakash Chand, Global Managing Director at the company.

The new venture plans to invest $1-5 million across 50 companies yearly, with about “thirty percent of those Polkadot and Cardano ecosystem-based companies receiving secondary investments of $5-20 million.”

NFTs Are the Future

The statement also touched upon the growing craze of non-fungible tokens (NFT) and Polkadot’s role in some particular cases. More specifically, it breached the recent partnership between the famous YouTuber Paul Logan and Bondly, which resulted in an impressive popularity boost.

“Just look at Bondly, which is built on Polkadot. It literally blew up overnight when YouTuber Paul Logan sold more than $5 million worth of NFTs in just 24 hours. This is not just a space to watch but one which is proving its investment-worthiness with almost daily records being set with increase use cases for non-fungible tokens that support cryptographic art, collectibles, gaming, and more.” – said Chand.

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Source: https://cryptopotato.com/250m-fund-to-invest-in-polkadot-and-cardano-launched-in-india/

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Blockchain

China restricts crypto mining in Inner Mongolia

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China has been at the forefront of developing its digital yuan or DECP [Digital Currency Electronic Payment] but has continued to maintain a distance from the cryptocurrency ecosystem. The growing crackdown on Bitcoin mining firms in China has been impacting the sentiment in the area and according to reports, it has now extended a ban on mining projects in Inner Mongolia.

The country will end all cryptocurrency projects associated with mining. This decision followed China’s effort to meet energy efficiency targets. The large amounts of energy consumed by crypto and other industries like steel, coke, and methanol production have resulted in the government’s stringent decision to ban mining activity in the region.

The autonomous region of Inner Mongolia has been a hub for cheap power due to which the mining industry was drawn to it.

The aim of the region has been to cut emission per unit of gross domestic product by 3% this year and gradually control the massive boom in the consumption of standard coal. Although small, the region accounted for 8% of global Bitcoin mining hash power.

China has a 65% hold of the total network hash power allotted to Bitcoin and the above map highlighted that among other regions Xinjiang was the highest contributor to the hash rate in a month.

The abundant supply of coal and the relative remoteness of the region made it more convenient and cheap for miners to set base here. However, no strict actions have been taken to curb this problem by the Chinese government. If the country continued its mission to become more energy-efficient, it won’t be long before miners have to find alternatives to cheap electricity available in various regions in China.


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Source: https://ambcrypto.com/china-restricts-crypto-mining-in-inner-mongolia

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Central bank digital currency a mixed blessing, says RBI

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India’s central bank has recognized the potential benefits of central bank digital currencies but not without including a few pitfalls.

The Reserve Bank of India offered its assessment of CBDCs as part of its report on currency and finance issued on Feb. 28.

As part of the report, the RBI noted that several countries are exploring the creation of their own sovereign national digital currency.

According to the central bank’s report, CBDCs can help to promote financial inclusion and transactional transparency. The RBI also stated that national digital currencies could be useful as an instrument of monetary transmission by helping to engineer public consumption towards specific categories of products and services.

Detailing the benefits of CBDCs, the RBI also remarked that digital counterparts to sovereign fiat currency could be used by central banks to pump “helicopter money.”

In its analysis, the RBI also expressed concerns about the potential negative impacts of CBDCs on the legacy financial system, noting:

“CBDC is, however, not an unmixed blessing — it poses a risk of disintermediation of the banking system, more so if the commercial banking system is perceived to be fragile.”

For countries with significant credit markets, the RBI argued that CBDCs could threaten the primacy of commercial banks as the primary channel for the transmission of monetary policy.

As previously reported by Cointelegraph, India is looking to emulate China in creating its own CBDC. According to RBI governor Shaktikanta Das, the central bank is “very much in the game” of developing a digital rupee.

However, the RBI report did not include any details about the central bank’s digital rupee project. In another portion of the document, the central bank did concede that internationalization of the rupee was inevitable but added that such a move would complicate monetary policy formulation and implementation.

With several countries looking to create their own sovereign digital currencies, CBDC interoperability is becoming a concern among stakeholders. Meanwhile, reports indicate that China’s digital yuan will have a more domestic focus.

Source: https://cointelegraph.com/news/central-bank-digital-currency-a-mixed-blessing-says-rbi

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