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Aave Will Integrate With Polygon Sidechains for Much Lower Fees

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Aave, the DeFi platform, has announced that it will be implementing Polygon to offer more scalability and lower fees amid increasing congestion on the Ethereum Network.

The platform was originally launched on Ethereum L1 and quickly became one of the most important Decentralized Finance (DeFi) projects during the “DeFi Summer” of 2020, a period in which DeFi took the crypto ecosystem by storm in what would become one of the biggest bull runs seen by the crypto market.

However, despite Ethereum occupying the spot as the leading blockchain network at this time, the network has seen its block space supply grow increasingly scarce and limited, which has resulted in increased congestion and gas prices, which have affected the projects it initially helped succeed.

Aave Sees Polygon as a Solution

Now, Aave’s integration with Polygon will allow users to enjoy more scalability, faster transactions, and lower gas prices that will boost the platform to new levels as the crypto market continues to grow.

The move is the “first wave” in Aave Protocol’s “New Frontiers” exploration mission, which is aimed to allow it to build synergies with other projects and expand to a multi-market approach to secure the future growth of the protocol.

Using Sidechains with Polygon

This first wave will see the implementation of a scalable sidechain on Ethereum by using Polygon, increasing throughput and reducing fees, as well as allowing the collaboration with other DeFi protocols and projects by facilitating communication.

Polygon’s partnership with Chainlink will also allow the Avee protocol to provide better quality on price feeds by taking advantage of one of the best Oracle Networks in the current crypto ecosystem, improving the protocol’s current standards.

Aave users will also have access to MATIC, Polygon’s cryptocurrency, being able to use it as collateral in addition to other assets such as USDC, USDT, DAI, WETH, AAVE, and WBTC.

Many Fresh Features

This will be possible once the Smart Contract Bridge is deployed, with users who make use of it receiving part of transaction fees used in MATIC to cover part of their transaction fees on the Polygon blockchain.

The bridge can also be used to transfer assets from Ethereum to Polygon, which will prove useful for users wanting to migrate their assets.

The recent rise in popularity experienced by Polygon has also made the process of transferring assets to Polygon easier than ever before, with popular wallets like Metamask deploying one-click solutions.

Transforming Ethereum Into a Multichain System

Matic rebranded to Polygon earlier this year as it aimed to become a solution to Ethereum’s growing congestion problem by transforming it into a multi-chain network and offering integration with other Layer-2 solutions.

With the rebranding, Polygon said it would extend the scope of the Matic Platform by allowing Ethereum to integrate scalation solutions like zkRollups, Optimistic Rollups, and Validium, as well as interchain communication protocols to become “the internet of blockchain”.

A Growing Platform

Polygon, originally launched in 2019, has become increasingly relevant in the crypto ecosystem as the congestion on the Ethereum network increased.

However, it would not be until early 2021 when the project would become one of the top 100 projects in the crypto market by market capitalization.

The announcement of the integration saw MATIC’s value increase by over 10% in a matter of minutes, a similar trend to the one experienced by AAVE.

Polygon also saw DeFi platform Zapper announced that it will be integrating the network, which is expected to be the first of many sidechains as xDAI, Optimism, and Binance Chain will also be covered in the future.

These moves show an increasing interest from crypto projects to find alternatives to the Ethereum network at a time when its future is still uncertain as competition in the blockchain industry continues to increase.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blockonomi.com/aave-polygon/

Blockchain

ShapeShift Launches Decentralized Trading Through THORChain, RUNE at ATH

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In an announcement on April 13, the Switzerland-based non-custodial crypto company stated that it was now fully integrated with THORChain, enabling users to trade native Bitcoin with Litecoin and Ethereum for the first time.

The move is a big deal because it is the first time a decentralized exchange has enabled crypto asset swaps across different blockchains without the need for bridging technology or custodian controlled wrapped tokens.

THORchain Crossing the Chains

THORchain launched its long-awaited MCCN, ‘multi-chain chaos net’ platform on Tuesday, April 13 amid a great deal of hype from the crypto community including ShapeShift CEO Erik Voorhees.

Less than a day before the launch, Voorhees stated that it would be a huge deal for crypto.

“Native cross-chain decentralized exchange. Never been done before. Arguably the biggest event in crypto this week, though it may not be obvious for a year or two.”

THORchain uses its own native token RUNE as collateral and an intermediary, so those wanting to trade BTC for ETH, for example, will have the trade go via RUNE yet the end-user will not notice.


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The revolutionary platform has been in development for three years and yesterday’s launch could bring big improvements to the rapidly evolving DEX space.

Voorhees continued to extol its virtues:

“We saw the power of this technology and wanted to bring it to our users immediately. This is a continuation of our commitment to offer users an easy, self-custody platform for their decentralized trading needs.”

ShapeShift DEX users, including those making trades via the new THORChain integration, can also earn FOX Tokens with every trade which enables eligibility for other rewards on the platform.

FOX Pumps 45%, RUNE Hits ATH

ShapeShift’s FOX token exploded on the news, pumping 45% to reach an intraday high of $1.30. The exchange-based token has made 180% over the past month and hit an all-time high of $1.60 on April 6.

THORchain’s RUNE token has also been on fire, surging 19% on the day to hit an all-time high of $14.60 at the time of writing according to Coingecko.

RUNE has doubled in price over the past fortnight and pumped a monumental 1,150% since the beginning of the year.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/shapeshift-launches-decentralized-trading-through-thorchain-rune-at-ath/

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AAX Exchange reveals: HKD, SDG, and GBP Top FIAT currencies deposited in April

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[Press Release – Singapore, April 13, 2021 ]

After the 2021 easter holiday, AAX recorded the highest amount of fiat deposits into the exchange with a total over 10 million USD in 10 days. The top three currencies are Hong Kong Dollar, Singapore Dollar and Great Britain Pound.

AAX supports three methods for depositing fiat, including peer-to-peer trading, fiat gateways supported by fiat gateway partners, and direct bank transfer powered by First Digital Trust, the digital custody arm of Hong Kong-licensed and publicly registered trust company, Legacy Trust.

“For many years, the on and off-ramps between crypto and fiat have acted as a bottleneck,” said AAX’s CEO, Thor Chan. “Now that the infrastructure is in place, we’re seeing more and more individuals transition into Bitcoin for its disinflationary qualities or seek exposure to altcoins for portfolio diversification.”

“While our peer-to-peer and Fast Buy platforms are effective in serving most retail traders, with First Digital Trust we’re also able to serve high net worth investors as well as traders that are looking for cross-currency arbitrage opportunities.”

AAX, a member of the London Stock Exchange Group’s institutional partner platform, gives its investors the same tools and market infrastructure as what institutional investors generally expect to see on traditional exchanges.

Investors of all levels will find that AAX’s platform caters to their every need. Its newly created fiat deposit services provided through First Digital Trust adds an extra layer of trust to ease any concerns new investors in crypto might have when entering the crypto space.

About AAX

AAX is a deep-liquidity and deeply trusted cryptocurrency exchange that is favored by more than half a million users. Powered by London Stock Exchange’s LSEG Technology, AAX offers crypto futures contracts, 50+ spot pairs, P2P fiat trading, savings products and top-grade API connectivity. AAX enables users to buy bitcoin easily via its OTC or Fast Buy platforms and supports over 20 fiat currencies.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/aax-exchange-reveals-hkd-sdg-and-gbp-top-fiat-currencies-deposited-in-april/

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Stellar-based gaming and collectibles platform Litemint to integrate DigitalBits

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Non-fungible tokens or NFTs have stolen headlines the world over, plastered across both crypto and mainstream media. And, it’s no surprise. Beeple’s “Everyday’s – The First 5000 Days” sold at Christie’s for an astounding $69,346,250, asserting Beeple as one of the top three most valuable living artists.  This sale established two historical landmarks: the first sale of a wholly digital piece of art with a unique NFT, and the acceptance of cryptocurrency (ETH) as the form of payment. 

Paris Hilton recently released a comprehensive article on NFTs and their potential to empower creators. She also hinted at releasing her own. And this is only the tip of the iceberg, with musicians such as 3LAU and the King of Leons, as well as sports superstars like Tom Brady and Rob Gronkowski getting in on the action.  

The DigitalBits Project, first launched in 2017 with an initial focus on consumer digital assets, has since expanded to include branded stablecoins as well as the rapidly growing world of esports and gaming. The XDB Foundation, the primary contributor to the DigitalBits Project, is now looking to enter the NFT space, having recently sealed a partnership with leading NFT and Collectibles Marketplace, Litemint, a technology company specializing in the creation of unique experiences for crypto enthusiasts, collectors, and gamers. 

The introduction of NFT functionality to the DigitalBits blockchain introduces a wholly new vertical to the platform. As scalability issues continue to plague Ethereum, DigitalBits provides a welcome alternative to creators and users alike, allowing for significantly reduced gas fees and wait times. 

Built on Stellar since its inception in 2018, Litemint recently unveiled its NFT and Collectibles marketplace, expanding beyond its initial gaming value proposition. Litemint brings NFTs and digital collectibles to the online gaming experience, introducing unique elements such as true asset ownership and seamless transfer and tradeability not available within today’s leading online gaming environments. 

DigitalBits’ origins as a Stellar fork make it highly compatible with Litemint’s existing technology and allows for the activation of a number of potential synergies between the XDB Foundation and Litemint.  

“With its unique closeness to the mainstream, gaming industry and core compatibility with the Stellar technology, DigitalBits is a perfect match for our NFT and collectibles platform,” stated Frederic Rezeau, Founder and CEO of Litemint. “I am confident that together, provided our ability to execute on the open-source Stellar technology, we can leverage exceptional business opportunities with a seamless integration of DigitalBits and their consumer-oriented market.”

Other organizations are also looking to DigitalBits as an alternative for their NFT initiatives. The network is highly scalable, capable of processing upwards of 10 000 transactions per second, with transaction fees as low as 0.00001 XDB (less than a penny at today’s prices), and confirmation times ranging between 2-5 seconds. Although Ethereum is the current market leader for NFTs, the network’s inability to scale has resulted in exorbitant fees when minting and transferring NFTs, creating a huge barrier to entry. The integration of the DigitalBits network with platforms such as Litemint now provides an agile, low-cost alternative for creators and users, streamlining the issuance, transfer, and trade of NFTs.   

“I’m very excited to see the upcoming integration of the DigitalBits network into Litemint’s NFT and collectibles marketplace,” said Michael Gord, Managing Director of the XDB Foundation. “NFTs have the ability to add an entirely new layer to the user experience, allowing for unique activations that can be implemented across numerous different industries. I look forward to seeing the ongoing innovation that continues to emerge from this new asset class as more and more people begin to use NFTs.”

Litemint acquired Stellarport, a leading decentralized exchange, and service platform within the Stellar ecosystem, in January 2020, citing the massive opportunity created by bringing together crypto users and gamers, bringing unmatched dynamism to both platforms. The DigitalBits Project is an open-source protocol layer blockchain specializing in consumer digital assets, the development of which is led by the XDB Foundation. The XDB Foundation is a non-profit organization focused on driving growth and adoption of the DigitalBits blockchain and ecosystem.  

Disclaimer: This is a paid post and should not be treated as news/advice

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/stellar-based-gaming-and-collectibles-platform-litemint-to-integrate-digitalbits

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