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ADD.xyz, the Privacy-Focused DeFi Aggregator You Didn’t Know You Needed

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The creation of decentralized finance (DeFi) kicked off a revolution on top of the Ethereum blockchain which expanded to other blockchain networks. Through DeFi protocols, users can take out crypto-backed loans, earn considerable interest, and take out insurance policies.

While to some people these things are easily accessible in the traditional financial world, to others these types of services used to be completely inaccessible due to a lack of infrastructure, or because the services were denied based on specific analysis.

Demand for these services has been so great that over $64 billion are locked in DeFi on the Ethereum blockchain. The figure is down from nearly $90 billion before the recent cryptocurrency market crash.

Source: DeFi Pulse

DeFi projects are taking away some of the control centralized financial institutions have over people, but they are still on the road to making it possible for people to truly control their own wealth. Several problems currently hinder these platforms.

For one, the Ethereum blockchain – and other smart contract networks for that matter – are rather transparent, so if an entity still wants to censor an individual, they can still track their behavior on the blockchain and cut them off. On top of that, transaction fees have grown to the point smaller investors are left out of the DeFi ecosystem.

The solution to these problems could be ADD.xyz, a full-stack DeFi aggregator plugging multiple products and applications into one single platform. Let’s dig a bit deeper.

What is ADD.xyz?

ADD.xyz is, as mentioned above, a DeFi platform plugging multiple products into a single application that focuses on user experience, design, and privacy. By aggregating multiple DeFi protocols into a single application, it allows users to save on transaction fees, since they do not have to move funds constantly.

This means ADD.xyz makes DeFi more accessible and powerful both for individuals and enterprises. Its focus on privacy and anonymity essentially means users remain safe both on and off-chain while lending, borrowing, trading derivatives, and even when purchasing insurance.

The platform has integrated most major DeFi protocols, including Aave, Compound, Curve, bZx, and Yearn.Finance. It has also signed partnerships with major cryptocurrency exchanges including Poloniex, Changelly, and 1Inch to ensure liquidity.

ADD.xyz’s flagship product is the “Lend & Earn” platform, which aggregates multiple decentralized finance protocols to allow users to receive the best rates without having to search through multiple platforms. Users’ portfolios can then be applied on protocols like Compound and dYdX, and accessed through an easy-to-use interface.

Third parties can also integrate their protocols into the ADD.xyz protocol to improve their functionality. It’s worth pointing out that ADD.xyz’s native platform is decentralized and non-custodial.

ADD.xyz’s Products

While the project’s flagship product is all about lending, a lot more is being developed by the ADD.xyz team to ensure users get as much value as possible. One of its other upcoming products will allow users to access their DeFi dashboard on the go through a mobile application for both iOS and Android, for example.

The ADD.xyz team is also adding both BL3ND3R and Tornado.Cash to its platform to allow users to protect their identity online and access DeFi protocols without being identified. Other projects being incorporated include decentralized exchange and decentralized insurance platforms.

In the future, users will also be able to pay at millions of stores with the gains they have gotten from DeFi lending thanks to the ADD.xyz debit card. While not a lot of information has been revealed about it, it will likely compete with other crypto debit cards in the market offering its users different rewards.

The $ADD Token

At the heart of the platform’s ecosystem is the $ADD token, which can be staked by users to earn an extra bit of revenue through decentralized finance.  $ADD token holders can vote on governance proposals and help the project grow in time.

On top of that, staking the token allows them to be rewarded for simply being a part of the project’s governance structure. Their limited supply may mean that if demand grows enough, their price will go up. $ADD staking rewards will be calculated based on the number of tokens staked and how long they have been staked.

You can learn more about the project on its website.

Important information: This is a sponsored story. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice. Tax rules can change and the value of any benefits depends on individual circumstances.

Source: https://www.cryptoglobe.com/latest/2021/05/add-xyz-the-privacy-focused-defi-aggregator-you-didnt-know-you-needed/

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Crypto wallet Zumo adds support for Bitcoin SV (BSV) after BTC and ETH

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Zumo, a crypto wallet and payments app, has announced that it can now be used to store and receive the cryptocurrency Bitcoin SV (BSV).

BSV is the third cryptocurrency to be supported by the non-custodial Zumo wallet. Users can also hold or trade Ether and Bitcoin.

Bitcoin Satoshi Vision (BSV) emerged from a hard fork of Bitcoin Cash (BCH); which itself emerged after a hard fork of Bitcoin (BTC). It is an extension of the same original blockchain with some amendments that have targeted the dual benefits of cheaper transaction fees and increased transaction capacity.

The name comes from its supporters’ belief that BSV aligns with the original vision of Satoshi Nakamoto; who first published the white paper explaining Bitcoin.

£10,000 worth of Bitcoin SV giveaway to celebrate

To celebrate the arrival of BSV to the wallet, Zumo is launching a giveaway of £10,000 worth of Bitcoin SV. Any UK resident who opens a new wallet with Zumo passes ID verification and makes a £1 deposit between June 25th, 2021 and July 26th, 2021 will be eligible to win the prize of £10,000 in BSV.

“We’re excited about offering BSV to our users. We’re hoping to introduce British crypto investors to BSV; as well as attracting new users who have never engaged with smart money before. To anyone who’s considering getting involved in crypto I’d say: we’re here to help.”
– Paul Roach, Zumo’s Chief Product Officer

Source: zumo.money

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Source: https://www.cryptoninjas.net/2021/06/25/crypto-wallet-zumo-adds-support-for-bitcoin-sv-bsv-after-btc-and-eth/

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TA: Bitcoin Breaks $35K, Why BTC Bulls Aim A Larger Rally

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Source: https://www.newsbtc.com/analysis/btc/bitcoin-breaks-35k-rally/

Bitcoin price regained strength for a fresh increase and it broke $35,000 against the US Dollar. BTC is likely to accelerate higher towards $36,500 or even $37,000.

  • Bitcoin started a fresh increase above the $34,000 and $35,000 resistance levels.
  • The price is now trading nicely above $34,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is showing positive signs and it could even rise towards the $37,000 level in the near term.

Bitcoin Price is Gaining Pace

Bitcoin formed a base above the $32,000 zone to start a fresh increase. BTC broke the $33,500 resistance the 100 hourly simple moving average to move into a positive zone.

The upward move gained strength above the 50% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone. There was also a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair.

The pair is now trading nicely above $34,000 and the 100 hourly simple moving average. Bitcoin is now trading above the 76.4% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

It is showing a lot of positive signs and it could continue to rise above $36,000. On the upside, an initial resistance is near the $36,200 level. The main resistance is now near the $37,000 zone. Any more gains could lead the price towards the $38,000 zone.

Dips Limited in BTC?

If bitcoin fails to clear the $36,200 resistance or the $37,000 resistance, it could start a downside correction. An immediate support on the downside is near the $34,500 level.

The next major support is near the $34,000 level. The main support is now forming near the $33,500 level and the 100 hourly SMA. A downside break below the 100 hourly SMA could open the doors for a fresh drop towards the $32,000 zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $34,400, followed by $33,500.

Major Resistance Levels – $36,200, $37,000 and $38,000.

Source: https://www.newsbtc.com/analysis/btc/bitcoin-breaks-35k-rally/

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DeFi protocol Oxygen to get series of audits from Kudelski Security

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Oxygen, a DeFi prime brokerage service built on Solana and powered by Serum’s on-chain infrastructure, announced today it has signed a strategic agreement under which Kudelski Security, a division of the Kudelski Group in Switzerland, will provide security assessment and architecture support for the platform.

Soon, Kudelski will conduct a series of reviews and audits of Oxygen’s functionality and interfaces. Meanwhile, Kudelski will have an ongoing collaboration with Oxygen to assess future enhancements, changes, or additions to Oxygen’s protocol.

“Institutions and individual investors have a right to expect that they can trust the quality, reliability, and stability of the Oxygen ecosystem. For Oxygen, this partnership provides transparency, promotes absolute confidence that the protocol does precisely what it promises and demonstrates its security; all based on a thorough assessment by a leading global expert in cybersecurity.”
– Viktor Mangazeev, Co-Founder of Oxygen

Audit Focus

Most importantly, the Kudelski Security team will perform a source code assessment, architecture review, and architecture verification of the Oxygen.org finance system.

Firstly, special attention will be focused on the contracts mechanism, finance logic, yields, borrowing, lending, and leverage mechanisms, as well as other related funds safety considerations

Moreover, verification analyses will confirm that formulas, cryptographic/mathematic, etc. in the software faithfully implement the specified intent of the protocol. Testing will also include a dynamic examination of key financial risk scenarios such as edge situations, liquidity events, and more.

“I’m very excited to be working with Oxygen on this series of engagements. It is important to show strategic leadership in promoting cybersecurity. Comparable traditional businesses have years of audits and tests; and the emerging ecosystems must put their best foot forward to build the trust of users and environmental partners.”
– Scott Carlson, Head of Blockchain Security for Kudelski Security

Oxygen is built on the growing and liquid Serum ecosystem; which leverages an on-chain orderbook to match borrowers and lenders to provide fair rates. Currently, Solana processes up to 50,000 transactions per second. Each transaction costs just $0.00001, and Solana plans to further scale these capabilities.

Source: Oxygen.org

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Source: https://www.cryptoninjas.net/2021/06/25/defi-protocol-oxygen-to-get-series-of-audits-from-kudelski-security/

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