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Badger DAO integrates with institutional DeFi gateway Fireblocks

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In a blog post today, decentralized finance (DeFi) protocol Badger DAO announced a forthcoming integration with Fireblocks, a digital asset storage, management, and DeFi on-ramp for institutional investors. 

“We’re excited to announce a strategic partnership between Fireblocks and BadgerDAO to enable their 200+ institutional clients to securely hold Badger assets on their platform and put their Bitcoin to work through the Badger protocol,” reads the post.

BadgerDAO founder Chris Spadafora said that the integration will help make Badger’s vaults and products more accessible to institutional investors, and not just the retail DeFi crowd:

“Our intention is to further help onboard institutional Bitcoin holders to defi. With Badger smart contracts being easily integrated by anyone/company without our permission, we anticipate many more centralized businesses servicing the institutional market to be powered by Badger.”

Fireblocks first offered institutional access to DeFi via an integration with money market Compound in March 2017. Since then it’s onboarded another dozen protocols, including mainstays like Synthetix and Aave. Clients include major cryptocurrency funds like Parafi Capital and Galaxy Digital, and in March the company raised a staggering $133 million in a funding round led by BNY Mellon. 

When asked about the bump in total value locked Badger might see as a result of being added to the exclusive list of protocols, Spadafora declined to speculate but pointed to Fireblocks’ reach and clientele to give a sense of a possible ceiling.

“It’s hard to know exactly what TVL bump we will see but they have 200 institutional clients that have $400B in transfer/custody on their platform.”

The business development process bringing the DAO and the infrastructure provider together was an unusual one. Spadafora told Cointelegraph that a community member facilitated a intro between Fireblocks and the Badger DAO core team. While it’s not unusual for the community to “kickstart” BD efforts with other DeFi protocols, it’s one of the highest-profile instances of a DAO working with an institutional player to date.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/badger-dao-integrates-with-institutional-defi-gateway-fireblocks

Blockchain

Ethereum Co-Founder Vitalik Buterin Burns $6.7 Billion in Shiba Inu (SHIB) Tokens

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Vitalik Buterin, who was gifted half of Shiba Inu’s total supply, has burned 90% of his holdings worth nearly $7 billion. The Ethereum co-founder further said he would allocate the remaining 10% to charitable organizations while also praising the “dog token community” for its generosity.

Buterin Burns $6.7B in Shiba Inu

The Dogecoin rise to the top led to the creation of numerous copycats that garnered significant attention in the past several weeks. Perhaps none became more popular than the self-described DOGE-killer – Shiba Inu.

One of the compelling features came from the anonymous developers who decided to send half of the total supply to Vitalik Buterin – the co-founder of Ethereum. The other half remains locked for liquidity on Uniswap.

Buterin, who donated 50 trillion SHIB tokens (and other dog-related digital assets) to India Covid Relief Fund last week, has decided to burn the majority of his Shiba Inu holdings now.

“I have decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to CryptoRelief (preventing large-scale loss of life) but with a more long-term orientation.” – he explained in the transaction hash.

Buterin outlined the severe problem COVID-19 has created for the entire world and added, “it’s important to think about the longer term future too.”


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Upon the time of the transaction, the 410,24 trillion SHIB tokens Buterin sent from his wallet had a value of about $6.74 billion.

The booming popularity of SHIB caused a massive price surge in the past few weeks. It culminated in an all-time high at nearly $0.00004 after a listing on the world’s leading crypto exchange – Binance.

The Generosity of Dog People

Ethereum’s co-founder touched upon his aforementioned decision to donate a substantial amount of his dog tokens to charity organizations.

“Plenty of dog people have shown their generosity and their willingness to not just focus on their own profits but also be interested in making the world as a whole better.”

However, he also attracted some heat following his actions as some angry developers created coins with offensive names. As such, he urged the community to refrain from sending him new tokens without his consent in the future.

“I don’t want to be a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first.)”

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/ethereum-co-founder-vitalik-buterin-burns-6-7-billion-in-shiba-inu-shib-tokens/

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Blockchain

$2.38 billion ‘rekt’ in crypto markets as Bitcoin drops to $43,000

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Over $2.38 billion worth of Bitcoin and other cryptocurrencies were liquidated in the past 24 hours as the market fell by double-digit percentages, data from multiple sources showed.

Money gone

‘Liquidations,’ for the uninitiated, occur when leveraged positions are automatically closed out by exchanges/brokerages as a “safety mechanism.” 

Futures and margin traders—who borrow capital from exchanges (usually in multiples) to place bigger bets—put up a small collateral amount before placing a trade. If the market moves against them, the collateral is fortified and the position said to be ‘liquidated.’

Yesterday saw nearly $3 billion getting liquidated. $1.26 billion of that, as the below image shows, came from Bitcoin trades alone, with Ethereum trades ($515 million), Ripple trades ($80 million), and Dogecoin trades ($69.42 million) trailing in behind.

Image: Bybt

Overall, $1.78 billion worth of liquidations came from ‘long’ positions, or from traders borrowing capital to bet at higher asset prices. $345 million came from ‘short’ positions, or traders betting for lower prices (prices did fall lower, but the volatility may have contributed to even ‘shorts’ getting liquidated.)

Among all exchanges, Huobi saw over $633 million worth of liquidations, Binance saw $399 million, while options powerhouse Deribit saw liquidations worth $287 million.

In all, over 300,000 traders were liquidated, with the single largest liquidation occurring on crypto exchange Huobi—a Bitcoin to the tune of $90 million.

Musk’s Bitcoin scare

As such, the market pullback started shortly after Tesla CEO Elon Musk tweeted with regard to the carmaker’s $1.5 billion Bitcoin position on Sunday. “Mr. Whale,” an anonymous account on Twitter popular for their market calls, wrote yesterday that Bitcoiners would ‘slap themselves’ after they find out Tesla ‘dumped the rest of its Bitcoin holdings.’

It could have been probably a joke or a mere opinion from someone on the internet. But Musk replied to that with a single word: “Indeed.”

At press time, however, Musk put to rest the thousands of ensuing tweets that Tesla had, indeed, sold the remaining of its Bitcoin. “To clarify speculation, Tesla has not sold any Bitcoin,” he said in a reply to ‘Bitcoin Archive.’

The market rose shortly after that. But is one man’s tweets have such an impact on crypto justified?

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptoslate.com/2-38-billion-rekt-in-crypto-markets-as-bitcoin-drops-to-43000/

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Blockchain

‘The next bitcoin’ can only be…

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With blockchain technology getting upgraded and refined on a daily basis, not all coins and tokens can thrive and sustain themselves in this competitive environment. Only a few of them would be able to be resilient and shield themselves, while the rest of them would eventually cease to exist.

In a recent appearance on CNN’s Squawk Box, CEO of Insider, Henry Blodget puts forward his perspective on the future of blockchain technology. He said,

“There are good fundamental reasons why we may have cryptocurrency and blockchain in the future… but that doesn’t mean dozens of cryptocurrencies are going to do well forever.”

Blodget further stated that the price of the not-so-big cryptos would not go up forever. At the same time, he also pointed out his concerns with respect to the flagship cryptocurrency and said,

“I think with Bitcoin, the big issue is that everyone understands that it is actually not well designed as a transaction currency. It is very resource-intensive.”

He further contended that the cryptoverse would end up inclining itself to a much more better-designed cryptocurrency. 

Others from the industry, however, stated the contrary. Co-founder of Twitter, Jack Dorsey recently took Twitter to state,

“Bitcoin changes everything for the better and we will forever work to make Bitcoin better.”

Underlining the fact that more than $18 billion of Bitcoin transaction volume was executed on-chain in the past day, Anthony Pompliano exclaimed,

“Bitcoin is inevitable.”

CEO of MicroStrategy, Michael Saylor, also recently asserted that Bitcoin would eventually rise to a million, despite the short-term setbacks it faces. He further said, 

“Bitcoin is something that you hold for a decade or decades… If you bought Bitcoin, you could lose money in a year or two or three, but over the course of four years, nobody ever lost money in Bitcoin. That’s the story with most of the dominant networks.”

Source: Glassnode

However, it should be noted that Bitcoin’s market dominance has been dropping since March. Additionally, with altcoins currently holding the baton, the number of addresses holding more than one Bitcoin reached a 7-month low of 812,286. What’s more, Bitcoin’s trading volume has also been evidently fluctuating over the past month.

Nonetheless, Danny Scott, CEO of CoinCorner went on to hypothesize on the ‘next bitcoin’. He stated:

“The next Bitcoin is Bitcoin.”


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/the-next-bitcoin-can-only-be

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