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Cardano’s Blockchain Strikes New Feat With First Liquidity Aggregator

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Cardano's Blockchain Strikes New Feat With First Liquidity Aggregator

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The Orion protocol has made history by becoming the first liquidity aggregator for the Cardano blockchain thanks to its newest partnership. On April 2, 2021, the protocol announced a new partnership with IOHK which will see the two platforms working together to help ensure scalability and sustainability for DeFi and NFT spaces.

This is not the only integration that has taken place with the Orion Protocol in recent times as it announced integrations with Binance SmartChain, Elrond in the last few months.

This new partnership, however, will see the Orion Protocol acting as a decentralized gateway for an entirely digital asset market. Its duties will include aggregating liquidity from crypto exchanges across the internet, both centralized and decentralized, as well as swap platforms into a single decentralized space.

According to the official announcement, the Orion protocol is seeking to solve the issue of fragmentation of crypto, digital assets, and traditional financial markets. This will be done through the creation of a robust and scalable infrastructure which this new partnership helps to provide. 

“Orion Protocol is proud to become the first liquidity aggregator to build on Cardano’s groundbreaking infrastructure, working together to ensure the scalability and sustainability of the DeFi and NFT spaces,” the announcement said.

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Cardano’s settlement layer, according to the announcement, will have a unit of accounts while its control layer will run smart contracts. The control layer will also be programmed to assist in compliance tasked by recognizing identity and being able to blacklist certain parties.

The Orion protocol will not rely on any single platform to bring users liquidity directly to their wallet but instead will integrate multiple blockchains and exchanges into a single platform. 

This, in turn, gives users greater freedom to make use of the tokens across the crypto space. The integration of Cardano’s blockchain will be a significant part of this partnership as it will enable more scalability and interoperability.

The Cardano blockchain is open-source, free of patents, and works towards collaborative efforts to improve the crypto space and the Orion protocol management has expressed excitement at this upcoming move.

“It’s a huge honor to partner with IOHK to become the first liquidity aggregator to the Cardano blockchain. We admire and share their focus on building a scalable, and interoperable DeFi ecosystem, and we look forward to working together to achieve a sustainable future of the industry,” said Alexey Koloskov, CEO + Co-Founder of Orion Protocol.



DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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Source: https://zycrypto.com/cardanos-blockchain-strikes-new-feat-with-first-liquidity-aggregator/

Blockchain

AgeUSD to Launch as First Stablecoin on Cardano Network

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Multinational blockchain technology company Emurgo initially announced the AgeUSD stablecoin in January 2021. The firm has since announced a partnership between the Ergo Foundation, Emurgo, and Charles Hoskinson’s Input-Output Global, the parent company of IOHK.

The AgeUSD stablecoin will be available on Cardano as soon as smart contract capabilities are launched on the blockchain, it revealed.

Do We Need Another Stablecoin?

Emurgo is aiming to prevent events like MakerDAO’s Black Thursday which emerged through vulnerabilities in its Dai collateralization mechanism. A mass liquidation of the vast majority of Maker vaults resulted in around $4 million in Dai being under-collateralized at the time in March 2020.

AgeUSD’s so-called “Staticoin” protocol-inspired design does not rely on collateralized debt positions (CDPs).

“Thanks to its design, the scenario that happened on Black Thursday is not possible for the AgeUSD protocol. Without CDPs, we do not have liquidation events nor the requirement for users to perform transactions to ensure that the liquidations actually work properly,”

The stablecoin runs on the Ergo blockchain aiming to automate as much as possible within the mathematics of the protocol itself. Reserve providers pay Ergo’s native currency (ERG) to mint reserve coins which represent the underlying collateral. Users of the stablecoin can also deposit ERG into the reserves in order to mint AgeUSD, it explained. This is only allowed by the protocol if there are enough reserves above its reserve ratio. Banks use a similar method to loan out funds.


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The Cardano partnership will also enable its native token, ADA, to be used as collateral to mint reserves. However, the potential downside is that the stablecoin is only backed by these two assets whereas Dai is backed by multiple cryptocurrencies.

AgeUSD will launch on Cardano when it rolls out the Alonzo update that ushers in Plutus powered smart contracts. This is expected in the latter half of this year according to the roadmap.

Cardano ADA Price Update

As the long-awaited update nears, ADA prices have been cranking to new highs, the most recent ATH being $1.55 on April 14. At the time of writing, ADA was trading up 2% on the day at $1.45 according to Coingecko.

It is the sixth largest cryptocurrency by market cap which currently stands at $46 billion and there are 32 billion tokens in circulation. The token was briefly flipped by Dogecoin but has regained its position in the charts, just below Tether.

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Source: https://cryptopotato.com/ageusd-to-launch-as-first-stablecoin-on-cardano-network/

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Blockchain

How sustainable is YFI’s current price run?

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The past week saw a lot of growth across the cryptocurrency market, with Bitcoin and Ethereum seeing their values pushed towards new all-time highs. However, it is safe to say that the digital assets market is no longer just about the top two cryptos in the market, with DeFi coins such as YFI registering significant gains on the charts.

Over the past 6 months, YFI has seen its price hike by over 520 percent. Now, while this looks extremely promising for the alt, the truth seems to be in yet another shade of grey. The price hike from over $11k in November 2020 to its press time valuation of $48,415 has been less than straightforward.

Akin to many other altcoins in the market, YFI  too has endured extended periods of the price going back and forth. However, given the current market scenario, how sustainable is YFI’s current price or is history going to repeat itself in the form of yet another short-term price correction?

Interestingly, data provided by Santiment highlighted that despite the bullish nature of the YFI market, there may be a bit of FUD finally creeping into the market as the price continues to remain close to the $50k-level. In such a scenario, what YFI really needs is a strong level of support for the price if bearishness is to soon hit the market.

Source: Santiment

Taking a look at a few of the key fundamentals can provide more clarity on where the price is likely to head in the coming weeks. According to data provided by Santiment, YFI’s supply on exchanges has been stagnant for a while and hasn’t been increasing. While fewer coins in exchanges are normally a good sign of hodling, in the case of YFI, if one were to take a look at past precedents, the price decline began as soon as the supply hit a stalemate.

Source: Santiment

Additionally, the analytics platform also pointed out that the current price rally began with low on-chain activity for the coin. However, over the past few weeks, a trend reversal has emerged, with on-chain activity noting a surge and the price continuing to be inversely relational to it.

With the price inching closer to its ATH, there is always the question of price discovery. YFI seemed to be lacking in this regard, at press time. The coin’s MVRV, as per Santiment’s data, placed it in the danger zone and prime for a new trend reversal, one that can induce a short-term price correction.

Source: Santiment

In the coming days, if the price correction does set in, YFI’s $44k-price level may end up being a key support level for the coin. However, if this level is flipped to resistance in the coming weeks, a lot of the upward momentum and price surge YFI saw over the past few months might be undone.

This, once again, will result in YFI’s price continuing its current trend by which the coin will be subject to strong ‘push and pulls’ at regular intervals.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://eng.ambcrypto.com/how-sustainable-is-yfis-current-price-run

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Blockchain

EOS, Synthetix, Maker Price Analysis: 16 April

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EOS can be expected to find strong support around the $6.8-zone. If Bitcoin stabilizes above the $60.5k-area, altcoins could have a chance of recovery in the coming days. Otherwise, it would be further selling pressure across the market. Synthetix and Maker posted gains over the past few days, but were likely to retrace a significant portion of their value.

EOS

EOS, Synthetix, Maker Price Analysis: 16 April

Source: EOS/USDT on TradingView

EOS was trading within a rising channel, and the past few hours saw the price test the upper boundary of the channel before falling lower.

The mid-point of the channel was ceded to bearish pressure. A region of demand lay just above the $6.8-mark. The confluence with the channel’s lower boundaries could serve as strong support for EOS.

The RSI was back at neutral 50 and would drop lower to signal a shift in momentum to bearish over the next day or two, especially if EOS closes a session under $6.8. This could see EOS fall further to find support at $5.6.

Synthetix [SNX]

EOS, Synthetix, Maker Price Analysis: 16 April

Source: SNX/USDT on TradingView

Synthetix ascended past the $21. 4-level of resistance, but its retest of the same level on the back of strong selling forced the price to drop to $20.7 and could drop further. On the 4-hour, the Supertrend indicator continued to give a buy signal that would only be flipped to sell on a session close under the $19.5-level.

The 20 EMA and 50 EMA (white and yellow respectively) highlighted the bullish momentum behind SNX in recent days, with the price not sinking under these moving averages yet.

The OBV was on an uptrend and suggested that the recent spate of selling was reactionary fear, rather than sustained selling.

Maker [MKR]

EOS, Synthetix, Maker Price Analysis: 16 April

Source: MKR/USDT on TradingView

Two sets of Fibonacci retracement levels were plotted to highlight some levels of importance for MKR. $2,400 is a level that MKR had been stuck under from late February till the past week. The surge past this level in recent days has been rapid, and the price did not stop at many areas to mark it as support or resistance.

As such, the move back down could be almost as rapid, and some of the Fib levels laid out possible areas of support for MKR.

The MACD was correcting lower after the MACD line rose high above the Signal line to indicate overbought market conditions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://eng.ambcrypto.com/eos-synthetix-maker-price-analysis-16-april

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