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Cream Finance Launches ‘Swap’ as Latest DeFi Food Token Surges 60%

DeFi aggregator Cream Finance is taking aim at Uniswap with a new automated market maker (AMM) called ‘Swap,’ but it could be entering an already overcrowded market place. Token holders, on the other hand, don’t seem vexed as CREAM has surged 60% on the day to an all-time high. Cream Finance launched with little fanfare […]

The post Cream Finance Launches ‘Swap’ as Latest DeFi Food Token Surges 60% appeared first on BeInCrypto.

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DeFi aggregator Cream Finance is taking aim at Uniswap with a new automated market maker (AMM) called ‘Swap,’ but it could be entering an already overcrowded market place. Token holders, on the other hand, don’t seem vexed as CREAM has surged 60% on the day to an all-time high.

Cream Finance launched with little fanfare in early August 2020 with the primary goal of fostering an open and inclusive financial ecosystem, based on Compound Finance from which it forked.

It initially launched a peer-to-peer lending platform on the Ethereum network, similar to the majority of DeFi protocols, but made a switch to Binance Smart Chain (BSC) when that went live on Sept 1.

Following the now well-trodden DeFi path, Cream has a governance token with a total supply of 9 million. It carried out a token distribution to lure liquidity providers to the platform in August and has total liquidity of $4.6 million at the time of press according to Uniswap.

Ten percent of the CREAM tokens were allocated to seed the project and it still operates largely under the guidance of founder Jeffrey Huang, though it has begun the process of ceding control to the community.

Cream Token Swap Protocol Launch

The latest move from Cream Finance is the launch of its Swap automated market maker which will allow users of the lending platform to switch their collateral positions without leaving it.

Currently, yield farmers plowing their way through the fields of DeFi liquidity pools need to use token swapping platforms such as Uniswap in order to convert their crypto assets. These additional steps incur further losses through astronomical gas fees and secondary trading fees—0.3% per trade in the case of Uniswap.

Cream Swap, a fork of Balancer with a Uniswap-like user interface, aims to solve this. Yield farmers who create and deposit into liquidity pools on the new Swap platform will receive a pool token called CRPT (Cream Pool Token). This operation is similar to how Balancer issues BPT and other liquidity pools have native tokens representative of how much has been provided.

The fee structure is slightly lower than Uniswap with all exchange fees set to 0.25% from the start. Liquidity providers will receive 0.2%, while the other 0.05% will go to the CREAM network. In addition to collateral from its own tokens, Swap can also support tokens from Compound, Yearn, Aave, Balancer, Uniswap, and TokenSet.

There will be six pools to start, CREAM/USDC, CREAM/WETH, crCREAM/crYFI, crYETH/crYYCRV, yETH/WETH, and yyCRV/USDC.

defi token swapsdefi token swaps

Pairs with USDC and WETH allow users to trade in and out of these two popular tokens, while ‘creamed (cr)’ pools enable platform users to trade between interest-yielding CREAM and YFI, or from ETH to stablecoins. The final two pairs will enable users to easily swap the Yearn liquidity provider tokens to the underlying tokens, wETH and USDC.

In order to attract early liquidity, 3,000 CREAM tokens per day for the CREAM pairs and 500 tokens per day for the other pools will be distributed. Users will need to stake their CRPT tokens which will be locked for three days in order to be eligible for rewards.

The launch of Swap has been scheduled for 23:00 UTC+8 on Sept 8. The incentive is currently set for seven days only but may be adjusted, the team added in the announcement.

The thing that sets Cream Finance apart from its DeFi brethren is that it has chosen the Binance network over Ethereum’s. The BSC is interoperable with Ethereum, but operates on its own blockchain so will not be subject to those frightening network fees.

That said, average Ethereum transaction fees have fallen back to somewhat acceptable levels recently, dropping from an all-time high of almost $15 on Sept 2 to just under $3 today according to BitInfoCharts.

CREAM Token Prices Pump 60%

The platform’s native token has been surging recently, hitting an all-time high of $163 following a 60% pump on the day:

CREAM priceCREAM price
CREAM/USD Price – Uniswap

Upon launch, CREAM prices surged to $100 in an initial FOMO-driven pump that many of these latest DeFi tokens have been through.

The dump quickly followed in a fall back to around $14, but since then (early August), steady progress has been made with a grind higher. Today’s spike has clearly been driven by the new AMM launch and token distribution opportunities.

Uniswap also reports that volume on the platform hit an all-time high of $6.7 million on Sept 7 with liquidity just under $5 million for the day. CREAM appears to be the DeFi food flavor of the moment following this past weekend’s SushiSwap shenanigans.

DeFi Markets Top $8 Billion Again

Decentralized finance markets are back on the move again following their first total value locked decline since March. TVL is back over $8 billion again according to DeFi Pulse indicating that the uptrend is set to continue.

Uniswap has maintained its lead with an increase in TVL of 4% taking it to $1.57 billion. The market share for the token swapping protocol is just under 20% and reported volume for the past 24 hours has been around $440 million.

Second and third places in the TVL chart remain unchanged with Aave and Maker occupying their respective places with marginal gains over the past day. Today’s top-performing DeFi platforms are Balancer, WBTC, and MCDEX, while Synthetix has lost 5.5% of its crypto collateral.

The crypto crash-induced slump appears to have been quickly forgotten in the world of DeFi, and digital asset total market capitalization is also moving back in the right direction at the time of press.

Source: https://beincrypto.com/cream-finance-launches-swap-latest-defi-food-token-surges-60/

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Mark Cuban Slams Peter Schiff: Gold is Dead, Bitcoin and Ethereum Are Today

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Mark Cuban hasn’t always been the biggest fan of Bitcoin, Ethereum, and other cryptocurrencies, but he’s recently come around as other Shark Tank investors have.

Surprisingly, though, Cuban has come to the defense of the emerging technology, telling gold bug and vehement digital asset naysayer Peter Schiff that his precious metal is now dying as a store of value at the hands of the cryptocurrencies like Bitcoin and Ethereum.

Billionaire Shark Tank Investor Schools Peter Schiff On Crypto

It isn’t at all uncommon to find long-time gold bug Peter Schiff trashing cryptocurrencies ever chance he gets from his Twitter account soapbox. He’s even slammed his own son for buying Bitcoin in the past – an investment that proved dear old Dad very wrong.

Related Reading | “Wonderful” Shark Tank Investor Shifts Portion of Portfolio To Bitcoin and Ethereum

He took a recent opportunity to bash the asset class, surprised that “smart investors” on Wall Street were “dumb enough” to buy into Bitcoin and other digital assets, but was met with a sharp-tongued response from billionaire investor and entrepreneur Mark Cuban.

Cuban blasted back at Schiff offering his “help” in explaining the charm behind the emerging technology. According to Cuban, gold is dying as a store of value, because it cannot adapt and change to address the current or future needs of society. Bitcoin and Ethereum, however, can.

bitcoin ethereum Shark Tank mark cuban

Bitcoin and Ethereum have recently turned Mark Cuban and other sharks into believers | Source: BTCUSD on TradingView.com

“Gold Is Dead,” And How Mark Cuban Came Around To Bitcoin And Ethereum

Mark Cuban, who knows a lot about tech revolutions starting from the ground up, says that the current use cases for crypto are just “proof-of-concept” and advances will change the asset class in the years to come. Meanwhile, gold will always stay exactly the same.

The fact that these technologies have evolved over the past several years are what have won over the Shark Tank investor and peers among his panel on the popular ABC primetime show.

Related Reading | Overheard On CNBC: If It Wasn’t For Bitcoin, Gold Would Be $3K

Cuban has recently become enamored with NFTs, Robert Herjavec is a “big believer” in the long-term future of the technology, and even Mr. Wonderful Kevin O’Leary has moved a portion of his portfolio into Bitcoin and Ethereum.

As more high wealth investors become convinced in the cryptocurrency’s staying power, the more that are moving capital into the asset class. Gold, on the other hand, is still the same asset it always has been and is always going to be, and doesn’t need any further convincing.

Rather than Peter Schiff attempting to convince investors why they shouldn’t buy crypto, perhaps he should be more focused on why they shouldn’t sell their dying store of value – gold – instead.

Featured image from Deposit Photos, Charts from TradingView.com

Source: https://www.newsbtc.com/news/bitcoin/mark-cuban-gold-bitcoin-ethereum/

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BitMEX’s Arthur Hayes and Ben Delo negotiate surrender to U.S. authorities

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The former CEO of crypto derivatives exchange BitMEX, Arthur Hayes, is in negotiations to surrender to U.S. authorities next month concerning charges that authorities levied against four of the exchange’s executives and co-owners in October.

Transcripts of a court teleconference dated Feb. 16 indicate Hayes will surrender to the U.S. in Hawaii on April 6. Hayes and his fellow executives are accused of violating the Bank Secrecy Act by the U.S. Department of Justice and  the Commodity Futures Trading Commission.

The transcript details the assistant U.S. attorney Jessica Greenwood’s comments to the judge presiding over the case, with Greenwood indicating she has been in talks with Hayes regarding the anticipated voluntary surrender. Hayes is currently located in Singapore, with the attorney noting Hayes hopes to continue residing abroad but will appear within the United States for proceedings should the trial go to court.

“We have discussed with counsel how to arrange for a voluntary surrender, and he has proposed appearing within the United States in Hawaii and having his initial appearance there and then,” she said, adding:

“The idea would be that he would appear initially in Hawaii, then appear before your Honor remotely, and then he would continue to reside abroad with travel to the United States for appearances as needed and, of course, if there is a trial, that he would appear within the United States for that trial in New York.”

Greenwood also revealed that BitMEX co-owner Ben Delo intends to surrender in New York by the end of the month. However, she noted they are currently working with the FBI and Border Patrol to obtain immigration authorization allowing him to travel to the United States, despite Delo currently being subject to a U.K. travel ban.

The attorney also stated that while fellow co-owner Greg Dwyer has declined to surrender, extradition proceedings have been initiated to bring him back from Bermuda.

“With respect to the remaining three defendants, […] we’ve been in contact with counsel discussing the possibility of appearing. They’ve all made representations about for when and how they’ll appear,” Greenwood said. However, she added:

“We have no guarantees at this point that any of those things will happen.”

BitMEX CTO, Samuel Reed, was arrested in Massachusetts as the charges were being levied against BitMEX in October. Reed was released from custody after a $5 million bond was paid that same month, with Reed agreeing to comply with sentencing proceedings.

In response to the hearing, the judge determined it wasn’t “reasonably possible” for a motion and trial schedule to be established. The judge scheduled a follow-up conference for May.

Last month, Hayes broke months of silence to post an article to BitMEX’s official blog calling for a boycott of legacy finance in response to trading platforms shutting down trade amid the GameStop pump engineered by subreddit, r/WallStreetBets.

Source: https://cointelegraph.com/news/bitmex-s-arthur-hayes-and-ben-delo-negotiate-surrender-to-u-s-authorities

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‘I can’t believe you morons actually buy this shit’: Banksy art burned and tokenized

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An original artwork by anonymous British street artist Banksy has been burned and turned into a nonfungible token. The NFT will be auctioned next week on the blockchain-based Rarible platform, where users can create and purchase rare tokenized artworks.

The original Banksy in question is a satirical piece entitled “Morons,” which depicts buyers at an art auction bidding on a piece emblazoned with the words “I can’t believe you morons actually buy this shit.” The piece received certification from Pest Control — the only body authorized to authenticate original Banksy artworks.

“Morons” was sold at Christie’s auction house in London in late 2019, where it fetched $32,500 from an anonymous, independent buyer.

The burning of the piece took place at an unknown location in Brooklyn, New York, and was livestreamed via the recently created Twitter account BurntBanksy. The burning was reportedly carried out by a group of cryptocurrency enthusiasts in association with executives from the blockchain project Injective Labs.

The tokenization of the authenticated piece took place without input from the pseudonymous Banksy. However, other prominent artists have seen fit to dip their toes into the crypto world of late, as witnessed recently when famed British artist Damien Hirst announced he would accept bids for his work in Bitcoin (BTC) and Ether (ETH).

The NFT market became an industry unto itself toward the end of 2020, as almost $9 million in token sales was recorded in December 2020 alone. But that was just a sign of things to come, as NFT sales exploded moving into 2021, helped by the validation of several high-profile celebrities such as YouTuber Logan Paul and entrepreneur Mark Cuban.

On Sunday, acclaimed Canadian musician and artist Grimes launched an NFT collection titled “WarNymph”, which went on to sell for a collective $5.8 million. The NBA recently embarked on a joint venture with CryptoKitties creator Dapper Labs to launch NBA Top Shot — an NBA-themed digital token marketplace that has reportedly generated $230 million in sales since launch.

The “Morons” piece is not the first Banksy to be destroyed on purpose. In 2018, Banksy’s “Girl With Balloon” automatically self-destructed shortly after selling for $1.4 million at Sotheby’s. The artist later revealed that he had installed an automatic shredder in the painting’s frame in case it ever went to auction. In an ironic twist of fate, the destroyed Banksy is now thought to be more valuable than the original piece ever was.

The “Morons” NFT will be auctioned on Rarible on Tuesday next week. All proceeds from the auction will be donated to charity. The successful bidder will be entitled to receive the certificate of authentication from Pest Control; however, this too will be burned if it is not claimed within two weeks of the sale.

In an art industry fraught with fakes and forgeries, “Morons” may now be the most authentic, most secure Banksy piece in the world. Once logged on the blockchain, the possibility of it being forged, altered or manipulated in any way is close to zero.

Given Banksy’s rejection of the bloated, materialistic art world, what would he think of the current mania surrounding NFTs? Keep an eye on your local graffiti spots. The answer may be forthcoming.

Source: https://cointelegraph.com/news/i-can-t-believe-you-morons-actually-buy-this-shit-banksy-art-burned-and-tokenized

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