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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/

Blockchain

PlotX v2 Mainnet Launch: DeFi Prediction Markets

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[PRESS RELEASE – Please Read Disclaimer]

AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, congratulates PlotX – a cross-chain prediction market protocol on their v2 Mainnet launch on the Polygon Network on May 14 at 12:00 p.m. UTC.

PlotX Version 1 (“v1”) was launched in October 2020 as a decentralized non-custodial prediction market protocol on the Ethereum Blockchain. PlotX allows crypto-traders to use their skills to predict the future value of digital assets like ETH, BTC. Markets on PlotX v1 were automatically created in intervals of 4 hour, 1 day and 1 week.

The v2 has been under development since December 2020 and the testnet was released on April 13th, 2021 for the public. After rigorous testing by the community, the launch of PlotX v2 on the Polygon Mainnet is now scheduled on May 14th, 2021.

PlotX v2 has focussed heavily on simplifying the prediction-making experience for users thanks to a consistent dialogue with their community via the research forum and their official community telegram group. It brings the experience closer to mainstream applications while retaining the DeFi ethos of being non-custodial and permissionless.

This can be seen in the marquee features that PlotX announced via their recent blog post about the mainnet release:

  1. Gasless prediction-making – via meta-transactions that abstract the process for users so they only have to make a single transaction while making predictions
  2. Smooth token bridging – via cross-chain swap technology, that enables users to move $PLOT between Ethereuem, Polygon and other EVM compatible chains like BSC & Solana, from within the application itself
  3. Guaranteed liquidity provisions – via incentive alignment of market creators for providing liquidity for new markets, making it lucrative for users to participate in
  4. Simple onboarding experience – for users, especially ones who are not familiar with metamask and RPC changes, to login using their email addresses without compromising on the non-custodial nature of the dapp

The team has built a class product and is highly receptive to the community. As per the roadmap, upgrades in V2 do not end here; numerous new features are slated to be introduced that will equip users with exciting new prediction opportunities.

Ish Goel, co-founder PlotX, shares his thoughts “It has been an exciting journey for us since the launch of PlotX v1 in October 2020. Prediction markets have always been an exciting derivative for crypto traders. However, they have always faced the challenges of a complex UX, high gas fees & low market liquidity that has also resulted in a lack of growth of the space. With PlotX v2 we have worked alongside our community to solve these challenges by introducing an overhauled UX, deploying on Polygon and introducing liquidity bootstrapping mechanisms for new markets. The community has reacted positively to these features and we’re super excited to reveal the mainnet app to them as well as the larger crypto trading community!”

About AscendEX

Originally founded in 2018 as BitMax.io, AscendEx is a leading crypto and digital asset financial platform catering to both professional and retail traders. Our venue offers spot, futures, margin trading and staking products and incorporates key elements from the DeFi space to foster a unique market structure for users. AscendEx is led by a team of Wall Street veterans who have applied traditional markets’ rigor to create a robust, secure, and reliable experience for all participants; and a consistent source of liquidity for primary offerings.

About PlotX

PlotX is a cross-chain Prediction Market protocol built by the ex-CTO of Nexus Mutual (>$1bn mcap). It enables crypto-asset price predictions, like “What will be the price of BTC/USDT in the next 1 hour?”

Dubbed as the Uniswap of Prediction Markets, PlotX is the simplest and most fun DeFi derivative for crypto traders.

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Source: https://cryptopotato.com/plotx-v2-mainnet-launch-defi-prediction-markets/

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Blockchain

CBDCs Are Not That Stable And May Eventually Kill Bitcoin, Says Financial Expert

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Edward Chancellor – a British journalist and financial historian, explained that the first central bank digital currencies are likely to raise inflation which can lead to the destruction of Bitcoin. He agreed that CBDCs are ”cool” but certainly not stable.

CBDCs Would Mean The End Of BTC

Nowadays, many central banks of numerous leading economies such as China, Japan, and the US, are researching the option of launching their own CBDC. In a recent interview for Reuters, Edward Chancellor opined that central bank digital currencies are highly risky projects.

He said that CBDCs might even kill Bitcoin. Chancellor explained that it is much easier to distribute and ”print” digital currencies rather than cash, and that will cause an utterly high level of inflation.

He then added that in order to solve the issue, the governments and central banks would have to fix the emission of their digital coins – which number would be much higher than 21 million bitcoins:

”When banks get it right with CBDCs this will kill Bitcoin.”

The historian analyzed that changes in the form of money are normal and have happened multiple times in the past. As an example, he pointed to the paper money which once replaced metal coins. Chancellor predicted that in the process of the financial revolution, digital currencies would invade the world, but he opined that Bitcoin would not be among one of them.


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In conclusion, the journalist said that central bank digital currencies are ”cool” as a project but can not qualify as stable.

Deutsche Bank on CBDCs

Recently, the multinational investment banking giant – Deutsche bank – shared similar thoughts. The CIO of the German institution – Christian Nolting – predicted that CBDCs could damage Bitcoin’s role as a payment instrument. He also suggested that the primary cryptocurrency could serve as a store of value.

According to Nolting, the crypto industry is ”here to stay.” On the other hand, he warned that ”governments and more digitally-aware populations might ultimately prefer to go with CBDCs,” instead of relying on the decentralized nature of BTC. Furthermore, some potentially harming legislative frameworks developed by world regulators could reduce digital assets’ chances of serving as international payment instruments:

”A widespread introduction of CBDCs accompanied by higher regulation of cryptocurrencies could create a more challenging environment for crypto assets as some of their advantages compared to traditional financial assets would fade in the longer term.”

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Source: https://cryptopotato.com/cbdcs-are-not-that-stable-and-may-eventually-kill-bitcoin-says-financial-expert/

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Blockchain

Bitcoin Mining Company Vows to be Carbon Neutral Following Tesla’s Recent Statement

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It goes without saying that Tesla took center stage last week when the company announced it would no longer support bitcoin payments for its electric vehicles.

The message seems to have resonated, as Greenidge Generation Bitcoin Mining has vowed to be carbon neutral in 2021 and beyond.

Carbon Neutral Bitcoin Mining

After announcing plans to expand its Bitcoin mining operations last month, Greenidge is now looking to go entirely carbon neutral this year and in the future.

The company is committed to the cause, and it plans to invest in US-based renewable energy projects.

According to a recent press release, the company will also take part in the Regional Greenhouse Gas Initiative, which is a market-based program where participants sell CO2 allowances through auctions and invest the proceeds in renewable energy and energy efficiency.


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Speaking on the matter was Jeffrey Kirt, the CEO of the company, who said:

“Our bitcoin mining capability is already best-in-class and seamlessly integrated with our electricity generation that powers thousands of homes and businesses. By taking the bold and unique step of making or cryptocurrency mining fully carbon neutral immediately – as opposed to some distant date in the future – Greenidge is once again leading in environmental efforts.”

Musk’s Message Resonates

Greenidge’s announcement comes days after the leading electric vehicle manufacturer, Tesla, revealed that it would no longer support bitcoin payments. As a reason for its decision, the company cited environmental concerns related to bitcoin mining.

Elon Musk, the company’s CEO, confirmed and reiterated that he is bullish on crypto but so long as it doesn’t have a negative environmental impact.

The company also said that it’s looking for ‘greener’ alternatives to Bitcoin so that it can continue accepting crypto payments. This led to many speculations about which cryptocurrency it would choose. Shortly after, Musk said that he’s working closely with Dogecoin developers to improve transaction efficiency, causing many to believe that the meme-inspired coin might be Tesla’s choice.

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Source: https://cryptopotato.com/bitcoin-mining-company-vows-to-be-carbon-neutral-following-teslas-recent-statement/

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