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DeFi Adoption is About to Skyrocket Again?

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Decentralized finance, or DeFi, is quickly becoming recognized as the premier use case for blockchain technology — thanks to the freedom it provides for users and the efficiency improvements DeFi apps offer over their legacy counterparts. 

But while the DeFi ecosystem on Ethereum alone exploded from a $1 billion industry to a $90 billion one in a single year, adoption has somewhat slowed as of late, due to an overall change in market sentiment and some nagging issues that could be set to become a thing of the past. 

Over the last six months, the fees that come with using most DeFi applications have ranged from bearable to terrible — thanks to massive congestion on the Ethereum network. 

The high fees facing users of the Ethereum blockchain led to a recent wave of innovation, much of which was directed at minimizing fees and making DeFi more accessible. 

Among the most promising of these are the layer 2 protocols, which essentially work on top of Ethereum to handle some or all of the transaction processing — reducing the burden on the Ethereum mainchain. These transactions are then settled back on Ethereum to ensure users continue to benefit from Ethereum’s robust security and transaction irreversibility. 

Celer’s layer 2 solution, known simply as Layer2.finance is a perfect example of how the Ethereum fee issue has essentially been squashed — particularly in the context of DeFi. With Layer2.finance, users can access a range of DeFi tools and protocols, without needing to pay a massive fee when moving their money around. It achieves this by batching transactions together on a second layer, before confirming it on the Ethereum network. 

By doing this, Layer2.finance allows users to move their money between several supported DeFi protocols, including both Aave and Compound, for free — without sacrificing on security. This helps to knock down one of the biggest barriers to entry for DeFi users, who no longer have to pay an arm and a leg in fees to leverage DeFi to its fullest extent. 

Blockchains are notoriously closed ecosystems. Closed in the fact that applications built on one blockchain, generally can’t interface with users, assets, and protocols on another blockchain. This is quite unlike regular applications, which can operate on multiple platforms, devices, operating systems, and more seamlessly.

But that’s beginning to change, as both developers and users place an increased focus on interoperability. Rather than settling for closed, divisive blockchain ecosystems, there is now a major push to streamline the user experience by creating cross-chain applications and protocols. 

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There are a number of platforms tackling this issue from different angles. Ranging from layer 2 platforms and side chains that help to bridge different blockchains together, cross-chain token swap protocols, and inter-module communication protocols like Cosmos’ IBC, there are more than a dozen potential solutions in the works.

But Polkadot has emerged as arguably the most promising interoperability solution, since it not only allows cross-chain communication between different Substrate-based chains but also between established blockchains like Bitcoin and Ethereum thanks to the innovation of bridges. 

Much of Polkadot’s technology isn’t yet live and it remains to be seen whether it will live up to expectations — but its rapidly growing ecosystem and developer-base are strong indicators of future success. 

Right now, DeFi protocols can be considered a relatively new technology. Indeed, several platforms are openly operating under a beta tag or have clear warnings that they’re still experimental or largely untested.

Understandably, this has become a major concern for users, who worry about bugs or potential exploits, which could result in loss of funds or potentially tank their investment in the platform’s native asset. As you might expect, this fear has prevented a large number of people from using DeFi applications, since there were previously no safety nets available. 

But that’s beginning to change with the advent of solutions that allow users to hedge against downside risk. This includes solutions like Delta.theta, which allows users to hedge risks by buying and selling options or speculate on the direction of a price movement by selling call or put options.

Likewise, a number of platforms have begun to appear, which offer insurance for DeFi protocols — protecting against all sort of risks, such as hacks, bugs, and downtime. Some of these platforms include Nexus Mutual and Cover Protocol — both of which offer crowd-funded insurance plans for various popular DeFi platforms. 

Combining this with a major focus on user experience and accessibility, we are beginning to see a range of DApps that aren’t just built for experts, but also for less experienced users. This, in addition to the previous aforementioned indicators, could partially underlie the dramatic surge in interest seen in DeFi in recent months.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.

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Source: https://coingape.com/defi-adoption-skyrocket/

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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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