Connect with us

Blockchain

Elrond Completes 1000:1 Token Swap, Binance Supports the Transition

Upon completing the successful token swap, Elrond’s new native cryptocurrency eGLD comes with a new economic model with a limited supply of up to 31.4 million coins.

The post Elrond Completes 1000:1 Token Swap, Binance Supports the Transition appeared first on CryptoPotato.

Republished by Plato

Published

on

Following the launch of its mainnet earlier this summer, Elrond continues with new developments. The company recently introduced a new economic model for its native cryptocurrency and a token swap implemented firstly on Binance that transitioned ERD to the new coin called eGLD in a 1000:1 ratio.

Elrond’s Token Swap Implemented On Binance

As CryptoPotato reported in late July, Elrond launched its mainnet as the company also unveiled the first application utilizing the Elrond blockchain dubbed Maiar.

Further developments continued with a few listings for the native cryptocurrency on different exchanges and integration with Aurachain AG – a provider of low-code workflow automation layer enabling organizations to digitize and automate their business processes.

Another announcement shared last week attracted eve more attention to the blockchain company. Elrond revealed a significant alternation for its cryptocurrency ERD, which now carries the name eGLD – an abbreviation for eGold. According to the company, this is “the most intuitively powerful metaphor of what the Elrond currency aims to become.”

The token swap, which made the transition possible, is currently available in two ways – through the leading cryptocurrency exchange Binance or through the Elrond swap bridge.

You Might Also Like:

Binance, which carried Elrond’s IEO on its Binance Launchpad last year, firstly suspended trading for the old ERD tokens on August 31st and then reactivated it starting September 3rd, 3:00 AM (UTC) under the name – eGLD. The swapping process on the exchange was entirely automatic, and users previously holding ERD should now have eGLD.

ERD investors holding their coins outside of Binance can swap them on the Elrond swap bridge as of a couple of days ago.

The swap occurs with a 1000:1 ratio. Meaning, that for every 1,000 ERD tokens the investor has, he should receive one eGLD.

What Does The Token Swap Really Represent

CryptoPotato reached out to Dan Voicu, Head of Communications at Elrond, who explained the in-depth significance behind the token swap. He noted that the new economic model “deducts transaction fees from issuance.” In other words, the more transactions occur on the network, the fewer new coins are minted. “Scarcity increases with adoption,” Voicu added.

Additionally, ERD’s supply was uncapped, and it had a planned 5% inflation per year. In contrast, eGLD will start with 20 million coins and will have a “theoretical supply limit of 31,415,926” that can be reached over the next ten years.

Elrond (eGLD) Supply. Source: Medium
Elrond (eGLD) Initial Supply. Source: Medium

The swap’s completion will enable all “native Elrond services such as general staking and delegation, and native DeFi options.” The company also plans additional listings on new exchanges and integrations.

“Overall, an exciting time for Elrond. The token swap marks an important milestone for us. After its completion, the Elrond economy is ready to begin in earnest. Staking, delegation, DeFi products, and a lot of other cool things coming.”- Voicu concluded.

Price Performance And Changes For eGLD

The aforementioned token swap ratio of 1000:1 expectedly affected the price of Elrond’s native digital asset. Before the swap, ERD traded at about $0.025, which automatically transitioned to $25 as soon as Binance introduced the new token eGLD.

The high interest towards the token came in the first hours as it peaked at over $35, but has since retraced. Voicu said that the trading volume skyrocketed to $5 million in the first hour alone.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.


Source: https://cryptopotato.com/elrond-completes-10001-token-swap-binance-supports-the-transition/

Blockchain

Ripple’s Garlinghouse to File Dismissal Motion Against the SEC Lawsuit Over XRP Sales

Republished by Plato

Published

on

Ripple’s Garlinghouse to File Dismissal Motion Against the SEC Lawsuit Over XRP Sales

Advertisement &  & 

The CEO of Ripple, Brad Garlinghouse is filing for a motion to dismiss the SEC lawsuit against himself and Ripple. This is according to a copy of a letter written by Garlinghouse’s lawyer stating that he intends to file a dismissal motion for the case.

The letter claims that the case was nothing but a regulatory overreach as the company’s sale of XRP did not involve any contract and the proceeds were not pooled with other buyers in a common enterprise. Its price also fluctuates in line with other digital assets such as Bitcoin and Ethereum.

“But Mr. Garlinghouse’s XRP sales involved no contract of any kind with the buyers, as his sales were done anonymously over an exchange. Nor were the proceeds of Mr. Garlinghouse’s sales pooled with other buyers in a common enterprise. And XRP’s value historically has not been correlated with Ripple’s actions, results, or public announcements, but instead with changes in the value of other digital assets, such as bitcoin and ether, that the SEC has publicly declared are not securities”, the letter read.

Ripple and its top executives have been in court since the SEC filed a lawsuit against them alleging that they illegally sold a security (XRP) and made profits of over $1 billion. Garlinghouse has however maintained his position that XRP is not a security.

This could be because other countries such as the UK hold XRP in high regard. Garlinghouse had last year indicated his intention to move Ripple headquarters over to the UK before the SEC lawsuit. In early February of this year, the company filed a defense for the suit which has led to a few more lawsuits.

Advertisement &  & 

In 2015 and 2020, both the Department of Justice and the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) declared XRP to be a “virtual currency”. The two departments even asked Ripple to implement anti-laundering in place, a requirement that Ripple claims securities are not expected to meet.

The outcome of Ripple’s case with the SEC could be a big determinant of future regulations in the cryptocurrency industry and the entire space awaits the outcome.


Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram


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.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://zycrypto.com/ripples-garlinghouse-to-file-dismissal-motion-against-the-sec-lawsuit-over-xrp-sales/

Continue Reading

Blockchain

Crypto fund KR1 makes investment in blockchain data protocol LazyLedger

Republished by Plato

Published

on

KR1, a crypto & blockchain asset investment company, had announced that it has invested a total of USD $75,000 into Strange Loop Labs AG, doing business as LazyLedger Labs.

The investment company took part in LazyLedger’s seed funding round alongside Cosmos’ Interchain Foundation, Binance, Dokia Capital,  Maven 11, and other investors.

LazyLedger is a pluggable consensus and data availability layer to enable anyone to quickly deploy a decentralized blockchain; without the overhead of bootstrapping a new consensus network.

“LazyLedger is a great project and an opportunity to bring better data availability to blockchains; which reduces bloat and increases performance. We believe that LazyLedger is going to play a big role in the next generation of scalable blockchain architectures.”
– Keld van Schreven, Managing Director and Co-Founder of KR1

LazyLedger’s founding team are highly respected decentralized systems engineers and researchers; who were part of the founding team of Chainspace, a blockchain project acquired by Facebook, as well as contributors to Ethereum 2.0 and Cosmos’ Tendermint.

“I’m excited about KR1 supporting LazyLedger as they have been around from day one and the experience they bring is invaluable as one of the oldest funds in the crypto space.”
– Mustafa Al-Bassam, Co-Founder of LazyLedger

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.cryptoninjas.net/2021/03/04/crypto-fund-kr1-makes-investment-in-blockchain-data-protocol-lazyledger/

Continue Reading

Blockchain

DeFi yield optimization protocol ETHA Lend closes $1.6M funding round

Republished by Plato

Published

on

ETHA Lend, a yield optimizer protocol for DeFi, today announced it has closed a $1.6 million initial funding round from lead investors Digital Finance Group (DFG), AU21 Capital, and Privcode Capital.

Other investors include: Vector Capital, Chain Capital, PNYX Venture, Lancer Capital, Oasis Capital, TRG Capital, Candaq Capital, Dealean Capital, Inclusion Capital, Origin Capital, ZB Capital, YBB Foundation, AC Capital, Hotbit.

Designed to provide automated yield allocation across Ethereum and Polkadot DeFi ecosystems; ETHA Lend will be governed by ETHA token holders. The protocol’s algorithm is constructed to understand the precise circumstances of a liquidity provider and supply events; protecting users from high transaction costs, market limitations, and asset volatility.

 “We are excited to have some of the most reputable names in the crypto investment and DeFi funding market on board. Our protocol hosts unique integrations of the DeFi space that shall let users dabble with yield farming with unseen simplicity, cross-chain independence, and progressive yield optimization opportunities. You can look forward to a time when the sector shall be free of the haunting tribalism and intimidations both for new and expert users.”
– Chester Bella, Founder of ETHA LEND

The close of this funding round will enable ETHA Lend to accelerate development towards its mainnet launch, currently scheduled for Q2 2021. ETHA Lend’s smart contracts are being inspected by Certik; one of the most highly reputed blockchain security auditors.

Source: ethalend.org

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.cryptoninjas.net/2021/03/04/defi-yield-optimization-protocol-etha-lend-closes-1-6m-funding-round/

Continue Reading
Blockchain4 days ago

Google Finance adds dedicated ‘crypto’ tab featuring Bitcoin, Ether, Litecoin

Blockchain3 days ago

Why Mark Cuban is looking forward to Ethereum’s use cases

Blockchain1 day ago

Amplifying Her Voice

Blockchain5 days ago

Inverse Finance seizes tokens, ships code: Launches stablecoin lending protocol

Blockchain4 days ago

NBA Top Shot leads NFT explosion with $230M in sales

Blockchain4 days ago

Litecoin, Monero, Dash Price Analysis: 28 February

Blockchain2 days ago

Libra Coin – A New Digital Currency Developed by FACEBOOK

Blockchain4 days ago

How KuCoin Shares (KCS) Can Create a Stream of Passive Income

Blockchain4 days ago

Top 5 cryptocurrencies to watch this week: BTC, BNB, DOT, XEM, MIOTA

Blockchain4 days ago

Korean Government To Levy Taxes On Bitcoin Capital Gains Starting 2022

Blockchain4 days ago

Polkadot, Cosmos, Algorand Price Analysis: 28 February

Blockchain5 days ago

3 reasons why Reef Finance, Bridge Mutual and Morpheus Network are rallying

Blockchain2 days ago

Blockchain in Sports Betting

Blockchain1 day ago

Will Netflix soon buy bitcoin?

Blockchain2 days ago

DEX aggregator 1inch integrates Bitquery’s API-powered crypto trading data

Blockchain3 days ago

The Sony PlayStation 5 Game Console Mining Ethereum with almost 100 MH/s is Not True!

Blockchain2 days ago

Bitcoin Halving: Definitive Guide (In Just 5 Minutes)

Blockchain1 day ago

3 key Ethereum price metrics show pro traders are aiming for $2K ETH

Blockchain4 days ago

Rewardiqa platform takes DeFi to the next level

Blockchain4 days ago

How did Bitcoin lending become so popular?

Trending