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Elrond Gears Up for Maiar Launch as Picolo Research Publishes Glowing Report

Elrond Gears Up for Maiar Launch as Picolo Research Publishes Glowing Report

As the January 31 launch date for Maiar, Elrond’s first major application, approaches, the layer-1 network has been boosted by a positive research report. The independent assessment from boutique firm Picolo Research will be music to the ears of the Elrond team and its growing community. Highlights from the 10-page document include an assessment that […]

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Elrond Gears Up for Maiar Launch as Picolo Research Publishes Glowing Report

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As the January 31 launch date for Maiar, Elrond’s first major application, approaches, the layer-1 network has been boosted by a positive research report. The independent assessment from boutique firm Picolo Research will be music to the ears of the Elrond team and its growing community. Highlights from the 10-page document include an assessment that EGLD is 220% undervalued and an observation that Elrond scores higher than virtually all layer-1s for community engagement.

Piccolo Research Gives Elrond the All-Clear

If the conclusions of the latest Picolo Research report are to be taken at face value, Elrond is in rude health. The high-throughput blockchain, which is designed for defi and enterprise usage, only debuted 150 days ago but has already hit benchmarks that put other smart contract chains in the shade. As the authors of the Picolo report observe, Elrond’s 139,000 followers across all social networks place it ahead of Polkadot, NEAR, Algorand, Quarkchain, Hashgraph, and Harmony. Only Cardano outranks Elrond for community engagement.

A more important metric, at least in terms of gauging token valuation, is the APY offered for staking. This is a core feature of all PoS-based chains, and Elrond’s 29% return is almost twice as high as Ethereum’s, and ahead of other layer-1s that might be viewed as competitors. Locking up tokens through staking reduces the circulating supply, and is thus seen as instrumental in driving demand for the remaining tokens that are available on the open market.

Maiar Holds the Key to What Comes Next

It is widely accepted that Elrond’s debut application, Maiar, will dictate how the network is perceived by the existing crypto community and by newcomers. If it proves a success, Maiair, with its fiat onramp, simplified staking, and name-readable address system, could form a cornerstone of driving crypto adoption. With 180,000 users having signed up for the app already, there is strong evidence that Maiar will live up to its potential.

At present, global citizens have few opportunities for earning interest on their savings, with banks having whittled interest rates down to zero – and below that in some cases. The ability to earn 29% APY simply for staking a cryptocurrency, via a process that requires no technical knowledge, is an appealing proposition. Elrond’s team appears confident that the Maiar app can form, if not the “killer app” of crypto, then at least the one that drives down the barriers to entry, bringing millions of new users into the cryptoconomy.

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Other aspects of Elrond singled out for praise in the Picolo Research report include the number of active accounts (80,000), the level of developer activity – which makes the project a top 20 blockchain – and the quality of integrations such as Orion Protocol. Orion’s eponymous Terminal, which launched last month, is built on Elrond and aggregates CEX and DEX liquidity into a single trading portal. Applications like these will be pivotal in driving adoption of Elrond and proving that it can become a unique blockchain ecosystem that can compete with the best of them.


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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.

Source: https://zycrypto.com/elrond-gears-up-for-maiar-launch-as-picolo-research-publishes-glowing-report/

Blockchain

Aave hits record $288 high as demand for flash loans and staking increases

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Aave (AAVE) price has been on an absolute tear for weeks and today the DeFi-token rallied to a new all-time high at $288.90. 

The decentralized finance protocol is one of the most popular in the market and the recent rally in the DeFi sector is one of the driving forces behind AAVE’s rally.

AAVE/USDT 4-hour chart. Source: TradingView

At the start of 2021, AAVE price was trading at $83 and the recent rally appears to have bolstered the protocol’s surging total value locked, increasing buy volume on spot and derivatives exchanges and the continued development of Aave’s lending platform and flash loan issuance.

TVL soars to a new high

Data from DeFi Pulse shows that Aave’s TVL rose from $2.03 billion on Jan. 1 and as (BTC) and Ether (ETH) price went parabolic Aave’s TVL also surged.

Total value locked on AAVE. Source: DeFi Pulse

Currently, Aave’s TVL sits at a new all-time high of $3.75 billion, making the platform the second-largest DeFi platform by TVL behind Maker (MKR).

The steady addition of new tokens to the lending and borrowing protocol increases the likelihood that its TVL will continue to rise and help AAVE retain its standing as one of the top DeFi projects in the cryptocurrency space.

Staking drives demand for AAVE token

AAVE’s trading volume also surged at the beginning of 2021, increasing from $200 million on Jan. 3 to a high of $928 million on Jan. 16.

AAVE price vs. Reported trading volume. Source: TheTIE

As AAVE price reached a new high, it’s 24-hour trading volume notched a record $1.06 billion. This volume surge is partially driven by investors acquiring more tokens for staking, with 26.8% of the total supply of AAVE currently staked on the platform earning an APY of 6.1%

Flash loans attract investors

Another reason for AAVE’s recent surge is the growth of its flash loans.

Flash loans allow cryptocurrency holders to collatoralize their portfolio to fund other purchases or new crypto purchases. The loans also help investors utilize the value in their tokens without the need to sell see them and create a taxable event.

Since launching flash loans less than 12 months ago, more than $1.7 billion have been issued and it’s expected that this figure will increse as the crypto bull market progresses.

Total flash loan issuance to date on AAVE. Source: Messari

As can be seen in the chart above, the most dominant token requested for flash loans is the DAI stablecoin, followed by USDC and ETH. Data from Messari shows that Aave issued $25 million in loans in the first half of 2020, $500 million in Q3, and nearly $1 billion in Q4, including $450 million in December.

The expansion of the flash loan concept will likely attract more users to Aave, especially since they can be used for arbitrage opportunities between DEXs, collateral swaps, self-liquidations and a variety of other applications within the DeFi sector.

Source: https://cointelegraph.com/news/aave-hits-record-288-high-as-demand-for-flash-loans-and-staking-increases

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Blockchain-based-video-game

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Ethereum and the broader cryptocurrency market have seen mixed price action over the past few days and weeks. Ethereum Price is Surging Despite the selling pressure it has experienced at $1,200, ETH beat all odds and surged beyond $1,400, recording a new all-time high at $1,423.38.  At press time, the…

Source: https://btcmanager.com/Blockchain-based%20video%20game%20community%20and%20development%20platform,%20Enjin%20(ENJ)%20witnesses%20the%20launch%20of%20the%20highly-anticipated%20dark%20sci-fi%20action-adventure%20game,%20Age%20of%20Rust./

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Cryptocurrency makes World Economic Forum’s Davos Agenda

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The World Economic Forum’s upcoming Davos Agenda will feature two separate sessions on cryptocurrency, offering another compelling sign that digital assets have permeated mainstream consciousness. 

The sessions, titled Resetting Digital Currencies, will be held on Monday and Thursday. The first session will feature five public speakers, including Bank of England Governor Andrew Bailey and Hikmet Ersek, president and CEO of Western Union.

Thursday’s group features four speakers, including Tharman Shanmugaratnam, a senior minister for the government of Singapore, and Zhu Min, chairman of the Beijing-based National Institute of Financial Research.

“COVID-19 has accelerated the long-term shift from cash,” reads the prospectus for both sessions. “Meanwhile, central bank digital currencies are emerging, potentially transforming how people use money worldwide.”

It continues:

“What policies, practices and partnerships are needed to leverage the opportunities posed by the rise of digital currencies?”

Davos Agenda is a five-day summit featuring some of the world’s leading figures in finance and government. The cryptocurrency series falls under the summit’s “Fairer Economies” theme. Other themes include “Tech for Good,” “How to Save the Planet” and “Healthy Futures.”

The World Economic Forum is devoting more resources to understanding blockchain technology and cryptocurrency. The Geneva-based organization has even created a cryptocurrency working group, which only last month published its inaugural review focusing on the various use cases for digital assets “beyond price and speculation.”

The Forum’s research has cited blockchain technology as a key driver of “sustainable digital finance.” Blockchain and smart contract capability, the Forum’s researchers argue, can unlock “hidden values of legacy digital systems.”

Central bank digital currencies, or CBDCs, are one area of research the Forum has delved into over the past 18 months. In Jan 2020, the Forum announced it had developed a framework to help banks “evaluate, design and potentially deploy CBDC.” The framework was developed in conjunction with over 40 central banks, financial institutions and academic researchers.

Source: https://cointelegraph.com/news/cryptocurrency-makes-world-economic-forum-s-davos-agenda

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