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How the Lightning Network Will Grow Following Bitcoin’s Third Halving

Bitcoin’s third epoch was largely defined by the growth of the Lightning Network. We asked the second layer protocol’s leaders what that growth will look like following the third Halving.

The post How the Lightning Network Will Grow Following Bitcoin’s Third Halving appeared first on Bitcoin Magazine.

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The Lightning Network, Bitcoin’s second layer solution for faster and more efficient payments, was integral to the ecosystem’s third epoch — with a number of Lightning-focused projects iterating and expanding upon the technology to establish it as the most promising protocol built upon Bitcoin.

Further Reading: What Is the Lightning Network? 

It became clear during Bitcoin Magazine’s BitcoinHalving.com live stream that this development is only poised to ramp up following Bitcoin’s third-ever subsidy halving. As leaders from the space’s Lightning-focused projects took the stage, they elaborated on the progress we’ve already seen from this relatively new technology and projected the evolutions that are to come.

Lightning Network in the Fourth Epoch With Elizabeth Stark

As Elizabeth Stark, CEO of Lightning Labs, explained during her BitcoinHalving.com session, the story of the Lighting Network and that of Bitcoin’s third epoch are largely one and the same.

“In reflecting on the past Halving, the 210,000 blocks, that was really when the first Lightning development started,” she told moderator Colin Harper. “So much has changed since then, it’s been wild to see things evolve since the last Halving.”

But even though the Lightning Network has seen powerful development and significant adoption during its life between the second and third Halvings, there are some obstacles still to be overcome. For Stark, this is first and foremost a question of bitcoin liquidity.

“With Lightning, you’ve got amazing speed, amazing scalability, very low fees, but you do have this liquidity aspect to Lightning,” she said. “You need inbound capacity in order to receive funds and, of course, you need funds outbound in a channel in order to send. So, to me, I see one of the challenges as ensuring that we have the proper liquidity.”

Stark and Harper went on to discuss the role of Lightning service providers, use cases beyond payments and more.

How the Lightning Network Changes the Game

To further explore how the Lightning Network has fundamentally changed Bitcoin and its potential for this next epoch, the BitcoinHalving.com live stream hosted a panel featuring Jack Mallers of Zap, Alex Leishman of River Financial, Chris Dannen of Iterative Capital and Will Reeves of Fold

Each participant is doing more than their fair share to boost Lightning development and put the second layer protocol to work through innovative products and services. During the panel, they discussed the characteristics that make Lightning development effective and attractive, what it will take for more people to onboard and the next four years for Lightning. 

Touching on just how nascent Lightning is as a technology, Mallers noted optimism about the potential of the second layer protocol while also pointing out that this third epoch will still be focused on figuring out what exactly mass Bitcoin adoption looks like.

“Bitcoin as a technology offers us many efficiencies, especially in consumer commerce which is generally a super inefficient system,” he said. “But I’m excited for the journey, quite frankly, and being one of those that’s on the ground fighting the fight. I think the answers will be clear in four years and between now and then is just time to figure them out.” 

Of course, the answers will also be largely dictated by the use cases that emerge in the near future. The panel spent some time discussing the newer Lighting ideas that get them the most excited in this epoch

“I think one of the most exciting things is the LSATs — Lighting Service Authentication Tokens,” Dannen explained. “It’s going to be really interesting to replicate some of the token-based authentication schemes that we already have with centralized providers but do it with self-sovereign identity, which is pseudonymous and which is persistent across the network.”
To hear more about how the Lightning Network is poised to grow following Bitcoin’s third Halving, visit our YouTube page for the rest of our BitcoinHalving.com live stream panels.

The post How the Lightning Network Will Grow Following Bitcoin’s Third Halving appeared first on Bitcoin Magazine.

Source: https://bitcoinmagazine.com/articles/how-the-lightning-network-will-grow-following-bitcoins-third-halving?utm_source=rss&utm_medium=rss&utm_campaign=how-the-lightning-network-will-grow-following-bitcoins-third-halving

Blockchain

What’s in store for SushiSwap in 2021?

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Decentralized exchanges or DEXs have been registering significant activity over the past few months and SushiSwap is right up there with Uniswap. However, the Sushi token has held its own in the market since being criticized for being another scam project.

Over the past few weeks, its performance has spoken for itself but since the collective bearish pull, few questions have again been thrown in its direction.

SUSHI registers contradictory signs

Source: Twitter

As illustrated by glassnode statistics, the transaction volume of Sushi on a 7-day average has reached an all-time high of ~$17.5 million. The transaction volume refers to the volume moved on-chain for Sushi. Higher movement on-chain is indicative of higher activity for the token but at the same time, SUSHI’s median transaction volume has reached a 4-month low, suggesting that the median value of the transaction has dropped substantially in the recent past.

Statistics drawn from Sushiswap’s website indicated that the 24-hour volume at present is around $306 million, which is still far away from its ATH of $1.6 billion registered on 23rd February. The drop in volume has been consistent with the recent pullback but over the past 24-hours, the volume is up 10.34%.

Source: Sushiswap

In contrast, total liquidity has taken a hit over the past 24-hours, dropping 13.52%, declining from $3.64 billion to $3.08 billion.

SushiSwap: Expansion is the way forward?

The on-chain metrics have not meddled with Sushi’s plan as according to Joseph Delong, CTO of Sushi.com. Sushi contracts are now deployed on different platforms which include Binance Smart Chain, Fantom, Polygon, Moonbeam, and xDai chain.

The industry is currently speculating that the move has been inspired by the current surging gas fees on Ethereum. While Ethereum is on pace to settle over $1.6 trillion in terms of transactions in Q1 2021, many projects continue to look at other scaling solutions for growth.

While Sushi will possibly continue to gain more on-chain volume from Ethereum than other platforms, its expansion to other blockchains can be taken as a sign of flexibility in terms of keeping the activity consistent for deployment.

Source: Trading View

Chart analysis suggested that the asset has dealt well during the bearish onslaught and a renewed bullish momentum may allow Sushi to scale towards a new ATH before the end of March 2021. Currently, moving above the 50-moving average, a bullish breakout could be on the cards for the token over the next few days.


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Source: https://ambcrypto.com/whats-in-store-for-sushiswap-in-2021

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Charted: Uniswap’s UNI Enters Top 10, Why It Could Soon Test $42

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Uniswap’s UNI climbed over 10% and it even broke the $34.00 resistance against the US Dollar. A new all-time high is formed near $34.60 and the price is likely to rise further.

  • UNI gained pace above the $30.00 and $32.00 resistance levels against the US dollar.
  • The price is trading nicely above $34.00 and the 100 simple moving average (4-hours).
  • There was a break above a key connecting bearish trend line at $28.00 on the 4-hours chart of the UNI/USD pair (data source from Kraken).
  • The pair is likely to continue higher towards the $36.50 and $40.00 levels in the near term.

Uniswap’s UNI Breaks $34

After a sharp downside correction from well above $30.00, UNI found support near the $20.00 level. It traded as low as $18.68 and it recently started a fresh increase. It broke many hurdles near $25.00 to enter a positive zone.

There was a clear break above the $28.00 resistance and the 100 simple moving average (4-hours). There was also a break above a key connecting bearish trend line at $28.00 on the 4-hours chart of the UNI/USD pair. The bulls even pushed the price above the $32.00 resistance.

Uniswap’s UNI

Source: UNIUSD on TradingView.com

A new all-time high is formed near $34.50 and it seems like the price could rise further. An immediate resistance is near the $36.50 level. It is close to the 1.236 Fib retracement level of the downward move from the $33.17 high to $18.68 low.

The next key resistance is near the $40.00 level. The next major stop for the bulls could be $42.00. It is near the 1.618 Fib retracement level of the downward move from the $33.17 high to $18.68 low.

Dips Supported?

If UNI price fails to settle above the $35.00 zone, it could correct lower. The first major support is near the $32.50 and $32.00 levels.

The main support is now forming near the $30.00 zone. A downside break below the $30.00 support might open the doors for a push towards the $27.50 support. Any more losses may possibly lead the price towards the $25.00 zone.

Technical Indicators

4-Hours MACD – The MACD for UNI/USD is gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for UNI/USD is well above the 70 level.

Major Support Levels – $32.50, $30.00 and $27.50.

Major Resistance Levels – $35.00, $36.50 and $40.00.

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Source: https://www.newsbtc.com/analysis/uni/uniswaps-uni-enters-top-10/

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The number of BTC held on exchanges crashed 20% in 12 months

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Data from on-chain crypto information aggregator Glassnode indicates the number of Bitcoin held on centralized exchanges has fallen by roughly 20% in 12 months.

The data suggests investors are accumulating BTC and withdrawing them from exchanges into cold storage, creating a supply crunch.

On March 6, Glassnode also shared data revealing that coins purchased during 2021 were not moved at a loss during the late February dip, according to on-chain analysis.

The firm’s “Hodlwaves” metric, which measures the time since coins were last moved on-chain, also points to increasing accumulation activity.  Hodlwaves data published on Feb. 22 indicated 57% of Bitcoin’s supply has not moved in more than one year. However, more than one-third of said BTC have not moved in more than five years, suggesting that a significant portion of the coins may have been lost.

The increasing popularity of decentralized exchanges and DeFi yield protocols may also be driving the diminishing supply of BTC on centralized exchanges.

Evidencing strong demand for Bitcoin in the DeFi ecosystem, the total value locked, or TVL, of BTC tokenization protocol Wrapped Bitcoin has increased by more than $1 billion since the start of March, according to DeFi Llama.

Wrapped Bitcoin TVL: DeFi Llama

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Source: https://cointelegraph.com/news/the-number-of-btc-held-on-exchanges-crashed-20-in-12-months

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