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Is Kusama (KSM) about to shed its “canary network” label?

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Polkadot whale and notable community member @DonnieBigBags tweeted that the Polkadot to Kusama bridge will be rolled out at the end of this year. He added that, by formally connecting both chains, Kusama is “more important than ever.”

Importantly it was announced today that the $DOT <> $KSM bridge will be ready by the end of the year.

This, in my opinion, makes $KSM more important than ever before.

All native $KSM assets will be readily available on $DOT and vice-versa.”

With that, should we expect Kusama to step out of Polkadot’s shadow and discard its status as a “canary network?”

The Canary Network

Polkadot and Kusama both offer third parties a highly scalable interoperable platform to operate their own blockchains.

Developers Parity Technologies built both networks, porting Polkadot’s codebase to Kusama with minor tweaks, making them almost identical.

Nonetheless, Kusama’s role in the Polkadot ecosystem is as a preparatory network. In that, developers experiment with innovations there before launching on Polkadot.

On that, @DonnieBigBags points out that Kusama “is not a testnet,” saying some projects opt to stay rather than move to Polkadot, giving $KILT as an example of a project that is doing this.

And, with the $DOT – $KSM bridge that’s soon to launch, he implies more projects will follow $KILT’s example and stick with Kusama.

$KSM is NOT a testnet and there are projects solely deploying on there.

Example $KILT who will only have 1 token. One token, one chain. Now $KILT will be readily available on $DOT.

It doesn’t need a $DOT parachain.”

Kraken also weighs in on this by saying because the Kusama network already hosts substantial economic value, it’s unreasonable to call it a testnet.

Kintsugi wins the latest Kusama parachain slot

The eleventh parachain auction slot was won by Kintsugi as bidding closed on Wednesday. The project attracted over 8,000 contributions bringing in a total of 200,000 $KSM ($74,445,973).

Kintsugi is a Bitcoin bridge that will bring liquidity for parachains such as Karura, Shiden, and Moonriver, with the goal of accelerating ecosystem growth.

“kBTC is a 1:1 Bitcoin-backed asset on Kusama, maintained by a decentralized network of collateralized Vaults.”

Commenting on the win, Alexei Zamyatin, the CEO of Interlay, the development firm behind Kintsugi, said the level of support received spurs the team to want to exceed expectations.

“Seeing this level of support is more rewarding than anything else — and motivates us to outperform all expectations and prove our worth to our community. We’re building the best bridge out there — and won’t stop until we’ve changed the centralized status quo.”

Parachain auctions work by $KSM token holders bidding for which project they want to see on the network.

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Source: https://cryptoslate.com/is-kusama-ksm-about-to-shed-its-canary-network-label/

Blockchain

MATIC Price Analysis: Weekly and 4 Hr Chart Analyses Reveals Buy Signal for Polygon

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Polygon recently set a new record for highest bounty paid in DeFi. The team at Polygon paid a two million US dollar worth of bounty to Gerhard Wagner, a white hat hacker who discovered a crucial vulnerability that had put around 850 million US dollars’ worth of capital at risk.

So what type of vulnerability could this be? Well, it’s a double-spend bug, a type of bug that could have tuned catastrophic for the Polygon ecosystem.

Bullish/Bearish Scenario

  • The bear-trap candlestick formation on the weekly time frame, alongside the buildup of bullish divergence on the 4HR time frame, shows that the bulls are back in control.
  • A breakdown of the 1.152 support implies a bearish takeover.

Important Weekly Polygon (MATIC) Announcements

  • Immunefi, a bug bounty, and security platform acknowledged that the bounty is the highest that has been paid in decentralized finance [DeFi].
  • Another exciting announcement in the Polygon ecosystem is the PECO-Polygon Ecosystem Index, which makes it possible for participants to bet on the performance of Polygon [MATIC] projects. The PECO Index is a single token that captures the best native projects on @xPolygon.

Without any further delay, Let’s analyze the MATICUSDT price chart.

Polygon (MATIC) Price Analysis:  MATICUSDT Weekly Chart 

Following the path of most top altcoins in the cryptocurrency market, the MATICUSDT triggers a bear-trap candlestick formation while trading within a rising and expanding wedge.

Although the crypto pair still trades below its all-time high, higher RSI readings above level-25 tell us that we are still in an uptrend and we may soon see a surge in demand for the MATIC token.

Polygon (MATIC) Price Analysis:  MATICUSDT Daily Chart 

A recent regular bearish divergence on the daily chart above shows that we may soon see a slowing and possible correction of current gains.

Failure of RSI values to breach below level-25 would suggest a continuation of the current uptrend.

Polygon (MATIC) Price Analysis:  MATICUSDT 4 Hr Chart 

As the RSI prints higher values above level-25 on the daily time frame, the 4HR time frame confirms entry into the uptrend with an exit of the oversold area [level-25] with the recent entry of oversold at press time.

Regular and hidden bullish divergence setups are instrumental for the previous trend reversal and current trend continuation we see on the above intraday chart.

An impending hidden bullish divergence at press time may be sufficient for the bulls to find a price floor above the 1.491 support and restore the MATIC price into new highs.

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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.
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Source: https://coingape.com/polygon-matic-price-analysis-intraday-hidden-bullish-divergence-signals-trend-continuation-for-maticusdt/

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Blockchain

Harmony’s ONE Token Targets $1 After Breaking All-Time High

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Source: https://cryptobriefing.com/harmonys-one-token-targets-1-after-breaking-all-time-high/?utm_source=main_feed&utm_medium=rss

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Blockchain

NEAR Announces $800M in Development Grants

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Source: https://cryptobriefing.com/near-announces-800m-in-development-grants/?utm_source=main_feed&utm_medium=rss

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