RAMP DeFi, a decentralized finance solution, took to its Twitter handle to announce the strategic alliance between RAMP DeFi, Injective Protocol, a Binance backed centralized exchange, and TomoChain, a scalable blockchain-powered company. RAMP DeFi, elaborated further through a blog and mentioned that the trio’s synergy seeks to launch cross-chain staking derivatives. This development opens a new dimension of trading staking derivatives across multiple layer one protocols to the users.
According to the blog, RAMP DeFi further explained about the staking derivatives that staking is a system that enables active participation in transaction validation via proof of stake (PoS) blockchain. On this PoS blockchain, the users with a certain cryptocurrency can validate crypto transactions and, in return, are incentivized through staking rewards.
However, issues arise from multiple layer one protocols that complicate the process with staking due to their contrasting ecosystem. For instance, the value associated with Ethereum will not be feasible to enhance the use cases for DeFi on the Cosmos network, states the blog. Thus, this partnership aims to launch a cross-chain staking derivative that will resolve this issue. The rationale behind RAMP’s role is to provide a platform to mine wrapped tokens for PoS based chains that will be further processed by Injective Protocol for trading. It cites two benefits: exploiting new yield farming opportunities and unlocking the Injective’s massive market for trading.
TomoChain, while explaining the whole system of cross-chain staking derivatives, stated that it would bridge the gap by launching the wrapped TomoChain assets received from RAMP DeFi. This will allow the TomoChain users to access their TOMO cryptocurrency through RAMP smart contracts and create wTOMO. Not only the TOMO users will benefit from staking rewards, but they also can use the wTOMO on Injective and participate in trading on Injective too.
Eric Chen, CEO of Injective, mentioned that this strategic collaboration would prove to be a game-changer in the DeFi space and provide unparallel trading opportunities to its users. RAMP will play an instrumental role by providing real passive yield as the Tomo chain community will earn through derivative trading on Injective protocol, stated Lawrence Lim, Project lead of RAMP Defi. Expressing excitement, Long Vuong, TomoChain CEO, said that Injective Protocol and RAMP Defi would gain a competitive advantage through Tomochain’s assets.
Coinbase CEO Brian Armstrong Urges for Fair Crypto Regulations
Ahead of the long-anticipated public listing for his company, Coinbase’s CEO Brian Armstrong asserted that US regulators are wrong in believing cryptocurrencies are primarily used for illicit transactions. He added that the industry wants to be treated on the same playing field as traditional finance when it comes down to legislative frameworks.
Armstrong on Crypto Misconceptions
The belief that digital assets are mainly used for illegal transactions has been going on for years, perhaps since bitcoin’s usage in some dark web marketplaces starting almost a decade ago. Regulators have used it as a good bashing point, and US-based watchdogs have been at the forefront of those attacks.
US Treasury Secretary, Janet Yellen, has repeatedly outlined the alleged massive usage of bitcoin and other cryptocurrencies for terrorist financing, Ponzi schemes, buying illegal goods, and everything in between. Naturally, the Treasury’s FinCEN department proposed quite restrictive legislation, which, however, has been indefinitely postponed.
Brian Armstrong, the CEO of the largest US-based crypto exchange preparing for its direct listing today, touched upon these concerns during a CNBC interview. However, he asserted that cash and even the highly-regulated banking sector are more frequently utilized in illegal transactions than crypto.
He referred to a report published today by the recently launched Crypto Council for Innovation indicating that “less than 1%” of all digital asset transactions have illicit roots. Simultaneously, PwC estimations showed that the percentage is more than 4x higher with the traditional economy, and more specifically cash.
“The data we have just indicates that crypto is really not uniquely crime written. In fact, the data suggests it’s better than cash in that regard.”
Treat us Equally
Armstrong further outlined the significance of adequate regulation for his company, especially now that it will become public, but also for the entire industry. He suggested that the US should treat the crypto space as other financial sectors.
“We want to be treated on the level playing field with traditional financial services at the very least and not have any kind of punishment for being in the crypto space.”
He also joined Kraken’s CEO, Jesse Powell, saying that the world’s largest country by nominal GDP risks falling further behind other nations, such as China, in terms of crypto and blockchain adoption.
“China has really embraced cryptocurrency and blockchain in a big way – starting from about six years ago. They are substantially far ahead.” – Armstrong added.
MakiSwap Raises $1.4M to Build AMM Platform on Huobi Eco Chain
[Press Release – St, John’s Antigua, Barbuda, 14th April, 2021]
MakiSwap, the number one decentralized exchange on Huobi Eco Chain (Heco), has raised $1.4 million in seed and private funding to build the most robust and feature-rich automated market maker exchange and yield farming platform on Huobi Eco Chain.
The oversubscribed round was led by Inclusion Capital, which incubated and supported MakiSwap in its development efforts. Other participants include Kenetic Capital, LD Capital, NGC Ventures, Polygon Network, DAO Maker, Momentum 6, AU21 Capital, Xend Finance and others. Jawad Ashraf, Founder of Terra Virtua, also joined the round as an individual investor.
MakiSwap is the leading AMM on Huobi Eco Chain, a high-performance blockchain supporting the Ethereum Virtual Machine. Heco was launched by the Huobi Global exchange and was met with formidable community support in China and the Asia-Pacific region. Heco projects are now shifting their focus to the global market, looking to bring in DeFi users from other regions and other blockchains.
MakiSwap was developed by Unilayer, a cross-chain DEX aggregator and DeFi ecosystem. The exchange offers unique features for an AMM designed with the professional trader in mind, including limit orders, advanced charting tools, analytics, and more. MakiSwap also features lucrative yield farming opportunities designed to incentivize users to make the jump into the new protocol and blockchain.
“We’re extremely excited to launch MakiSwap on Huobi Eco Chain and to the public, we do see a big potential for HECO to capture a lot of market share compared to other blockchains in the near future,” said Geo, Founder of Unilayer and MakiSwap.
“Makiswap is leading a new wave of Defi by empowering Huobi’s ECO chain community with key tools and infrastructure. We are excited to support Makiswap in helping to transform global finance through Defi.” Jehan Chu, Founder and Managing Partner, Kenetic
MakiSwap is powered by the MAKI governance token, which will be airdropped to holders of Unilayer’s LAYER token on Ethereum and Binance Smart Chain.
MakiSwap is the leading AMM exchange on Huobi Eco Chain, developed and launched by Unilayer, a cross-chain liquidity aggregator and unified interface for decentralized exchanges. MakiSwap’s governance token is MAKI, distributed fairly to all holders of Unilayer’s LAYER token. MakiSwap includes an advanced set of features like limit orders and advance charting to offer the best experience for professional DeFi traders.
The Message Coinbase Embedded in Bitcoin’s Blockchain on Listing Day
Paying homage to Satoshi Nakamoto and his message embedded in the Bitcoin Genesis Block in 2009, Coinbase has done the same today. On the day they’re set to become a publicly traded company, the exchange asked a large Bitcoin mining pool to embed a note in the Bitcoin blockchain in regards to the latest stimulus bill.
- When launching the Genesis Block of the first-ever cryptocurrency in January 2009, the anonymous creator(s) embedded the following message referring to the financial crisis at the time:
“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
- More than twelve years later, Coinbase has followed the example set by Bitcoin’s creator. The exchange announced they had asked the mining pool F2pool to code the following text:
“TNYTimes 10/Mar/2021 House Gives Final Approval to Biden’s $1.9T Pandemic Relief Bill.”
- The commonalities between the two messages spread more than being embedded on the Bitcoin blockchain. Both have referred to the economic struggles in 2009 and 2021 led by the aforementioned banking crisis and the COVID-19-induced crisis.
- More specifically, both messages have touched upon the governments’ somewhat controversial measures in trying to fight the consequences of the fallouts. Coinbase’s note cites this article published by the New York Times, which outlined the latest stimulus package aimed to alleviate some of the financial pain from the pandemic.
- The largest US-based crypto exchange has chosen today to pay homage to Nakamoto because of the significance of this day. As previously reported, Coinbase is set to become a publicly traded company on August 14th, 2021, through a direct listing.
How NFTs, DeFi and Web 3.0 are intertwined
Altcoin Season 2021 Booming as BTC Dominance Hits 2-Year Low: The Weekly Crypto Recap
11% Of Business In Spain Use Blockchain Technology, Report
XRP Price Analysis: 10 April
Has the rally ended for altcoins like LINK, ADA, and NPXS?
By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July
Coming this Sunday April 11th to New to the Street
Whole Earth Coin (WEC) Set for IEO to Inject New Life Into Aging Infrastructure
Bitcoin’s time has come: TIME magazine to hold BTC on balance sheet
Kraken Daily Market Report for April 09 2021
NYSE celebrates historic ‘first trades’ with NFT series
Enterprise-level partnerships send VeChain (VET) price to new highs
Watch these key technical levels as Bitcoin price nears $61,800 all-time high
SingularityNET (AGI) rallies 1,000% as industries aim to merge AI with blockchain
Uniswap, Monero, Ethereum Classic Price Analysis: 10 April
Oasis Foundation announces implementation of Tidal DeFi insurance platform
SEC approves Exodus wallet for Regulation A stock offering
Binance launches zero-commission tradable stock tokens
USDT, USDC, and BUSD represent 93% of stablecoin market cap
NYSE Joins NFT Mania With Special First Trade Collection
Blockchain7 days ago
Decentralized oracle solution Umbrella Network adds Huobi as validator node
Blockchain6 days ago
XRP Price Analysis: 08 April
Blockchain1 week ago
Uhive social network enables users to mint their profiles into NFTs
Blockchain6 days ago
Tesla’s landlord accepts crypto; will Elon Musk pay rent in Bitcoin?
Blockchain6 days ago
$48B Asset Manager Millennium Management Dabbles With Bitcoin
Blockchain6 days ago
Binance Smart Chain Daily Transactions 200% More Than Ethereum’s
Blockchain7 days ago
Why JP Morgan’s CEO calls Bitcoin regulation a “serious issue”
Blockchain6 days ago
Bitcoin Miners Hit Jackpot as Hash Rate Peaks Again