Having launched less than two a month ago, MUNCH has already contributed to two charity projects to the tune of over $3 million.
Cryptocurrencies came about to offer individuals freedom over their finances. In a short period, the market has witnessed tremendous growth and adoption thanks to innovations such as smart contracts that have helped create decentralized applications that have helped decentralize most industries. One industry that has benefited the most is the financial industry, where decentralized finance (DeFi) has sought to decentralize all aspects of the industry from insurance to lending etc.
Also, as the adoption of various blockchains has grown, so has the value of their utility tokens. According to reputable crypto market trackers, today, the market boasts over 10,300 coins with a valuation of over $1.54 trillion. The tokens belong to projects covering all sectors of the economy, such as transport, sharing economy, music, energy, sports, tourism, etc. After managing to grow over 10x over the past year, the crypto market has created plenty of wealth for those involved.
Rise of Crypto Charity Projects
This has seen a rise in projects looking to give back to society, especially after the onset of the Covid-19 pandemic through social causes that aim to eradicate hunger, disease and fight for the rights of the oppressed and disadvantaged groups. Most of these projects are based in DeFi and will take donations from their investors and send them to a charity. However, these projects send the donations to their own private wallets, which causes concern, especially from those making contributions since there isn’t a way to prove that these donations will get the intended group of people. Also, most of the projects make donations using their tokens which can tank their value whenever a considerable donation is made. This isn’t ideal for investors of the project and can appear as market manipulation.
These problems have led to the birth of the MUNCH project that allows users to give back to charitable causes by buying and selling its token. MUNCH is the first project to offer value to participants of a charity where part of transaction fees charged are allocated for donations. Also, you can hold on to your MUNCH tokens and earn passively. The platform charges 10% fees on all transactions, with 50% of the fees sent to the donations wallet and the remaining 50% distributed among token holders. This process is automated.
And to prevent tanking the value of the native token whenever a considerable donation is made, the fee is instantly converted to ETH at the point of transaction and directly sent to the charity wallet. Besides avoiding devaluing the token price, the project uses ETH since it’s more of a stable currency than other DeFi tokens.
Another edge this project has over other crypto charities is that it is community-run, where members decide which causes they would like to support. The project will vet a bunch of charities and compile a list of those they find fit to receive donations. The list will be shared with community members on the Telegram channel, where members vote on which charities should receive the donations and in what ratios.
Chance to Bite Back with MUNCH
So far, the project is focused on charities trying to eliminate hunger, fighting the coronavirus, those that cater for children, women, and any other at-risk populations, and those fighting for human rights.
Having launched less than two a month ago, MUNCH has already contributed to two charity projects to the tune of over $3 million. Among the beneficiaries is the Yellow Brick Project that aims to research and cure those impacted by HNRNPH2.
By choosing to go with the name MUNCH, the project keeps up with the hype of food-themed DeFi projects that are hype and users can associate with easily. This is why the project claims to offer users the opportunity to bite back at poverty and other global issues with MUNCH.
Founder and editor at BTC PEERS. Andrey writes about financial experiments, DeFi, cryptocurrency, and blockchain.
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How Archer Swap Has Helped End Ethereum’s Bidding War
Most DeFi users have heard of Ethereum’s high congestion issues, but few are aware of the controlling forces operating behind the scenes, and how badly they can be impacted by this single problem. When traders send a regular transaction via the Ethereum network, it is susceptible to attacks from bots or front-running software run by entities seeking to profit from trader activity.
Ethereum’s ecosystem is perhaps amongst the fastest growing in the crypto space. Thus, there are already many solutions that tackle this issue and operate for the benefit of the users and decentralized exchange (DEX) traders. Most of them have gone under the radar.
Archer Swap is part of the Archer DAO, a project with features designed to mitigate the risks associated with sending transactions on Ethereum. It protects users from Miner Extractable Value (MEV) strategies, sandwich attacks, and front-running bots while maintaining a connection with Uniswap and SushiSwap, two of the most popular DEXs on Ethereum.
In this sense, Archer Swap can be described as a DEX extension that enhances the trader experience on these dApps. This protocol combines two powerful sets of features that give traders improved operations on Ethereum – protecting them and making trades more cost-efficient.
The first set of benefits are called Archer MEV Shield. Besides protecting transactions from bot attacks, it allows users to eliminate failed transaction fees, a recurring problem on Ethereum. Traders can also cancel transactions at no additional cost.
The second feature is called Archer Trader Extractable Value (TEV), a proprietary and innovative concept introduced by Archer Swap. Operating within the Archer Relay, Archer TEV uses automated rebalancing transactions with bots to sync market prices when big market moves occur.
After a trade or a big swap, there is usually an arbitrage opportunity in a market. Archer TEV uses these opportunities to capture the value and redistribute it to Archer Swap users. In essence, Archer TEV takes revenue generated by Archer Swap and gives it back to one of the protocol’s core components, the traders.
Archer Swap Launches Campaign To Reward Traders
Following a community vote, Archer DAO recently launched a 6-week campaign to buy back and distribute its native token ARCH. In this way, the protocol can reward early adopters. The tokens will be acquired with the revenue generated by Archer TEV.
The protocol won’t have to touch its treasury reserves to attract new users to the platform. The protocol and the users will benefit – as more users trade on Archer Swap, the campaign will have more resources to acquire and distribute ARCH. Therefore, the token will most likely see an increase in buying pressure during the coming weeks, and the platform will see a surge in the number of users.
Archer DAO will distribute rewards every Friday from June 11th to July 16th, 2021. The platform will calculate rewards for each user based on their transacted volume for each week. The rewards will be delivered automatically and with basically 0 risk for the users, all they need to do is trade.
Archer Swap has had famous trades. In May, during the high of the dog meme coins, the inventor of Ethereum, Vitalik Buterin, used Archer Swap to dump his supply of Shiba Inu (SHIB), AKITA, MIRI, ELON, and others into the market.
The dump served a good cause, as Vitalik used this money to send over $1 billion to different charity organizations. The most notable is the Covid-19 relief campaign for India started by Polygon’s co-founder, Sandeep Nailwal. This trade could be among the most famous in 2021 and was enabled by a protocol whose main objective is to shield its users and give them back the power to operate safely within the Ethereum dark forest.
Crypto Crash Trends On Twitter As Bitcoin Falls Below $30,000
Twitter has gone into a frenzy after bitcoin fell below $30,000 this morning. The hashtag #cryptocrash is currently trending on the platform. This is after the coin broke the $30,000 stronghold and fell below it. A price that has been a stronghold for bitcoin for a while now. Speculations were that as long as the asset didn’t fall below $30,000, then there would be a recovery.
Related Reading | Galaxy Digital CEO: Bitcoin Dips Should Be Bought Despite BitMEX News
Bitcoin has been in a downtrend for a couple of days now. News of mining rigs closing down in China pushing the price even further down. Falling below $30,000 means bitcoin is about to erase its gains for 2021. The coin was trading at $29,001 n December 2020. Only breaking the $30,000 barrier in 2021. Now bitcoin is trading at only 3% gains for the year 2021.
Bear Market Trends
Richard Bernstein was on Trading Nation two weeks ago to talk about the trends in bitcoin. The CEO called bitcoin a bubble. He pointed out that bitcoin was currently in a bull market. Noting that people were leaving the markets that were actually in a bull market behind.
Bitcoin crashes below $30,000 before recovering back up to $32,000 | Source: BTCUSD on TradingView.com
Bitcoin has been struggling for the past two months. This was after the coin finally hit the all-time high of $64k in April. There was a lot of speculation that the coin was headed for $100k. But it seems the asset had other plans.
Analysts have compared this to the 2018 crash. When bitcoin hit a new ATH of nearly $20k and then proceeded to lose 80% of its value. At one point trading at a little over $3k.
There Is Still Hope For Bitcoin
Novogratz further explained that calling a bottom on the crash is hard to do. This he attributed to the large liquidations currently taking place across a number of assets.
With regards to the $30,000 price level, Novogratz said, “We’ll see if it holds on the day. We might plunge below it for a while and close above it.”
Related Reading | Over 3 Metric Tons Of Bitcoin Mining Rigs Airlifted Out Of China
The co-founder of Galaxy Digital noted that he wasn’t worried about the price crash. Explaining that he does not expect another crash of the 2017 magnitude to occur again. This he chalked up to the maturity of the ecosystem. Pointing out that much more mature players are now moving into the system.
“Every single bank is working on their own crypto project, how they can get bitcoin to their wealthy clients. I think a lot of clients that didn’t buy it the first time will see this as an opportunity to buy it and get involved.
– Mike Novogratz, CEO of Galaxy Digital
Twitter users have taken to the platform to express their opinions on the current market movements. There are countless tweets asking people to not panic. That the market is going to recover. And right now, it is starting to look like they’re right as the market has gone back into the green. Bitcoin is currently back up to $32k, after a dramatic price drop below $30k.
Featured image from Forbes, chart from TradingView.com
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