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RenVM Now Supports Fantom

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Users can now bridge BTC, BCH, ZEC, and DOGE to Fantom through RenBridge, with more to come. To use RenBridge users must add Fantom as a custom network to Metamask.

In an announcement made on their blog, RenVM confirmed that their chain will start supporting Fantom’s DeFi ecosystem from May 28th.

Ren is an open protocol that enables the movement of value between different blockchains. RenVM provides access to inter-blockchain liquidity for all decentralized applications. Furthermore, the eco-friendly platform Fantom has created a great impression on investors globally. This company is a sustainable blockchain platform aiming to create quick and secure technologies across a wide range of industries, appealing to investors with its incredibly fast transactions and efficiency.

Whilst Fantom has currently collaborated with a Formula One team, there’s no stopping this platform from going further in its connections in reaching out to RenVM, an open protocol. RenVM and Fantom’s collaboration may not come as a surprise since it will give obvious benefits to users who want to bridge the above assets to Fantom. Users will now be able to deposit and withdraw these assets directly on the platform, which might be appealing to many.

The team has also announced that Varen, Curve, and Badger DAO will be used to pursue the addition of Ren-based assets. So, here’s what you need to know about each of them.

Varen Finance is one of the bridge partners building UIs for bridging all Ren-assets to and from Fantom. People should be aware that Varen is a community governed DeFi protocol, hitting a large customer base with its user-friendly products and services. Secondly, Curve finance, a market maker protocol made for swapping between stablecoins is well known in the DeFi world. For this reason, RenBTC assets will be pursued with this. Thirdly, Badger DAO, a decentralized autonomous organization, aims to build the necessary infrastructure and products to simplify the use of Bitcoin across other blockchains. Badger DAO will continue its loyal partnership with RenVM, adding Fantom support to Badger Bridge.

But don’t think that this is all – sources say that many more will be added over the summer, showing that this isn’t the last you’ll see of RenVM and Fantom. By working together, these two companies are expected to lead each other to even more success than they’ve already had, expanding themselves globally to help out the planet regarding blockchains.

The latest has shown how protocols will be positively affected by these actions. As imagined, Fantom will greatly benefit from these protocols. This is by bringing more utility to Fantom and more velocity through RenVM. Sources have said that both RenVM and Fantom are extremely excited about this collaboration and are anticipating the vast array of benefits to come – make sure to look out for these in the foreseeable future!

Altcoin News, Blockchain News, Cryptocurrency news, News

Julia Sakovich
Author: Andrey Sergeenkov

Founder and editor at BTC PEERS. Andrey writes about financial experiments, DeFi, cryptocurrency, and blockchain.

Source: http://feedproxy.google.com/~r/coinspeaker/~3/_-tGZLSATMc/

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Mapping out Ethereum’s DeFi ecosystem

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September 22, 2021, 3:32AM EDT

• 46 min read

Quick Take

  • Despite potential regulatory concerns surrounding the Decentralized Finance (DeFi) vertical and subsequent stablecoins that power much of its ecosystem, DeFi has been the most popular deal type amongst investors for the majority of 2021
  • The DeFi vertical has received nearly $1.3 billion investment across 275 funding rounds, with Ethereum-based applications receiving a significant percentage of that capital from January to August
  • In total, Ethereum’s DeFi ecosystem has amassed at least 320 startups and protocols across 14 verticals, which The Block has mapped out below
  • This ecosystem map has been UPDATED from here

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Source: https://www.theblockresearch.com/mapping-out-ethereums-defi-ecosystem-2-118188?utm_source=rss&utm_medium=rss

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Commodity strategist predicts Bitcoin ETF could get the nod in US next month

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Bloomberg Intelligence Commodity Strategist Mike McGlone believes it is only a matter of time before the U.S. Securities and Exchange Commission (SEC) approves the country’s first Bitcoin exchange-traded fund (ETF).

In an interview with Stansberry Investor host Daniela Cambone on Sept. 21, McGlone asserted that Canada is extending a competitive lead over the United States after approving Bitcoin ETFs from 3iQ and Coinshares in April.

He emphasized that capital is flowing from the U.S. to Canada’s institutional crypto products, including from Cathie Wood’s Ark Invest. However, he believes that lawmakers in the United States will not want to miss out for much longer.

When asked about a timeframe on potential U.S. Bitcoin ETF approval, McGlone said it could happen “potentially by the end of October.” He maintained that it was likely to be a futures-backed product first, adding that it would open a “legitimization window for a massive amount of money inflow.”

McGlone also reiterated the latest report from Bloomberg Intelligence that stated Bitcoin prices hitting $100,000 was a possibility this year, and this would be driven by the approval of an ETF.

Crypto YouTuber Lark Davis shares McGlone’s price targets, observing that in previous bull markets in 2013 and 2017, the latter quarters saw huge price rallies.

Related: Canadian Bitcoin ETFs quickly hit $1.3B in AUM while US acceptance lags

The SEC is currently yet to approve a crypto ETF despite the number of applications it has received from prospective issuers continuing to mount.

Earlier this month, multinational financial services firm Fidelity Investments, lobbied the SEC to approve an ETP arguing that Bitcoin markets have already reached maturity under the regulator’s own standards.


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Source: https://cointelegraph.com/news/commodity-strategist-predicts-bitcoin-etf-could-get-the-nod-in-us-next-month

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TA: Ethereum Topside Bias Vulnerable If It Struggles Below $3K

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Source: https://www.newsbtc.com/analysis/eth/ethereum-struggles-below-3k/

Ethereum settled below the $3,000 support zone against the US Dollar. ETH price could resume its decline unless there is a clear break above the $3,000 resistance zone.

  • Ethereum started a fresh decline below the $3,100 and $3,000 support levels.
  • The price is now trading below $3,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could resume its decline unless there is a clear break above the $3,000 resistance zone.

Ethereum Price Remains At Risk

Ethereum started another decline from the $3,100 resistance zone. ETH traded below many important support zones near $3,000 and the 100 hourly simple moving average, similar to bitcoin.

The price even broke the $2,800 support level to move further into a bearish zone. A low is formed near $2,651 and the price is now correcting losses. There was a break above the $2,800 and $2,850 resistance levels.

The price recovered above the 23.6% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. An immediate resistance on the upside is near the $2,880 level. There is also a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The trend line is close to the 50% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. A close above the $3,000 resistance could start a decent recovery. The next major resistance might be near the $3,105 level. A clear break and close above the $3,105 level could start a steady increase. The next major resistance sits near $3,135 and the 100 hourly SMA.

More Losses in ETH?

If ethereum fails to correct higher above the $2,880 and $3,000 resistance levels, it could start another decline. An initial support on the downside is near the $2,800 level.

The next major support seems to be forming near the $2,650 level. A downside break below the $2,650 support zone could lead the price towards the $2,550 zone. The next major support is near the $2,500 level, below which ether price might decline towards the $2,420 support zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is still below the 50 level.

Major Support Level – $2,650

Major Resistance Level – $3,000

Source: https://www.newsbtc.com/analysis/eth/ethereum-struggles-below-3k/

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