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Soku Swap: Providing a secure blockchain-based solution in the DeFi space.

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The advent of blockchain technology and cryptocurrency has allowed millions of users across the world to achieve privacy, freedom, and stability. The idea of decentralization in the crypto space is to give users control over their funds, investments, and privacy without any interference from banks and third parties.

In addition to this, decentralization solves the problem of corruption, inefficient services, and systemic failures within the financial system. 

Soku Swap is a decentralized cryptocurrency exchange hosted on the Ethereum network, and Binance Smart Chain. It uses automated market-maker smart contracts to create liquidity.

Soku Swap has a crypto education system that offers free crypto classes, intending to reduce the spread of misinformation about cryptocurrencies, and allows users to make informed trades on their platform. Additionally, their 24/7 live chat assures users have all the help they need in making trades on the platform. 

The Soku Swap Platform 

What makes Soku Swap the choice of the crypto community is the fact that it addresses the most important pain point which is the high gas fee in the ecosystem. Gas efficiency is one of the core components achieved through the use of optimized AMM smart contracts. This allows Soku Swap to provide a 10% lower gas fee as compared to other exchanges.

This gas efficiency is shared by all the platform-supported cryptocurrencies that can be swapped. The addition of the Binance Smart Chain for making swaps makes it even more gas-friendly. Even in the current market flooded with NFT trades, Soku Swap allows users to enjoy low gas fees for their transactions. 

The liquidity of the user in the Soku Swap pools is managed through SOKU LP, the liquidity tokens issued by the platform. In essence, these tokens represent the liquidity of the user in the Soku pools. If the user stakes on Ethereum, they will receive ERC20 type SOKU LP tokens and for the users providing liquidity on Binance Smart Chain, the token is of BEP20 type. 

The purpose of having Liquidity Tokens is to provide further liquidity to the users as they can use these tokens to perform various financial activities without actually taking their liquidity out of the liquidity pools. This helps in two ways:

a. It allows users to gain interest on their staked amount while still being able to use the liquidity through the tokens issued. It will maintain the liquidity of the protocol.

The platform creates a truly decentralized environment through the availability of SOKU, the governance token that allows the Soku Swap platform to be truly decentralized. Anyone holding SOKU will be allowed to vote in critical decisions of the protocol such as upgrades or the future of exchange.

Furthermore, for the loyal or constant users who stake SOKU LP and complete a few trades on the exchange each week, a small portion of the trading volume will be allocated to them.

This acts as an incentivization model of the platform. With the growth of the exchange, the loyal users of the platform will also enjoy growth in their profits with the added trust of a truly decentralized environment. 

Features of Soku Swap 

The exchange offers various features that are all designed and intended to provide traders with the best experience. 

  1. AI flash loans are no longer for developers. Soku Swap makes it possible for users to make arbitrage trades without prior coding knowledge. Anyone who uses the platform can use them, allowing users to borrow assets without depositing collateral as long as the said amount returns to the protocol within the same block. If that fails, the transaction reverses as if it never happened. The most popular use case for flash loans is arbitrage trading. Users can benefit from price discrepancies across different exchanges and profit off of them. The platform allows users to see whether the arbitrage trades they wish to make will be profitable or not with the help of AI. 
  2. Soku Swap Boxes are another innovation that Soku Swap brings forward to help users capitalize on investment-worthy tokens. Every 2 weeks, the Soku Swap team will go through a list of the top gainers and trending tokens. Then, each token will be verified and researched before being included in the Swap Box. After that, users can buy packages ranging from $50 to $1,000 and select the number of tokens they would like to receive. The main idea behind this is to reduce the efforts that investors need to research.
  3. The token verification tool makes sure traders have all the education and information on a token before making any investments. Thorough research of tokens is done by the Soku Swap team, who then provide traders with a score for each token. The score relies on various factors such as liquidity, community, team members, contract codes, among others. The goal behind this feature is to prevent users from getting caught in scam coins.
  4. Moreover, users don’t have to worry about going through an extensive Know Your Customer (KYC) check. Since the exchange is entirely decentralized, there’s no need to provide any documents or verification. 
  5. 24-hour live on-screen chat for better customer support in the DeFi ecosystem. Live on-screen chat is a feature offered by many exchanges; however, it is not set to Soku Swap’s standard and full potential. Instead, Soku Swap focuses on taking care of their community members by providing instant support and results, something other platforms fail to do.
  1. Crypto awareness and education to help develop a deeper understanding. Soku Swap’s fun and easy-to-understand videos and articles allow users to learn about the crypto, blockchain, and DeFi industry. Furthermore, the platform incentivizes people by offering them rewards in SOKU tokens for taking part in these classes and for every successful referral. 
  2. Governance token to enable true decentralization. 

The SOKU Token 

The native SOKU token is a governance token that allows for all holders to vote on decisions on changes and updates to the DEX, and how network resources are allocated. The token also allows for processing fees for transactions and data storage, rewarding users for cryptocurrency education classes, staking, and providing liquidity. 

The SOKU token may be purchased during the initial exchange offering on LATOKEN June 23rd onwards. 

Catering to both the Ethereum and Binance communities, Soku Swap is a decentralized exchange that accommodates the needs of the ever-evolving cryptocurrency community. Soku Swap aims to make the DeFi space a safer place for all traders, new and experienced alike.

Stepping towards making blockchain-based solutions more secure than ever by researching newly listed projects on the exchange to review the validity of a token and provide crypto education.

This not only helps individual investors from capital loss but also saves the crypto ecosystem from potential hacks and scams while educating new users who are just getting into the cryptocurrency space.

Disclaimer: This is a paid post and should not be treated as news/advice. 

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Source: https://ambcrypto.com/soku-swap-providing-a-secure-blockchain-based-solution-in-the-defi-space

Blockchain

Bitcoin Is More Oversold Than It Was At ATH In April, Says Analyst

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Bitcoin has continued to show tremendous gains lately in the market. The weekend saw the price of the digital asset shooting up above $42,000 for the first time in over a month, seeing continuous green daily closes for nine days straight for the first time in ten years.

Following this has been a number of speculations on why this is happening. And more importantly, how this trend is most likely to end. The indicators continue to point towards bullish but with the price fluctuations that bitcoin is notorious for, there is no telling how exactly the current uptrend will end.

Related Reading | 8 Green Candles: Here’s What Happened The Last Time In Bitcoin

Talking on this was Matt Maley, a chief market strategist at Miller Tabak & Co., who was on MarketWatch’s call of the day. Maley explained his reasoning behind what he believes was needed for the current gains in the market to stick as prices rally.

Don’t Get Too Excited

Maley started out with some advice for investors, who he tells to gauge the action of the prices during the normal market hours. Alluding to the fact that the recent bitcoin price rallies have been happening during off-market hours, which are weekends, nights, and early mornings. He attributes this advice to the markets being much thinner, with lower volumes, during off-market hours. Thus, it is imperative that the movement of the digital asset be observed during normal trading hours to see how the price moves.

Related Reading | Fast Money’s Brian Kelly Remains Bullish On Bitcoin, Here’s Why

Maley warned to not get too excited about the recent price increases. Waiting to see what the market does continues to be Maley’s advice to clients with regards to the weekend price rallies that have been experienced in the market.

“The markets are much ‘thinner’…and the volumes are much lower…on the weekends,” Maley said. “So we’ll want to see [if] bitcoin can remain above $40k once we get into next week before we get too excited.”

Bitcoin price chart from TradingView.com

BTC price dips following weekend rally | Source: BTCUSD on TradingView.com

Maley continues to want to wait to see how the price holds up this week before anything else. His target is now the 200-daily moving average (DMA), and that stands at $44,600. Opining that the DMA had gotten close to that level since the rise and falls since May, twice. But had rolled over both times before hitting it. “Therefore, it could/should provide some resistance upon any further rally in early August,” said Maley.

Bitcoin Is Oversold

Maley pointed out that the digital asset now looks overbought on the current short-term basis. This is based on the Relative Strength Index of the asset, an oscillating indicator used to track the magnitude of recent losses in relation to recent gains.

Related Reading | Bitcoin To Reach New All-Time Highs, Market Strategist

Talking about bitcoin being oversold, Maley said, “Don’t get us wrong, it got much more overbought before it rolled over in January and February … and in November of last year.” Continuing on, Maley added, “However, it is more overbought than it was at the all-time high in April, so investors and traders alike will have a lot more confidence if this weekend’s move holds into the middle of next week.”

The price of bitcoin has continued to show strong bullish indicators following the recent dip in the price. But if Maley is correct in his analysis and bitcoin is overbought, then the market might continue to see further dips in the price of the digital asset.

Related Reading | Why Another Wave Up For Altcoins Is Probable According To BTC Dominance

This could push the price of bitcoin down past $35,000 as the price finds a comfortable correction point following the rally. As of the time of this writing, bitcoin is currently trending up slowly following the dip in the early hours of Monday, trading at $39,443 according to TradingView.com.

Featured image from CoinDesk, chart from TradingView.com

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Source: https://www.newsbtc.com/news/bitcoin/bitcoin-is-more-oversold-says-analyst/

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Cardano, BAT, DASH Price Analysis: 02 August

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Many of the market’s altcoins fell over the last 24 hours, with the same underlined by the lack of buying strength in the market. ADA might find some comfort around its immediate support level while BAT lost 4.9% of its value. Finally, DASH flashed a declining bearish signal on the charts.

Cardano [ADA]

Cardano, BAT and DASH Price Analysis: August 2

ADA/USD, TradingView

ADA tanked by 2.7% over the last 24 hours, with the alt valued at $1.32 at press time. A further drop could have the price rest on the support level of $1.25. On the developmental front, Cardano is expected to let users run smart contracts once the hard fork occurs.

ADA’s technical indicators all pictured the same bearish situation with a fall in buying pressure. The Awesome Oscillator pictured red signal bars while the MACD too registered a bearish crossover on the charts.  

The Relative Strength Index hovered near the neutral zone after its buying pressure went on a downtrend for a few days.  

Basic Attention Token [BAT]

Cardano, BAT and DASH Price Analysis: August 2

BAT/USD, TradingView

BAT also dipped by 4.9% over the last 24 hours. In a day, the asset fell from the overbought zone to the neutral zone as the price rested at $0.65. Substantiating the above statement, the Relative Strength Index stood at 57. The Chaikin Money Flow mirrored the same movement as it noted a considerable dip in capital inflows. Despite the dip, however, inflows still surpassed outflows. 

$0.61 happens to be the support line for BAT as the coin lost its bullish momentum today. The MACD flashed the presence of bearish sentiment as the red histograms were visible at the time of writing.

In the case of some bullish movement, the resistance level to test stood at $0.71. 

DASH

Cardano, BAT and DASH Price Analysis: August 2

DASH/USD, TradingView

DASH was also on a downtrend as it reported a 4.1% decline in price over the last 24 hours. The alt was trading at $161.32, at press time, with a bearish technical outlook just like most other altcoins. 

Market volatility could be anticipated as the Bollinger Bands opened up and remained parallel. Buying pressure decreased, with the Relative Strength Index registering a dip in the number of buyers. It remained close to the point of equilibrium, however. 

Awesome Oscillator too verified that same and observed red bars on the midline. This indicated that bearish pressure existed in the market.

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Source: https://ambcrypto.com/cardano-bat-dash-price-analysis-02-august

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Kraken Exchange Donates $300K to University of Wyoming

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Kraken – a popular cryptocurrency exchange based in San Francisco, CA – has partnered with the University of Wyoming to ensure all future tech students get the resources they need for positions in the growing crypto space.

Kraken and Wyoming Continue Their Working Relationship

Kraken says it will offer scholarship support to students pursuing PhDs at the university. It will also work with college professors to create programs for students in the K through 12 range that will give them the education and knowledge they need to potentially enter the digital currency space as they mature. Overall, Kraken is donating a whopping $300,000 to the University of Wyoming.

The gift is part of the exchange’s tenth anniversary celebration. Jesse Powell – the CEO of the platform – says that Kraken has been around since the year 2011, and that he and his staff wanted to do something big in honor of the company’s growth and status in the digital currency arena. He says:

On our tenth anniversary, we’re setting sights on the future by investing in expanding access to quality education on bitcoin and cryptocurrency. We hope the program will capture imaginations and contribute to a better financial future for Wyoming and for the world.

The $300,000 gift will be doled out over the next three years to ensure PhD students of limited financial means are privy to the same educational resources and program options as the rest of their classmates and counterparts. Part of the funds will also be utilized to create a summer camp for students looking to pursue tech-based and computer science degrees at the university.

Assistant professor of computer science Dr. Mike Borowczak stated in an interview:

This gift from Kraken enables us to recruit and retain a high-caliber researcher who will work in an interdisciplinary space with other researchers from both the Wyoming Advanced Blockchain Laboratory as well as the Cybersecurity Education and Research Center.

In addition to its work with the school, Kraken is striving to create an entire grant program that will ultimately donate more than $1 million to support open-source cryptocurrency technologies and future outreach programs.

Jesse Powell Has Been Featured a Lot

Kraken and Wyoming already share a special relationship given that the crypto exchange has established one of the state’s first official cryptocurrency banks in recent months. The trading platform has been in the news quite a bit as of late, with Jesse Powell recently saying that 2022 would be the year in which bitcoin reaches a price of $1 million per unit.

In addition, Powell was quick to suggest on social media that regulators may wind up working to collect individuals’ crypto holdings given how much digital assets threaten the well-being and stability of banks and standard financial institutions. At press time, the company has garnered financial backing from the likes of Tribe Capital, Hummingbird Ventures, Blockchain Capital and many other firms.

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Source: https://www.livebitcoinnews.com/crypto-exchange-kraken-provides-300k-in-grants-to-university-of-wyoming/>

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