Tag: Stablecoins
Bringing crypto market ‘into the sunshine’ doesn’t address enforcement: CFTC chair
Commodity Futures Trading Commission chair Rostin Behnam is trying to members of Congress to address the Commission’s lack of enforcement authority within the digital asset house. At a Wednesday listening to titled “Examining Digital Assets: Risks, Regulation, and Innovation,” Behnam told lawmakers with the Senate Committee on Agriculture, Nutrition, and Forestry that the CFTC’s authority […]
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The International Technology Summit Spotlights Strides in Blockchain Community Development
Penrose Partners, a Canadian & Bermudian blockchain advisory firm, will be spearheading The 3rd Annual International Technology Summit the week of March 7—11, 2022. The event will be hosted in partnership with the Government of Bermuda and the Consulate General of Canada in NY, and is co-organized by Blockchain Triangle and Bermuda Asset Management. Headline sponsors include Algorand, a world-leading blockchain protocol working with national governments, and 3iQ Corp, a Canadian investment manager who launched the world's first publicly traded Bitcoin investment fund (TSX: QBTC.U).
The International Technology Summit will bring together innovators, regulators, and executives from Canada, the US, and around the world to explore the latest breakthroughs in blockchain, enabled by Bermuda's digital asset regulations. Attendees will join Penrose in discussing the advancements of the island's fintech ecosystem and the work being done to accomplish the Hon. E. David Burt, JP, MP; Premier of Bermuda's digital currency vision for the island. The event will also celebrate the successful licensing of new digital asset businesses and the kickoff of the second cohort of startups in the Innofund Innovation Incubator (i3).
A key component of this year's International Technology Summit is the headline conference on Wednesday, March 9th. The conference will consist of panel discussions covering topics that include crypto & DeFi, the state of stablecoins & CBDCs, digital asset custody, and sustainable innovation. The opening presentation will be a conversation between leaders of the Governments of Bermuda and Canada in discussing the progress their administrations have made in technology and innovation. The keynote presentation will be a conversation between Algorand CEO, Steve Kokinos, and 3iQ Chairman & CEO, Fred Pye, where they will share their upcoming plans for enabling sustainable digital asset adoption.
The International Technology Summit will also include a startup pitch contest on Friday, March 11th, with opportunities for promising entrepreneurs to win conditional entry into the i3 Incubator, along with other prizes. In addition to the pitch contest, the week will feature a FinTech Education Day on Tuesday, March 8th hosted in partnership with Bermuda Government's Economic Development Department on a variety of digital asset and blockchain topics to prepare audience members for the conference on the following day.
Other Featured speakers will include Garrick Hileman, the Head of Research at Blockchain.com, Justin Newton, CEO of Netki, Alex McDougall, President & COO of Stablecorp, and Bermuda technology leader Kevin Richards of Bermuda Asset Management among many others. Additional sponsors of the event include Clarien Bank, Vesto, Canada Sail GP, Transform Group, Knox Custody, Innofund, Renno & Co and the Canadian Association of Alternative Strategies & Assets.
Penrose invites technologists, futurists, and investors of all ages and from around the world to join the conference to discuss the benefits of web3 technologies—not just for businesses and governments globally—but for our overall social, economic and environmental sustainability.
To register for the conference event on March 9th visit the event page.--
About Penrose Partners
Founded in 2019 by blockchain industry veterans, Penrose Partners are trusted emerging technology consultants on a mission to help strategic stakeholders transform the world's economies through blockchain-based innovations. The firm has worked with top academic institutions, governments and enterprises to facilitate blockchain technology adoption.
How to Buy Airline Tickets with Bitcoin & Cryptocurrency
Voyager Digital Ltd. is planning to allow customers to buy stocks using stablecoin USDC.
According to the Bloomberg report, Voyager Digital Ltd. is planning to launch a feature later this year that will allow customers to buy traditional stocks using stablecoin USDC. Voyager’s new offering is a result of a joint venture announced in May with Market Rebellion to operate a regulated broker-dealer, which will handle equity trades on […]
Read full post Voyager Digital Ltd. is planning to allow customers to buy stocks using stablecoin USDC. on Chaintimes.com.
Hector Finance Launches $TOR: The Stablecoin
Bristol, UK , Feb 9, 2022 - (ACN Newswire) - Hector Finance has launched its much-awaited stablecoin named TOR that will play a key role in the overall Hector ecosystem. TOR stands for Tyche Owned Reserve. According to Wikipedia, Tyche was the governing tutelary deity who oversaw a city's wealth and prosperity, as well as its fate. She is the daughter of Aphrodite and Zeus or Hermes in Greek mythology, and her role at the time was to deliver messages to humans about external occurrences beyond their control. Tyche is the Greek goddess of luck, chance, providence, and fate.
Terra, one of the most successful algorithmic stablecoins in the space, is the inspiration behind TOR. TOR has the goal of making $HEC more deflationary while also providing the Fantom chain with its own algorithmic stablecoin.
TOR is a new ERC20 coin that can only be created by burning HEC. The HEC pricing oracle, built with Time Weighted Average Price, can be used to swap TOR for newly minted HEC. Oracles are an important part of any stablecoin's base functionality. In the context of blockchain technology, an oracle is a mechanism designed to supply data to smart contracts. In general, a Stablecoin is only valued and trusted if its price remains constant. The price of TOR is $1. What kind of 'backing' does it have? TOR's backing is made up of two layers:
- Smart-contract algorithms and the HEC/stable LP
- The $100,000,000 Hector Finance Treasury
Hector Finance will enable yield farming for the TOR/Stablecoin Curve pools. These pools will help with HEC trading, which we'll go through in further detail in a subsequent article. The gains from Hector Finance Treasury Investments and HEC's emission plan will generate the yield. We aim to provide an APY of at least 20%, making TOR yield farms competitive in the market and providing the most consistent yield farming on the FTM chain.
How does TOR work?
The Hector utility coin (HEC) is the TOR Stablecoin's counterpart. Hector's price rises when demand for TOR rises, according to supply modulation. The primary mechanism for keeping pegs in place is expansion and contraction. TOR's stability is ensured via a simple swap mechanism: at any time, 1 TOR can be switched for 1 dollar's worth of HEC. If the value of TOR falls below $1.00, buyers can purchase it and use the method to redeem it for $1.00, allowing them to profit. Demand for TOR rises when buyers do so, causing the price to rise again until it reaches $1 USD. These financial incentives function quickly to keep TOR stable.
Since Hector Finance owns the majority of HEC/DAI, HEC/USDC, and HEC/frax, sufficient liquidity is ensured when a TOR redeem operation occurs. Despite the existence of a curve pool as "Layer 0" for shifting TOR back and forth, it is still needed to mint/redeem on a much less frequent basis. The price of HEC will (slightly) increase or drop as a result of the mint/redeem at Layer 1. Although the price of HEC has no impact on the minting/redeeming of TOR in Layer 1, if the price of HEC drops more than expected/wanted, the Hector Finance treasury will be used to stabilize the value of HEC through buybacks and burns.
Hector Finance's goal of combining the rebase model with enhanced scarcity will be made possible thanks to TOR. Deflation is the ultimate goal. Because TOR can only be minted by burning HEC, the demand for HEC rises as well. TOR will soon be available for use as collateral in Hector Bank, the decentralized lending and borrowing network built by Hector Finance in partnership with Ola Finance. When TOR is deposited into the lending pool, an oTOR token is provided to the supplier, and the oTOR bears all of the lending interest.
The Road Ahead for Hector Finance
Hector Finance aims to bring as much value to the $HEC token as possible. The project's main goal is to achieve zero inflation so that everyone's share of the pie grows over time. The supply will eventually be lowered to the point where it reaches a number that allows for sufficient burns while also providing competitive rewards. What steps will it take to become deflationary? They will mix the best of both worlds: a rebase project with a competitive APY (in comparison to farming and node projects), as well as an extensive ecosystem of utility to boost the HEC token's value.
The demand for the HEC token will rise as the token's utility grows. With the addition of utility to the token, APY becomes less essential over time, as the value of purchasing the token is now a combination of APY rewards and price increases due to demand and burns. Hector's project revenue is deposited into the DAO Wallet, with excess funds going into marketing, development, salaries, and, most importantly, buybacks and burns.
To learn more about Hector Finance visit Hectordao.com
Social Links
Twitter: https://twitter.com/HectorDAO_HEC
Telegram: https://t.me/hectorDAO
Reddit: https://www.reddit.com/r/hectordao/
Youtube: https://www.youtube.com/c/HectorDAO
Instagram: https://www.instagram.com/hectordaohec/
Medium: https://medium.com/@HectorDAO
Discord: https://discord.gg/hector
Github: https://github.com/HectorDAO-HEC
TikTok: https://www.tiktok.com/@hector_dao
Buy HEC on Fantom: https://docs.hectordao.com/how-to-buy/for-users-already-on-the-fantom-network
Buy HEC on FTMScan: https://ftmscan.com/token/0x5C4FDfc5233f935f20D2aDbA572F770c2E377Ab0
Media Contact:
Brand: Hector Finance
Name: Henry Davis
Mail: [email protected]
Website: https://hectordao.com/
SOURCE: Hector Finance
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.com
TrueFi launches first protocol-to-protocol lending portfolio for Perpetual Protocol, powering up to $100m in DEX liquidity
Best Crypto Related Stocks For Investors: Huge Upside!
In 2021 we saw a big wave of crypto-related companies going public in stock markets worldwide. Miners were listed left, right, and centre along with the second-biggest exchange by volume, Coinbase (according to CoinMarketCap). On top of that, we have many pre-existing companies venturing into the growing sector. Therefore, it’s good to look at those companies that stand […]
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How to Profit During the 2022 Bull season?
The crypto market never stops to surprise its followers. With constant ups and downs, each person involved in crypto can find the path that will lead them to prosperity. Besides, the crypto market has evolved enough to adjust to any conditions. Statistically, all crypto markets grow every year, and every several months you are able ... Read more
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Quantitative Crypto Insight: an analysis of triangular arbitrage transactions in Uniswap v2
This Big 4 Firm Added BTC and ETH to Its Balance Sheet
February 8, 2022 / Unchained Daily / Laura Shin Daily Bits ✍️✍️✍️ Developers behind Aave announced the launch of Lens Protocol, a[...]
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The U.S. national governing body for figure skating now accepts Bitcoin for donations.
The United States national governing body for the sport of figure skating, the U.S. Figure Skating, is the latest organization in the country to enable donations in cryptocurrencies like Bitcoin. The sports association has partnered with the enterprise-level donation platform Engiven in order to start accepting donations and gifts in cryptocurrency, the U.S. Figure Skating announced on […]
Read full post The U.S. national governing body for figure skating now accepts Bitcoin for donations. on Chaintimes.com.
US Officials Reintroduce Tax Relief Bill For Small Crypto Transactions
House representatives have reintroduced a bill that aims to give tax relief to small crypto transactions, exempting traders from paying taxes on payments less than $200. First introduced in 2020, the Virtual Currency Tax Fairness Act is an amendment to the Internal Revenue Service’s tax code, and has been resurfaced by Reps. Suzan DelBene (D-Wash.), […]
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