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Telos (TLOS) to list on Uniswap following liquidity implementation plan

Telos, a fully decentralized public blockchain network with more than 500,000 accounts, has announced a plan to bring liquidity and added value to the TLOS ecosystem: The Telos Uniswap Liquidity Implementation Plan (TULIP). Bridging the gap between the Telos and Ethereum communities while doubling down on its DeFi capabilities, Telos will issue an ERC-20 TLOS […]

CryptoNinjas » Telos (TLOS) to list on Uniswap following liquidity implementation plan

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Telos, a fully decentralized public blockchain network with more than 500,000 accounts, has announced a plan to bring liquidity and added value to the TLOS ecosystem: The Telos Uniswap Liquidity Implementation Plan (TULIP).

Bridging the gap between the Telos and Ethereum communities while doubling down on its DeFi capabilities, Telos will issue an ERC-20 TLOS token available for presale in early January with the exact date to be announced on the Telos website 48 hours before the sale commences. This will generate funds for Telos to list on Uniswap with a strong, low-slippage pool of TLOS (ERC-20) and ETH. The remaining funds will support liquidity on other exchanges and pay for listing fees on top centralized exchanges.

Telos has grown rapidly since its mainnet launch two years ago, but the liquidity of the TLOS token markets remains low, impeding the growth of the network. This is the direct result of the project’s successful grassroots launch, which raised no outside funding. Telos sought out the best exchange deals it could afford, but the result is simply low liquidity on small exchanges. Many potential buyers come to Telos following its many real-world use cases, but the friction of buying TLOS on limited exchanges has inhibited many.

“Telos has been a hotbed of activity since launching in 2018, now welcoming 30,000 new accounts per month and countless developers to its network. We are proud to have accomplished this all as a fully decentralized ecosystem with no outside funding and no whale accounts,” said Douglas Horn, Telos Chief Architect. “Today, we recognize the vast potential that the DeFi and ETH investor ecosystem holds, and realize the need to go where the buyers are as well as support Ethereum users who are drawn to Telos for its fast, feeless transactions and features like Telos EVM or Telos Decide. Our TULIP plan aligns with the Telos philosophy of contributing to the larger blockchain ecosystem.”

DeFi platforms and Automated Market Makers like Uniswap provide a powerful new opportunity to help overcome liquidity challenges like those faced by Telos. They require no (or very low) listing fees, yet their trading volumes can be as high as top exchanges.

Prior to listing on Uniswap, Telos will issue its ERC-20 TLOS token with multiple pre-sale purchasing pools of limited numbers of tokens sold at increasing prices, with a higher initial trading price anticipated once the ETH/TLOS Uniswap pool goes live. This provides an opportunity for both longtime Telos supporters as well as Ethereum investors to get in on the ground level of Telos’ next phase of growth. There will be a 1-3 day period before the bridge opens for Telos users to transfer their existing TLOS to the 1:1 pegged ERC-20 TLOS.

Telos aims to sell 50-80 million TLOS tokens from the ‘tlosrecovery’ account (recovered from 2018 airdrop accounts that remained unused after a year), resulting in a target of $2.5-$5 million in funds raised. Once the TLOS token presale is complete, the majority of ETH proceeds will be used to create a large permanent ETH-TLOS liquidity pool on Uniswap. Tokens provided by Telos will be locked with a smart contract and multisig control to ensure long-term liquidity.

“With sufficient liquidity, real price discovery for TLOS can finally occur, and Telos can become a major player in the booming DeFi ecosystem,” said Horn. “We hope that through this effort, Telos continues to foster a network where all are welcome to realize blockchain technology’s enormous potential.”

Source: https://www.cryptoninjas.net/2021/01/08/telos-tlos-to-list-on-uniswap-following-liquidity-implementation-plan/

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Ethereum 2.0 on Track as Staked ETH Tops $3.6 Billion

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In a lengthy blog post titled ‘The State of Eth2’ lead developer Danny Ryan has published an update on progress made on Beacon Chain and what is in store for 2021.

Ryan added that the separate designations of Ethereum imply a ‘false sequentiality’ in that one is being left behind for the other. Instead, the terms actually represent different layers of the stack he added.

“The terms “eth1” and “eth2” are misnomers. If I had my way, I’d toss them out forever, but the terms are pretty ubiquitous at this point so let’s at least discuss what they mean.”

Ethereum 2.0 Stats Strengthening

The numbers are what most people are really interested in, however, and they are continually improving. At the time of press, there was 2.78 million ETH deposited in the Beacon Chain smart contract according to the ETH 2 Launchpad. At current prices of $1,300, this equates to $3.6 billion and at its recent all-time high price was just over $4 billion.

The dashboard reports an annual percentage yield of 9.4% for those that have staked ETH and locked up their assets for at least another year.

According to Etherscan, the top known depositor is Kraken with 14.4% of the total followed by Binance with 10.7%. Centralized exchanges make it easy for the average person who doesn’t want to run their own hardware to have a stake in Ethereum’s future. Data from Dune Analytics suggests that more ETH is now being staked by individuals rather than single whale addresses or institutions.

Additionally, over 66,500 active validators are participating in the network with 19,000 pending according to beaconcha.in. In his latest update, developer Ben Edgington stated that only four validators were slashed (kicked off the network for harmful behavior or misconfiguration) in the past two weeks.

When Will ETH 2.0 Scale?

Phase 1, which will introduce scaling with sidechains or ‘shards’, is expected towards the end of 2021 or early next year. Ryan acknowledged that in its current state, the network cannot cope;

“It is abundantly clear that Ethereum L1 today will not, alone, provide the throughput needed to support the global demand for decentralized applications.”

He also stated that the first set of upgrades to the Beacon Chain is actively being discussed. Some of the changes proposed are improvements to validator incentives, while others bring new features to the network such as native light client support.

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Source: https://cryptopotato.com/ethereum-2-0-on-track-as-staked-eth-tops-3-6-billion/

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IG Group Posts 129% Jump in H1 FY21 Income

Revenue for the period took a leap of 67 percent.

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London-listed IG Group Holdings plc (LON:IGG) has published its interim results for the first half of FY2021, showing a massive jump across all key metrics. The trading platform operator 129 percent year-over-year jump in the pre-tax profits with £231.3 million from last year’s £101.2 million.

After paying the taxes, the profits remained £187.1 million, 127 percent higher than the previous year. However, the dividend per share remained the same at 12.96 pence.

IG already revealed its impressive trading revenue for the first two quarters in the financial year, which was consolidated in the half-yearly results. The net trading volume for the period came in at £416.9 million, compared to £249.9 million in the previous year. That translates to a jump of 67 percent.

It further detailed that £340.6 million in revenue was generated from the core markets, a year-on-year increase of 62 percent. Turnover from ‘significant opportunities’ also jumped by £36.3 million to £76.3 million.

Client Retention Rates Remained Comparable

The record revenue levels were achieved due to increasing client activities in the trading markets. The broker on-boarded 64,000 new clients in the period and the number of active traders also spiked 55 percent to 238,600.

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Despite the jump in the client activities, IG detailed that new client retention rates remained ‘comparable to historical averages.’

The major increase in the trading activities and demand pushed the total operating costs at 22 percent higher to £188.2.

“We delivered record revenue and profit, made excellent progress against our strategic growth objectives, and continued to build a more sustainable and diversified global business,” IG chief June Felix said in a statement.”

“Demand for our products remained high, benefitting from favourable trading conditions, although it is the quality of our technology and the dedication of our people, throughout the global pandemic, that has enabled us to convert this demand into a step change in the size of our active client base.”

The broker was also well-prepared for Brexit and migrated the accounts of its EEA clients last month to IG Europe from the London-based entity.

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Russian court order removes Binance website from regulator’s blacklist

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The website of the world’s largest cryptocurrency exchange, Binance, is no longer formally blacklisted in Russia, according to a new court ruling.

According to a Jan. 21 report by Russian news agency Kommersant, the Arkhangelsk Regional Court has annulled a previous decision to blacklist the Binance website in Russia. Gleb Kostarev, Binance’s head of operations for Russia and the CIS, confirmed the news to Cointelegraph, stating that the court hearing took place on Jan. 20.

The latest court decision reverts a previous ruling made in 2020. In September, Binance announced that its website came on the list of prohibited websites by Russian telecom regulator Roskomnadzor. The regulator blacklisted the website based on a court decision charging the site for disseminating prohibited information. Despite the block, the website was still available in Russia without additional access tools like VPNs.

At publishing time, the Binance website still appears on Roskomnadzor’s list of prohibited sites, but access is not restricted.

Binance website on Roskomnadzor’s list of prohibited sites. Source: RKN

Kostarev said that Binance is still waiting for the court documents on the latest decision, which the company expects to receive in the next two weeks. “After getting a document we will send a notification to remove us from the list,” he said.

The executive also said that the blacklisting has not impacted Binance’s trading volumes in the Russian market. “Though the September ban had no impact on our volumes in Russia, for us it was important to protect our reputation and appeal in this case,” Kostarev stated.

The blacklist reversal comes shortly after Russia officially adopted its major crypto law “On Digital Financial Assets” on Jan. 1, 2021. In August 2020, Roskomnadzor banned another major cryptocurrency website in Russia, BestChange.ru.

Source: https://cointelegraph.com/news/russian-court-order-removes-binance-website-from-regulator-s-blacklist

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