Connect with us
[crypto-donation-box]

Blockchain

The Future One-Stop-Station for DeFi Services: SpaceSwap To Conquer the Yield Farming Industry

Although leading DeFi platforms have attracted billions of U.S. dollars for liquidity pools, they still leave a lot to be desired.

Republished by Plato

Published

on

Sep 04, 2020 at 13:51 // News

SpaceSwap is a primary candidate to outperform other DeFi players

Although leading DeFi platforms have attracted billions of U.S. dollars for liquidity pools, they still leave a lot to be desired.

Protocols face a range of critical issues that affect usability and contributors’ profits. The SpaceSwap project promises to become a one-stop-station for all major DeFi services and is offering extra sources of profit as well as a wide variety of liquidity pools. 

The DeFi industry has been among the fastest-growing FinTech sectors in 2020, with liquidity pools collecting tokens worth over $9 billion in August. While Uniswap is still in the leading position with its 17% market dominance, there’s a number of unicorn projects performing nose-to-nose with it. According to DeFi Pulse – Maker, Curve and AAVE each have over $1 billion locked in their pools. 

How do DeFi protocols work?

All of the above-mentioned services have pretty much the same underlying mechanism. Users make a deposit in cryptocurrency, exchange it for pool-specific tokens (for example, aETH, yDAi and so on), and add them to liquidity pools. In return, they receive loan interest rates. Passive earning ceases once lenders claim their coins back.

Compound offers 2-12% APY for stablecoins with Curve’s current rates at around 4%, AAVE gives 2-6% in interest rates, while Celsius’ average APY is 10%. Is this enough for liquidity providers? As opposed to traditional loaning, DeFi protocols offer varied APY rates. This percent is always fluctuating, which means it’s hard to predict the final profit. With an ever-changing demand/offer ration in the market, users’ earnings might be lower than expected. 

cover_1200_x_630.png

Major issues of DeFi platforms

Modern Decentralized Finance services have serious flaws:

  • Complicated interfaces make liquidity management challenging for crypto newbies and non-experienced users.

  • Due to their open-source code structure, there’s a large number of forks and clone projects popping up. That puts the platform’s infrastructure at risk.

  • It goes without saying that most services charge a high ETH gas fee, which further decreases profits. 

The above-mentioned issues beg for a new incentivization system to motivate users to provide more liquidity. That’s why fork projects for ‘vampire yield farming’ are evolving in full-force. 

SpaceSwap: versatile alternative to major DeFi protocols

Yet, SpaceSwap is a primary candidate to outperform other DeFi players. What’s so special about this platform?

This is a new protocol that aggregates DeFi protocols. It’s developers call it the ‘one-stop-station for major DeFi services’ and have ambitious plans to make it the major player in the DeFi industry. 

So far, the roadmap roughly includes three major steps:

  • SpaceSwap’s launch on 10th September 2020 will start with improving the Uniswap protocol with extra features and tools added. 

  • In Q4 2020, the team plans to start supporting Curve, Compound, Yearn and wBTC products.

  • In Q1 2021, SpaceSwap can turn into the only DeFi superstructure that covers major DeFi protocols in one place. 

Thus, SpaceSwap promises to become a one-of-a-kind project that gives liquidity providers additional means of profit-making. While conventional protocols are designed to bring liquidity providers only the loan interest, SpaceSwap takes it a step further and introduces a new scheme of yield farming. 

On the Milky Way to huge profits

Aside from the high APY rates, users will enjoy additional incentives in the form of MILK tokens, not to mention quick access to all major liquidity pools for DeFi & CeFi protocols, Oracles, lending protocols, synthetic assets… and so on. 

“SpaceSwap is not just about yield farming – it will revolutionize the DeFi industry by providing a fair and profitable protocol for efficient crypto liquidity management. Leading platforms like Uniswap generate earnings only while users keep their assets in liquidity pools. It’s high time to change the rules of this game – SpaceSwap LP’s will earn MILK tokens on top of APY rates and reap benefits from ALL DeFi Protocols combined ”

 – says the SpaceSwap development team.

Reportedly, the team received hundreds of liquidity claims from early investors. While SushiSwap developers plan to get 10% SUSHI after the generation of blocks and reward distribution, the SpaceSwap team will have only 3% left. 

SpaceSwap DeFi protocol promises to change the way users earn profits from liquidity pools and revolutionize the approach to yield farming. It will be launched on 10th September and early investors are promised extra perks and premium features.

Bottom Line

The DeFi industry is in its early stages of development and is not devoid of substantial flaws and drawbacks. SpaceSwap may solve the problems of usability and low profits by providing a more eligible model for passive income and incentivization. This future one-stop-station for major DeFi services has what it takes for getting to the moon.  

Disclaimer. This article is paid and provided by a third-party source and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds in any company. CoinIdol shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods or services mentioned in this article.

Source: https://coinidol.com/spaceswap-defi-alternative/

Blockchain

Opimas estimates that over US$190 billion worth of Bitcoin is currently at risk due to subpar safekeeping

Republished by Plato

Published

on

May 2021. Safekeeping of cryptocurrencies presents a challenge for institutions holding cryptocurrencies on their clients’ behalf. Cryptocurrency transactions are irreversible and anyone with full access to a wallet’s private key controls the cryptocurrencies that reside within it. Frighteningly, a number of institutional participants and even some large cryptocurrency exchanges rely on subpar custody approaches, leading Opimas to estimate that over US$190 billion worth of Bitcoin is currently at risk due to subpar safekeeping.

Luckily, a number of companies have emerged to address this problem. A new research report from Opimas—Crypto Custody: No More Excuses, authored by analysts Suzannah Balluffi and Anne-Laure Foubert—looks at the landscape of cryptocurrency custody-enabling technology providers and institutional-grade cryptocurrency custodians as well as the size of the market for cryptocurrency custody and brokerage services.

Some key findings in the report include:

Many of even the largest holders of Bitcoin and other digital assets continue to rely on storage devices meant for individual investors. Although some of these self-custody devices and wallets are secure and reputable, the operational risk posed by this approach is significant for institutional investors. Furthermore, a chunk of institutionals’ cryptocurrency holdings sit in hot wallets on exchanges. In total, about 22% of institutional cryptocurrency holdings are safeguarded in these relatively risky manners (Figure 1).

Figure 1. CUSTODY METHODS UTILIZED BY INSTITUTIONAL INVESTORS 

 

Source: Opimas analysis.

There are no more excuses for lackadaisical safekeeping – institutions can now choose from several reputable cryptocurrency custody-enabling technology providers and institutional-grade cryptocurrency custodians. Yet no custody solution is equal – there is still no best practice when it comes to security and governance relating to private keys. For example, some providers may rely on time-tested Hardware Security Modules (HSMs), while others use a newer technology known as Multi-Party Computation (MPC) – see Figure 2.

Figure 2. A COMPARISON OF HSM AND MPC TECHNOLOGY PROVIDERS

Source: Ledger, Fireblocks, Opimas analysis.

Some cryptocurrency custodians have followed in the footsteps of traditional capital markets by adding prime brokerage services to their offerings, including trading and settlement, lending, margin finance, staking, reporting, and capital introduction services. Opimas estimates that the current annual revenues generated by the institutional crypto brokerage and custody market are roughly US$2 billion and will grow to nearly US$8 billion by 2026 – a sizeable portion of this coming from brokerage services (Figure 3).

FIGURE 3. THE MARKET FOR CRYPTO CUSTODY & PRIME BROKERAGE SERVICES IS GROWING 

Source:  Opimas analysis. 

  • Regulations surrounding institutions’ ability to store cryptocurrency have become clearer (and in some cases more favorable) in numerous jurisdictions. Notably, the Office of the Comptroller of the Currency (OCC) ruling in the US has allowed banks to store cryptocurrencies for their customers. This regulatory clarity has led a number of financial institutions around the world to provide trading and custody for digital assets. With the advances in brokerage and custody solutions, Opimas expects institutional cryptocurrency holdings to grow from 20% of the cryptocurrency market cap to over 50% by 2026 (Figure 4).

FIGURE 4. INstitutional cryptocurrency holdings over time 

Source:  Opimas analysis.

Source: PlatoData Intelligence

Continue Reading

Blockchain

Bitcoin (BTC) Price Prediction: BTC/USD Faces Rejection Thrice at the $60,000 Resistance Zone, Resumes Downward Correction

Republished by Plato

Published

on

Bitcoin (BTC) Price Prediction – May 9, 2021
Bitcoin bulls have broken above the $58,000 resistance but the bullish momentum could not be sustained. Today, BTC/USD traded as price reached the high of $59,450. The king coin is likely to retrace to $57,000 low if the bulls fail to break the $60,000 psychological price level.

Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000

BTC/USD – Daily Chart

Bitcoin price was rejected thrice at the $60,000 resistance level. Buyers made frantic efforts to sustain the bullish momentum above the recent high but were repelled by overwhelming selling pressure. Consequently, Bitcoin has resumed a downward move as a result of a strong rejection at the resistance of $59,200. The current retracement will extend to the low of $57,000. Nevertheless, if price breaks below the $57,000 support, the market will continue the downward move. That is, the selling pressure will extend to the low of $53,000. On the upside, if price retraces and finds support above $58,000, the upside momentum will resume.

Bank of England Governor Warns on Crypto Investment
Andrew Bailey is the governor of the Bank of England who has warned crypto investors of the inherent dangers of cryptocurrency investment. The governor argued that cryptocurrencies lacked intrinsic value. According to him, “I would only emphasize what I’ve said quite a few times in recent years, [and] I’m afraid they have no intrinsic value. I’m sorry; I’m going to say this very bluntly again: Buy them only if you’re prepared to lose all your money.” Bailey’s comments are coming at a time when crypto markets are characterized by a huge spike in crypto prices. Major altcoins such as Polkadot, Chainlink, and XRP have also seen vertical price actions.

BTC/USD – 4 Hour Chart

Bitcoin risks another downward correction as the king coin faces stiff rejection at the $59,450 resistance. The Fibonacci tool has already indicated a marginal upward move of Bitcoin and a possible reversal. On May 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise to level 1. 272 Fibonacci extension or the high of $59,819.90. From the price action, BTC price has reached a high of $59,450 and has commenced a downward move.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://insidebitcoins.com/news/bitcoin-btc-price-prediction-btc-usd-faces-rejection-thrice-at-the-60000-resistance-zone-resumes-downward-correction

Continue Reading

Blockchain

Dogecoin dumps following mention from Elon Musk on Saturday Night Live

Republished by Plato

Published

on

Meme cryptocurrency Dogecoin finally got its long-awaited shoutout on Saturday Night Live — but despite hodler hopes, the immediate result has been a violent dump.

First teased by entrepreneur and DOGE cheerleader Elon Musk in late April, the Tesla CEO finally mentioned the digital asset on live television tonight in his opening monologue of the sketch comedy show. The reference was a throwaway line from Musk’s mother, who joined him onstage and asked if her Mother’s Day gift would be Dogecoin; Musk replied that it would be. 

In the minutes afterwards, $DOGE dumped upwards of 25%, falling as low as $.50 from $.66 highs at the start of the show. It has since partially recovered, trading at $.52 at the time of publication.

An hour before the episode began, the price of DOGE sat at $.66, down from an all-time high of $.72. A pair of bearish headwinds may have shared responsibility for the pullback: Musk himself seemed to try and get ahead of the hype, urging followers in a Tweet to “invest with caution,” and a host of new data indicates that many investors may be rolling their DOGE profits into other, largecap digital assets

Additionally, Barry Silbert — the founder and CEO of Digital Currency Group, the parent company of crypto investment vehicle company Grayscale — announced a public short on DOGE via the FTX exchange. In a series of follow-up Tweets, he revealed that the position was $1 million in size, and that any proceeds or remaining funds after closing the short would be donated to charity. 

(It’s unclear if Silbert was is using “we” in reference to Digital Currency Group, one of its portfolio companies, or is simply and bizarrely using a plural pronoun in reference to himself). 

Many DOGE investors were nonetheless holding out hope for a high-profile shoutout on what looked to be a major pop culture event. NBC, the studio behind SNL, chose for the first time ever to live-stream the episode on Youtube, per the Wall Street Journal.

Even a mention could have significant impact on the price of DOGE as well: the meme currency has proven to be susceptible to price movements based on positive social media volume, and multiple studies have shown that Tweets from Musk often lead to price appreciation. A mention on an even bigger platform was thought to potentially lead to even greater gains. 

Leading into the premier of the episode, Alameda Research trader Sam Trabucco (who said in a previous Tweet that he was “studying the typical SNL episode structure to try and understand when a DOGE mention would be the most natural”) speculated that if a joke or mention didn’t come in Musk’s opening monologue, it would be “all over.”

Despite arriving during the monologue, traders nonetheless responded negatively. It remains to be seen if a DOGE-centric skit later in the show can perhaps turn the speculative asset’s fortunes around.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/dogecoin-dumps-following-mention-from-elon-musk-on-saturday-night-live

Continue Reading
Blockchain4 days ago

Major Law Firm CMS Adds Stratis (STRAX) to its Legal Accelerator Program

Blockchain5 days ago

eBay could add a crypto payment option, says CEO

Blockchain5 days ago

Starcoll To Issue Limited Edition Star Wars Collectibles as NFTs

Blockchain4 days ago

Pro traders buy the Bitcoin price dip while retail investors chase altcoins

Blockchain5 days ago

Singapore’s largest bank posts tenfold crypto volume growth in Q1 2021

Blockchain5 days ago

‘This ain’t no game’ as DOGE briefly flippens Nintendo and takes #4 spot from XRP

Blockchain4 days ago

China’s Central Bank to Partner With Alibaba’s Ant Group on Digital Yuan

Blockchain5 days ago

S&P launches cryptocurrency indexes, debuting with Bitcoin and Ether

Blockchain5 days ago

Bybit Launches Ether (ETH) Cloud Mining Service as Demand Booms

Blockchain5 days ago

WallStreetBets launches blockchain-powered app to decentralize indices

Blockchain4 days ago

Bitcoin Miners Moving Away from China, F2Pool Observes

Blockchain5 days ago

Bitcoin and Ethereum Indices Debut on S&P Dow Jones

Blockchain4 days ago

40% intend to use crypto for payments in the next year: Mastercard survey

Blockchain4 days ago

Here Is Why XRP Volume Has Recover Across Payment Corridors

Blockchain5 days ago

eBay is Considering Adding Crypto Payments & NFT Sales

Blockchain4 days ago

Another XRP lawsuit update: SEC accuses XRP Holders of ‘reciting’ Ripple’s litigation position

Blockchain5 days ago

Bank of England Used as Bitcoin Advertising Board Stoking Inflationary Fears

Blockchain4 days ago

‘DeFi may lead to a paradigm shift’ says Federal Reserve Bank paper

Blockchain5 days ago

The Reason for Ethereum’s Recent Rally to ATH According to Changpeng Zhao

Blockchain5 days ago

Bybit to Launch Cloud Mining to Democratize Ethereum Mining

Trending