Tron Loses 23% of Its $4.3B USDT Reserves to DeFi Hotbed Ethereum

Tron Loses 23% of Its $4.3B USDT Reserves to DeFi Hotbed Ethereum

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Author: Danny Nelson

Ethereum’s Fees, Bitcoin’s Pullback, Ren’s Great Week

Ethereum’s Fees, Bitcoin’s Pullback, Ren’s Great Week

BlockFi has raised a Series A, B and C within a 12-month span, an ICO’s investors can’t find the people they’re trying to sue and stablecoin demand may become unbalanced by traders ditching a “market-neutral strategy.” 

Related: First Mover: Collapsing Bitcoin Futures Premium Offers Glimpse of New Digital Money Market

DeFi headlines
Algorand has unveiled smart contract capabilities aimed at luring DeFi projects away from its larger competitors. New “stateful smart contracts” store certain information in user accounts, rather than its own code, increasing efficiency and reducing fees. ALGO tokens have jumped 20% on the news. Binance users can now stake dai and kava tokens as the exchange’s DeFi-centered platform goes live.

Election experiments 
Russian communications giant Rostelecom has published details of its blockchain-based voting system that will be deployed in two local regions. The system will be based on a private enterprise version of the Waves blockchain, with nodes located only by Rostelecom servers. “All information from the enterprise voting chain will be published on a special portal that can be accessed by anybody,” CEO Sasha Ivanov said. A previous pilot saw personal information of voters on the blockchain system end up on darknet markets. Authorities deny the allegations. Russia’s Department of Information Technologies will host a separate voting pilot during the by-elections this fall.

Related: Blockchain Bites: Bitcoin in Space; Prime Brokerage Race; Nodes You Can’t Trace

Earlier this week, Axios reported tensions between investors and developers have delayed the Filecoin project. 

According to the report published Tuesday, investors in Protocol Labs, a for-profit incubator of anticipated Web3 projects like IPFS and Filecoin, believe they are owed disbursements of Filecoin’s native token.  

Filecoin raised about $205 million in a 2017 ICO, in which some – but not all – of Protocol Lab’s seed round backers participated. Axios reports Protocol Labs “retained a percentage of the tokens,” with regular distributions being made to CEO Juan Batiz-Benet and early employees, “which in theory would be value accruing to the equity investors.”

Unnamed parties are apparently in mediation over receiving a portion of these tokens, which could potentially delay Filecoin’s imminent launch next month if not resolved, reporters Dan Primack and Kia Kokalitcheva intuit. 

Fortune’s Jeff John Roberts read the news and added this insight: Filecoin is a representation of the entire blockchain space where it is common to raise millions of dollars through novel funding mechanisms, and frequently, fail to deliver. 

Part of the issue is, it’s hard building a new, open and fair version of the internet or the financial system. “But there is another reason to be skeptical, and that is the lack of incentive that blockchain companies have to succeed,” he writes. 

Front-loaded with cash, it’s easier to “travel the world” rather than “toil over blockchain code,” Roberts writes. 

While Filecoin is no stranger to delays (in February 2019, developers pushed back the launch of its first testnet. The mainnet had been estimated to deploy in the first quarter of 2019, then the second quarter, then to Q3/Q4 2019, then between July 20 and Aug. 21, 2020, now in a month), its network participants are less cynical. 

Despite a year of delays, Filecoin has found an incentivized community in China, and has onboarded miners, after it emailed hard drives containing climate data to future (probable) network participants.

In Benet’s own words from Consensus: Distributed: “Web 3 is about creating a platform that is decentralized, that puts human rights foremost, and can build a much freer and open internet and lock it in place.” 

Blockchain and cryptocurrency have already “changed the underlying guts and rails of major industries,” he said. But it hasn’t yet solved the dilemma between project developers and their investors. 

OMG! Fees!
Tether has added its eighth blockchain, OMG Network, to help alleviate congestion on the popular rail Ethereum. OMG is touted as a scaling solution to handle thousands of transactions at a third of the cost of Ethereum, which is currently experiencing a record high gas fees, or the price to run transactions. The third-largest cryptocurrency with a market capitalization of $13.1 billion is among the top Ethereum “gas guzzlers,” according to Ethgasstaion. CoinGecko data shows OMG tokens have increased 115% from $1.70 to $3.65 in the past seven days, as investors look to the network to escape climbing gas prices.

Gamifying gains
Andrew Thurman, a content consultant for Chainlink Labs and an adviser to IdeaMarkets, thinks non-fungible tokens (NFTs) are immutable, immortal, resistant to theft, impossible to forge and “boring as dirt.” Crypto collectibles aren’t for everyone, but NFTs have properties that can be applied to a variety of games increasing the stakes and the fun. Although, “not all NFT projects need to introduce such elegantly designed systems to become more fun,” he writes. 

Real enough?
Some people think a recovery in stocks is divorced from reality, in which stores are closing, prices are rising and roughly 14.8 million Americans are collecting unemployment. Nathaniel Whittemore dives into the controversy and asks how real is it, and how are leading finance minds interpreting the recovery?


Author: News Bureau

SBI Life share price: Stocks in the news: Divi's Labs, SBI Life, ZEEL, IRCTC, Bharti Infratel, Hindalco and PNB

SBI Life share price: Stocks in the news: Divi’s Labs, SBI Life, ZEEL, IRCTC, Bharti Infratel, Hindalco and PNB

Nifty futures on the Singapore Exchange traded 74points, or 0.65 per cent higher at 11,373, in signs that Dalal Street was headed for a gao-up start on Friday. Here are a few stocks which may buzz the most in today’s trade:

Hindalco Industries: Hindalco Industries one of the country’s largest private aluminium players has entered into a memorandum of understanding (MoU) with cement major UltraTech Cement to deliver 1.2 million tonne of bauxite residue, red mud in industry parlance, annually to UltraTech’s 14 plants across seven states.


Author: News Bureau

Despite 10% Drop From Highs, Ethereum Holds Pivotal Moving Average

Despite 10% Drop From Highs, Ethereum Holds Pivotal Moving Average

From Monday to Wednesday, Ethereum suffered the first strong correction seen in a few weeks. The asset slipped from the highs of $440, set the week before, to approximately $395, a drop of around 10%.

This drop was worse than that of Bitcoin. The leading cryptocurrency only lost 8% from its local highs, with bears disallowing BTC from holding above the pivotal $12,000 price level.

Many analysts were shaken up by this drop. One noted that there’s a possibility Ethereum unwinds to $300, citing a potential “head and shoulders” formation appearing on its chart.

Though, it’s important to note that ETH held a pivotal technical level during this correction. ETH’s ability to maintain that level should lead to more upside, as it suggests the uptrend formed many days ago remains intact.

In a decisive win for bulls, Ethereum has held above an important technical level during the recent retracement.

One cryptocurrency trader shared the chart seen below on August 20th. It shows that despite the 10% correction ETH faced, the asset held the pivotal 20-day simple moving average.

The 20-day moving average is seen by many traders as a level for assets to hold during an uptrend.

This is evidenced by Ethereum’s price action in the chart below. As can be seen, there was an occasion last week where Ethereum cleanly bounced off the moving average. The chart also indicates that as soon as ETH broke above the moving average at the end of June, it began the shocking rally that took it from $240 to $440 in a matter of weeks.


Chart of ETH's price action since the Feb. highs with a moving average analysis by trader Ledger Status (@ledgerstatus on Twitter). Chart from

Moving forward, ETH should maintain this crucial support level if it is to maintain its bullish uptrend. If the asset falls below this level, analysts may then begin to question the validity of the sentiment that Ethereum will set new highs.

Underscoring Ethereum’s strong technical uptrend are fundamentals.

Despite a bug, the first phase of ETH2 is expected to launch in 2020. ETH2 is the term describing an all-encompassing upgrade to the Ethereum protocol that will dramatically overhaul how transactions are processed and how nodes reach consensus.

Analysts expect the launch of ETH2 to catalyze growth in the Ethereum market due to the introduction of staking and a faster blockchain.


Dangers of DeFi Hype Surface Following One-Hour Crypto Scam

Dangers of DeFi Hype Surface Following One-Hour Crypto Scam

The DeFi craze may finally be getting out of control. The crypto community has been in support of the thriving trend, even welcoming to experimentation and accepting of outright worthless tokens. But now that the trend is turning toward scams, it may be time to more closely consider the potential pitfalls of DeFi.

A new scam popped up recently, and within one hour pulled the rug on investors and made off with funds. The situation highlights exactly why this pause in crypto market profits was needed and put an end to so many crypto investors being blinded into potential scams by greed.

Greed is a nasty emotion, and one of the “seven deadly sins” and “capital vices.” This vice can even cost you capital if left unchecked, as several crypto investors learned the hard way.

The cryptocurrency market recently hit a level of extreme greed, according to an index designed to monitor market sentiment. The greed comes on the back of substantial gains from assets like Chainlink, a slew of decentralized finance-focused altcoins, Ethereum, and Bitcoin.

Few categories in crypto have been as hot as DeFi, to the point where new projects were being created out of thin air – much like the ICO boom – with no real use case or merit. It didn’t matter. Crypto insiders were willing to inject liquidity and experiment with worthless tokens. And they were rewarded handsomely for doing so.

It’s led to a whole new wave of tokens being made, and in the midst of it all, scams are appearing.

Less than an hour, and this scam token already pulled the rug!

37 addresses, website deleted

— harrydenley.eth ◊ (@sniko_) August 19, 2020

According to one crypto community member who witnessed the hour-long event unfold live, a new scam popped up, and less than 60 minutes later pulled the project and website, running off with investors funds.

The liquidity pool Uniswap has been one of the biggest benefactors of the DeFi craze. It prompted Tron founder Justin Sun to hop on the bandwagon with a JustSwap pool of his own.

But over in the Ethereum-based waters, the liquidy pool was used to launch a project dubbed Unimoon. Investors rushed to swap Ethereum and other ERC20 tokens for UMF coins.

An hour later, a website created for the project was pulled, and so was the rug. A potential 37 addresses were created and possibly burned in the hour-long scam.

Unfortunately, this is just one of many scams crypto investors must be aware of and avoid. Here is NewsBTC’s list of the top crypto-based scams and how to protect yourself from them.


Author: admin

Tron Loses 23% of Its $4.3B USDT Reserves to DeFi Hotbed Ethereum

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