Ethereum-Backed RAI Stablecoin Launches to Mainnet

Ethereum-Backed RAI Stablecoin Launches to Mainnet

A stablecoin backed by Ethereum referred to as RAI has launched this week with the purpose of changing into a secure reserve asset for DeFi.

The Rai Reflex Index, a product of Reflexer Labs, was launched on Feb. 17 after a 12 months of analysis and improvement. In accordance with the announcement, RAI is an Ethereum-backed, non-pegged secure asset. Its financial coverage is managed by an on-chain, autonomous controller.

RAI has been programmed to take care of its personal stability utilizing algorithms and just about no human enter. Within the phrases of its creators, it’s a “Cash God.”

Previous to launch, Reflexer Labs carried out a three-month testnet. It used Proto RAI to reveal how a stablecoin can lack a peg and as a substitute have its redemption worth float in response to market forces;

“Through the PRAI demo, ETH went from about $400 to $1400, a 350% enhance, whereas PRAI’s redemption worth fluctuated lower than 4%.”

Your complete ethos of decentralized finance was to attain some type of distance from central bank-controlled currencies. What truly occurred was that DeFi turned dominated by centralized stablecoins pegged to much more centralized {dollars}.

The one exception was DAI when it was ETH-backed. Nevertheless, now there’s a multi-collateral version, from which RAI was forked, that can be dollar-pegged. RAI goals to fill that area of interest available in the market by offering a very decentralized crypto-backed stablecoin.

The Defiant defined how RAI achieves its stability by beginning out with an arbitrary preliminary goal worth, which can be its redemption worth. When its market worth deviates from the goal worth, an algorithmic controller mechanically units an rate of interest to proportionally oppose the worth transfer and incentivize customers to return RAI to its goal worth.

Neighborhood member Ammen Soleimani elaborated;

“It really works form of like a spring: the additional the market worth of RAI strikes from the goal worth, the extra highly effective the rate of interest, and the larger the motivation to return RAI to equilibrium,”

The protocol makes use of a PID Controller to stabilize the asset, which is a little bit like a automotive’s cruise management, the report added.

Reflexer Labs is backed by enterprise capital and introduced its $4.1 million funding spherical led by Pantera Capital final week.

The 2-day-old token is at the moment buying and selling at $3.39. Apart from an preliminary spike to $30, it has returned to stability and may theoretically oscillate round this worth.

It has $24 million in complete liquidity and the identical determine for 24-hour quantity. Reflexer stats is reporting 34,600 ETH locked and a circulating provide of 9.2 million RAI.

Source: cryptonewsbtc.org


Ethereum Records New ATH, Analyst Affirms This ETH Bull Run Has Different Twist

Ethereum Records New ATH, Analyst Affirms This ETH Bull Run Has Different Twist

As the price of Ethereum surged to its all-time high, there are expectations that a reversal may occur.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization has jumped to a new all-time high (ATH) in price. According to data from CoinMarketCap, the coin soared to $1,950 in a never-before-seen move. Per the attained milestone, the digital asset’s appeal in relation to Bitcoin (BTC) is more improved.

The rally in the global cryptocurrency ecosystem has steered different altcoins to new price highs, and while others may have a more pervasive rate of growth, Ethereum has unlocked fundamentals to drive more sustainable growth. One of these is the proposed migration to the Proof-of-Stake (PoS) network. This journey has been marked with the launch of the Beacon Chain per earlier Coinspeaker reports.

Ethereum is ambitious to surge past the resistance level at $2,000 which will form a new ATH. Data from TradingView shows the cryptocurrency is about 4% away from this point. With potential sell-offs imminent, surging to and beyond this level may, however, prove more challenging than it appears.

The value attached to the Ethereum network, despite the escalating case of increased gas fees is not deterring its growth. Although the effects of the gas fees are obvious, other fundamentals are helping to sustain the appeal of the network. Decentralized Finance (DeFi) protocols continue to embrace Ethereum as the backbone infrastructure while anticipating the more scalable Ethereum 2.0.

As the price of Ethereum surged to its all-time high, there are expectations that a reversal may occur. This position is backed by the reversal that happened in the 2018 bull run cycle when the coin dropped most of its gains.

Crypto analyst and the Chief Executive Officer of CryptoQuant, Ki Young Ju believes this ongoing rally has a different twist compared to previous ones.

$ETH all-time high in 2021 is different from 2018.

Fewer deposits, more withdrawals across all exchanges.
Selling pressure significantly weaker than in 2018.

Save Chart 👉 https://t.co/CKsNQVp89j pic.twitter.com/S7Gyd6WfIY

— Ki Young Ju 주기영 (@ki_young_ju) February 18, 2021

Besides the on-chain backing to Ki’s position, Ethereum is also seeing increased embrace from institutional investors. The massive stack-up of the asset is now being considered as an alternative to Bitcoin whose price is also ballooning.

The smart contract of Eth 2.0 is also recording a massive surge as revealed by the on-chain data service platform, Glassnode. The analytics firm revealed via Twitter on Thursday, February 18.

📈 #Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of $5,779,712,053.64

View metric:https://t.co/1ezmu1GKcj pic.twitter.com/LBx7yToUtM

— glassnode alerts (@glassnodealerts) February 18, 2021

This is also an indication of the health of the network, and one of the factors that is making it more appealing to both retail and corporate investors.

You can also find other crypto news on Coinspeaker.

next Altcoin News, Cryptocurrency news, Ethereum News, News

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Source: cryptonewscloud.com

Author: CNC

Home

See author’s posts


Ether Rally Continues, For Now

Ether Rally Continues, For Now

Source: coingraph.uno


Is Ethereum (ETH) Losing the DeFi Battle Against Binance Smart Chain (BSC)

Is Ethereum (ETH) Losing the DeFi Battle Against Binance Smart Chain (BSC)

Is Ethereum (ETH) Losing the DeFi Battle Against Binance Smart Chain (BSC)

5007f09119678

ajax loader

Binance Coin BNB vs Ethereum ETH 2

Ethereum price has soared to a new all-time high of $1,950, however, the mounting gas fee on the network has made many defi protocols barely usable. Defi ecosystem that works on top of the Ethereum network is one it the biggest success story from crypto last year and it has continued its boom in 2021 as well, but Ethereum seems to be losing its market to Binance Chain.

Ethereum’s crisis has become Binance’s opportunity as its native blockchain called Binance Smart Chain (BSC) that mimics the Ethereum network has become the go-to choice for many traders including defi and spot markets owing to high gas fees. As a result of BSC’s rising popularity, the native token BNB has also skyrocketed to a new ATH of $280 has gained more than 400% over the past month.

Binance Smart Chain’s trading volume is nearly double that of Ethereum, a clear shift of the market from Ethereum to Binance Chain.

There are almost 2x more transactions on #BSC than on ETH.

If you want more users for your Dapp, you need to be on #BSC

— CZ 🔶 Binance (@cz_binance) February 18, 2021

The popularity of BSC can be understood from the fact that the on-chain trading activity has led to several market clippings over the past 24 hours where BNB made its way into the top 3 cryptocurrencies only behind Bitcoin and Ethereum. In the Defi ecosystem which seems to be worst affected by the rising gas, the fee has also seen several flipping where BSC-based PancakeSwap replaced Uniswap for the second spot in terms of the trading volume.

Many Defi protocols are already considering shifting from Ethereum to BSC in light of the growing gas fee that could put the ETH network in the back seat in the defi market owing to the scalability issues.

This is a meaningful integration. More ETH big players moving to #BSC now. https://t.co/kIp7rs1LL2

— CZ 🔶 Binance (@cz_binance) February 19, 2021

The scalability issue and mounting gas fee have been Ethereum’s long-drawn Achilles heal and Vitalik Buterin has promised that these issues would be resolved with ETH 2.0, however, the complete rollout of the network would take another 2 years. However, the scalability crisis couldn’t have hit ETH at the worst time as the market is on the brink of mainstream adoption and the defi ecosystem is booming.

This has propelled BSC to become the primary choice of traders and even defi protocols. While Ethereum holds no immediate ‘threat’ as such from BSC, in the short term it could lose a significant portion of its market to the Binance chain.

Unpopular opinion :
BSC saved our ass in the #Ethereum ecosystem.

We’re late on scalability and many are priced out by transactions fees

Good guy CZ built nice UX and “(Ce)DeFi” training grounds for newcomers

But If we keep stalling, he’ll just keep them forever. Focus on work

— Marc ‘五 Billy’ Zeller (@lemiscate) February 19, 2021

The post Is Ethereum (ETH) Losing the DeFi Battle Against Binance Smart Chain (BSC) appeared first on Coingape.

Luke Bailey

Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at [email protected]

Source: cryptonewspipe.com

Author: By Luke Bailey


Ethereum Records New ATH, Analyst Affirms This ETH Bull Run Has Different Twist – Crypto Top News

Ethereum Records New ATH, Analyst Affirms This ETH Bull Run Has Different Twist – Crypto Top News

As the price of Ethereum surged to its all-time high, there are expectations that a reversal may occur.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization has jumped to a new all-time high (ATH) in price. According to data from CoinMarketCap, the coin soared to $1,950 in a never-before-seen move. Per the attained milestone, the digital asset’s appeal in relation to Bitcoin (BTC) is more improved.

The rally in the global cryptocurrency ecosystem has steered different altcoins to new price highs, and while others may have a more pervasive rate of growth, Ethereum has unlocked fundamentals to drive more sustainable growth. One of these is the proposed migration to the Proof-of-Stake (PoS) network. This journey has been marked with the launch of the Beacon Chain per earlier Coinspeaker reports.

Ethereum is ambitious to surge past the resistance level at $2,000 which will form a new ATH. Data from TradingView shows the cryptocurrency is about 4% away from this point. With potential sell-offs imminent, surging to and beyond this level may, however, prove more challenging than it appears.

The value attached to the Ethereum network, despite the escalating case of increased gas fees is not deterring its growth. Although the effects of the gas fees are obvious, other fundamentals are helping to sustain the appeal of the network. Decentralized Finance (DeFi) protocols continue to embrace Ethereum as the backbone infrastructure while anticipating the more scalable Ethereum 2.0.

As the price of Ethereum surged to its all-time high, there are expectations that a reversal may occur. This position is backed by the reversal that happened in the 2018 bull run cycle when the coin dropped most of its gains.

Crypto analyst and the Chief Executive Officer of CryptoQuant, Ki Young Ju believes this ongoing rally has a different twist compared to previous ones.

$ETH all-time high in 2021 is different from 2018.

Fewer deposits, more withdrawals across all exchanges.
Selling pressure significantly weaker than in 2018.

Save Chart 👉 https://t.co/CKsNQVp89j pic.twitter.com/S7Gyd6WfIY

— Ki Young Ju 주기영 (@ki_young_ju) February 18, 2021

Besides the on-chain backing to Ki’s position, Ethereum is also seeing increased embrace from institutional investors. The massive stack-up of the asset is now being considered as an alternative to Bitcoin whose price is also ballooning.

The smart contract of Eth 2.0 is also recording a massive surge as revealed by the on-chain data service platform, Glassnode. The analytics firm revealed via Twitter on Thursday, February 18.

📈 #Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of $5,779,712,053.64

View metric:https://t.co/1ezmu1GKcj pic.twitter.com/LBx7yToUtM

— glassnode alerts (@glassnodealerts) February 18, 2021

This is also an indication of the health of the network, and one of the factors that is making it more appealing to both retail and corporate investors.

You can also find other crypto news on Coinspeaker.

next Altcoin News, Cryptocurrency news, Ethereum News, News

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Source: www.cryptotopnews.net

Author: Admin


CARDANO (ADA) BETTER THAN ETHEREUM & BITCOIN? BULLISH PRICE PREDICTION, Crypto News Update

CARDANO (ADA) BETTER THAN ETHEREUM & BITCOIN? BULLISH PRICE PREDICTION, Crypto News Update

Cardano (ADA) has been skyrocketing in USD value lately. Does it have what it takes to outpace Ethereum (ETH) and Bitcoin (BTC) on the charts too? In today’s video, we update the ADA vs ETH chart and ADA vs BTC chart.

#cardano #ethereum #cryptonews

✔︎ Tags: Jason Pizzino, dogecoin, doge, how to buy doge, buy doge in australia, how to buy bitcoin, bitcoin for beginners, investing in bitcoin in Australia, bitcoin news Australia, best cryptocurrency exchange in Australia, best bitcoin exchange in Australia, how to buy asx stocks, aussie stocks to buy now, technical analysis asx, buy bitcoin australia, best bitcoin exchange australia, bitcoins australia 2021, ethereum eth technical analysis, ethereum vs xrp, bitcoin vs ethereum vs xrp, buy cryptocurrency in australia, altcoins to buy now, how to buy crypto in australia, how to buy cryptocurrency for beginners, chainlink technical analysis, link crypto prediction, best altcoins to buy now, best cryptos to buy now, best cryptocurrency exchange australia 2021, chainlink australia, buy link aus, buy link australia, buy link 2021, buy link australia 2021, chainlink price prediction, link price prediction 2021, chainlink price prediction 2021, buy ethereum australia, eth australia 2021, buy ethereum fast 2021, get rich with cryptocurrency, bitcoin price prediction, ethereum price prediction,

Source: cryptolearningvideos.com

Author: by admin


Ethereum-Backed RAI Stablecoin Launches to Mainnet

Previous
Ethereum newsTop 5 Crypto News: 02/19 – Cryptocurrency News
Next
Ethereum newsEthereum ETH News - This Is When ETH Explodes - Apple In Crypto??? Price Predictions & TA
Did the article help? Rate it
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Add comment

Get Awesome Reviews

Coins, exchanges, wallets, crypto games, crypto cards.
Search for reviews and share your own experience.

GO TO REVAIN