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  • Can Solana and Avalanche Continue Their Dominance At the Top Of The Crypto Market – Or Is It Big Eyes Coin’s Time To Shine?

    Can Solana and Avalanche Continue Their Dominance At the Top Of The Crypto Market – Or Is It Big Eyes Coin’s Time To Shine?

    The cryptocurrency market is home to thousands of cryptocurrencies that aim to give their communities a high-performing service that can help them earn passively. Solana (SOL) and Avalanche (AVAX) are two cryptocurrencies that are currently dominating the market, remaining in the top twenty cryptocurrencies consistently.

    However, a new coin is on the horizon, Big Eyes Coin (BIG). The new meme coin has garnered significant attention since its inception, raising $5.1 million in its first four stages of the presale. The token still has eleven stages of its presale left, making it an ideal time to purchase it while the price is low!

    You’re In For A Big Surprise With Big Eyes

    Big Eyes Coin (BIG)

    The Big Eyes Coin ecosystem focuses on our ecosystem and its own. Big Eyes Coin aims to shift wealth into the Decentralised Finance (DeFi) ecosystem while tackling threats to marine life. Marine life is on the brink of extinction, with experts predicting it could happen as soon as 2300.

    As you know, cats like fish. That’s why Big Eyes Coin will hold a charity wallet with 5% of its tokens inside. These tokens will help ocean conservation sanctuaries tackle threats to marine life like plastic pollution and overfishing.

    Traditionally with meme coins, they need to generate hype and stay relevant to succeed. Big Eyes Coin has created a marketing wallet with 5% of its token inside to help keep Big Eyes Coin ahead of its competitors. Big Eyes Coin has plans to release comic books and merchandise that could see a wave of new users gravitate towards the platform.

    Solana Continues Its Dominance At The Top

    Solana tackles one of the biggest problems in the blockchain industry, scalability. Blockchains using the Proof-of-Work (PoW) consensus are limited in the number of transactions they can process each second.

    That is why Solana avoided the outdated consensus and combined the Proof-of-Stake (PoS) consensus with Proof-of-History (PoH) to reach an unprecedented amount of transactions per second. At its optimum performance, Solana can process up to 50,000 transactions per second, allowing Solana to scale effectively.

    Ultimately, Solana was introduced to the market as a scalability solution. Ethereum (ETH) and Bitcoin (BTC) were processing a low number of transactions per second, and Solana became a viable alternative to their slow service.

    Avalanche Could Be A Fruitful Addition To Your Portfolio In Q4

    Blockchain Image

    Avalanche, like Solana, avoided the PoW consensus and chose PoS. It allowed Avalanche to become one of the fastest time-to-finality blockchains in the industry. Additionally, Avalanche became carbon neutral in November 2021. This massive step forward for crypto was hailed by those worried about the environmental impact of cryptocurrency.

    Blockchains that are designed to scale often have problems with functionality. Avalanche avoids this problem by utilising three blockchains, the X-Chain, P-Chain, and C-Chain. By utilising three blockchains, Avalanche could scale infinitely in the future.

    Avalanche users can also launch customised blockchains with Avalanche technology. Users can deploy blockchains that fit their application needs, dictating exactly how the blockchain runs, releasing them to the public, or keeping them completely private.

    To Summarise

    Avalanche and Solana have tackled many issues in the blockchain industry to help them cement their place in the top twenty cryptocurrencies. Their high-performance consistency makes them desirable cryptocurrencies to have in your portfolio.

    However, Big Eyes Coin could overtake them in the future. Big Eyes Coin is built on the Ethereum blockchain to utilise its new PoS consensus. By building on Ethereum, Big Eyes Coin remains environmentally friendly and scalable. The new meme coin has generated a lot of attention thus far in its successful presale. Will you join the Big Eyes Coin community?

    For more information on Big Eyes Coin (BIG), please visit the following links:

    Presale: https://buy.bigeyes.space/

    Website: https://bigeyes.space/

    Telegram: https://t.me/BIGEYESOFFICIAL

    Disclaimer: This is a sponsored article. The views and opinions presented in this article do not necessarily reflect the views of CoinCheckup. The content of this article should not be considered as investment advice. Always do your own research before deciding to buy, sell or transfer any crypto assets.

  • Binance Smart Chain Was Momentarily Halted Following $560 Million Hack

    Binance Smart Chain Was Momentarily Halted Following $560 Million Hack

    BNB Chain cover image

    Key takeaways:

    • BNB Chain’s token bridge was hacked for $560 million worth of BNB
    • Binance Smart Chain was temporarily halted and a series of hotfixes implemented following the attack
    • Hackers were able to take off with $100M – $110M worth of digital assets

    Attackers exploited a vulnerability in BSC Token Hub

    On Thursday, a blockchain bridge connecting BNB Smart Chain and BNB Beacon Chain was exploited for 2 million BNB (roughly $560 million at current market rates) worth of digital assets. 

    According to a blog post shared by the BNB Chain team earlier today, an attacker, or a group of attackers, found an exploit in the cross-chain bridge called BSC Token Hub. Binance CEO Changpeng “CZ” Zhao first informed the broader community about the unfortunate event via a Twitter post earlier in the day.

    Out of the total amount of funds stolen, between $100 million and $110 million was taken off chain, while the remaining hacked funds are still on BSC, awaiting a governance vote that will decide whether they will be frozen or not.

    Following a shutdown and a series of quick updates approved by BSC validators, BNB Chain was back online earlier today at around 6:30 AM UTC. 

    BSC validators restarted the blockchain with several hotfixes

    As a response to the largest hack in BSC’s history, a software update was quickly pushed to fix the code that allowed attackers to take out the multi-million dollar attack. In our limited technical knowledge, it is worth noting that the update doesn’t seem to address the root issue but rather aims to prevent a similar thing from happening until a more comprehensive solution is implemented.

    According to a post made by the BNB Chain team, the most recent software release includes a fix that prevents hacker accounts from acting. In addition, the cross-chain communication between BNB Beacon Chain and BSC has been disabled.

    It is worth noting that In the coming days, the BSC community will vote on a series of proposals, including how to reimburse hacked funds, whether to implement a $1 million bounty for those that find bugs in the future, and how big of a bounty to put on hackers (up to 10% of recovered funds, per the team).

  • Metacryp Is Focused on Providing Great Profits for Users in the Market in Contrast to Chainlink and Hex

    Metacryp Is Focused on Providing Great Profits for Users in the Market in Contrast to Chainlink and Hex

    Cryptocurrencies have been shaping the financial markets since their initiation, and many individuals who had questions at first whether crypto has a future are now crypto devotees. Lately, we have seen cryptocurrencies work on different ventures with the presentation of ideas like Non-Fungible tokens (NFTs), the Metaverse, and as of late, Decentralized Gaming and Finance (GameFi) with play-to-earn games. Projects like the Metacryp Network are hoping to make a genuinely necessary improvement to the GameFi business. Chainlink (LINK) and Hex Coin (HEX) have been causing ripples in the crypto market for some time now. New crypto Metacryp (MTCR) does a lot by revolutionizing the entire crypto industry to become better for users on its platform.

    Chainlink’s (LINK) Features in Question

    With the aggregate utilization of blockchain innovation, shrewd agreements, and outside information sources, Chainlink (LINK) gives its clients and buyers basking in motivating forces dispersed by its completely networked PCs. The charges on these activities are made by the Chainlink (LINK) token but at a high cost. The clients impart, shaping a long-range interpersonal communication cycle with the Chainlink (LINK) token as the mediator for such cooperation. NFTs on the platform is dynamic, implying that they can be moved and controlled by interior and outer figures who gain admittance to the framework. Its security, however, is not as strong and reliable as it should be for a platform packed with good features such as these.

    Hex (HEX) Focuses on Making the Financial Market Better

    With its ability to affect the financial space by making it better than ever, there are still questions from puzzled enthusiasts about Hex Coin (HEX) being a genuine token in the crypto space. The Hex Coin platform was created to give better services in financial activities and all that relates to it. With the Peer-to-Peer (P2P) marking framework, clients and buyers who stake Hex (HEX) will want to get compensation for their work done. A gathering of validators is set with the errand of approving each exchange on the block for a smooth conditional activity to be run on the platform. The Hex coin (HEX) token will enhance a few regions of blockchain innovation where even the lowest of classes can be focused on. With the removal of credit cards, Hex Coin (HEX) also decentralizes its stable and functioning ecosystem.

    What Metacryp (MTCR) Aims to Achieve?

    Metacryp (MTCR) was created to give clients the open Metaverse and GameFi experience. With the ascent of NFTs and play-to-procure games, many designers and organizations are hoping to go after players and get as much cash flow as possible from players. Like most of its rivals, Metacryp (MTCR) focuses on what benefits its users. With the Metacryp (MTCR) tokens, their administration token, players are in control and will choose the course of key parts of the Metacryp system. While clients play, they can acquire Metacryp (MTCR) tokens, NFTs, and other in-game resources, which can be exchanged to procure as they have a good time playing the game. Also, when these activities are done, Metacryp (MTCR) tokens serve as the mode of fee payment, which comes at a lower cost when compared to other tokens such as Chainlink(LINK) and Hex Coin (HEX). With a proper revolution of Game Finance (GameFi) and all in relation, Metacryp (MTCR) token proves a solid foundation for advancing this sector.

    It is important to note that crypto is here to stay, and for such a thing to happen, the users adopting its technology into their everyday lives must be satisfied with the best features. Metacryp (MTCR) provides a lot of this with gaming and NFT experiences, while Chainlink (LINK) and Hex Coin (HEX) do theirs with transactions and other related aspects.

    To find out more about MetaCryp (MTCR), visit the links below:

    Presale: http://presale.MetaCryptoken.io/

    Website: http://MetaCryptoken.io/

    Telegram: https://t.me/MetaCrypOfficial

    Disclaimer: This is a sponsored article. The views and opinions presented in this article do not necessarily reflect the views of CoinCheckup. The content of this article should not be considered as investment advice. Always do your own research before deciding to buy, sell or transfer any crypto assets.

  • 3 Cryptos That Could Explode In The Ongoing Bear Market – Filecoin, Cosmos, And Moshnake

    3 Cryptos That Could Explode In The Ongoing Bear Market – Filecoin, Cosmos, And Moshnake

    For several months, the cryptocurrency industry has been in a bear market. It is a period of extreme market volatility and negative crypto prices. As a result, several crypto players find it hard to go about their activities and are turning to several strategies to relieve the pressure.

    Long-term cryptocurrency investment is a common strategy that has proved effective in previous bear markets and could yield many results in the current climate. Long-term cryptocurrency investment allows investors to take advantage of the state of the market and mitigate any risk of running at a loss.

    As the bear market rages on, several altcoins emerge as suitable candidates for long-term cryptocurrency investments. However, giants Filecoin (FIL), Cosmos (ATOM), and new crypto Moshnake (MSH) possess the most growth potential and could explode in the current climate. We take a look at all three altcoins below.

    Cosmos (ATOM) – The Crypto Offering Many Solutions

    Cosmos (ATOM) is a blockchain-based platform that provides solutions to some of the hardest problems within the blockchain industry. It provides an antidote to slow, expensive, unscalable, and environmentally harmful proof-of-work (PoW) protocols, like those used by Bitcoin, through an ecosystem of connected blockchains.

    Buy Moshnake Now

    Its native cryptocurrency, ATOM, is an integral part of its ecosystem, responsible for facilitating several operations, such as network governance, payment fees, and more. ATOM is a highly sought-after token available on prominent crypto platforms within the industry, like Binance, Coinbase, and OKEx.

    Filecoin (FIL) – The Popular Platform

    Filecoin (FIL) is best described as a decentralized storage system that exists to store humanity’s most important data. It is different from cloud storage companies like Amazon Web Services (AWS) or Cloudflare, which are prone to centralization problems. Unlike those platforms, Filecoin (FIL) leverages its decentralized nature to protect the integrity of a data’s location, making it easily retrievable and hard to censor. It also allows users to be custodians of their own data, making the web more accessible.

    Its native cryptocurrency, FIL, is integral to its ecosystem and operation. FIL is a top 40 cryptocurrency by market cap available on top crypto platforms like Gemini, Kraken, and Huobi.

    What is Moshnake (MSH)?

    Moshnake (MSH) is one of the most anticipated cryptocurrencies this year, taking the crypto world by storm. Native to the Moshnake platform is a Play-to-earn (P2E) NFT gaming platform. Moshnake Token (MSH) is gaining a reputation for its nostalgic appeal and various real-life applications and use cases.

    Buy Moshnake Now

    The token is a BNB Smart Chain (BNB) based asset, meaning it has low transaction fees and fast confirmation times. These qualities make it ideal for interaction among traders and other crypto players within the industry.

    With its presale fast approaching, Moshnake (MSH) is looking like an exciting long-term cryptocurrency investment option. The low-risk, high-reward opportunity could yield massive returns in the long run. Watch this space for more details on the Mohsnake (MSH). 

    To find out more about Moshnake (MSH), visit the links below:

    Website: https://moshnake.io

    Telegram: https://t.me/MoshnakeOfficial

    Twitter: https://twitter.com/moshnakeToken

    Disclaimer: This is a sponsored article. The views and opinions presented in this article do not necessarily reflect the views of CoinCheckup. The content of this article should not be considered as investment advice. Always do your own research before deciding to buy, sell or transfer any crypto assets.

  • NFT Events, Concerts And Games: Here’s How Big Eyes Coin, Decentraland And Axie Infinity Are Innovating In The Crypto Space

    NFT Events, Concerts And Games: Here’s How Big Eyes Coin, Decentraland And Axie Infinity Are Innovating In The Crypto Space

    The crypto space is rebuilding itself, one innovative idea at a time, from the crash earlier this year. After the unprecedented fall in trading value, many coins are charting back up. This is a good sign for investors and crypto enthusiasts. Many tokens have come up with innovative ideas to give back to the community of dedicated users.

    The storm seems to be finally over, but how are Big Eyes Coin (BIG), Decentraland (MANA) and Axie Infinity (AXS) navigating the change?

    Big Eyes Coin Gives You Exclusive Entry To NFT Events

    For Big Eyes Coin (BIG), the NFT club wasn’t an afterthought. NFTs are engraved in the DNA of this exciting new coin. To put it in simple words, Big Eyes’ is a full-on community token with the express goal of shifting wealth into the DeFi ecosystem and protecting an important part of the world’s ecosystem.

    After raising more than $3.24M in the presale, the token has announced that stage 3 is live now. As it gears up for the next adventures, the token is also optimistic about the fully integrated NFT club that will include 10 NFT projects with the cute-eyed cat. The users can also win rewards by taking part in competitions and promoting the token on the platform.

    Users that hold Big Eyes NFT collectibles are also eligible to be part of Big Eyes Sushi Crew. It is indeed a fun club for NFT holders who cherish cuteness and entertainment.

    Gear Up For A Concert In Decentraland

    Decentraland (MANA) is a software running on Ethereum (ETH) that seeks to incentivise a global network of users to operate a shared virtual world. The users can buy and sell virtual land, attend virtual conferences and meetings, play virtual games with friends and family, and attend concerts.

    The token is currently capped at $1.9B, and the craze for it is increasing in the crypto community.

    As per new reports, Decnetraland (MANA) is set to host a Metaverse concert and also a Q&A session. You don’t have to worry about the parking space at the venue or standing next to loud strangers in the crowd. MANA token has got you covered, as it is ready to revolutionise the music industry after making significant noise in virtual real estate.

    Axie Infinity Is Your Crypto-Pokemon Fix

    As cryptocurrencies are widely accepted in the world, the gaming industry didn’t shy away from entering the space and making it their own. There are many crypto-game platforms operating at this time, but Axie Infinity (AXS) works completely on the play-2-earn dynamics.

    The game was developed by keeping the Pokemon characters in mind; as you play with similar-looking characters called Axies.

    The Bottom Line

    Away from the clutter, many crypto tokens are giving power to the users. Big Eyes Coin, instead of being a new one in the market, promises to create leverage and profits for the users. The token’s members will not only take part in those activities but be actively involved in the policy-making process that makes this cat community better.

    Click out the links today!

    Presale: https://buy.bigeyes.space/

    Website: https://bigeyes.space/

    Telegram: https://t.me/BIGEYESOFFICIAL

    Disclaimer: This is a sponsored article. The views and opinions presented in this article do not necessarily reflect the views of CoinCheckup. The content of this article should not be considered as investment advice. Always do your own research before deciding to buy, sell or transfer any crypto assets.

  • Find the Key to Victory in a New Dota 2 Tournament from 1xBit

    Find the Key to Victory in a New Dota 2 Tournament from 1xBit

    1xBit DOTA 2 Byttle for the Aegis

    6th October 2022, Limassol, Cyprus — Now is the perfect time for you to let your fears go and embrace the winner in you. The new eSports tournament from 1xBit, Battle for the Aegis, has been primed to let you and other potential winners show their sportsmanship and earn in the process. The Battle for the Aegis tournament will see players bet on Dota 2 events and share the over 600 mBTC prize fund.

    How the Battle for the Aegis Tournament Works

    It is a straightforward process to participate in this tournament. Once you have logged into your account or registered on the 1xBit website, go to the Battle for the Aegis section and click on the ‘Take part’ button. Then bet on any Dota 2 events with 1.5 odds or higher and collect the keys.

    These keys you collect will help you decide your path as you will use them to open treasuries representing the different levels of the tournament.

    Prizes to Be Won in the Battle

    There are four levels or treasures you must unlock with the keys you earn as you bet on Dota 2 game events. These levels, from level one to four, are Rare Treasure, Mythic Treasure, Legend Treasure, and Eternal Treasure. As long as you participate in this tournament, there are prizes that every player is guaranteed to win at each level.

    For instance, every player is assured of 0.1 mBTC free bet after opening the Rare Treasure level; this value also increases to 0.2 and 0.3 as you open the Mythic and Legend Treasures. It gets better in level four, where you are likely to win the Dota 2 arcana item, which has a value of up to 25 USD.

    In addition to the above prizes, there are other prizes to be won at each level following a draw, after which one lucky player is picked in each game level and rewarded:

    • 10 mBTC to be won in Rare Treasure
    • 20 mBTC in Mythic Treasure
    • 50 mBTC in Legend Treasure
    • 100 mBTC in Eternal treasure

    Super Prizes

    The winning streak continues after the above prizes. 1xBit has prepared dinner, and there are enough to go around. At the end of the Battle for the Aegis tournament, random selection within those who got to the Eternal Treasure level will be made to select three more winners to win the super prizes.

    Each of these winners will go home with 250 mBTC, 150 mBTC, and 100 mBTC. Players have the opportunity to claim the ultimate prize; join the Battle for the Aegis tournament from October 5 until October 31, 2022.

    Benefits Available on 1xBit

    1xBit is one of the few crypto betting sites that give you all you need just a click away. Dota 2 is just one part of the eSports games you can bet on at 1xBit; there are numerous other eSports events like CS: GO, Valorant, League of Legends, StarCraft II, Rainbow Six, and many more. 1xBit is a huge online sportsbook that accepts over 40 cryptocurrencies and guarantees total anonymity for every player.

    You can register easily on the website with your email address and enjoy up to 7 BTC as a welcome bonus for your first four deposits. The battle for treasures has just begun on 1xBit, a unique campaign where there are no vanquished but only winners. Join the tournament and claim your prize.

    1xBit Socials

    Blog | Twitter | Telegram | Instagram | YouTube 

    ​​​​​​​

    Media Contact Details

    Contact Name: Anastasia Semenova

    Contact Email: marketing@1x-bit.com

    1xBit is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest

  • Cozy Web3 Movement: Cozies announces minting of Cozies NFTs for October 10th

    Cozy Web3 Movement: Cozies announces minting of Cozies NFTs for October 10th

    New York, United States, 6th October, 2022, Chainwire

    Cozies, an immersive community-driven movement promoting a “Cozy” culture of living, has announced its first-ever Cozies NFT release is minting for October 10th at 10 am EST on its Cozies.io website. Inspired by lo-fi anime aesthetics, sci-fi, and streetwear culture, the Cozies collection is made up of ERC721A 10,000 NFTs, each intentionally crafted to reflect a Cozy futuristic reality. 

    As a Web3-native well-being brand, Cozies is aiming to empower and encourage NFT owners to expand on their character’s stories after they go on a journey of self-exploration. To achieve this, the team is creating platforms and an immersive digital world scape to enable Cozy culture to exist in holders’ daily lives and make the Cozies universe feel complete.

    The aim is to bring together a forward-thinking collective of independent innovators, wanderers, and peace seekers who have left an unsustainable culture of never-ending hype and risky ventures to face a new direction – toward the self and a shared vision of the future, knowing lifelong growth is achieved and experienced together.

    “Cozies is an advocacy movement that sprang forth from some of the problems arising from Web3,” says Andrew Fai, CVO (Chief Visionary Officer). “We want to introduce a more calm, collected, and reflective mindset to render the space more welcoming and positively impactful on individual well-being.”

    The team’s focus is on developing suites of tools, engaging activities, and support processes that enable holders of Cozies to use their owned NFT IP, and the wider Cozies branding material, in all manner of desired applications. This will aid the process of decentralized brand growth by enhancing utilization possibilities for holders. 

    These NFTs will be utilized as decentralized identifiers so that Cozies holders can use their on-chain Cozies credentials to gain access to an engaging world of well-being on the internet. Holders will be able to benefit from persistent identities and collect digital souvenirs, mementos, and credentials to take with them in their wallets. These will mark an individual’s well-being journey and help build a unique on-chain identity.  

    About Cozies

    Cozies is a Web3-native, immersive well-being brand leading a new global movement toward a “Cozy” culture, which they define as being comfortable with who you are, what you own, and where you are going.

    The organization and project are focused on creating unique, decentralized, digital identities that unlock a wider potential for well-being and immersive experiences, as well as working with the community to develop tools (public goods for holders) that enable expanded utilization possibilities for holders’ intellectual property (IP) in order to aid decentralized brand growth.

    The project has gotten immense success with over 100k Twitter followers and continues to make strides with the “Cozy” culture. With prior experience in developing immersive digital experiences and operating in globally renowned companies, the team behind Cozies is ready to bring Cozy culture to Web3.

    For more information on Cozies, please refer to Cozies.io and Cozies whitepaper which outlines its mission, vision, and utility in great detail.

    Website | Twitter | Discord | Instagram

    Contact

    Chief Visionary Officer

    • Andrew Fai
    • xtingles
    • asmr@xtingles.com
  • NEAR Foundation Joins Forces With Google Cloud to Support Web3 Developers

    NEAR Foundation Joins Forces With Google Cloud to Support Web3 Developers

    NEAR Foundation Joins Forces With Google Cloud to Support Web3 Developers

    Key takeaways:

    • NEAR Foundation and Google Cloud have forged a new partnership
    • As a part of the deal, Google Cloud will provide infrastructure to support decentralized application development on NEAR blockchain
    • The price of NEAR, the project’s native token, saw a modest uptick following the announcement

    Google Cloud to provide infrastructure for Pagoda, NEAR’s Web3 startup platform

    NEAR Foundation has announced that it struck a partnership with Google Cloud, one of the leading global cloud service providers. According to a Tuesday press release, Google Cloud will be providing technical support for decentralized application (dApp) developers, thus promoting blockchain innovations. 

    The NEAR team stated that the collaboration with Google Cloud will help developers “create without limits” and “help onboard the masses into Web3.”

    NEAR Foundation CEO Marieke Flament had the following to say about the partnership with the search giant’s cloud division:

    “This partnership marks a new chapter for us as we continue to offer the best support possible for the next generation of visionaries choosing to build on the NEAR protocol.”

    From a technological standpoint, Google Cloud will be providing the infrastructure necessary to scale Pagoda, NEAR’s Web3 startup platform. This will enable devs to more easily tap into NEAR’s library of auto-generated templates and user interfaces – essentially speeding up the development process. 

    Director of Digital Assets at Google Cloud, Carlos Arena, explained:

    “We will be supporting NEAR and giving Web3 developers the most secure, reliable, and sustainable cloud infrastructure on which they can build and scale.”

    Carlos added that the Google Cloud team is on a mission to support blockchain-based products and services.

    NEAR blockchain is top 15th in terms of TVL

    According to data curated by DeFi Llama, NEAR Protocol is the 15th largest blockchain in terms of total value locked (TVL), with $272 million worth of digital assets living on the chain. The current TVL figure places NEAR Protocol just ahead of Algorand at the 16th spot, and behind Kava at the 14th.

    Blockchain ranked by their respective TVL. Image source: DeFi Llama

    NEAR, the native token of the NEAR blockchain, saw positive price activity following the Google Cloud announcement. NEAR price increased from $3.56 on Oct 4 to a multi-week high of $3.75 on Oct 6. However, the price of NEAR retraced to $3.65 by press time, currently showing a modest +2.5% price change in the last 48 hours. 

    Buy/Sell NEAR
  • Cake DeFi Adds Ethereum Staking Service

    Cake DeFi Adds Ethereum Staking Service

    Cake DeFi, an innovative fintech platform that leverages the benefits of decentralized finance, has added Ethereum staking to its growing list of DeFi services. The Singaporean company announced the addition of the new feature on September 6, 2022. The feature is complemented by a tradable token on the open market, which will offer ETH stakers access to liquidity.

    As one of the fastest-growing DeFi companies in Asia, Cake DeFi offers easy access to decentralized finance. Its latest feature comes at the right time, a few weeks after the hugely important “Ethereum Merge”. It offers a 5% staking yield on ETH.

    New opportunities for crypto investors

    The long-awaited Ethereum Merge was concluded in September, meaning that the network has fully transitioned from a Proof-of-Work to a Proof-of-Stake consensus mechanism. This implies that validators can now stake their cryptocurrency into a long-term deposit contract for rewards.

    Undoubtedly, the Ethereum Merge has created opportunities for retail investors too. They can now lock their ETH for the opportunity to validate transactions and earn rewards for their contributions. However, investors will have to wait for the Shanghai upgrade before they can unstake their assets. Cake DeFi have found a way around this limitation by allowing users to essentially unstake their ETH with a token that’s tradable in the open market.

    Creating opportunities and improving decentralization

    In addition to joining the ranks of ETH staking service providers, Cake DeFi has made a relevant move to promote the decentralization of the Ethereum network. Binance, Coinbase, Kraken, and Lido are the top staking platforms for ETH, and they control more than 50% of the stake on the network. These platforms have their nodes mostly based in the United States and Europe.

    Cake DeFi has done something entirely different. Its nodes are based in Singapore, reducing the concentration of Ethereum validator nodes in North America and Europe. By enhancing the decentralization of Ethereum, the platform is encouraging developers and investors from every part of the world to step up their game as well.

    Speaking about the latest feature, Cake DeFi’s Co-Founder and CEO, Julian Hosp, said:

    “ETH Staking is the latest addition to our popular Staking service. We made a deliberate decision to host our own nodes in Singapore. At the moment, Ethereum nodes are mostly concentrated in North America and Europe. Hosting our own Singapore-based nodes will boost the confidence of investors and developers in the region and support the spirit of decentralization. Many exchanges and platforms are not offering ETH unstaking until the Shanghai upgrade but it was important for us to provide utility to our ETH stakers, which will be achieved via an open market”.

    Wrapping up

    Cake DeFi has not just introduced ETH staking – it did so in a well thought out manner. In addition to an impressive 5% annual yield, its ETH staking will be auto-compounded every 12 hours. ETH stakers will also be able to effectively unstake before others, thanks to an upcoming tradable token that will be available on the open market.