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  • More Than 1 Million ETH Have Been Destroyed Thanks to EIP-1599 Burning Mechanics

    More Than 1 Million ETH Have Been Destroyed Thanks to EIP-1599 Burning Mechanics

    Key takeaways:

    • On November 24, the Ethereum network achieved a significant milestone – 1 million ETH have been burned, worth more than $400 billion
    • ETH burning was introduced with the launch of the London hard fork, which brought burning mechanics along with the EIP-1599
    • Although deflationary pressure is becoming ever more apparent due to NFT and DeFi, Ethereum remains a fundamentally inflationary asset

    On Wednesday, crypto market data aggregation and analytics platform CryptoRank revealed one million Ehtereum (ETH) tokens have been burned since the launch of the London hard fork in early August introduced deflationary pressure along with EIP-1599. At current market rates, the value of ETH that has been forever removed from circulation is $4.46 billion.

    What is Ethereum burning and what role does it play in ETH tokenomics?

    The London hard fork was a highly anticipated Etheruem network upgrade that set the stage for the second-largest crypto eventual transition to a proof-of-stake (PoS) consensus mechanism with the launch of Ethereum 2.0 sometime next year.

    The August upgrade introduced a set of five Ethereum improvement proposals (EIPs). The EIP numbered ‘1599’, was undoubtedly the highlight of the new protocol upgrade.

    The EIP-1599 improved the estimation system of transaction costs for Etheruem platform users and, most notably, altered how transaction fees are handled – fees that were previously paid to miners are now removed from circulation and destroyed, a process dubbed ‘burning’.

    Exponential demand for ETH tokens fueled by smart contract-powered decentralized finance (DeFi) services and the non-fungible tokens (NFTs) boom on top of a decreasing supply is pushing the price of ETH towards new highs.

    In the three months since EIP-1599 launched, the deflationary effects have become abundantly apparent. The price of ETH went on a tear after the hard fork rolled out and gained more than 100% and reached a new all-time high on November 10. It is worth noting that about a month before the hard fork launched, ConsenSys CEO Joseph Lubin predicted an “enormous run-up in demand and the value of Ether.”

    Non-fungible tokens (NFTs) and decentralized exchanges (DEXs) account for the biggest share of burned ETH

    According to data curated by CryptoRank, the OpenSea NFT marketplace accounted for the biggest share of Ethereum burning. In total, more than 110,000 ETH worth $467 million were destroyed as a result of the fee-burning process on the biggest NFT marketplace.

    Fees incurred from using decentralized exchanges, such as Uniswap (V2 and V3) and SushiSwap resulted in roughly 45,600 ETH being burned. ETH transfers, such as peer-to-peer (P2P) and various stablecoins transactions, accounted for approximately 97,000 ETH, worth $414 million, being burned.

    Late last month, more precisely on October 27, the total amount of ETH tokens in circulation decreased for the first time in the network’s six-year history. Although Ehtereum has experienced days of deflationary supply since the London hard fork went live, they are quite rare. Ethereum thus remains an inherently inflationary asset – according to data from Ultra Sound Money, ETH supply is growing at about 1.2% on a yearly basis.

  • Panther Protocol Raises $22 million in Public Sale to Build Interoperable Privacy Layer for DeFi and Web3

    Panther Protocol Raises $22 million in Public Sale to Build Interoperable Privacy Layer for DeFi and Web3

    Midtown, Gibraltar, 25th November, 2021,

    Panther Protocol, an end-to-end privacy solution that creates privacy for DeFi and Web3 users across public blockchains, has raised over 22 million as part of their Public Sale. This brings the total amount raised to $32 million. “This raise as part of our public sale demonstrates a huge demand for an interoperable, compliance compatible privacy protocol.” says Panther Protocol CEO and co-founder Oliver Gale. “We are grateful for this overwhelming interest in our project and are confident that this signals the importance of Panther’s mission – enhancing freedom and privacy for DeFi and Web3.” Through the Public Sale, the company is offering the opportunity for widerer community engagement and participation in an end-to-end privacy protocol for DeFi and Web3 users.

    The DeFi space has seen unprecedented growth with Panther demonstrating over $500M worth of interest. Panther is of great importance to virtually all DeFi users looking to benefit from personal financial data protection and confidential cryptocurrency transactions. Panther is currently building on Ethereum, Polygon, Flare, Songbird, NEAR and Elrond. In addition to developing a robust set of APIs, SDKs and custom integrations, Panther will allow builders to provide privacy features within their apps without needing a highly specialized team of cryptographers and privacy tech engineers to do so. The idea is to create a private-by-default, decentralized ecosystem that unlocks the value that is currently siloed between blockchains.

    Panther Protocol co-founder Anish Mohammed comments, “As with duality of light, privacy has a dual nature, we are in the history of privacy where we are just reconciling, privacy’s dual nature. Panther protocol has managed to allow both privacy and authenticity, by combining zero knowledge proof systems and selective disclosures.” 

    Since the company’s founding they have been steadily growing their team of experts, now consisting of over 33 leaders in cybersecurity, cryptography, blockchain engineering, game theory, DeFi, ecosystem development, technology commercialization and marketing with their team set to grow in the coming months. 

    About Panther Protocol

    Panther Protocol is an end-to-end privacy protocol for DeFi. Panther provides DeFi users with fully collateralized privacy-enhancing digital assets, leveraging crypto-economic incentives and zkSNARK technology. Users can mint zero-knowledge zAssets by depositing digital assets from any blockchain into Panther vaults. zAssets will become an ever-expanding asset class for users who want their transactions and strategies the way they should always have been: private. More information on tokenomics, exchange volumes and release schedule can be found here.

    Stay connected: Telegram | Twitter | LinkedIn | Website | Medium | Blog
     

    Contacts
    • Bruno Ahualli
    • bahualli@pantherprotocol.io
  • Edward Snowden Rejects Accusations he Recently Discovered Crypto, Points out he Used Bitcoin to Reveal NSA Secrets in 2013

    Edward Snowden Rejects Accusations he Recently Discovered Crypto, Points out he Used Bitcoin to Reveal NSA Secrets in 2013

    Key takeaways:

    • Whistleblower Edward Snowden reminds a Twitter user he was a Bitcoin early adopter and rejects he lacks knowledge on crypto
    • Snowden took the opportunity to criticize random “garbage-coins” and essentially warned people not to be greedy
    • Although he has issues with Bitcoin and is not a maximalist, he questions the utility of some digital currencies with large market capitalizations

    Edward Snowden, arguably the most famous whistleblower, took to Twitter to reject criticism that he just recently discovered Bitcoin (BTC). A former CIA agent who went public with NSA’s unlawful tactics in combating terrorism said he was a crypto early adopter and used BTC to pay for the servers that hosted leaked documents in 2013.

    Snowden documents his involvement with Bitcoin and criticizes those that hype “garbage-coins”

    For years, Snowden has been a staunch advocate of blockchain-powered financial services and often reiterated his beliefs they eat away at current political and economic power structures. However, he doesn’t shy away from making his opinions heard when it comes to criticizing crypto.

    For instance, in a 2015 interview, Snowden called Bitcoin “flawed,” citing privacy and security concerns as the main cons of the world’s largest digital currency. Interestingly, Snowden made his non-maximalist beliefs clear by stating, “Focusing too much on bitcoin, I think is a mistake. The real solution is again, how do we get to a point where you don’t have to have a direct link between your identity all of the time?”

    On Sunday, Snowden apparently felt it was time to remind his critics he was ahead of the curve regarding blockchain technology and its potential. Irritated by the suggestion that he doesn’t know what he is talking about when speaking about crypto, Snowden replied to a Twitter user who was insinuating his understating of BTC was “flawed and superficial” just a few months ago:

    “You know that whole NSA story from almost TEN YEARS AGO? I paid for the servers that made that possible… using Bitcoin.”

    He went on to take aim at wealthy venture capitalists type of guys who are taking shots at Bitcoin only to drive support for digital tokens with questionable utility they “happen to own an enormous stake in.”

    Snowden often criticizes memecoins and blockchain projects he feels go against the broader ethos of crypto. For instance, he warned against investing in Shiba Inu (SHIB) in late October, “If you got talked into exchanging your hard-earned savings for some new dog money because a meme said you’d get rich, please carefully consider your odds of outsmarting a market that sold to you its stake in *not even dog money but a CLONE of dog money*.”

    Earlier in the year, Snowden went on an attack against central bank digital currencies (CBDCs), branding the new type of digital currency as “crypto-fascist currency” and labeling them as “perverted.” He fears the rollout of CBDCs might have enormous implications for the future of economic privacy and is afraid of how much oversight they could potentialy grant to governments.

    Snowden currently resides in Russia and could face charges of unlawfully exposing NSA’s surveillance program if he returns to the US, despite the recent US federal court ruling that found NSA’s actions to be “illegal and possibly unconstitutional.”

  • MonoX, profitable since mainnet launch, announces its public token sale on Huobi Primelist

    MonoX, profitable since mainnet launch, announces its public token sale on Huobi Primelist

    Singapore, Singapore, 25th November, 2021,

    MonoX Protocol, the most capital-efficient liquidity solution in the DeFi space, has announced that the public sale of its $MONO token will take place on Huobi Global’s Primelist token listing platform on Thursday, November 25. The listing comes a month after MonoX launched its mainnet on the Ethereum and Polygon networks. 

    There will be a supply of one million $MONO tokens for purchase at $0.40 each. Investors can find further details of the listing here. With Huobi Primelist, participants stand a chance to purchase new tokens at a low price and trade the newly listed token immediately after the Primelist activity ends.

    $MONO is the governance token of the protocol. Token holders can vote on approval for official pools, and pool parameters like fees, rewards, and the future Lending and Borrowing parameters.

    MonoX founder and CEO Ruyi Ren said, “MonoX is one of the most innovative products in the DeFi 2.0 space, with a profitability almost 100x a regular swap project with similar TVL. Huobi is one of the largest and best centralized exchanges in the world. It’s an honor to get to launch on Huobi. We’ll be using our tokens to promote decentralized governance of the project and attract more liquidity and partnerships.”

    The project had earlier raised $5 million from a group of investors that included Krypital Group, Axia8 Ventures, Animoca Brands, Divergence Ventures, Youbi Capital, Rarestone Capital, LD Capital, GenBlock Capital, 3Commas, OP Crypto, and Blockdream.

    It has been profitable since the mainnet went live, thanks to its unique single-sided liquidity pools that enable it to generate revenue not just from trading fees but also from the virtual vCASH token. Without a native token, the protocol has generated over $800,000 in profit with only about $20 million in total value locked (TVL) in the first month of mainnet launch.

    MonoX is a multi-chain, multi-layer DEX that is revolutionizing the DeFi ecosystem by eliminating capital inefficiencies of the existing liquidity models. Unlike traditional DEXes that require projects to deposit two tokens to build a liquidity pair, MonoX enables developers to list their tokens without the burden of bringing another asset. 

    Its innovative single-sided liquidity model groups the deposited tokens into a virtual pair with the vCASH, which is backed by all assets in the MonoX pools. It results in improved capital efficiency, lower trading fees, and zero-capital token launching.

    MonoX is also a capital-efficient solution to infuse liquidity to Value-backed Tokens (VBTs) such as synthetic assets, fractional NFTs, insurance tokens, and gaming tokens. Since these assets hold inherent value, projects and users don’t need to collateralize them a second time with a liquidity pair.

    About MonoX

    MonoX is the most capital-efficient automated market maker (AMM) in the DeFi ecosystem. It empowers developers, traders, and liquidity providers to participate in an open, accessible, and capital-efficient marketplace. MonoX aims to revolutionize DeFi by fixing the capital inefficiencies of the first-generation protocol models. Its single-sided liquidity pools and vCASH facilitate lower trading fees, capital efficiency, and the ability to launch tokens with zero additional capital. 

    For further information, visit: https://monox.finance/

    Contacts
    • Hugh Flood
    • hugh@monox.fi
  • Haven Protocol Partners up with Edge Network for Web3 Relaunch

    Haven Protocol Partners up with Edge Network for Web3 Relaunch

    London, United Kingdom, 24th November, 2021, Chainwire

    The team behind Haven Protocol , the world’s only private digital stablecoin, has redesigned and relaunched its website. By utilising Edge’s decentralised network , they are ready to welcome in the web3 era.

    Their reimagined website — which features a new look, designed to appeal to a broader mainstream audience  — was built alongside their development partners in record time to support growth and adoption of a newly launched fork of the protocol – Haven 2.0. 

    Thanks to Edge Network — web3 infrastructure that’s powered by its own Blockchain — every line of code is decentralised. Edge is a revolutionary proposition that leverages the spare capacity all around us to generate lightning fast server and media delivery functionality, amongst other things — something which flies in the face of supermassive data centres like Amazon. 

    This future-facing aspect of the Haven site embodies web3 in the truest sense; it’s a nod to the possibility of an egalitarian society where corporations no longer have a stranglehold on the ability to generate wealth on the web. The Edge project team believe in this future wholeheartedly:

    “There is a huge amount of spare capacity in the devices all around us, with the average laptop utilised to around 40% of its capability. Collectively making use of this capacity to drive the web takes power away from the handful of corporations that monetise our data day in, day out. Privacy is a human right, and web3 delivers it”, said Joseph Denne, founder of Edge Network.

    Decentralisation aside, the relaunched website — which went live this week — symbolises Haven’s maturity as a technology. Whilst the privacy and stability ethos remains fundamentally the same, users will notice a higher fidelity across the board; in design, application of brand, UX, functionality and messaging. It’s clear that in addition to Haven’s own maturity, the team have sincerely acknowledged the maturity of consumers in the crypto and DeFi space as well.

    “Haven is about bringing privacy to money. True privacy of data requires a decentralised network. Edge is to web3 what AWS is to web2. It’s the future of infrastructure, rebuilding the Web as it was originally intended to be, with privacy at its heart.”, said the Haven project team.

    Doxing, anonymity, and data security will underpin a new wave of digital human rights, as yet untouched by global governments and regulators. In such a world, consumers are left with no alternative but to take ownership of their own privacy. As it stands, and with refinements and evolutions coming like they are, Haven Protocol is one of the best toolkits they’ll need to keep their assets safe, and away from unwelcome scrutiny. And now they are taking steps to embrace decentralisation too, prospective investors should find comfort. Haven is a proposition that practices what it preaches. And it’s gearing up for more than just a brand and website refresh; it’s gearing up for the next social epoch and a critical progression in the way wealth is defined.

    About Haven Protocol

    Haven Protocol  is crypto’s only DeFi ecosystem of private, stable assets. Utilizing Monero’s world-class privacy tools, Haven gives anyone in the world the power to take back control of their money. 

    Haven offers synthetic USD (xUSD), Bitcoin (xBTC), Gold (xAU), Silver (xAG), and a range of global currencies that can be stored or traded all within a private Haven Vault. Haven’s “mint and burn” protocol uses the base currency, XHV, as collateral for assets on the network. All Haven addresses and balances are private by default and can never be seen or tracked by anyone except the Vault owner.

    About Edge NetWork

    Edge is the infrastructure of Web3. A peer-to-peer network, powered by the blockchain and built using the spare capacity all around us. It brings data storage and computation as close to the point of need as possible. Run as a DAO, Edge was established to benefit everyone, not just the handful of corporations that currently run the cloud.

    Contacts

    CEO

    • Joseph Denne
    • Edge Network Technologies Ltd
    • joseph@edge.network
    • 07813359922
  • Pantera Capital’s $600 Million Haul to be Used for New Crypto Fund

    Pantera Capital’s $600 Million Haul to be Used for New Crypto Fund

    Pantera Capital, a prominent cryptocurrency investment firm has raised $600 million for its new crypto-asset funds during its latest financing round, according to a tech news outlet The Information. 

    Key takeaways:

    • About three-quarters of the $600 million haul was reportedly contributed by institutional investors, such as pension funds and sovereign wealth funds. This represents a stark contrast to the earlier investment round in 2018, where wealthy crypto investors accounted for the largest share of raised capital.
    • The fund will be used to invest in venture equity, crypto assets, and up-and-coming blockchain projects that have tokens in development. The company is planning the fund to reach $1 billion in assets under management.
    • Pantera was originally launched by Dan Morehead in 2003 as a global hedge fund but has later shifted its attention to digital assets. In 2013, Pantera became the first U.S. institutional asset manager to focus solely on blockchain.
    • Pantera Bitcoin Fund was the company’s first crypto fund. It was established in 2013 and remains operational to this day. The minimum investment is $100,000 and is open to accredited investors from around the world.
    • Pantera manages a diversified portfolio, including some of the most prominent ventures in the cryptocurrency sector, such as Bitstamp, Coinbase, Filecoin, Polkadot, XRP, to name just a few. In total, Pantera has backed more than 80 blockchain companies and 65 early-stage token deals.
  • Cyclos and Solatars Announce The Launch of Solana NFT Collection “Le Cougar Clique”

    Cyclos and Solatars Announce The Launch of Solana NFT Collection “Le Cougar Clique”

    Tortola, British Virgin Islands, 24th November, 2021,

    Cyclos, the concentrated liquidity AMM on Solana, is partnering with Solatars to launch Le Cougar Clique, a unique NFT drop tied to the CycloSwap DeFi platform.

    Le Cougar Clique connects NFTs to DeFi through a “culling” mechanic that deflates the NFT supply to increase their scarcity. The deflation mechanism, called Cougarnomics, relies on CycloSwap platform revenue to burn the existing supply of Cougars. After the mint event, 25% of CycloSwap platform fees and 15% of Cougar sale royalties will be used every two weeks to “cull” the weakest Cougars. The platform will buy back the NFTs from the market and destroy them, thus reducing the supply of Cougars.

    The liquidity connection for Cougars goes both ways. One quarter of the proceeds from Cougar royalties will be used to purchase CYS and stake it in liquidity pools, giving the Cougar Clique DAO agency over a portion of the CYS token supply. 

    Le Cougar Clique NFTs will be released in a batch of 10,000 Cougars, all hand drawn in collaboration with the Solatars team. The release is planned for early December through a minting event held on cyclos.io.

    Cyclos is the first concentrated liquidity automated market maker on Solana. Utilizing this powerful concept pioneered by Uniswap V3, Cyclos can support any type of pair from basic stablecoin-to-stablecoin swaps to highly exotic tokens. Building on the highly-scalable Solana platform enables CycloSwap liquidity providers to fine-tune their positions, offering much more precision and much cheaper active management compared to Uniswap V3.

    “By linking the supply of Cougars with Cyclos, our aim is to create a virtuous cycle between the two products and their communities,” says Jason O’Brian, co-founder of Cyclos. “As the Cyclos ecosystem continues to expand, so too will the utility cases for the Cougars. Our intent behind founding the Cougar Den (the DAO behind the project) will be for the community to collaborate on developing future use cases together with the Cyclos team.”

    About Cyclos

    Cyclos is the first concentrated liquidity AMM on Solana. It enables higher yields for LPs and better rates for traders by merging the revolutionary concept of concentrated liquidity with the high speeds and low transaction costs of the Solana blockchain. On Cyclos, concentrated liquidity allows users to choose a price range within which they are willing to make markets, reaping LP rewards with only a fraction of the previously required capital.

    Contacts
    • Jason O’Brien
    • cyclosfinance@gmail.com
  • Blockamedia Announces Collaboration With University of Rijeka for Platform Upgrade

    Blockamedia Announces Collaboration With University of Rijeka for Platform Upgrade

    ZAGREB, CROATIA, 24th November, 2021,

    — Blockademia, the Croatian start-up that certifies documents with blockchain technology, is going to collaborate with the University of Rijeka to improve its platform. 

    Thanks to the collaboration, which is going to start immediately, students from the Faculty of Engineering at the University of Rijeka are going to participate in a hackathon to test Blockademia’s platform in order to find eventual weak points and improve them. 

    The Croatian Cardano-backed blockchain platform has been developed to guarantee the authenticity of documents and valuable files, with particular attention to educational certificates. 

    Users can issue original documents and authenticate them by entering the requested data. The platform will then generate a unique hash that is going to enter the Cardano blockchain, including all the information necessary to trace the issued document. 

    The verified file is going to be accessible through a QR code, released to the issuer after the insertion into the blockchain. This system guarantees that files are secure, immutable and cannot be forged.

    During the next 12 months, engineering students in the University of Rijeka are going to engage in a hackathon that aims to find all leaks and weaknesses in the Blockademia platform, in order to test Blockademia’s reliability and to strengthen it against all possible bugs and faults. 

    For Blockademia this represents an opportunity to be challenged and tested, to show the innovation and safety of its decentralized proof system — and to possibly improve its application.

    Also, the University of Rijeka is taking the opportunity of expressing its strong policy against document falsification, given that universities are the most widespread target of certificate forgery.

    “This cooperation is unique because what we want is for the students, over the following 12 months, to hack the Blockademia application in order to find weaknesses, faults and possible threats,” remarked Goran Težak, President of Blockademia. “Although blockchain technology ensures document authenticity, thanks to uncompromising testing we will be able to guarantee a high degree of reliability to future users. I would like to thank the Faculty of Engineering for becoming our partner and technical associate on Blockademia’s path of building a new level of authenticity.” 

    “We are glad to have the opportunity to work on new technologies and be part of a team that, with its solution, contributes to a better future and transparency,” added Kristijan Lenac, Prof. Dr. Sc. at the University of Rijeka. 

    About Blockademia 

    Blockademia is a Croatian startup that aims to digitize and secure important documents worldwide, ensuring no document fraud is possible thanks to the flexibility and power of Cardano’s blockchain technology. The 20+ strong team brings strong experience from IT and blockchain backgrounds, while experts in economics, legal and marketing complete the startup.

    Contacts

    President

    • Goran Tezak
    • Blockademia
    • goran.tezak@smartcontract.hr
  • eToro is Delisting Cardano (ADA) and Tron (TRX), Cites Regulatory Concerns as the Root Cause

    eToro is Delisting Cardano (ADA) and Tron (TRX), Cites Regulatory Concerns as the Root Cause

    Key takeaways:

    • eToro buckled under the pressure and will delist Cardano and Tron due to regulatory concerns
    • The delisting process will be conducted in several parts. First, buying new ADA and TRX holdings will be removed on Dec. 26, followed by the removal of staking options on Dec. 31.
    • Following the announcement, the price of ADA decreased by more than 6% and fell to its 3-month low

    Cryptocurrency exchange eToro has announced the upcoming delisting of Cardano (ADA) and Tron (TRX) in the blog post published on Tuesday. The beginner-friendly exchange has cited “business-related considerations in the evolving regulatory environment” as the reason for removing the two high-profile digital currencies from its catalog of supported crypto assets.

    The first part of the delisting process will commence on December 26

    eToro plans on delisting the two assets in a multi-phase process. The ability to open new ADA and TRX positions will be removed on December 26. After that, on December 31, the exchange plans on removing the staking offering, while the last staking rewards payout will be distributed out on January 15.

    While eToro users will not be able to add additional ADA and TRX holdings to their portfolios beginning on Dec. 26, the exchange will allow users to hold their positions until early 2022.

    The final stage of the delisting process will commence when eToro makes its cryptocurrency wallet solution compatible with ADA and TRX, reportedly sometime in Q1 of 2022. Once the upgrade to its crypto wallet is successfully finished, eToro will notify remaining ADA and TRX holders to transfer their holdings into the crypto wallet. The exchange will provide a window of 30 days to do so. 

    After the 30 day period expires, ADA and TRX positions will no longer be redeemable for US dollars; however, they will be transferable to eToro’s crypto wallet indefinitely.

    ADA tumbles to a 3-month low following the announcement

    The delisting shouldn’t have a significant impact on the values of ADA and TRX in the long run. According to CoinCodex, eToro’s daily spot trading volume amounts to $84 million, a relatively small amount compared to industry giants like Binance and Coinbase, which regularly facilitate billions of dollars worth of spot trades in a single day.

    For reference, ADA/USD was the largest trading pair on eToro over the last 24 hours, with a trading volume of $22 million, while TRX/USD accounted for “just” $2.7 million.

    Following the announcement, the market values of ADA and TRX responded with negative price movements, losing 6.6% and 3.5% in the last 24 hours, respectively. It is worth noting that the price of ADA reached its 14-week low earlier in the day and is currently exchanging hands at $1.66, 46% removed from its all-time high set on September 2.