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  • APENFT and Tpunks Enter A Strategic Partnership With The Launch Of The NFT Avatar Sale Event On The Binance NFT platform

    APENFT and Tpunks Enter A Strategic Partnership With The Launch Of The NFT Avatar Sale Event On The Binance NFT platform

    Singapore, Singapore, 8th September, 2021,

    APENFT, the premier foundation and fund for collecting top-tier NFTs, announced a new strategic partnership with Tpunks, the first NFT avatar project in the TRON ecosystem. As part of this partnership, the APENFT Foundation and Tpunks officially launched the NFT avatar sales event on the BinanceNFT MarketPlace on September 3rd. 

    The Tpunks sold on the Binance NFT platform include 28 female avatars and 22 male avatars, 40 of these avatars will be sold directly during the. The lowest price is 6BNB, the highest is 28BNB, and the remaining 10 are set to be sold through auctions, with a starting price of 2BNB. 50 avatars will be sold over 10 days, and 5 will be online every day, of which 1 will be auctioned, and the remaining 4 will be sold directly. Tpunks is benchmarked against CryptoPunks and includes 10,000 unique avatars, randomly cast by an algorithm. According to the official website, the aliens, apes, zombies, and Justin Sun series of avatars are the most scarce, while the rest are primarily punk-style male and female avatars. On August 31, Justin Sun, the founder of TRON, purchased the Justin Sun avatar number 3442 for US$10.5 million, making it the highest priced Tpunk ever sold this was previously heald by an alien head portrait of CryptoPunks that sold for a record $7.58 million. 

    In recent months, after a short cooling-off period, the NFT market has become hot again. Among them, avatar-like NFT projects ushered in a highlight moment. According to public data, avatar NFT projects have become the top 3 market share players in the NFT digital art market. In the second quarter of 2021, avatar NFT projects generated nearly US$350 million in secondary sales, an increase of 40% from the first quarter. As of 2021, avatar projects have generated more than US$1 billion. Sales. As more and more people buy digital avatars and replace them on social platforms, NFT avatars have gradually become a new status symbol. Since the beginning of this year, avatar projects have generated more than $1 billion in sales.

    Among them, the early NFT avatar project Crytopunks dominates the market. Public data shows that as of now, the sales of CryptoPunks have exceeded 900 million U.S. dollars, and the highest price of a single avatar has reached 7.58 million U.S. dollars. “To break the high price monopoly of Crytopunks, we launched Tpunks.” Tpunks founder Mondiblo wrote on its official website.

    As part of the partnership plan, 40% of Tpunks’ income will be used to buy back and burn NFT tokens to promote the joint development of both communities. Tpunks is the first NFT avatar project in the TRON ecosystem. After reaching strategic cooperation with the APENFT Foundation, the two parties will actively explore and innovate to make Tpunks avatars more diverse and exciting and help Tpunks access more mainstream platforms.

    APENFT is supported by the world-renowned public chain Ethereum and TRON’s underlying technology, combined with the world’s largest distributed data storage system, BitTorrent File System (BTFS).APENFT has won the attention and support of TRON founder Justin Sun and other industry celebrities and have partnered with leading art institutions such as Christie’s, Sotheby’s, NiftyGateway, etc. With the blessing of resources, APENFT Foundation and Tpunks will further enrich and improve the creative design and circulation of NFT works, create more boutiques, and become the most influential brand in the industry.

    Since the launch of Tpunks, it has attracted the attention and discussion of many NFT collectors. Recently, Justin Sun won the bid for the most scarce avatars in Tpunks, Tpunk#3442, at a sky-high price of US$10.5 million, using it as his Twitter and WeChat avatar. Although at present, Tpunks is still in the early stage of its launch, the cooperation between Tpunks and the APENFT Foundation will significantly expand its resources and can result in tremendous development. 

    About APENFT

    Officially registered in Singapore on March 29, 2021, APENFT is backed by the underlying technology of the Ethereum and TRON blockchains with support from the world’s largest distributed storage system BitTorrent File System (BTFS) to deliver the mission of registering world-class artworks as NFTs on the blockchain. NFT, as the sole token issued by APENFT, is a decentralized digital currency developed in compliance with the ERC-20/TRC-20 protocol and serves as a proof of stake of the foundation. NFT holders can vote, share profits and participate in community events.

    Contacts
    • Anjali George
    • Anjali@tron.network
  • Divergence Protocol Reveals Key Details on Highly Anticipated IDO Token Sale

    Divergence Protocol Reveals Key Details on Highly Anticipated IDO Token Sale

    Update: Due to a recent security breach of MISO, Divergence’s IDO will be held at the Balancer LBP, at 1PM UTC on 27 September. For more information, please visit https://link.medium.com/x8019BwyJjb

    Divergence, a decentralized protocol for options and volatility derivatives, is announcing the upcoming public sale of its native token, DIVER, on SushiSwap’s MISO launchpad.

    For the past three months, Divergence has seen a massive growth in its community. We’ve grown from being a little-known project, to one with tens of thousands of social media followers. We wish to express our gratitude toward all Divers — partners, investors, family, friends, and everyone who has been with us since the beginning of our journey. None of what we do would have been possible without your support!

    Since its inception, Divergence has been built for the people — an open, permissionless, derivatives exchange owned by its users. We have done the heavy-lifting of our development work and now the launch of our V1 product is within view.

    At this point of our journey, we believe the time has come to answer the long-awaited question: “Wen Token™️?”  And we’re excited to share that the time is near!

    The DIVER Token Economics

    The DIVER token is the governance token of the Divergence protocol. It is designed to empower our community members to vote and decide on the future direction of our protocol. Importantly, DIVER will be a productive asset that gains value from the growth of our protocol, as well as the markets created via our protocol.

    Governance:  

    DIVER holders can propose and vote on governance proposals for the Divergence platform once the on-chain governance portal for Divergence is released. DIVER holders can vote and decide on protocol parameters such as trading fees, introduction of new products, features, and more. We believe this to be key in the future development of the Divergence platform. 

    Incentivization:  

    DIVER tokens will be rewarded to community members who contribute to the Divergence ecosystem. Providing liquidity to the options markets on Divergence is one major way to gain more ownership of DIVER tokens. There will also be many more ways to earn DIVERs via community programs being introduced soon. 

    Staking:

    Our staking contract is to be released to provide more yield to long term holders of DIVER tokens. Various types of token rewards will be periodically shared amongst the stakers of DIVER.

    Token Sale Details

    Our token sale will distribute 2% of the overall supply of DIVER tokens through a Dutch auction on SushiSwap’s MISO launchpad.

    When: Monday, 20 September 2021 at 09:00 AM EST / 01:00 PM UTC

    Duration: 24 hours

    Supply: 20M DIVER (2% of total supply)

    Bid Currency: USDC

    Auction Model: Dutch Auction

    Starting Bid: $0.1/DIVER ($2M raise)

    Minimum Bid: $0.05/DIVER ($1M raise)

    Max, Initial Market Cap: $7.75M ($0.10 x 77.5M DIVER)

    Min. Initial Market Cap: $3.87M ($0.05 x 77.5M DIVER)

    Link: https://miso.sushi.com/

    Dutch Auction Mechanism

    We have chosen to do a Dutch Auction as it facilitates fair and transparent price discovery for participants. It is also permissionless and scalable, maximizing the reach of our public sale.

    A Dutch auction is a type of auction in which the token price opens at a higher price and descends over time. The eventual offered price is settled upon once all tokens are sold. Participants have the option to hold out until the price of the token decreases to a level they are comfortable with. In doing so however, they face an increasing risk of the token selling out before they commit to purchase.  

    This puts the power in the hands of the auction participants to determine what price to pay and when to purchase. It accepts bids of varying value, so community members with all budgets can participate (not just whales).

    The starting price of our Dutch auction is $0.10 (reflective of a $7.75M initial market cap) with a floor price of $0.05 (reflective of a $3.87M initial market cap). The sale ends after receiving bids for all 20 million DIVER tokens.  At the end, all bidders will receive the same token price as the sale price of the 20 million tokens sold. Through this mechanism, the final total value of our public sale is not known until sale completion.

    What Happens Afterwards

    After our public sale, DIVER tokens will be available for trading on SushiSwap. We will route the majority of our proceeds and a proportional supply of DIVER tokens to our SushiSwap liquidity pool. This pool is expected to become our liquidity venue for the long term.

    The remainder of our sale proceeds will be reserved for liquidity events in the near future. We look forward to upcoming token listings on major exchange venues which will make our DIVER tokens accessible to a larger market.

    Our Funding Mechanics

    Divergence is honored to have received support from a diversified base of investors and backers, who are disclosed in our prior announcements. Being strict with our fundraise hard-cap and overall valuation, we unfortunately have not been able to accommodate all investment interest. The funding rounds prior to our public sale have been completed with contributions of stable coins, and the details are as follows.

    For all of our prior funding rounds and the upcoming public round, we adhere to our general principles of maximizing DIVER token ownership distribution, as well as openness and fairness to all participants. Additional details on our token distribution and release schedules can be found in our public documentation. A maximum of 7.75% of our overall token supply is expected to be initially circulated in the market.

    Going Forward

    Following the launch of our public beta, we have been working non-stop to optimize our app interface based on community feedback.  In the meantime, our codebase is being audited. Once fully audited, we will open source our code and commence bug bounty programs for our smart contracts and app. This will prepare us for the next major milestone on our roadmap — the launch of our V1 mainnet on Ethereum.

    We look forward to seeing a flourishing volatility market in DeFi and welcome your participation. Please join us and dive together!

    About Divergence

    Divergence is a decentralized platform for volatility hedging and trading with a focus on blockchain native asset prices, value of LP tokens, interest rates, DeFi farming and staking rewards.

    Follow us

    🔔Website: https://www.divergence-protocol.com/

    🚀Twitter: https://twitter.com/divergencedefi

    💬Telegram: https://t.me/divergenceprotocol

    📢Telegram Announcement: https://t.me/divergenceannouncement

    📺Youtube: https://www.youtube.com/c/DivergenceProtocol

    👓Discord: https://discord.com/invite/v96fhsPfRa

  • Balancer and WallStreetBets (WSBDApp) Partner to Launch ETPs, Effectively Scaling DeFi Investing

    Balancer and WallStreetBets (WSBDApp) Partner to Launch ETPs, Effectively Scaling DeFi Investing

    Balancer Protocol, the leading platform for programmable liquidity, and the WSBDApp, the blockchain-based trading platform connected to the iconic WallStreetBets grassroots movement, announced today a strategic collaboration to launch WSBDApp’s novel exchange-traded portfolios (ETPs) on Balancer V2.  These decentralized portfolios align with WallStreetBets’ deep-seated belief in the “little guy” retail investor and aim to scale decentralized finance (DeFi) investing by hedging against inflation with a community-selected basket of fiat-linked crypto stablecoins, tokenized commodities, and crypto native assets. With portfolio compilation determined, voted upon, and rebalanced by the WSBDApp community, this initiative will further expand the possibilities of DeFi and increase crypto exposure to crypto-native and traditional investors alike. 

    As innovation pushes forward in DeFi, an adoption gap widens for traditional financial investors. ETPs allow retail investors to diversify their portfolios with tokens such as WBTC, WETH, wDGLD, USDC, EURS, and NZDS to hedge against fiat currency inflation while also gaining high potential crypto exposure.  

    “We are excited to partner with the WSBDApp and bridge the gap between traditional and DeFi investing,” said Fernando Martinelli, CEO of Balancer Labs. “WallStreetBets shares our mission of scaling accessibility to DeFi, and we are thrilled to welcome them into our ecosystem.”

    Like an ETF or index fund, WSBDApp’s ETPs on Balancer create a carefully selected portfolio of tokens that are fully liquid, balanced to avoid inflation, and non-custodial. As part of the collaboration, WSBDApp users will connect wallets to their Balancer Protocol portfolios and use the proper currency to buy-in and receive a token representing their holdings. Balancer V2 rebalances the portfolio providing a user-friendly and dynamic control. 

    Balancer V2’s operations significantly reduce gas and processing fees, and users will receive frequent updates about the status of their ETPs. Once the funds are held, users get access to any upside of the collection and can sell back their shares when ready.   

     “The WallStreetBets community has something for everyone, and with democratic tools like ETPs, we’re showing the world how financial markets should really be managed,” said BTCVIX, CEO of the WSBDApp. “Balancer is providing our community the data they need to access and evaluate these portfolios, enabling really educated financial decisions.”

    Buy Balancer

    About Balancer

    Balancer is an automated portfolio manager and liquidity provider turning the concept of an index fund on its head: instead of paying fees to portfolio managers, you collect fees from traders who rebalance your portfolio by following arbitrage opportunities. Developers leverage Balancer as a permissionless building block to innovate freely and create new treasury management systems. This opens up possibilities for dynamic fees and allows for liquidity bootstrapping pools (LBPs) which are excellent for launching a new token and so much more. Balancer Lab’s mission is to become the primary source of DeFi liquidity by providing the most flexible and powerful platform for asset management and decentralized exchange.

    To learn more, please visit https://balancer.fi/ 

    About WallStreetBets

    Founded in 2012, WallStreetBets is a movement that aims to empower the “little guy” investors of the world against unaccountable financial institutions. The movement lacks formal leadership and is instead a grassroots decentralized effort to leverage the power of community organizing for bringing accountability and transparency.
    To learn more, please visit https://www.wsbdapp.com/

  • Over 90% of ‘Long’ Positions Liquidated in Yesterday’s Flash Crash

    Over 90% of ‘Long’ Positions Liquidated in Yesterday’s Flash Crash

    As the smoke slowly clears in the aftermath of yesterday’s cryptocurrency market flash crash, which saw Bitcoin dip to the $43,000 price level and Ethereum falling below $3,200, it has become more obvious what contributed to the sudden and unexpected market drop. The rapid price downturn caused a major cascading effect that left 333,000 trading accounts and $3.54 billion worth of trading positions ‘liquidated’ in its wake.

    The so-called ‘long’ positions are used by traders to essentially bet on a price of a certain asset to increase. In contrast, ‘shorts’ are bets on the price decrease. 

    According to data accumulated by CryptoDiffer, $1.246B worth of long positions were liquidated on the ByBit platform, followed by Huobi and Binance with $859M and $715M respectively. Bitcoin liquidations accounted for the biggest share with $1.4B, followed by Ethereum and XRP positions with $928M and $223M respectively.

    Prominent cryptocurrency analysts Willy Woo and crypto quant trader Sam Trabucco have both pointed out in their respective Twitter feeds, how the most recent flash crash was eerily similar to the events following the previous market high earlier in the year. On both occasions, the market crashes were caused by deleveraging and overreaction of the derivatives marketplace. In a Twitter thread, Trabucco showed the correlation between the most recent crash and the ones that followed BTC’s ATH in April and the one that happened in May, after BTC had recovered to $50,000.

    Almost a $400 billion drop in the span of 30 hours

    The total market cap reached a cycle high of $2.41, before dipping to $2.04T.

    The severity of yesterday’s market action is especially apparent when looking at the chart of the total cryptocurrency market cap. On Tuesday, the market cap reached a peak value of $2.41T. Then the madness ensued, which saw the total market valuation drop to $2.09T, recovering a bit, and then continue the slide to $2.04T at the time of this writing. 

    On a positive note, the current cumulative market value is essentially the same as it was in late August, which shows just how quickly the market has grown by close to $400 billion. One could even say that the drop and subsequent price consolidation were to be somewhat expected. Since there was no fundamental reason for the sudden decrease in the value of digital tokens, we can somewhat safely assume that the prices will recover in the near future. This sentiment is echoed by Willy Woo, who is convinced that the BTC flash crash means we are getting “cheap coins.”

    Despite the negative trading trend permeating the market, there were some standouts among the top 100 largest cryptos by market cap. Near Protocol’s NEAR token and Algorand’s ALGO have both managed to successfully defy the negative trend and posted high double-digit gains over the last 24 hours.

    Despite the market downturn, NEAR managed to gain 40% and reach a new all-time high.
    Buy NEAR
  • Cryptocurrency Buying and Selling Strategy

    Cryptocurrency Buying and Selling Strategy

    Cryptocurrency is a volatile asset class and can switch directions in a blink of an eye. It is great news for those looking to make fast profits. However, it can also cause catastrophic losses if you don’t manage your portfolio correctly.

    Whether you are a seasoned trader or an absolute beginner, this guide will give you valuable insight into the art of buying and selling coins for a profit. 

    Managing risk and your portfolio will be a struggle if you don’t understand trading basics. This guide will help you understand essential trading practices as well as elaborate on some of the more advanced techniques. 

    Choosing the right exchange

    Before we begin talking about when to buy or sell coins, it is important to make sure that you have picked an exchange that you can rely on for your daily needs. The criteria you should be looking for are:

    • Transparent fee structure and low fees. The last thing you want is to cash out a coin thinking you’re in profit, only to realize that the profit is eaten by exchange fees. Many exchanges charge fees on the back end (when you cash out), so make sure you pick an exchange that clearly states what fees are applicable.
    • Ease of use. You want an exchange that is easy to navigate, allows you to trade seamlessly, and displays the benefits of holding or staking any prospective token or coin.
    • Fiat support. Lastly, some exchanges don’t provide fiat (conventional currency) support, which means they don’t allow you to buy with a debit or credit card. If you’re looking to transact between your local currency and have earnings paid directly into your bank account, make sure your exchange does so. You will be surprised at how many exchanges don’t have this feature.

    Once you have selected the exchange that works for you (there is no one size fits all here, every trader will have a different preferred exchange), you can begin to look at coins and tokens to invest in.

    Coin selection

    The next most important thing is to look for coins and projects to invest in. It does not have to be a project that sounds good to you or that you believe in. If you’re a crypto trader and you’re looking to maximize profits, you will often have to balance your portfolio with coins and projects that aren’t necessarily of interest to you.

    To avoid investing in scams or bad projects, you want to look for five crucial things when picking your coins:

    • White paper. Always read the currency’s white paper before deciding to invest. Look at it with a critical eye and remember that developers use these to sell their projects. Question the information contained within the white paper, and if it adds up, that counts as the first tick in your investment box.
    • Crypto forums and blogs. There are tons of valuable insights on forums like Reddit. Look at all the information other users post about the project — good and bad. Don’t just read the information that confirms your opinions. Read bad experiences, too, so you’re prepared for what could happen.
    • Tokenomics. Every coin or token has different tokenomics. Look at whether you can earn passive income through your investment by staking or simply holding a token. Understand the fees of transacting with a token and budget that into your investment.
    • Forecasts. No one has a crystal ball in cryptocurrency, but there are certain things that tend to enhance a crypto’s value. Look for major development upgrades, looming partnerships or the potential to disrupt existing industries. Consider real-world use cases and pick tokens that have value because they can be used. 
    • Track record. Alongside your prediction work, look at how the currency has performed in the past. Has it got a good track record or is it disturbing? Many tokens reach highs initially after launch and then crash never to recover — be cautious about investing in these types of cryptocurrencies.

    Defining a trend

    Trends shape the market. You will hear terms like “bull market,” “bear market,” “dip” and “resistance” thrown around a lot. You can work out a bullish or bearish trend yourself by using the support and resistance levels outlined below.

    Most importantly, understand the market moves on emotion. If the general mood is that crypto is going up or a project is going up, then people will buy into that. It can become extreme, as prices surge when amateur investors experience FOMO (fear of missing out). 

    A smart trader will realize that when FOMO starts controlling the market, it is probably time to sell because a project will only gain so much before the bubble bursts and people panic-sell.

    Support and resistance levels

    A support level is a general baseline that a currency trades above. This baseline is calculated over time, and if the support level is increasing, then the market is considered a bull market. If the support level is broken and falls, the market is a bear market.

    Likewise, a resistance level is the upper ceiling of a crypto’s value, and a token needs to break it to become extremely bullish. This is often referred to as a breakout.

    Typically, a stagnant or crablike market will trade somewhere consistently between these levels.

    When to buy and sell

    The biggest barrier to profit for investors is the complexity of choosing when to buy or sell coins. If you’re looking to buy and hold a currency over a long term (3+ months), it is best to use dollar-cost averaging. This is a technique whereby you split your total investment in a coin and invest it regularly in increments. It is useful to ensure you don’t buy in at a bad price, because any bad buy-ins are averaged out by good buy-ins.

    More frequent traders will want to analyze the market using the support and resistance data. Smart traders will evaluate whether they are in a bull market, and if they feel they are, then they will do something commonly known as “buying the dip”. This is where a trader takes advantage of a small market downtrend to buy in at a lower price.

    Selling is another thing altogether. If you have a target price, then it is always best to execute your sale at your desired value. Don’t hold on longer than you need to if your coin has met the target. You can always buy back in at a later point if you wish to reinvest.

    Selling when FOMO is prevalent is also a good idea as the likelihood of a crash or significant dip is high when new traders are rushing in. Lastly, only sell when you have met your target price, don’t sell if a crash occurs or if the market dips — provided you took the research steps above, you should be confident your target price is eventually reachable regardless of the current market movement.

    Conclusion

    Trading isn’t foolproof, and even seasoned investors make mistakes when they buy or sell coins that can be costly. By being diligent and picking good currencies to fill your portfolio, you will find you can often counteract any mistakes you make. 

    Do your own research and always remember your decision to trade depends on your attitude to risk, your expertise in this market, the spread of your investment portfolio and how comfortable you feel about losing money. Never invest more than you can afford to lose.

    Good luck!

  • Fantom-Based Ethical Payment Solution Retreeb Partners With Probit Global for IEO Following Successful Integration of the Surging Layer 1 Platform

    Fantom-Based Ethical Payment Solution Retreeb Partners With Probit Global for IEO Following Successful Integration of the Surging Layer 1 Platform

    As part of ProBit Global and ethical payment solution Retreeb’s mutual and overarching support of the rapidly growing Fantom blockchain, the IEO powerhouse will host the final leg of Retreeb’s token fundraising initiative until September 13 following the exchange’s integration of its first Fantom-based project. 

    The IEO marks a wider commitment to the rapidly growing Fantom ecosystem as ProBit Global continues to expand its global markets with top-growth projects capable of spurring innovation and unique value propositions. 

    Early-stage adopters can also accumulate a 3% bonus when completing payments with PROB, a utility token unlocking cascading structure of trading benefits across the platform’s key offerings. 

    The current choke points in traditional credit card solutions, namely high trading fees and commissions, are further exacerbated by the dominance of Visa and Mastercard in the global card and payments market with volumes of $1.97T and $837B. 

    Retreeb spearheads efficient and low-cost transactions through a dual token system to resolve key pain points while augmenting its cornerstone solidary cashback system that funnels 33% of all revenue to approved social organizations with zero-commission fees. 

    With 77% of consumers and 73% of investors prioritizing CSR-aligned businesses, the CSR Launchpad provides immediate funding to social and environmental funds that are voted in by holders.

    (s)Treeb serves as the platform’s key stablecoin backed by an equal amount of collateral in the respective currency reserve, lowering commission fees to as low as 0.9% for merchants while benefiting social causes for every transaction made. 

    The (u) Treeb token plays a pivotal role in aligning the key value propositions of both CSR and cryptocurrency by providing unprecedented levels of system governance, allowing holders to stake tokens and vote for prospective social causes. 

    Retreeb has adopted the Lachesis aBFT consensus mechanism used by Fantom to enable equal distribution of validation rewards due to nodes achieving consensus independently and bypasses the need to vote on the network state for a considerable boost in throughput and finality. 

    ABOUT RETREEB
    Retreeb is a new decentralized way to pay, simple, practical, economical, which allows you to act in accordance with the universal values of ethics, sharing and solidarity. Retreeb is the first distributed payment solution that shares one third of its network fees to fund social and solidarity projects.

    Launched in 2019, our mission is to build a payment ecosystem that creates the conditions for a better distribution of value, but without additional fees to consumers.

    ABOUT PROBIT GLOBAL
    ProBit Global is a Top 20 crypto exchange worldwide servicing crypto enthusiasts with unlimited access to trade and buy Bitcoin, Ethereum and 600+ altcoins in 1000+ markets.

    PROBIT GLOBAL IS A BRAND TRUSTED BY MILLIONS OF USERS 
    200,000+ community members
    1,000,000+ monthly active users
    3,000,000 monthly web visitors
    50,000,000 users on partnering aggregators and wallets such as CoinMarketCap
    User interface of Multilingual website supporting 41 different languages
    Marketing and community support in 8 key languages

    Join our active programs and get huge benefits!
    1. Trading Fee Discount: Buy PROB, pay trading fees with PROB & get as low as 0.03% trading fee
    2. Referral Program: Earn 10-30% of trading fees for referring friends to ProBit
    3. ProBit Exclusive: Subscribe to 50% off Top 200 tokens 
    4. Auto Hold Campaigns: Hold tokens and get 6% annualized returns

    ProBit Global: www.probit.com
    ProBit Telegram: https://t.me/ProbitEnglish

  • Bitcoin drops to $43K, Ethereum below $3,200, in the Span of Minutes

    Bitcoin drops to $43K, Ethereum below $3,200, in the Span of Minutes

    During today’s massive sell-off event, the cryptocurrency market cap slid from $2.31T to $2.12T in the span of 5 minutes. Almost all major coins were showing double-digit losses. Most notably, Bitcoin fell to $43,000 before bouncing back to $47,087 at the time of this writing.

    A minutes-long sell-off event sees the price of Bitcoin drop to $43,753.

    The second-largest cryptocurrency, Ethereum dropped to $3,179 as it lost 15%, before clawing back to $3,503 at press time. Other cryptocurrency projects followed in the footsteps of the big two as, at one point during the massive drop, almost all coins were showing losses in excess of 15%.

    It is unfortunate that the day on which El Salvador started using Bitcoin and thus became the first country in which BTC is recognized as a national currency is marked by such a huge market downturn. Salvadoran president Nayib Bukele took to Twitter and tagged the International Money Fund (IMF), thanking the organization for the dip and the discounted price of BTC.

    The extent to which the market has swung is most noticeable when looking at the total market cap chart. Since market capitalization’s peak value earlier in the day of $2.409T, the minutes-long drop pushed the value down to $2.165T.

    The cryptocurrency market lost more than 10% in the span of minutes.

    What triggered the almost instantaneous drop is currently unclear. Some of the more notable voices in the community are putting blame on large-volume traders, also referred to as ‘whales’. Analyst and crypto trader Scott Melker, for instance, is certain that they were the ones responsible for the massive sell-off. He also tweeted that aggressive selling on the day that Bitcoin became legal tender in El Salvador when the World Bank and other similar entities “expressed discontent about the decision is not purely coincidental.”

    The latest sell-off event resembles the one that took place earlier in the year on May 18, when the cryptocurrency market lost $200 billion in the span of a day and kickstarted a prolonged bearish trend, which saw Bitcoin drop all the way to $30,000, after reaching an all-time high of $64,829 in mid-April.

  • deBridge announces $5.5m fundraising five months after winning the Chainlink hackathon

    deBridge announces $5.5m fundraising five months after winning the Chainlink hackathon

    Panama City, Panama, 7th September, 2021,

    deBridge, a cross-chain interoperability and liquidity transfer protocol, is delighted to announce the closing of a $5.5 million funding round to bring the new era of cross-chain interoperability.

    deBridge is thankful to have the support and backing from great partners including lead strategic partner ParaFi. The round also saw participation from Animoca Brands, Huobi Ventures, Lemniscap, Crypto.com Capital, MGNR, IOSG, Fundamental Labs, bitScale, DFG, Chorus, SkyVision Capital, The LAO, GSR, AngelDAO, NeptuneDAO, D64, Axia8 Ventures, Mounir Benchemled, Gabby Dizon, Santiago R. Santos, and others. 

    deBridge was started as the team experienced problems with cross-chain interoperability and swaps themselves, and there was no unified and convenient solution. The project commenced during the Chainlink Spring 2021 Hackathon, where the team took the grand prize among more than 140 talented teams worldwide.

    “The raised capital will help build infrastructure and decentralized services that allow any protocol to expand to any blockchain networks to achieve greater scalability, while seamlessly interconnecting protocol components in different ecosystems”, according to co-founder and project lead Alex Smirnov. 

    The first step will be the mainnet launch later this year which will support Ethereum, BSC, HECO, Polygon, and Arbitrum. The first phase of the protocol will enable projects and users to perform cross-chain swaps and bridging and to start integrating with or build on top of deBridge. 

    “As DeFi becomes a multi-chain phenomenon, decentralized bridges that can transfer value between distinct ecosystems will become increasingly important. We are excited to support the deBridge team as they build a product that enables the movement of capital between Ethereum, Arbitrum, and beyond” –Nick Chong, investment analyst at ParaFi Capital.

    “With the advent of a mature multi-blockchain environment, a cohesive web for cross-chain communication has become not only a need, but a necessity. Due to its technically sophisticated nature, the ever-evolving notion of “interoperability” is still seen as one of the toughest nuts to crack in the blockchain world. We believe that Alex and the deBridge team have what it takes to tackle the ecosystem fragmentation and bring us closer to user-friendly and efficient multichain vision as the crypto industry moves towards the mainstream adoption.” –Roderik van der Graaf, managing partner at Lemniscap

    deBridge is looking forward to working with their fantastic supporters to facilitate cross-chain interoperability in the blockchain ecosystem and to allow projects and users to build innovative products and primitives, including cross-chain composability of smart contracts and bridging of any arbitrary asset—your favorite NFTs included.

    About deBridge

    deBridge is a cross-chain interoperability and liquidity transfer protocol that allows truly decentralized transfer of assets between various blockchains. The cross-chain intercommunication of deBridge smart contracts is powered by the network of independent oracles/validators which are elected by deBridge governance. deBridge protocol is an infrastructure platform and a hooking service which aims to become a standard for:

    • Cross-chain composability of smart contracts
    • Cross-chain swaps
    • Bridging of any arbitrary asset
    • Bridging of NFTs

    Contacts
    • Alex Smirnov
    • info@debridge.finance
  • Solana Reaches Higher, Fantom (FTM) Posts a New All-Time High

    Solana Reaches Higher, Fantom (FTM) Posts a New All-Time High

    During the day of mostly negative market moves, Solana (SOL) and Fantom (FTM) defy the trend and lead the chart of the top daily gainers among the 100 largest cryptocurrencies by market capitalization. Bitcoin came within striking distance of breaching the $53,000 resistance level, before retracing back to $50,780 at the time of this writing. BTC dominance continues to slip and is currently at 41.2%, which is a clear sign that Ethereum and other altcoins are gaining steam.

    “Solana Summer” continues, SOL reaches a new ATH

    Solana continues to impress. One of the hottest crypto projects of 2021 is now up more than 118x for the year and shows no signs of slowing down. During the past three weeks, Solana has repeatedly managed to post new all-time highs and today was more of the same. In the span of 18 hours, the price of SOL increased by roughly 40%, from $139 to the new ATH of just above $194, before dropping to $180 at press time.

    Solana has clearly benefited from the popularity of non-fungible tokens (NFTs). The sale of Degenerate Apes in August, which saw the whole collection being sold in under 8 minutes and the priciest item reaching $6 million, shows just how much interest for NFTs there is in the market. Recently, the Ignition event marketing campaign managed to garner a massive amount of interest for the project and pushed the price of SOL far beyond $100 for the first time.

    Buy/Sell SOL

    Price of Fantom more than tripled since the late August rally commenced

    Looking at the 1-month chart of Fantom, we can clearly see that FTM was trading mostly sideways in August, before a massive rally started on August 29, which saw the price grew from $0.518 to a new ATH of $1.74 in the span of eight days. Since the top price point, Fantom has slipped to $1.59 at the time of this writing.

    Fantom is another crypto project belonging to the growing list of so-called “Ethereum killers”. Fantom platform is designed to provide low transactions costs and high scalability. The network uses proof-of-stake (PoS) and Asynchronous Byzantine Fault Tolerant (aBFT) consensus mechanism. Staking FTM ensures the platform’s security and seamless operation of the network and in return earns FTM token rewards for stakers.

    Buy/Sell FTM