Socialswap is a cryptocurrency trading platform aiming to empower financial access as an education hub through various channels and social events.
Following the official launch of the SocialSwap DEX in March 2021, the team’s primary objectives include consolidating liquidity fragmentation and reducing slippage. Price oracles track and maintain price changes along with a cap on reserve balances preventing the execution of any swap transactions once a balance exceeds the set amount.
SST tokens unlock various tools such as token swapping, staking, and accruing LP tokens across current pools. During Q3 or Q4 2022, the team will roll out SocialSwap V2 and decentralized lending to enable users to access decentralized loans through cryptocurrency collateral.
The team will also allocate the majority of early investors’ funds for SST buybacks to equalize market volatility along with an additional 5M SST stored securely in the Hold-Back Pool.
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
100,000+ community members 800,000+ monthly active users 3,000,000 monthly web visitors 50,000,000 users on partnering aggregators and wallets User interface of Multilingual website supporting 41 different languages Marketing and community support in 8 key languages
Market metrics, MRVR and Puel Multiple, point to the current market undervaluation of Bitcoin
Chinese crackdowns on Bitcoin mining has been largely responsible for the negative market trend during the last three months
Upcoming Taproot Bitcoin upgrade shows the coin’s ability to adapt to new changes and reminds critics that Bitcoin is still developing and exciting technology
As always, when the market decline happens, Bitcoin critics are quick to come out of the woods and point out why, in their opinion, the digital currency is doomed in the long run. However, those who truly appreciate everything Bitcoin has to offer, use the opportunity of the market downward trend to examine the underlying market metrics and try to better understand market behavior, unaffected by bullish trading actions.
It might seem like years have gone by, but only three short months ago on this day, Bitcoin reached its all-time high price of $64,816. Since then, the world’s largest digital currency has lost almost exactly 50% of its value and is trading at $32,490, at the time of this writing.
What are some encouraging Bitcoin market metrics?
One of the most illuminating metrics when it comes to gauging where the market is headed is MRVR (market value to realized value). This indicator shows the amount of potential profit the traders have yet to have realized. Another useful market metric is the so-called Puel Mulitple, which shows the ratio between the year-long moving average and the total dollar value of Bitcoin that is mined over one day period. Both metrics point towards a possible market reversal, as BTC seems to be trading undervalued at the moment.
Bitcoin MRVR chart shows there are still gains to be capitalized on left. Image source: CoinMetrics
At the end of the day, even if Bitcoin price were to drop to the $20,000 – $25,000 range, it will very likely reach $100,000 by the end of the year. The chart below compares the previous three Bitcoin halving epochs and corresponding price movements, which pushed the price up 20x. Each time, a similar pattern occurred at each halving’s start, before the price eventually surged to new highs. We are seemingly again tied in the same historical trend, which bodes well for the future and means we could be in for a wild ride throughout the end of 2021 and beyond.
Bitcoin price history has been cyclical up to now. If the trend continues we could see $100,000 Bitcoin by year’s end. Image Souce: CoinMetrics
Chinese crackdowns continue to have a severe impact on the industry
Chinese authorities have put a considerable dent on Bitcoin mining across its territory in the most recent quarter. As Chinese miners account for by far the largest share of global BTC mining distribution, Beijing’s actions have been strongly felt. As a result, the overall computational mining capabilities, measured as a Bitcoin hashrate, have taken a tumble and have dropped from 200 million TH/s to 90 million TH/s in Q2.
Since Q1 hashrate has decreased by more than 50%. Image Source: CoinMetrics
Following Chinese crackdowns, which forced mining operations out Qinghai, Inner Mongolian Yunnan and Sichuan regions, an interesting turn of events took place. As Chinese mining pools were forced to shut down or vastly scale down their businesses, miners are searching for new locations to re-establish their headquarters. The US has previously made considerable VC investments in the sector and is likely going to capture some of the fleeing miners. Kazakhstan has also emerged as a likely candidate for new miner operations.
While the cryptocurrency space is currently suffering from the upheaval caused by China, long-term speaking the situation will likely end up in crypto’s favor as mining will become much more decentralized.
“I think this is a signal that in the future, bitcoin mining will be more distributed by necessity. Less mega-mines like the 100+ megawatt ones we see in Texas and more small mines on small commercial and eventually residential spaces. It’s much harder for a politician to shut down a mine in someone’s garage.”
Steve Barbour, founder of Upstream
Upcoming Taproot upgrade proves Bitcoin is not an “old technology”
In June, Bitcoin miners have expressed overwhelming support for Taproot Bitcoin upgrade. The upgrade will improve privacy through a process of making complex and simple transactions indistinguishable from one another. The upgrade will roll out sometime in November this year, at block number 709,632.
Taproot upgrade will signify the biggest upgrade to the protocol since 2017’s block capacity enhancement. Hopefully, it will do away with the prevailing narrative that Bitcoin is too slow to change and adapt to quickly changing market conditions. Despite requiring decentralized consensus to deploy changes, first proposed in its white paper, Bitcoin shows a remarkable ability to do so in a timely manner.
In the latest attack, token holders using ChainSwap cross-chain solution were affected to the tune of $8 million.
The hacker has used a loophole to gain access to different project’s BCS contracts and sent stolen funds to his address, then promptly selling in PancakeSwap.
The latest attack happened only a week after the previous hack when ChainSwapp accrued $800k in damages
News of hacking attacks and scams are unfortunately nothing new when it comes to the crypto industry. Hiding in anonymity, malicious actors have been able to use various loopholes to exploit traders and protocols in the sector since the beginning. The latest victim of a hacking attack was ChainSwap, a platform that acts as a bridge for multiple chains, most prominently connecting Ethereum to Binance Smart Chain. The cross-chain hub allows token trading without using an exchange.
$8 million worth of tokens were stolen
While established crypto platforms and crypto networks have seen a low amount of scams and attacks in the last few months, the decentralized finance (DeFi) sector has been suffering heavily. The latest in the line was ChainSwap, which was targeted supposedly by a lone hacker.
After gaining entrance into the ChainSwap through a loophole, the attacker was able to exploit several projects that use ChainSwap’s cross-chain solution. First to spot unusual activity was “n30”, a developer at Wilder World, who shared his findings in a series of Twitter posts.
9/ In a series of nine transactions starting at block 12701866 on Ethereum, the attacker sold a total of 1,978,844.84 $WILD for a total of $327,331.98 DAI.
The list of exploited tokens includes Wilder World’s WILD, Chainswap’s own ASAP token, as well as Antimatter, Optionroom, Umbrellabank, Nord, Razor, Peri, Unido, Oro, Vortex, Blank, and Unifarm tokens. The stolen tokens were transferred into the hacker’s wallet and promptly sold on decentralized exchange PancakeSwap. Antimatter and Option have already committed to a 100% compensation plan for affected users, others are still deciding what is the best course of action.
To make things worse, this was ChainSwap’s second hack this month
At the moment, Chainswap has temporarily suspended its connection between Ethereum and Binance Smart Chain and promised full compensation to its token holders. In the aftermath of the attacks, ASAP price has fallen by more than 50%, while several other tokens suffered big losses as well.
This is the second time that ChainSwap has fallen prey to a similar attack as in a previous hacking attack, a loophole in the developer’s code was exploited funds worth approximately $800,000 were stolen from the platform. Perhaps a bit jokingly, the attackers at the time wrote: “Sorry for the trouble, you sound genuinely like great people but money is money.”
Cryptocurrency exchange Wisebitcoin has announced the launch of SYNTHETIX (SNX) against USDT as an aggregated trading pair. Aggregated trading pairs do not support deposits and withdrawals. Instead, by using an aggregated trading pair, Wisebitcoin automatically takes buy and sell orders from its users and places those orders on both Wisebitcoin as well as other network exchanges. This approach ensures that these tokens and assets are in full reserves and are available for trade on the cloud network of exchanges.
Aggregate trading helps high-growth platforms such as Wisebitcoin to quickly provide users with access to liquidity for new and popular crypto tokens and assets. Furthermore, using an innovative local and external order matching mechanism, Wisebitcoin’s aggregate trading system provides transaction speeds and user experiences that are similar to those seen when placing orders for other trading pairs on Wisebitcoin.
About SNX (SYNTHETIX)
Synthetix is a derivatives liquidity protocol that is the backbone for derivatives trading in DeFi. It allows anyone, anywhere to gain on-chain exposure to a vast range of assets. At present, almost $1 billion is locked in Synthetix’s DeFi smart contracts.
About Wisebitcoin
By providing liquidity, fast transactions, low fees, and a clean, intuitive UI to traders, Wisebitcoin makes it easy to invest in the crypto space and to trade popular, high market cap tokens and assets. By adding aggregate trading for SNX to the platform, Wisebitcoin opens the doors to investment in one of the most popular decentralized liquidity and DeFi trading projects in the market.
AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, will be announcing the listing of Sentinel token (DVPN) under the pair USDT/DVPN on July 13 at 1 p.m. UTC.
Sentinel is a network of nodes that share their bandwidth, on which Decentralized VPNs (dVPNs) and other similar services are built. The Sentinel ecosystem aims to empower universal access to the internet in a trusted and provable manner. This will be done by allowing organizations and individuals around the world to construct cost-effective, scalable, distributed, and decentralized networking solutions on Sentinel’s Cosmos-based blockchain.
The underlying utility of the Sentinel native token revolves around a few core functions; It operates as a governance and staking token, it can also be used as a payment medium for dVPN subscriptions and Advanced dVPN Services.
Sentinel has several upcoming development milestones in 2021 to highlight. These include the launch of a new desktop client, the launch of the latest android and iOS clients, the launch of their hardware node, the monetization of the network, and the launch of their white-label SDK. These are critical milestones because they will create a robust environment for the network to expand and diversify users’ opportunities to participate in the network.
The Sentinel team is comprised of a diverse group of highly qualified, dedicated individuals with technical, financial, economic, and social expertise from many different countries. The team brings rich experience from working in the crypto industry and is prepared to handle any roadblocks or obstacles that surface to ensure the project’s success.
About AscendEX
AscendEX (formerly BitMax) is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 150 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions.
AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum. AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage.
To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit www.AscendEX.com.
Sentinel is a network of nodes that share their bandwidth, on which Decentralized VPNs and other such services are built. The purpose of the Sentinel ecosystem is to empower universal access to the internet in a trusted and provable manner. This will be done by allowing organizations and individuals around the world to construct cost-effective, scalable, distributed and decentralized networking solutions on Sentinel’s Cosmos-based blockchain.
While most crypto assets trade sideways or even negatively over the last two months, Axie infinity (AXS) and Constellation (DAG) have their most successful months to date
Both coins had stellar performances, but keep in mind that quick rallies can often lead to even quicker corrections
During the slow bear market of the last two months, most digital currencies have been slowly losing value or trading sideways. However, two coins have completely defied the latest trend and rallied towards their respective all-time highs.
Axie Infinity (AXS) grows by leaps and bounds, up 422% over the last 30 days
Axie Infinity is blockchain-powered trading and battling NFT-based online video game, developed by Vietnamese gaming studio Sky Mavis. The game makes use of Ethereum issued tokens AXS and SLP. As of June 2021, it has recorded $42 million in NFT sales, making it one of the most expensive NFTs collections.
The price of AXS has exploded from $3.9 on June 14th, to ATH of $21.38 on July 12th. The price surge corresponds to Axie Infinity’s high DApp activity as the game generated $49.1 million in the last 30 days, making it more than three times as high as second-placed PancakeSwap (CAKE), according to Token Terminal data.
Constellation (DAG) up by 322% following the launch of automated market maker Lattice Exchange
To make a quick price recap, DAG traded at $0.0429 on June 14th. In less than a month it managed to achieve its ATH of $0.2442. Since then, the token has retreated by almost 30%, but still up more than 3x for the month.
Constellation is a distributed network built to facilitate fast and scalable solutions for organizations that need secure data transfers and interoperability between devices. Constellation’s DAG token owes its meteoric month mostly to the rollout of the automated market maker Lattice Exchange that was built on Constellation’s network.
Ethereum fees drop to levels not seen since March 2020, the average gwei used for a single transaction is in the 15-30 range
The reason for low gas prices is not directly related to lower user activity, as arbitrage bots activity is getting moved off the main chain and the gas limit per block was raised
During the bullish period, during the second half of last year and at the beginning of 2021, Ethereum gas prices were pushed to new highs. Since then, with the bearish market momentum at play, the transaction fees of the second-largest digital asset have reduced drastically.
It costs 15-30 gwei to process a transaction on the network
In a new report published by market research firm Coin Metrics, transaction fees on the Ethereum blockchain are now at their lowest. According to Coin Metric’s analysis, gas prices have broken below the level witnessed in March 2020, when gas prices were the cheapest previously.
The gas fee is a phenomenon used to describe the amount paid for a transaction to be processed, which is usually expressed in gwei. Gwei refers to the cost expressed in ETH of making a transaction on the Ethereum network. Additionally, gwei is the smallest unit of Ethereum like what cents are to the dollar and satoshi are to Bitcoin.
According to recent details, the average amount of gwei required to process a transaction on Ethereum is in the 15-30 gwei range. This is significantly lower when compared to the gwei amounts during the bull period. Despite the fact that the fees have dropped considerably, some traders are still baffled as to why it costs as much as $8.15 to process a transaction on the blockchain compared to a $2.31 charged on June 26.
The gas fees dropped even before the price of Ethereum took a tumble
To determine the transaction fee, the total gas used is multiplied by gas price. It takes various amounts of gas to perform different activities on the Ethereum blockchain. The reason for vastly different gas prices is twofold.
The first factor is that sending Ethereum to a wallet address, making a transaction on a decentralized finance protocol, or bidding for an NFT on the network can require vastly different amounts of gas as these actions are very different in their complexity. Another factor is that the gas fees are not stationary as they increase and decrease depending on factors such as the number of people on the network.
Additionally, arbitrage bots, which have been responsible for high transaction fees in the past, have been moved off of the main chain. In April the gas limit per block was also raised, meaning more available transactions per block.
Nexo, the leading regulated institution for digital assets, has completed a strategic investment in Yield Inc, a company leading efforts to build the Yield Protocol – an Ethereum protocol that enables fixed-rate borrowing and lending by fostering the nascent DeFi bond market – as part of the company’s $10-million Series A funding round. Nexo aims to not only provide necessary funding but also to help Yield’s efforts to build DeFi native versions of traditional finance products.
Nexo’s investment represents another important milestone on its strategic agenda. As the largest, retail-oriented lender in the digital asset space, Nexo pursues optimal operating and investment returns, but of equal importance to the company is the responsibility to invest in young and prospective Blockchain projects in order to help shape the ecosystem of tomorrow and influence the future generation of crypto visionaries.
The raised funding will further bolster Yield’s mission to make fixed-rate borrowing and lending a fundamental building block of decentralized finance. Yield recently began sharing details regarding version 2 of Yield Protocol’s core borrowing and lending platform, slated for release later this year. Nexo’s seasoned team of financial professionals and technology experts will be available to support Yield’s growth and development, and both teams will join efforts to contribute new standards of professionalism and institutionalization to the nascent DeFi industry.
“Nexo and Yield could form the perfect symbiosis in the industry’s efforts to transform digital assets into a new asset class. While Nexo is a dominant factor in the traditional crypto-backed CeFi space, new business niches could be unlocked by Yield’s zero-coupon fixed-income instruments, dynamic interest rate determination across maturities, and innovative risk management” commented Tatiana Metodieva, CFA, Head of Corporate Finance at Nexo, who led the buy-side mandate.
“Nexo brings a unique perspective to Yield’s incredible team of investors and advisors. Nexo understands both traditional crypto-backed CeFi, but also understands what it means to be a DeFi power user. We are thrilled to have their help as we launch version 2 of the Yield Protocol and begin to build a community around fixed-rate, fixed-term borrowing and lending products,” commented Allan Niemerg, CEO of Yield, Inc.
About Nexo
Nexo is the world’s leading regulated digital assets institution. The company’s mission is to maximize the value and utility of cryptocurrencies by offering tax-efficient Instant Crypto Credit Lines™, a high-yield Earn on Crypto & Fiat suite, an instant Exchange service, and sophisticated trading and OTC capabilities, while providing the top-tier custodial insurance and military-grade security of the Nexo Wallet. Nexo has processed $30+ billion for 1,500,000+ users across more than 200 jurisdictions.
Yield is on a mission to make fixed-rate borrowing and lending a fundamental building block of decentralized finance. Yield was the first to launch fixed-rate, fixed-term borrowing and lending on Ethereum, and has pushed forward the state of the art in on-chain financial products and automated market makers. Founded in 2020, Yield is a global, remote-first team committed to building decentralized protocols that empower users to control their financial future.
Comparing the total cryptocurrency market valuation of $1.42 trillion at the end of Week 27 to the one at the start of the week ($1.5 trillion) shows that there were on average no bigger moves throughout the week. Bitcoin, the barometer of the cryptocurrency space behaved in a similar manner, ending the week at an almost the same valuation as it has started the week – $34.500. Do you think that we will see bigger moves in Week 28? If this is the case, which coins or tokens are more likely to appreciate? Find out more in this week’s selection of top 3 coins to watch.
1. Crypto.com (CRO)
Crypto.com is a Hong Kong-based crypto debit card issuer and cryptocurrency exchange, which aims to increase the usage of cryptocurrency as a payment method for everyday purchases. The company started out under another name – Monaco. Monaco conducted a token sale between May and June of 2017, which raised a total of $26.7 million. The platform’s native CRO token offers discounted fees on the exchange, higher earnings on Crypto Earn, loans with low annual interest as well as 100% rebates on streaming services (Spotify, Netflix, Amazon Prime) for the Crypto.com’s card subscribers.
Crypto.com Signs a $175 Million Sponsorship Deal with the UFC
Cryptocurrency platform Crypto.com revealed on July 7 that they have established an important partnership with the UFC (Ultimate Fighting Championship). According to sources familiar with the deal, Crypto.com cashed out $175 million, for being featured on fighter kits, canvases and in the octagon. In addition, Crypto.com will become the UFC’s official “Cryptocurrency Platform Partner”. The deal was signed for 10 years. UFC debuted the Crypto.com-themed clothing at the UFC 264 Poirier vs. McGregor ceremonial Weigh-Ins.
Catch the new fits 💪
We debuted our OFFICIAL kit partner @CryptoCom at #UFC264 Ceremonial Weigh-Ins!
Besides that, Crypt.com is present in pretty much all sectors of the cryptocurrency industry. It offers a cryptocurrency exchange, has crypto payment processor, an NFT platform and issues Visa cards for spending cryptocurrency balances with an up to 8% cashback in CRO token on credit card purchases (for comparison American Express only offers 1% cashback). The CRO token is currently trading at $0.128 and is up by more than 8% in the last 7 days and 9.5% in last 1 month. Throughout both periods CRO outperformed both ETH and BTC. Crypto.com platform userbase exceeded 10 million in February and with the UFC deal, the userbase is poised to grow further. We believe that CRO could easily climb back above $0.20.
2. Cardano (ADA)
Cardano is a decentralized blockchain platform focused at creating a smart contract-enabled environment, on which developers can build decentralized applications. Cardano utilizes a Proof-of-Stake consensus model and aims to provide a more sustainable, scalable, and transparent operation compared to other smart contract blockchains. The project was started by Charles Hoskinson, a mathematician, who was once part of the Ethereum developer team, in 2017. The team raised $62.2 million for project’s development through an ICO. The development of the project is now overseen by three main organizations, the IOHK, Cardano Foundation and Emurgo. Hoskinson and IOHK stive to follow the principles of academic peer review in the project’s development process. The native asset of the Cardano blockchain is called ADA, but previously this year, the project rolled-out an update, which enabled support for other Cardano-native tokens as well.
Grayscale Investments adds ADA to its Digital Large Cap Fund
The developers of Cardano, one of the most actively developed cryptocurrency projects, are not resting even during the summer. The global blockchain development company that stands behind the project Input Output Hong Kong (IOHK) keeps announcing strategic partnerships by which Cardano is increasing its presence in different sectors of the cryptocurrency industry as well as increasing ADA’s utility. Last week, IOHK announced a partnership with a cryptocurrency lending platform Nexo, that will allow ADA holders to trade, borrow, and lend crypto on the Nexo Exchange. Perhaps another confirmation that Cardano is on the right path is that the major crypto asset management firm Grayscale Investments has included ADA in its Digital Large Cap Fund. The famous asset manager has reduced the share of Bitcoin in the Digital Large Cap Fund from 79.8% to 67.47% to add ADA, which now represents 4.26% of the fund, as well as increase its ETH exposure. The readjusmtents were part of the regular qarterly rebalancing.
Nevertheless, some observers have exposed the fact that Cardano adoption is failing to meet the Charles Hoskinson’s optimistic predictions as the blockchain’s founder forecasted in 2020 that there will be 100s tokens and 1000s dApps running on Cardano blockchain in one year’s time. The reality is a bit different though, as the Cardano still has not deployed the smart contract functionality. Hoskinson responded to the criticizm saying that those who don’t see the progress since last year haven’t been paying attention. In addition, the Alonzo upgrade that will bring the smart contract functionality to the Cardano blockchain is set to start rolling out soon. From a technical standpoint, however, ADA is not doing great as it recently dipped below the ascending channel’s support line on the ADA/BTC graph. Will we have to wait for the Alonzo upgrade to reverse the downward trend?
Cardano (ADA) dipped bellow the support line on the ADA/BTC trading pair. Therefore, technical analyst YokoCrypto believes ADA is headed to further lows. (Source: YokoCrypto)
3. Band Protocol (BAND)
Band Protocol is a cryptocurrency oracle solution that aims to establish a standard framework for the collective data curation. This reliable and trustless data sources (oracles) can then be used to feed the codes of various decentralized technology protocols and blockchain applications.
Band Mainnet Network to Upgrade to Phase 2 on July 13
Developers of the Band Protocol have announced that the Band protocol mainnet will be upgraded from Phase 1 (GuanYu) to Phase 2 (Laozi) at block 7486289. This is expected to occur at 11:00 am UTC on July 13. However, the Phase 2 (Laozi) chain will only go live 6 hours after the upgrade completes, meaning that the BandChain network will be down for around 6 hours. Most of the exchanges have opted to disable BandChain token deposits and withdrawals during this period. Nevertheless, the BAND ERC-20 token will function as normal. The highly anticipated upgrade will introduce streaming revenue for data providers, an Inter-Blockchain Communication Protocol (IBC protocol) to boost cross-chain compatibility and optimized network throughput. Once the Phase 2 is fully deployed, users will be able to access their holdings via the same wallets, private keys, and mnemonics.
