Unifi Protocol is proud to be the first DeFi platform to create a blended ecosystem of DeFi and blockchain node staking rewards. Exisitng nodes on 6 blockchains will join with Unifi’s existing 7 chain DeFi ecosystem. Blockchain validation is a large industry, and projected to grow substantially larger as Ethereum and other cryptocurrencies adopt Proof of Stake as a security mechanism.
Unifi Protocol acquires the assets of multi-chain staking provider
Unifi has awuired the assets of multi-chain staking provider Sesameseed. Unifi will gain and operate Sesameseed’s existing blockchain nodes on IoTeX, Icon, Ontology, Harmony, Tron and Waves. These 6 nodes currently have a combined stake of approximately $13.1M staked to them by over 250,000 blockchain addresses.
Sesameseed currently generates about $3000 per day from its nodes, which will now feed directly in the Unifi Protocol ecosystem. A high percentage of that daily reward will be captured by the Protocol as TVL. Unifi’s blockchain nodes will mint the UP rewards token, unifying the interests of stakers with liquidity providers and projects built on the Protocol.
Unifi will absorb the $8.5 Million marketcap of Sesameseed’s multi-chain SEED token into the Unifi (UNFI) token economy. The combined total of over 275,000 SEED holders on 4 blockchains will also be eligible to claim UNFI tokens, the Global Governance token for the entire multi-chain Unifi Protocol.
Unifi will obtain Sesameseed’s approximately $1 Million SEEDGerminator developer fund. This fund will be used by Unifi to facilitate and accelerate future development on the Unifi Protocol.
Started in 2018, Sesameseed’s community grew to become one of the largest and longest lasting multi-chain cryptocurrency communities with a social media audience of over 16,000 active members. The majority of Sesameseed team will now join the Unifi team, providing expertise in operating blockchain nodes, managing a multi-chain staking community, smart contract development, blockchain and social media integration, multi-chain wallet creation, cross-chain token swaps, project acceleration, and grants application and administration.
About Unifi Protocol
Unifi Protocol DAO (UNFI) is a Binance Launchpool Project that currently operates the AMM uTrade on 7 blockchains. uTrade currently operates on Ethereum, Binance Smart Chain, IoTeX, Ontology, Harmony, Icon, Tron. Unifi has announced the Protocol will expand to additional blockchains and introduce other DeFi products such as lending and PoS blockchain node staking. Unifi is expanding its DeFi footprint in the growing Binance Smart Chain DeFi ecosystem, as the $1.18B monthly volume ACryptoS recently added uTrade support to its platform.
Coin98 is a cross-chain liquidity protocol that includes its own non-custodial, multi-chain crypto wallet, exchange and bridge solution. Coin 98 project includes all the necessary tools to create a multi-chain platform.
The Coin98 team’s ambitious goal is to bring together Traditional Finance and Decentralized Finance (DeFi).
The protocol will include decentralized exchanges, lending protocols, on-chain governance and blockchain-powered gaming in an effort to create an all-encompassing DeFi ecosystem.
The mobile app supports cross-chain migration across the most popular crypto networks, including Ethereum, Binance Smart Chain, Solana, and others.
The platform’s native token C98 will be used for ecosystem development, staking, governance, and to give token holders additional benefits when using the platform.
Coin98 (C98) is the 20th project on Binance Launchpad, its token sale will last 7 days from 16th July 0:00 AM (UTC) to 23rd July 0:00 AM (UTC) and is set to follow the rules of the previously announced subscription format.
The per-user BNB holding amount will be determined using the Daily Average BNB Balance calculation, with the user hard cap set to $20,000.
50 million coins, which represent 5% of the C98 total supply, will be available during the Launchpad sale.
The project has already raised $12.5 million in the previous two private token sales.
The previous two coins that have entered the market via Binance Launchpad in 2021 have enjoyed great market success, as both SFP and TKO are trading way above their initial token sale prices.
The cryptocurrency market is said to be the most volatile now, as evidenced by Bitcoin’s price volatility reaching a 14-month high in June 2021. To cushion the impacts, individuals may consider depositing their crypto assets into interest accounts that would help generate more yield without having to actively trade their crypto assets.
One such platform that allows you to do exactly that is Hodlnaut.
History of Hodlnaut
Hodlnaut is a Singapore-based centralized finance (CeFi) crypto lending platform that provides financial services to individual investors where they can earn interest on their cryptocurrencies. Founded in April 2019 by self-proclaimed bitcoin maximalists Juntao Zhu and Simon Lee, the company has a mission to help hodlers get the most out of their crypto assets. At present, Hodlnaut has grown to a team of more than 20, with 5000+ active users and an AUM of $250 million.
The platform is also recognized by the Infocomm Media Development Authority (IMDA) of Singapore. Moreover, Hodlnaut is part of Antler’s portfolio company, a global venture capital (VC) firm backing early-stage startups.
What does Hodlnaut Offer?
Earn Interest on Crypto
Hodlnaut allows individuals to earn favorable interest rates based on the amount deposited in the Interest Account. Users would be able to earn interest on six supported assets: Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Tether (USDT), Dai (DAI), and Wrapped Bitcoin (WBTC). Once deposited into the Interest Account, users will start earning interest at a compounded rate.
Bonus: There is no minimum deposit amount, neither are there any additional fees when you deposit your crypto assets with Hodlnaut. Furthermore, the interest is paid out weekly to each user’s wallet, and the deposits can be withdrawn at any time.
VIP Fixed-term Loan
The VIP Fixed-term Loan offers the highest interest rates to customers who hold their crypto with Hodlnaut for a mutually agreed-upon term. This feature provides a higher yield on both cryptocurrencies and stablecoins. However, it is important to note that these interest rates are subject to change according to market conditions and the terms of the fixed loan. To be eligible for the VIP Fixed-term Loan, customers would need to meet the following requirements:
Lock in their cryptocurrency with Hodlnaut for either 1, 3, or 6 months to earn interest at a higher yield.
Deposit an equivalent of 100 BTC or more in a single asset class to avail of the fixed-term loan.
Hold the fixed-term balance till the end of the term (The deposited funds cannot be used as collateral during the term).
When users opt for the VIP Fixed-term Loan, the interest earned is calculated according to the Annual Percentage Rate and paid out at the end of the term in a single payout. Do note that, therefore, as a user of this product, the interest earned would not be compounded.
Token Swap
On top of earning interest on your crypto assets, Hodlnaut has a Token Swap function where users can swap tokens seamlessly and earn interest from the available assets. Users can also manage their portfolios and rebalance their asset holdings without leaving the platform. This allows for a more effortless and seamless user experience as they don’t have to spend on transactions between wallets (PS: The Token Swap feature is currently available for non-Singaporean users only).
And with the newly launched Wrapped Bitcoin (WBTC), users can get instant access to WBTC without sourcing for a wrapping merchant. Thus, enabling an ease of swapping from Bitcoin to Wrapped Bitcoin and vice-versa for a clean price without any additional fees.
Supported Currencies and Interest Rates
At present, Hodlnaut offers six different currencies, namely, Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Tether (USDT), Dai (DAI), and Wrapped Bitcoin (WBTC). The effective annual interest rates are as follows:
Hodlnaut Affiliate Program
Hodlnaut also offers an Affiliate Program where users can invite a friend to join Hodlnaut and earn 10% of their friend’s interest, allowing them to generate a greater yield on their initial deposit. Furthermore, each friend referred will get a $20 signup bonus as long as their first deposit is US$1000 or more.
There’s a variety of ways to grow a successful Affiliate Program by:
Adding a Hodlnaut banner with your unique referral link on your personal or business website.
Writing a review on Hodlnaut or creating video tutorials and including your referral link.
How to Register
To register for an account and start earning more crypto, head over to hodlnaut.com and create an account. The quick signup process takes minutes to complete and is followed by a mandatory KYC (Know-Your-Customer) verification. Once verified, users can begin depositing their crypto to earn immediately. For users who have passed the KYC process, they will be able to join Hodlnaut’s Affiliate Program.
Fees
Hodlnaut’s fees operate on withdrawal activities only, adjusted to current blockchain market conditions, with all token swap features and deposits free of charge. The effective withdrawal fees are as follows:
Hodlnaut Blog
Cryptocurrency is indeed a complex topic, and thus, Hodlnaut ensures that all users are equipped with the knowledge on all things crypto through its informative articles.
The Hodlnaut Resource is a dedicated section with articles that cover topics across the entire Defi ecosystem, from interest accounts to loans and borrowing, and guides for using cryptocurrencies. It is updated regularly to ensure users are informed on the latest news and happenings within the crypto and blockchain space.
Hodlnaut Partners
In order to help individual investors get the most out of their cryptocurrencies, Hodlnaut has partnered with some leading institutions including:
Fireblocks
Fireblocks is an enterprise-grade platform that delivers a secure infrastructure for moving, storing, and issuing of digital assets. It employs next-generation private key security (MPC-CMP) and hardware isolation technology (SGX). This then helps to eliminate any failures and prevents digital assets from cyberattacks, internal collusion, and human error. By integrating Fireblocks, Hodlnaut users are able to access their digital assets securely.
Jumio
Jumio is known to be a provider of end-to-end AI-powered identity verification and eKYC solutions. Hodlnaut’s partnership with Jumio allows users to quickly and easily complete identity verification in line with the KYC and onboarding process.
Nexus Mutual
Nexus Mutual is a decentralized alternative to insurance. It uses the power of Ethereum to allow individuals to share risks together without the need for an insurance company. This partnership gives Hodlnaut users an option to purchase insurance on the funds deposited and works as an additional safeguard.
Pros and Cons
Here, we sum up some of the key pros and cons of using Hodlnaut:
Pros
High interest rates
No lock-in period or minimum deposit required
No deposit fees required
Deposits can be withdrawn at any time
Weekly payouts to each user’s wallet
Offers additional insurance
Cons
Does not support fiat deposits
No Android app (iOS app launching soon)
Limited cryptocurrencies
Summary
Hodlnaut is an ideal option for those who plan on earning more on their crypto assets. Its seamless signup process and user-friendly interface makes it easy to use for any individual. Plus, the interest rates are amongst the highest in the market, allowing individuals to make the most out of their crypto. The Token Swap feature is also one to note, as it gives users the ability to swap their tokens without leaving the platform.
Hodlnaut has also taken various measures to ensure that the deposited funds are secured through two-factor authentication, as well as Fireblocks integration. In addition, users can withdraw funds to only whitelisted addresses, preventing any potential hacks and external threats.
According to Willy Woo, we have never exited the bull market, instead, we are in a reaccumulation phase of the bull run that started at the end of 2020
Woo predicts the surge to $157,000 once the current phase ends, which could ultimately lead to $350,000 Bitcoin when the squeeze on the “accumulation band” occurs
On-chain metrics remain strong, with Bitcoin mining still comfortably in the green and MRVR as well as Puel Multiple pointing to a healthy market
In a recent episode of The Pomp Podcast by Anthony “Pomp” Pompliano, prominent crypto analyst Willy Woo shared his insights and explained why he believes that Bitcoin could climb over the $150,000 price mark once the bull trend resumes.
Bitcoin bull market never stopped, we are in the re-accumulation phase
Despite the 50% drop from its all-time high earlier in the year, Willy Woo is convinced that we are still in a Bitcoin bull market. “There’s no mistaking this. We’ve got X-ray vision on what the investors are doing, and it’s bullish whilst price is sliding downwards,” Willy Woo explained and added, “I think the next major event is when the fundamentals squeeze price action, and we break out of this what I’d call re-accumulation band right in the middle of a bull market.”
“This is a bull market. There’s no mistaking this. We’ve got X-ray vision on what the investors are doing, and it’s bullish whilst price is sliding downwards.”
Willy Woo, on-chain analyst
Willy Woo’s claims are supported by technical analysis conducted by CoinMetrics on past halving epochs of BTC price history. In each subsequent halving, the price of BTC went up by as much as 20x and there is nothing preventing the cycle to repeat itself. Willy Woo admits his analysis is not based on some particular events that are likely to occur in the near term but instead uses on-chain as “a map to try and get a grasp of what exactly is happening in the market.”
Furthermore, according to Willy Woo’s own models, it is very likely that that the push into the $250,000 to $350,000 range happens once the squeeze is put on the current “accumulation band”. At the end of the last year, Woo shared his bullish predictions on 2021, banking on the bullish feedback loop to carry the price to new heights. He predicted $200,000 as a conservative estimate and settled on $300,000 as a more realistic number for BTC to reach by the end of the year.
Views on 2021 (THREAD):
My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question.
The current market on average paid $7456 for their coins. You all are geniuses. pic.twitter.com/5t1pHXwE0b
One of the most crucial pieces of data when gauging the BTC market price is its relation to mining costs. The current price of $31,866 is far away from the average production cost of $22,000 and even further from the average electricity cost of $12,400. If BTC price would plunge this low, the majority of retail miners would be forced to close shop.
According to Tone Vays, a blockchain consultant and researcher, some better connected BTC miners are still able to mine at $5,000 to $6,000 per coin. This doesn’t mean that the price will crash, it just means that Bitcoin price has a lot of room for dropping further down, without making BTC mining unprofitable.
Additional market metrics, such as MRVR (market value to realized value) and Puel Multiple (the relation between BTC mined in a day and 365-day simple average) are showing encouraging results.
Drops, a project building liquidity and loan infrastructure for NFTs, has officially launched its loans protocol on Ethereum mainnet. The platform is designed to facilitate the first large-scale implementation of trustless loans against NFT-based collateral, a feat which is yet to be achieved in the space.
At launch, Drops Loans will begin by supporting borrowing against popular ERC20 tokens, however the team behind the project plans to integrate loans against actual NFTs by the end of 2021.
About the Launch
Drops has launched loan markets for Enjin Coin (ENJ), USD Coin (USDC), Wrapped Bitcoin (WBTC) and Ether (ETH). These tokens will be available for use as collateral, to trustlessly borrow up to 80% LTV. Loans product is the backbone of the platform that will enable permissionless borrowing with NFTs.
By integrating Chainlink’s market-leading decentralized oracle network, Drops ensures that loans are accurately and securely priced against various cryptocurrencies or stablecoins.
To incentivize liquidity, the Drops team has also started a liquidity mining program which will reward liquidity providers in Drops Ownership Power (DOP) – the platform’s native token. 16.1% of total supply has been allocated over the span of 5 years.
Additional assets can be added to the platform via governance process, which involves voting with DOP.
Drops 2021 Roadmap
First of all, it is important to mention that Enjin has become Drops’ strategic partner that will help to bring NFT assets. Drops will support a specialized integration of Enjin’s ERC1155 NFT tokens into the Drops protocol to enable collateralization of game assets.
Following the launch, the Drops team appears to have plenty of plans in place for the remainder of the year. This includes automated market maker (AMM) markets for borrowing against AMM liquidity tokens, as well as an expansion to Polygon and Binance Smart Chain.
The most major target the project has for 2021, however, is finally facilitating loans against actual NFT assets. The feature will require the integration of permissionless NFT lending pools backed by community members.
About Drops
Drops is a multi-chain liquidity and loans platform for NFTs. It’s adding much-needed utility to idle NFT assets. Users can leverage their NFTs to obtain loans in permissionless manner, reducing the opportunity cost of holding NFTs long-term.
This Drops infrastructure will become increasingly important as we witness the rise of “financial NFTs” – an expansion of the space beyond digital artwork into more tangible financial instruments.
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.
