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Tag: Polygon

  • Klaytn Ranks #2 as Klaytn Foundation initiates Token Buyback Program–Top Coins to Watch for Oct 31–Nov 6

    Klaytn Ranks #2 as Klaytn Foundation initiates Token Buyback Program–Top Coins to Watch for Oct 31–Nov 6

    Klaytn Ranks #2 as Klaytn Foundation initiates Token Buyback Program–Top Coins to Watch for Oct 31–Nov 6

    The cryptocurrency market performed a smaller rally mid-last week, which carried the total market capitalization of the sector back above $1 trillion, which was a first such occurrence in over a month. However, the rally was not sustained, and the market cap quickly dropped below $1 trillion again. Do you think coins from our Top 3 Coins to Watch article can carry the total market cap back above the glorified $1 trillion? The most likely answer is no, since these coins have much smaller market capitalizations compared to BTC and ETH and therefore need to post much higher gains for it to reflect in the total crypto market cap. Nevertheless, we do believe these three crypto assets have room for quite some more gains.

    3. Aave (AAVE)

    Aave is an Ethereum-based decentralized lending and borrowing platform that started out under the name “ETHLend”, a project launched by Stani Kulechov in 2017. Aave supports almost 20 different tokens and has unique and sophisticated features such as flash loans that make it stand out from its competitors. While Aave initially launched on Ethereum, the protocol has expanded to the Fantom, Avalanche, Polygon, Optimism, Arbitrum, and Harmony networks over the last couple of years and is now available on 7 chains. AAVE token is the protocol’s native token, which grants holders governance rights as well as discounts when interacting with Aave protocol. While the protocol is completely open source, its code is regularly audited by third parties and has been repeatedly deemed secure. With the launch of its third iteration – “Aave v3” – the protocol positioned itself as one of the top DeFi protocols. According to DeFi Llama, there are currently around $5.3 billion locked in the Aave protocol, out of which $1.1 billion are locked in Aave v3.

    Buy/Sell AAVE

    Aave will deploy its protocol to Ethereum’s Layer 2 Scaling Solution zkSync

    Recently, the Aave team filed a proposal to deploy the project’s decentralized trading platform to the testnet of the Ethereum’s layer 2 scaling solution zkSync. ZkSync is a Zero Knowledge Rollup protocol with generalized EVM compatibility, which will allow effortless onboarding of Ethereum projects.

    https://twitter.com/StaniKulechov/status/1584565654015074305

    Perhaps also due to the easy migration process, more than 200 projects have already committed to launching on zkSync mainnet once it is live. The Aave team believes that zkEVM rollups are the most eagerly anticipated innovation after the merge and the ZkSync is a leading project in this sector, which is why they believe their protocol should be deployed to the promising layer 2 network as soon as possible. In addition, the popular yet controversial commission-free broker Robinhood has recently listed AAVE. The token was added to the trading app on October 24, along with Tezos’ XTZ.  Let’s remember, Robinhood has 18.7 million monthly active users.

    2. Klaytn (KLAY)

    Klaytn is an enterprise-focused blockchain platform that aims to accelerate the mass-adoption of blockchain-based solutions. The project plans to achieve this goal by empowering businesses and entrepreneurs that want to move their operations from the classic internet networks to the blockchain. Among other things, Klaytn offers support and guidance in creating and deploying blockchain-based applications or “BApps”. The blockchain is public, but it is developed by GroundX, a company owned by a Korean mobile messaging giant KaKao. Being a public-private hybrid allows Klaytn to take the best of both worlds and facilitate low latency transfers while maintaining high scalability and decentralization. The blockchain utilizes a proof-of-contribution (PoC) Practical Byzantine Fault Tolerance (PBFT) consensus algorithm.

    Buy/Sell KLAY

    Klaytn Foundation reduced block rewards and initiated a KLAY token buyback

    With its more than 100% gain, KLAY was the best performing asset out of Top 100 cryptos last week. But what caused KLAY to more than double its price? We have identified two main catalysts for this rally, which both took place on October 24. First, the Klaytn Governance Council (GC) has approved Klaytn team’s proposal to cut block rewards from 9.6 KLAY to 6.4 KLAY per block. In addition, the newly minted tokens will be distributed according to a new format, with 50% of it going to the GC, 40% to the Klaytn Growth Fund, and 10% to the Klaytn Improvement Reserve. The team claims, that the changes, which will see implementation to the blockchain in mid-November, were necessary to ensure sustainable growth of Klaytn ecosystem. The second announcement that provided additional fuel to the rally is regarding the initation of a KLAY token buyback program.

    According to the blog post, Klaytn team detected significant fluctuation in the token’s on-chain liquidity on October 21 and decided to buy and burn some of the tokens in order to stabilize the ecosystem. The team stated that only stablecoins from the Foundation’s reserved were used for the purchuse. Furthermore, all buybacks are said to be conducted through spot orders on centralized exchanges (CEXs) and all repurchased tokens will reportedly be burnt. However, the team did not reveal the number of repurchused and burned tokens nor the amount of USD it spent on the purchase but promised to provide more detail about the buyback at a later date.

    1. Polygon (MATIC)

    Polygon, previously known as Matic Network, is a leading Ethereum Layer 2 scaling solution. The Polygon Layer 2 network consists of several simultaneously run proof-of-stake sidechains that regularly push the data to Ethereum to create network checkpoints. Currently, there two bridges that allow users to move assets between Ethereum and Polygon, the first one being the Plasma bridge and the second one the PoS Bridge. The Plasma bridge delivers supersonic speeds and throughput and allows for an easy and fast exit to Ethereum mainnet at the same time. Together with several other features and tweaks, Polygon provides a major scalability improvement to the biggest smart contract blockchain. By successfully overcoming Ethereum’s most limiting shortcomings Polygon has become attractive for DeFi projects and is establishing itself as one of the key DeFi networks.

    Buy/Sell MATIC

    Another prominent collaboration on the horizon – this time Polygon has partnered with a popular Brazilian neobank Nubank

    On October 19, Polygon took it to Twitter to announce their next high-profile partnership. This time, the Ethereum Layer 2 network has entered collaboration with Nubank, a Brazil-based fintech start-up, whose main product is a neobank platform. Nubank has raised more than $3.9 billion since its launch in 2013 and it is worth mentioning that the leading investor in Nubank is Warren Buffett’s Berkshire Hathway.

    At about the same time Nubank, announced it will be launching its own token called Nucoin early next year. This new Polygon-powered digital asset will serve as a some kind of crypto-focused loyalty program and will grant active Nucoin holders exclusive perks and discounts. As already mentioned in the tweet, this collaboration has a potential to quietly onboard more than 70 million Nubank users to Polygon and Web3. The partnership also proves once again that Polygon is very successful when it comes to forming collaborations with some of the largest companies in the world, including Disney, Reddit, and Robinhood. In addition, the technical analysis suggests a forthcoming bullish period as MATIC/USD price seems to be painting a bullish pattern since June this year. The pattern is a called a “bull flag” and is characterized by two strong moves upward with the price moving in a parallel descending channel between the surges. MATIC is currently approaching what seems to be the end of the descending channel, meaning that we could be aproaching a significant surge. Should a breakout really occur, technical analysis susggets that MATIC could rally by almost 100% and retest the $1.85 by the end of the year.

  • Ankr Debuts Block Explorer Product Chainscanner to Boost Adoption of AppChains

    Ankr Debuts Block Explorer Product Chainscanner to Boost Adoption of AppChains

    Key takeaways:

    • Ankr has announced the launch of its latest product, Chainscanner
    • Chainscanner is an all-in-one block explorer and analytics platform that makes AppChains data easily accessible to users and developers
    • Ankr seeks to foster web3 adoption with its infrastructure

    Leading web3 infrastructure platform Ankr has officially rolled out a new blockchain explorer product, dubbed Chainscanner.

    The launch follows plans to provide web3 users alongside developers with a rare opportunity to easily view and analyze data. The platform also seeks to allow them to easily interact with their desired chains.

    Chainscanner is an all-in-one block explorer and more

    Chainscanner is an all-in-one block explorer and analytics platform specifically designed to facilitate and simplify interactions among app-specific blockchains, also known as AppChains. The platform officially announced the launch of the new product via a Thursday press release. 

    The birth of the Chainscanner platform was triggered by concerns to free developers from having to build block explorers and other analytics tools from scratch. Hence, developers may no longer need to use the existing costly solutions for viewing on-chain data and transactions, all thanks to the launch of ChainScanner.

    The Product Manager for Ankr AppChains, Kev Silk in his comment on the new development acknowledged Chainscanner as an essential tool serving as a new building block for AppChains. 

    The design it features allows user to enjoy an exclusive experience with tools that enables them instantly search for data, stake tokens, and also make governance proposals while also participating in the voting process. Among the exclusive features of Chainscanner is also the opportunity it gives users to get development resources, apply to become a validator, and learn everything about different chains.

    “…This is how we make decentralized apps as easy to use and as high performance as the centralized apps we’re used to interacting with every day,” Silk explained.

    Ankr to boost web3 Adoption with its AppChain services

    The new development reflects Ankr’s commitment to building the future of decentralized web3 infrastructure. The platform understands it is important to eliminate the complexities that come with blockchain development while ensuring scalability and app-specific customization.

    The debut of the new ready-made explorer solution serves as another mechanism deployed by Ankr to further boost the adoption of web3 to reach mainstream. 

    Ankr also provides an end-to-end engineering solution dubbed AppChains-as-a-Service. This product allows web3 developers to easily build custom blockchains uniquely suited to their applications.

    The platform believes that slow transaction speed and high gas fees are the two core challenges that are hindering the adoption of web3. Hence, it has deployed AppChains-as-a-service to help provide solution to the existing problem.

    With this feature, developers can easily build their own blockchains on Sidechain frameworks like Polygon Edge, BNB Chain’s BAS and the likes. Moreso, developers can freely choose the programming languages, consensus mechanisms, and development frameworks they want to use via the AppChains-as-a-Service feature. The platform believes it has the potential to help solve the aforementioned problems.

    Chainscanner represents an improvement to the AppChain services as it offers developers insights into the performance of their chain when compared to other chains in the market, as well as the supply and demand for staking.  Meanwhile, Users also have the opportunity to gather data on the staking usage of a particular chain or token to understand the efficiency of a web3 app and its popularity in the market.

  • Buffett-backed Banking Startup Nubank Will Launch Its Own Polygon-Based Cryptocurrency

    Buffett-backed Banking Startup Nubank Will Launch Its Own Polygon-Based Cryptocurrency

    Nubank cover image

    Key takeaways:

    • The largest Brazilian neobank, Nubank, has announced it will be launching its own token early next year
    • Polygon-powered Nucoin will allow holders to benefit from exclusive perks and discounts
    • Nubank raised $3.9 billion from investors since its launch in 2013, with the largest investment amount coming from Warren Buffett’s Berkshire Hathway

    Nubank’s crypto token is slated to launch in the first half of 2023

    Brazil-based digital bank Nubank has announced it will be launching its own digital currency, called Nucoin, in the first half of next year. Nucoin will be powered by Polygon, a Layer 2 scaling solution for Ethereum, which is theoretically capable of processing 7,200 transactions per second (TPS). 

    According to a press release, the neobank’s crypto token will enable Nucoin holders to benefit from various perks and discounts, providing encouragement for customers to use Nubank products. Initially, the token will be made available to 2,000 users. During the test period, Nubank hopes to build upon the customers’ feedback and “explore a decentralized process of product creation.”

    Speaking about Nucoin and the crypto-focused loyalty program, Polygon co-founder Sandeep Nailwal remarked:

    “One of the largest digital banking institutions in the world, offering its own cryptocurrency is a strong testament to the utility blockchain and crypto have to offer.”

    Nailwal added that Nubank’s announcement signals the “shift happening in the traditional finance space.”

    Warren Buffett’s Berkshire Hathway is the largest investor in Nubank 

    This is not Nubank’s first foray into crypto – earlier this year, Nubank launched Bitcoin and Ethereum trading via the Paxos blockchain to huge success, having reached 1 million users within just one month of the initial launch. 

    Founded in 2013, Nubank offers digital credit cards, transfers, and payment services to mostly Latin American customers. Per Crunchbase data, the digital banking startup raised $3.9 billion across 14 funding rounds so far. The biggest chunk of the total raised amount came from Warren Buffett’s Berkshire Hathaway, which was a lead investor in last June’s $750 million Series G round, and in February’s $1 billion post-IPO round. 

  • Diversify Your Portfolio In The Ongoing Bear Market With These Three Altcoins – Polygon, Cosmos and Big Eyes Coin

    Diversify Your Portfolio In The Ongoing Bear Market With These Three Altcoins – Polygon, Cosmos and Big Eyes Coin

    As the bear market rages on, it has become apparent that crypto regulars need to find suitable solutions to minimise the risk of running at a loss and stay afloat until the situation changes.

    Big Eyes Coin (BIG)

    While no one could have expected the ongoing bear market to turn out this way, several crypto platforms such as Coinbase, Gemini and BlockFi made adequate preparations in anticipation of an event like this by slashing their workforce. It is becoming more evident that crypto regulars would need to follow a similar route if they want to stay afloat in the current climate.

    As the bear market has been especially unkind to the industry’s biggest and largest cryptos, crypto investors have a unique opportunity to explore. Within the hype and competitiveness in the industry, it is easy for a very good coin to go under the radar.

    These types of cryptocurrencies are called undiscovered gems and typically possess massive growth potential. This piece discusses three gems that could boost your portfolio and yield massive returns in the long run. Here’s all you need to know about Polygon (MATIC), Cosmos (ATOM) and Big Eyes Coin (BIG).

    Polygon – The Internet of Blockchains

    Polygon (MATIC) is a blockchain-based platform within the cryptocurrency industry that effectively transforms Ethereum (ETH) into a full-fledged multi-chain system (aka Internet of Blockchains).

    It is the industry’s first well-structured, easy-to-use platform for Ethereum (ETH) scaling and infrastructure development with a modular, flexible framework that supports the creation of multiple applications. Polygon (MATIC) is one of the many blockchain platforms within the industry championing the mass adoption of cryptocurrencies worldwide.

    Its native cryptocurrency, MATIC, is an integral part of its ecosystem that facilitates several crypto-related operations, such as network governance, payment fees, and interaction. MATIC is available on several crypto platforms, such as Binance, Coinbase Pro, FTX, Huobi Global and Kucoin.

    Cosmos’ Performance Is Out Of This World

    Big Eyes Coin (BIG)

    Cosmos (ATOM) is a blockchain-based platform within the cryptocurrency industry that provides feasible solutions to several issues, such as performance and speed.  Cosmos (ATOM) offers an antidote to “slow, expensive, unscalable and environmentally harmful” Proof-of-Work (PoW) protocols by providing an ecosystem of connected blockchains.

    Cosmos is a platform that seeks to make blockchain technology less complex and challenging for developers by providing a modular framework that demystifies decentralised applications (dApps).

    Cosmos (ATOM) is also notable for improved scalability and is capable of processing more transactions than prominent crypto platforms like Bitcoin (BTC) and Ethereum (ETH). Its native cryptocurrency, ATOM, is an integral part of its ecosystem and is responsible for facilitating crypto-related operations, such as staking, network governance, and payment fees. ATOM is available on several top crypto platforms within the industry, such as Binance, Coinbase and OKEx.

    Big Eyes Coin – Bringing Sustainability To Crypto

    Big Eyes Coin (BIG) is an upcoming meme coin that is proving to be a suitable long-term cryptocurrency investment amid the ongoing bear market. The token is currently on presale and has already raised over $5 million.

    As one of the most anticipated cryptocurrencies this year, crypto experts expect it to quickly become a valuable asset within the current climate. Its dedication to charity and shifting wealth into the DeFi ecosystem is inspiring as Big Eyes Coin looks to compete with those at the top of the crypto market.

    Big Eyes Coin’s appeal comes from its massive supply, roadmap and features like zero shopping fees. With its presale already in the fourth stage, potential investors need to make haste before the token is no longer available. Each presale stage increases the price of the token by 25%.

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

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

    Website: https://bigeyes.space/

    Telegram: https://t.me/BIGEYESOFFICIAL

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

  • Rocketize Can Bring Change With The Atomic Nation While Polygon And Cosmos Want To Bounce Back And Do Better

    Rocketize Can Bring Change With The Atomic Nation While Polygon And Cosmos Want To Bounce Back And Do Better

    Cryptocurrencies have always been a polarizing topic and with the recent crash, a lot of users have lost faith. However, this isn’t the end. A lot of cryptos are already recovering and a lot of new cryptocurrencies like Rocketize (JATO) have the potential to do very well. Memecoins are considered a joke by a lot of people but during times of uncertainty like this, the community they create is the exact boost the cryptocurrency industry needs right now. People who will rally behind it and help bring the market back up. Other big innovators that can also do well are Polygon (MATIC) and Cosmos (ATOM).

    Rocketize (JATO)

    Like other memecoins, Rocketize (JATO) plans to build their community, the Atomic Nation. With this new community, new users have an entry point with a support structure and it becomes easier to get into the crypto industry through Rocketize. These new users will be introduced to Rocketize (JATO), the native cryptocurrency for transactions on Rocketize. JATO is a BEP-20 standard token and it will be released on the Binance Smart Chain (BSC) blockchain.

    With every transaction, a tax of 2% will be charged. Half of that will be shared among token holders and the other half will be burned permanently. This method makes JATO a deflationary currency. Additionally, Rocketize will give users the resources they need to build web3 games and DApps, and smart contracts with the capability for NFT minting and performing DeFi transactions. Memecoins possess notable potential, and with the Atomic Nation, Rocketize (JATO) might surpass expectations.

    Polygon (MATIC)

    In 2017, Sandeep Nailwal, Anurag Arjun, and Jayanti Kanani designed MATIC to solve the major problems that plagued Ethereum (ETH) while maintaining its security. MATIC was later rebranded as the Polygon Network but the native cryptocurrency maintains the MATIC name. Polygon is a blockchain that is designed to provide users with faster transactions, a much higher TPS, low transaction fees, and more options for developers. One of the ways Polygon (MATIC) achieves this is through the use of the proof-of-stake consensus mechanism which is faster and can handle a higher number of transactions per second at lower costs.

    Polygon (MATIC) wants to increase the usage of DApps and DeFi tools by connecting different networks. Because of its similarity with Ethereum (ETH), a lot of developers have moved their DApps to the Polygon network to avoid high gas fees caused by the congestion of the Ethereum (ETH) network.

    Cosmos (ATOM)

    Cosmos provides solutions to two of the biggest problems Blockchains have had since the creation of Bitcoin: scalability and usability.

    The Cosmos network is a decentralized ecosystem made up of a collection of scalable and interconnected blockchains. This is the reason for its name, Cosmos. It describes our galaxy and how all its elements exist on their own but are bound together by the force of gravity, connecting all parts. Cosmos can also connect to external blockchains like Bitcoin through “peg zones.” Cosmos describes this as the “internet of blockchains.”

    Transactions on the Cosmos network are done using Cosmos (ATOM), the native cryptocurrency of the Cosmos network. Cosmos (ATOM) is one of the cryptocurrencies that is beginning to bounce back after the recent crypto crash. This is not just another cryptocurrency, it is an idea that provides solutions to problems and good ideas usually bring very good results.

    The recent crypto crash put fear in the minds of a lot of users and that’s to be expected. However, one thing users can always hold onto is an idea, and cryptocurrencies driven by innovation and good ideas like Rocketize (JATO) are the ones that can hold their ground when the boat gets rocked.

    Rocketize Token (JATO)

    Presale: http://rocket.rocketize.io/

    Website: http://rocketize.io/

    Telegram: https://t.me/RocketizeTokenOfficial

  • Can Adirize DAO Toe The Path of The Likes of Avalanche and Polygon to Become The Next Money Minting Asset in The Crypto World?

    Can Adirize DAO Toe The Path of The Likes of Avalanche and Polygon to Become The Next Money Minting Asset in The Crypto World?

    It’s not easy to make money with cryptocurrencies, no matter how glamorized the concept has become. Many people think that all they need to do is find a coin, buy it and hold it for a long time, and then boom, they’re millionaires.

    Life doesn’t work that way. As with other industries, you’re going to put in a lot of work to make the big bucks in crypto.

    Adirize DAO (ADI) might bring you that big break you’ve been looking for though, just like some others like Polygon (MATIC) and Avalanche (AVAX) have done for other people in the past. Let’s look at each of them.

    Why Adirize DAO (ADI) Might Give you the Lucky Break You’ve Been Looking For

    Adirize DAO (ADI) was built for one primary reason; to be a stablecoin that serves as a store of value. Most stablecoins are pegged to the dollar or the euro, meaning their value is tied to these currencies. It may seem alright, but most people do not consider the inflation and depreciation that hits these currencies, especially the dollar.

    This in turn affects the stablecoins. Adirize DAO is countering that, by backing its coin with a reserve of cryptocurrency assets. These assets are not borrowed from a liquidity pool but rather are owned by Adirize DAO.

    This helps peg their coin’s base value to these assets while giving it room for growth. Adirize DAO is projected to grow exponentially in the coming months, and the smart people are already taking advantage of it while it’s still in presale.

    Mouth Watering Presale Bonuses

    Adirize DAO has a lot of presale bonuses for early birds. These include a 12% bonus on purchases made with Ethereum (ETH), a 7% bonus in Stage 1 of the presale, a 45% bonus if you purchase ADI tokens within 25 mins of signing up, and tons of other bonuses. If you take advantage of all these bonuses, you’d be getting twice your money’s worth from the start. That’s why it may give you your lucky break.

    Avalanche (AVAX) Is In The Red Along With The Rest Of The Market

    Avalanche (AVAX) has been on a downward trend lately, though there are signs that it may be rallying back soon. It has one of the best blockchain technologies and is one of the famed Ethereum Killers.

    It’s faster, cheaper, and more energy efficient than Ethereum, and it’s no wonder many Dapp developers are porting their apps there. With all that happening, Avalanche (AVAX) seems like a good bet for the long term.

    Polygon (MATIC) Remains Bullish Even As Other Assets Are Falling Flat To The Floor

    Other crypto assets may make people lose money, but Polygon (MATIC) has remained different from the pack. It remains one of the few cryptocurrencies colored green in the last seven days. Its layer 2 network enables it to bring a multi-chain solution to Ethereum, thus making it invaluable to the millions of people using the Ethereum blockchain daily. It’s therefore understandable why Polygon (MATIC) has been on its incredibly bullish run.

    Conclusion

    You may lose money in crypto from time to time, but do not let that become too frequent. Become an intelligent trader by trading the right assets. With Adirize DAO (ADI), Avalanche (AVAX), and Polygon (MATIC), you have a chance at hitting the big bucks. Make it count.

    For more info on Adirize DAO (ADI), go to:

    Website: https://adirize.com/

    Presale: http://join.adirize.com/register

    Telegram: https://t.me/AdirizeDAO_Official

  • Here’s Why You Should Consider Adding Polygon, Polkadot, and Magniswap To Your Crypto Assets

    Here’s Why You Should Consider Adding Polygon, Polkadot, and Magniswap To Your Crypto Assets

    The coin market is a constantly evolving ecosystem. On any given day, thousands of coins are on the crypto market. As a result, it can confuse which of them to your portfolio. If you’re interested in finding the best crypto coins, you’re at the right place. This piece will show why you should purchase Polygon, Polkadot, and Magniswap.

    Polygon (MATIC)

    When the Ethereum network was launched, it was quickly accepted by many enthusiasts and traders in the crypto space. Many couldn’t get over the blockchain’s ability to host projects and decentralized applications using smart contracts. The Ethereum network thrived and kept growing for some time, but it eventually became crowded, making it difficult for traders and crypto users to process their transactions at once. This led to the need for a lasting solution that would support seamless transfers at a low rate. Polygon is a layer-2 or crypto scaling solution designed to make Ethereum more effective.

    This sidechain runs alongside the main Ethereum blockchain. It’s responsible for ensuring that users of Ethereum can trade quickly and at low fees. MATIC is the native token of this decentralized protocol, and it’s used for staking, transaction fees, etc. MATIC is also popularly traded on multiple crypto exchanges. Polygon was released in 2017 and has since gone on to be on rising to the top of the coin market. Polygon’s proof-of-stake mechanism is one of the best in the coin market. Users of MATIC power this blockchain are expected to contribute to the basket of cryptocurrency assets.

    Polkadot (DOT)

    Before now, interoperability was a serious topic in the crypto space. Many users and developers simply wanted to know how it would be possible to make multiple blockchains interact with each other. It was impossible for blockchains of different projects to communicate with each other. Polkadot is one of the most innovative ways for crypto projects to prove their ability to interact with one another. This crypto project ensures that value and data can be sent along different blockchains. This crypto solution is also designed to be fast and scalable. DOT is the native token that you’ll find on this blockchain. Users can apply this cryptocurrency to staking and governance.

    Polkadot is designed to use parallel chains to connect previously incompatible networks. The Polkadot blockchain can be split into the main network (relay chain), and user-created parallel chains. There’s also a connecting layer known as the bridge. This innovative technology allows value and data to be sent across any network of your choice. There have even been indications that Polkadot can allow blockchain networks to make off-blockchain communications. Due to its impressive proof-of-stake architecture, Polkadot can process up to 1,000 transactions per second. This is considerably faster than most crypto tokens on the coin market.

    Magniswap (MAGNI)

    Magniswap is a new addition to crypto but promises to thrill everyone. According to Magniswap’s developers, this cryptocurrency project will proffer lasting solutions and create better use cases in the coin market. MAGNI is the native token of this platform. It will offer traders and users access to unique features on the platform, including staking, swapping, yield farming, and liquidity pool acquisition.

    Magniswap is currently on a mission to change the face of crypto DeFi. It also has plans to be the top DeFi product in the coin market. The developers of this crypto token have identified major deficiencies in the crypto space. They offer Magniswap as an effective solution to all these problems. It plans to take care of DeFi problems by offering innovative blockchain-driven solutions, providing seamless buying and selling operations, and offering innovative banking features with the help of blockchain. You can participate in their presale if you want to get on the MagniSwap bandwagon.

    Website: https://magniswap.io/

    Presale: https://signup.magniswap.io/register

  • Goons of Balatroon to Release Utility Token on August 31

    Goons of Balatroon to Release Utility Token on August 31

    Goons of Balatroon (GOB) to launch GOB utility token

    Crypto gaming firm Gooons of Balatroon is set to launch its new utility token, $GOB, that will be listed on Uniswap and Gate.io on August 31, according to a press statement released last week.

    According to the press statement, the utility token will have a maximum supply of 750 million, and Poolz and GameFi will facilitate its Initial DEX Offering (IDO).

    The team revealed that $GOB would serve as both the utility and governance token of the ecosystem. At the same time, it would also serve as the ecosystem’s reward token.

    The token is already enjoying massive patronage off-chain as over 30 million $GOB tokens were spent purchasing NFT card packs for the TCG and the World of Balatroon NFT land sale.

    Meanwhile, the $GOB token is built on Ethereum. The token will also launch on the Polygon network to enable cheaper transaction fees for users.

    The token launch is coming on the heels of the $2.46 million raised by Gooons of Balatroon during fundraising rounds geared towards “providing a premier crypto/NFT gaming experience and building a comprehensive metaverse ecosystem,” which would have the $GOB token at its heart.

    Regarding this development, co-founder Mark Turetski noted that users in the gaming industry demand a better gaming experience, and his company intends to fill this gap.

    “There is a real desire in the crypto gaming industry for a more dynamic and substantial experience; users are tired of dull games, our focus here at Goons of Balatroon is on fun, function, and sustainability,” Turrtski said. 

    The Goons of Balatroon project has enjoyed wide adoption and accolades within the community for its ability to implement feedback to provide a better gaming experience. The project was initially launched as a 9696 profile picture NFT collection.

    The project play-to-earn trading card game Goons of Balatroon introduces new playing styles and concepts designed to focus on the fun part of the game.

  • Uniswap Ranks #1 as the Project’s Governance Community Unanimously Decides to Create the Uniswap Foundation–Top Coins to Watch for Aug 29–Sep 4

    Uniswap Ranks #1 as the Project’s Governance Community Unanimously Decides to Create the Uniswap Foundation–Top Coins to Watch for Aug 29–Sep 4

    Uniswap Ranks #1 as the Project’s Governance Community Unanimously Decides to Create the Uniswap Foundation–Top Coins to Watch for Aug 29–Sep 4

    During another week of bear market, the cryptocurrency market capitalization dipped below $1 trillion for the first time since the end of July. After a minuscule recovery, the combined market capitalization of all cryptocurrencies is slowly reaching back the $1.00 trillion milestone as we enter Week 35. Both BTC and ETH have incurred weekly losses of around 5%, causing two of the biggest cryptocurrencies to change hands at prices of $20,000 and $1,500 respectively – both of which are very near the coins’ two-year low valuation. Will we see trend reversal this week or will the market cap dive even deeper in the sub $1 trillion levels?

    3. Polygon (MATIC)

    Polygon, previously known as Matic Network, is a leading Ethereum Layer 2 scaling solution. The Polygon Layer 2 network consists of several simultaneously run proof-of-stake sidechains that regularly push the data to Ethereum to create network checkpoints. Currently, there two bridges that allow users to move assets between Ethereum and Polygon, the first one being the Plasma bridge and the second one the PoS Bridge. The Plasma bridge delivers supersonic speeds and throughput and allows for an easy and fast exit to Ethereum mainnet at the same time. Together with several other features and tweaks, Polygon provides a major scalability improvement to the biggest smart contract blockchain. By successfully overcoming Ethereum’s most limiting shortcomings Polygon has become attractive for DeFi projects and is establishing itself as one of the key DeFi networks.

    Buy/Sell MATIC

    Reddit is airdropping free Collectible Avatars – Polygon-based NFTs – to its most active users

    We have reported last month about Reddit’s launch of a new feature that lets users create and trade unique profile pictures called ‘Collectible Avatars’. Although the popular social platform completely avoided using the NFT terminology, the cartoon-inspired avatars are essentially exactly that – non-fungible tokens (NFTs) issued on the Polygon blockchain. Reddit sells Collectible Avatars through the site’s own marketplace at fixed prices ranging from $9.99 to $100. Recently a Reddit moderator announced that the platform will start air-dropping Collectible Avatars to its top community builders. Users who have collected enough karma will be able to choose between four avatar styles called ‘Aww Friends’, ‘Drip Squad’, ‘Meme Team’ and ‘The Singularity’.

    If you actively use Reddit, search for this banner in your feed to receive a free NFT. (Source: Reddit)

    Although Polygon blockchain works almost entirely in the background when it comes to Reddit’s Collectible Avatars such implementations still have the potential to introduce blockchain to the mainstream. In addition, Reddit revealed plans to implement more blockchain-based functionalities in the future, which could further benefit Polygon as they are apparently the platform’s blockchain of choice. Furthermore, Reddit is not the only big player that has partnered with Polygon. Other international companies that are involved with Polygon include Disney and Coca-Cola, making it likely for some interesting Polygon use cases to arise from these partnerships as well.

    2. Chiliz (CHZ)

    Chiliz is a blockchain based project aimed to cater the needs of sports and entertainment platforms. The goal of the project is to give sports fans a completely different experience of interaction with their favourite players, clubs, or leagues. The project’s own sports fan engagement platform called “Socios” for example monetizes the fans’ engagement with their favourite clubs through blockchain technology. CHZ is an ERC-20 token with utility within Chiliz and Socios platforms. In addition, the token has good liquidity and can be traded via some of the major exchanges. In addition, the project also operates its own Chiliz blockchain, where CHZ tokens are used as the currency. The project enjoys the support of several Italian Serie A teams, major football teams in Spain, and even the UFC.

    Buy/Sell CHZ

    The CHZ 2.0 announcement sparked activity among CHZ whales

    Chiliz CEO has recently announced that the project plans launch of its own native chain (CHZ 2.0), which will see Chiliz transition from the Ethereum chain to the project’s own blockchain among other improvements. The announcement has apparently sparked considerable activity among CHZ whales as there were more than 100 CHZ transactions worth more than $100,000 conducted through the Ethereum network on August 23. Crypto analytics firm Santiment notes that this is the largest number of such transactions since March 29. At the same time market data showed increased trading activity, indicating that rich investors are accumulating CHZ. The extensive buy pressure sparked by the CHZ 2.0 announcement was identified as one of the key factors contributing to CHZ’s recent price action which defies the bearish sentiment that is currently engulfing almost all other crypto markets. To better illustrate the situation, while all other coins are in the red, CHZ is up by almost 20% in the past 7 days. In addition, Chiliz has been one of the biggest gainers in the past month as its token has almost doubled its price in that time. In addition to fundamental developments around CHZ 2.0, the technical analysis also favours CHZ appreciation. Looking at a daily price chart for CHZ/USD for the past 6 months we can see a formation of a nice cup and handle pattern. Recently, CHZ has been closing above the pattern’s neckline range, which is considered a potential bullish reversal setup.

    1. Uniswap (UNI)

    UNI is the governance token of the automated market maker (AMM) protocol Uniswap. UNI tokens are ERC-20 tokens that allow holders to decide on the future of Uniswap by voting on proposals. Uniswap – the platform, which facilitates quick swaps between various Ethereum-based tokens, has recently been struggling to keep its users and market share because of high fees on Ethereum. In March this year the project released Uniswap V3, a new and improved version of the AMM protocol on Ethereum mainnet. In July 2021 Uniswap tried to reduce the costs of trades by launching on two Ethereum Layer 2 networks: Optimistic Ethereum and Arbitrum. In its 3 years of existence, Uniswap has pioneered several DeFi functionalities and supported more than $1T in cumulative volume.

    Buy/Sell UNI

    Uniswap governance community founds the Uniswap Foundation

    Uniswap, the largest decentralized exchange (DEX) in terms of trading volume, will be governed by a new Uniswap Foundation, which will enhance governance and optimize how grants are distributed.

    The creation of Uniswap Foundation follows the competition of a Uniswap governance vote that ended on August 24. The proposal to create a new organization that will overssee the decentralized growth and sustainability of the Uniswap Protocol was met with almost unanimous support from the community, as only 770 UNI signalled to oppose the proposal. The proposal also predicts $74 million in UNI to be allocated to newly created Uniswap Foundation. While this sounds like big money, it should be noted that $60 million will be used to fund the Uniswap Grants Program, which leaves the team with only $14 million of operating budget. In addition, Uniswap is also preparing to expand its presence in the digital collectibles market by becoming an “interface for all NFT liquidity”. According to Uniswap’s NFT product lead liquidity fragmentation and information asymmetry are big and yet unaddressed problems in the NFT sphere. Luckily, Uniswap has been holding talks with 7 top NFT lending protocols to solve these issues, he wrote on Twitter.