Crypto Guides, Knowledge & Insights

Nigerian innovator launches the first Bitcoin lightning node at Lagos

By: Damian Okonkwo　　Nigerias technology landscape is seeing a major development with the launch of the countrys first active Bitcoin lightning node. The node, which was set up by a Nigerian innovator, is a significant step forward for the countrys blockchain and cryptocurrency industry.　　The node which was launched last week currently runs on an old laptop powered by a diesel generator. This is due to the energy and electricity outage within Lagos today.　　Megasley - who operates the first Bitcoin Lightning Node in the country expressed the desire for the country to have a fast payment system that could be both instant and cheap as the major reason for the new technology.　　A lightning node is a crucial component of the Bitcoin network that facilitates faster and cheaper transactions. These nodes are responsible for routing payments through the network and helping to improve the scalability of the cryptocurrency.　　The launch of the first active lightning node in Nigeria represents a significant milestone for the countrys blockchain ecosystem. It demonstrates that the country is actively working towards adopting and integrating new technologies, and is positioning itself as a leader in the African continent.　　The Nigerian innovator behind the launch, who has not been named, has said

2023-01-16Deep Dive

Huobi and Solaris Introduce a Visa-Backed Debit Card in the EU

In order to enable their European customers to make transactions from their cryptocurrency accounts using Visa-backed debit cards, Huobi and Solaris formed a cooperation with Visa.　　As Blockchain technologies advance, creating a variety of payment choices (using both fiat and digital currencies) is becoming a goal for many banking firms. This vision includes Visa, a reputable pioneer in the online payment sector.　　Information About Debit Cards　　A new joint agreement between cryptocurrency exchange Huobi and European financial services company Solaris was recently unveiled. Through their agreement, Visa would introduce a debit card that would enable customers to make crypto-to-fiat money transfers.　　The debit card will be available to customers in the European Economic Area (EEA) in Q2 2023. All of the nations that form up the European Union are a part of the EEA.　　The cooperation was discussed by Solaris chief strategy officer, Andrea Ramiono. He highlighted the possibility of other advancements from their alliance by stating that the innovation is the first stage in the Solaris Huobi partnership. A significant step has been taken in Huobis initiatives to open up the availability of virtual assets.　　In the EU, the Huobi Visa card isnt the first one. A crypto-to-fiat card endorsed by Visa that was introduced

2023-01-16Deep Dive

Ethereum Staking is Now Available on MetaMask

Staking capability for the well-known cryptocurrency wallet MetaMask has now been made available, letting people to start locking up their Ethereum with the new option via Lido or Rocket Pool in exchange for cash rewards.　　This entails that anybody who has a MetaMask wallet may now quickly begin generating yield on every quantity of ETH theyd want right from their wallet, without having to deal with what can frequently be challenging interface design on staking apps. But ought they to？　　Then again, staking involves some risk, and there is currently no way to not stake. However, according to Ethereum experts, this capability will be available soon.　　Staking Service Providers　　Individuals who are not really concerned about taking chances may find success with staking. While the return percentages differ, according to MetaMasks website, customers can invest ETH and receive a dividend of roughly 5.22% per year with Lido and 4.59% with Rocket Pool.　　　　On Lidos homepage, more than $6.9 billion in ETH are presently staked using the service, giving consumers an annual return of about 4.9%. Since Lido is a “liquid staking service,” users that stake ETH through Lido obtain an equal amount of Staked Ethereum (stETH) in exchange for their staked tokens. As a result,

2023-01-16Deep Dive

The NBA powerhouse Miami Heat comes to an end its naming-rights agreement with FTX.

When the basketball team learned of the court decision, they immediately began removing the FTX emblem from their arena. The Miami Heat, among the most profitable NBA teams, ultimately ended its relationship with the cryptocurrency exchange FTX. The basketball juggernauts home court would no longer be known as FTX Arena as a direct consequence.　　Breaking all ties 　　The partnership between Miami-Dade County (the administrative division where the NBA club is located) and FTX was formally terminated by a federal bankruptcy judge. The court ruled that Miami Heat is permitted to take the systems initials out of its building.　　FTX and the basketball team signed a $135 million contract, and their collaboration officially began in March 2021. Miami Heat changed the name of AmericanAirlines Arena, its home stadium, to FTX Arena, and promised to advertise the trading facility while playing NBA games there.　　Nevertheless, the two organizations cooperation ended in November 2022. (after that the trading venue filed for bankruptcy protection). When FTX failed around then, Miami Heat called it “very disheartening” and said it would permanently sever their connection.　　What will become the arenas future name is still a mystery. According to several rumors from the conclusion of the previous year, the adult entertainment

2023-01-16Deep Dive

Shift toward Liquid Staking Derivatives expected after ETH Shanghai upgrade

The Ethereum (ETH) Shanghai update is set to be released in March, allowing withdrawals from the beacon chain and the unstaking of ETH now staked in ETH 2.0 validators.　　With over 70% of ETH stakeholders now losing money because their ETH is unavailable, the Shanghai upgrade will allow them to access their ETH and decide whether to sell at a loss or retain long-term until they are back in profit.Ethereum: Mean and Median Block Interval – (Source: Glassnode.com)　　Post-ETH merge　　The ETH integration occurred with the Bellatrix upgrade in September 2022. In the process, the beacon chain took over block validation, completing the move from Proof of Work (POW) to Proof of Stake (POS).　　The beacon chain is managed by validators who must first deposit 32 ETH before they can begin operations. With over 16 million ETH committed in the ETH 2.0 deposit contract, the number of beacon chain validators has now hit 500,000, with a recent surge in additional active validators.Ethereum: Proof-of-Stake Change in Active Validators – (Source: Glassnode.com)　　New ETH credentials format　　Validators who want to withdraw their staking rewards must update their withdrawal credentials to the new “0x01” standardized format. Validators who want to stop validating or exit their full balance must meet

2023-01-16Deep Dive

Stablecoin collapse could impact U.S. bond market, economist warns

Economist Eswar Prasad warned that a bank run on Stablecoins could have ramifications in the US bond markets if issuers sell US Treasury bonds to meet redemptions.　　Prasad warned that if a bank run occurs when bond market sentiment remained “extremely weak,” the “multiplier effect” from massive selling pressure on Treasurys might ensue.　　“A big volume of redemptions even in a fairly liquid market might create volatility in the underlying securities market. And, considering the importance of the Treasury securities market to the broader financial system in the United States... ”I believe regulators are correct to be concerned.　　According to USDTs November 2022 report, stablecoins such as Tether (USDT) are backed by billions of dollars in reserves to support mass-redemption eventualities.　　However, Prasad warned regulators that if a large number of users attempted to redeem their Stablecoin for cash, issuers such as USDT would be forced to sell assets in their reserve.　　“A significant surge of redemptions can really harm liquidity in that market.”　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

2023-01-15Deep Dive

Alameda liquidators hit with liquidation for second time in 3 days

In light of recent market movements, Alameda Research liquidators were liquidated for the second time in three days, according to Arkham Intelligence.　　On January 14, Alameda liquidators paid off $15,000 in Curve DAO token (CRV) debt in exchange for 0.83 wrapped Bitcoin (WBTC) — or around $17,600 in collateral.　　According to Arkham Intelligence, Alameda is still short $16,500 in CRV, which is collateralized by $23,000 WBTC.　　Second liquidation in three days　　On December 28, 2022, Alameda liquidators were compelled to become active on-chain after losing over $1.7 million in funds through mixers commonly utilized by hackers.　　Despite the best efforts of Alameda liquidators to collect all funds, Arkham research found that “large 7- and 8-figure sums of capital” remained trapped in Alameda wallets.　　Liquidators attempted to remove assets from a borrow position on the DeFi protocol [Aave] on wallet 0x712.　　Rather than repaying the loan and closing the position, the liquidators chose to remove all extra collateral, putting the position in jeopardy of liquidation.　　When forcibly liquidating the wallets AAVE positions, Alameda liquidators triggered the liquidation of around four WBTC — worth $72,000 — in addition to a penalty shaved from the liquidated collateral.　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of

2023-01-15Deep Dive

Bitcoin breaks $21,000 alongside $255m of 24-hour spot purchases

Bitcoin has surpassed the $21,000 mark.　　BTC was worth $21,083 at 12:59 a.m. UTC on January 14, according to Coingecko data. Its market capitalization was $403 billion. This indicates a 12% growth in just 24 hours.　　Bitcoin prices for Jan. 13-14 via CoinGecko (time in PST)　　According to data, $245 million in shorts were liquidated in the last 24 hours, while $255 million in Bitcoin was purchased on spot markets today.　　There are no noteworthy events that could have clearly boosted investor activity. Rather, shifting investor mood may be attributable to a lack of bad news, as well as the notion that huge catastrophes such as FTXs demise are becoming a thing of the past.　　Furthermore, todays gains reflect continued growth over the last few days. Positive anticipation and sentiment surrounding a Consumer Price Index (CPI) report appears to contribute to Bitcoins price gain this week.　　The round figure of $20,000 also indicates a psychological barrier, and as such, investors may be encouraged that Bitcoin has overcome it.　　Bitcoin normally leads the crypto market, and its success today contributed to the overall expansion of the crypto market. The whole crypto market cap has increased by 8% in the last 24 hours, reaching $1.02 trillion.　　Today, Bitcoin and the

2023-01-14Deep Dive

Hong Kong will restrict cryptocurrency trading by retail investors to just "highly liquid" products.

The majority of individuals are aware that the cryptocurrency market can result in significant losses quickly as well as quick rewards. Knowing this, organizations and businesses attempting to implement this technology are required to keep the safety of their customers in mind.　　According to the news of the day, Hong Kong is implementing a strategy to give priority to consumer rights by restricting individual investors to only trade “Highly Liquid” Crypto Assets. On January 11, this information was made public during the Asia Financial Forum.　　Hong Kong Will Compile A List Of Crypto Assets For Retail Investors　　According to Julia Leung Fung-yee, CEO of the Securities and Futures Commission (SFC), Hong Kong regulators are taking substantial steps to bring crypto to the territory. To enable retail investors to trade only “highly liquid” assets with a licensing law, it includes shortlisting cryptocurrency assets.　　Leung also mentioned that the SFC will publish a discussion paper later this quarter with further information on the products and requirements for individual investors to trade in assets. Leung made these remarks on Wednesday at the Asia Financial Forum. The SFC will also publish guidelines for the licensing requirements for exchanges of virtual assets concurrently.　　Leung noted the drawback of only allowing

2023-01-13Deep Dive

In Hong Kong, Samsung will introduce a Bitcoin ETF.

Big players in the technology business are becoming interested as the blockchain and cryptocurrency industries are growing rapidly. One such company is the South Korean electronics giant Samsung, which announced today the creation of a Bitcoin (BTC) exchange-traded fund (ETF) in Hong Kong.　　Based on a statement by the Korean media outlet Fortune Korea posted on January 12, Samsung explicitly noted that the registration of the “Samsung Bitcoin Futures Active ETF” on the Hong Kong stock market should occur on January 13.　　The registration, which followed the establishment of two other ETFs by the electronics giant - “Samsung Blockchain Technology ETF” and “Samsung Asia Pacific Metabus ETF,” that were officially launched last year - will be conducted by the businesss financial division, Samsung Asset Management.　　By trading in Bitcoin futures items listed on the Chicago Mercantile Exchange (CME), particularly the CME Bitcoin Futures and CME Micro-Bitcoin Futures, the newly-listed ETF will monitor the spot price of Bitcoin.　　Samsung Asset Management Hong Kongs head, Park Seong-jin, commented on the progress by stating that:　　“The Samsung Bitcoin ETF is a competitive product that reflects the know-how and risk management experience of Samsungs long-term operation of the futures-based ETFs, which will represent a new option for investors interested

2023-01-13Deep Dive

...

163165

...

742