Crypto Guides, Knowledge & Insights

On the Polkadot Network, USDT Tokens are Now Available

With the recent introduction of its stablecoin (USDT) on the Polkadot network, Tether Limited increased its presence across a number of blockchain platforms. Users can access and use any of the Polkadot networks numerous blockchains by connecting to it.　　Adding Tethers stablecoin to the Polkadot network is the right step towards reaching the objective of spreading throughout decentralized ecosystems, claims a press release from Tether. This will lessen the potential negative effects of market volatility and offer a stable currency to move in and out of the network and earn money with.　　A total number of 11 blockchain platforms, including Kusama, Ethereum, Tron, Algorand, EOS, Avalance, Liquid Network, Omni, Solana, NEAR, and Bitcoin Cashs Standard Ledger Protocol, support the USDT stablecoin at this time. The introduction of USDT on Polkadot highlights Tethers dedication to cooperation and compatibility as a pioneer in the expanding digital asset sector.　　“Polkadot is on a trajectory of growth and development this year, and we believe the addition of Tether is necessary for it to continue to develop.” “We are excited to launch Polkadot USDT, providing its community with access to the most liquid, stable, and reliable stablecoins in the digital token space,”　　said Paolo Ardoino, CTO of Tether.　　As the

2022-09-29Deep Dive

Guido Cannetti, a fighter from Argentina, accepts payment in stablecoin

Guido Cannetti, an athlete from Argentina who competes in the Ultimate Fighting Championship (UFC), the most prestigious mixed martial arts event in the world, revealed that he would receive his entire payment in the stablecoin USDC.　　He makes history in Argentina by being the first UFC fighter to get payment in a stablecoin.　　Additionally, as per the Bitwage, a forerunner in cryptocurrency, stablecoin, and Bitcoin payroll services with invoicing and benefits offerings. On Vibrant, Guido Cannetti will utilize Stellar Network to get his USDC stablecoin payout.　　The Stellar team created the Stellar Network on Vibrant wallet application exclusively for people experiencing inflation in Argentina.　　In August, the inflation rate jumped to 78.5% year-over-year, a new high in 30 years, and the month-over-month increase hit 7%, according to official inflation figures issued by Argentina earlier. By the closing of this year, the rate of inflation is predicted to have increased by almost 95%.　　The central bank increased interest rates this year by a sum of 3,700 percentage points (or 37%), but is now faced with the problem that “no one dares to save money.”　　The stablecoin, according to Canneti, might protect against changes in value and fluctuations in local currencies.　　Canneti stated the following in a statement issued

2022-09-28Deep Dive

FTX Succeeds in Bid to Acquire Assets from Bankrupt Voyager

The assets of the defunct crypto currency brokerage Voyager Digital Ltd. will now be purchased by digital asset exchange FTX. According to those with direct knowledge of the situation, FTX acquired the assets after placing a winning bid of approximately $50 million during an auction.　　Sam Bankman-Fried, the billionaire, is in charge of the digital asset exchange.　　As per Bloomberg, the purchase followed multiple initial attempts by the FTX to save or buy Voyager. At the end of March, Voyager, based in New York, had 1.19 million funded accounts and around 3.5 million users.　　Liz Hoffman, a former Wall Street Journal writer, first announced FTXs victory in the auction and purchase of Voyager on Twitter. Additionally, she provided pricing information while citing unnamed sources.　　She tweeted, Crypto exchange FTX is the highest bidder for bankrupt cryptocurrency lender Voyager. Purchase price of $50m but could ultimately be double that if AUM and other thresholds are reached. In July, Voyager submitted a bankruptcy petition. After Alameda Researchs failed attempt to save it through a revolving credit line, it did so. Trading firm Alameda Research is connected to FTX.　　A joint offer for Voyager was made public shortly after that effort by FTX and Alameda. Voyager rejected the

2022-09-28Deep Dive

As attacks continue, a hacker stole $950,000 from a cryptocurrency vanity address.

An Ethereum “vanity address” created with the Profanity tool contained $950,000 in ETH, claims blockchain security company PeckShield. On Monday, the situation was reported. According to on-chain data from PeckShield, the hacker took 732 Ethereum on September 25 and moved it to the allowed digital currency mixing service Cyclone Money. Here, the money was converted into other cryptocurrencies before being transferred to the programmers personal wallet.　　The popular Profanity vanity address generators vulnerabilities were exploited in this hack. Although vanity addresses are created using a tool called Obscenity, this method for creating them makes them easier to breach using a beast force attack. The amount of cryptocurrency in the wallet may be able to balance off the penetration, which demands a lot of computing power.　　The team of programmers behind Profanity took action to make sure that nobody used the tool following the attacks.　　The exploit was carried out similarly to how Wintermute was last week. The algorithmic cryptocurrency market maker Wintermute, situated in the UK, was breached on Tuesday, September 20, and lost $162.2 million in DeFi activities. The Wintermute hack targeted a weak private key produced by the Profanity app.　　Since January, the profanity flaw has been known. But on September 13,

2022-09-28Deep Dive

An Accounting Flaw in Binance Caused an Uneven Distribution of About $20 Million HNT

Last night, Binance found an accounting issue that enabled customers to submit MOBILE amounts to HNT wallets that were then sold on the market. This mistake permitted users to send Heliums MOBILE token to just be confused for HNT. 　　The Helium Foundation stated that an integrated accounting bug in Binance that affects only the exchange and about 4,829,043 MOBILE tokens was not a network problem.　　Last night, Binance uncovered an accounting trick that enabled users to send mobile payments to HNT wallets, which have been later exchanged for cash. Due to such an error, users might send the MOBILE token from Helium and have it misinterpreted for the HNT token. 　　　　According to the Helium Foundation, Binances efficient accounting flaw, which solely affects the exchange and around 4,829,043 MOBILE tokens, is not a network issue.　　Binance has been forewarned by the Helium Foundation and told:　　“We advise token holders to suspend HNT and MOBILE deposits on Binance until a comprehensive situation update is provided,”　　The use of helium is revolutionizing how wireless networks are built and expanded worldwide. Anyone may create and oversee a wireless network for low-power Internet of Things (IoT) devices using Heliums constantly increasing hotspot network, and clients can make money by

2022-09-27Deep Dive

USDC is the first stablecoin listed by Robinhood on the trading platform.

On Tuesday, Robinhood, a US brokerage service that simplifies stock trading and investing, included Circles USDC stablecoin to its selection of cryptocurrencies for individual investors.　　With this change, the Robinhood system now offers USD Coin (USDC) as its first stablecoin for trading. According to the company, one of the most widely used open-source blockchains, the Polygon and Ethereum networks are currently accepting transactions on the platform.　　　　The platforms decision to add USDC to Robinhood is part of its aim to expand internationally, where stablecoin adoption is increasingly widespread among users from all around the world.　　With a total market capitalization of $50.1 billion, USDC ranks second among stablecoins. With a market valuation of $68 billion, Tether is the biggest stablecoin, albeit it has begun making a loss to USDC ever since Terras algorithmic UST stablecoin failed.　　Robinhood investors wont be able to capitalize from USDC because it is a stablecoin. The organization, which has been concentrating primarily on cryptocurrency growth, has set the IPO as a target.　　　　Users will now be able to convert their stablecoin balances into money and utilize that money to purchase stocks on Robinhood thanks to USDCs support. Additionally, consumers will be able to utilize the stablecoin to exchange their fiat

2022-09-27Deep Dive

FTX US Wins Voyager Digital Asset Auction for $1.4B

The owner and operator of FTX US has purchased assets from the bankrupt crypto lender Voyager Digital in an auction valued at more than $1.4 billion.　　The bid by FTX USs parent company, West Realm Shires, is valued at $1.422 billion, according to a statement issued on Monday.　　This includes the fair market value of all of Voyagers crypto, which will be priced at a later date. The current market value is approximately $1.31 billion.　　Extra consideration will be given to an additional $111 million in incremental value. Its assets will become available after Voyagers Chapter 11 bankruptcy proceedings are completed.　　“Voyager received various bids contemplating sale and restructuring possibilities, performed an auction, and determined that the sale transaction with FTX is the best solution for Voyager stakeholders based on the outcomes of the auction,” the business said in a statement.　　The bankruptcy estate will retain Voyagers claims against the defunct hedge fund Three Arrows Capital, which may be paid to the estates creditors if a recovery is made, according to the statement.　　Former Wall Street Journal reporter Liz Hoffman tweeted that the purchase price for FTXs deal was around $50 million, citing persons familiar with the subject. Hoffman also stated that if assets under management

2022-09-27Deep Dive

Will the slowdown in Ethereum supply following "the Merge" influence the investment story?

Before becoming deflationary, the second-largest cryptocurrency may still have a long path to go. The Ethereum blockchain upgrade made various crucial commitments, including to increase network scalability and efficiency, reduce the quantity of ether to make it a deflationary asset, amongst many other things.　　　　The stock of Ether on the proof-of-stake network has grown by more than 5,990 since the Merge event, as per metrics from the website Ultrasound Money. Furthermore, the evidence shows that this number is lower than it may have been under the proof-of-work consensus approach.　　Additionally, the supply is considerably less than that of Bitcoin, whose network generates 6.25 BTC coins every 10 minutes using a proof-of-work algorithm. The Ultrasound Money platform states that when the coins from block subsidies are less than the ones being burned, Ether can start to shrink. Additionally, ETH will turn into a deflationary asset when more people start using it for transactions than are staking it. Aside from that, when the processing cost hits 15 Gwei or 0.000000015ETH, the cryptocurrency can deflate.　　However, certain circumstances do not yet exist. According to Ultrasound Money, the cost of each Ethereum transaction is 11 Gwei, and staking produces greater tokens than burning them.　　What has been observed

2022-09-27Deep Dive

Despite the current turbulence, the CEO of Pantera predicts that cryptocurrency will once again rise

Morehead contends that cryptocurrency is enduring a complete occurrence to risk assets based on adaptability and is thus most likely to rebound based upon its own principles. It would thus immediately be coupled to the macro dynamics as a result. 　　In a news article, Morehead highlighted that buying in equities and bonds has become more problematic because of high interest rates, in contrast to blockchain, which may trade independently of bond yields. As a result, blockchain trading can remain using its current frameworks.　　Morehead is convinced that Bitcoin (BTC), despite dropping lows earlier in the year, would continue to climb. Many tokens are currently rising, and Ethereum (ETH) has surged by up to 60% since its recessions. Despite experiencing a decline in users due to the increasing popularity of other tokens, he claimed that bitcoin will gain by 10 times over the long term.　　　　According to Morehead, blockchain has become one of the most compelling industries in the modern era. While traditional finance is valued at $3 trillion, decentralized finance (DeFi) is currently priced at $20 billion. DeFi may one day conduct activities that go outside the purview of conventional finance.　　The Merge of Ethereum　　According to Morehead, Ethereums transition from Proof-of-Work to Proof-of-Stake

2022-09-26Deep Dive

According to PlanB, Bitcoin has bottomed out for a new bull run.

The inventor of the Stock-2-Flow (S2F) model, a crypto specialist, has an optimistic prediction for the leading digital currency in the world. PlanBs comments reflect the premier coin trading this past week at a 16-month low of $26,350.49 as the broader virtual currency system fell apart following the failure of the Terra protocol. Despite the existence of several downtrends recently in the cryptocurrency market, PlanB thinks that the market price has bottomed out and that the stage has indeed been set for the forthcoming bull run.　　He noted that this is a normal BTC cycle in a tweet, “December 2021 I was still hoping for a 2nd leg of the bull market. But in Q1 2022 it became clear that this bitcoin bull market was over. We entered a bear market at the Apr 2021 peak (yes ATH was Nov 2021). Now we are creating a bottom. Then a new bull market will start,”　　Due to the fact that PlanBs S2F model may be used with a wide range of assets, he has achieved fame in the financial industry. Due to the recent high volatility of the digital asset, his projections concerning BTC havent always come true.　　One of PlanBs top forecasts for

2022-09-26Deep Dive

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