Crypto Guides, Knowledge & Insights

Why Binance Smart Chain and PancakeSwap remain an important part of DeFi

The blockchain analytics platform Nansen has analyzed user activity on Binance Smart Chain (BSC) and revealed the most interesting trends in a new research report.　　Created as a “parallel blockchain” to Binance Chain, BSC delivered programmability and smart contracts to developers interested in launching their tokens on the network, ushering hundreds of projects, such as PancakeSwap (CAKE), Venus (XVS), Auto (AUTO) and Beefy Finance (BIFI), to name a few.　　The competitive advantage of BSC　　BSC works on a Proof of Staked Authority (PoSA) consensus mechanism, where participants stake Binance Coin (BNB), the native coin of Binance Chain, to become validators.　　While compatible with the Ethereum Virtual Machine (EVM), the blockchain that “was created as a scalable infrastructure to handle a large number of low-cost DeFitransactions without compromising speed,” reaps the support from the vast variety of Ethereum tools and decentralized applications (dApps).　　As the report pointed out, “one competitive advantage of BSC over Ethereum (ETH) is that the gas price, or rather the cost necessary to perform a transaction on the network, is significantly cheaper.”　　At its peak, the number of transactions on BSC was about 10 times higher than on Ethereum, indicating an inverse relation of gas price and a number of transactions.　　Stablecoin adoption　　According to

2021-09-27Deep Dive

Bitcoin To Become The 21st Century’s Digital Gold, Deutsche Bank’s Analyst Posits

Bitcoins near $1 trillion feasible market valuation and its potential for further growth have made it impossible for banks to continue ignoring its validity, according to Marion Laboure, a research analyst at Deutsche Bank.　　Laboure, a senior economist and market strategist at Deutsche Bank, said that people have always sought to store their wealth in assets not controlled by governments, like gold. However, Bitcoin has the potential to become the digital version of gold.　　“Gold has had this role for centuries. And yes, I could potentially see Bitcoin become the 21st-century digital gold.”　　She added that many people view Bitcoin as protection against fiat inflation because it has a fixed supply at a time when central banks are exponentially increasing the supply of traditional currencies. At a maximum supply of 21 million, about 89 percent of Bitcoin is already in circulation.　　Cryptos significant role in the future of payments　　Laboure who is also a finance and economics professor at Harvard University believes that cryptocurrencies will help shape the future of payments. Currently, Bitcoins limitation as a means of payment mainly comes from the few merchant outlets that support it, its slow settlement time, and high transaction fees.　　However, these factors will change with increased adoption and

2021-09-27Deep Dive

Why DeFi holds the key to metaverse success?

Visa buying a CryptoPunk NFT for around $150,000 recently may be the first sign that these unique digital assets are starting to be taken seriously for commerce. Up until now, the sale of these “non-fungible” assets has been associated with high-priced artwork, but Visas purchase, while also about art, is really about promoting their expertise to businesses in the field of using NFTs for commerce. Indeed, in a report, coinciding with the CryptoPunk purchase, Visa states a longer-term vision: “While the prices of individual NFTs fluctuate, fascinating use cases for NFTs are still emerging and the groundwork is being laid for the long-term utility of NFTs.”　　One such use case led by big consumer brands from Facebook to Coca Cola is the use of NFTs in the virtual world, called the metaverse. Indeed, if you heard the news that Facebook is about to launch its own crypto wallet Novi (which is — in true metaverse fashion — interoperable with other wallets) then you may also recall its also due to work with NFTs as well as stablecoins.　　What you may not know is that Facebook‘s CEO Mark Zuckerberg sees the future of the global social network in the metaverse. Indeed, Zuckerberg recently

2021-09-27Deep Dive

Cardano’s Commercial Arm to Invest $100M in DeFi, NFTs and Blockchain Education

Emurgo, the commercial and venture arm of Cardano, is investing $100 million to boost decentralized finance (DeFi), non-fungible token solutions and blockchain education efforts for the worlds fourth-largest blockchain.　　Announced during the Cardano Summit 2021 on Sunday, Emurgo CEO Ken Kodama said the investment would “accelerate the development of the Cardano ecosystem.”　　“We will create a dedicated operation from 2022,” said Kodama in a tweet following the announcement on Sunday.　　Emurgo is one of the founding entities of Cardano and provides solutions for developers, companies, and government.　　The investment arm also announced Sunday it would be pouring additional funding into African artificial intelligence, blockchain, and smart technologies firm Adanian Labs.

2021-09-27Deep Dive

US House of Reps to deliver verdict on infrastructure bill this week

According to Reuters, Pelosi expressed confidence the legislation will pass upon announcing the date on Sunday, Sept. 26, stating: “Let me just say that were going to pass the bill this week.” Earlier that same day she reportedly indicated she would not bring the bill to a vote unless she believed it would pass.　　Speaker of the U.S. House of Representatives Nancy Pelosi announced that the house will vote on whether to pass the Biden administrations controversial $1 trillion bipartisan infrastructure bill on Thursday, Sept. 30.　　“Tomorrow, September 27, we will begin debate on the Bipartisan Infrastructure Framework on the Floor of the House and vote on it on Thursday, September 30.”　　Pelosi noted the vote is slated to take place the day before the Surface Transportation Reauthorization Act of 2021 is set to expire.　　While the legislation passed through the Senate with bipartisan support on Aug. 10, provisions contained in the bill mandating stringent counterparty reporting requirements for decentralized network validators and software developers who would not possess the information needed to comply.　　Although the bill passed on Aug. 10, an amendment put forward by Senator Pat Toomey that saw bipartisan support from Senators Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema and Ron

2021-09-27Deep Dive

Cryptocurrency exchanges rush to cut ties with Chinese users after fresh crackdown

Cryptocurrency exchanges and providers of crypto services are scrambling to sever business ties with mainland Chinese clients, after Beijing last Friday issued a blanket ban on all crypto trading and mining.　　In a culmination of years of efforts to rein in the sector, 10 powerful Chinese government bodies including the central bank, said overseas exchanges were barred from providing services to mainland investors via the internet - a previously grey area - and vowed to jointly root out “illegal” cryptocurrency activities.　　Huobi Global and Binance, two of the worlds largest exchanges and popular with Chinese users, have stopped new registrations of accounts by mainland customers. Huobi also said it would clean up existing ones by the end of the year.　　“On the very day we saw the notice, we started to take corrective measures,” Du Jun, Huobi Group co-founder said in a statement to Reuters.　　Du did not give an estimate how many of its users would be affected, saying only that Huobi, once the worlds biggest crypto exchange, had embarked on a global expansion strategy many years ago and seen steady growth in Southeast Asia and Europe.　　Shares in crypto-related firms tumbled on Monday with crypto asset manager and trading firm Huobi Tech (1611.HK)

2021-09-27Deep Dive

Bitcoin Forms Bullish Pattern, Why BTC Could Rally above $45K

Bitcoin price stayed above the key $40,750 support zone against the US Dollar. BTC is rising and it could soon rally above the $45,000 resistance.　　Bitcoin started a recovery wave above the $42,800 and $43,000 resistance levels.　　The price is now trading above $43,000 and the 100 hourly simple moving average.　　There was a break above a connecting bearish trend line with resistance near $42,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).　　The pair could accelerate higher once it clears the key $45,000 resistance zone.Bitcoin Price Starts Fresh Increase　　Bitcoin price struggled below the $43,000 level for a few sessions. BTC declined below $41,000, but the bulls protected the $40,750 zone. There were two attempts to clear $40,750, but the bears failed.　　As a result, the price started a fresh increase and it seems like it has formed a double bottom pattern near the $40,750 level. It is rising and it has cleared the $42,000 and $42,800 resistance levels. There was also a break above a connecting bearish trend line with resistance near $42,400 on the hourly chart of the BTC/USD pair.　　Bitcoin cleared the 50% Fib retracement level of the downward move from the $45,153 swing high to $40,750 swing low.

2021-09-27Deep Dive

Solana Adoption Speed Is Ridiculous, Crypto Asset Is Likely the Ethereum of This Cycle

Marco guru Raoul Pal says smart contract platform Solana is poised to be one of the best performers this cycle as he believes it is following the footsteps of Ethereums 2017 bull cycle.　　In a new interview on BitBoy Crypto, the founder of Real Vision and Global Macro Investor identifies key factors that could make SOL the next big thing in the crypto markets.　　I‘ve been looking at it. [I] wasn’t sure what to do with, it and then I think it‘s the ETH of this cycle. Remember ETH was the one that became the big new thing？ I think it’s this because the pedigree of all the people involved in it, the speed of adoption is ridiculous. I mean its growing faster than ETH did at that cycle.　　The number of applications, the ecosystem is, it‘s like somebody just sent me a chart of the ecosystem, there’s like 300 people already working with Solana. It‘s like, ’Okay, this is real and this is happening at a speed none of us can get our heads around.　　Pal adds that he sees Solana outperforming Cardano en route to becoming one of the top cryptocurrencies.　　“It‘s kind of like everybody wanted Cardano to happen is actually happening

2021-09-27Deep Dive

Four Significant Events That Changed The Course Of The Bitcoin Market This Year

Key takeaways　　Bitcoin has seen massive adoption in 2021 especially from key market players　　Market players worthy of mention include MicroStrategy, Tesla, El Salvador, and Twitter.　　These players, in their own ways, have impacted and continue to impact the Bitcoin market.　　The year 2021 has been a great year for the worlds pioneer cryptocurrency Bitcoin. All through the year, Bitcoin has stayed above the $20,000 price range it reached in December of 2020, even hitting a new all-time high of $64,846.　　BTCUSD Chart By TradingView：https://www.tradingview.com/symbols/BTCUSD/　　A reflection on the journey of Bitcoin so far reveals that a lot of the price increase can be tied to relative stability in the market and massive adoption from different key market players.　　A few of these market players are notable as they have contributed immensely to the growth of Bitcoin and their moves will likely have the effect of sending positive ripples into the future of Bitcoin thereby changing the course of the cryptocurrencys history.　　Worthy of mention is MicroStrategy, the first publicly traded company to hold Bitcoin on its balance sheet. The words of Michael Saylor, the software companys CEO, after the company made the move around a year ago were that the addition of Bitcoin to their balance sheet

2021-09-27Deep Dive

Research: 81% of the largest companies use blockchain

According to research by Blockdata, over 80% of the top 100 public companies currently use blockchain technology.　　But even if we exclude companies that are only at the technology research stage from the list, there will still be 65 companies actively developing their blockchain solutions.　　The study also included data on the technologies companies prefer and the purpose of their use.　　Large corporations began to show interest in the technology and implement blockchain back in 2014; as of September 2021, 81 out of the 100 largest public companies are using blockchain technology.　　This list also includes companieswho are still in the research phase of blockchain technology, which means that they are now exploring all the possibilities available to determine if this technology is right for them.　　 Blockchain of varying degrees of development　　However, even if we do not take into account thosecompanies that are currently in the research stage, there are still 65 companies actively developing their blockchain solutions. Blockdata has classified companies according to five levels of blockchain technology development.　　Currently 16 leading public companiesworlds are only at the stage of exploration. At this time, 14 have already started launching pilot programs, which means that they are preliminary testing the blockchain solution to see if

2021-09-27Deep Dive

...

442444

...

737