Crypto Guides, Knowledge & Insights

Cardano DeFi moves closer to reality with $5M deFIRE fundraiser

deFIRE is a Cardano-based smart order routing platform. The firm announced it had successfully raised $5 million ahead of its up-and-coming Initial DEX Offering (IDO) on Thursday, as per a press release shared with CryptoSlate.　　This venture capital funding round included big players from both legacy and crypto-specific firms. Strong interest at this early stage of development bodes well for both deFIRE and Cardano.　　“The new capital injection was led by industry heavyweights such as Morningstar, Cryptodromfund, SwissBorg Ventures, Lotus Capital, MoonWahle, Hype Partners, Axia8 Ventures, Newtribe Capital, GenBlock, Sheesha Finance, IBA, Exnetwork, Nodeseeds, and CoinsGroup.”　　DeFi on Cardano edging closer　　It will be the first fiat on-ramp and swap solution for Cardano native tokens, allowing token holders to swap one Cardano token for another directly.　　The deFIRE platform provides execution services on decentralized exchanges for token swaps, order routing services across DEXs, and intermediary services between wallets and DEXs.　　It distinguishes itself by offering a low latency decentralized order router service and is capable of handling institutional order flow originators and standard demands from retail traders.　　deFIRE is one of the first projects incubated on the OccamRazor launchpad solution. Mark Berger, President of the Occam Association, predicts massive liquidity flows coming for Cardano once Alonzo goes

2021-05-14Deep Dive

‘King of NFTs’ is dominating the crypto rankings — here's why

A blockchain specializing in NFTs says a number of high-profile releases have helped daily active wallet numbers surpass the likes of Ethereum and Flow.　　‘King of NFTs’ is dominating the crypto rankings — heres why SPONSORED　　A decentralized video game and entertainment network dubbed “the king of NFTs” has now surpassed more than three million accounts.　　Worldwide asset eXchange (known as WAX for short) offers an easy-to-use cloud wallet and a convenient way of creating, buying, selling and trading nonfungible tokens.　　Congestion on the Ethereum blockchain has prompted a number of developers to start seeking alternatives — and figures from DApp Radar suggest that, toward the end of March, WAX had more active wallets than Tron, EOS, Ethereum and Flow.　　Alien Worlds, a space exploration game built on WAX, has also cemented its place at the top of the rankings. Data suggests this DApp had 392,000 users in a recent 24-hour period — streets ahead of other games including Upland, R-PLANET and Galaxy Blocks.　　In contrast to NBA Top Shot, which is based on the Flow blockchain, Alien Worlds is firmly part of WAXs infrastructure and community — given how WAX tokens form a crucial part of gameplay.　　 Substantial growth in April　　WAX says the promising metrics

2021-05-14Deep Dive

What’s the Carbon Footprint of Fiat Money?

Critics of Bitcoin like to compare its carbon footprint to a transaction on your Visa card, ignoring the environmental impact of the infrastructure that sustains fiat money and the enormous collateral damage that fiat brings. These secondary effects make fiat money orders of magnitude more energy-destructive than Bitcoin.　　You can appreciate fiat‘s secondary footprint from any street corner on Earth: 80,000 bank branches and 470,000 ATMs in the U.S. alone, along with forests of skyscrapers that dominate every city on the planet. Then the part we don’t see: Finance and insurance are 8.4% of the gross domestic product in the U.S., only slightly behind manufacturing. That means millions taking the subway or driving to the office – or, the pandemic equivalent, firing up an army of laptops and call centers – to sling paper money under fiat‘s harsh fluorescent glow. Visa transactions don’t even come close.　　And that‘s on the good days. Because, when it comes to fiat, there are a lot of bad days. Fiat money has caused a recession every 5.6 years, to be precise, in the U.S. since the Federal Reserve’s founding, by manipulating the pace of money creation that drives the boom-bust cycle. Beyond the human toll, each

2021-05-14Deep Dive

Attrace Attracts $2.5m Investment from Founders of Deribit to Build Decentralized Referral Network

The founders of Panama-based derivatives exchange Deribit have announced a $2.5 million investment in Attrace, a blockchain project set to launch the worlds first referral layer for the tokenized economy. The cross-chain platform will allow anyone marketing or promoting tokenized assets to earn a commission for their efforts, creating a harmonized ecosystem for referrals.　　Since the first rivals to Bitcoin started to emerge, projects have sought to market and promote their tokenized assets to investors. At the same time, the cryptocurrency community has developed into a thriving hive comprising YouTube stars, Twitter influencers, Telegram groups, and more.　　However, there has been no unified method or system for incentivizing referrals until now, and any existing platforms have trust and privacy issues. Promoters and referrers have no way of claiming rewards for their efforts, with payments taking weeks or even months. Token issuers have no way of tracking which referrals are legitimate. End users and buyers often have to install invasive tracking cookies on their browsers if referrals are to be traced in any meaningful sense.　　The First Trustless Referral Layer for the Token Economy　　Attrace is the first project to attempt to solve this problem, using blockchain for blockchain-based assets. It uses a network of

2021-05-14Deep Dive

Orbs Integrate With Chainlink to Secure Its Liquidity Nexus

Orbs, a public blockchain infrastructure designed for businesses looking at trust as a competitive strategy, announced its integration to Chainlink Price Feeds Oracle to secure its Liquidity Nexus.　　Daniel Peled, the founder of Orbs, explained:　　“The Liquidity Nexus is a revolutionary idea for DeFi, creating a platform of risk tranching that divides risks between USD and crypto holders. We wanted to mitigate the vulnerability to oracle attacks, which wreaked havoc on the DeFi ecosystem. We are excited to announce the integration with Chainlink, a proven oracle network, to eliminate this dangerous attack pathway for the Liquidity Nexus.”　　The integration was done to prevent any price manipulation that might occur, causing serious issues for the Liquidity Nexus system. These attacks could create a situation where one side of the pool could be drained due to a sudden or sharp drop or price rise of assets. Historically, these types of attacks have caused tens of millions of dollars within DeFi protocols that rely on single-source oracles. However, by integrating with Chainlink, the protocol will no longer face such attacks.　　Chainlink is the leading oracle provider that has effectively protected against market manipulation by aggregating hundreds of data sources. Notably, Chainlink has countless other CEXs and DEXs

2021-05-14Deep Dive

Litecoin, Binance Coin, EOS – Worth placing a bet on for the short-term?

Of late, speculations around a forthcoming altseason have been the most trending topics in the crypto-community. But, what exactly is the significance of the same？　　As covered by AMBCrypto in the past, Bitcoin‘s shrinking dominance has been the talk of the town for a while now. At the time of writing, for instance, Bitcoin’s Dominance rate (BTC.D) stood at 42.03%, as per TradingView. On the back of such a finding, expectations associated with an altcoin rally are only bound to increase even more.　　Kaleo, a widely recognized trader and analyst, is one of those to fan such expectations, with the crypto-proponent recently commenting on his sky-high expectations for Litecoin (LTC), Binance Coin (BNB), and EOS in a series of tweets.　　Litecoin (LTC)　　As per his bullish narrative for LTC, Kaleo forecasted a massive price pump towards $2000. It should be noted, however, that he did say that he would be content with the $1000 – $1200 mark. Furthermore, he bought the coin in question every day while it traded under $500.　　Source: Kaleo|Twitter　　His tweet read,“This is why I am buying spot Litecoin every day its under $500.”　　When compared to LTC‘s 2017 bull run performance, the altcoin’s latest charts have been picturing a similarly bullish trend

2021-05-14Deep Dive

Can Tokenplace Usher in a New Era in Crypto-economics?

Over the last few years, the cryptoverse has seen many new trading platforms go online one after the other. That begs the question, why？ After all, if all you are interested in is Bitcoin, Ethereum, or some of the big boys, then the traditional Forex trading websites are quite enough for any retail trader to make a buck. The answer is trading pairs. Only specialized trading platforms can offer the trading pairs in which a true crypto enthusiast will be interested.　　But do we need more crypto platforms, I hear you ask？ Today, Tokenplace is going online, and it seems that the answer they have for the question is an emphatic “yes.” Lets see why.　　Tokenplace aims to help shape the crypto-economic future by bringing forward a new platform that uses parallel simultaneous trades over different single exchanges so that the problems associated with erratic price fluctuations, trade friction, and inflated prices can be prevented. That alone makes a case for a new platform. One that works better for everybody.　　Tokenplaces selling points　　Other features in Token Place will be unified trading and analytics, portfolio management and reporting, intuitive search, smart classification, and an immersive dashboard.　　In other words, users can link all their exchange

2021-05-14Deep Dive

Can Cardano Become The Third Biggest Crypto After Ethereum And Bitcoin?

The price of Bitcoin has, until recently, given little space for alternative coins to grow even as they‘ve risen out from its shadow. Altcoins have developed beyond the mere equivalent of a pilot technology that had yet to impact a global technological shift. Altcoins such as Ethereum, Cardano, and XRP have staked an important case for blockchain’s stature as a useful disruptive technological innovation.　　Blockchain projects are driven by community belief, similar to a coin‘s price action which, according to billionaire investor Mark Cuban, is based on a “supply and demand” dynamic. While Ethereum has established itself as a leader in the blockchain space, given its first-mover advantage as it leveraged off ICO launchpads, NFTs, and DeFi, other ecosystems show similar promise in the eyes of the believers. Founded by Charles Hoskinson, Cardano’s scientific and academic approach to building a decentralized network has brought invigorated hope to new investors.　　An Academic Blockchain　　Developed through peer-reviewed research papers and established by one of Ethereum‘s co-founders, Cardano is a high-assurance blockchain. Driven by technical support from IOHK, Cardano’s development arm, the blockchain is set to compete with Ethereum in terms of capabilities.　　Through Cardano‘s Alonzo hard fork, which is part of the overall Goguen era, developers

2021-05-14Deep Dive

One of Europe's Biggest Music Festivals Now Accepts Bitcoin for Tickets

Exit, one of Europes biggest music festivals, has started accepting Bitcoin payments for tickets.　　One simply has to choose the “Pay with Bitcoin” option on Exits website and scan a QR code to conduct a transaction.　　Exit is considered to be one of the biggest music events in the world alongside Britain‘s Glastonbury and Brazil’s Rock in Rio. The list of this years headliners includes David Guetta, Tyga, DJ Snake, and others.　　The festival is held in Petrovaradin Fortress, the second-largest fortress in Europe, which is situated in the Serbian town of Petrovaradin.　　In 2019, Exit attracted over 200,000 attendants from all over the globe, with The Chainsmokers being among its headliners.　　At the forefront of innovation　　Exit is the first major festival to embrace cryptocurrency payments.　　CEO Dušan Kovačević emphasized the importance of being at the forefront of innovation in his statement:　　“The potential of blockchain, digital exchange and currency is exciting and we wanted to make sure we are at the forefront and are utilizing new technologies and able to engage with our tech savvy audience as technology evolves and changes.”

2021-05-14Deep Dive

Binance Faces Investigation from IRS and DoJ

Binance is currently being investigated by the U.S. Department of Justice (DoJ) and the Internal Revenue Service (IRS), according to a recent report from Bloomberg.　　Bloomberg Reports Binance Investigation　　Individuals involved with Binance are reportedly being probed for information related to money laundering and tax offenses.　　Bloomberg notes that the exchange operates in various jurisdictions including the Cayman Islands and Singapore, meaning that it has so far been able to avoid most government oversight.　　Details of the investigation remain confidential. Representatives from the IRS and DoJ did not respond to Bloomberg, while Binance stated that it does not comment on specific inquiries.　　Binances PR agent, Jessica Jung, did note that it takes its “legal obligations very seriously” and “engage[s] with regulators and law enforcement.” She also noted that Binance has a “robust compliance program” and offers anti-money laundering tools.　　Will the Exchange Suffer？　　Without any further details about the investigation, it is hard to predict what the Binance probe will amount to.　　Bloomberg notes that the analytics firm Chainalysis previously published a report indicating that Binance is used for laundering more than any other exchange. Given that Chainalysis has worked with the IRS before, that information may have spurred the investigation.　　Additionally, Bloomberg states that Binance has not been

2021-05-14Deep Dive

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