Crypto Exchange News & Updates

Latest Solana NFT Collection Gives Ethereum NFTs a Run for Their Money

The firm that brought you the most valued Solana NFT collection, DeGods, is at it again.　　Dust Labs is in the midst of a frenetic week that includes a $7 million seed round and the launching of its newest NFTs, y00ts.　　According to CryptoSlam data, the “y00ts mint t00b” collection has topped OpenSea volume rankings for the previous 48 hours, gathering 227 thousand solana (SOL), or more over $7.1 million in secondary sales at the time of writing. On Wednesday, its floor price reached 167 SOL.　　The buzz surrounding y00ts, short for y00topia, stems in part from its scholarship whitelist program and custom copyright, which promise to overhaul the usual revenue method for NFT collections.　　Only collectors who have been accepted onto the y00tlist are eligible to get a t00b NFT. T00bs are vials that can be burned to mint y00ts NFTs, essentially two separate collections.　　To mint y00ts, DUST, the DeGods ecosystem utility token on Solana, is required.　　The complete NFT unveiling has yet to take place, but a derivative collection known as y00ts Yacht Club has already been created and sold out.　　The y00ts mint, which was supposed to launch on September 4, was delayed due to a “blocking bug” five minutes before the start

2022-09-08Deep Dive

What Is Yield Farming? What You Need To Know

Yield farming is the technique of maximizing returns through the use of decentralized finance (DeFi). On a DeFi network, users lend or borrow cryptocurrency and receive cryptocurrency in exchange for their services.　　Farmers that desire to boost their crop production can use more complex strategies. Yield farmers, for example, might continually shift their cryptos between several lending platforms to maximize their profits.　　How does yield farming work？　　Yield farming allows investors to earn a return by investing in a decentralized application, or dApp. Crypto wallets, DEXs, decentralized social media, and other dApps are examples.　　Decentralized exchanges (DEXs) are commonly used by yield farmers to lend, borrow, or stake coins in order to earn interest and speculate on price volatility. Smart contracts, which automate financial agreements between two or more parties, promote yield farming via DeFi.　　Types of yield farming:　　Liquidity provider: Users deposit two coins to a DEX to provide trading liquidity. Exchanges charge a small fee to swap the two tokens which is paid to liquidity providers. This fee can sometimes be paid in new liquidity pool (LP) tokens.　　Lending: Coin or token holders can lend crypto to borrowers through a smart contract and earn yield from interest paid on the loan.　　Borrowing: Farmers can use one

2022-09-05Deep Dive

Litecoin (LTC) – A Review

When Litecoin Started？　　Litecoin (LTC) is a prominent cryptocurrency that emerged shortly after Bitcoin. Charlie Lees innovative P2P crypto, which debuted in 2011, focuses on facilitating rapid cross-border money transactions. Its payment transactions are low-cost and eliminate the need for third-party interactions entirely. The Litecoin (LTC) network is built on cryptography and mathematics. Furthermore, it gives its consumers complete control over their finances.　　As part of its evolution, Litecoin established the Litecoin Foundation. The foundations mission is to raise awareness of and facilitate acceptance of the Litecoin (LTC) cryptocurrency. It accomplishes this by educating current and prospective users and creating an enabling environment for the growth and development of the LTC ecosystem.　　How Litecoin Works？　　　　People regard LTC as a trustworthy bank for the “unbanked.” One of its primary goals is to give a financial network to people who do not have access to regular banking systems. It is essentially a simpler, less expensive, easier-to-use, portable form of Bitcoin. To build a wallet and begin transacting with Litecoin, all interested parties need is access to the internet (LTC).　　The P2P crypto is powered by open-source software released under the MIT/X11 license. It is also entirely decentralized, with no central authority and no need for any

2022-08-29Deep Dive

Court filings reveal Celsius will run out of money by October

According to the latest Chapter 11 documents, the embattled crypto lender Celsius Network is on track to run out of money by October.　　The petition was submitted to the U.S. Celsius stated in the Bankruptcy Court for the Southern District of New York that it expects to reach negative liquidity of approximately $34 million by October 2022.　　The lending platform, which had the trust of many people around the world with their life savings and retirement funds, was revealed to be in a much worse financial situation than had been suggested in July.　　Celsius three-month cash flow forecast, which shows steep declining liquidity, indicates the company will experience an 80% drop in liquidity funds from August to September, according to court documents released this week.　　According to the forecast, Celsius will continue to report a negative cash flow and will be completely out of money by October. The company expects to generate a negative net cash flow of $137.2 million over the next three months.　　Previous court documents revealed that Celsius “operates one of the largest mining enterprises in the United States” and had expansion plans to “mine Bitcoin by acquiring and making operational additional mining rigs” prior to filing for bankruptcy.　　Many people were upset

2022-08-16Deep Dive

Emerging GameFi Projects with Huge Potential: Klangaverse, Decentraland, and Sandbox

GameFi is a promising cryptocurrency market area that refers to play-to-earn blockchain games. The gaming industry is huge and offers numerous opportunities for passive income. Andre Cronje, a DeFi creator and developer of Yearn Finance, invented and used the term “GameFi” in a tweet.　　The phrase “GameFi,” which combines the words “game” with “finance,” refers to blockchain games that provide incentives, allowing players to earn cryptocurrency or Non-Fungible Tokens by Play-to-Earn (P2E). It has acquired acceptance as a metaverse game label and is increasingly gaining traction as a concept.　　In general, players progress through many game levels, engage in combat, and complete other tasks. In GameFi projects, players spend utility tokens acquired with fiat money in the game for a variety of uses, including the purchase of in-game assets represented by NFTs. Meet Klangaverse (KLG), an emergent GameFi initiative that deconstructs the Play-to-Earn game genre by allowing gamers and artists to earn big profits while playing music.　　Decentraland (MANA)　　Decentraland (MANA) is a Metaverse-based virtual currency that includes a blockchain gaming bundle. The Decentraland token can be used to make purchases in the Metaverse.　　Decentraland employs two utility tokens: (MANA) and (ETH) (LAND). (MANA) is an ERC-20 token that can be exchanged for non-fungible ERC-721

2022-08-15Deep Dive

Bybit exchange rolls out options trading as part of expansion plans

Singapore-headquartered crypto exchange Bybit has added crypto options trading to the suite of products it offers. A press release revealed this news earlier today, noting that the company decided to roll out options trading based on user feedback. This launch further bolsters Bybits product line, which features spot, derivatives, mining, and staking offerings, to name a few.　　According to the press release, Bybit users will now be able to trade USD Coin (USDC) options and perpetuals through portfolio margin, which is best suited for professional traders, to increase fund utilization based on the underlying price and volatility.　　The publication further noted that this launch would help Bybit become an all-in-one trading platform with an intuitive interface that offers open API support. In so doing, Bybit hopes to enable the flexible trading of European-style linear options.　　Bybit co-founder and CEO Ben Zhou commented,　　Options is something that our existing clients have long been asking for since there has been no other revolutionary product offered in the market at the moment.　　He added:　　We are confident that our state-of-the-art offering will set the bar for the sector and normalize crypto options trading, just like what Robinhood did for stock options. We are also excited to bring with us

2022-04-27Deep Dive

Another crypto exchange AscendEX losses $80 million to hacker

Over the weekend, a global cryptocurrency exchange, AscendEX, was brought to its knees as it became the latest victim of an attack that led to the loss of around $80 million worth of funds from its hot wallets.AscendEX losses close to $80 million to hack　　Blockchain security firm Peckshield Inc. revealed that the attacker moved ERC-20, Polygon, and Binance Smart Chain tokens domiciled in the exchanges hot wallet. 　　A more cursory look at the hack showed that the attacker moved $60 million in ERC-20 tokens, $9.2 million in Binance Smart Chain tokens, and $8.5 million in Polygon tokens. Per available data, the hacker transferred around $11 million worth of TARA tokens, while also moving around $6 million worth of popular Stablecoin USDT. 　　Currently, deposits and withdrawals have been disabled on the exchange following the security breach that led to the unauthorized withdrawal.　　While the exchange has refused to confirm the extent of the loss, data from Etherscan shows that only the exchange hot wallets were affected.　　A crypto hot wallet is a custodial wallet that allows crypto holders to send and receive tokens. Unlike cold wallets, a hot wallet is connected to the internet and thus is more vulnerable to hacks. Most crypto

2021-12-13Deep Dive

Bybit re-opens ‘Deposit Blast-Off,’ earn up to $3,000 in reward

Crypto exchange Bybit is rewarding users who make deposits and trade on its exchange. Called the ‘Deposit Blast-Off,’ the promotion is currently ongoing and runs until Jan. 3, 2021 — rewarding new and existing users who have yet to make their first deposit with up to $3,000 in bonuses.　　Once registered, users must make all deposits within seven days for them to be considered in the calculation of their reward. Any deposits made after this timeframe will not be considered in the calculation of the reward.　　For example, if a user makes a first-time deposit comprising $5,000 worth of BTC and $1,000 worth of ETH within seven days of the event registration, their total eligible deposit is $6,000. The user will therefore receive a 180 USDT bonus and a 10 USDT coupon.　　The list of assets that are eligible as deposits: BTC, ETH, BIT, USDT, XRP, DOGE, DOT, EOS, LTC, XLM, AAVE, AXS, CHZ, COMP, DYDX, LINK, MANA, MKR, SUSHI, UNI, YFI.　　There are some caveats to the deposit event: All rewards will be distributed within 15 working days after eligible users make their deposit. Users must ensure that all funds deposited are held in their accounts until the issuance of the bonus and

2021-12-13Deep Dive

IOHK announces Cardano (ADA) block size increase as it moves to ‘scaling’ phase

Cardano (ADA) is heading into the Basho phase, according to IOHK, as the developer team announced upcoming gradual adjustments, focused on “optimization, scaling, and network growth.”　　According to the announcement, IOHK already submitted two initial changes, namely Cardanos block size increase and increase of Plutus script memory units per transaction.Increasing block size by 12,5%　　Cardano‘s developers opted for a methodical approach to changes in the network’s parameterization, claiming that “slow and steady wins the race.” 　　“A 12,5% increase is sizable, but not too big. It leaves room for further expansion, and allows stake pool operators (SPOs) to adjust to the increased demands,” explained IOHK, as the developer team announced Cardanos block size is set to increase by 8KB to 72KB.　　A larger block size implies fitting more transactions into a single block, which in the end means processing more transactions per second.　　Increasing Cardanos block size comes into play as the network developers anticipate a rise in traffic, due to new dapps rolling out.　　IOHK pointed out that currently there are “well over 2 million Cardano wallets in use and traffic has grown by over 20 times in a year.”Increasing Plutus memory limits by 12.5%　　Besides block size, Cardanos developers will be increasing Plutus script memory

2021-11-24Deep Dive

Fraudsters posing as Michael Saylor strip people of over $4 million in Bitcoin

A few days ago, Elliptic, a blockchain analytic firm, reported that unsuspecting individuals had cumulatively lost over $10 billion to crypto frauds and scams.　　Today, a Bitcoin user has now added to that figure after losing 3 BTC (the equivalent of $179,000) to an impersonator of MicroStrategys chief executive officer Michael Saylor, in what appears to be a giveaway scam.Fraudster impersonates Michael Saylor　　According to Whale Alert, the said scam took place on November 21, with the fraudster using the website “mstrategy.io/bit” to parade himself as the pro-Bitcoin CEO of the firm. He then proceeded to request visitors of the site to send some Bitcoin to a designated address with the promise of doubling the amount for them. 　　“Michael Saylor believes that Blockchain and Bitcoin will make the world fairer. To speed up the process of cryptocurrency mass adoption, We decided to run 5 000 BTC giveaway,” the scam site reads.　　As of press time, the scammers address has received over 80 BTC that are cumulatively worth over $4.5 million from 50 transactions. Available data also shows that the fraudster has transferred 72 BTC out of the wallet, leaving the current value of the address at 10 BTC ($562,335.38).Scam projects tend to impersonate

2021-11-24Deep Dive

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