‘Super Important’—Billionaire Elon Musk Made A Radical Dogecoin Proposal Amid A Huge Bitcoin And Crypto Price Bounce Back

Elon Musk, the dogecoin-boosting Telsa billionaire, has once again weighed in on the meme-based cryptocurrency, suggesting dogecoin fees need to fall before it can become a viable payment option.

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The price of dogecoin has bounced over the last 24 hours, climbing alongside the bitcoin price as confidence returns to the cryptocurrency market. The bitcoin price rally, coming after a steep sell-off, fueled a broad crypto price surge.

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“Super important for doge fees to drop to make things like buying movie [tickets] viable,” Musk said via Twitter TWTR .

Musk, who has repeatedly called for dogecoin updates and improvements this year, was responding to a tweet by dogecoin co-creator Billy Markus.

“Robinhood announcing wallets, AMC CEO not only talking about accepting dogecoin but saying it was the single most interacted with tweet he has ever made, the crypto market finally seeing some green,” Markus said, referencing an earlier tweet by the chief executive of U.S. cinema chain AMC, Adam Aron, and fee-free trading app Robinhood’s announcement it would soon launch a crypto wallet.

“It’s clear that you think AMC should accept dogecoin,” Aron said after AMC revealed in August it plans to begin accepting bitcoin, ether, bitcoin cash, and litecoin by the end of the year. “Now we need to figure out how to do that.”

Aron had previously run a Twitter poll that attracted 140,000 votes within 24 hours, closing with 68% voting for AMC to accept dogecoin. Another 9% said to go ahead with the cryptocurrency even if they wouldn’t use it, while 23% said AMC shouldn’t bother with dogecoin at all.

“Dogecoin poll was by far my highest ever read tweet,” added Aron. “In 24 hours, 4.2 million views, my most ever retweets, most ever replies.”

Musk “liked” the dogecoin poll on Twitter, prompting Aron to call Musk “the epitome of innovation above all others.”

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MORE FROM FORBES‘$500,000 In Five Years’-Elon Musk And Tesla Devotee Cathie Wood Reveals Huge Bitcoin And Ethereum Price Predictions

Musk, who’s become one of dogecoin’s biggest backers following years of support, has repeatedly endorsed the meme-based bitcoin rival, drawing the ire of the bitcoin community. In July, speaking during a live discussion with Twitter’s Jack Dorsey, and major Tesla and bitcoin investor Cathie Wood, Musk elaborated on ideas he’d previously floated to use dogecoin and ethereum to “max transaction rates and lower transaction costs.”

Earlier this month, Musk called a dogecoin upgrade, designed to secure the dogecoin blockchain and reduce transaction fees, “important.”

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Netflix Set to Premier Documentary About QuadrigaCX CEO in 2022

American online streaming giant Netflix is preparing to release a documentary, which focuses on the death of Gerald Cotten, founder and CEO of the now-defunct Canadian cryptocurrency exchange, QuadrigaCX.

  • Netflix made the announcement via Twitter on Thursday (September 23, 2021), with the documentary titled “Trust no One: The Hunt for the Crypto King.”
  • According to the synopsis, a group of QuadrigaCX investors who have become investigators will seek to uncover the suspicious death of Cotten and also the 250 CAD million belonging to investors that was allegedly stolen by the CEO.


  • The Netflix documentary is indeed based on the true events of a Canadian cryptocurrency exchange that collapsed in 2019. Before the company’s demise, it was one of the largest Bitcoin exchanges in Canada.
  • However, things became bad for the company when its founder and CEO, Gerald Cotten, died in Jaipur, India, from Crohn’s disease at age 30. What made events interesting was the fact that only Cotten had access to the exchange’s cold storage wallet, meaning that customers could not get their funds back.
  • A court filing at the time showed that QuadrigaCX owed users around 250 million CAD ($197.5 million). Lawyers representing the company’s victims even requested to have the body of the QuadrigaCX CEO exhumed to confirm Cotten’s identity and the cause of death.
  • In June 2020, more than a year after the exchange collapsed, Canada’s securities regulator, the Ontario Securities Commission (OSC), published a report on its investigations into QuadrigaCX. According to the OSC, the company fell not because of Cotten’s death but as a result of the fraudulent activities by the CEO while he was alive.
  • Although Netflix did not mention the exact date when it will release the documentary, the online streaming giant said the show will premier in 2022.

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September Leaves Behind Trail Of Blood, Bitcoin Long Liquidations

After what looked to be a month of prosperity following the August bull run, Bitcoin has now entered into an era of increasingly bearish signals. The asset had seen a number of rallies that pushed it over two-month highs, successfully breaking above the $52K resistance range on a number of occasions. Throwing the entire market into a stretched-out period of positive sentiment.

September has now come with its own unique set of problems for the digital asset. Bitcoin price has been suffering since the beginning of the month, ushered in with a flash crash that rocked the market only a week into September. The market continues to suffer from the aftershock of this flash crash, which has left a trail of blood in the market, and led to massive liquidations.

Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet

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Bitcoin Price Crash Leads To Sell-Offs

In only a matter of days, the price of bitcoin has fallen from $47,000 to $40,000, which triggered liquidations in the market. The long liquidations totaled up to the tune of $860 million across exchanges. The liquidations took place over two days when the price of the digital asset had inevitably fallen to $40,000 on Tuesday, September 21st. Although significant, the liquidations, which were spread across two days, still sat below the sell-offs seen following the September 7th crash.

Related Reading | Did Bitcoin Really Experience A Flash Crash Down To $5,400?

Monday marked the beginning of the liquidations as the market saw $470 million long positions liquidated. And the following Tuesday, a total of $390 million long positions were liquidated as well. At this point, the price of bitcoin had hit levels not seen since mid-August. And as market sentiment shifted into the negative, the price continued to plunge.

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Chart showing bitcoin long liquidations

Chart showing bitcoin long liquidations


BTC longs liquated on Monday and Tuesday add up to $860 million | Source: Arcane Research

Current sell-off volumes have remained beneath the $1.2 billion sell-off in early September, suggesting that this current sell-off is more organic than previous ones. Also, it shows that the current market is more influenced by spot activity compared to the derivatives market.

September And Its Chokehold On The Market

September has historically come with challenges for the crypto market. So the crash that rocked bitcoin and the entire market at the beginning of the month is on-brand. Crashes with at least a 17% value loss have happened in September for the past four years and it looks like 2021 has fallen in line with this trend.

However, the end of September has always come with better forecasts for the following month. Chart analysis show crashes in the month precede recoveries that put the market on course to regain its lost value. Setting the market up for another bull run.

Bitcoin price chart from TradingView.com

Bitcoin price chart from TradingView.com


BTC price trading north of $43K | Source: BTCUSD on TradingView.com

The price of BTC has now recovered above its Tuesday’s lows, which saw the digital asset plunge below $40K. Bitcoin is currently trading above $42,000 at the time of writing. While the total market cap has fallen below $800 billion.

Featured image from Bitcoin News, charts from Arcane Research and TradingView.com

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Bitcoin Lightning Network Channel Capacity Hits Another All-Time High

Public channel capacity on the Bitcoin Lightning network continues to explode, hitting another all-time high of 2,738 bitcoin.

The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Public channel capacity on the Bitcoin Lightning Network continues to explode, with channel capacity hitting another all-time high of 2,738 BTC yesterday. The Lightning Network is a Layer 2 scaling solution built on top of the Bitcoin base layer, which allows two peers to open up a channel between each other and defer final settlement into the future.

The Lightning Network white paper was first released back in January 2016 as a proof-of-concept idea, as the Bitcoin base layer has a limited throughput, which was and still is needed to keep the network sufficiently decentralized (the larger the block size the larger the cost to run your own node).

Public channel capacity on the Bitcoin Lightning network continues to explode, hitting another all-time high of 2,738 bitcoin.

Source: Glassnode



Although the network functions using payment channels opened between two peers, public channels and node interconnectivity allow for payment routing through other Lightning nodes on the network, who can selectively choose what fees are charged and whom on the network they are connected to.

The Lightning Network also allows for private channels between peers, but this balance is not visible.

In the last three months, the Lightning Network has witnessed spectacular growth, most likely in part to El Salvador adopting bitcoin as legal tender, with the Lightning Network playing a major role in the onboarding process.

On average, over the last three months, public channel capacity on the network has grown by 12.5 BTC per day.

Public channel capacity on the Bitcoin Lightning network continues to explode, hitting another all-time high of 2,738 bitcoin.

Source: Glassnode



Similarly to the Bitcoin base layer, the best scaling solution for the Lighting Network is Bitcoin’s underlying “Number Go Up” technology. As additional people, institutions and nation-states choose to adopt the Bitcoin monetary network, the fixed supply of the asset means that the underlying BTC/USD exchange rate must appreciate, which itself scales the capacity of the network.

Not only is public-channel capacity going parabolic, but the exponential appreciation of the price of bitcoin since Lightning first began to enter mass beta testing in early 2018 has meant that the dollar-denominated channel capacity of the network has exploded. 

Public channel capacity on the Bitcoin Lightning network continues to explode, hitting another all-time high of 2,738 bitcoin.

Source: Glassnode



Above is public channel capacity in linear scale and below is the same chart in logarithmic scale for context:

Public channel capacity on the Bitcoin Lightning network continues to explode, hitting another all-time high of 2,738 bitcoin.

Source: Glassnode



As the security model of the Bitcoin network continues to transition programmatically to an entirely fee-based model (as new bitcoin issuance trends towards zero), it is probable that fees will rise substantially as demand for block space continues to increase as bitcoin adoption increases. Below is the ratio of miner revenue derived from new supply issuance versus transaction fees over time:

Public channel capacity on the Bitcoin Lightning network continues to explode, hitting another all-time high of 2,738 bitcoin.

Source: Glassnode



This trend is very important for the adoption of the Lighting Network. It is likely true that on the other side of hyperbitcoinization, most people will not transact across the Bitcoin base layer, but rather across Layer 2 solutions like Lightning.

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Twitter Launches Support For Bitcoin Tips on Lightning Network. NFTs Could Come Soon

Twitter, the favorite social network among cryptocurrency lovers, has just announced that it will let its users to send Bitcoin to any account with a BTC wallet.

Enabling Bitcoin tips is part of an even larger initiative. The company is expanding its support for payment processors of all kinds, including Patreon, Cash App, Venmo, Razorpay, GoFundMe, and Brazilian startup PicPay, which serves as an equivalent to Paypal or Venmo with some additional options such as cashback purchases, returns on deposits or QR payments.

Twitter Embraces Bitcoin

In the article titled “Bringing Tips to Everyone,” Esther Crawford, Twitter’s Staff Product Manager, explained that cryptocurrencies were in tune with Twitter’s philosphy:

We want everyone on Twitter to have access to pathways to get paid. Digital currencies that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible – help us get there.

The article also clarifies that Bitcoin payments will happen on the Lightning Network thanks to a partnership with Strike, which confirms a previous report by Cryptopotato.

Lightning Network is an experimental layer two scalability solution for Bitcoin that allows for immediate transactions at minimal costs. In other words, the functionality seems to be aimed at popularizing in-app micropayments.

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Graphical representation of how the Lightning Network works, Image TheBlockPro.com
BTC payments on Twitter will happen on the Lightning Network, a technology that runs on top of the Bitcoin blockchain, Image TheBlockPro.com

Although this is the first time Twitter has offered support for Bitcoin micropayments, the truth is that Twitter users already had a taste of the experience. To begin, users could receive payments via Paypal and other providers, and Bitcoin tips were already a reality via popular tipping bots and projects like Tippercoin, BottlePay or Dropbit, which allowed users to associate a Twitter account with a Lightning Network wallet to receive tips via a simple command. Dropbit was discontinued when its founder was arrested on money laundering charges.

For now, Bitcoin payments are available only for iOS users. Crawford said Twitter will launch support for Android devices in the coming weeks.

Bitcoin “Maximalists”

Twitter’s CEO ,Jack Dorsey, is an outspoken Bitcoin maximalist. On numerous occasions, he has stated that Bitcoin could be destined to become the currency of the internet while dismissing his focus on other cryptocurrencies such as Ethereum or Cardano. Considering the magnitude of Twitter, this move could be the first step towards the much dreamed global adoption.

However, despite Jack Dorsey’s maximalism, the blockchain encompasses much more than Bitcoin, and the Twitter team is aware of that. According to Mashable, Crawford said that Twitter developers are exploring the use of NFTs within the platform as decentralized forms of identity protection.

“We’re excited to soon explore NFT authentication. It’s a way to support creators making this art with a stamp to demonstrate authenticity. By allowing people to directly connect their crypto wallets, they can track and showcase their NFT ownership on Twitter.”

Twitter did not explain exactly what product its development team was expecting to launch, nor which blockchain will be chosen to mint the NFTs; however, once the service goes live, it will be evident to the world that Twitter is chain agnostic, much to the sadness of many bitcoin maximalist.

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JPMorgan Facing Money Laundering and Bribery Allegations Over Massive Oil Purchase

JPMorgan Chase bank is under investigation by Brazilian authorities for an alleged money laundering and bribery plot involving 300,000 barrels of fuel.

Investigators say the scheme dates back to 2011 and is part of an ongoing investigation into the banking giant’s dealings with the state-owned oil company Petrobras.

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Reuters reports,

“The probe, which is in preliminary stages, is part of a larger investigation by Brazilian authorities who have been examining wrongdoing across the commodity trading industry for years.

The authorities are working to determine if the alleged bribery continued in subsequent years.

As one of the world’s largest banks, JPMorgan would represent the biggest target yet in the investigation.”

So far, JPMorgan has not responded to requests to comment on the allegations.

While Bitcoin (BTC) and other cryptocurrencies are often in the news over concerns about illicit activity, some of the world’s leading mainstream financial institutions have been in hot water for years and ordered to pay billions of dollars in fines as restitution.

The exact amount that Bitcoin and crypto assets are used for illicit activity is the subject of much debate. Blockchain data platform Chainalysis noted a decrease in its annual report on criminal dealings within the digital asset space.

“In 2020, the criminal share of all cryptocurrency activity fell to just 0.34%, or $10.0 billion in transaction volume.”

Just this week, the Biden administration cracked down on the Suex exchange, which is alleged to have run ransomware campaigns out of Russia and the Czech Republic.

Chainalysis sees the move by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) as a step in the right direction.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Macro Guru Raoul Pal Reveals He Owns Cardano – Here’s His Outlook for This Cycle

The founder of Real Vision and Global Macro Investor, Raoul Pal, says he is now an investor in Cardano (ADA).

In a new interview with Bitboy Crypto, the former Goldman Sachs executive says that he finds ADA interesting and sees potential growth opportunities for the third-largest cryptocurrency by market cap.

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“You know we’ve had Charles Hoskinson a few times on Real Vision. I like the project I think it’s very interesting. We really need to see more network adoption, so it’s early stage for me…

It’s doing well. There’s a big community behind it so that gives you one side of the network. We need to see more use cases outside of the Ethiopia case that’s being talked about a lot.

I own some and I’m just waiting to see really is it going to start getting a lot of traction, people building stuff on it?”

Pal also shares his outlook for the ADA with the Alonzo upgrade bringing smart contracts functionality to the blockchain.

“I know people are waiting for the smart contract side so you know.

Maybe it’s not the biggest outperformer in this cycle, but you know if it survives this cycle and continues to get adoption, it’ll probably do very well in the next side.”

Pal says he’s also interested in social tokens that are designed to transform traditional business models, pointing to Chiliz (CHZ) and Rally (RLY) as two early leaders in the space.

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Monetary Mutants Vs. Satoshi’s Sentinels

The defenders of monetary freedom must continue to fight for bitcoin against the powers of evil.

I would like to give credit for the inception of this article to one of my Twitter Spaces friends, “Ant” (@2140data).

I have been trying to analogize Bitcoin to a creature or organism that is constantly evolving, adapting and surviving as it gets attacked over and over again. I came up with ideas like viruses, the earth and certain animals but when Ant likened Bitcoin to the Marvel Comics Sentinels, I had my “ah hah” moment. This was the best analogy for me because I can remember the nostalgia of watching Saturday morning X-Men cartoons while eating my bowl of Fruit Loops.

For those that don’t know, Sentinels in the popular 1990s cartoon show, X-Men, were created by humans to fight mutants and they had the incredible ability to adapt and evolve to whatever mutant that they were trying to fight.

If the Sentinels were being attacked by Colossus, who is known for his super strength and impenetrable metal body, the Sentinels were able to become super strong and develop impenetrable metal bodies.

When the Sentinels fought Magneto, who possessed magnetic powers to control metals, they were able to change the molecular composition of their metal bodies to a non-metallic material so that Magneto could not manipulate or control them.

One of the most powerful mutants was Mystique, who could change into whatever mutant that she wanted to. The Sentinels were programmed to have Mystique’s ability to turn into any mutant and wield their powers, which made them even more powerful and unstoppable!

Satoshi Nakamoto engineered the most powerful Sentinel known to the mutant world: Bitcoin. Satoshi’s Sentinels are so powerful because they are programmable and can destroy any mutants such as governments, countries, Elon Musk, Peter Schiff, Nouriel Roubini, Steve Hanke and any other mutant that dares attack them.

When Satoshi’s Sentinels fought Elon Musk’s green energy FUD “powers”, they reprogrammed themselves to evolve into even more energy efficient Sentinels by integrating more green energy into their network.

When Satoshi’s Sentinels fight the intolerable mutant Peter Schiff and his century old “gold powers,” Satoshi’s Sentinels punch him in the face with more adoption as a store of value. Satoshi’s Sentinel’s eyes shoot Schiff with their golden laser beams as they become more stable, hard and long lasting money like gold. Satoshi’s Sentinels’ golden bodies glimmer in victory as Schiff continues to be the “Old Man yelling at Bitcoin” meme.

Satoshi’s Sentinels continue to fight mutants like the annoying Nouriel Roubini and uninformed Steve Hanke who try to fight it with their “economist powers.” Satoshi’s Sentinels battle their powers by becoming more integrated into the world economy. Satoshi’s Sentinels’ decentralized, economic programming continues to destroy the negative, poisonous narratives that these two “powerful” Ph.D. economists spew. Satoshi’s Sentinels absorb this poison and become immune to these two malicious mutants. Satoshi’s Sentinels continue to slowly destroy Hanke’s and Roubini’s narrative that bitcoin is a bubble in the same way the Internet was a bubble. Unbeknownst to these mutant ignoramuses, this exponential “bubble,” which is typical of all new technologies, is going to become the new monetary network that they say is not possible.

There will be thousands of other mutants that try to fight Satoshi’s Sentinels but the Sentinels will continue to adapt, evolve and become immune. This is because Satoshi’s engineers will continue to reprogram his Sentinels as long as there is consensus among the nodes and miners.

One of the most powerful mutants ever known in Marvel Comics was Apocalypse. Apocalypse was an immortal mutant who could become stronger as he siphoned strength from his enemies. Satoshi’s Sentinels are currently fighting this super powerful, Apocalypse-like mutant known as the central banks. Satoshi’s Sentinel’s are slowly destroying the central bank’s age-old ability to suck away the purchasing power of humans and render their hard work valueless. Ninety-nine percent of the world has still not called upon Satoshi’s Sentinels to fight the central bank’s monetary-siphoning powers. Nevertheless, Satoshi’s Sentinels continue to propagate and integrate themselves into this powerful monetary mutant’s legal tender laws, energy systems and geopolitics.

The moral of the story for the monetary mutants that want to fight Satoshi’s Sentinels is to not fight them because they will lose. Satoshi’s Sentinels will continue to evolve and adapt as Satoshi’s engineers make them bigger, faster and stronger. Satoshi’s Sentinels continue to play out their monetary game theory with the mutants and are now playing X-Men: Endgame.

Once again, thank you Ant (@2140data) for the inspiration to write this article. I had fun writing this one!

This is a guest post by Jeremy Garcia. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.

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From Ethereum to Solana and Back: Wormhole Lets You Send Your NFTs Across Blockchains

In brief

  • The Wormhole NFT Bridge lets users move NFT assets between Ethereum and Solana.
  • The original NFT is locked within a smart contract while a new version is minted on the other blockchain.

Ethereum may currently rule the NFT collectibles space, but Solana has recently emerged as a rival with puny fees and speedy transactions—neither an Ethereum strength. But you can’t buy Solana NFTs on OpenSea or use the popular MetaMask wallet, for that matter, so there’s clear distance between the ecosystems. Until now, that is.

Launched yesterday, the Wormhole NFT Bridge connects Ethereum and Solana with a way to transfer assets between the competing blockchains. It’s a bi-directional bridge that can send assets in either direction, effectively “wrapping” the original NFT asset to make it fully compatible with the other platform.

For example, if you wanted to bring a Solana NFT over to Ethereum to sell it on OpenSea, the bridge would first lock the original NFT asset within the Wormhole smart contract on Solana. A smart contract is what powers decentralized apps , DeFi protocols, NFTs, and more, all via code that performs set instructions.

Rather than literally transfer the asset from Solana to Ethereum, the NFT is frozen within the smart contract and then a new version is minted on Ethereum. The resulting ERC-721 NFT asset can be used and transferred like any native Ethereum NFT, and you can always bridge it back to Solana to release the original version from the smart contract. ERC-1155 standard support is planned, as well.

“Users that are only active on a single chain have no way of getting access to exciting NFTs on others,” Hendrik Hofstadt, co-founder of lead Wormhole contributor Certus One and now Director of Special Projects at Jump Crypto, told Decrypt. “The Wormhole NFT Bridge solves this and allows users to acquire new NFTs that were previously inaccessible, or tap into the liquidity of other chains’ marketplaces.”

An NFT acts like a deed of ownership to a rare digital item, such as an image, video clip, or interactive video game item. Ethereum is the leading platform for NFTs, including such popular projects as CryptoPunks and Art Blocks, and Ethereum-based marketplace OpenSea generated more than $3.4 billion in transaction volume in August alone, per Dune Analytics.

Why would someone bridge an NFT between Ethereum and Solana? For starters, Ethereum has the popular OpenSea marketplace (and others), which could open up Solana-based collections like Degenerate Ape Academy, Solana Monkey Business, and Aurory to a wider audience of potential buyers.

Ethereum NFT collectors may want to bring something over from Solana to put into a single wallet or collection, as well. And there may be upside to porting assets from Ethereum to Solana. After all, Solana is much faster and cheaper to use than Ethereum at present, so moving assets around could prove to be more efficient on the so-called “Ethereum killer.”

Wormhole was first announced in October 2020 with a focus on DeFi applications, with Solana itself pushing the project as a way to scale Ethereum apps with a secondary chain. Last week, ahead of the NFT bridge launch, Wormhole released the v2 version of its main Token Bridge, with plans to add support for other blockchains Binance Smart Chain and Terra, as well.

The launch comes following rapid growth for Solana’s ecosystem, with rising use across DeFi and NFTs, as well as an explosion in value for the SOL cryptocurrency. It skyrocketed in price from about $35 at the start of August to an all-time high above $213 earlier this month, according to data from CoinGecko. However, last week’s Solana network crash may have slowed that momentum: SOL is down 21% over the last 14 days.

“Solana offers users cheap and fast transactions which allow dapps to deliver almost web2-level experiences, enabling a new group of users to get into the space,” Hofstadt commented. “I think this is a valuable component in a cross-chain world where different chains serve different use cases, and adoption clearly highlights that.”

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LCX price rallies 300%+ after the launching DeFi Terminal 2.0

The emergence of decentralized finance (DeFi) has reshaped the landscape of the cryptocurrency ecosystem, which was once dominated by centralized exchanges like Coinbase and Binance and helped to make it more accessible for users and projects seeking to gain access to the markets. 

As DeFi emerged as a cheaper, more accessible option for investors and projects, centralized exchanges saw their reserves of BTC and Ether dip and they began to compete for users as growing numbers of investors opted to give DeFi a try.

Instead of taking a ‘centralized only’ approach, LCX exchange has adapted its model to offer centralized and decentralized services and during this time its native LCX token climbed to a new record high.

Data from CoinGecko shows that since hitting a low of $0.034 on Aug. 21 the price of LCX has exploded by 430% to a daily high at $0.1775 on Sept. 18 as its 24-hour trading volume spiked 700% from an average of less than $1 million to $7.6 million.

LCX/USDT price. Source: CoinGecko

Three reasons for the rising price of LCX include the release of the LCX DeFi terminal, increasing trading volume and total value locked (TVL) on Uniswap and the expansion of the LCX exchange ecosystem.

LCX pivots to DeFi

On Sept. 17, LCX released an update to the protocol’s DeFi Terminal 2.0, also known as the Fire Salamander DEX aggregator.

According to LCX, the update aim to improve the user experience and the upgrade improves gas efficiency and integrates six new decentralized exchanges to the interface.

The new DEXes added include Shibaswap, Swipeswap, Luaswap, Youswap, Polyient Dex and Emiswap, bringing the total number of integrated DEXs to thirteen.

Trading volume and TVL rise

A second reason for the surge in the price of LCX has been the increase in trading activity and available liquidity for the token on Uniswap.

LCX 24-hour trading volume on Uniswap. Source: Uniswap

As shown on the chart above, the surge in price seen for LCX lines up with a surge in the 24-hour trading volume on Uniswap.

Total value locked in LCX pools on Uniswap. Source: Uniswap

As of Sept. 21, the total value locked in LCX liquidity pools on Uniswap stands at $3.15 million, a 267% increase from its TVL of $1.18 million on Aug. 21.

Ecosystem expansion, exchange listings and governance features

Another reason for the gains seen in LCX includes the expansion of the LCX ecosystem and the upcoming launch of governance features.

Over the past few months, LCX exchange has added popular altcoins to its list of offerings, including Cardano (ADA), Polkadot (DOT), Hedera Hashgraph (HBAR) and Polygon (MATIC).

At the same time, LCX’s founder Monte Metzger has hosted a series of podcast interviews with the project leads.

These interviews have introduced the communities behind these tokens to the LCX ecosystem and helped explain ongoing collaborations such as the partnership between LCX and Polkadot to build out its security token standard using Polkadot’s parachain technology.

This has brought a new level of exposure to the LCX project and shone a light on the fact that the exchange is fully licensed and will offer a legally compliant way for users to access security token offerings (STO). There are also plans to roll out a governance token for the LCX DEX and this aligns with the popular trend of DeFi exchanges rewarding early stakers with governance tokens. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.