Day: December 3, 2021

Here Is When To Expect Cardano-Based Decentralized Exchanges, According to Charles Hoskinson

by Dailyhodl

Cardano (ADA) creator Charles Hoskinson is revealing that decentralized exchanges are just weeks away from arriving on the sixth-largest blockchain by market cap.

Hoskinson says in a tweet that he’s “really proud” of the team behind SundaeSwap, a decentralized trading protocol on Cardano, which will launch its testnet on December 5th. The purpose of a testnet is to identify bugs, if any, as well as potential bottlenecks and inefficiencies prior to the mainnet launch.

According to the Cardano creator and the CEO of Cardano-focused development firm Input Output Hong Kong (IOHK), decentralized exchanges (DEXes) could arrive on the sixth-largest blockchain by market cap during or just before the Christmas holiday.

“Really proud of this team for all their hard work and getting things done so quickly. I don’t imagine they’ll be on the testnet for long. With any luck, looks like Dexes are coming just in time for/around Christmas.”

The expected unveiling of the SundaeSwap decentralized exchange is coming weeks after Cardano entered the smart contract era following the successful Alonzo hard fork.

In a statement, SundaeSwap says it will “provide a detailed roadmap towards launch” but does not specify a date.

SundaeSwap’s announcement is coming days after IOHK upgraded the Cardano network after recording a surge in usage. The number of transactions per day had shot to 200,000 in November of 2021 from 10,000 a year earlier, according to IOHK.

The latest upgrade by IOHK will see the block size on Cardano increased by 12.5% in order to raise the number of transactions that can be processed in a second.

ADA is trading at $1.71 at the time of writing.

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Featured Image: Shutterstock/VolodymyrSanych/Natalia Siiatovskaia

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FTX Proposes Changes to U.S. Crypto Regulations

by Cryptobriefing

Key Takeaways

  • FTX has published a document suggesting regulatory changes that could produce more flexible options for exchanges.

  • In particular, it suggests that spot and derivatives exchanges should be able to select just one primary regulator.

  • FTX also recommends greater regulations for stablecoins.




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Crypto exchange FTX has published a document suggesting changes to U.S. regulations that could provide greater flexibility. The document lays out ten principles.

FTX Wants Primary Regulator Option

FTX has weighed in on cryptocurrency regulation, publishing a document earlier today that changes to U.S. regulatory policy. Primarily, FTX suggests that exchanges should be able to select a single primary regulator.

“As many know, the CFTC is the primary regulator of commodity derivatives marketplaces, while the SEC is the primary regulator of cash securities marketplaces,” FTX notes. As some exchanges deal with both spot trading and derivatives trading, FTX suggests a framework that allows an exchange to “elect one market regulator as its primary regulator.”



This approach would undoubtedly be useful to FTX itself, which operates both a spot exchange and a derivatives exchange.

The rest of FTX’s principles deal with topics such as custody of assets, risk assessment, customer protection, KYC/AML, and other common matters related to financial regulatory compliance.

Notably, one section focuses on stablecoin regulation, a topic that FTX has previously commented on. The exchange wishes to see regulators keep a list of registered stablecoins and ensure that those coins are regularly audited by an accounting firm.


Coinbase Put Forward a Similar Request

Competing crypto exchange Coinbase put out a similar document in October. It similarly recommended a unified approach to regulation; however, it suggested that the U.S. government create a single regulator rather than allowing exchanges to elect one.

The news comes as executives from FTX and Coinbase are scheduled to testify before Congress next week. It remains to be seen if the topic of regulatory reform will be raised at that meeting.

FTX is currently the fifth largest crypto exchange, handling $4 billion in volume over the past 24 hours. Its derivatives exchange is the second largest in operation, with $8 billion in open interest.

Disclosure: At the time of writing, the author of this piece owned less than $100 of BTC, ETH, and altcoins.



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FTX U.S. Now Lists Ethereum NFTs

FTX U.S. has rushed ahead of Coinbase to open trading for Ethereum NFTs.  FTX U.S. Adds Ethereum NFTs  FTX U.S. is looking beyond Solana for its NFT marketplace.  gm! Ethereum…

FTX Raises $420M in Series B-1 Raise

FTX, a top-ten global crypto exchange, has raised just north of $420 million in its latest funding round. This comes on the heels of a $900 million raise in July. …

MDEX: Overlooked Decentralized Exchange That Pays You to Trade

Based on statistics from DeBank and dapp.com, one of the top-performing decentralized exchanges by TVL and trading volume this year is MDEX—an AMM-based DEX functioning across the Huobi Eco-chain (HECO), Binance Smart Chain…

Solana Ventures, FTX, Lightspeed Venture Partners Launch $100M Web3 Ga…

Solana Ventures, Lightspeed Venture Partners, and FTX have announced a joint $100 million initiative that will focus on blockchain gaming.  $100M Crypto Gaming Fund Announced As crypto gaming looks set…


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Whale Buys 28 Billion SHIB for $1.2 Million as Price Stalls

by CryptoPotato

Yesterday, pseudonymous ETH whale “Gimli” bought 28 billion SHIB for $1.2 million. Gimli has a months-long history of stacking the infamous memecoin, which is now the 13th largest crypto by market cap.

Stacking SHIB

WhaleStats – a Twitter account analyzing the movements of the richest 1000 ETH wallets – called attention to the transaction yesterday. Apparently, Binance sent exactly 28,236,296,316 SHIB to Gimli for $1,204,823.

With the latest purchase, Gimli now holds a whopping 1,281,667,671,716.74 SHIB for $53,977,897. That’s more than Binance holds on its exchange: 531,107,299,855.73 SHIB valued at $22,367,776.

Buyers should be wary on that front. Though SHIB is a crypto token, it is far from decentralized. According to data from Coincarp, the top 20 SHIB addresses alone control 70% of token supply. 

WhaleStats ranks Gimli as the 246th largest ETH address. His address is 25% composed of SHIB, which is even greater than his ETH balance. The whale has been making large and regular purchases of the token since June, and has gained some notoriety for it. 

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Shiba Inu’s Rise

SHIB is a spinoff memecoin known as the “Dogecoin killer.” Though Dogecoin was originally created as a joke, it has cemented itself as a top 20 cryptocurrency. Shiba Inu is now amongst its ranks, with a near $23 billion market cap. It even briefly surpassed its parent dog-coin after surging back in October. 

As one might expect, both DOGE and SHIB are highly speculative, even amongst other cryptocurrencies. They are heavily impacted by short-term market sentiment – especially when influenced by Dogecoin enthusiast Elon Musk. 

For example, Dogecoin copycats soared when the Tesla CEO revealed his new pet dog – a Shiba Inu. On the other hand, SHIB tanked after Musk announced that he didn’t personally own the meme coin. 

This week, SHIB has seen relatively mild price action. However, it did manage to get listed on Kraken late last month. 

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Got crypto? Here are 3 software wallets for storage, staking and swapping

by Cointelegraph

Nearly every segment of the crypto sector underwent explosive growth in 2021. The steady inflow of institutional funds could possibly be interpreted as a signal that the best is yet to come.

For new users, figuring out how to obtain cryptocurrency can be a tedious task, and the challenge of securing the assets off exchanges is another hurdle some investors find difficult to overcome.

Here’s a rundown of some of the most used cryptocurrency soft wallets that support a wide swath of tokens and offer users access to decentralized finance (DeFi), nonfungible tokens (NFTs), staking opportunities and airdrops.

MetaMask

MetaMask was originally launched to support the Ethereum blockchain and decentralized applications (DApps) that run on top of it. It is now available as a browser extension and smartphone application.

The company launched in 2016 and has largely benefited from a first-mover advantage to become one of the most popular and widely integrated wallets, and it is one of the few to support nearly every blockchain network.

A quick scroll through the supported networks on Chainlist, a platform that provides a list of Ethereum Virtual Machine- (EVM)-compatible networks and instructions on how to add any listed network to their MetaMask wallet, shows hundreds of blockchain networks supported by MetaMask including many of the top smart contract competitors.

Currently, MetaMask supports Avalanche, Fantom, Binance Smart Chain, Polygon, HECO Mainnet, Optimism and Arbitrum, and it’s easy for users to use various bridges to transfer tokens between the supported networks.

MetaMask has also integrated a swap feature directly into the wallet to give users access to an aggregated list of decentralized exchanges (DEXs). According to data from Dune Analytics, the daily swap volume on MetaMask swap has steadily increased throughout 2021.

MetaMask swaps daily volume. Source: Dune Analytics

The rise in swap volume has also come alongside rumors that MetaMask will eventually release a token of its own and many users are anticipating an airdrop.

Phantom

Phantom is a popular software wallet and browser extension available for Solana network users.

Similar to MetaMask, the Phantom wallet has a built-in DEX that allows users to make direct swaps within the software, thus avoiding the risk of connecting to a scam website or paying gas fees to transfer the funds out of the wallet to another exchange.

There are rumors that Phantom could launch its own token and airdrop a portion of the supply to early adopters. So far, however, this is nothing more than pure speculation and nothing has been mentioned by the developer yet.

The wallet also has an NFT tracking feature and users can also transact with available NFT marketplaces.

Similar to other wallets, Phantom users can stake Solana (SOL) tokens without needing to transfer the assets. Recently, the team announced a partnership with MoonPay that will allow users to use fiat currency and credit cards to purchase tokens in the Solana ecosystem.

The project is also developing smartphone applications that will allow users access to the Solana network directly from their smart devices.

Keplr

Keplr wallet is the first inter blockchain communication- (IBC)-enabled wallet and browser extension for the Cosmos network that allows users to store and access tokens within the ecosystem.

It currently supports more than 15 networks including Cosmos, Secret Network, Kava, Crypto.org, IRISnet and Persistence, and the team regularly adds support for new chains with several projects currently under beta access.

Holders of the supported tokens are able to stake their holdings directly through the Keplr wallet and the app works on Android and iOS devices.

At the moment, there are no rumors of a possible Keplr token or airdrop to users, but one can never be sure about what might happen in the crypto sector. If Keplr integrates popular features like its own swap interface or an NFT marketplace, then the chance of a native token is always a possibility.

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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.