Bancor 3 Integrates Over 100 Tokens to Enhance DeFi Liquidity

Bancor 3, a DeFi liquidity solution by decentralized trading protocol Bancor, has incorporated more than 100 tokens, such as USD Coin (USDC), Polygon (MATIC), and Enjin (ENJ), for more sustainable and safer DeFi yields through community sourcing.

Per the announcement:

“Users can now provide liquidity to over 100 tokens on Bancor 3 with no deposit limits and earn single-sided yield with zero risk of Impermanent Loss.”

With Bancor 3 initially integrating Ethereum (ETH), MakerDAO (DAI), Bancor (BNT), and Chainlink (LINK), the incorporation of the new tokens will help address some of the high-risk strategies that DeFi users are accustomed to because yields will be triggered by actual user activity other than short-term inflationary measures. 


The report noted:

“The launch of Bancor 3 comes amid a period of reckoning for the DeFi industry. Token holders have grown wary of the high-risk and high-frequency strategies that fueled growth in DeFi but have often led to heavy user losses. Users are increasingly turning to safer venues to park their assets.”

Bancor 3 aims to raise decentralized autonomous organizations (DAOs) awareness about token management and smart contract risks. 


The DeFi liquidity solution provider also emphasizes the importance of long-term token holders staying in pools because they can offer liquidity with near-zero maintenance and less risk. The report stated:

“Bancor helps token projects build sustainable on-chain liquidity without the need for costly incentives by giving token holders the ability to deposit in decentralized liquidity pools and earn with single-asset exposure, auto-compounding gains and 100% protection against Impermanent Loss.”

As a DAO treasury management provider, Bancor offers the “Impermanent Loss” guarantee through an automated safe staking system.


In March, Nexus Mutual, an Ethereum-based insurance platform, staked some of its treasury funds in Bancor to gain durable decentralized liquidity. As a result, it joined more than 30 DAOs using Bancor’s treasury management solution, Blockchain.News reported. 

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Is Bitcoin Gearing Up for Consolidation Before Triggering a New Bullish Cycle?

With Bitcoin (BTC) hovering around the 200-week moving average (MA), some analysts believe that the top cryptocurrency might be laying grounds for a ranging market that would, later on, prompt a bullish cycle. 

Crypto trader Rekt Capital pointed out:

“If BTC continues to hold the orange 200-week MA as support and the black 200-week EMA figures as resistance, BTC could form an accumulation range here, just like in 2018. This would enable multi-month consolidation even as far as December 2022.”




However, the trader noted that this thesis would be validated if a consolidation range materializes at the 200-week MA in the next few weeks.


With the 200-week moving average acting as the last shield during previous bear cycles, market analyst Ali Martinez believes history might repeat itself. He explained:

“The 200-week moving average has served as the last line of defense in previous bear markets. Since 2015, each time BTC has retraced towards this critical support level, prices have begun to consolidate, forming a market bottom before a new bullish cycle begins.”




Similar sentiments were echoed by crypto analyst Lark Davis, who said:

“The 200-week moving average for Bitcoin has marked previous bear market bottoms.”

The 200-week MA reflects a long-term measure that shows four years of an asset’s price action. Therefore, based on past analysis, it has acted as a significant support level in the Bitcoin market.


Meanwhile, Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, noted that the $20K level might be the new bottom for the BTC market, as was some yesteryears when the price was at $5,000. He pointed out:

“$20,000 Bitcoin may be the New $5,000 – The fundamental case of early days for global Bitcoin adoption vs diminishing supply may prevail as the price approaches typically too-cold levels. It makes sense that one of the best-performing assets in history would decline in 1H.”




The leading cryptocurrency was hovering around $21,700 during intraday trading, according to CoinMarketCap

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Bitcoin Touches $21K amid Fed’s Interest Rate Hike Hitting a 28-Year High

Bitcoin (BTC) was up by 2.90% in the last 24 hours to hit $21,782 during intraday trading, with news about the Federal Reserve’s interest rate increase of 75 basis points (bps) making airwaves.

The Fed has adopted the strategy of raising interest rates to tame runaway inflation, with the latest increase being the highest since 1994. 


Based on the Consumer Price Index (CPI) report, the inflation rate on American soil stood at a 40-year high of 8.6% as of last month. The economic release noted:

“The all items index increased 8.6 percent for the 12 months ending May, the largest 12-month increase since the period ending December 1981. The all items less food and energy index rose 6.0 percent over the last 12 months.”

Therefore, the Fed has been on a rollercoaster ride of increasing interest rates since it was hiked by 50 bps or 0.5% last month. 


Speaking during the FOMC Press Conference, Jerome Powell, the Fed Chairman, pointed out:

“Over the coming months, we’ll be looking for evidence that inflation has been turning down. Hikes will continue to depend on incoming data, but either a 50 or 75 basis point increase seems more likely for the next meeting.”

Nevertheless, Bitcoin is not out of the woods yet because it remains to be seen how the price plays out in the coming days, given that interest rate hikes usually have a bearish impact, as witnessed last month.


After the Fed announced the interest rate increase of 0.5 bps on May 4, a bullish picture was initially painted as BTC price surged to the $40K level.


However, these celebrations were short-lived because the top cryptocurrency sank to a two-month low approximately two days later. 


With some experts noting that the Fed’s continuous interest rate hikes are the biggest impediment to Bitcoin’s bullish outlook, it remains to be seen how the leading cryptocurrency plays out in the short term. 

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US House Committee Chairman Seeks Insights into Crypto Retirement Plans

The US House Ways and Means Committee chairman has asked the Government Accountability Office (GAO) to study cryptocurrency investment options in the major defined contribution (DC) plans.

 The DC plans include public retirement savings plans like 401(k) pension plans.

Chairman Richard Neal, D-Mass., sent a letter on Wednesday to GAO Comptroller General Gene L. Dodaro in which he expressed concern over public retirement savings plans offering crypto options to participants.

In his letter, Neal stated: “Recent announcements from major DC plan providers indicate that many employers who sponsor DC plans will have the option to allow their employees to invest in cryptocurrencies. However, concerns have arisen about the risks to older Americans’ retirement security of using retirement accounts to invest in cryptocurrencies due to their volatility and limited oversight.”

Neal asked GAO to determine the extent to which crypto investment options are provided by companies offering retirement savings plans.

The chairman also asked GAO to assess how such firms administer crypto pension investment options, like determining their valuation, the types, and levels of fees charged for such services, and safeguards.

The chairman further asked GAO to assess the oversight of crypto investment options in 401(k) plans by the relevant agencies, and guidance federal agencies offer to plan sponsors, participants, and beneficiaries about investing in crypto and examine the current restrictions on investments in cryptocurrency in 401(k) plans.

Crypto Retirement Accounts Rise

There is greater interest in digital assets. A significant number of pension firms are increasingly seeking to invest in cryptocurrencies.

In October last year, the Houston Firefighters’ Relief and Retirement Fund (HFRRF) made a $25 million investment in Bitcoin and Ether on its balance sheet.

In 2019, two Virginia Pension Funds – the Fairfax County Police Officers Retirement System (PORS) and Fairfax County Employees’ Retirement System (ERS) – invested $11 million and $10 million respectively in Bitcoin and further invested $50 million into the crypto in 2021.

The Department of Labor, which regulates 401(k) plans, has not explicitly banned the use of crypto as a 401(k)-investment option. In March, the regulator cautioned retirement plan managers to be judicious when it comes to cryptocurrencies.

Last month, Fidelity Investment, a major large retirement services platform, started offering a Bitcoin 401(k) product to users.

In June last year, a small 401(k) provider called ForUsAll started allowing consumers to allocate up to 5% of their retirement funds into cryptocurrency.

Meanwhile, Republicans on Capitol Hill have become open to crypto options in retirement plans. In May, Senator Tommy Tuberville, R-Ala., introduced a bill that seeks to bar the Labor Department from issuing a regulation or guidance that limits the type of investments 401(k) plan participants can choose through a brokerage window.

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Following Meta, Yahoo Announces Metaverse Activities in Hong Kong

American web services provider Yahoo has announced that it is launching a series of metaverse activities in Hong Kong. - 2022-06-16T151744.822.jpg

Yahoo plans to launch activities to explore the use of immersive advertising technologies. The company’s announcement comes a day after Meta Platforms announced similar plans to use Hong Kong as a testing ground to roll out several metaverse initiatives.

Yahoo’s announcement stated that the company will host virtual concerts and exhibitions on the popular metaverse platform Decentraland. They plan to feature local idols and artists and release a limited amount of non-fungible tokens (NFTs).

“Yahoo Hong Kong has always been providing a wide range of online services that are relevant to people’s daily lives, including using the latest technology to improve and enhance the user experience,” said Lorraine Cheung, head of the audience at Yahoo Hong Kong. “We hope to use the metaverse to connect people regardless of time and physical location.”

Yahoo is also launching an NFT exhibition called “The Abyss of Kwun Tong” this week in collaboration with local creators. The exhibition is about the iconic Hong Kong neighbourhood that has been transformed by redevelopment projects.

Other tech companies such as Meta and South Korea’s Samsung Electronics have also chosen Hong Kong as a testing ground to pursue metaverse-related activities.

Facebook, Instagram and WhatsApp’s owner Meta announced on June 14 that the company will partner with local firms such as cafes, schools and art hubs to deliver “first-hand” metaverse experiences in the city. Another part of the plan is to explore the potential use of metaverse in daily life.

As part of the experience, Meta plans to host virtual reality (VR) exhibitions at local cafes and augmented reality (AR) training workshops for educators and school pupils. The company also plans to work with local Hong Kong artists and share their NFTs gigs on Instagram.

Meta on Tuesday said that it will work with local partners such as cafe chains, schools and art institutions to provide “first-hand” metaverse experiences in the city and explore the potential use of the metaverse in daily life. This will include VR exhibitions at local cafes and open AR training workshops for educators and secondary school students. It will also work with local creators in Hong Kong and share their non-fungible token projects on Instagram.

The metaverse is a virtual world where people are expected to socialise, play, trade and work in the future. 

Meanwhile, the asset management arm of Samsung Electronics launched Hong Kong’s first exchange-traded fund (ETF) earlier this week, focusing on blockchain technology. The move underpins the development of the metaverse.

According to the South China Morning Post, is also planning to establish its foothold in Hong Kong with its cloud computing business unit Amazon Web Services. 

The company is planning a strategic collaboration with Hong Kong Science Park to nurture local tech professionals and help start-ups in biotechnology, artificial intelligence and software-as-a-service fields.

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Following Insolvency Fears, Celsius Network Taps Citigroup To Guide Financial Options

Troubled Celsius Network has hired US banking giant Citigroup to advise it on possible solutions aimed to bail out its business, three days after the major crypto lending firm appeared to witness bankruptcy concerns.

Fresh reports show that Celsius has appointed Citigroup in an advisory capacity – Citi is not expected to offer financial kickback for the crypto lender to boost its balance sheet.

People familiar with sources disclosed that Citi is offering advice to Celsius on possible financing options.

This is not the first time when the two firms have come together. Citi and Celsius have had a close relationship in terms of business collaborations.

Recently, Citi advised Celsius on its IPO (initial public offering) and mining subsidiary plans. Last month, Celsius announced that its mining subsidiary business, Celsius Mining, confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) for its proposed launch.

The latest reports also indicate that Celsius has hired lawyers specializing in business restructuring to assist it in navigating its difficult financial situation. Celsius has hired restructuring attorneys from the law firm Akin Gump Strauss Hauer & Feld LLP to advise on possible solutions for its rising financial woes.  

People with close knowledge have revealed that Celsius is first looking for possible financing options to repay its customers, but is also exploring other strategic alternatives, including a financial restructuring.

Worsening Market Conditions

The latest developments have continued to evolve after Celsius on Monday appeared to face bankruptcy concerns. On Sunday, the crypto lender froze all swaps, transfers, and withdrawals between accounts due to extreme market conditions.

Celsius is not the only one impacted by very difficult markets in recent weeks. Several crypto companies, especially exchanges, have announced massive job cuts and hiring freezes amid challenging times for crypto and equity markets.

The current crypto market meltdown has coincided with a collapse in public stock markets, with interest rate hikes designed to clamp down inflation that have scared away investors in many high-flying technology and growth equities. Crypto firms that have relied on retail traders during a time of excess liquidity in the system have witnessed a huge meltdown in trading.

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Uniswap Labs Hires Former NYSE President Stacey Cunningham as Adviser

Uniswap Labs, the company behind the popular decentralized finance (DeFi) protocol, announced on Wednesday the appointment of the former president of the New York Stock Exchange, as its adviser.

Stacey Cunningham will help bolster Uniswap Labs’ business with a focus on regulation for Uniswap’s role in DeFi.

Most recently, Cunningham worked at the New York Stock Exchange, where she served as its first female president from 2018 to 2021, after beginning her career as an intern on the NYSE trading floor many years ago.

In a statement, Cunningham said that she joined Uniswap Labs because “she believes in the potential of a decentralized exchange and in Uniswap’s commitment to fairer markets.”

The latest hiring by Uniswap Labs comes despite the challenging market environment. The prolonged plunge in crypto prices, along with wider tech sector woes, has led many crypto firms to lay off workers as market participants brace for further difficult roads ahead.

A number of crypto firms such as Coinbase, BlockFi,, and Middle Eastern crypto exchange Rain Financial, among others recently cut dozens of jobs due to the difficult market.

However, some businesses have renewed their interest in hiring strategies because of the complex environment and difficulty finding the right talents for their business needs.

Uniswap is joined by crypto firms including Binance, Kraken, and layer 2 sidechain Polygon, which have recently announced that they are seeking to hire workers amid crashing crypto markets.

Binance announced on Wednesday that it will continue growing its team as planned and sees the current moment as an opportunity to gain access to some of the industry’s best talent. The exchange said that it has over 2,000 open positions, planning to fill such roles across Europe, Asia, South America, Africa and the Middle East.

Kraken exchange also revealed on Wednesday that it wants to increase the headcount of its employees with current plans to hire over 500 staff.

Polygon, an Ethereum scaling platform, also disclosed that despite the current challenging market conditions, it has hired at least 50 senior employees all across its business. Recently, the Indian blockchain start-up recruited former Meta and Microsoft marketer, Jennifer Kattula, as its senior vice president of marketing.

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Web3.0 Game Startup Wildcard Alliance Pulls $46M in Series A Funding

Wildcard Alliance, a new Web3.0 gaming startup has raised $46 million in a Series A funding round led by Paradigm Capital. (85).jpg

Wildcard Alliance is a relatively new subsidiary spun out of Playful Studios, creator of the Lucky’s Tale game series and Creativerse.

The startup is a game development outfit that has amongst many things built Wildcard, a first-of-its-kind hybrid of the multiplayer online battle arena (MOBA), real-time strategy, and collectable card game where players compete surrounded by live, interactive fans and spectators.


A product developed as the brainchild of Paul Bettner, connected to previous game titles including Age of Empires, Lucky’s Tale, and Words with Friends, the Wildcard title is stemming from a team of the best developers in the world. 


“Web3 platforms present a tremendous opportunity to build entertainment that can include, empower and onboard millions of new players,” said Paul Bettner, Co-Founder and CEO of The Wildcard Alliance.


“Despite this opportunity, the current focus of Web3 game development tends to be on finance over fun, economy over engagement, currency over the community. With Wildcard, we’re focused on fun first, building a next-generation ‘spectator sport’ to welcome the entire community of competitors, collectors, sponsors, and fans to play together.” 


The startup being backed by Paradigm Capital is an indication of how pivotal investors consider the startup in its bid to occupy a key position in the development of thrilling Web3.0 games in the near future. Wildcard will be resident on the Polygon network, a preferred option for cheaper fees and scalability.


Wildcard is set to empower spectators as well as competitors as it said it will commit to building a gaming platform that works for all. Despite the mind-boggling slump the crypto industry is experiencing which is causing massive employee layoffs amongst top crypto exchanges like Coinbase, the capital raised by Wildcard is evident that investors’ focus is not shifting from what works best for the future of web3.0.

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Polkadot Developers Gains Access to Chainlink Oracle Through Moonbeam Integration

Thanks to the latest integration of Chainlink oracle into the Moonbeam smart contract platform, developers in the broader Polkadot ecosystem can now access reliable price feeds as they seek to build functional DApps. (83).jpg

While the access to Chainlink oracles was first introduced into Moonbeam back in December last year, the access was to permit the parachain’s developers to access the needed data through the Chainlink oracle resident on Polkadot. The latest integration is a more direct linkup and is projected to expand the activities on the Moonbeam network.


“Price Feeds complete a critical component of Moonbeam’s developer infrastructure, and that’s something that will lead to the development of future DeFi products,” Niki Ariyasinghe, global head of partnerships at Chainlink Labs, said in a message.


Chainlink Oracles helps developers within a blockchain ecosystem work with external data from a particular protocol, helping to create applications based on data integrity. Considering how vital their roles are in the industry, stakeholders within the Moonbeam community had been requesting that Chainlink oracle be integrated for quite some time as confirmed by Derek Yoo, founder of the Moonbeam Network.


“Chainlink was a top requested feature from our community, and with the integration in place, friction is further reduced for developers building DeFi and other use cases,” Yoo said, noting that Chainlink is a “reliable oracle service.”


The Moonbean Network came on as the second winner of the parachain auction slot to build on the Polkadot blockchain back in November last year. Like the other winners including the Astar Network and Acala amongst others, Moonbeam is interoperable with the main Polkadot block known as the Relay Chain as well as the other parachains.


This interoperability will easily aid the integrated Chainlink Oracle to feed every developer in the Polkadot ecosystem, helping them to create new solutions across the board.

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Binance Looks to Hire 2,000 New Staff

Binance exchange is arguably living up to its ranking as the biggest digital currency trading platform in the world as it has unveiled its plans to hire as many as 2000 new workers despite the current financial market meltdown. (81).jpg

The company’s founder and Chief Executive Officer, Changpeng Zhao (CZ), confirmed the move. CZ said the firm has made a very thoughtful decision to turn down “Super bowl ads, stadium naming rights, large sponsor deals” a few months ago, a decision it implied has contributed to its solid financial state amidst this unprecedented “crypto winter.”


With only a few platforms sharing details that suggest they are not as overly impacted by the current market downturn, the likes of Nasdaq-listed trading platform, Coinbase Global Inc announced earlier as reported by Blockchain.News that it has downsized its workforce by as much as 18%.


While the Coinbase move placed the feather on the exchange’s cap as other company executives had been hinting at slowing the hiring pace for quite some time now, a related retrenchment move was announced by Gemini exchange a few days ago.


While the current downtime is hitting exchanges differently, crypto lending platform Celsius seems to be reeling more under the crushing weight of the crypto price slump. The lender paused withdrawals earlier this week and turned down offers for help from Swiss-based competitor, Nexo.


It is unknown whether Binance will be able to sustain its hiring spree should the crypto winter last for much longer. However, its current gesture is evident that irrespective of the broader outlook, good cost-cutting measures can largely benefit trading platforms, not just in periods of the economic boom but also in periods of economic downturn as we are in at the moment.

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Bitcoin (BTC) $ 27,751.44 1.45%
Ethereum (ETH) $ 1,648.40 0.52%
Litecoin (LTC) $ 64.64 0.60%
Bitcoin Cash (BCH) $ 232.45 2.23%