Coinbase Pro is announcing plans to launch a stablecoin pegged to the Japanese yen, reportedly the first of its kind.
GYEN (GYEN) bills itself as the “first regulated digital [Japanese yen].” The project says it is 100% fiat-backed.
Coinbase first issued a press release earlier this week announcing Coinbase Pro’s plans to launch GYEN order books with the US dollar, euro and Tether (USDT).
However, Coinbase Pro later tweeted that the trading launch had been postponed.
“We have decided to move the launch of GYEN. At this time deposits and withdrawals are still available. We will provide an update as soon as possible and anticipate a launch next week.”
Despite billing itself as a yen-pegged stablecoin, GYEN briefly surged to an all-time high of $0.01477139 on Wednesday, far outpacing the yen’s value in relation to the US dollar. The digital asset has since come down in price, trading at $0.008761 at time of writing, and nearly identical to the yen’s value in dollar terms.
GYEN, the 1063rd-ranked digital asset by market cap, is not yet available on the Coinbase retail platform or the firm’s iOS and Android applications.
Coinbase’s chief executive Brian Armstrong said this summer that the exchange was hustling to list as many altcoins as possible.
“Reminder about how Coinbase lists assets: our goal is to list *every* asset where it is legal to do so.”
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A little-known altcoin is in the midst of a meteoric price rally after gaining support from crypto exchange leader Coinbase.
In a new blog post, the company announced that it will launch support for Assemble Protocol (ASM) on Coinbase Pro.
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The move sent the low-cap coin’s price skyrocketing 217% from $0.03 to $0.10 in just one day, according to CoinGecko.
ASM is an Ethereum token that powers Assemble Protocol, a global blockchain-based reward point integration platform designed to match payment providers, consumers, and retail merchants.
The protocol was created as a way to solve several common problems associated with customer loyalty programs that involve points.
“First of all, the points that are provided to the customers are recorded as a liability on the point provider’s side. That’s basically why points are provided with certain validity dates, which causes a conflict between companies and customers…
Second of all, customers have few options for redemption of their points within the given validity period, which obviously causes dissatisfaction…
Lastly, customer points… are dispersed across various loyalty programs, which complicates the process of point management.”
Assembly Protocol aims to fix these issues by allowing participants to use their loyalty points the same way they’d use cash, anywhere in the world without any time restrictions.
ASM has since stabilized and is exchanging hands at $0.091 at time of writing, according to CoinGecko.
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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.
It’s great that the founder decided to give us one more chapter of Litecoin‘s story. Let’s tie up loose ends and wrap this whole series with a bow on top. As it turns out, Charlie Lee returned to his job at Coinbase. Was the company more supportive this time around? Plus, as we warned you last time, at one point Lee sold all of his LTC. What were his reasons to do that? Did he have a plan? And, more importantly, did the plan work?
Related Reading | Charlie Lee Sums Up Litecoin’s 10 Years History. Part Two: Exchanges + Betrayal
Learn all of that and more in the concluding chapter of this legendary saga.
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Charlie Lee Vs. Coinbase, Round Two
After successfullyactivating SegWiton Litecoin, Lee returned to his job at Coinbase. Ever the pioneer, this time he worked from home. The year was 2016. Once again, “given how successful the Ethereum launch was,” Charlie Lee tried to getLitecoin listed on Coinbase. “Brian reluctantly agreed to launch on GDAX only.” The predecessor to Coinbase Pro, GDAX stands for Global Digital Asset Exchange.
The launch didn’t go as Lee hoped. Becausethere was no launch. “For reasons unknown to me, Brian & Fred refused to do a full launch on GDAX & Coinbase like we did with ETH.” Even though Charlie Lee helped design ETH’s launch, which was a moneymaker for the company. To make things worse, “Fred had refused to let Coinbase hold any LTC and due to conflict of interest.” Which, if you think about it, might be the reason Charlie Lee is looking for. And serves as a link to today’s main story.
Since the exchange had no Litecoin liquidity, Charlie “had to personally lend Coinbase my own LTC.” As the following chart shows, Litecoin was the #4 coin at the time. It “almost matched Etheruem’s and LTC wasn’t even on Coinbase.” Was this a personal attack or does the conflict of interest narrative rings true to you?
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It would have been easy to launch on both GDAX and Coinbase. Actually, it would have been easier since we already have a successful launch plan to follow. Coinbase basically had to go out of the way to cripple the Litecoin launch and not even hold any LTC to pay for miner fees.
— Charlie Lee (@SatoshiLite) October 12, 2021
So, Charlie resigned. The company asked him to stay a while to ease the transition. A few months later, with nothing to lose, Lee shot his last shot to try to get Litecoin listed on Coinbase’s main site. Surprisingly, Brian Armstrong agreed.
This was definitely not a staged tweet and reply. I actually didn’t expect Brian to reply at all, but I was extremely glad to see him agree with me.
So right away, I gathered the team together at Coinbase to launch Litecoin. I didn’t even talk to Brian after his Twitter reply.
— Charlie Lee (@SatoshiLite) October 12, 2021
Litecoin officially launched on Coinbase in May. On June 9th, Lee left the company for good.
Today’s my last day at @coinbase! I will miss working with you all.
I’m going to shift my focus to Litecoin now. To the moon! 😁 pic.twitter.com/Ys9dZwtTFO
— Charlie Lee (@SatoshiLite) June 10, 2017
The move was extremely successful. Lee estimates that Litecoin made Coinbase over $100M throughthat first year. “Brain even emailed to apologize for what I had to go through. He agreed that adding Litecoin was super lucrative for Coinbase.” Even though that happened, in his Twitter thread Charlie went forthe jugular. “I guess you can blame me for turning Coinbase into a sh*tcoin casino that it is today.” Savage!
LTC price chart for 10/15/2021 on Exmo | Source: LTC/USD on TradingView.com
The Founder Sells All Of His Litecoin
The story you were waiting for. At the end of 2017, Charlie Lee sold all of his Litecoin. At the market top. In the thread, he doesn’t mention a conflict of interest, but that was the reason he wielded at the time. This time, Lee says that because ofthe fair launch, he didn’t have that much. He had to mine and buy his share, like everybody else.And that“Pretty much every other altcoin had a huge premine. Even Ethereum had like 70% coins premined.”
According to the founder, these were his objectives:
Remove the fear of a Satoshi stash
Make Litecoin more decentralized
Align my motivation/incentive to Litecoin adoption versus LTC price rise
At the time, the move was controversial, to say the least. People assumed the captain was abandoning the ship. At the market top. However, Charlie Lee has spent four years leading the project, focused on Litecoin adoption and “not on the price of LTC.” Since then, they launched LTCpay, “a self-hosted merchant processing service,” and credit card backed by Litecoin. And they hosted a “Global Litecoin Summit” in September 2018.
Plus, theysponsored a UFCnight andbecame“the Official Cryptocurrency of the Miami Dolphins.” for a while in 2019. By the end of 2020,PayPal announced Litecoinsupport.“PayPal did not reach out to me beforehand. Actual there’s no reason they needed to! Litecoin is a decentralized cryptocurrency after all. It was honestly very satisfying to see this happen.“
Related Reading | Charlie Lee Sums Up Litecoin ‘s 10 Years History. Part Three: SegWit Intro
Charlie Lee’s new project for Litecoin is fungibility. Read all about itin this thread. This new feature isalmost done,”The code is being audited right now, and we are very close to releasing it. After release, it will take some time for it to be activated.” Lee expects this to happen in early 2022.
The author finished his epic thread with these two heartfelt tweets.
The blockchain for all intents and purposes is alive. I cannot shut it down and I know Litecoin will outlive me. These 10 years have been a wild ride. Here’s to 10 more. 🥂
It’s amazing what Satoshi Nakamoto has created. I am privileged to have played a tiny part in all of this. pic.twitter.com/1Zks4QzZbU
— Charlie Lee (@SatoshiLite) October 12, 2021
Congratulations on your 10th anniversary, Litecoin!
Featured Image: Litecoin 10 years from this tweet | Charts by TradingView
Cryptocurrency giant Coinbase is adding support for a top-20 altcoin that competes with Ethereum (ETH).
Coinbase says it is listing the smart contract platform Avalanche (AVAX) on its professional trading platform by first accepting inbound transfers and then allowing trading once liquidity reaches desired levels.
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“Starting today, Wednesday, September 29, we will begin accepting inbound transfers of AVAX to Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT), Thursday, September 30, if liquidity conditions are met.”
The initial pairs that will be made available for trading are Avalanche versus the US dollar (AVAX/USD), the Tether stablecoin (AVAX/USDT), and the EURO (AVAX/EUR).
The US-based cryptocurrency exchange will initially only support Avalanche on Coinbase Pro before potentially rolling it out on the main Coinbase.com platform and Coinbase’s mobile apps.
Coinbase’s support for AVAX is restricted to Avalanche’s C-Chain tokens. Avalanche has three built-in blockchains – Contract Chain (C-Chain), Platform Chain (P-Chain), and Exchange Chain (X-Chain). C-Chain is the Avalanche blockchain dedicated to smart contracts.
AVAX’s listing on Coinbase comes nearly two weeks after the Avalanche Foundation revealed it had raised $230 million in a private token sale. The funds were meant to finance decentralized finance (DeFi), enterprise applications, and other projects in the Avalanche ecosystem.
Avalanche launched in September 2020 and says that more than 270 crypto projects are currently building on its public blockchain.
AVAX is trading at $64.78 at time of writing, according to CoinGecko. It is currently ranked 11th by market cap, roughly valued at over $14 billion.
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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.
Shiba Inu (SHIB) crept up Friday as traders assessed its addition on Coinbase, one of the world’s leading crypto exchanges.
The SHIB/USDT exchange rate jumped up to 16.42% to $0.00000950 for the first time since June 29, 2021. The latest move uphill came as a part of an overall bullish trend that started Thursday, wherein SHIB rallied by more than 26%. As a result, the token ended up pushing its returns up by over 40% in just two days of trading.
Gains for SHIB started emerging after Elon Musk, CEO of Tesla, tweeted about the arrival of a new Shiba Inu puppy called Floki.
Floki has arrived pic.twitter.com/2MiUKb91FT
— Elon Musk (@elonmusk) September 12, 2021
The announcement, which came Monday, followed up with a modest 2.62% spike in SHIB/USDT rates in the next session, iterating Musk’s continued influence on a family of dog-featuring tokens, including Dogecoin (DOGE), BabyDoge and Floki Inu.
Coinbase now supports SHIB
Additionally, Shiba Inu’s rally had one more booster behind it.
The SHIB/USD rates were already heading higher after the token’s addition on United States-based digital asset trading platform Coinbase Pro earlier this month. And on Thursday, the pair continued its rally after Coinbase had announced that it would also add SHIB support to its platform.
SHIB/USDT daily price chart. Source: TradingView
“Coinbase customers can now trade, send, receive, or store SHIB in most Coinbase-supported regions,” the announcement read. “Trading for these assets is also supported on Coinbase Pro.”
Road to recovery
In detail, SHIB is an Ethereum-powered cryptocurrency that attempts to mimic Dogecoin, a meme cryptocurrency. The Shiba Inu token rose to prominence merely because of Musk’s cryptic endorsements of the joke cryptocurrencies. As a result, SHIB now has a $3.31 billion market capitalization, the 46th largest.
Shiba Inu’s bullish prospects rely on its adoption, not utility. Traders buy SHIB, anticipating that more like them will join the pack and grow the community, just like in the case of Dogecoin. The strategy has prompted Shiba Inu to use its popularity to launch a dedicated decentralized exchange called ShibaSwap.
Related: Is ShibaSwap safe? DeFi Safety review gives it a score of just 3%
ShibaSwap in mid-August burned $25,000 worth of SHIB to boost the token’s demand among speculators. The token started with a 1 quadrillion supply but gifted half of it to Ethereum co-founder Vitalik Buterin. He later burned some of it by sending them to a dead wallet and donating the rest (about $6.7 billion) to a COVID-19 charity in India.
SHIB/USDT fell by more than 70% in response, hitting $0.00000510. At its best, the crypto was trading for $0.00005000.
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.
Crypto exchange Coinbase continues recent a spree of adding new digital assets to its platform by adding support for two low-cap altcoins this week.
Coinbase Pro is listing Horizen (ZEN), an interoperable blockchain ecosystem. Horizen’s native asset, ZEN, is trading at $110.48 at time of writing and is up more than 30% on the day, according to CoinGecko.
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ZEN, the 93rd-ranked crypto asset by market cap, is not yet available on Coinbase.com or the platform’s mobile apps.
Coinbase Pro, Coinbase.com, and Coinbase apps all list BTRST, an Ethereum (ETH) token that powers Braintrust, a decentralized talent network that aims to connect freelancers with organizations.
BTRST is up more than 33% on the day and is trading at $46.93 at time of writing.
Coinbase CEO Brian Armstrong said this summer that the exchange was hustling to list as many altcoins as possible.
Coinbase has recently added support for the Rari Governance Token (RGT), XYO Network (XYO), DerivaDAO (DDX), DFI.money (YFII), Radicle (RAD), COTI (COTI), Axie Infinity (AXS), Request (REQ), TrueFi (TRU), Wrapped Luna (WLUNA), Harvest Finance (FARM), Fetch.ai (FET), Paxos Standard (PAX), Polymath Network (POLY), Clover Finance (CLV), Mask Network (MASK), Rally (RLY), BarnBridge (BOND), Livepeer (LPT), and Quant (QNT).
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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.
On-chain data shows despite the Bitcoin drop to $47k, Coinbase saw outflows of around 31k BTC, a sign that the market could still be bullish.
Outflows Of 31k BTC On Crypto Exchange Coinbase
As pointed out by a CryptoQuant post, the popular crypto exchange Coinbase has observed huge Bitcoin outflows today.
As is apparent from the name, the “outflows” indicator shows the amount of BTC transferred from an exchange to personal wallets.
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A huge spike in the metric’s value means big investors are moving their Bitcoin out of exchanges either to hodl or for selling through OTC deals.
Therefore, outflows are generally good signs for the cryptocurrency’s price as they may imply that there is a buying pressure in the market.
Now, here is the chart for Coinbase Pro Bitcoin outflows over the past few months:
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Coinbase Pro outflows show a huge spike | Source: CryptoQuant
As the above graph displays, the indicator has shot up for Coinbase Pro. The outflow value was about 31,107 BTC, which is worth over $1.5 billion at the current price exchange.
The exchange is mainly used by US institutional investors so that such a large spike could be bullish for the cryptocurrency.
Related Reading | 4 Reasons Why Bitcoin Remains Bullish, What Might Bring New ATHs
Big outflows are generally associated with an increase in the price shortly after. A look at the Coinbase Pro outflow history supports the trend; from March 2020 onwards, similar values of the indicator became frequent as the bull run marched on.
Bitcoin Price
At the time of writing, BTC’s price floats around $48.5k, down 0.16% in the last 24 hours. Though, over the last week the cryptocurrency is still green as its value is about 6.8% up.
In the past 30 days, Bitcoin has accumulated 26.4% in gains. The below chart showcases the trends in the price of the coin over the last three months:
BTC's price sharply falls down after touching the $50k price level | Source: BTCUSD on TradingView
After weeks of climbing upwards, BTC was finally able to break $50k a couple of days ago for the first time since May. However, the coin couldn’t sustain at the level and was rejected downwards.
Related Reading | Will Ethereum Reach Its All-Time-High Before Bitcoin?
The downtrend has been sharp, and earlier today the price fell down to as low as $47k. However, since then it has recovered somewhat to above the $48k level.
It’s unclear which direction Bitcoin will go in next, but if the Coinbase Pro outflows are anything to go by, signs seem to be still bullish for the market. Though, at the moment BTC’s on-chain activity is still very low. If the coin tests $50k again without the network activity going up, a bearish signal could flare up instead.
Alchemix has fallen over 15% after Coinbase announced support for the similarly-named asset Alchemy Pay.
Alchemix Drops on Failed Insider Trading
It seems someone got confused between Alchemix and Alchemy Pay.
Yield tokenization protocol Alchemix dropped over 15% on Monday following the fallout from a case of suspected insider trading.
At 12 pm EST, Coinbase announced through a blog post that it would be listing the crypto payment gateway Alchemy Pay (ACH) on Coinbase Pro. Minutes after the announcement went live, the similarly-named Alchemix (ALCX) crashed 13.3%, with much of the drop caused byone large traderexiting their position via SushiSwap.
Source: CoinGecko
While the sudden fall in price for Alchemix could have been coincidental, the likely explanation is that someone with insider knowledge tried to buy in ahead of Coinbase’s announcement. However, the insider appears to have confused Alchemix for Alchemy Pay. When Coinbase announced the different but similarly-named asset, the trader quickly exited their position. Following the announcement that Alchemy Pay would be listed on Coinbase Pro, the ACH token soared over 90%.
Onlookerson Twitter were quick to point out that the attempt at insider trading likely came from Coinbase. Assuming Coinbase and Alchemy Pay were the only organizations to know of the listing ahead of time, it would be very unlikely for someone from Alchemy Pay to buy the wrong token.
Seems like Coinbase’s insider protections need some work.
Alchemix drops on Alchemy Pay being listed.
Seems like someone bought up the wrong token. Obviously the project didn’t leak it as you can’t get the project wrong from that side… https://t.co/gLFeWCoC8G
— Adam Cochran (@adamscochran) August 2, 2021
Over the past several weeks, Coinbase has frequently announced listings for various crypto assets on Coinbase Pro. The move to ramp up listings follows a tweet from Coinbase CEO Brian Armstrong in June, where hestatedthe company’s goal is to list every crypto asset where it is legal to do so. Many of the assets listed by Coinbase see significant increases in value, with yield aggregator Harvest Finance soaring 127% after Coinbaseannouncedits listing last week.
Disclaimer: At the time of writing this feature, the author owned BTC and ETH.
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Coinbase has unveiled a new tool that can automatically audit smart contracts built on Ethereum that use the Solidity programming language.
Designed to be used by smart contract auditors, asset issuers, and other exchanges, the firm has plans to make the tool open source later this year
In a June 23 post, Coinbase’s principal blockchain security engineer Peter Kacherginsky announced the firm’s new security analysis tool dubbed “Solidify”, which was created to improve on the “time-intensive and error-prone” process of manual smart contract analysis.
The engineer noted that the exchange’s token listing process requires extensive security reviews and “risk mitigation recommendations” for every smart contract to keep consumers safe.
The firm required an analyzer that can work quickly, safely, and at scale, but was unhappy with other options on the market:
“To solve this problem we developed a tool called Solidify (a play on Solidity) to increase the rate of new asset security reviews without lowering our high-security standard that Coinbase customers have come to expect for protecting their tokens.”
The Solidify tool has around 6,000 unique signatures which can be used to quickly match risks against Ethereum smart contracts. It looks at potentially dangerous functionality and insufficiently tested operations.
Kacherginsky explained that: “Solidify uses a large signature database and a pattern matching engine to reliably detect contract features and their risks, standardize and score smart contract risks, suggest mitigation strategies, and generate detailed reports.”
Solidify is not yet able to quickly analyze complex assets such as automated market makers (AMMs) and DeFi apps, because the large amount of complicated custom code involved requires additional manual analysis.
“However, Solidify is still beneficial for these applications when analyzing DeFi clones or for eliminating standard libraries from the manual review scope so analysts can focus on the custom logic,” Kacherginsky notes.
Related:Fact check: Has Coinbase launched a decentralized fact-checking portal?
The tool is a work in progress and developers will focus on “improving accuracy of signature generation and detection logic” and “Integrating formal verification techniques to reduce the need for manual analysis.”
They also hope to expand support to the Vyper programming language, which is utilized by the Ethereum Virtual Machine (EVM).
Polkadot (DOT) witnessed massive upside moves in the previous daily sessions as traders assessed the cryptocurrency’s entry into the United States-based digital assets trading platform, Coinbase Pro, and the upcoming auctioning of parachain slots atop Polkadot network’s testbed version, Kusama, this Tuesday.
The DOT/USD exchange rate reached $26.44 during the Monday session, following a roughly 37% upside move that started in the previous daily session. Nevertheless, entering the Asia-Pacific and Europea trading hours on Tuesday, the pair corrected lower by more than 4.5%, hitting an intraday low of $24.25.
Polkadot pulls back after testing technical resistance near $26.668. Source: TradingView
Initial upside moves in the Polkadot market surfaced in the wake of the Bitcoin (BTC) price rally on Sunday. Billionaire investor Elon Musk on Sunday commented that he would reinstate accepting Bitcoin payments for Tesla’s electric vehicles if the cryptocurrency’s fresh supply comes from power supplied by renewables.
The BTC/USD exchange rate jumped from as low as $34,780 to above $40,000 after Musk’s comments. Meanwhile, top altcoins, which heavily tail Bitcoin trends, followed suit, taking DOT prices higher alongside.
Nevertheless, the scale at which the Polkadot token rose dwarfed the retracement rallies of most of its top crypto rivals. DOT’s heightened move uphill coincided with Coinbase Pro’s announcement of adding DOT-enabled trading instruments to its platform.
Starting today, inbound transfers for DOT are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Wednesday June 16, if liquidity conditions are met. https://t.co/iWgfMf9B4x
— Coinbase Pro (@CoinbasePro) June 14, 2021
Kusama parachain auction
More bullish cues for traders came from Parallel Finance. The startup raised $2 million to onramp its lending and staking features on the Polkadot and Kusama blockchains.
In retrospect, Kusama works as a sandbox for projects with aspirations to launch a parachain on Polkadot. Therefore, the testbed blockchain comes with real economic benefits and consequences, enabling other blockchains and apps to launch with forkless upgrades, governance structure, and scalability.
That said, projects harness Kusama’s inter-parachain network to communicate with other apps having their separate parachains.
But to win a parachain slot projects like Parallel Finance must participate in a parachain auction. In doing so, they would need to submit the bid amount (in DOT or Kusama’s native token KSM) alongside the slot duration (6 to 24 months). That expects to effectively lock away DOT and KSM tokens for the duration of the slot, thereby reducing the tokens’ circulating supply.
Meanwhile, observers believe that DOT and KSM’s demand would keep on rising based on their competitive auctioning process.
#Polkadot is seeing one of its breakout days in quite some time, jumping +20% as #Bitcoin crossed back above $40k for the first time since May 26th. A promising sign that $DOT can fully recover is its continued rising #Github development activity. https://t.co/nf3Sdj07Wj pic.twitter.com/1SpCSzs5JZ
— Santiment (@santimentfeed) June 14, 2021
Projects who win a parachain auction will do a lot to provide value to their community and backers, according to Alex Siman, the founder of Subsocial, a Polkadot-based decentralized social network.
“On the Polkadot parachain, the slots for projects to build on the chain is limited to 100, making the auction process notably competitive,” he explained. “A non-innovative project may not be able to win such auctions, and those who do will not want to waste the opportunity to go down in history.
The first parachain auction went live on the Kusama network around 1100 GMT on Tuesday. KSM fell by 2.77% in the early European trading session.
Motion 310 has passed council to open the first parachain auction, and the very first auction on yours truly has now taken flight!
ₑₓₚₑcₜ cₕₐₒₛ.https://t.co/7NQmI9chyw
— kusama (@kusamanetwork) June 15, 2021
On the other hand, Polkadot has still to announce the auctioning of its parachain slots. Mira Christanto, a researcher at crypto data analytics firm Messari, noted that 65% of DOT’s active supply has already been staked since May. Only 30% of DOT now remain in circulation—and the upcoming parachain auction would take more of those tokens out of supply.
“After the parachain launch, 40% of DOT could be bonded in parachains, hence reducing effective circulating supply to only 15%,” she added.
