Tag: Xtz

Tetra Partners with Kiln to Enhance Staking Service Including Ethereum and Solana

by Blockchain News

Tetra Trust Company (Tetra), Founded in 2019, Canada’s only licensed custody solution for digital assets, has announced the rollout of increased staking functionality through its strategic partnership with Kiln, a leading enterprise-grade staking platform.

The Tetra-Kiln Partnership

Starting today, Tetra clients can stake their assets with Kiln on the main Proof-of-Stake (PoS) blockchains such as Ethereum (ETH), Solana (SOL), Polygon (MATIC), Cardano (ADA), and Tezos (XTZ). This collaboration aims to provide secure and efficient methods for institutional clients to actively participate in blockchain networks and earn rewards on their digital asset holdings.

Kiln is the leading enterprise-grade staking platform, enabling institutional customers to stake assets, and to whitelabel staking functionality into their offering. Kiln runs validators on all major PoS blockchains, with over $2.2 billion of stake under management and over 3% of the Ethereum network.

Kiln, known for its high standards of operational excellence, manages over $2 billion worth of staked assets and is SOC 2 Type II certified. “We are excited to offer our clients staking opportunities thanks to our collaboration with Kiln,” says Didier Lavallée, CEO at Tetra. “The solution Kiln brings to the table is quite impressive, not only does Kiln meet our security and technical requirements, their all-encompassing capabilities make it a robust solution to offer our clients.”

Laszlo Szabo, CEO at Kiln, stated, “We strive to enable institutions to access staking. Being our first enterprise-grade custodian partner in Canada, we’re thrilled to collaborate with Tetra, with whom we share common values.”

Understanding the Staking Opportunity

In PoS blockchains, staking consists of locking native tokens to earn the right to help secure the chain via a validator. Staking plays a crucial role in network security, governance, and contributes to the growth of the Web3 ecosystem. By staking, token holders can earn rewards and grow their digital asset holdings.

This collaboration marks a significant milestone in both companies’ commitment to delivering the highest standards of security and service for institutional and corporate clients.

Image source: Shutterstock

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Increased NFT Demand Triggers Tezos Transactions And Smart Contract Activity

by NEWSBTC

Recently, the Tezos network has been experiencing progressive growth in its smart contract addresses and adoption for the past 12 months.

This is majorly linked to non-fungible tokens as the primary driver for the increase. Hence, with the move, Tezos stands as viable competition to Ethereum in terms of NFT minting and its markets.

Non-fungible tokens, NFTs, are recently gaining more attention within different sectors. More businesses and even celebrities embrace this digital asset for various reasons that satisfy their purposes.

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From creating expressions and awareness to generating non-profitable funds to enhancing community engagement and interactions, the use of NFTs continues.

Just like cryptocurrencies, NFTs are created with smart contract technology. So, they could maintain a decentralized character by having no interference with third parties. This has also increased the activities of some blockchains that engage in developing non-fungible tokens.

Related Reading | Bitcoin On Track To $50K, Why BTC Whales May Blaze The Trail

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One of the competitive advantages for Tezo is the high fees on the Ethereum network. This pushes both NFT developers and investors to look for alternatives, of which Tezos is one of them. In addition, the Tezos network boasts a portal for all its NFT marketplaces that it professes to be Carbon-Neutral. Also, fees at the network are meager.

Moreover, there have been some controversial environmental issues surrounding NFT minting and trading on networks with Proof-of-Stake (PoS) consensus mechanism. Tezos got a wide applaud as a unique platform that handled these issues.

Impacts Of The Rise In NFT On Tezos

Recently, the report from ‘State of the Network’ of Coin Metrics disclosed that the number of smart contract transactions rose within the last 12 months from 10,000 daily as obtainable in January 2021 to over 50,000 daily. According to the report, the observable growth is attributed to some NFT platforms.

One of the great platforms is FX Hash, a generative art site that has increased interest. Also, there is Ubisoft, a gaming giant, that declared Tezos support for its gaming NFTs in December 2021.

Furthermore, Tezo’s active addresses have reached an all-time high of more than 45,000. Subsequently, there’s a tripling of active smart contract addresses, which was below 200,000 to above 600,000 for the past 12 months. This explains the surge in NFT and DApps operating on Tezos.

Inclusive in the research is the total number of daily transactions under the category of Other Transactions. The report revealed that from August 2021, there was a spike in the figure.

Tezos
Tezos stands at $4.04 | Source: XTZUSD on TradingView.com

This was after Tezos launched an upgrade that splashes block times in half. This has raised the daily transaction numbers from previously being 40,000 to 250,000, and it’s still within this level presently.

Related Reading | The Bear Signal That Suggests Another Bitcoin Crash Is Coming

The report also gave a chart of addresses with a least of 1 XTZ token. It has exceeded 300,000, showing an increase of 150% of its value last year.

Launched in 2018 as an energy-efficient PoS blockchain, Tezos validates and adds new blocks to its chain known as Baking on the network.

Featured image from Nairametrics, chart from TradingView.com

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Manchester United, Tezos Set for Multi-Year $27M Sponsorship Deal

by Decrypt

Manchester United is set to unveil a multi-year sponsorship deal with crypto network Tezos, per The Athletic. 

Both parties have reportedly agreed to a deal worth over $27 million per year, and Tezos will be featured on the football club’s training kit. 

The deal will follow Manchester United’s previous eight-year deal with American insurance company AON, which concluded at the end of last season. 

This season, Manchester United’s training kit has gone without a front-facing sponsor. 

The Athletic reports that Manchester United declined to comment on the story, and Tezos—who were contacted—did not respond prior to publication. 

This news follows a long line of crypto-related sports marketing, which has taken the wider world of sports—not just soccer—by storm in recent months. 

Crypto and sports ads

This is not the first time Tezos has embarked on a sports marketing campaign. 

In May 2021, Red Bull’s F1 racing team launched several NFTs on the Tezos blockchain. “Tezos will help us maximize our engagement with our fans through the development of NFTs,” said Christian Horner, the Red Bull Racing Honda CEO, at the time. 

“This is a hugely exciting space in which we’ve been looking for the right partner and in Tezos, we strongly believe we’ve picked a winner that will help us give our fans a new, unique, and innovative way to connect with the team,” added Horner. 

Elsewhere in the sports and soccer world, football giants like FC Barcelona, Juventus, and Manchester City have joined fan token platform Socios. 

It hasn’t all been plain sailing for soccer clubs and their intended embrace of crypto-related campaigns. 

In December last year, the UK’s Advertising Standards Authority (ASA) banned Arsenal FC fan tokens. 

The ASA said the adverts “trivialized investment in cryptoassets and took advantage of consumers’ inexperience or credulity.”

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One Ethereum Competitor Is Surging in Price Despite Crypto Market Doldrums

by Dailyhodl

An Ethereum (ETH) competitor is defying the crypto market doldrums and surging this week in the wake of blooming network activity.

According to a new Twitter announcement, smart contract platform and self-amending blockchain Tezos (XTZ) set a new monthly all-time high with more than six million contract calls, a measure of network activity, in January.

XTZ is trading at $3.77 at time of writing, up more than 28% in the past seven days.

High-profile investors like billionaire venture capitalist Tim Draper are taking notice. Draper told Fortune this week that he’s optimistic about the project.

“Tezos requires less energy and is proof-of-stake, which ETH keeps promising to deliver but can’t… All the gamers are using Tezos for smart contracts, and longer-term they’ll be the real contracts, so I would guess that will do very well.”

Tezos has also landed a multi-year sponsorship with the British soccer team Manchester United, according to a new report from The Athletic.

The deal is reportedly worth more than $22 million per year. News of the sponsorship broke after the smart contract platform’s price surge.

It’s not Tezos’ first venture into the sports world: The project has previously sponsored the New York Mets baseball team and partnered with Red Bull Racing Honda.

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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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What the IRS Court Case Over Crypto Staking Taxes Really Means

by Decrypt

In brief

  • A couple sued the IRS after they were denied a refund request for taxes paid on Tezos staking rewards.

  • After the lawsuit started, the IRS offered a refund.

  • But the plaintiffs now want a more definitive ruling about crypto taxation.

Should a person be taxed when they receive a staking reward in the form of cryptocurrency—or when they sell it?

That’s the question at the heart of a lawsuit being decided in a U.S. federal court, after a Tezos user was denied a refund request from the Internal Revenue Service on taxes owed for earning staking rewards.

The case has caused some confusion about the IRS’s current stance regarding these kinds of rewards. In reality, however, the IRS has only partially capitulated, saying it would refund plaintiffs Joshua and Jessica Jarrett after all in exchange for ending the lawsuit. However, they declined the offer—they want a ruling to ensure the same thing doesn’t happen to them or others in the future.

Staking refers to locking up your cryptocurrency so it can be used by the network to keep it secure and validate transactions. For those who don’t plan on cashing out their coins, it’s a way of earning passive income—set aside some of your coins and build a small stash in return.

Current U.S. tax policy is a tad unclear on whether these rewards are taxable. In fact, it doesn’t mention staking at all. But it does say that mining rewards—using one’s computing power and electricity to validate blockchain transactions in exchange for Bitcoin or another cryptocurrency—is taxable as income for its “fair market value” (i.e., the going exchange rate) on the day it is earned.

The guidance clearly states that Bitcoin and cryptocurrencies are taxed as property. But per cryptocurrency lobbying organization Coin Center, Joshua Jarrett is “arguing that the rewards should be treated as newly created property (e.g. like ears of corn grown in a field) and therefore shouldn’t be taxed until he sells them.”

That’s a stance that crypto advocacy groups such as Coin Center agree with, as do the leaders of the Congressional Blockchain Caucus.

To be clear, even though the IRS has in this instance offered to pay back the Jarretts for collected taxes, there’s been no shift in the Treasury Department’s crypto tax policy. The U.S. district court case continues, and even a positive ruling for the couple won’t automatically mean stakers get to stop paying taxes.

But Coin Center and the Proof of Stake Alliance both see the IRS’ offer as hopeful, with the latter group calling it a “sign that the IRS may no longer attempt to tax tokens created through staking moving forward.” 

Coin Center is thinking even bigger. In its eyes, an IRS backtrack could affect both staking rewards and mining rewards, both of which are “most accurately described as the creation of value through one’s own capital and labor rather than the receipt of value from an employer.” 

Says Coin Center, “The network allows users to create wealth from their own resources, it does not pay people for their labor.”

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Layer 1 Networks Solana, Tezos, Terra Kick Off February With a Bang

by Decrypt

Cryptocurrencies behind several layer 1 blockchain networks have all jumped double-digits this morning. 

Solana, a speedy proof-of-stake (PoS) blockchain, has enjoyed a jump of more than 16% over the past 24 hours. The layer-1 token’s rise could be attributed to Coinbase, the largest U.S.-based crypto exchange, listing two Solana-based tokens, Bonfida (FIDA) and Orca (ORCA). 

Additionally, the network’s leading crypto wallet, Phantom, just raked in another $109 million. Paradigm led the latest round, pushing the wallet provider’s valuation to $1.2 billion.

Tezos is also enjoying a heady start to February. Another PoS-based network, XTZ has risen 5% over the past 24 hours, according to data provided by CoinMarketCap. 

Often pitched as a “green alternative” to Ethereum, the network’s most recent rise comes on the heels of a new deal between Warner Music Group and a Tezos-based NFT marketplace called OneOf. 

“Partnering with OneOf, a leader in the emerging technology space of Web3 and NFTs, gives our artists an edge in more authentically building one-to-one relationships with their fans and winning in the new Web3 economy,” Oana Ruxandra, Warner’s VP of business development. 

Terra, a DeFi-centric layer-1 protocol built using Cosmos, has also rebounded by nearly 12% after a brutal week which resulted in LUNA, the network’s native token, shedding nearly 20%. 

LUNA’s gains appear to revolve around returning trust in the network’s U.S. dollar-pegged stablecoin. Last week, the stablecoin briefly fell below $0.99, according to CoinGecko.

Price of UST stablecoin.
UST price. Source: CoinGecko.

As for Bitcoin and Ethereum, the leading cryptocurrencies are also enjoying a rebound since both fell to lows not seen since last summer. 

Today, Bitcoin is up by nearly 2.6% and Ethereum is up 7%. 

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Crypto Venture Capitalist Says He’s Bullish on Several Ethereum Rivals Amid Shift in Crypto Market Dynamics: Report

by Dailyhodl

A crypto investor from Crypto Valley Venture Capital is reportedly keeping a close watch on a number of Ethereum (ETH) rivals showing potential for growth.

In a new Business Insider report, Olaf Hannemann, the founder and chief information officer of the blockchain-focused venture capital firm, says that beyond Bitcoin (BTC), there are a number of interesting projects in the arena of smart contract platforms as led by Ethereum.

“[A] fundamental view we have is favoring the protocols where people truly develop projects. Our view on Ethereum is generally positive. It’s still the go-to for many projects and I think there’s positive momentum still.”

In addition to Ethereum, the venture capitalist says he likes several of ETH’s competitors.

“There’s a lot of capital in Ethereum, but there is also Tezos and Cardano. We like Solana and Polkadot too.

There are projects looking at stacks, which offer applications built on top of Bitcoin. Avalanche is one to watch too and more recently we are looking at NEAR protocol.”

Tezos (XTZ) is a platform that enables developers to build smart contracts and decentralized applications for products and services. while Cardano (ADA) is a scalable decentralized blockchain platform.

Solana (SOL) is a layer-1 smart contract platform like Avalanche (AVAX) and Polkadot (DOT) is a cross-chain interoperability protocol. Meanwhile, Near Protocol (NEAR) is a developer-focused blockchain designed for scalability and stability

Looking at the broader future of cryptocurrencies, Hannemann foresees more mainstream money entering the markets but that won’t necessarily eliminate the volatility that has been a hallmark of the digital asset space since its inception a decade ago.

“There’s more and more established capital also coming in. It has different market dynamics to traditional established markets. Something which is both a challenge and an opportunity is that you are able to trade at extremely high-leverage positions. That will bring with it a very volatile market in the short term.”

When it comes to the ultimate winners and losers after the crypto space reaches maturity, the venture capitalist investor says,

“Our investment thesis is essentially that we believe that blockchain technology is a catalyst for a lot of other mega-trend technologies that are happening right now, like machine learning, internet of things, personalized healthcare and longevity.

I think long long-term, the jury is still out on whether will there be one or two endgame winner protocols, or whether it will be many different blockchains for different industries.

You get evangelists who truly believe one blockchain is better than the other but you know what, I may have the better protocol, but if I can’t convince startups to build on on my protocol, I’m going to lose out medium term.”

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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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These Crypto Assets Have 10X Potential in 2022, According to Altcoin Daily

by Dailyhodl

Crypto analyst and host of Altcoin Daily Austin Arnold is laying out his top crypto picks as the markets try to shake off a sluggish start to the year.

In a new video, the closely followed trader tells his 1.19 million subscribers that he remains interested in Bitcoin (BTC) as an asset despite the massive selloff which the top crypto has undergone since hitting an all-time high above $69,000 in November.

“People are buying the dip from every exchange. Bitcoin is leaving exchanges.

Miners are not selling their Bitcoin, they’re holding onto it.”

At time of writing, Bitcoin is down 2.02% to $42,613.

Next on Arnold’s list is the leading smart contract platform Ethereum (ETH), noting that,

“Ethereum has its own supply shock going on.

Ethereum 2.0 deposit contract has surpassed $30 billion in value. Once [holders] put their ETH in the deposit contract, they can’t take it out again until it is fully transitioned.”

Ethereum is down 2.17% on the day and trading for $3,259.

The show host has his eye on decentralized finance protocol Uniswap (UNI), which recently deployed on fellow layer-2 protocol Polygon (MATIC).

“2022 might be the year of layer-2s.”

Uniswap is valued at $15.61 while Polygon is trading for $2.26.

Another layer-2 the Altcoin Daily host is keen on is Immutable X (IMX), a scaling solution for non-fungible tokens (NFTs) that aims to enable near-instant, zero gas fee transactions.

The altcoin is down 3.24% on the day and priced at $3.55.

Next on Arnold’s list is the open-source platform Tezos (XTZ), which has been racking up corporate partnerships lately. The latest milestone sees apparel giant The Gap releasing NFT collectibles based on the Tezos platform.

“Tezos is certainly an altcoin to watch doing big things.”

Tezos is also down slightly today to $4.18.

Looking at the Internet of Things space, the Altcoin Daily host highlights open-source public blockchain Helium Network (HNT), which recently surpassed the 450,000 hotspot milestone.

Arnold says of Helium,

“It is a quality [venture capital]-backed project.”

The altcoin is currently priced at $32.59, down 7.23% on the day.

Enterprise-grade scalable blockchain platform Elrond (EGLD) also makes the list of crypto assets to watch after acquiring Web3 payments provider UTRUST (UTK), which in turn integrated EGLD as a form of payment.

“Big win for EGLD.”

Elrond continues the overall daily downtrend and is off by 6.57% to $196.72.

Last on the Altcoin Daily docket is decentralized exchange platform dYdX (DYDX), which the host notes is aiming to achieve full decentralization by the end of this year.

Currently, dYdX is up 2.38% and changing hands for $7.81.

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The Gap Jumps Into NFTs on Tezos—With Physical Apparel Perks

by Decrypt

In brief

  • Apparel retailer The Gap is launching Tezos-based NFT collectibles.

  • Some of the NFTs will include a limited edition physical hoodie.

Last month, it was athletic apparel brand Adidas making a big play for NFTs and the metaverse, and now clothing retailer The Gap is following suit with its own series of NFT collectibles—some of which include exclusive apparel.

Beginning tomorrow, January 13, The Gap will gradually roll out a series of NFTs that run on the Tezos blockchain. Each hoodie-themed Gap Threads NFT was created in collaboration with Tezos-centric production studio InterPop, and features the artwork of Brandon Sines, creator of the character Frank Ape.

The Gap’s Common rarity NFTs will be available starting tomorrow for 2 of Tezos’ native XTZ coin (under $9), with Rare-level NFTs going on sale on January 15 for 6 XTZ ($26). Epic-level NFTs will follow on January 19 for 100 XTZ ($436), while the single-edition One of a Kind NFT will be auctioned off beginning January 24.

Buyers of the Epic-level NFT will also receive an exclusive physical Gap x Frank Ape hoodie, and Gap Threads will have a gamification model that lets collectors of the Common and Rare NFTs “unlock” the ability to purchase an Epic rarity NFT. Exactly how that works is currently unclear, as are the benefits that come with the auctioned One of a Kind NFT.

A still image from the Epic rarity NFT. Image: The Gap

Decrypt asked a Tezos representative for additional information on the so-called NFT gamification system, but did not receive it by the time of publication.

While this is The Gap’s first push into the NFT space, it might not be the last. In a release, the company wrote that it “plans to learn more about how their customers want to engage in a digitally-led world.”

Brian David-Marshall, President of InterPop, told Decrypt that NFTs can provide a way for traditional retail brands to embrace a digital future while maintaining a familiar physical component.

“NFTs provide unique opportunities for brands to connect directly with consumers by transforming how retailers can engage with their customers,” he said. “We continue to uncover exciting opportunities for brands and creators to utilize NFTs to unlock access to new products and bridge the gap between physical and digital ownership.”

Tezos is a proof-of-stake blockchain network that uses significantly less energy than Ethereum, which is currently the leading platform for NFTs. Brands such as gaming giant Ubisoft, esports club Team Vitality, and color standard creator Pantone have announced partnerships with Tezos in recent weeks.

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Bitcoin (BTC) $ 26,618.13 0.29%
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