Crypto
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Solana Ventures sets up $100M fund for GameFi and DeFi in South Korea
Solana Ventures and the Solana Foundation have formed a $100 million fund to help support the growth of nonfungible token (NFT), blockchain gaming and decentralized finance (DeFi) projects in South Korea. In addition to supporting projects built on Solana (SOL), the fund will help keep some Terra-based projects afloat following the collapse of that ecosystem last month. The Solana Foundation believes the developers from Terra should not be held responsible for what happened on the blockchain network. In an interview reported by Bloomberg on June 8, general manager for games at the Solana Foundation Johnny B. Lee said: “The developers did nothing really wrong, but they’re left in the lurch.” The new fund helps solidify Solana’s aim to become an ideal blockchain for gaming. Solana Ventures l...
TrueFi launches on Optimism, expanding access to on-chain credit
Unsecured lending protocol TrueFi has become the latest project to launch on Optimism, Ethereum’s popular layer-2 scaling solution, in a move that’s expected to boost demand from non-institutional lenders. By launching on Optimism, TrueFi’s lender community will have access to a faster and cheaper user experience, as well as gain exposure to a wider pool of retail lenders. “TrueFi users can now lend, borrow and launch portfolios on Optimism to enjoy dramatically reduced transaction costs and network speeds,” Rafael Cosman, co-founder of TrustToken, told Cointelegraph in a written statement. He further explained: “Since Optimism transactions are on average 77x cheaper than Ethereum, we expect greater adoption from non-institutional lenders, hopefully increasing global access to TrueFi...
Bitcoin price recovers $31.5K, but traders say ‘scam’ price action will bring more downside
Bitcoin’s (BTC) short-term price action has been dominated by whipsaws that trigger around the $31,000 to $32,000 level and the June 6 reversal at this point triggered a quick sell-off that pushed the price down to $29,200. Surprisingly, on June 7, the price rapidly reversed course as Bitcoin rallied back to $31,500, but given the current rejection at this level, traders are likely to proceed cautiously, rather than expect a quick surge to $35,000. BTC/USDT 1-day chart. Source: TradingView Here’s what several analysts are saying about the short-term outlook for BTC and what support levels to keep an eye on moving forward. A clear redistribution range The range-bound trading currently impacting Bitcoin was addressed by crypto analyst and pseudonymous Twitter user il Capo of Crypto, wh...
Chainalysis exec touts blockchain analysis to Senate homeland security committee
The collection and processing of information was a major theme at the United States Senate Committee on Homeland Security and Governmental Affairs (HSGAC) hearing titled, “Rising Threats: Ransomware Attacks and Ransom Payments Enabled by Cryptocurrency” on Tuesday. The committee hosted a panel of private-sector experts who discussed the problem of ransomware attacks and the challenges of collecting and using the information necessary to fight them. Committee chair Gary Peters of Michigan, who introduced the Strengthening American Cybersecurity Act in February, said the government lacks sufficient data even to understand the scope of the threat posed by ransomware attacks. Attackers almost exclusively ask for payment in cryptocurrency, he added. Several figures were trotted out to qua...
LINK marines rejoice after Chainlink 2.0 brings a new roadmap and staking
Passive income opportunities are one of the biggest draws in the cryptocurrency ecosystem because it gives investors an easy opportunity to grow their portfolio size regardless of the day-to-day price action. The latest token to get a bump in its price after announcing the upcoming implementation of staking is Chainlink (LINK), the decentralized oracle network that provides important off-chain information needed for the proper functioning of smart contracts. Data from Cointelegraph Markets Pro and TradingView shows that since bouncing off a low of $6.67 on June 4, the price of LINK has increased 35% to hit a daily high of $9.00 on June 7. LINK/USDT 4-hour chart. Source: TradingView Here’s a look at what the new developments in the Chainlink ecosystem that could be backing today’s pri...
Best automated market maker (AMM) tokens to get
Uniswap (UNI), PancakeSwap (CAKE), and Curve DAO (CRV) are the best AMM tokens you can get in June. PancakeSwap saw the burn of 6,840,003 CAKE tokens which equaled $32 million. Uniswap made an analysis of how v3 outperforms v2, and Curve Finance saw the addition of new pools. Uniswap (UNI), PancakeSwap (CAKE), and Curve DAO (CRV) have all showcased solid performance as automated market makers (AMMs). According to a report by Uniswap Labs on June 6, 2022, Uniswap v3 outperforms v2 by 160% for 1-bp fee-tier range-bound stablecoin pairs by 80% for 100-bp fee-tiers, 16% for 30bp-fee tiers, and 68% for 5-bp fee tiers. Uniswap also introduced their new Smart Contract Engineer, Sara Reynolds. PancakeSwap also made an announcement that 6,840,003 CAKE tokens were burned, which equ...
Nexus Dubai Projects: a Whole New Defi World Unveils
Dubai, UAE, 6th June, 2022, Chainwire NXD projects have products that possess amazing use cases for users to explore, such as the Nexus Dubai Token, UAE Merchant Network, Nexidius, and Electrum. NXD’s purpose in writing this press release is to give his readers the opportunity to learn more about these products as well as how they can be a part of them. Nexus Dubai (NXD) Token Nexus Dubai (NXD) is a bridging multi-network token that supports various networks. The initial issuance of the Nexus Dubai Token by Polygon blockchain, the touted second layer of the Ethereum network, is based on the next-generation “Proof of Stake” consensus algorithm, which allows fast processing and decentralization. However, the total number of Nexus Dubai Tokens that have been issued is fixed, and if more...
Atlendis Labs Announces the Launch of the Atlendis Protocol V1
Paris, France, 7th June, 2022, Chainwire Atlendis, a capital-efficient DeFi protocol that enables crypto loans without collateral, announced today the launch of the Atlendis protocol V1 on Polygon mainnet, a full-stack Ethereum scaling solution. This is a major milestone for Atlendis (formerly known as JellyFi) following its $4.4 million seed funding round and coming a few months after the alpha release of the Atlendis protocol. Liquidity providers (LPs) can now deposit into the borrower pool of their choice on the Atlendis protocol to start earning interest. Whitelisted institutional borrowers including dApps, protocols and DAOs, can now take out loans in their specific pools. Atlendis is launching with institutional borrowers DeversiFi and ZigZag with an initial credit limit of $10 milli...
BNB price risks 40% drop as SEC launches probe against Binance
Binance Coin (BNB) price dropped by nearly 7.3% on June 7 to below $275, its lowest level in three weeks. What’s more, BNB price could drop by another 25%–40% in 2022 as its parent firm, Binance, faces allegations of breaking securities rules and laundering billions of dollars in illicit funds for criminals. Bad news twice in a row BNB was issued as a part of an initial coin offering (ICO) in 2017 that amassed $15 million for Binance. The token mainly behaves as a utility asset within the Binance ecosystem, primarily enabling traders to earn discounts on their trading activities. Simultaneously, BNB also functions as a speculative financial asset, which has made it the fifth-largest cryptocurrency by market capitalization. BNB market capitalization was $45.42 billion as of June ...
The business of a Bitcoin standard: Profit, people and passion for good food
The Canadian restaurant franchise Tahini’s serves Middle East-inspired food with a Bitcoin-inspired twist. Since August 2020, when the price of Bitcoin (BTC) was under $20,000, the group has operated on a Bitcoin standard, with any profits it makes swept into BTC. The Tahini’s Twitter account has since argued that Bitcoin is the “most Islamic” thing Muslims can do with their wealth, and the group educates its customers on sound money. It has even become a niche bear market meme, with Michael Saylor famously saying he might apply to work night shifts at Tahini’s during January’s price correction: May apply for night shift at @TheRealTahinis to stack more sats. #NewProfilePic pic.twitter.com/ZrirLojvrq — Michael Saylor⚡️ (@saylor) January 23, 2022 Coin...
Coinbase balance drops by 30K BTC as Bitcoin price nurses 6% losses
Bitcoin (BTC) held steady at the June 7 Wall Street open after a night of losses cost bulls heavily. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Coinbase sees conspicuous outflows Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it ranged near $30,000, still down 6% versus its prior highs. After underperforming versus United States equities on June 6, the pair nonetheless managed to avoid falling further in step with stocks. At the time of writing, the S&P 500 was down 0.6% from the open, with the Nasdaq Composite Index 0.5% lower. Analyzing order book data, on-chain analytics resource Material Indicators noted that a wall of bids from a whale “spoofing” the market in recent days had finally dissipated. Earlier, that entity had posted a support li...
Ethereum 2.0 vs. the top Ethereum killers|The Market Report
“The Market Report” with Cointelegraph is live right now. On this week’s show, Cointelegraph’s resident experts give you the details about Ethereum 2.0, its main competitors, and how they differ from each other. To kick things off, we break down the latest news in the markets this week. Here’s what to expect in this week’s markets news breakdown: Bitcoin ‘Bart Simpson’ returns as BTC price dives 7% in hours: Bitcoin (BTC) price action failed to crack $32,000 and headed back to square one, sparking $60 million of long liquidations in the process. How much longer will we stay in the current price range? What is it going to take for Bitcoin to break out from here? Bad day for Binance with SEC investigation and Reuters exposé: The United States Securities and Exchange Commission...
