Crypto
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Swappi’s New Launchpad Feature to Bring IDOs to Conflux
New York, NY, 20th May, 2022, Chainwire Swappi, an AMM-based decentralized exchange (DEX) deployed on Conflux, is releasing a new feature that will give new projects launching on Conflux’s eSpace a platform to launch, fundraise, and seed their community. Dubbed Launchpad, the new feature will enable projects to conduct an Initial Dex Offering (IDO) on Swappi. Swappi Launchpad allows projects to conduct IDOs and hold both private and public sales, letting them set fixed token prices, token allocations, and sale times for their IDOs. While any Swappi users can participate in Swappi Launchpad, users who stake Swappi’s native token PPI will gain early access via private sales. Private Sale Through private sales, users can gain access to a limited private sale token allocation by staking PPI in...
FCA will ‘absolutely’ consider recent stablecoin depegging when drafting crypto rules: Report
Sarah Pritchard, the executive director of markets at the United Kingdom’s Financial Conduct Authority, or FCA, reportedly said the regulator will look at the recent volatility in the crypto markets when creating rules for the space in 2022. According to a Friday Bloomberg report, Pritchard said the financial regulator will “absolutely” take into account stablecoins like TerraUSD (UST) and Tether (USDT) depegging from the U.S. dollar in drafting regulatory guidelines with Her Majesty’s Treasury for release later this year. While the USDT price only briefly dropped to $0.97 on May 12, UST’s has fallen more than 93% since May 9 to reach roughly $0.06 at the time of publication. “It really shows at front of mind the really significant issues that exist here, both in terms of a well-func...
Florida Rep. Donalds introduces Financial Freedom Act companion bill in the House
Rep. Byron Donalds, a Florida Republican, introduced the Financial Freedom Act into the United States House of Representatives on Friday to prevent the U.S. Department of Labor from limiting the types of investments that can be included in Americans’ self-directed 401(k) retirement plans. The bill is the companion to Alabama Sen. Tommy Tuberville’s May 5 Senate bill. The Financial Freedom Act was introduced as a reaction to a U.S. Department of Labor (DOL) compliance report dated March 10 that raised objections to the inclusion of cryptocurrencies in 401(k) retirement plans. That report warned the department’s Employee Benefits Security Administration “expects to conduct an investigative program aimed at plans that offer participant investments in cryptocurrencies and related products, and...
OpenSea launches ‘Seaport’ marketplace protocol allowing NFT bartering
Nonfungible token marketplace OpenSea has announced the launch of a Web3 marketplace protocol for “safely and efficiently buying and selling NFTs.” In a Friday blog post, OpenSea said the marketplace protocol, dubbed Seaport, will give users the option to obtain NFTs by offering assets other than just payment tokens like Ether (ETH). According to the platform, a user “can agree to supply a number of ETH / ERC20 / ERC721 / ERC1155 items” in exchange for an NFT, implying bartering a combination of tokens as a method of payment. In addition, SeaPort users can specify which criteria — e.g. certain traits on NFT artwork or pieces part of a collection — they want when making offers. The platform will also support tipping, as long as the amount does not exceed that of the original offer. “OpenSea...
20% drop in the S&P 500 puts stocks in a bear market, Bitcoin and altcoins follow
Whoever coined the phrase “sell in May and go away” had brilliant insight and the performance of crypto and stock markets over the past three weeks has shown that the expression still rings true. May 20 has seen a pan selloff across all asset classes, leaving traders with few options to escape the carnage as inflation concerns and rising interest rates continue to dominate the headlines. Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) taking on water below $29,000 and traders worry that losing this level will ensure a visit to the low $20,000s over the coming week. BTC/USDT 1-day chart. Source: TradingView As reported by Cointelegraph, some analysts warn that BTC could possibility decline to $22,700 based on its historical price performance fo...
Ethereum preparing a ‘bear trap’ ahead of the Merge — ETH price to $4K next?
Ethereum’s native token, Ether (ETH), continues to face downside risks in a higher interest rate environment. But one analyst believes that the token’s next selloff move could turn into a bear trap as the market factors in the possible release of the Merge this coming August. ETH to $4K? Ether’s price could reach $4,000 by 2022’s end, according to a technical setup shared on May 20 by Wolf, an independent market analyst. The analyst envisioned ETH moving inside a multi-month ascending triangle pattern, which comprises a horizontal trendline resistance and rising trendline support. Notably, ETH’s latest retest of the structure’s lower trendline could initiate a big rebound toward its upper trendline, which sits around the $4,000-level, as s...
Bitcoin ‘death cross’ data hints 43% drop due in BTC price bear market
Bitcoin (BTC) may fall more than 40% from last week’s bottom, new data warns as one analyst confronts what he says is now a bear market. In a series of tweets on May 20, popular trader and analyst Rekt Capital argued that BTC/USD should dive to near $20,000 to conform to historical norms. Death cross BTC price target now $22,700 Much debate has surrounded the so-called “death cross” constructions on the Bitcoin chart. These involve the declining 50-period moving average (50MA) crossing under the 200MA. Often in the past, such an event has triggered considerable price downside, this then going on to mark what Rekt Capital calls “generational bottoms.” “More often than not, the depth of a $BTC correction pre-Death Cross is similar to retrace depth post-Dea...
Terra’s amended revival plan would decrease the allocation for post-attack UST holders
After a grueling two weeks for the Terra community, the team behind the project announced revisions to their proposed revival plan for Terra (LUNA) and TerraUSD (UST). In a Tweet, Terra shared three major revisions to the proposed Terra revival and redistribution plan. These include increasing the genesis liquidity, introducing a new liquidity profile for pre-attack LUNA holders and decreasing the distribution to post-attack UST holders. 1/ We have published an amendment to Proposal 1623, incorporating the community’s feedback since its publication 2 days ago. Please see below for details https://t.co/liISBn3Baa — Terra Powered by LUNA (@terra_money) May 20, 2022 The announcement noted that pre-attack Anchor UST (aUST) holders, post-attack LUNA holders and post-attack UST holders’ in...
Panama’s president says he won’t sign crypto bill into law ’at this moment’
Laurentino Cortizo, the president of Panama, has said he won’t sign off on a crypto bill recently approved by the country’s National Assembly without additional Anti-Money Laundering rules. Speaking at the Bloomberg New Economy Gateway Latin America conference on Wednesday, Cortizo said the bill recently passed by Panama’s legislature must go through legal checks before reaching his desk, but added he needed more information before potentially signing it into law. Describing the legislation as an “innovative law” and a “good law,” the president said he approved of certain aspects of the bill but hinted at possible illicit uses of cryptocurrencies that needed to be addressed. “I will not sign that law at this moment,” said Cortizo. “If the law has clauses related to money laundering activit...
Wombat Soars to $40M in TVL While Still at Beta
Hong Kong, Hong Kong, 20th May, 2022, Chainwire Shortly after the Beta Launch of Wombat Exchange, a hyper-efficient multi-chain stableswap backed by Binance, the crypto world was struck by the devastating collapse of TerraUSD. Wombat Exchange withstood the wild market swings in defiance of predictions, while many decentralized stablecoin exchanges were left feeble and drained. Their 24-hour trading volume reached an all-time high of $35M, and the liquidity cap ascended to $40M as of May 20th. This immense success within a month of launch surpassed notable projects like Dodo and AcryptoS on BNB Chain. The next-generation stableswap 2.0 Wombat is a multichain stableswap native to the BNB Chain. It re-engineered the stableswap experience through its innovative algorithm design, enabling lower...
Tezos Startup Founders Launch Web3 Accelerator
Paris, France, 20th May, 2022, Chainwire Pyratz Labs, a startup studio that specializes in Web3, has announced the opening of a new 1,000m2 office space in Paris. The space will encourage Web3 developers and technologists to meet in-person and benefit from adapted coaching programs and advice from entrepreneurship and technology experts. The new space is dedicated to helping tech builders and stakeholders collaborate, bringing together key actors from the Gaming and DeFi industries in an effort to build and finance the ecosystem. A simple model was implemented to select the most promising entrepreneurs and empower them with the skills and guidance they need to successfully develop their products. “Web3 allows for new consumption methods that are currently blooming, especially in Paris &nbs...
Terra fallout: Stablegains lawsuit, Hashed loses billions, Finder wrong and more
Fallout from the collapse of the Terra ecosystem continues to unfold with the United States-based yield generation application Stablegains facing potential legal action over its losses from the event. Users believe that Stablegain has allegedly lost up to $44 million worth of deposited funds, based on a post on a Terra forum by co-founder Kamil Ryszkowski asking for relief funding. He disclosed that a day before TerraUSD (UST) had lost its peg with the U.S. dollar, its users’ funds totaled over 47.6 million UST from 4,878 depositors. Currently, the price of UST is trading at $0.075, according to data from CoinGecko. A letter from class action law firm Erickson Kramer Osbourne (EKO) sent to Stablegains, dated May 14, demands a record of customer accounts, marketing materials and any co...
