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The future of DeFi is spread across multiple blockchains
Long stuck in the shadows of Bitcoin (BTC), Ethereum (ETH) finally took hold of the market in 2020 during the decentralized finance summer. Designed to recreate traditional financial systems with fewer middlemen, DeFi is now being used across lending, borrowing, and the buying and selling of tokens. The majority of these decentralized applications (DApps) are run on Ethereum, which saw activity on the network increase during 2020. This activity also trended upwards due to yield farming, also known as liquidity mining, which enables holders to generate rewards with their crypto capital. But as activity on Ethereum increased, so too did the network’s transaction fees. In May, it was reported that Ethereum gas fees were skyrocketing. It’s intuitive that engaging in DeFi is only worthwhile whe...
Primary Wave Quietly Amasses Largest Individual Share in Prince’s Estate
New York-based Primary Wave has been acquiring expectancy interests in the Prince estate piecemeal for the last 17 months from three of his six heirs. However, the situation is complicated because the estate remains in probate administered through Comerica Bank & Trust and none of the heirs have received any distribution of assets. Sources say the probate issues could be resolved as early as the end of the year. According to documents filed July 20 in Minnesota’s Carver County district court, in March 2020 “the protocols” surrounding the estate were amended after Primary Wave purchased a portion of Prince sibling Tyka Nelson’s expectancy interest. Subsequently, an April 2021 order confirmed Primary Wave’s acquisition of 100% of the expectancy interest of Nelson’s late half brothe...
Tesla Hits $1 Billion USD in Quarterly Profit and Louis Vuitton Is Releasing NFTs in This Week’s Business and Crypto Roundup
Many brands are starting to see a recovery despite the challenges initially brought on by the pandemic. Some businesses, especially ones that focused efforts on expanding e-commerce ventures, have even seen profits rise even higher than before. HYPEBEAST has rounded up the top business and crypto stories of the week so you can stay in-the-know about trends across industries. Business 1. LVMH reported $17.5 billion USD in Q2 revenue LVMH‘s €14.7 billion EUR (approximately $17.5 billion USD) revenue is roughly 14 percent higher than numbers reported in the same-period two years ago. Its most profitable label, Louis Vuitton, reported record sales and profitability in the first half of 2021. 2. Tesla’s quarterly profit surpassed $1 billion USD The electric car manufacturer earned $1.1 billion ...
GoldenTree Asset Management is reportedly investing in Bitcoin
New York-based asset management firm GoldenTree has reportedly added Bitcoin to its balance sheet, though the amount of this supposed investment remains unknown. According to a Friday report from financial news outlet The Street, the firm with roughly $45 billion in assets under management has purchased some Bitcoin (BTC) but has seemingly shied away from other cryptocurrency investments. Citing two sources with knowledge of the matter, the publication reported the BTC purchase followed discussions between executives regarding hiring staffers familiar with crypto investments. Executives at the firm, including founder Steven Tananbaum and partners Deeb Salem and Joseph Naggar invested in a funding round this month for Borderless Capital, which previously helped launch an accelerator program...
Price analysis 7/30: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC
Bitcoin (BTC) and most major altcoins seem to be faltering near their respective overhead resistance levels. This suggests that some investors are continuing to sell at higher levels. However, 21st Paradigm co-founder Dylan LeClair said that on-chain data shows “big transfer volumes from over-the-counter (OTC) desks over the last week.” Cointelegraph also recently highlighted a historic 57,000 BTC outflow from exchanges on July 28. Ecoinometrics also cited on-chain data to show that “whales” and “small fish” accumulated Bitcoin when the price recovered from $29,400 to over $40,800 this week. Daily cryptocurrency market performance. Source: Coin360 Institutional investors are also not to be left behind in their plans to accumulate more Bitcoin. MicroStrategy, which holds a...
5 easy ways crypto investors can make money without needing to trade
Large price jumps and 100x gains get a lot of attention from pundits and influencers in the cryptocurrency community because they offer the hope of overnight riches. In reality, these opportunities are few and far between. Not to mention, only a handful of traders actually manage to catch these waves and cash out in time to lock in life-changing money. Fortunately, catching a large price surge is far from being the only way for crypto investors to make a buck, and the recent rise of decentralized finance (DeFi), nonfungible tokens (NFTs) and the slow march of mainstream crypto adoption provides a near endless stream of investment opportunities. Let’s have a look at five different ways crypto holders can make an easy buck without actually having to trade. Staking Staking, which reward...
Traders forecast $3K Ethereum price but derivatives data suggests otherwise
Ether (ETH) rallied 35% over the past ten days and reclaimed the critical $2,300 support, but the crucial $2,450 local top hasn’t been tested since June 17. Part of the recent recovery can be attributed to the London hard fork, which is expected to go live on Aug. 4. Traders and investors view the EIP-1559 launch as a bullish factor for Ether price because it is expected to reduce gas fees. However, Ether miners are not thrilled with the proposal because the proof-of-work model will no longer be necessary after ETH2.0 goes live. The network fees will automatically be set, although users can choose to pay extra for faster confirmation. Miners (or validators in the future) will receive this additional fee, but the base fee will be burned. In a nutshell, Ether is expected to becom...
Elon Musk Denies That He Once Tried To Oust Tim Cook as CEO of Apple
Elon Musk took to Twitter to deny reports that he once asked Tim Cook if he could replace him as CEO of Apple. The story was published in a new book called “Power Play: Tesla, Elon Musk and the Bet of the Century” by Wall Street Journal reporter Tim Higgins. According to the Los Angeles Times, which reviewed the new book, the conversation took place during a phone call between Musk and Cook in 2016 when Apple was reportedly considering buying Tesla. According to the book, Musk told Cook that he wanted to be “CEO,” to which Cook said sure before realizing Musk meant CEO of Apple. The story goes that Cook responded to Musk by saying “f*ck you” before hanging up the phone. Musk previously tweeted about reaching out to Cook for a meeting “during the darkest days of the Model 3 ...
Who takes gold in the crypto and blockchain Olympics?
Every four years (usually), the world comes together in a celebration of sport and competition at the Olympic Games. In the spirit of Tokyo 2020, let’s look at countries that are deserving of gold medals across different spheres of the cryptocurrency and blockchain space. The variety of sports featured at the Olympics have changed over the years, and the current summer Olympics in Japan features a total of 33 different sports. Exciting competitions like skateboarding and surfing were added for Japan as the global showpiece continues to evolve and adopt different sports. The cryptocurrency and blockchain space is similar in this regard. Many different working parts make for a colorful community both united and divided by their preferences of cryptocurrencies and blockchain platforms. Let’s ...
Cardano risks 60%-90% drop, warns trader with ADA painting a classic bearish pattern
Cardano is close to attaining the title of a fully-fledged smart contracts platform following a critical upgrade in mid-July. The project’s founder Charles Hoskinson confirmed that they recently processed the sales of more than $10 million worth of non-fungible tokens atop their public ledger. Moreover, an NFT and DeFi Marketplace called the Spores Network, which raised $2.3 million in a fundraiser, said it would deploy its services atop the Cardano chain for lower transaction costs, lower carbon footprints, and higher transaction throughput. But the Ethereum rival’s growth as a project might not lead to higher adoption for its native cryptocurrency, ADA, at least according to an analysis shared by Peter Brandt, the chief executive of global trading firm&nbs...
Avalanche launches upgraded bridge, prepping DApps for mainstream adoption
Avalanche (AVAX) is replacing its months-old Avalanche-Ethereum Bridge, or AEB, with the aptly named Avalanche Bridge, or AB, according to a Medium post from the company. This newer bridge is allegedly fives times cheaper than the previous one and will act as a “growth engine” for the project’s future. The post notes that the AB is available to developers and users right now, and all previous assets from the AEB should carry over. This upgrade is occurring alongside the network’s wallet and explorer upgrades to bring “next-generation improvements” to all of its aspects. Related: Neon Labs deploys cross-chain Ethereum Virtual Machine on Solana Considering 59% of existing decentralized applications, or DApps, run on Ethereum, upgrades like these are likely necessary for future interoperabili...
NFTs can be a good pathway to draw women into crypto, says Lavinia Osbourne
Women looking for a way to enter a male-dominated space like crypto and blockchain may be drawn in by nonfungible tokens, according to Women in Blockchain Talks founder and host Lavinia Osbourne. Though the ongoing pandemic has left people in many countries in financial trouble — whether by losing their jobs, being unable to physically go to banks, or other concerns — Osbourne told Cointelegraph the event may have pushed many women into crypto and blockchain once they were forced to move on from other careers. She said the recent surge and media coverage of nonfungible tokens, or NFTs, had made crypto “more relatable” to many people in the arts and other creative fields. “People look at NFTs and it’s like ‘it’s different — I don’t actually get the technology,’” said Osbourne. “When t...
