#Cryptocurrency and #Crypto | TRADING U https://trading-u.com Complete News Markets Sun, 10 Apr 2022 10:42:45 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 202631570 Crypto Index Tracker – DeFi outperforms EU and US regulatory efforts https://trading-u.com/ecampus/crypto-index-tracker-defi-outperforms-eu-and-us-regulatory-efforts/ Sun, 10 Apr 2022 10:42:44 +0000 https://trading-u.com/?p=36000 Crypto Index Tracker – DeFi outperforms EU and US regulatory efforts

HodlX guest post Submit your contribution Crypto markets have been volatile this week as investors digest regulatory efforts from the US and EU. Notably, the European Parliament has voted against anonymous crypto transactions as a measure to combat money laundering, and the SEC has issued a recommendation for crypto exchanges to retain information about their […]

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Crypto Index Tracker – DeFi outperforms EU and US regulatory efforts

HodlX guest post Submit your contribution

Crypto markets have been volatile this week as investors digest regulatory efforts from the US and EU. Notably, the European Parliament has voted against anonymous crypto transactions as a measure to combat money laundering, and the SEC has issued a recommendation for crypto exchanges to retain information about their customers’ crypto asset holdings.

As for the performance of our various indices, our DeFi index is up 17% the most. Our Smart Contract Index and Privacy Index are up 10% and 6%, respectively. Our Metaverse Index is up just 1 percent, and our Bitcoin Index is the only one to have posted losses this week – It has decreased by one percent.

  • Smart Contract Platform Index Solana (SOL) is up the most at 25% and EOS (EOS) is up the least at 1%. Ethereum (ETH) is up six percent.
  • DeFi Index Aave (AAVE) is up the most, up 42%, and Loopring (LRC) is the only coin to post losses it is down 0.3%.
  • metaverse index Terra Virtua Kollect (TVK) is down the most, up 18%, and Phantasma (SOUL) is down the most, up 13%.
  • Privacy Index Secret (SCRT) is up the most, up 19%, and Zcash (ZEC) is down the most, down 10%.
  • Bitcoin index – Tit’s down one percent.

What is in the four indices?

Here are the indices in detail.

  • Bitcoin: The OG of crypto markets deserves a category of its own and in many ways is the true benchmark for every other crypto market.
  • Smart contract platforms – AAfter Bitcoin, the big innovation was having blockchains that were more programmable. These could host smart contracts or decentralized applications and have enabled the emergence of the metaverse and DeFi. Ethereum (ETH) is the most popular version of a smart contract platform. In addition to Ethereum, we also include some important competitors. The constituents of this index are Ethereum (ETH), Cardano (ADA), Avalanche (AVAX), Solana (SOL), Fantom (FTM), VeChain (VET), Terra (LUNA), EOS (EOS) and Chainlink (LINK). . We also include Polkadot (DOT), which enables interoperability between blockchains and the use of smart contracts via parachains.
  • metaverse – COptions related to the creation of a virtual space/digital world on the internet using a combination of augmented reality, virtual reality and social networks. The constituents of this index are Axie Infinity (AXS), The Sandbox (SAND), Decentraland (MANA), Enjin Coin (ENJ), Aavegotchi (GHST), Terra Virtua Kolect (TVK), Ultra (UOS), Phantasma (SOUL). , RedFOX Labs (RFOX) and Gala (GALA).
  • Decentralized Finance (DeFi) – FFinancial services built on blockchain networks without central intermediaries. This can be a broad category, so we’re narrowing it down to platforms focused on lending/borrowing, yield farming, automated market making, and decentralized exchange tokens. The components of this index are Aave (AAVE), Compound (COMP), Uniswap (UNI), Yearn.finance (YFI), Loopring (LRC), PancakeSwap (CAKE), Maker (MKR), 1inch (1INCH), Thorchain (RUNE ) and Terra (LUNA).
  • Privacy Coins – COins that obfuscate transactions on the blockchain to protect the anonymity of their users and their activities. The components of this index are Monero (XMR), Zcash (SEC), Dash (DASH), Verge (XVG), Horizen (ZEN), Beam (BEAM), Secret (SCRT), Decred (DCR), Keep Network (KEEP ) and Dusk Network (DUSK).

Disclaimer

The comment contained in the above article does not constitute an offer, solicitation, or recommendation to make any investment or liquidate or to engage in any other transaction. It should not be used as the basis for investment or other decisions. Any investment decision should be based on appropriate professional advice specifically tailored to your needs.

Bilal Hafeez is the CEO and publisher of Macro Hive. He spent over twenty years in research at major banks – JPMorgan, Deutsche Bank and Nomura where he held various “Global Head” positions, conducting forex, rates and cross-market research.

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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of 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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36000
Joshua Henslee spotlights the new RelayX AMM exchange on RUN https://trading-u.com/ecampus/joshua-henslee-spotlights-the-new-relayx-amm-exchange-on-run/ Sun, 10 Apr 2022 06:38:56 +0000 https://trading-u.com/?p=35973 Joshua Henslee shines light on new RelayX AMM exchange on RUN

BSV thought leader and developer Joshua Henslee released a new video on April 4th detailing RelayX’s new AMM exchange. You can watch the video from the link or read the synopsis below. What is the RelayX Automated Market Maker (AMM)? RelayX has released an automated market maker on BSV. This enables the instant exchange of […]

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Joshua Henslee shines light on new RelayX AMM exchange on RUN

BSV thought leader and developer Joshua Henslee released a new video on April 4th detailing RelayX’s new AMM exchange. You can watch the video from the link or read the synopsis below.

What is the RelayX Automated Market Maker (AMM)?

RelayX has released an automated market maker on BSV. This enables the instant exchange of fungible tokens in the RUN protocol.

While direct swaps are ideal for non-fungible tokens (NFTs), AMMs may be better suited for exchanging BSV for other fungible tokens due to their liquidity pools.

As with other such pools, the idea is to entice users to provide liquidity for a fraction of the fees, often referred to as yield farming. Other examples of this include TokenSwap on BSV and Uniswap on the Ethereum blockchain.

Comparison of RelayX AMM with TokenSwap

According to Henslee’s video recording, there is very little liquidity in the RelayX pools. There is also only one pair, namely BSV/SHUA.

However, Henslee says RelayX’s decision to build on the RUN protocol and the low fees it brings will give it a long-term advantage. He also believes the two will serve different markets; TokenSwap will mainly serve the Eastern markets while RelayX will mainly serve the Western markets.

At the moment, Henslee finds TokenSwap fees unacceptably high. Despite being much lower than other blockchains’ fees, he believes that even the $0.60 fees he currently pays are unacceptable. While this isn’t a major issue right now, Henslee believes it will be in the future.

How will RelayX incentivize liquidity providers?

The way AMMs work is to incentivize users to provide liquidity for a fraction of the fees. Right now there is only $20,000 of liquidity on the RelayX AMM. Likewise, there is always a risk of temporary loss due to volatility, which in turn is compounded by low liquidity.

Henslee examines how TokenSwap has attracted liquidity to its pools for potential solutions. It added a Tron-Tether bridge, allowing people to tokenize Tether and bridge it to the BSV blockchain. This increased their liquidity by over a million in one day. RelayX has already done this to some extent with USDC. While there are still doubts about USDC, Henslee considers it to be less risky than Tether.

Henslee acknowledges that a stablecoin on BSV is a contentious issue, but he believes it would be a good way to attract liquidity. He notes that fees for using USDC on chains like Ethereum are “getting out of control and only getting worse.” However, he does not know how RelayX can use USDC without opting for Ethereum and paying the associated fees.

Another way for RelayX to attract liquidity would be to offer a swap for SAITO. While this is tokenized on Ethereum, BSV users have been able to speculate about it in the RUN protocol. Henslee believes that if RelayX offers a Saito swap, it will attract users from other blockchains looking to swap with lower fees. He concedes that economic incentives will prevail and that most users don’t care what blockchain they use. They will be happy to use BSV when they see the cost savings. This will then lead to a virtuoso cycle of increased liquidity leading to new pairs leading to a greater increase in liquidity and so on.

Henslee is excited about the new RelayX AMM

All in all, Henslee is enthusiastic about this development. He believes it will attract more liquidity and users to BSV. The lack of liquidity is one of the biggest problems and this could be the solution.

In addition to new users, Henslee notes that RelayX has many existing users compared to TokenSwap. While the latter currently has many more pairs, Henslee believes the gap will close sooner rather than later. These existing users will likely want to use the RelayX AMM, giving it another edge over its competitors.

Watch: CoinGeek New York presentation, The Path to BitCoin Adoption: How to Turn the Entire Web into Bitcoin Apps

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35973
Libero Financial extends its 158,000% fixed APY yield product for auto-staking to the Fantom network https://trading-u.com/ecampus/libero-financial-extends-its-158000-fixed-apy-yield-product-for-auto-staking-to-the-fantom-network/ Sun, 10 Apr 2022 02:35:16 +0000 https://trading-u.com/?p=35946 Libero Financial extends its 158,000% fixed APY yield product for auto-staking to the Fantom network

Libero Financial announced that its auto-staking yield farming services are available on Fantom The team introduced the fLibero token as a Fantom-based Libero token SINGAPORE, Singapore – (Newsfile Corp. – April 7, 2022) – Libero Financial has announced that its auto-staking and auto-compounding yield farming services will now be available on the Fantom network. The […]

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Libero Financial extends its 158,000% fixed APY yield product for auto-staking to the Fantom network

  • Libero Financial announced that its auto-staking yield farming services are available on Fantom
  • The team introduced the fLibero token as a Fantom-based Libero token

SINGAPORE, Singapore – (Newsfile Corp. – April 7, 2022) – Libero Financial has announced that its auto-staking and auto-compounding yield farming services will now be available on the Fantom network. The team introduced the fLibero token as an extension of the BSC-based Libero token.

A pioneer of financial freedom, Libero Financial is a DeFi 3.0 auto-staking and auto-compounding protocol that operates on the BNB chain and pays its holders a return in double reward: BUSD and LIBERO coins.

The team confirmed that fLibero’s pre-sale was successfully completed on March 30, 2022, raising $5 million in just seven hours from thousands of early bird investors.

Additionally, the team decided to extend to Fantom to support the long-term growth and sustainability of the ecosystem. Previously, they launched a massive marketing campaign in New York’s Times Square to promote Libero and its promise to bring financial freedom to DeFi 3.0 through compound interest.

Fantom Libero used the current campaign to delve deeper into the DeFi space, building on the success of its predecessor, which went from a $5 million market cap to a $100 million market cap in just 20 days .

Libero Financial is an automated staking and compounding protocol

Libero Financial is a fixed automatic staking and compounding protocol from APY to BSC. The auto-staking protocol aims to transform the DeFi sector with its innovative treasury algorithm that uses automatic buyback and burn to prop up the price and create sustainable trading volumes.

With a daily interest rate of 2.02% and an automatic top-up to a fixed annual rate of 158,893.59% for all holders, Libero Financial has hit several milestones since its launch two months ago and shows no signs of slowing down. According to data from well-known crypto tracking website Coinmarketcap, the project has built a robust community of over 100,000 holders and a market cap of $112 million with a healthy bullish chart.

The main token for the Farming-as-a-Service initiative, as well as its Fantom-based twin, are currently trending on Dextools, the most widely used software for decentralized market data. For the first time, Libero Treasury surpassed $8 million milestones.

The lead developer of Libero hailed the launch on Fantom Network as a big step towards the project’s dominance in the DeFi space during a recent AMA. According to the lead developer, the Fantom Libero and later extensions to other EVM-compatible blockchains such as Polygon, Avalanche, and Solana would benefit current BSC holders.

About Libero Financial

Launched in January 2022, Libero has made significant strides in DeFi with its ability to deliver the highest stable passive coin income across all blockchains. The platform has also emerged as the first and only fixed APY project to pass an audit by Certik, the global leader in smart contract security.

To connect with the growing Liberators army and keep up to date with the latest project developments, check out the social links below:

| Twitter | discord | Telegram | Youtube | Medium | GitHub |

Media contact:

Company name: Libero Financial
Contact person: Tara
Contact email: [email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119129

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35946
Where to Buy Curve in April 2022 https://trading-u.com/ecampus/where-to-buy-curve-in-april-2022/ Sat, 09 Apr 2022 23:31:27 +0000 https://trading-u.com/?p=35926 How to Buy Dogecoin Canada in 2022

Looking to buy Curve? You are not alone. With over 150,000 followers on top broker eToro, Curve (CRV) is a popular DeFi crypto. And, as a challenger to traditional finance, the $120bn Decentralised Finance (DeFi) sector is a hot investment area. Curve, which plays a part in what is known as liquidity farming, is right […]

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How to Buy Dogecoin Canada in 2022

Looking to buy Curve? You are not alone. With over 150,000 followers on top broker eToro, Curve (CRV) is a popular DeFi crypto. And, as a challenger to traditional finance, the $120bn Decentralised Finance (DeFi) sector is a hot investment area. Curve, which plays a part in what is known as liquidity farming, is right in the thick of the action.

Anybody can buy Curve as purely an investment asset (no DeFi experience required!). Below we explore how to invest in Curve, with brief reviews of four top crypto vendors. If you are looking for the lowest fees and the highest levels of safety, find out more below.

How to Buy Curve – Quick Guide

Looking for the best crypto to invest in 2022? You can buy Curve safely and quickly by signing up with top broker eToro:

  1. ✅Step 1: Open an account with eToro – First you need to get registered. Fill in some basic personal information on the eToro sign-up page or use your Google/Facebook account.
  2. 🔑Step 2: Verify – As a regulated broker, eToro must verify your identity. Have your valid passport or ID card handy, as well as proof of address.
  3. 💳 Step 3: Deposit – You can deposit as little as $10 with eToro if you are from the US. US clients pay no deposit fees. Choose from bank transfer, e-wallet or credit/debit card deposit.
  4. 🔎 Step 4: Search for Curve – Enter ‘Curve’ or ‘CRV’ in eToro’s top toolbar. You can review the Curve homepage on eToro, or head straight to your buying options.
  5. 🛒 Step 5: Buy – Invest in Curve with as little as $10. eToro will hold your crypto until you want to sell.

Cryptoassets are a highly volatile unregulated investment product. 

Where to Buy Curve

First you need to decide what your priorities are. How to buy Curve tokens in a way that suits you depends on your level of experience.

Are you looking to explore powerful trading and crypto financing options? If so, we recommend checking out one of the top crypto exchanges: Crypto.com, Coinbase and Binance.

If you are a beginner — or want to balance your crypto investment with stocks and ETFs — we suggest you begin with top global broker eToro.

1. eToro – Best Broker to Buy Curve with Low Fees

Founded in 2006, broker eToro has attracted 23m investors. Boasting a super-slick interface and low fees, this broker puts a lot of emphasis on making crypto easy. What’s more, alongside its crypto, eToro has a selection of 500 conventional stocks, 250 ETFs, indices and commodities to invest in.

eToro has stood the test of time because it is powerfully regulated. Regulation means that investors can be assured that they are dealing with a business that does things by the book. In the US, eToro is regulated by FinCEN and registered with FINRA. The broker is also regulated in the UK (by the FCA), Europe (CySEC) and Australia (ASIC).

US investors will appreciate the fact that eToro runs all its accounts in US dollars. You can deposit as little as $10 using bank transfer, e-wallets and credit/debit card. There are no deposit fees and — for US investors — no currency conversion fees.

You can buy CRV with eToro, as well as browse a top-quality selection of 127+ crypto. The major blockchains are all represented (Bitcoin, Ethereum, Solana, Cardano, Ripple, Tron and more). Metaverse coins like MANA feature, meme coins like Dogecoin and Shiba Inu and, of course, a wide range of DeFi coins including Curve, Aave, Algorand, Uniswap and Maker. eToro is no slouch when it comes to keeping up with the fast-moving crypto sector: new coins are generally released for sale every few months, with NFT coin APE being the latest hot property.

With so many crypto available, the crypto newbie can get overwhelmed. But not with eToro and its pioneering social trading. Social trading means supporting the crypto newcomer.

With eToro’s CopyTrader, beginners and experts alike can copy other traders’ activity for free! And with eToro’s crypto Smart Portfolios, you can buy into a pre-made strategic crypto position without having to figure it all out yourself.

Pros

  • Buy CRV at low commission (1% on purchase, 1% on sale)
  • Free eToro Money crypto wallet & eToro smartphone app 
  • 127 crypto, 500+ stocks & 250 ETFs to choose from
  • 23m verified users
  • Global financial regulation
  • Social trading: Smart Portfolios and CopyTrader

Cons

  • $5 flat withdrawal fee
  • No crypto financing options like crypto staking/crypto loans
  • No phone help (but, to be fair, the ticketing system works just fine)

Cryptoassets are a highly volatile unregulated investment product. 

2. Crypto.com – Modern Crypto Exchange with Beginner-Friendly Mobile App

crypto.com logo

Unlike broker eToro, Crypto.com is a crypto exchange. Whereas eToro has 23m customers, Crypto.com has 10m. The exchange handles a hefty $3bn of crypto business every day and offers a heap of options suitable for beginners and experts alike.

With Crypto.com, you can buy Curve in three ways. The standard way is to get verified, deposit funds and buy TRX. Or, if you already own some stablecoin crypto, you can deposit them with Crypto.com and use them to trade on the Crypto.com exchange. The third option is to buy CRV direct with credit card (which comes with a 2.99% fee after your first month of trading).

crypto.com crypto trading

Crypto.com boasts a growing selection of 250+ crypto, so you will not be stuck for choice when it comes to investing in crypto. Where the exchange comes into its own, though, is in crypto financing. Crypto financing is where you use crypto you own to earn interest and rewards:

  • Stake crypto for up to 14.5% interest
  • Use a Crypto.com Visa Card to spend your crypto in the real-world, as well as earn every time you spend.
  • Secure a crypto loan using your own crypto as collateral: just 8% p.a. interest charged.

Pros

  • Sign-up & referral bonus
  • Instantly buy CRV with credit/debit card
  • 100% of client crypto held in cold storage
  • Trade over 250 crypto
  • Free crypto wallet app
  • Accessible crypto financing options

Cons

  • 2.99% credit card fee
  • Not transparent about fees in general

Cryptoassets are a highly volatile unregulated investment product. 

3. Coinbase – Popular and Reputable US Cryptocurrency Exchange 

coinbase logo

Coinbase is the second-biggest crypto exchange in the world with over 20m users. US investors will be glad to hear that Coinbase is based in San Francisco, California, giving the operation a friendly US feel. You may have heard of Coinbase already, as it was the first crypto exchange to join the NASDAQ stock exchange (in 2021). If you want to back Coinbase stock, head over to eToro and search under the ticker COIN.

 

coinbase platform screenshot

Coinbase offers Curve (CRV) as well as almost 170 other crypto. The exchange is phasing out credit card purchases over regulatory concerns, but you can buy crypto simply by getting verified and depositing funds in your account just as you would with broker eToro.

Coinbase does not offer the powerful social tradings of eToro. But generally it is welcoming to the beginner. You can earn free crypto by simply completing online learning modules. And in pride of place is a giant register of all crypto on the market, which beginners can browse to get a feel for the sector. Some crypto financing options are also available, but they are not as wide-ranging as those offered by fellow exchanges Crypto.com and Binance.

Pros

  • 98% of client crypto held in cold storage
  • Joining bonus with referral link
  • Range of 169+ crypto to trade
  • Free Coinbase crypto wallet
  • Free crypto trading app
  • Free crypto incentives
  • Regulated in all US states where it operates

Cons

  • Dual fee structure – can be confusing

Cryptoassets are a highly volatile unregulated investment product. 

4. Binance – Giant Exchange to Buy Curve

binance logo

As the biggest exchange in the world, Binance is the place to come if you really want to explore the outer limits of investing in Curve. Binance has over 90m registered users and lists over 600 crypto.

Binance offers a giant range of trading tools and crypto financing options. The sheer scope of possibilities can be overwhelming for the beginner. So our first tip would be to ensure that you choose the ‘classic’ view on the desktop app, and ‘Binance Lite’ on the smartphone app. This will keep things simple.

how to buy curve on binance

How to buy Curve token with Binance? You are spoilt for choice. You can deposit USD in your account and buy direct from Binance. You can convert from crypto you already own. You can engage in P2P trading and buy crypto from fellow users. You can go on the exchange and trade Curve in pairs for other crypto. You can also buy Curve direct with credit card (which you can no longer do with Coinbase generally).

Binance is hot on security. Two-factor-authentication is mandatory. Binance also runs an in-house insurance fund. Crypto financing options — like staking, crypto loans and interest accounts — are plentiful. As with Crypto.com and Coinbase, you can apply for a credit card too.

Pros

  • Sign-up bonus
  • Buy Curve instantly with credit card
  • 600+ crypto to choose from
  • Free crypto wallet
  • Great financing options

Cons

  • Unregulated by financial authorities
  • Takes a while to get tuned into the possibilities

Cryptoassets are a highly volatile unregulated investment product. 

What is Curve?

CRV is the governance token for the Curve.fi liquidity exchange. You can buy CRV and stake it with Curve to have a say in the running of the exchange. Or you can do what most investors do and buy CRV simply as a speculative asset. With a broker like eToro or an exchange like Crypto.com, Coinbase or Binance, you can buy CRV and it will be held for you until you want to sell.

CRV is an ERC-20 token. This means that it is based on the Ethereum network. It has a market capitalisation of $1.2bn, with roughly $250m CRV traded every day on crypto exchanges.

Is Curve a Good Investment?

CRV offers five positives when it comes to investing in this new cryptocurrency. As with all investments you need to conduct enough research so that you’re making an informed decision.

1. CRV is Linked to Legitimate Crypto Business

As the governance token for the Curve.fi exchange, CRV is part of an established DeFi sector. Curve.fi is the biggest Decentralised Exchange (DEX) based on Ethereum. It centres on liquidity pools. Liquidity pools and are used widely in the crypto world as part of borrowing and lending systems as well as gaming sites. These are basically pools of different crypto where users can earn yield on the crypto they put in.

Users go to liquidity pools, link up their crypto wallet, deposit funds and get trading (this is a risky business, and not recommended for beginners).

2. DeFi is a Booming Sector

Curve is an established part of the DeFi (Decentralised Finance) sector. All crypto investors face a choice of where to invest, and DeFI is a sound option:

  • Do you invest in a meme coin like Dogecoin or Shiba Inu? It might rocket in price. But meme coins are fun investments. Their price goes up and down because of sentiment and nothing else.
  • Do you invest in a metaverse coin like the SAND used in metaverse Sandbox or the AXIS coin used with the popular Axie Infinity blockchain game? Ever since Facebook said last year that it was getting involved in the metaverse, metaverse coins have been popular.
  • Or do you invest in DeFi? DeFi coins like Curve are part of working financial systems. There is real substance here: $200bn is locked into DeFi projects currently. But note that Curve has competitors in the field of liquidity pools like Uniswap and Sushiswap (both available on eToro).

3. Buy The Dip?

The crypto sector is emerging from a period of price slump going back to Q4 2021. The price of Curve is currently less than half its all-time-high and, since the beginning of March 2022, it has begun to rise steadily. Although the future behaviour of the price is impossible to predict accurately, it does seem like Curve has found a resistance platform. CRV was priced over $6 per token only three months ago, and now it is priced at less than $3.

4. Buy into DAOs

Founded by a Russian scientist called Michael Egorov, Curve.Fi is now a Decentralised Autonomous Organisation (DAO). This means that there is no central authority; decisions are taken by the community. DAOs are considered to be a central part of Web 3.0 and the way forward for people organising themselves on the internet so everybody benefits. Curve.Fi is positioned exactly on this curve!

5. Sound Tokenomics

Unlike some crypto (like Dogecoin for example), the circulating supply of CRV is capped (at just over 3bn coins). Just 14% of CRV tokens are currently in circulation. This capped supply means that the price of CRV will not fall in future due to over-supply — as happens with fiat currency when governments print more banknotes and inflation reduces the currency buying power.

Curve Price

The Curve price is currently $2.74. That means you can buy one CRV token for $2.74, and a hundred US dollars will currently buy you over 36 CRV tokens.

  • The Curve price took an immediate tumble after its August 2020 launch. It fell from almost $7 to less than $1 by November 2020. This behaviour is not unusual for a newly-released crypto. But investors will be kicking themselves that they did not take advantage of that immediate price dip and buy in.
  • 2021 saw the Curve price rising sharply to hit over $4 by the end of April.
  • The price then found a stable platform of resistance just under $1.5, and began a steady rise until November 2021.
  • Between November 2021 and January 2021, the price of Curve doubled from under $3 to over $6.
  • Since January 2022, the price fell (in line with the rest of the crypto sector and Ethereum in particular) to hit a crunch point at $2.
  • Since the first week of March, the CRV price has risen by over 40%, from under $2 to $2.74 today.

Curve Price Prediction

Reviewing the CRV price chart above, we can see that the price has not been under a dollar since 2020 (two years ago). It is unlikely to be that low again, having found, in the meantime, support around above $1 — hitting lows of $1.32 on May 23rd 2021 and $1.28 on July 20th 2021.

Technical charting does not give us many clues with this particular crypto. But what we do know about CRV is that its fundamentals are good:

  • Top crypto sector? Yes: the DeFi sector.
  • Top player in that sector? Yes: Curve.fi is the biggest Ethereum-based DEX.
  • Offers customers a competitive deal? Yes: the Curve algorithm, designed by Russian scientist Michael Egorov, has proven itself to minimise slippage and impermanent loss in liquidity pools and act as an efficient automated market maker.
  • Good backing as an investment asset? Yes: CRV is followed by 150,000+ investors on eToro and roughly a quarter of a billion USD worth of Curve is traded every day.

Based on its centrality to a growing sub-sector of crypto, a reasonable Curve price prediction would posit a target price of $4 for the end of 2022, and perhaps a target price of $6 for 2023.

Put it this way: if the bottom falls out of the crypto sector, it will not be the DeFi coins like CRV that fall hardest. And that is because (unlike meme coins and speculative metaverse coins) they are already involved in real, money-making ventures.

Ways of Buying Curve

The crypto sector is currently going through a sea-change in ways to pay. Regulation by US authorities mean that payment via credit card – despite its convenience – is falling from favour over fraud fears, and PayPal too is becoming less common.

Buy Curve with PayPal

Coinbase is the best place to use PayPal. US investors can link their PayPal account to their Coinbase account and use it to deposit and withdraw funds.

(After PayPal began to offer its own crypto buying options, it is no longer supported by eToro.)

Buy Curve with Credit Card or Debit Card

To buy CRV with credit card instantly, your best bet is to use on the exchanges Crypto.com or Binance. But watch out for fees! Neither exchange is crystal clear over what fees apply. If you want to use your credit card to credit your crypto account for free, we suggest you sign up with eToro.

Best Curve Wallet

As an ERC-20 token, Curve is based on the popular Ethereum network. Most of the best crypto wallets permit ERC-20 tokens.

Download the eToro Money Crypto Wallet from the Play Store or the Apple Store

We recommend the eToro Money crypto wallet for general crypto use. Not only can you use eToro’s wallet to send and receive crypto around the web, but it offers a rare level of reassurance in the form of regulation by the Gibraltar Financial Services Commission.

The eToro Money crypto wallet is what is called a ‘hot’ ‘custodial’ wallet. Just to get you up to speed on the jargon here:

  • A ‘hot’ wallet is always connected to the internet. This makes it faster and easier to use than a ‘cold’ wallet. ‘Cold’ wallets are generally not connected to the internet apart from when transacting; this makes them safer, but more cumbersome to use.
  • A ‘custodial’ wallet means that an authority oversees your wallet. With a regulated overseer (like broker eToro), this is no cause for concern from a security point of view and offers the advantage that, if you lose your private keys to your wallet, you will not lose your funds forever. ‘Non-custodial’ wallets are run solely by their owner: lose your private key or seed phrase, and you are toast!

How to Buy Curve – Tutorial

When it comes to where to buy Curve, you must choose between using a crypto exchange or a broker. Exchanges tend to offer a broader range of crypto, but are generally less well-regulated than brokers.

To keep things as safe as possible, we suggest you take advantage of regulated broker eToro’s minimum deposit of just $10 and see how you go.

With eToro, follow just 5 simple steps to buy Curve:

1. Sign up with eToro

Go to eToro.com. Fill out the simple form onscreen. Be sure to tick the boxes acknowledging that you have read the legal information. Press ‘Create Account’ to move on. To get started even faster, you can sign in via your Facebook or Google account.

etoro open account

2. Verify your ID with eToro

eToro Verify Account Verification ID

All regulated crypto vendors must check the identity of their investors. These KYC (Know Your Customer) procedures are a pain, but ultimately KYC aims to keep everybody safe from fraud. You will need to have proof of ID (passport/ID card) as well as proof of address (utility bill) handy.

3. Deposit Funds to Buy Curve

Once you are verified with eToro, you can deposit funds. Depositing with USD is easy. Find the blue ‘Deposit Funds’ button at the bottom left of your screen and press it. Then fill out in the box that shows up i) how much you want to deposit and ii) which means of deposit you want to use. Note that no deposit fees apply currently with eToro. But, if you are depositing in any of the 14 currencies permitted other than USD, a currency conversion fee does apply.

4. Buy Curve with eToro in Seconds

Find Curve on eToro. To do this, simply enter ‘Curve’ in the top toolbar:

 

Click on the colourful CRV logo to access the Curve homepage on eToro. Here you can get to grips with stats and charting options, as well as pick up on news and views on Curve from fellow eToro investors.

To proceed to your trading options, press the blue ‘Trade’ button at the top right.

As you can see from the image above, when it comes down to it, there is nothing complicating about buying crypto at all. Simply enter how much you want to spend and click the ‘Open Trade’ button.

With eToro, your trade will generally go through immediately. You will receive confirmation onscreen. You can then review your newly-purchased CRV in your eToro portfolio.

Cryptoassets are a highly volatile unregulated investment product. 

How to Sell Curve

Crypto newbies often quite rightly wonder how they will sell their crypto to make a profit. The good news is that you do not need to go trawling around the internet in search of a buyer. When it is time to take some profits on your crypto purchase, you can sell your crypto back to your broker (eToro) or exchange (Crypto.com, Coinbase, Binance).

Conclusion

As the biggest Ethereum-based Decentralised Exchange, Curve.fi is a central player in the DeFi sector. We are therefore not surprised that you may want to invest in its governance token CRV.

In exploring how to buy CRV, we have reviewed a number of online vendors and presented our top picks above: broker eToro, as well as exchanges Crypto.com, Coinbase and Binance.

More adventurous crypto traders might check out the trading and financing options offered by the exchanges. But none match broker eToro for depth of regulation and ease of use. And when it comes to supporting the newcomer, none come close to eToro with its pioneering Social Trading. You can invest in Curve with as little as $10 with eToro.

eToro-logo

Cryptoassets are a highly volatile unregulated investment product. 

Frequently Asked Questions on Curve

Can I Buy CRV on Coinbase?

Yes you can. Coinbase is the second-biggest crypto exchange in the world, and offers a beginner-friendly environment as well as roughly 170 crypto. Coinbase is hot on security and good for PayPal. But, if you are a complete beginner, we suggest you check out broker eToro first and its powerful social trading options geared to newbies.

How do I Buy CRV?

CRV is the ticker symbol for a crypto called Curve which we explore in the article above. You can buy CRV by going online and signing up with a broker or crypto exchange, getting verified with some ID and depositing funds. Advanced crypto traders can also get their hands on Curve by using Decentralised Exchanges (DEXs).

Where can I Buy a CRV Token?

You can buy as little as $10 of CRV tokens with top regulated broker eToro. With CRV tokens currently priced at just $2.74, $10 will get you roughly 3.6 tokens. We recommend using a regulated broker for a safe and easy buying experience. What’s more, eToro will hold your Curve for you until you want to sell. You can get the eToro Money crypto wallet for free if you want. But, if you just want to buy and sell, the main eToro site can handle your needs perfectly.

Is CRV Token a Good Buy?

Curve is a good buy right now for two big reasons. Firstly, the crypto sector in general is beginning to recover from a period of price slumps going back to Q4 2022. Secondly, Curve is a key player in a specific part of the crypto ecosystem called DeFi (Decentralised Finance). The DeFi sector is worth $120bn and is causing a stir because it allows normal people (like you and me) to get involved in finance options that offer far better rates than conventional banks.

What is the Future of CRV Coin?

With a market capitalisation of $1.2bn and $235m traded every day, the CRV coin looks like it is here to stay. As the governance token for the Curve yield farming operation, CRV is linked to a profitable part of the crypto ecosystem. You can get involved in crypto financing directly with Curve, or you can simply buy it as an investment asset; either way, buy Curve coin to invest in the booming DeFi crypto sector.

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BEQUANT launches the market’s first crypto capital launch event https://trading-u.com/ecampus/bequant-launches-the-markets-first-crypto-capital-launch-event/ Sat, 09 Apr 2022 22:30:27 +0000 https://trading-u.com/?p=35919 the London-based event will welcome 150 guests including funds, corporates and delegates from the crypto and traditional markets ST. JULIANS, Malta, April 7, 2022 /PRNewswire/ — BEQUANT, the prime brokerage and exchange for digital assets, is pleased to announce that it is hosting a market-leading crypto capital introductory forum in London on the April 26, […]

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  • the London-based event will welcome 150 guests including funds, corporates and delegates from the crypto and traditional markets

ST. JULIANS, Malta, April 7, 2022 /PRNewswire/ — BEQUANT, the prime brokerage and exchange for digital assets, is pleased to announce that it is hosting a market-leading crypto capital introductory forum in London on the April 26, 2022.

The forum will bring together a selection of professional fund managers active in multiple strategies including Market Neutral Digital Currency Arbitrage, DEFI Market Neutral Yield Farming and Volatility & Skew Arbitrage.

The crypto market has grown from a value of $767 billion to $2.22tr from early 2021 through the end of the year, as more companies look to raise capital to launch themselves in this burgeoning market, many are struggling to find the right sources of capital for them. BEQUANT launches its first equity introductory forum to help these companies and investors find their next partners.

Delegates can register their interest and join a select group of fund managers and investors for an afternoon of networking, problem solving and learning with a packed agenda.

The agenda includes presentations from each of the funds, panel discussions, a fireside chat and a presentation by BEQUANT CEO George Zarya on BEQUANT’s world-class brokerage platform, BEQUANT PRO.

George Zarya, Founder and CEO of BEQUANT, commented, “The crypto market has grown exponentially over the past three years and we are excited to host the inaugural fundraising forum to support the continued growth of the digital asset space.”

“This type of event is common in the traditional finance space and we believe now is the perfect time to help growing businesses connect with our world-class brokerage clients to realize their crypto funding strategies. We look forward to welcoming everyone to the event on April 26.”

event details
Location: The Biltmore Hotel Mayfair, London
Date: April 26, 2022
Time: 12.00
Register interest: https://research.bequant.pro/cap-intro-2022

Registration for this forum is limited and free for fund managers and investors. The registration process is manual and seats are allocated on a first come, first served basis. For more information please contact us at [email protected].

About BEQUANT

BEQUANT is where traditional investing meets cryptocurrency – a one-stop solution for professional digital asset investors and institutions.

Arranged and regulated Maltacomprises the product suite of BEQUANT Prime Brokerage, Custody and Fund Administration, all complemented by an institutional trading platform offering low latency trading, liquidity and direct market access for investors.

The BEQUANT team consists of experts in institutional, private and digital financial services with experience in banking, derivatives, electronic trading and prime brokerage.

© BEQUANT Pro Limited 2022

Contact

Mal Duxbury
PR manager
[email protected]

SOURCE Quant

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Open financial platform SmartFi, resists crypto market correction https://trading-u.com/ecampus/open-financial-platform-smartfi-resists-crypto-market-correction/ Sat, 09 Apr 2022 21:29:44 +0000 https://trading-u.com/?p=35916 SmartFI

SMTF token price surges 370% since September 2021 against the market downtrend January 20, 2022 – SmartFi, the open finance cryptocurrency platform, has completed its token sale and transitioned to its unique SmartCycle money protocol. The purpose of the SmartCycle is very different from a typical cryptocurrency network. It was designed to fund credit demand […]

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SmartFI

SMTF token price surges 370% since September 2021 against the market downtrend

January 20, 2022 – SmartFi, the open finance cryptocurrency platform, has completed its token sale and transitioned to its unique SmartCycle money protocol.

The purpose of the SmartCycle is very different from a typical cryptocurrency network. It was designed to fund credit demand from SmartFi users.

The SmartCycle minimizes market risk by offering a 100% buyback guarantee on the SmartFi token (SMTF) under certain conditions.

Because of this assurance, SMTF holders have little reason to sell the token in a declining market, knowing they have a buyback guarantee at their original purchase price.

This is an unprecedented level of protection not shared by any other cryptocurrency like Bitcoin or Ethereum etc.

Better added value is another unique selling point of the SmartCycle. It puts upward pressure on the price of the SmartFi token through deflation by pegging the value of the token to demand for credit. This is similar to a decreasing block reward.

This unique financial model allows for better price predictability. The price of SMTF has increased by 370% since its launch on September 16, 2021.

SmartCycle

The SmartCycle consists of 4 main components. The credit demand that moves the price of SMTF. SmartCycle tranches similar to block rewards. These trades then fund loans. Interest from the loans finance CeFi and DeFi networks. SmartFi’s unique monetary policy recycling advances start by restarting the process at step 1.

The SmartCycle converts other cryptocurrencies like Bitcoin to SMTF. When users trade Bitcoin or other cryptocurrencies, the resulting proceeds are used to fund loans. The loan types are cryptocurrency-backed loans, commercial real estate, small business equipment loans, etc.

SmartCycle’s success makes the open finance platform competitive with traditional lenders. SmartFi is now funding non-crypto-related loans, including the first $2 million in traditional small business loans. Introducing borrowers to the world of cryptocurrency safely and easily through financial experiences they are already familiar with.

SmartCycle has built ~$60 million in loans in 18 weeks.

SmartFi CEO Aaron Tilton commented, “SmartCycle’s monetary policy allows us to safely demonstrate to new users the power and purpose of cryptocurrencies. At the same time, it is a very compelling model that can compete head-to-head with traditional lenders.”

About SmartFi

SmartFi is an open cryptocurrency finance platform that includes decentralized and centralized solutions with a built-in fiat gateway. It offers a range of services including decentralized exchange, centralized exchange, cryptocurrency-backed lending, coin interest accounts, institutional trading desk.

SmartFi, a DBA of Power Block Coin LLC, is registered as a Money Service Business (“MSB”) with the Financial Crimes Enforcement Network (“FinCEN”) with registration number 31000178271453. SmartFi.com

Twitter: https://twitter.com/smartfiportal
Telegram: https://t.me/SmartFiChat
Discord: https://smartfi.com/discord
LinkedIn: https://www.linkedin.com/company/smartfiportal/
Youtube: https://www.youtube.com/channel/UCln5s3GV5_zm1BKkr1hdrQQ
Facebook: https://www.facebook.com/SmartFiPortal
Instagram: https://www.instagram.com/smartfiportal/
Reddit: https://www.reddit.com/r/SmartFi/
Odysee: https://odysee.com/@SmartFi:4
Medium: https://medium.com/@SmartFiPortal
Twitch: https://www.twitch.tv/smartfiportal

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This Bitcoin (BTC) whale allocates $1 million every day, regardless of price. How much is he holding? https://trading-u.com/ecampus/this-bitcoin-btc-whale-allocates-1-million-every-day-regardless-of-price-how-much-is-he-holding/ Sat, 09 Apr 2022 20:28:44 +0000 https://trading-u.com/?p=35901 This Bitcoin (BTC) whale allocates $1 million every day, regardless of price.  How much is he holding?

Vladislav Sopov An anonymous crypto investor known as @Capital15C on Twitter is following some particularly optimistic Bitcoin (BTC) whales contents “Regardless of price” Whales buy again? Whale activity is often interpreted as an interesting indicator of Bitcoin (BTC) price development. However, some large holders are ardent supporters of the DCA strategy, according to a new […]

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This Bitcoin (BTC) whale allocates $1 million every day, regardless of price.  How much is he holding?

Vladislav Sopov

An anonymous crypto investor known as @Capital15C on Twitter is following some particularly optimistic Bitcoin (BTC) whales

contents

  • “Regardless of price”
  • Whales buy again?

Whale activity is often interpreted as an interesting indicator of Bitcoin (BTC) price development. However, some large holders are ardent supporters of the DCA strategy, according to a new analysis.

“Regardless of price”

As per the screenshot shared by @Capital15C on Twitter, there is an account on the Bitcoin (BTC) network that pours around $1,000,000 in digital gold every day, regardless of its price fluctuations.

Buy #Bitcoin like this guy 👇

Bought $1 million BTC every day regardless of price pic.twitter.com/PXSk741ECZ

— C15Capital ⚡🇺🇸 (@Capital15C) April 9, 2022

The screenshot covers the period from February 22, 2022 to today. At the beginning of this period, the account held 8,652 bitcoins (BTC), while on April 7, 2022, it allotted over 9,779 bitcoins (BTC).

Therefore, he/she bought Bitcoins (BTC) in a wide price range: from $35,000 to $47,000. It seems that his/her confidence is growing even more: in the last few days, “daily” investments have risen to over $1.2 million.

The dollar valuation of the assets held by the account mentioned increased to $426 million from $326 million; this corresponds to an increase of 30.67%.

Whales buy again?

Also, the same analyst spotted a super-aggressive whale that has increased its pockets tenfold since early March 2022. By buying 500-1000 Bitcoins (BTC) every day, he/she increased his/her wealth from $36 million to $434 million.

However, commentators acknowledged that this could be a go-between – not an ardent holder confident that the next phase of Bitcoin’s (BTC) rally is at hand.

As previously reported by U.Today, Bitcoin (BTC) whales were at a crossroads in mid-March 2022: the trend to buy or sell was not clear.

Over the past few days, amid a bitcoin (BTC) price drop, multiple wallets of Satoshi-era whales have been moving their coins, which is an alarming signal for bitcoin (BTC) bulls.

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How do crypto casinos work? https://trading-u.com/ecampus/how-do-crypto-casinos-work/ Sat, 09 Apr 2022 17:25:42 +0000 https://trading-u.com/?p=35881 How do crypto casinos work?

A new payment instrument – Bitcoin – has penetrated many areas of business. And it’s not just about IT companies: banks, retail chains and hotels are interested in Bitcoin. But one of the most promising sectors for virtual currency is online gambling. Bitcoin is anonymous and independent of inflation, making it ideal for use in […]

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How do crypto casinos work?

A new payment instrument – Bitcoin – has penetrated many areas of business. And it’s not just about IT companies: banks, retail chains and hotels are interested in Bitcoin. But one of the most promising sectors for virtual currency is online gambling. Bitcoin is anonymous and independent of inflation, making it ideal for use in crypto online casinos.

The most progressive and daring casino owners have already switched their online platforms to bitcoin. What are the advantages of using digital currencies?

  1. Complete anonymity

Bitcoin casinos do not require the user to enter personal information (name, country, bank card number, etc.), since financial transactions using bitcoin can be carried out anonymously. This is a big plus for players who don’t want to reveal their personal information, which means your competitive edge.

  1. Payouts are guaranteed

Bitcoin properties guarantee security: casinos working with this currency are protected against fraud. Therefore, the situation that a simple user’s account gets banned because of dishonest visitors playing nearby is excluded. The absence of a block is a guarantee that the player can withdraw funds at any time.

  1. progressive audience.

Bitcoin casinos select the most active and “advanced” members of the online community. These are highly technologically savvy people, often employees of business and IT. Such players are deeply immersed in the gaming process and often make significant bets.

  1. Play with the lowest stakes

Bitcoin casinos are ideal for those who are not looking to win big but want to enjoy the process of playing. The creator of this cryptocurrency has taken care of its division into the smallest parts: One bitcoin has 100 million satoshis. A player can bet one satoshi, which is approximately $0.002. Therefore, moving the casino to bitcoin will attract a new segment of players to you.

  1. Bitcoin volatility.

This cryptocurrency has steadily increased in value since its inception: it has increased more than tenfold in the last three years! Therefore, players have a great incentive to open an account and deposit it in bitcoins, because after a while the currency on it will noticeably “grow”.

  1. Game without limits

The crypto casino does not know the player’s IP, so they can play and withdraw funds from their account in any country – even where gambling is strictly prohibited by law. Regulatory bodies cannot track and block the player.

As you can see, the benefits of bitcoin casinos pay for any transitional difficulties you may encounter.

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Algorand News: Yield Monitor Joins the Algorand Ecosystem, Algorand Launches “Greener” Carbon Neutral NFTs and More https://trading-u.com/ecampus/algorand-news-yield-monitor-joins-the-algorand-ecosystem-algorand-launches-greener-carbon-neutral-nfts-and-more/ Sat, 09 Apr 2022 06:14:56 +0000 https://trading-u.com/?p=35797 mm

Last Wednesday, the Algorand Foundation announced that it would match all humanitarian donations in Ukraine up to 1 million Algo. Here are the details and summaries of other events that have transpired around Algorand since then: Yield monitor for the Algorand mainnet onboard Scalable Multithreaded Database and Analysis Toolkit Suite for Decentralized Finance Firms Yield […]

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mm

Last Wednesday, the Algorand Foundation announced that it would match all humanitarian donations in Ukraine up to 1 million Algo. Here are the details and summaries of other events that have transpired around Algorand since then:

Yield monitor for the Algorand mainnet onboard

Scalable Multithreaded Database and Analysis Toolkit Suite for Decentralized Finance Firms Yield Monitor has received a grant from the Algorand Foundation. As a multi-chain suite, it serves developers and investors, among others. The assignment will ease the process of onboarding the Algorand mainnet to its suite of tracked blockchains.

Algorand will join Ethereum, Fantom, Polygon, BSC and Avalanche in the number of networks to be included in the Yield Monitor database. The integration means the toolkit suite is now chasing its first mainnet incompatible with Ethereum VMs. The onboarding will allow it to add various Algorand DeFi protocols, allowing users to gain a redefined exposure and understanding of the on-chain metrics surrounding Algorand.

From now on, companies involved in DeFi, centralized finance (CeFi) and traditional finance (TradFi) will be authorized to offer users access to Algorand’s DeFi protocols, to develop new products on the protocols and from the protocols incorporate derived data into their products. Traders and investors in DeFi will be able to track assets held in wallets on the Algorand blockchain and also route cross-chain transactions to optimize efficiency and price.

In addition, they can track the price development of individual assets, liquidity pool assets and yield farming assets. The head of DeFi at the Algorand Foundation, Daniel Oon, expressed his belief that Yield Monitor would provide the necessary on-chain data needed to maximize the benefits from trades and a channel to tactically manage their DeFi – Assets would offer.

Additionally, Algorand integration for Yield Monitor would mean greater traction among supported users as it feeds its scalable database with data from a sustainable, high-performing, and scalable chain.

Algorand aims to cement zero-carbon status with a new range of green NFTs

The Algorand network on Tuesday unveiled a unique collection of NFTs that would verify that the digital tokens could be green. Algorand aims to leverage its first-mover status as the world’s first Pure Proof of Stake (PPoS) blockchain to bring greener, carbon-neutral NFTs to market.

The project includes Envision Racing’s Formula E team as part of the motorsport team’s Race Against Climate Change (RACC) initiative. The idea behind this is to accelerate the transition to clean, renewable energy and accelerate the large-scale adoption of e-mobility.

NFTs minted on Algorand are among the most sustainable, emitting just 0.0000004 kg of CO2 per token, a number well below industry requirements and in line with the CO2 Reduction Policy. Additionally, Algorand NFTs consume a fraction of the energy consumed by Ethereum NFTs — 0.000008 kWh per transaction versus 70 kWh per transaction.

The plan calls for all proceeds from users who purchase a collectible from the eight limited edition tokens of the on-track NFT series to be donated to the RACC mangrove tree planting effort in Madagascar. Each Helm NFT represents a city hosting a Formula E race including Rome, Monaco, Jakarta, Berlin, Vancouver, London, Seoul and New York.

Additionally, there will be 1000 City Edition helmet NFTs, with a Special Edition variant offering unique rewards. The NFTs can be minted the week before a race and will be publicly announced on race day.

Algorand pledges to match donations to Ukraine

In response to the Algorand community’s strong financial incentive to support humanitarian efforts in Ukraine, the Algorand Foundation said last week that it is committed to matching all donations up to Algo 1 million.

The foundation will conduct the “matching” through the end of April and promised to offer constant updates on the endeavor’s progress. Because the Ukrainian government was the first organization to onboard Algo donations, it was the first organization to be listed in the matching program. If further efforts are made to establish an algo donation program, they would be added to the list of beneficiaries.

To learn more about Algorand, visit our Investing in Algorand guide.

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Why are central banks considering their own digital currencies? https://trading-u.com/ecampus/why-are-central-banks-considering-their-own-digital-currencies/ Sat, 09 Apr 2022 05:13:29 +0000 https://trading-u.com/?p=35791 Why Central Banks Are Wary Of Privately-Held Crypto Coins And Want Their Own Digital Currencies?

RBI wants to use the blockchain technology that powers the crypto world (representative) As more people weigh their options for investing in cryptocoins, a debate about central bank digital currency (CBDC) is gaining traction. Authorities around the world are exploring the possibility of launching their own cryptocoins backed by the country’s central bank or reserve. […]

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Why Central Banks Are Wary Of Privately-Held Crypto Coins And Want Their Own Digital Currencies?

RBI wants to use the blockchain technology that powers the crypto world (representative)

As more people weigh their options for investing in cryptocoins, a debate about central bank digital currency (CBDC) is gaining traction. Authorities around the world are exploring the possibility of launching their own cryptocoins backed by the country’s central bank or reserve. But why is this necessary? There are already thousands of crypto coins in circulation including the prominent ones like Bitcoin, Ethereum etc. One of the main reasons for a central bank (e.g. the Reserve Bank of India) to consider own crypto is the uncertainty about the privately owned coins .

As the debate heated up, the RBI had made it clear that it was against private cryptocoins and was looking at ways to issue its own coin. RBI aims to leverage the blockchain technology powering the crypto world to offer a secure, robust, and convenient alternative to cash.

In December last year, the RBI said it advocated first adopting a baseline model of CBDC and using the country’s payment system architecture as the backbone for the transition to a state-of-the-art CBDC system. With a baseline model, the transition will be smooth and with minimal impact on monetary policy and the banking system, he added.

Similarly, the US Federal Reserve has also released a paper examining the “pros and cons” of a potential CBDC. The paper noted that a CBDC could provide a secure, digital payment option for households and businesses as the payment system evolves, and could also lead to faster payment options between countries. However, it added that there could be downsides as well.

Some of the advantages of cryptocurrency are.

1) Removes third-party interference

Currently, when we transfer money from one account to another, the sender’s bank validates that transaction with the recipient’s bank at the end of each day. This means that the amount sent or received traveled from one ledger to another only as data and not as physical money. What if we can send real money over the internet? How CBDC can help RBI. With CBDC, users could trade real “digital” money and therefore would not need an intermediary.

2) Reduces costs

A CBDC allows the central bank to reduce the cost of printing and distributing money. It’s also efficient, making it easier to follow the money trail.

3) Method of payment

People see crypto as an asset and as such invest hordes in it, trusting that these coins will eventually lead them to a windfall. On the other hand, like fiat money, CBDC is likely to be viewed as a means of payment.

But there are also fears that CBDCs could disrupt the current financial system, which relies primarily on banks to facilitate trades and transactions. Central banks also fear that cryptocurrency would diminish their role as custodians or guarantors of the money in circulation.

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