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Feb 27 2021

Inverse Finance seizes tokens, ships code: Launches stablecoin lending protocol

Shortly after culling its community of inactive members, one of decentralized finance’s (DeFi) strangest experiments is launching a new stablecoin lending product.

On Wednesday Inverse Finance revealed the Anchor Protocol, a money market built around DOLA, a protocol-native synthetic stablecoin. Based on “a modified fork of Compound,” in a blog post Inverse Finance founder Nour Haridy compares Anchor to Synthetix, which issues credit in the form of synthetic assets back by overleveraged collateral, and Compound, which issues credit in the form of crypto asset loans also backed by overleveraged collateral.

Ultimately, Haridy sees these models as providing the same utility.

“Lending and synthetic protocols both offer the same service: credit. Anchor brings the gap between them by combining them into a unified borrowing protocol.”

Anchor aims to accomplish this with a unique architecture that always treats the DOLA token as “$1 collateral that can be used to borrow other assets regardless of DOLA’s market conditions or peg.” Users deposit collateral, mint DOLA, and then can use DOLA to take out loans in other crypto assets or simply earn yield on DOLA. 

Introducing Anchor & DOLA: Capital efficient lending, borrowing and synthetic assets (and much more)

EXPERIMENTAL
UNAUDITED

Brought to you by Inverse DAOhttps://t.co/pOOkp8ECsR

Summary thread below ⬇️

— Inverse.Finance (@InverseFinance) February 25, 2021

“For over-collateralized borrowers and leveraged traders, we offer them a one stop shop where they can share their collaterals across their synthetic and token borrowing positions, allowing higher capital efficiency and higher leverage,” says Haridy.

Haridy envisions Anchor will use DOLA for protocol-to-protocol lending similar to Cream’s Iron Bank, for undercollateralized lending (long a prize in DeFi), and for the protocol to “lend itself” credit to pursue yield farming opportunities.

No dead weight

Perhaps more interesting than Inverse’s development at the protocol layer are the moves they made earlier in the week at the governance layer. 

In what may be a DeFi governance first, On Saturday Feb. 20, Inverse community members put forth two governance proposals to seize INV — Inverse’s currently non-transferrable governance token — from inactive community members. On Thursday Feb. 25, the proposals passed, and not everyone was happy with the result.

@InverseFinance pic.twitter.com/5eJ6NKGvoC

— Knockerton (@knockerton) February 24, 2021

Haridy says that the timing was intentional — right as Anchor, a protocol that might generate revenue for the DAO, prepares to launch, the community sheds freeloaders. 

“We needed to weed out our dead weight to reclaim some tokens for re-distribution to new active members soon. We also created an INV grants committee with the power to reward contributors and add new members to the DAO. Additionally, when free riders are removed, active members become more incentivized to contribute because they get a larger piece of the pie.”

While the unprecedented move may seem harsh, it’s also simply applying to governance the kind of aggressive style that put Inverse Finance on the map in the first place. By forcing token holders to participate under the threat of seized tokens, it’s helped with the development of Anchor as well. 

“This is a collaborative effort among many DAO members starting from ideation to development to internal reviews and testing,” says Haridy.

The next step for Inverse will be getting Anchor off the ground, and preparing for a world in which INV becomes tradable. Haridy says there’s a growing consensus in the community for tradability. This would mean that the DAO would give up the power to seize tokens, which could alter Inverse’s community landscape.

Haridy, however, seems unfazed by the looming shifts, already preparing the next innovation.

“This will significantly change the existing incentives and may reduce participation. Fortunately, there’s some work on a new alternative governance model that’s been happening internally to address this problem.”

Inverse Finance seizes tokens, ships code: Launches stablecoin lending protocol

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: Bank, Community, Compound, crypto, crypto asset, dao, decentralized, defi, finance, Fork, founder, Governance, innovation, lending, market, MINT, Model, money, more, other, product, revenue, reviews, reward, Stablecoin, stablecoins, step, style, synthetix, The DAO, token, tokens, Twitter, work, world

Feb 26 2021

Southeast Asian Fintech Grab to Create 350 New Jobs in Singapore during 2021 to Support Business Growth and Development Plans

Southeast Asian Fintech firm Grab has revealed that it will be creating about 350 new jobs in Singapore during 2021 in order to support its ongoing growth and development plans.

These new roles and requirements aim to support the Fintech company’s expansion of products and services to support the digitalization of micro SMEs and also the delivery of digital financial services across the Southeast Asia region. Grab is also committed to the development of the “digibank” which will reportedly be led by a Grab-Singtel consortium.

Grab’s announcement to hire more workers has come at a time when the company has signed a Memorandum of Intent (MOI) with the Infocomm Media Development Authority (IMDA) and Digital Industry Singapore (DISG).

Per the terms of the MOI, Grab will be working cooperatively with IMDA and DISG to grow its main line of products and also its engineering teams’ capabilities via the support of talent development programs like the TechSkills Accelerator (TeSA).

These programs are designed to enhance the technical skills of experienced professionals and offer practical, hands-on training to those who are interested in exploring different roles in the technology industry.

Some of these new hires will be specialists focused on AI, cybersecurity, data science, software development, and product management and design.

Grab stated that it will also be providing various employment opportunities in key areas like finance, operations, legal, public affairs and business development.

Tan Hooi-Ling, Co-founder, Grab, stated:

“As a Singapore-based tech company, Grab fully supports the development of the tech ecosystem here. We are building products that positively impact millions across Southeast Asia, and we want to continue deepening our R&D capabilities and push the boundaries of innovation, right here at our strategic base. This is only possible with the support of Grabbers across different business functions, who are continually learning and adapting to new technologies and customers’ requirements.”

Lew Chuen Hong, Chief Executive, IMDA, noted that in order to secure its digital future, Singapore “must be the place where companies choose to build unique digital products that cater for global markets.” Hong also mentioned that this is “the only way that Singapore can sustainably capture value and differentiate ourselves in the digital economy.”

He added:

“We are pleased to partner Grab, to strengthen Singapore’s tech ecosystem in these two key areas – to build our local talent in product development, and grow Singapore as the base for high-end R&D in tech.”

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: 2021, accelerator, AI, AIM, Asia, business, Co-founder, company, cybersecurity, data, data science, Design, digital, digital financial services, economy, employment, Engineering, expansion, finance, financial services, fintech, Future, General News, Global, grab, grab financial services, imda, innovation, Jobs, legal, lew chuen hong, LINE, linkedin, markets, Media, more, new hires, product, Products, science, Singapore, Software, Southeast Asia, tan hooi ling, tech, Technology

Feb 26 2021

Blockchain and crypto will challenge current finance, Nigeria VP says

Nigeria’s vice president, Yemi Osinbajo, delivered a speech at an economic summit on Friday in which he spoke positively of crypto and blockchain. 

“There is no question that blockchain technology generally, and cryptocurrencies in particular, will in the coming years, challenge traditional banking, including reserve banking, in ways that we cannot yet imagine,” Osinbajo said on Friday during the Central Bank of Nigeria, or CBN, Bankers’ Committee Economic Summit. “We need to be prepared for that seismic shift, and it may come sooner than later,” he said.

The Nigerian vice president also noted the broadness of the crypto industry, mentioning decentralized finance, or DeFi, in the mix. “Decentralized finance, using smart contracts to create financial instruments, in place of central financial intermediaries, such as banks or brokerages, is set to challenge traditional finance,” he said. 

Osinbajo’s speech, which included a number of other points, is posted on his YouTube channel. The Nigerian vice president also tweeted out a video clip highlighting of some of his crypto comments from his talk.

“The point I’m making, is that some of the exciting developments we see call for prudence and care in adopting them and these have been very well-articulated by our regulatory authorities,” he said, adding:

“But we must act with knowledge and not with fear. We must ensure that we are in a position to benefit and in a position to prevent any of the adverse side effects, or any of the possible, even criminal, acts that may arise in consequence of adopting or taking any of these options.”

The comments come in contrast to recent developments in Nigeria. Earlier in February, Nigeria forbade banking interactions with crypto exchanges, as per a ruling from its central bank. The CBN’s governor also called crypto assets illegitimate. Bitcoin recently traded at a significant premium in the region.

Blockchain and crypto will challenge current finance, Nigeria VP says

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: Bank, Banking, Banks, bitcoin, blockchain, Central Bank, crypto, cryptocurrencies, decentralized, decentralized finance, defi, Exchanges, finance, government, nigeria, other, president, said, smart contracts, Technology, video, vp, youtube

Feb 25 2021

Focus on DeFi ‘fairness’ benefits Holochain, Orion Protocol and Dodo

Bitcoin’s (BTC) strong bull run and the immense popularity of the decentralized finance space have attracted several new investors to cryptocurrencies. A report from Crypto.com shows a massive increase in crypto users as the figure rose from 66 million in May 2020 to 106 million by January this year. 

Crypto market data daily view. Source: Coin360

Contrary to the popular notion that new crypto users are mostly speculating on the price, data from Unchained Capital shows that investors who bought in the past three to five years are still holding and are not yet tempted to book profits.

Unlike the 2017 bull market where many low-cap altcoins rallied, the current bull trend has rewarded projects with strong fundamentals. Let’s have a look at three such tokens and also analyze their charts.

HOT/USD

Holochain (HOT) aims to provide the solution for the scalability problems which may be a limiting factor in the crypto sector. Holochain wants to give control of data and privacy back to the people, eliminating large corporations and middlemen.

To achieve that, Holo, a distributed peer-to-peer hosting platform, acts as the link between the web and the Holochain apps. Holochain wants to make this technology available to users who can access the apps in a web browser. If this needs to be done, the technology must have vast scalability, fast speeds, and it should also be financially viable. The team at Holochain believes they are on the path to achieving this goal.

As part of the process, Holochain launched an app called Elemental Chat that runs on HoloPorts. The team is also planning to enable web users to log into Elemental Chat through the HoloPort. This will put the protocol’s scalability claims to the test and help to further fine-tune the project.

The team has also outlined the progress on the upcoming milestones of the Holo suite of products that will be progressively released in the future. If the team delivers on its promises, the protocol may attract investor attention.

HOT surged from $0.0007817 on Feb. 8 to an intraday high at $0.00424 on Feb. 21, a 442% rally within two weeks. This up-move had pushed the relative strength index (RSI) above 92 on Feb. 21, indicating the market was extremely overbought in the short term.

HOT/USDT daily chart. Source: TradingView

That resulted in profit-booking on Feb. 22 and 23, which pulled the price down to the 61.8% Fibonacci retracement level at $0.0021028. But the positive sign is that the long tail on the candlesticks on both days showed strong buying at lower levels.

However, traders who are stuck at higher levels are dumping their positions on rallies, as seen from the long wick on the Feb. 24 candlestick.

After the large intraday range of the past few days, the HOT/USD pair has formed an inside day candlestick pattern today, indicating a balance between supply and demand. The pair may now consolidate for a few days.

If the bulls can push the price above $0.00363, a retest of $0.00424 is possible. A breakout of this level could start the next leg of the up-move that may reach $0.0055629.

Conversely, if the bears sink the price below $0.0028, the pair may drop to the 20-day exponential moving average ($0.0020).

ORN/USD

As the decentralized finance space grows, many new projects are being announced on a regular basis. It becomes difficult for investors to keep track of all of them. Hence, a liquidity aggregator that connects to several decentralized and centralized exchanges in order to swap pools and provide access from a single platform may be sought after and this is what the Orion protocol (ORN) aims to do.

The protocol plans to offer its investor’s a variety of revenue streams. The Orion Liquidity Boost Plugin offers increased liquidity to its partners and has already onboarded Polkastarter and many other blockchain projects.

Orion’s Launchpad Liquidity has partnered with DAO Marker and DuckDAO, which will enable projects launch incubated projects on the launchpad’s own platform

Orion recently launched the staking calculator, allowing ORN token holders to calculate the staking rewards and attain APY’s of up to 38%.

After launching the first phase of the Orion Terminal’s mainnet on Dec. 15, the team plans to add several features like derivatives, leveraged ETFs, contract trading, NFTs, lending, margin trading and staking of any digital asset by 2021.

As more products are launched, the revenue is likely to increase and that may benefit ORN token holders.

ORN has been in a strong bull run this year. It rallied from $4.3014 on Feb. 8 to an intraday high at $15.20 today, a 253% rally in just over two weeks. As a result, the RSI has surged to above 91 levels, indicating the possibility of a short-term fall or a range-bound trading action.

ORN/USDT daily chart. Source: TradingView

The bears tried to stall the rally on Feb. 22 and Feb. 23, but the long tail and the positive closes of each day show that the bulls purchased the dips and resumed the rally.

However, today it looks as if traders booked profits and a retest of the 38.2% Fibonacci retracement level at $11.4379 is possible. 

If the ORN/USD pair rises from this support level, it will indicate strong demand at lower levels. That could result in a retest of $15.20 and a breakout of this resistance may propel the pair to $20.

On the other hand, a break below $10.2759 could pull the price down to the 20-day EMA ($8.21). Such a deep fall could delay the next leg of the up-move.

DODO/USD

The DeFi space has been attracting investor attention in the past few months. However, the growing popularity has clogged the Ethereum network gas fees have soared to unsustainable levels. Therefore, traders are searching for options that are on competing networks and charge fewer fees. Binance Smart Chain has been one of the major beneficiaries of this trend.

DODO is a decentralized exchange that uses the Proactive Market Maker (PMM) algorithm, which the team claims is better than automated market makers. DODO offers several features such as trading, aggregation, initial DEX offerings, and mining.

DODO introduced Crowdpooling in January, and this feature aims to provide equal opportunity to investors by addressing the biggest issues being faced by new projects. If successful, Crowdpooling will help prevent frontrunning, insufficient liquidity, and the high costs associated with attracting liquidity. The first phase of the DODO V2 Beta crowdfunding pool called ‘ShuttleOne’ was a huge success as it was oversubscribed by 173 times.

DODO token was listed on Binance on Feb. 19 following the DODO V2 Public Beta launch on the Ethereum Mainnet and Binance Smart Chain on Feb. 22. There are also several incentive programs available on BSC.

DODO price rallied from an intraday low at $2.788 to an intraday high at $10 on Feb. 19. The token had strong listing gains but since then, the price has been in a corrective phase.

DODO/USD 4-hour chart. Source: TradingView

The bulls attempted to start a rebound off $3.50 on Feb. 23, but the bears continue to sell on minor rallies, indicating a negative sentiment. However, a minor positive is that the bulls have been defending the $4.50 level for some time.

If the price turns up from the current level and breaks above $5.660, the DODO/USD pair may rise to $7.50. This level is likely to act as a stiff resistance but if crossed, the pair could rally to $8.75 and then retest $10. The next leg of the uptrend may resume above this level.

Conversely, if the bears sink the price below $4.50, a drop to $3.50 is possible. The selling could intensify if the $3.50 to $2.788 support cracks.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Focus on DeFi ‘fairness’ benefits Holochain, Orion Protocol and Dodo

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: 2017, 2020, 2021, algorithm, altcoins, Apps, author, Binance, blockchain, Bull Market, chat, Crowdfunding, crypto, Crypto Sector, crypto.com, cryptocurrencies, dao, data, data privacy, decentralized, Decentralized Exchange, decentralized finance, defi, Derivatives, DEX, digital, digital asset, DODO, ETFs, ethereum, Ethereum network, exchange, Exchanges, Fees, finance, Future, gains, Holo, index, investment, investor, lending, Mainnet, market, markets, mining, more, NFTs, Offerings, opinions, Orion Protocol, other, Price Analysis, Privacy, Products, report, research, revenue, risk, Space, staking, Technology, token, tokens, trading, view

Feb 24 2021

Traders remain bullish even as DeFi’s TVL falls to $54.4 billion

Decentralized finance and the numerous platforms offering investment services have been the talk of the cryptocurrency sector for several months, and this has resulted in investors capturing spectacular gains for some of the top DeFi tokens like Uniswap’s UNI and AAVE. 

The fast-moving prices and 1,000% annual percentage yield on staked tokens elicited cheers from investors when the market was going up, but the recent selling pressure seen as Bitcoin’s (BTC) price dropped below $45,000 shows that the highest fliers are often the quickest to fall as traders rush to exit their positions and lock in their gains.

Daily cryptocurrency market performance. Source: Coin360

On Feb. 22, Bitcoin’s price entered a sharp corrective phase that saw the top digital asset pull back by more than 20% from its all-time high of $58,274. As this occurred, the majority of altcoins also saw double-digit corrections, and DeFi tokens like PancakeSwap’s CAKE fell as much as 55%. 

Total value locked in DeFi shows resilience

The total value locked (TVL) in DeFi platforms also took a hit as Bitcoin and altcoins corrected. Data from DeFi Llama shows the combined TVL of all DeFi platforms fell from $64.89 billion to $54.22 billion on Feb. 24. Cointelegraph also reported that this week’s correction led to the second-largest day of DeFi loan liquidations in history. 

Total value locked in DeFi. Source: DeFi Llama

The decline in TVL is a result of decreasing token values rather than protocol outflows, indicating that tokenholders remain committed to the continued expansion of decentralized finance and that the current yields are still incentivizing investors to remain engaged.

Market analysis indicates that despite the recent $5.8-billion Bitcoin and altcoin liquidation, bulls remain optimistic and see this price pullback as a sign of a healthy market.

The same goes for the DeFi sector, which has been in a strong uptrend since the start of the year. Increasing DEX volume and as a rising TVL show that DeFi is still in the early stages of growth, and while pullbacks are to be expected, the overall trend is positive as institutional and retail investors increasingly gain exposure to this emerging asset class.

Traders remain bullish even as DeFi’s TVL falls to $54.4 billion

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: Aave, altcoin, altcoins, analysis, bitcoin, cryptocurrencies, cryptocurrency, Cryptocurrency Exchange, data, decentralized, decentralized finance, defi, DEX, digital, digital asset, expansion, finance, gains, going, investment, market, markets, more, platforms, retail, retail investors, token, tokens, uniswap

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