Category: Cryptocurrency

Independent research verifies GBTC has 633K Bitcoin

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  • On the heels of the FTX trouble, the crypto community increasingly demands proof of reserve.
  • Some crypto firms are not ready to provide this data, but an on-chain analytical platform has expressed its willingness to help provide such data.

The collapse of the FTX crypto exchange has generated massive debate about the importance of digital asset service providers publishing their proof of reserves. As a result, many industry enthusiasts are clamoring for more exchanges to heed the call. However, Grayscale is adamant that it doesn’t need to do so.

Ergo Research shows Grayscale’s reserves

Meanwhile, as the asset management firm has refused to publish proof of its funds for its Grayscale Bitcoin Trust (GBTC) product, an on-chain investigator has unraveled the BTC holdings of the firm. It accomplished this feat by scanning through the blockchain network.

Ergo, an OXT Research expert, revealed that GBTC has 633,000 BTC under the custody of its fund manager, Coinbase Custody, as of Thursday, November 23.

Following the crash of the FTX exchange, many crypto firms have faced intense pressure to prove that they indeed have the funds they claimed to hold. Hence, in the event of a collapse or liquidation of GBTC, it won’t throw the broader crypto ecosystem into a chaotic situation.

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The clamor for Grayscale to reveal its proof of reserve data became louder following reports of its relationship with troubled crypto lender Genesis Global Trading. Interestingly, both companies are affiliates of the venture capital platform Digital Currency Group (DCG).

Additionally, the independent verification of Grayscale’s holdings will give worried investors and the broader industry the confidence to navigate this tumultuous period. Meanwhile, the revelation further echoed Coinbase’s confirmation of the assets at the start of the week.

According to an earlier tweet from Ergo, it chose to look for proof of reserve after Grayscale cited “security reasons” for not releasing the on-chain information.

Confirming GBTC reserve

Grayscale is reported to have transferred some of the funds from its previous security provider, Xapo, to its new custodian, Coinbase Custody. Armed with this information, Ergo used public data and on-chain forensic activities to track and measure the remaining balance of close to 317,705 BTC spread in about 432 wallets linked to GBTC transactions.

However, to track the rest of the BTC balance held by GBTC, Ergo examined the blockchain to look for other addresses that align with the profile of those in their database. Thus, the platform noted that while the investigation contained some false positives and negatives, the addresses indeed had BTC holdings, almost matching what the GBTC claimed it held.

In its announcement of the holdings, Ergo said, “it is indeed mysterious why Grayscale declined to reveal their on-chain holdings.” A Twitter user with the username Skyquake-1 argued that GBTC’s non-disclosure of its reserves is because of an agreement with the US Securities and Exchange Commission (SEC), which instructs them not to disclose its holdings to any individual or entity.

The research platform has received commendations from many crypto community members as the industry continued to battle with the fallout of FTX.





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DAO Framework: How to Code a DAO with Aragon Smart Contracts

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A DAO is an organization that is distributed, self-governing, and blockchain-enabled. Think of it as an organization that uses a blockchain, such as Ethereum, as its coordination mechanism.

At its core, a DAO is a piece of software (a compilation of smart contracts) on the blockchain that manages permissions of contracts and people to be able to execute actions within the organization.

DAOs perform actions on-chain, such as voting with tokens, sending cryptocurrencies, staking assets, and more. To perform actions on-chain, they use smart contracts. They also perform actions off-chain, such as hold signaling votes and day-to-day coordination between teams.

Smart contracts underpin the entire web3 ecosystem. They are the backbone of the trustless, permissionless structures we build.

What is a smart contract?

Smart contracts are lines of code that interact with the blockchain. Think of them as “if, then” statements that are coded on-chain. They perform an action automatically and without human intervention as long as a certain parameter is met.

For example, a voting contract would execute the results of a proposal (such as a request to transfer funds) if the results of the vote met the parameters decided by the DAO, such as quorum and pass rate.

You can think of smart contracts as a vending machine. You click a button asking for a chocolate bar, and the vending machine automatically gives you the thing you requested without any human intervention.

You can also think of smart contracts as yellow cartoon minions that wait to be told what to do. They are programmed to execute an action, and then when it’s done, they wait for the next action. Just like these minions, smart contracts are reliable to get the job done when you need them to.

“A smart contract is a contract that enforces itself.”
—Vitalik Buterin, Self-Enforcing Contracts and Factum Law, Ethereum blog, 2014

Smart contracts are trustless—meaning you don’t need to trust humans to behave in a certain way—because they automatically execute actions when certain parameters are met.

They’re also permissionless because anyone in the world can use them, no matter who you are, your country of residence, or any other factor that could be used to stop someone from using them.

Smart contracts make up the backend of a DAO, but the frontend looks like any other website you’re familiar with, no-code, allowing anyone to participate in a DAO. If this is what you think will work for your organization, sign-up for our app’s waitlist.

You need a crypto wallet to interact with smart contracts. To learn more about using decentralized crypto wallets in DAOs, read our guide.

What is a DAO framework?

A DAO framework is an open-source compilation of smart contracts that anyone can use to create an on-chain organization, meaning an organization that uses the blockchain as its base layer of coordination.

DAO frameworks focus on the most important function of DAOs: decision-making.

The smart contract for a DAO usually includes voting parameters such as:

Voting type: some DAOs permit only an allowlist of wallets to vote, restricting who is able to participate in an organization’s decision-making. Others use token voting, where a DAO’s native token is used as voting chips. This means the more tokens you hold, the more voting power you have. The on-chain token address would be included. There are tons of governance options being experimented on today.

  • Quorum: the number of votes that need to be cast for a vote to be valid. If there isn’t high enough voter or token turnout, the vote should fail.
  • Pass rate: the percentageamount of “yes” votes that need to be cast for the proposal to pass.
  • Voting period: the amount of time a vote is live.

At Aragon, we make DAO frameworks for organizations to use to run on-chain. You can find them on our Github.

Read more our guides to dive deeper into governance, such as types of voting and parameters.

Benefits of having an on-chain organization

Some organizations are well-suited to operating on-chain, and find that being on-chain solves many of their problems. Here are a few benefits of having an on-chain organization:

Trustless, permissionless voting and execution of votes. A truly decentralized organization does not have a middleman executing the results of a vote. For example, say a team wants to be funded to build a product. They put up a proposal, and if enough wallets or tokens are cast for “yes,” then that team is automatically sent the funds from the DAO’s treasury. This means there are no middlemen or people to rely on in-between.

Store a treasury of assets rather than needing multiple bank accounts in different countries. If you have an organization that spans countries and continents, managing payments can be a huge hassle. In DAOs, you store your treasury on-chain, meaning it is in cryptocurrencies that can be sent anywhere in the world and to anyone, so it’s easier to pay contributors.

The blockchain as a single, transparent source of truth. No one can alter the history of the blockchain, so it acts as a single source of truth for everyone in the organization.

Challenges of having an on-chain organization

However, there can be some unique challenges to running an organization on-chain, such as:

Blockchain immutability makes it hard for DAOs to evolve: The blockchain is immutable, meaning everyone can add entries to it but no one can go back and change the previous entries of anyone else, including themselves. Think of the blockchain as a universal spreadsheet without an “edit” button. This makes the blockchain useful for a single source of truth, but a unique challenge when it comes to evolving organizations.

There’s no undo button: If you send a transaction to the wrong address, there’s no way to reverse it. Blockchains are irreversible in their nature.

Legal gray area: There is no clear meatspace jurisdiction that DAOs should reside in. This can make it difficult for contributors who need legal forms like tax forms or income statements. Many people use solutions like Opolis or WorkDAO. Or, consider learning more about legal wrappers.

How do you code a DAO?

How do you code a DAO?

At its core, a DAO is built by several smart contracts deployed on a blockchain. A smart contract is essentially an “if, then” statement that executes actions automatically when certain parameters are met.

Smart contracts on the Ethereum blockchain are coded in the programming language Solidity. If you peruse a web3 project or a DAO’s Github repository, you will stumble across some Solidity files. You can tell the code is written in Solidity because it starts with “pragma solidity ^” with the version of Solidity it was coded in (such as 0.8.4) at the top. The file will also be saved as “.sol”.

Solidity contracts deployed to the blockchain are entirely transparent and open-source, meaning anyone can read them and use them.

Additionally, smart contracts have parameters inside of it that the developer sets. These parameters include restrictions on voting such as vote quorum, vote duration, and pass rate.

The coded version of a DAO is really just a permission management system, meaning it’s a system that manages who can perform certain actions in the DAO and how. For example, one of the most important permissions to manage is access to the DAO treasury. The DAO regulates access by requiring votes of certain parameters to reach it.

Once the smart contract for a DAO is deployed on the blockchain, you cannot change that version. Instead, you need to upgrade to a new version of that contract by deploying a whole new instance of that contract.

Coding a DAO is simple when you use the existing templates, like Aragon contracts. Thanks to open source software, developers can build faster because they can build on top of progress already made by others. When approaching your DAO development project, start with an open-source contract and go from there!

We’ve created a permission management system to retain the good parts of being on-chain (trustless and permissionless management of organizations) while eliminating the bad (inflexible, don’t adapt as your organization does).

What is a permission management system?

What is a permission management system?

A permission management system is a framework for on-chain DAO operations and decision-making. It’s a smart contract that manages permissions to other smart contracts, so it’s easy to grant and revoke permissions as your DAO evolves.

Let’s break down the details of a permission management system. All DAOs have three main components: community, treasury, and coordination.

Community: people working together to achieve a common goal.

On-chain action: make collective decisions via voting.

Treasury: on-chain assets governed by the community.

On-chain action: deposit and withdraw funds

Coordination: people coordinating to decide how to use those on-chain assets.

On-chain action: execute actions on addresses/contracts.

All of these actions—making decisions, depositing and withdrawing funds, and executing actions on addresses and contracts—are really just managing permissions. So, we built a flexible, modular permission management system that makes it easy to grow and evolve your organization.

Our contracts are little legos that fit together and support any type of organization that wants to build on top.

The protocol itself is very lean. Every other functionality is built through plugins.

You can envision our protocol containing three main sections:

The DAO and its factory: the contracts that create DAOs, store them in the DAORegistry, and where DAOs manage their assets. You can envision the DAO.sol contract as a vault, enabling addresses (with certain permissions, of course) to withdraw and deposit assets.

The permission management system: these are the contracts that determine which addresses (be them contracts or accounts) are able to execute which actions.

The plugins and their manager: this is where we publish plugins, store them,  and manage their versions. It contains the logic and the installing instructions for each of the plugins published to the protocol.

Why plugins are the future of more adaptable DAOs

Let’s walk through building a DAO on Aragon.

Say you have a telegram group of friends who are passionate about investing in NFTs. You decide you want to create an investment DAO.

You’ll be able to enter into the App, then click the Create DAO button. This calls the DAO factory in our protocol and creates DAO.sol, the DAO instance on the blockchain.

Now, you and your friends add the plugins you want at first. Since it’s just a small group of you in a telegram chat, you just need a Uniswap plugin to swap tokens and a Lido plugin to stake assets. So, you use the plugin manager to grant permissions to those two plugins.

But your telegram group grows to include more than your small group of friends. You realize you need a better way to coordinate so the treasury is properly allocated. Instead of having to start over from scratch to add voting to your on-chain DAO, you simply grant access to a new plugin.

Maybe you want to test NFT voting in your DAO. Again, you won’t have to start over. You simply revoke permissions to the ERC20 voting plugin and grant permissions to the ERC721 plugin.

Even though the DAO itself (DAO.sol) is immutable, you can keep the protocol flexible over time because you’re managing permissions of outside contracts.

Inspired? Come build plugins and DAOs with us!

To get started building, join our developer group chat in Discord. You can also find us on Github and read our developer documentation.

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Monero, Maker, or Snowfall Protocol: Which will perform better?

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With traditional financial markets in flux over recession fears, investors are keeping away from risky assets, including many cryptocurrencies. This has resulted in a massive fall in the prices of high-value crypto assets like Monero (XMR) and Maker (MKR) this year. Interestingly, investors are showing much interest in new tokens like Snowfall Protocol (SNW), which has witnessed a sharp jump during the first phase of the presale. In this article, we take a look into how Monero (XMR), Maker (MKR), and Snowfall Protocol (SNW) are doing in a falling market.

Monero (XMR) battles fiercely for revival

Monero is the leading privacy crypto coin. It has been battling fiercely for revival since the market crash in May 2022. Monero (XMR) token price fell to $137 in May, just a few weeks after touching a high of over $279 on April 22. In June, the Monero token’s price dropped to $104. However, the privacy cryptocurrency has risen above $141 since June, according to CoinMarketCap data at the time of writing. The XMR price touched an all-time high (ATH) price of $517.62 on May 7, 2021. Its current price is over 72% below the ATH.

Monero was recently in the spotlight for the Optus data breach, which exposed the accounts of 10 million customers to hackers who demanded $1 million in Monero (XMR) in exchange for not selling the stolen data.

Maker (MKR) jumps over 65% in 30 days

While Monero (XMR) hasn’t gained much in the last 30 days, Maker cryptocurrency has risen over 65% in this period, according to CoinGecko data at the time of writing. But Maker has failed to maintain the momentum after a bull run of about four weeks.

MKR is currently trading at a price of around $1041. MKR is the governance token of the Maker ecosystem consisting of Maker Dao and Maker Protocol.

Maker is currently one of the leading crypto lenders in the decentralized finance space. At the start of the year, the Maker (MKR) token traded near $2400 but fell to $1063 during the market crash in May.

Snowfall Protocol (SNW) quickly emerges as a promising cryptocurrency by 500% during presale!

SNW, a new cryptocurrency from Snowfall Protocol (SNW), has quickly emerged as a promising option for high gains during the recession. Snowfall Protocol solves one of the biggest blockchain problems – secure asset transfer and cross-chain transactions. Snowfall Protocol bridge has been designed to generalize cross-chain communication and optimize the security model between asset transfers. SNW, the governance token of Snowfall Protocol, has found massive traction among investors.

The SNW token is still in the second presale phase, but its price has already increased by 500% to $0.045. Analysts believe that Snowfall Protocol could be the next 1000x token. Moreover, Snowfall Protocol (SNW) also has the potential to grow quickly by 5000%.

Click the links below to Learn more now!

Presale: https://presale.snowfallprotocol.io
Website: https://snowfallprotocol.io
Telegram: https://t.me/snowfallcoin
Twitter: https://twitter.com/snowfallcoin





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Binance Crypto Fund: To The Rescue But There Are Exceptions

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Every day, money is in and out of the crypto market. When things went smoothly, everything seemed shiny. But things didn’t always go smoothly. FTX’s bankruptcy triggered the selling panic, turning the liquidity shortage of many platforms into a crisis.

Amid the turmoil, Binance CEO Changpeng Zhao stepped in on Nov. 14, announcing the launch of an industry recovery fund to assist strong initiatives that have become stranded in a difficult situation.

This is Open Liquidity War

Yet it’s not 1907 and Binance is not JP Morgan, the dominant figure who averted the twentieth-century banking collapse. CZ needs more than good intentions, and in order to save struggling firms, he might just have turned to his Abu Dhabi partners.

Bloomberg reported last week that Binance CEO made a visit to Abu Dhabi to secure more funds for the recovery plan. The plan, as stated by CZ, is aimed at helping promising projects in the liquidity crises following the FTX crash.

To achieve the goal, the prominent man in crypto reportedly met Abu Dhabi investors for further discussions, which includes United Arab Emirates National Security Adviser Sheikh Tahnoon Bin Zayed, a source familiar with the event told Bloomberg.

However, CZ said in the latest statement that the revelation was simply a piece of false information.

An exchange’s spokesperson outlined the focus of the meetings in Abu Dhabi was on global regulatory issues, specifically how Middle East regulators should rise to the top through the exploration of positive evidence requirements. more extreme custodianship for crypto exchanges.

Smoke Em If You Got Em

Damage has spread across the tech and financial companies after the explosion of Sam Bank-man Fried and his empire. Every new day comes with a new wake-up call.

The Monetary Authority of Singapore (MAS) said on Monday that it was unable to safeguard local consumers from the FTX crash.

The central bank said:

“The first fallacy is that local customers who interacted with FTX might have been protected in some way, either by isolating their funds or making sure that FTX had reserves to back its assets. MAS cannot do this since FTX is not regulated by MAS and operates overseas.”

MAS stated in September 2021 that it placed the world’s largest cryptocurrency exchange Binance on its warning list for investors but did not do the same for FTX, despite the fact that neither was approved by MAS.

Under Singaporean regulatory pressure, Binance had to withdraw its license application and stopped operation in the country. Explaining its stricter scrutiny on Binance, MAS said that the reason was Binance actively invited users while FTX did not.

It was also made clear by the central bank that it is unable to offer information on all of the international cryptocurrency exchanges throughout the world because there are so many of them.

The crisis worsened when FTX reported that it had been the target of an attack, leading to the loss of assets worth around $400 million.

In addition, the earlier asset declaration made by former CEO Sam Bankman-Fried was found to be false after it was discovered that only $900 million out of a total of $9 billion in assets disclosed were liquidated.

According to data provided by Glassnode, investors are also actively shifting funds out of exchanges and into cold wallets at a rate that has never been seen before.

It is projected that the entire balance of Bitcoin held on exchanges has dropped by more than 73,000 BTC in the space of only one week.

Agreeing upon the massive impact of the recent failure on how people think about the cryptocurrency sector as a whole, experts, however, do not believe that it will be enough to bring the digital currency system to its knees.

Binance is making efforts to stabilize the market. In addition, OKX said previously that it intended to establish a market recovery fund with a value of $100 million, but the company has not disclosed any additional information.



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Tamadoge Price Prediction for the 22nd of November: TAMA Is Bouncing Back

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At $0.0201, the Tamadoge market experienced very serious indecision. The volume of trade in the market is still low, but with a few spikes along the line. The market begins to change in the 13th hour as we see a massive bullish move which lifted the market out of the deadlock. The move helped to raise the market’s support level from $0.0201 to $0.0206. The force behind the bullish trend is still active as the market continues to go the bullish way. This was after the intense struggle at the new higher price level. Now, the market needs to deal with the $0.0213 resistance level. 

Tamadoge Market Price Statistic:

  • TAMA/USD price now: $0.0213
  • TAMA/USD market cap: $32,889,481
  • TAMA/USD circulating supply:1.05Billion
  • TAMA/USD total supply: 1,049,733,333
  • TAMA/USD coin market ranking: #2715

Key Levels

  • Resistance: $0.0255, $0.0260, $0.0270, 
  • Support: $0.0200, $0.0180, $0.0170

Tamadoge Market Price Analysis: The Indicators’ Point of View

Initially, the Moving Average Converge and Divergence indicator bear a flat market sentiment. Upside price activities begin to appear in the 12th hour of the day’s session. Some impressive activities are beginning to appear on the Bollinger band as the indicator portrays the price channel changing direction to the upside.

Tamadoge: TAMA/USD 5-Minute Chart Outlook  

As Tamadoge bulls advance the price to the upside, they had to deal with strong resistance at around the $0.0214 price level. As the buyers still hold to the support level, they will keep re-trying the resistance until it will finally gives way. Once they capture the price level, $0.024 will be the next stop. 

Tamadoge doesn’t use transaction tax, they believe that value should be generated from the very project, and not  From Trading The Token.

Related 

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Oryen Network 90% APY Sustainable With Strong Protocol Model, Aave And Convex Can’t Match It

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DeFi returns have been one of the finest strategies for using your savings to generate additional yield over the past two years. Oryen Network appears to be in line to take the lead in sustainable APY, with a few well-known platforms also offering a rate that is “better than the bank.”

Aave (AAVE)

Aave brought permissionless crypto lending into the limelight. It’s still one of the strongest use cases for a DeFi protocol in the real world since it allows investors using cryptocurrency to collateralize quick access to loans. AAVE, the platform’s governance token, may be staked or lent to produce income. Utilization rates are low in the present bear market, indicating that there are too many lenders and not enough borrowers. As a result, the supply APY fluctuates and is often lower.

Convex Finance (CVX)

Convex Finance (CVX) is a cutting-edge DeFi system built on the Curve Finance (CRV) stablecoin exchange. Convex offers additional DeFi rates to CRV investors and Curve liquidity providers. This means that Convex Finance boosts Curve stakes.

By investing CRV on Convex rather than Curve for veCRV, investors receive higher profits. The term “veCRV” refers to the management-capable time-locked CRV. The greater the number of veCRV investors, the more their liquidity pool may be used to enhance CRV dividends.

If you use the maximum number of veCRV required for your deposited liquidity, the CRV incentives might be boosted by up to 2.5x.

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Oryen Network (ORY)

The token most likely to produce a positive, long-term yield over the next few years appears to be Oryen Network. The fixed APY of this initiative is intended to produce yield for token holders. Although a guaranteed rate of 90% is quite intriguing, however, some people might be concerned that this percentage cannot be sustained, and that’s why the team has dedicated an RFV (Risk-Free Value) wallet, which is intended to gather assets to support ORY token price, putting an end to the concerns of potential purchasers. Every trade will send a tiny fraction of the proceeds to this wallet, where they will be saved and kept in case market turbulence forces ORY to seek aid in maintaining stability.

The Oryen Network is receiving great attention due to the team’s ambition. Recently, it was rated as one of the top cryptocurrencies in 2022 by the Business2community.

Final thoughts

Oryen wonderfully encapsulates the finest DeFi—complex coding systems to provide holders with a simple and efficient product. The upside potential for this initiative is still astounding because it is leading with a set rate, which is uncommon in DeFi.

For more information:

Join Presale: https://presale.oryennetwork.io/register

Website: https://oryennetwork.io/

Disclaimer: This is a sponsored article, and views in it do not represent those of, nor should they be attributed to, ZyCrypto. Readers should conduct independent research before taking any actions related to the company, product, or crypto projects mentioned in this piece; nor can this article be regarded as investment advice.



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Governance Tokens Toncoin (TON), Compound (COMP) And Snowfall Protocol (SNW) Rise After FTX Collapse!

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Two Governance tokens – Toncoin (TON) and Compound (COMP) – have lifted the mood of crypto investors with their performances in the market after the shock implosion in the FTX exchange. 

There is also a new Governance token from Snowfall Protocol (SNW), which is rapidly gaining investors’ trust. The governance token of a decentralized blockchain-based platform plays an important role in ensuring that decision-making is not dependent on the whims and fancies of a single individual.

As seen in the FTX collapse case, wrong decisions of the exchange’s founder have affected millions of crypto investors. The strong growth of Toncoin (TON) and Compound (COMP), and the rising popularity of Snowfall Protocol (SNW), in the days following the FTX collapse shows that investors are now seeing more value in decentralized projects. This article takes a look at how Toncoin (TON), Compound (COMP), and Snowfall Protocol (SNW) are performing.

Toncoin (TON) jumps 27% in 7 days

Though most cryptocurrencies are in the red since FTX implosion, Toncoin (TON) has emerged as one of the few coins trading in the green. As per CoinMarketCap data at the time of writing, Toncoin (TON) price has increased by over 27% in the last 7 days. Toncoin’s  (TON) price has jumped more than 38% in the last 30 days to $1.73. While the price of Toncoin (TON) is still 67% below the all-time high (ATH) of $5.29 on 12 November 2021, it can bridge the gap fast if the present rally continues.

Toncoin (TON) is the native token of The Open Network, which is an independently developed iteration of the TON  (TON) blockchain project, designed by the team behind Telegram. Toncoin (TON) is used for payment of transaction fees, securing the network, and voting on governance proposals.

Compound (COMP) shows strength in a falling market

Compound (COMP) token has remained strong in the falling market since the FTX collapse. CoinMarketCap data shows the price of Compound (COMP) token has jumped nearly 16% in the last 7 days to $39.70. Though the Compound (COMP) token’s price remains over 95% below the ATH of $910 on 12 May 2021, its strong performance in the last few days has soothed the nerves of investors.

Compound (COMP) serves as a governance token of Compound (COMP) network, a DeFi protocol that allows users to borrow or lend cryptocurrencies. Compound (COMP) network is one of the few crypto projects completely governed by token holders. Each Compound (COMP) token is equivalent to one vote on the network. Compound (COMP) network was recently in news after the token holders unanimously voted to pause activities for four cryptocurrencies – ZRX, BAT, MKR, and YFI – to protect users against a potential market manipulation attack.

Snowfall Protocol (SNW) surges in popularity and price

Joining the big league of Governance tokens, Snowfall Protocol’s (SNW) token has gained in popularity and price. Currently in presale, the price of Snowfall Protocol (SNW) token has jumped 500% to $0.030. Snowfall Protocol (SNW) is also attracting a lot of users with its unique features.

As a multi-chain compatibility protocol, Snowfall Protocol (SNW) facilitates transfers of both non-fungible and fungible tokens. Snowfall Protocol’s (SNW)  cross chain bridge has been designed to facilitate communication among blockchains.

Snowfall Protocol (SNW) gives governance rights to token holders in Snowfall Protocol’s DAO. The Snowfall Protocol (SNW) token also serves as a utility token of the Snowfall Protocol (SNW). As more buyers are showing interest in Snowfall Protocol (SNW), the price of this token is expected to jump fast. Analysts are predicting that Snowfall Protocol (SNW) could be the next 1000x token.

Click the links below to learn more now!

Presale: https://presale.snowfallprotocol.io
Website: https://snowfallprotocol.io
Telegram: https://t.me/snowfallcoin

Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.



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Neironix – Rating analytical agency

Post By Cryptocurrency


The investment world can be unpredictable, and even the best strategy, trading platform or market analysis cannot protect traders from unexpected events. 

While awaiting the end of the global health crisis, the world was shaken by new conflict, followed by an energy crisis and inflation. Has that got anything to do with the crypto winter throughout 2022, which led to a 61% drop in Bitcoin (BTC) prices? 

Keep on reading to find out!

Cryptocurrencies Over the Course of 2022

Though last year was a bullish one for many cryptocurrencies, the crypto winter of the first half of 2022 shocked investors. Currently trading under $19,000, Bitcoin is three times lower than its all-time high of over $68,000 last year. 

Here we should remind newbies that Bitcoin is the first digital currency, created by the mysterious figure Satoshi Nakamoto and launched in 2009. Bitcoin led to the creation of thousands of altcoins and tech innovations in the financial sector and beyond. In fact, the benefits blockchain technology comes with can improve numerous sectors, including medicine, education, and data management. Many even see decentralised finance as a path to potential financial freedom. 

“The world is gradually waking up to the fact that every form of money that exists at the moment, except blockchain-based Bitcoin and other altcoins, can be manipulated and weaponised by the political class and centralised institutions, especially during a crisis, to achieve their extreme totalitarianism and the people are opting out.” – Olawale Daniel

Though Bitcoin is highly popular, sometimes it can’t keep up with the crypto bears. That said, BTC is not the only asset experiencing ups and downs. Ethereum (ETH), the second largest coin after Bitcoin, is also down week after week. 

Yet, after the Merge, one of the most significant events for Ethereum and the crypto sector this year, many believe that market confidence will increase despite the crypto volatility, changing interest rates, and staggering inflation levels.  

Here we should explain that with Ethereum being the king of smart contracts, the Merge is an extraordinarily unique and rare event. The Merge is the savvy process in which Ethereum has finally moved from a PoW to a PoS consensus mechanism in order to operate in an energy-efficient way. Will that boost prices? Let’s wait and see!

Inflation and Cryptocurrency Trading

So is the inflation we are witnessing the main culprit globally for the crypto winter of 2022? First, let’s explain what inflation is. Inflation indicates how the prices of goods increase in a given economy. Naturally, when prices increase, people buy less. 

Note that there are three main scenarios: demand-pull inflation (when the demand for services is higher than the production capacity or when there is an increase in the money supply); cost-push inflation (when costs increase way too much); built-in inflation (when people want higher wages to cover their increasing living costs).

With inflation rates rising uncontrollably across the globe, many fear that hyperinflation is just around the corner. Hyperinflation is when prices increase rapidly over a very short period of time. This phenomenon is often a result of war or social conflict. To provide an example, Ukraine might be facing hyperinflation, with the Ukrainian gross domestic product (GDP) about to fall by 50%. 

While a country’s authority could cope with keeping inflation from growing into hyperinflation, now even big economies are struggling. In the US, for example, inflation rates are up to 8%. 

Thus, it’s no surprise that inflation affects the investment sector and the cryptocurrency market, in particular. To understand that, let’s explain here that one of the ways to fight inflation is the so-called contractionary monetary policy – when interest rates are increased to reduce the money supply. This way, credit gets more expensive and spendings decrease, which naturally slows any economic growth. 

So, what’s happening is that the US Federal Reserve is trying to overcome inflation by raising interest rates, which puts risk assets under pressure, as per Yahoo Finance. Why? Simply because by increasing interest rates, traditional assets like the US dollar become more attractive with higher yields. While the correlation between crypto and USD is still unclear, such links should not be ignored, and traders should keep an eye on different data, including the Dollar Index (DXY), the CoinDesk Market Index (CMI), the Purchasing Managers’ Index (PMI), and more. 

Inflation and Traditional Assets

Inflation affects everything. As of 28 September 2022, it’s not only crypto assets being affected by inflation. Data show a decline in traditional equities along with a drop in the Dow Jones Industrial Average (DJIA), Nasdaq Composite and S&P 500. 

Commodities, such as energy, crude oil and natural gas, have also dropped. Copper, which is an indicator of economic health, decreased. And believe it or not, despite being considered a safe haven, gold also fell 1.8%.

That’s not all! Business activity is shrinking while unemployment is increasing. Interestingly, when it comes to the connection between inflation and unemployment, Johns Hopkins University economics professor Laurence Ball told Reuters, “If either the labour market doesn’t behave, or (inflation) expectations don’t behave, the small increase in unemployment the Fed projects won’t be enough. Either inflation will stay substantially higher, or we will have higher unemployment and a substantial economic slowdown.” Will we beat inflation? Who knows?!

Trading Cryptocurrency in 2022

One thing is clear: the last couple of years have been turbulent for individuals, businesses and economies globally. While cryptocurrencies and blockchain technologies have proven their real-world value, we can’t ignore the fact that their volatility is linked to events out of our control. 

Besides, investing is influenced by investors’ risk attitude, so it’s no surprise that with the increasing inflation rates and changing regulations, demand is lower. Note that the law of demand and supply applies to the crypto sector. If a coin’s supply is low or if the demand for it is high, prices will jump. 

At the same time, many experts call the current crypto winter warm. Though BTC has dropped 61% over the course of 2022, many believe that the bulls will return. Some experts even say that now might be the right time to buy BTC, ETH, or any other asset. Buy low, sell high, right? 

If you also want to enter the cryptocurrency market now and purchase Bitcoin, we’ve got some good news. While success and profits are not guaranteed, today’s digital solutions allow almost anyone to get started. Investors can choose from a variety of trading apps, brokers, and exchanges to help them execute trades. 

For example, Immediate Edge is one of the popular platforms that connects traders and brokers. Note that the platform acts as a marketing tool and automatically transfers users to reputable brokers. Some brokers offer automated software, trading signals, market data, copy trading, demo accounts, and a variety of assets, including crypto, forex, stocks, and commodities. 

Despite the large number of online tools users can use to tame the crypto market, we suggest consulting a licensed professional to help you limit poor financial decisions. 

Tips to Overcome Inflation and Tame the Crypto Market

But hey! Despite the economic situation that we are in, one can beat inflation on an individual level. 

  • Many experts say that traders should keep investing. Don’t fall victim to fear and emotions, and don’t be too quick to sell to avoid monetary loss. Remember that losses are a normal part of the financial world, and only by embracing risks, you can potentially win.

  • Experts agree on the benefits of portfolio diversification. Holding cash won’t help you overcome the high inflation rates we are witnessing. Only by diversifying your portfolio, you can mitigate risks. Consider Bitcoin, Ethereum, Tether, Ripple, Cardano, Dogecoin or any other digital asset. Just remember one rule: invest only what you can afford to lose.

  • Experiment with opportunities! From finding opportunities for promotion to exploring new sectors, there are many ways to protect your wealth. Interestingly, Leandra Peters, Founder of Female in Finance LLC, told Forbes: “I’m doing this by continuing to invest in various low-cost index funds, but I’m contributing more to a different asset class: private real estate. Cash at this point is disappearing quicker than a Houdini magic trick, which is why I’m choosing to invest in assets that are gaining inherent value. Real estate is potentially one of the best ways to hedge against inflation as it has necessary value. Private real estate is expected to have strong returns in an environment where inflation is high.”

  • Review your budget. That’s right! When you can’t increase your profits, you should cut your expenses. Review your long-term goals and cut on short-term spendings, such as grocery shopping, vacation, clothes, and leisure activities. Think of that as taking control of your finances, not a limitation!

Final Thoughts

It’s clear that inflation is ruling the globe, even though governments are implementing different practices to reduce its detrimental effects. So has today’s high inflation rates got something to do with the fact BTC prices dropped 61% over the course of 2022? The answer is… maybe. The truth is that the correlation between inflation and crypto is still unclear.

Nevertheless, many experts say this crypto winter is relatively warm and believe now it’s the right time to enter the market. You can also join this world today!

Neironix is not responsible for the safety of your funds and does not provide investment advice.



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Sensorium Teams Up With Polygon Studios To Accelerate The Development And Adoption Of Web3 Projects – CoinCheckup Blog – Cryptocurrency News, Articles & Resources

Post By Cryptocurrency


Zug, Switzerland, 17th November, 2022, Chainwire

Sensorium, the company behind the industry-leading Sensorium Galaxy metaverse, is pleased to announce that it is entering into a collaboration agreement with Polygon Studios.

As part of this wide-ranging alliance, Polygon’s blockchain infrastructure will be crucial in underpinning and furthering Sensorium’s Web3 developments, supporting token and NFT-related features within the Sensorium Galaxy metaverse, SENSO dApp, and the recently announced UNDER project.

The first Sensorium product to rely on Polygon’s infrastructure will be SENSO dApp — a Play-to-Earn tycoon game where players are tasked with scouting NFT artists, organizing metaverse music events and selling tickets in return for SENSO token rewards. 

“Polygon is a go-to hub for some of the most important Web3 projects and having the platform as our partner is an important step in raising the ambitions we have for Sensorium’s blockchain ecosystem. The move will also help us create better opportunities for our community to engage with cutting-edge technology and enter a revolutionary new era in digital experiences, which is one of the greatest goals at Sensorium”, explains Alexander Firsov, Sensorium’s Chief Web3 Officer.

Tens of thousands of decentralized apps (dApps) having been built on Polygon so far, the platform has become a major force in the push for Web3 development and adoption, with services catering to segments of the industry, ranging from decentralized finance (DeFi) to gaming and metaverses.

Urvit Goel, VP of Global Games and Platform Business Development at Polygon, said: “In collaborating with Polygon, Sensorium will be able to tap into a vast, sustainable, and highly composable ecosystem and offer its users low-cost and efficient transactions backed by Ethereum’s robust security model. We’re eager to see the Sensorium ecosystem grow and flourish under this alliance.”

More specifically, Polygon provides key Web3 properties to its users, including scalability, security and Ethereum-compatibility, which Sensorium will now be leveraging across its range of products.

Sensorium is edging closer to the public release of Sensorium Galaxy, a metaverse dedicated to delivering high-end entertainment events, and developed hand in hand with the world’s top technological and content partners. 

About Sensorium

Founded in 2018, Sensorium is a leading metaverse and Web3 developer, leveraging cutting-edge XR and AI technology to deliver the next generation of virtual experiences in entertainment and beyond. The company’s award-winning Sensorium Galaxy metaverse stands as one of the first platforms introducing global users to multisensory activities across virtual reality worlds, including music concerts, meditation sessions, NFT original content creation and social networking with AI-based virtual beings.

Sensorium is leveraging its long-standing collaboration with the world’s best technology partners and chart-topping performers including David Guetta, Armin van Buuren and Steve Aoki, to shape the future of metaverse-ready events. In addition to powering high-end VR features, accessible through a wide range of interfaces, Sensorium is also pioneering blockchain and web3 solutions for institutional and private partners.

Website | SG Website | SG Twitter | SENSO Twitter | SENSO Telegram | SENSO Discord | SG Instagram | SG Facebook | LinkedIn | SG Youtube

About Polygon

Polygon is the leading blockchain development platform, offering scalable, affordable, secure and sustainable blockchains for Web3. Its growing suite of products offers developers easy access to major scaling solutions including L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, stand-alone and enterprise chains, and data availability. Polygon’s scaling solutions have seen widespread adoption with unique user addresses exceeding 174.9M. Polygon is carbon neutral with the goal of leading the Web3 ecosystem in becoming carbon negative.

If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your dApp, get started here.

Website | Twitter | Ecosystem Twitter | Developer Twitter | Studios Twitter | Telegram | LinkedIn | Reddit | Discord | Instagram | Facebook

About Polygon Studios

Polygon Studios aims to be the home of the most popular blockchain projects in the world. The Polygon Studios team is focused on supporting developers building decentralized apps on Polygon by providing Web2 and Web3 teams with a suite of services such as developer support, partnership, strategy, go-to-market, and technical integrations. Polygon Studios supports projects from OpenSea to Prada, from Adidas to Draft Kings and Decentral Games to Ubisoft.

Twitter | Facebook | Instagram | Telegram | Tiktok | LinkedIn

Contact

Head of Content
Matias Lapuschin
Sensorium
[email protected]





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The Crypto Contagion Intensifies With More Dominoes To Fall

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The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

We’re currently in the middle of the industry contagion and market panic taking shape. Although FTX and Alameda have fallen, many more players across funds, market makers, exchanges, miners and other businesses will follow suit. This is a similar playbook to what we’ve seen before in the previous crash sparked by Luna, except that this one will be more impactful to the market. This is the proper cleansing and washout from the misallocation of capital, speculation and excessive leverage that come with the global economic liquidity tide going back out.



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