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USDC now capable of 1000 transactions per second with near-zero fees

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As part of an initiative bringing stablecoin USD Coin (USDC) to other blockchains, USDC is now available on the public Algorand blockchain. This is in addition to its existing availability as an Ethereum-based token. 

Offering USDC on Algorand gives the asset layer 1 scalability, touting more than 1,000 transactions per second, or TPS, while costing less than a penny in fees (1/20 of one cent to be precise), said a statement provided to Cointelegraph. 

“This is a defining milestone for frictionless mainstream payments as well as sophisticated financial applications,” Algorand Inc.’s founder, Silvio Micali, said in the statement, adding: “This launch brings together the convenience of USDC and an advanced protocol for global financial exchange in which Layer-1 smart contracts are as simple and secure as ordinary payments.” 

USDC launched in 2018 as a U.S. dollar-backed stablecoin running on the Ethereum blockchain, under the purview of the Centre Consortium, the overwatch entity responsible for USDC. In June 2020, Centre unveiled its Multichain USDC Framework, aiming to see the token launch on other chains in addition to its original Ethereum-based token.

“Expanding USDC from Ethereum to additional blockchains like Algorand will ensure USDC has the flexibility to support everything from emerging DeFi projects to large-scale financial institutions,” Coinbase CFO, Alesia Haas, said in the statement. “Today’s launch represents a significant improvement to USDC’s scalability, improving its utility and making it a significantly more useful protocol for solving real-world financial problems.”

Coinbase and Circle sit behind the Centre Consortium as co-founders. Showing its popularity, USDC recently achieved a $1 billion market cap.



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Goldman Sachs Clearing and Settling Crypto ETPs for European Clients

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The decision by Goldman Sachs to deal with ETPs comes following a recent survey that involved over 150 family offices that the bank does business with.

Goldman Sachs is now settling and clearing crypto-linked Exchange Traded Products (ETPs) for its European hedge fund clients. It has been revealed by sources familiar with the matter.

The bank’s prime brokerage unit is initially only offering the service to an exclusive group of clients, reveal the sources. The bank’s possibility of rolling out the service to a broader client pool is still under review.

ETPs track the performance of investments like stocks, bonds and currencies. Crypto ETPs enable clients to invest in crypto without trading in the cryptocurrency associated with them. As the name suggests, they are traded on an exchange like the better known Exchange Traded Funds (ETFs). They have recently been gaining popularity.

ETC Group, the self-proclaimed “bridge between crypto and regulated markets” introduced the first Bitcoin ETP in the United Kingdom on the Aquis Exchange of London. Other exchanges, such as Switzerland’s SIX Exchange and Germany’s Deutsche Boerse have seen a rising number of crypto ETPs being listed.

The adoption of cryptocurrencies by major financial institutions does not stop there. The Bank of America earlier this week revealed that it would be clearing and settling crypto ETPs for hedge funds. This, after last week’s announcement that they would be trading Bitcoin features for select client’s and had started clearing cash-settled contracts. Also, BNY Mellon announced this week that it was joining State Street and four other banks in backing crypto trading platform Pure Digital.

Global Head of Foreign Exchange at the bank Jason Vitale had this to say:

“Digital assets are only going to become more embedded in global markets in the years ahead, and this collaboration accords with BNY Mellon’s wider strategy to develop a digital asset capability for clients across the entire trade life cycle.”

The decision by Goldman Sachs to deal with ETPs comes following a recent survey that involved over 150 family offices that the bank does business with. According to the survey, 15 percent revealed that they had already invested in crypto. 45 percent of respondents said they would consider investing in crypto as a hedge against “higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.”

Meana Flynn, Global Co-Head of Goldman Sachs Private Wealth Management said that a large number of family offices wanted to consult with the bank on ‘blockchain and digital ledger technology’. She revealed that some believed,  from a purely efficiency and productivity point of view, that blockchain technology would be as impactful as the internet has been.

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Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student.
She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.



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3 altcoins whose tweet volume spiked before a strong rally

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On Crypto Twitter, a surge of attention directed at a coin often comes in response to dramatic price action. Quite naturally, rallying assets attract the attention of traders and take over Twitter conversations, which can also create positive feedback loops that further prop up the momentum.

This is exactly what happened with some of the coins that saw a greater increase in average daily tweet volume this month, compared with the last. KuCoin Shares (KCS), which went up from $7.40 on July 4 to $14.20 on July 14, generated a staggering increase in average tweet volume, totaling more than 1,100% month-to-month.

Another big winner in terms of price, Axie Infinity (AXS), added 456% in tweet volume over the same period. In both cases, tweets mirrored the rallies’ dynamics, with the tweet volume curve closely following the price chart.

In other cases, however, the relationship can be reversed. Sometimes, the Twitter crowd picks up the news or emerging narratives that the wider market has yet to absorb, producing tweet volume spikes that come before price increases. Is there a way for traders to spot these dynamics early enough to gain an edge over the rest of the pack?

Data intelligence for early birds

Tweet volume is one of several metrics used to calculate the VORTECS™ score, an algorithmic indicator that compares complex patterns of market and social activity of an individual digital asset to years’ worth of historical data.

Exclusively available to Cointelegraph Markets Pro (CTMP) subscribers, the algorithm assesses parameters such as the market outlook, price movement, social sentiment and trading activity to generate a score that shows how suitable conditions of the observed combinations are for any coin at any given time.

On top of that, there is a dedicated space on the Markets Pro dashboard featuring assets that see abnormal tweet volume in real-time. Once they are alerted that something is brewing around a coin on Twitter, traders can be incentivized to take a closer look at the asset and make a judgment as to whether its price is likely to go up soon.

Here are three examples from the last thirty days where Twitter activity foreshadowed price action.

Crypto.com Coin

CRO’s Price vs VORTECS™ chart. Source: Cointelegraph Markets Pro

In the case of Crypto.com Coin (CRO), the source of Twitter users’ excitement is crystal clear: A few hours before the coin flashed on Markets Pro’s Unusual Twitter Volume box (red circle in the chart), it emerged that CRO became the first digital asset platform to partner with the Ultimate Fighting Championship, or UFC. The announcement was also delivered to Markets Pro users seconds after the original source published it, thanks to the platform’s instantaneous NewsQuakes™ functionality.

Unsurprisingly, the big news triggered a sprawling Twitter conversation. If traders had not been convinced by NewsQuake™ and coin’s rising VORTECS™ score, the skyrocketing tweet volume could be the final argument in favor of opening a CRO position. The coin had been valued at $0.113 when tweet volume peaked on July 8, and it kept climbing in the next four days, eventually hitting $0.132 before the price began to decline.

Quantstamp

QSP’s Price vs VORTECS™ chart. Source: Cointelegraph Markets Pro

Establishing what had triggered the surge of tweets referencing Quantstamp (QSP) around June 1 is less straightforward. One potential reason could be the launch of oneFIL, a stablecoin for the Filecoin community, around that time.

The protocol behind oneFIL is audited by Quantstamp. While QSP generates just a handful of Twitter mentions per day, on July 1 it got over 150 tweets, immediately putting it on the Markets Pro radar (red circle in the graph). While the peak tweet volume corresponded to the QSP price of $0.030, the coin pulled off a strong performance in the following days, reaching $0.034 on July 4, continuing to push further.

Flow Dapper Labs

FLOW’s Price vs VORTECS™ chart. Source: Cointelegraph Markets Pro

Flow Dapper Lab’s (FLOW’s) peak tweet volume came late on July 10 (red circle in the graph) in response to a highly successful week that the asset had, more than doubling its price from $9 to over $18.

A high VORTECS™ score that FLOW received some 50 hours earlier indicated that in the past, such rallies unfolded in several rounds and that historical precedent suggested a possibility of the second leg. Sure enough, the price kept climbing even after the wave of tweets began to recede, eventually hitting $21.20

These examples demonstrate that, while an onslaught of tweets alone is not always a harbinger of an impending rally, spotting abnormal Twitter activity early on can lead to a profitable trade. It can be especially useful when combined with other metrics and a robust understanding of the coin-specific context.

Disclaimer. Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions. Full terms and conditions.