Connect with us

Altcoin

Few DeFi influencers understood what a bad idea $FEW meme token was

Published

on



Notable figures in the decentralized finance (DeFi) community found themselves in hot water after joining a group to cook up a MEME-inspired token with the apparent intention of dumping on unsuspecting investors. Group members claim the whole thing was just a joke that’s been taken the wrong way. 

Leaked chat logs indicate that the FEW token ‘experiment’ was conceived by Idea Markets’ co-founder Sam Ratnaker, who started the Telegram group for the project on September 22. EthHub’s Anthony Sassano, Rocket NFT’s Alex Masmej, and Twitter user ‘DeFi Dude’ were amon among those invited to the channel.

Ratnaker took to Twitter to announce the project, describing it as “an experiment to create value for the ecosystem.” FEW’s first 50 holders would each be airdropped 769.23 tokens that would be vested for one year.

The project was intended to follow in the footsteps of MEME — an anarchic token inspired by criticism of the DeFi space that airdropped its supply to Telegram users and then gained 900% in one month (though it has pulled back more recently). Sassano confessed to having been one of MEME’s original airdrop recipients, revealing that he sold the tokens prior to project gathering momentum, missing out on more than $600,000 in profits as of the token’s September 22 high.

However, FEW token failed to replicate MEME’s success, with hundreds of hopeful investors crashing intthe Telegram group and an imposter token being launched on Uniswap within hours of the announcement.

Screenshots of the group’s chat logs quickly began to leak, including a post from Sassano stating “we need people to dump on” and apparent confessions from Masmej and DeFi Dude that the project’s sole motivation was to engineer a “pump” that would line the pockets of those who missed out on profiting from MEME.

Responding to the backlash, group members claimed the whole thing was just an inside joke. Many members have burned their FEW tokens including Sassono who made a long mea culpa stating:

“Since this screenshot is going to circulate like crazy I want to get one thing straight — it was me making a joke when this group was just a few people. I just sent my $FEW tokens to the burn address to prove that I’m not going to ‘dump’ on anyone.”

The FEW controversy comes after a recent surge in unaudited and forked DeFi protocols that have included both dramatic successes and failures. 

The high risk/reward ratio in the DeFi sector inspired crypto custody provider Trustology to offer a “smart contract safeguard” or “DeFi firewall” intended to protect institutional clients against poorly vetted protocols.





Source link

Altcoin

How does Liquidity Rule Everything On-Chain?

Published

on

By


Having received a grant from the OAX Foundation, OpenSwap is dedicated to offering solutions to DeFi and providing an answer to the dilemma surrounding liquidity in the DeFi landscape.

It is important to understand the power of not just liquidity, but also the unique positions markets are placed in when there is a concentration of it. Without liquidity, there is no market. This doesn’t just apply in the world of cryptocurrencies, but rather all markets around the world. In this article, we explore the role of liquidity in the grand scheme of the cryptocurrencies and how a certain company plans to make a positive impact.

What Exactly Is Liquidity?

In general, liquidity refers to how easily an asset can be converted into cash or other assets without affecting the market price. In terms of cryptocurrencies, liquidity refers to the ability of a coin to be easily converted into fiat or other coins. For example, if you hold a giant, fancy house on a remote and deserted island by yourself, you might have a hard time getting your house exchanged for cash or even fishes – making it illiquid. But if you want to buy or sell a reasonable amount of BTC on a BTC/USDT pair, you can easily do that now, meaning that BTC is more liquid than a lonely house on a remote island.

But Why Is Liquidity Important?

It is easier to trade assets in a liquid market since buy or sell orders will be filled more quickly due to the larger number of market participants. For a nascent industry like cryptocurrency, this matters greatly as illiquid assets often cause crashes – terminating a set of domino effects that the initial seller often did not intend on. Essentially, liquidity determines whether it is possible to enter or exit a trade at any moment, especially in the case of cryptocurrencies, given the fast-paced nature of the cryptocurrency markets. In a liquid market, the high trading activities tend to create an equilibrium market price that is acceptable to all or most – often helped through our trusted Automatic Market Makers (AMMs). Furthermore, the market price tends to have less fluctuations as there are large amounts of participants and orders, meaning that liquidity is of utmost importance and highly desired in any market or exchanges.

Take liquidity pools as an example. LPs are one of the foundational technologies behind the DeFi ecosystem since they are the source of life which DeFi draws liquidity from. Decentralized Exchange implies, well, decentralization — meaning many people need to provide the liquidity in order for it to be decentralized. Liquidity providers deposit a collection of funds into a smart contract, allowing the funds deposited to be used for facilitating decentralized trading, lending, and more. If you try to execute a large order in an illiquid market, you might see a difference between your intended price and your trade price, this is called slippage. Without liquidity, traders won’t be able to trade, which eventually leads to trader exits, this in the end will drain the liquidity pool. When a liquidity pool is drained, the corresponding DeFi technologies essentially collapse. It is not hard to imagine that if enough DeFi projects collapse, the current DeFi ecosystem will collapse as well.

Having said that, there are multiple unique new solutions being presented to address an ever-increasing liquidity problem in DeFi.

This is where OpenSwap comes in.

OpenSwap is the product innovated by IJS Technologies to revolutionize on-chain liquidity. OpenSwap is a decentralized Defi hub built on the Binance Smart Chain network (BSC), which allows users to execute swaps from major DEXs such as PancakeSwap and BakerySwap. Essentially, OpenSwap is introducing the concept of “liquidity queues” with oracles providing the spot market prices to allow users to always swap at market with no slippage and liquidity providers earning complete fees (without sharing) when their liquidity is used.

Traders looking to exit positions now have a new and more cost-effective option with OpenSwap Liquidity Queues. Traders can now join Liquidity Queues to sell their positions at the spot-market price decided by Oracles, which are further safeguarded by OpenSwap’s Secure Adaptor technology, which guarantees that critical circuit breaker safeguards are met before carrying out their trades. In addition to being able to sell at the spot market price without slippage, traders can also collect a percentage of the transaction fees generated by the sale. The OpenSwap Secure Adaptor Protocol leverages oracle pricing in a controlled manner providing traders with the security of layered circuit breakers that guard against sudden price fluctuations, front-running and compromised smart contracts. All in all, this means that traders are now able to have a valuable investment tool to hedge risks.

What OpenSwap offers is the chance to make informed trading or swapping decisions based on real-time and accurate data, on an intuitive platform. More importantly, it answers the question about liquidity in DeFi and finding the best way to profit from trading. OpenSwap’s aggregator will highlight Liquidity Queue options for Swap users looking for a good price to do their swap. Compared to other AMM-based pools, the OpenSwap Liquidity Queue for carrying out a swap listed is highly likely to be optimal for traders since it indicates that it will offer lower fees and prices according to the real-time data about price, slippage, and transaction fees. According to MarketWatch, the still young OpenSwap community has shown positive reception towards the efforts from the team thus far and it has boosted the confidence of the IJS Technologies team in bringing forth their vision of the next generation in DeFi liquidity.

Having received a grant from the OAX Foundation, OpenSwap is dedicated to offering solutions to DeFi and providing an answer to the dilemma surrounding liquidity in the DeFi landscape. In the future, the platform will bring further updates, including the addition of popular tokens to allow for a more comprehensive swapping experience.

next Altcoin News, Bitcoin News, Blockchain News, Cryptocurrency news, News

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.



Source link

Continue Reading

Altcoin

What is Going on with Garlicoin?

Published

on

By


Garlicoin has a max supply of 69 million GRLC and no inflation. All the coins are unlocked by miners, and the rewards are halved every 690,000 blocks.

From a cryptocurrency valued under 1 penny, Garlicoin is running toward 1 dollar and more, and almost nobody knows where it came from. At least not yet.

Believe it or not, Garlicoin is a memecoin started in 2018. It is as much of a memecoin as Dogecoin is. A community of Reddit users thought it would be funny to create a cryptocurrency inspired by garlic bread, and so they did. Now they are releasing a game on Steam, and the GRLC coin is climbing the market cap ladder.

The Beginning of Garlicoin

Like every successful cryptocurrency story, Garlicoin started as an idea and a noble goal.

Bitcoin’s goal was to create a free, decentralized financial system. Dogecoin’s aim was to mock the BTC clones and the market greed. Garlicoin’s was to honor the greatness of the garlic bread.

And up to this day, Garlicoin is standing for that goal.

In a time where garlic bread memes were the thing, in December 2017, a Reddit user, DigitalizedOrange, published a post that said “If this post gets 30,000 upvotes, I will make a garlic bread cryptocurrency called Garlicoin,”

He asked for 30,000 updates, and he received them. So, in January 2018, Garlicoin’s mainnet was live. To launch the cryptocurrency, the project team has forked Litecoin’s blockchain and adjusted it to their needs to make Garlicoin.

Because it is forked from Litecoin, the Garlicoin blockchain employs a proof-of-work consensus algorithm modified to allow and encourage commodity hardware GPU and CPU mining while preventing ASIC devices from joining the network.

The current version of Garlicoin’s consensus mechanism is called Allumi. It integrates Dash‘s DWG difficulty adjustment mechanism to tune difficulty according to the hash rate and is able to provide a block time of only 40 seconds.

When it comes to tokenomics, Garlicoin has a max supply of 69 million GRLC and no inflation. All the coins are unlocked by miners, and the rewards are halved every 690,000 blocks.

Currently, 63.74 million GRLC have been mined and are circulating into the market.

Why is Garlicoin Growing?

Garlicoin is growing for the same reason it did not fade away into the cryptocurrency winter. The reason is the Garlicoin community which is supporting the project.

The community reached over 100,000 members on Reddit and is expanding further.

Also, the developers worked relentlessly to see the project evolve further.

As other projects were doing rug pulls in 2018, Garlicoin has worked hard up until this day to expand its ecosystem and offer its community a garlic bread cryptocurrency that they can be proud of.

Over the last years, the Garlicoin team has released tipbots for Reddit and Discord, updated the code, and got GRLC listed on more exchanges.

In 2021, they launched a free faucet for GRLC, listed the coin on PancakeSwap, and launched WGRLC BEP20 token on Binance Smart Chain.

Furthermore, they are preparing to expand the Garlicoin ecosystem by linking its currency to a unique Garlic retro game on Steam, reinforcing the memes. Also, the game will come with monthly challenges that can win players prizes up to $100.

And starting with 2022, Garlicoin is set on getting more involved with the gaming world as they plan to release a game that integrates GRLC and to participate in various gaming competitions.

The Garlicoin community will expand and strengthen with all these going on while the GRLC’s price increases even further.

next Altcoin News, Blockchain News, Cryptocurrency news, News

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.



Source link

Continue Reading

Altcoin

Crypto market cap recovers $76B, altcoins rally after Bitcoin hits $34K

Published

on

By


Cryptocurrency traders received a reprieve from bearish market conditions on June 23 as Bitcoin’s (BTC) brief recovery to $34,880 triggered a rally in altcoins and hope that a wider market recovery will occur if the path laid out by the Wyckoff distribution model rings true.

According to data from CoinMarketCap, the total cryptocurrency market capitalization fell by nearly $230 billion between June 20 and June 22 but it has managed to regain roughly $76 billion in value on June 23 and now sits at $1.365 trillion as some traders viewed the correction as a dip-buying opportunity.

Total cryptocurrency market capitalization. Source: CoinMarketCap

The market cap for Bitcoin fell by $68 billion, or roughly 11% of its total value, on June 22 but has since recovered all losses and is actually higher now than it was before yesterday’s flash crash, sitting at $630 billion at the time of writing. 

According to “CL”, a pseudonymous trader on Twitter, further cause for optimism can be found in the record surge in futures open interest at Binance.

Altcoins rack up double-digit gains

Bitcoin’s bounce off its swing lows was welcomed by altcoins and data from Cointelegraph Markets Pro shows the majority of tokens in the green today.

According to data from Cointelegraph Markets Pro and TradingView, the biggest gainer so far has been Cybervein (CVT), which at one point saw its price surge as much as 112% on the 24-hour chart but has since pulled back to $0.0187, representing a gain of 62% since June 22.

CVT/USDT 4-hour chart. Source: TradingView

The second-best intraday performer is ANKR, which rallied 72% from $0.047 to $0.082.

According to data from Cointelegraph Markets Pro, market conditions for ANKR were favorable for some time prior to the market-wide pullback on June 22.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. ANKR price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for ANKR had been in the green in the week prior to June 2, and reached a high of 71 on June 21, around ten hours before the price rebounded from the sell-off and increased by 72%.

Other notable performances identified by Cointelegraph Markets Pro include a pair of 25% gains from VeThor Token (VTHO) and Flow, while the market’s most popular meme token Dogecoin (DOGE) gained 20%.

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