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Crypto crash: Should you buy Bitcoin, Ethereum, Solana, and other falling knives now?

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It turned out to be a disappointing year for crypto investors as the market value of the universe has tanked by over $1 trillion during the past six months till June 30. The ongoing dampened sentiment is a function of multiple factors. The aggressive raising of interest rates by the US Federal Reserve has been commonly viewed as a recession indicator that led to the massive downfall of the crypto market. Second, the cumulative impact of the meltdown across markets is also building a cascading effect on the crypto market.

Additionally, the US-based platform Celsius Network freezing users’ withdrawals and transfers also had a huge impact on the market. These factors had a snowball effect on the crypto industry globally and in India which is currently the largest hub of crypto investors. Terra Luna’s liquidity crisis further eroded investors’ wealth.

Coming to popular cryptocurrencies, Bitcoin has tumbled nearly 60 per cent since January 2022. Solana, Ethereum, Cardano, Ripple and BNB have also plunged over 80 per cent, 70 per cent, 65 per cent, 60 per cent and 58 per cent, respectively. Overall, the market capitalisation of crypto tanked to $0.90 trillion on June 30, 2022 from $2.18 trillion on January 1, 2022, according to coinmarketcap.com.

Commenting on the ongoing wealth erosion, Smit Khakhkhar, tech diligence at Delta Blockchain Fund said, “Not only cryptocurrencies but all asset classes have seen a dip in their value since January 2022, though crypto has been more bearish than stocks etc, multiple factors contributed to it. First, of them was the collapse of Terra-UST Stablecoin, it wiped off around $20bn of investor value within three days. That led to cascading effect on other crypto projects and insolvency of crypto companies having direct exposure in it.”

Should you buy falling crypto now?

Market experts hold mixed on crypto. Khaleelulla Baig, co-founder and CEO, Koinbasket said, “Though the near-term roadmap for crypto looks murky, the second half will be more about consolidation around the current market cap levels. We may see a few smaller crypto projects built around leverage going bust thereby triggering a further tightening of regulations, which may appear painful in short term but healthier for the long-term crypto markets.” He further added that investors should look at long-term gains. The fall in cryptocurrencies offers a great entry opportunity for long-term investors.

Gaurav Dahake, co-founder and CEO, Bitbns added that usually, crypto is expected to bounce back post the third quarter. However, it will depend on the global policies towards crypto. That will more or less shape the investor sentiments.

How to judge the quality?

In the stock market, an investor can judge the company based on the balance sheet, promoters’ background and return ratios, among others. But how investors can identify robust cryptocurrencies from the universe?

Khakhkhar said, “Similar to the stock market, one can do their due diligence based on the background of their founders, company roadmaps, their revenues and the problems they are solving. Think of this similar to venture capital investment in startups with a twist that there exists a liquid secondary market to trade the tokens. The ethos of decentralisation promotes open-source, most crypto projects open source their technology for anybody to review it, judge it, build on top of it.”

On the other hand, Baig of Koinbasket said, “In crypto, too, there are multiple metrics that help investors identify good crypto projects. To state a few, investors should look at the background and pedigree of the founders, real-world use cases, rational token economics, technology and market adoption, an increasing number of developers joining the community, high growth in active wallet addresses, and funding by well-known blockchain and crypto VCs.”

Dahake of Bitbns added that as a gauge of how readily a crypto asset may be purchased or sold, a low trading volume might be a warning sign. “Higher the number of cryptocurrencies traded, higher will be the liquidity for a given coin or token and therefore trading volumes should be considered before investing,” he added.

Is Bitcoin still relevant?

The price of Bitcoin declined to less than $20,000 on June 30 from $46,331 on January 1, 2022. Dahake said, “It is speculated to rise from the current price point and may shoot up to a new high. A SIP sort of an approach works best. However, it is imperative to do thorough research on risks and rewards before delving into investing in crypto assets; additionally, bitcoin is not relevant for intraday trading. It will reap benefits only in the longer run.”

Baig said, “At the current price of Bitcoin, I think it’s a great entry opportunity for long-term investors. Bitcoin is one of the blue chips investors can look to enter in three-five tranches over the next two quarters.” He further added that the total value of the crypto market may cross $10 trillion within the next five years. However, the space is highly volatile and risky. Therefore, investors should not allocate more than 5-10 per cent of their savings to crypto.

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Tulip Protocol Officially Integrates Chainlink on Solana Mainnet

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Tulip Protocol Officially Integrates Chainlink on Solana Mainnet

Today, Tulip Protocol made the announcement that they have integrated Chainlink Price Feeds in order to better secure their yield aggregating platform that is running on the Solana mainnet. The team had previously stated their intention to integrate Chainlink Price Feeds, and at this point, the connection has been completely put into action. Chainlink is the premier decentralized oracle network in the world, safeguarding tens of billions of dollars in smart contracts. It has diversified its offerings across other blockchains, notably Solana, Fantom, Polygon, BNB Chain, and others.

In a recent blog post, the team behind the Tulip Protocol explained that they had integrated Chainlink to provide users with more confidence that leveraged positions will be liquidated equitably using extremely accurate price data and that the protocol will continue to be completely collateralized at all times.

According to Tomasz Wojewoda, Head of Global Sales at Chainlink Labs:

“We’re pleased that Tulip Protocol has integrated Chainlink Price Feeds on Solana, helping secure its yield aggregation protocol with highly robust, decentralized market data. With the high-throughput performance of Solana and the strong security guarantees of the Chainlink Network, Tulip Protocol is able to empower users with a performant and secure platform.”

Tulip Protocol Seeks To Take Advantage Of Solana

Tulip Protocol brings together lenders who receive a return on their deposits and borrowers who are interested in gaining access to leverage. Users who initiate leverage positions are responsible for maintaining a loan-to-value (LTV) ratio that has been previously established. The Tulip Protocol then uses the asset price data that is provided by Chainlink Price Feeds to verify that this ratio is accurate. If the value of the collateral falls below the threshold that was established by the protocol, then their position will be immediately liquidated to assist in guaranteeing that the lenders will be repaid.

Tulip Protocol intends to capitalize on Solana by giving users the ability to more regularly reinvest their income and grow their assets without having to pay exorbitant amounts of gas expenses. Chainlink oracles can now be natively integrated on Solana, making it possible for Solana-based applications to benefit from enhanced levels of security and transparency. Yesterday, OpenOcean made the announcement that they would be integrating Chainlink Price Feeds in order to help secure the limited order functionality on many chains. These chains include Avalanche, Ethereum, Polygon, Fantom, and BNB Chain.

According to Senx, Co-Founder of Tulip Protocol:

 “We’re excited to be using Chainlink Price Feeds on Solana to help secure our yield aggregation platform. By leveraging the most secure and reliable on-chain data available, we’re able to provide our lenders and borrowers with greater assurances that liquidations are based on accurate price data, and the protocol will maintain a healthy loan-to-value ratio through all market conditions.” 

Allowing Stakers To Benefit From Higher APYs

Natives of the blockchain as well as newcomers to the technology are beginning to understand that decentralization does not necessarily equate to a secure platform. Given that Web3 services are currently disclosing their susceptibilities to attacks from both within and outside the network, further initiatives should be undertaken to improve the safety of user assets. Fortunately, a growing number of blockchain businesses are beginning to add various levels of security to their services in order to solidify the trust of their existing customers and attract additional investors in the near and distant future.

Tulip Protocol is the very first yield aggregation platform to be built on Solana, and it features auto-compounding vault techniques. The dApp was developed to make use of Solana’s blockchain, which has a low cost and high efficiency, hence enabling the vault techniques to compound frequently. Stakeholders are able to reap the benefits of greater APYs as a result, without the need for active management.

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Is your SOL safe? What we know about the Solana hack

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On this week’s episode of “The Market Report,” Cointelegraph’s resident experts discuss the latest updates concerning the recent Solana (SOL) hack.

To kick things off, we broke down the latest news in the markets this week:

Bitcoin realized price bands form key resistance as bulls lose $24K, significant whale activity between $22,000 and $24,800 adds to the complexity of the current spot market setup. Bitcoin (BTC) consolidated lower on Aug. 9 after familiar resistance preserved a multi-month trading range. When will we finally break out of this price range and make the move towards $30K?

Institutions flocking to Ethereum for 7 straight weeks as Merge nears: Report, “Greater clarity” around the Merge has driven institutional inflows into Ethereum products, according to a CoinShares report. Is the ETH merge finally around the corner and will it bring new all time highs to ETH or has the price already been factored into the current price?

Circle freezes blacklisted Tornado Cash smart contract addresses, Crypto data aggregator Dune Analytics said that, on Monday, Circle, the issuer of the USD Coin (USDC) stablecoin, froze over 75,000 USDC worth of funds linked to the 44 Tornado Cash addresses sanctioned by the U.S. Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Persons (SDN) list. Could this mark the end for Tornado Cash or is there a way they can redeem themselves?

Next up is a new segment called “Quick Crypto Tips,” which aims to give newcomers to the crypto industry quick and easy tips to get the most out of their experience. This week’s tip: Have some funds ready to buy further downturns.

Market expert Marcel Pechman then carefully examines the Bitcoin and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down. The experts also go over some markets news to bring you up to date on the latest regarding the top two cryptocurrencies.

After Marcel’s market analysis, our resident experts discuss whether your SOL is safe and the latest updates on the Solana hack. We also discuss why the network has been victim to so many hacks and downtimes. What exactly do these exploits mean for the Solana platform and if you should be worried.

Lastly, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: Radicle’s RAD and DigiByte’s DGB.

Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a 1 month free subscription to markets Pro worth $100!

The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.

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Web3-Based ZepetoX to Build on Solana

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Web3-Based ZepetoX to Build on Solana

Singapore, Singapore , Aug. 09, 2022 (GLOBE NEWSWIRE) — Today, the ZepetoX team (ZTX, ZepetoX.io) announced its foray into the web3 space, sharing its vision to build an open world that empowers creators and communities to build, play and earn.

ZepetoX is the crypto metaverse initiative jointly incubated by ZEPETO – Asia’s largest metaverse platform with over 320 million registered users – alongside leading global blockchain organizations including Jump Crypto.

As the sole blockchain project comprehensively backed by ZEPETO, ZepetoX will have exclusive ties to ZEPETO in terms of IP including technological, design, and content assets as well as bridges to facilitate user onboarding between the two platforms. ZepetoX’s blockchain development efforts will be advised by Jump.

“ZepetoX is our official venture into the blockchain industry. We feel that web3 opportunities should be advanced through a crypto-native approach, which is why we are excited to have Jump as a contributor to developing a new platform that would have exclusive connections to ZEPETO. Overall, we believe that ZepetoX can build the ideal web3 platform to not only bring blockchain to our existing users but also to expand our footprint in the blockchain space through various disruptive initiatives,” said Daewook Kim, CEO of Naver Z – the operating entity of ZEPETO.

“We are excited to support ZepetoX’s efforts aimed at onboarding new audiences into the rapidly growing crypto space. ZEPETO’s expertise and technological know-hows accumulated over the past years from building an immersive social platform will serve as a springboard for ZepetoX,” said Saurabh Sharma, Partner at Jump Crypto.

Building on the Solana network, ZepetoX will offer a web-based 3D open world with varying levels of gamification integrated as well as opportunities for users to monetize via ownership of digital assets and social interaction. Ultimately, ZepetoX aims to empower self-expression through customizable avatars and lands that can be equipped with NFTs from a rich collection of assets created by diverse creators, DAOs, or communities.

“I am thrilled to see IP powerhouses like ZepetoX choosing to build their metaverse on Solana,” said Anatoly Yakovenko, Co-Founder of Solana. “Projects like ZepetoX create new pathways for onboarding millions of users to web3.”

“Our global team brings a depth of crypto native experiences and our goal is to build on the foundation of ZEPETO to spearhead the adoption of blockchain among metaverse users, developers, and creators,” said co-CEO of ZepetoX, Chris Chang.

In the coming months, ZepetoX will launch its first land sale. The lands will be tradable on the ZepetoX marketplace, which will feature a variety of different NFTs as the open world project evolves. Further details on the sale will be available on the ZepetoX website in the coming weeks.

# # #

About ZepetoX: ZepetoX (ZTX) is a web3 company building an immersive content-driven platform for users to create, trade digital assets and enjoy social interaction. Founded in 2022, ZepetoX is the blockchain initiative of ZEPETO, widely regarded as the largest Asia-based metaverse platform boasting over 320 million lifetime users with over 2.5 billion virtual fashion items sold.

Contacts:

Vera: vera@ztx.foundation

News Via KISS PR Crypto Press Release Distribution Media Contact az@kisspr.com

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