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Cardano Prepares for Mary Fork as ADA Breaks $40 Billion Market Cap

Cardano

The Cardano blockchain is now the third-largest project by market capitalization as its mainnet gets ready for the deployment of the latest upgrade, adding native assets functionality and Babel fees. The network’s native cryptocurrency saw its price spike to $1.48 on February 27th to reach a new all-time high at a time when most of […]

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Cardano

The Cardano blockchain is now the third-largest project by market capitalization as its mainnet gets ready for the deployment of the latest upgrade, adding native assets functionality and Babel fees.

The network’s native cryptocurrency saw its price spike to $1.48 on February 27th to reach a new all-time high at a time when most of the top projects experienced drops in value, according to CoinGecko’s data.

This was the case for Polkadot, a project that had been competing with ADA for the last weeks in terms of market capitalization. Whether or not ADA will be hit with profit-taking is anyone’s guess.

Cardano Blasts Higher

Cardano has seen increasing popularity among the crypto community over the last year as its development continues to progress to establish itself as an Ethereum competitor due to its approach to blockchain technology.

The increase in ADA’s price is especially surprising due to the project not having smart contract capabilities yet and a lack of major decentralized application, which has been the major driver behind Ethereum’s dominance despite the increased congestion and gas prices.

The cryptocurrency market has seen an increase in investment by retail and institutional investors who are becoming more open to it. This has resulted in the total market capitalization increasing by about $500 Billion in a matter of 1 month.

The Mary Fork is Ready for Deployment

IOHK, the Hong-kong based company behind the start of the Cardano projects, announced back on February 3rd that it would be deploying the fork to the testnet to monitor its behavior and performance but didn’t provide a specific date for its deployment in the mainnet.

Later on, IOHK announced that it would submit the Cardano update proposal on February 24th with the intention of deploying it in epoch 25, which is scheduled for March 1st of 2020, with the deployment being confirmed later on in an official tweet.

Cardano CLI

The most anticipated feature of the Mary update is the support for native tokens, which will allow users to create their customized tokens by making use of the Cardano command-line interface (CLI), a token builder graphical user interface (GUI), and the Daedalus wallet (the official full node wallet of the network).

The availability of the GUI will make the creation process easier than ever, providing users of all levels of technical prowess to participate in the cryptocurrency ecosystem, something that might be especially useful to NFT collectibles enthusiasts.

Bebel Fees: Paying Cardano Fees Without ADA

The addition of Native tokens with the Mary update will allow the implementation of a new fee system developed by Cardano to allow users to pay the network’s fees by using native tokens different from ADA, something no other major blockchain has implemented so far.

The feature that, goes by the name of Babel Fees, will make use of the Extended Unspent Transaction Output (EUTXO) used by Cardano’s ledger and liquidity provides to allow a user transacting in the Network to pay using other tokens as long as there is enough liquidity.

Stake Pool Operators (SPO) can create exchange rates for any number of tokens they choose to, setting an exchange rate for them in respect to ADA. When a user wants to make a transaction using babel fees, a liability that will be then consumed by an SPO will be declared.

This means that SPO can act as liquidity providers by facilitating the exchange of the tokens used to pay for babel fees to ADA, creating a new market that does not affect the status of the network in terms of total value but facilitates transactions and investment strategies for the users.

This mechanism will also allow other applications like atomic swaps for spot trading to be implemented by IOHK, with the details of it still not being announced yet.

The post Cardano Prepares for Mary Fork as ADA Breaks $40 Billion Market Cap appeared first on Blockonomi.

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Source: https://blockonomi.com/cardano-mary-fork/

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German Giant Deutsche Telekom Invests in DeFi Network Celo

The largest EU-based telecommunications company, Deutsche Telekom, has purchased an undisclosed amount of Celo’s native token (CELO).

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Deutsche Telekom has invested in Celo, an open-sourced proof of stake (PoS) blockchain designed to allow mobile phone access to decentralized finance projects. The German telecommunication giant is the first such company to join the Celo network.

Deutsche Telekom Invests in The Future of DeFi

Founded in 1995, Deutsche Telekom is the largest telecommunications provider in Europe. The Bonn, Germany-headquartered giant announced on Tuesday the purchase of an undisclosed amount of Celo’s native asset (CELO).

The blockchain platform is focused on making DeFi systems and tools accessible to nowadays’ most used item – the smartphone. Therefore, the collaboration with Deutsche Telekom represents a step forward for DeFi adoption and the blockchain-based company.

The telecom giant is the first company of its kind to join the global Celo Alliance for Prosperity. Adel Al-Saleh, Member of the Board of Management of Deutsche Telekom AG and CEO of T-Systems, commented on the development:

”Our investment in CELO, combined with infrastructure operated by T-Systems, allows our company to take a strategic approach to participate in a public blockchain network.”

In his turn, Andreas Dittrich, head of the blockchain solutions center at Deutsche Telekom unit T-systems MMS, attributed the company’s decision to the growing digitalization of value. Consequently, his team didn’t want to fall behind the trend.


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The decentralized finance field, known as ”DeFi”, continues its expansion during the COVD-19 pandemic. Such projects range from cryptocurrency exchanges and loans to insurance. They enable users to sidestep traditional financial institutions as they borrow, lend, or transact with one another.

Celo’s Stablecoins

Several weeks before the collaboration with Deutsche Telekom, Celo also launched a euro-dominated stablecoin cEURO. Backed by a basket of assets, the new product works similarly to the launched in 2020 USD-pegged cUSD by facilitating access to cryptocurrencies from “virtually anywhere in the world within seconds.”

Both cEURO and cUSD are algorithmic and supported by multiple crypto-assets held in the Celo Reserve, such as bitcoin and ether.

”Transferring money between countries is still a huge challenge because of the siloed systems created by traditional financial services. An open infrastructure like Celo, coupled with the Celo Euro stablecoin, enables easy access to digital assets from virtually anywhere in the world within seconds, creating an entirely new remittance market for the European Union.” – said Celo co-founder, Rene Reinsberg.

Moreover, Celo’s Alliance for Prosperity has more than 130 members that include popular names such as Anchorage, Andreessen Horowitz, Coinbase, GSMA, and Mercy Corps.

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Source: https://cryptopotato.com/german-giant-deutsche-telekom-invests-in-defi-network-celo/

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Bitcoin Has to Reclaim $60K Quickly Otherwise Risks Falling Harder: JPMorgan

BTC’s recovery has to be fast and decisive, otherwise, the cryptocurrency could decline further, argued JPMorgan strategists.

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Bitcoin’s price could suffer more if the asset fails to reclaim $60,000 soon, said analysts from the US multinational banking giant JPMorgan Chase & Co. They compared Sunday’s market crash with similar developments in the past few months but argued BTC lacks sufficient momentum now.

BTC’s Bull Run Coming to an End?

Bitcoin and the entire cryptocurrency ecosystem plummeted in value on Sunday as more than $360 billion were evaporated from the market cap. The largest digital asset led the charge with a massive $9,000 drop to a 3-week low of $51,500.

Although BTC has reclaimed about $4,000 since then, fears emerged if it has broken below a vital support line. Furthermore, JPMorgan strategists, led by Nikolaos Panigirtzoglou, outlined the potential adverse effects this price slump could have for the asset in the long run.

“Over the past few days, Bitcoin futures markets experienced a steep liquidation in a similar fashion to the middle of last February, middle of last January, or the end of last November.”

Although they saw similarities between the past few corrections, they referred to the latest one as a potential game-changer, especially if BTC fails to recover rapidly as it did months ago.

“Whether we see a repeat of those previous episodes in the current conjuncture remains to be seen. The likelihood it will happen again seems lower because momentum decay seems more advanced and thus more difficult to reverse.”

The analysts also said the flows into large BTC funds, including Grayscale’s Bitcoin Trust, have decreased in the past several weeks. Ultimately, they highlighted bitcoin’s old nemesis of $60,000 as the most significant obstacle that has to be reclaimed soon for the asset to resume its bull run.


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Bill Miller Disagrees

The popular US investor and fund manager, Bill Miller, whose fund allocated $300 million in GBTC in February 2021, opposed JPM’s narrative. During a recent interview, Miller also touched upon the latest market crash but called it just a volatile setback, which is “the price to pay for BTC’s performance.”

He believes the cryptocurrency has only started its mainstream adoption and differentiated the 2017 bubble with the current bull run.

Miller asserted that BTC is a game of demand and supply, and the former significantly outplaces the latter. The supply increases by roughly 2% per year, while the demand is substantially higher. Additionally, he called bitcoin a better version of gold and predicted that BTC could ultimately reach the yellow metal in terms of market cap.

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Source: https://cryptopotato.com/bitcoin-has-to-reclaim-60k-quickly-otherwise-risks-falling-harder-jpmorgan/

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Snoop Dogg Celebrated DOGE Day With a Humurous Galactic-Themed Video

Snoop Dogg goes full-on crypto by promoting Dogecoin on 4/20 and dropping an NFT collection on the same day.

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It seemed somewhat inevitable that the hip hop legend Snoop Dogg will get involved with DogeDay on 4/20 (April 20th). The famous rapper posted a video that included Shiba Inu – the dog bread that inspired the meme coin – and thanked Elon Musk for providing him with a spacesuit for a trip to the moon.

Snoop Dogg’s DogeDay Video on 4/20

Taking advantage of the massive popularity boost of Dogecoin, the community started a trend a few weeks back, indicating that 4/20 (April 20th) should become DogeDay. However, long before this idea, this particular date had another meaning – being the unofficial holiday for cannabis smokers.

Here comes the involvement of the global megastar Snoop Dogg, known for his love and appreciation for cannabis. He released a special video in which he traveled to the moon with a Shiba Inu dog. Upon arriving at the destination, the dog is seen dressed in a designated costume with a sign “Snoop Doge,” and, somewhat expectedly, had several cannabis pictures on top of it.

“Ooohwee! Elon Musk got me a fly ass space suit 4 the trip 2 the moon. 2 infinity n beyond.” – later tweeted the rapper.

It’s worth noting that this is actually not the first engagement from the West Coast legend. He followed Musk’s example earlier this year by endorsing the meme coin and introduced the “Snoop Doge” nickname for the first time.


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Snoop Gets an NFT Collection Too

It seems that the rapper has gone full crypto in the past few months. Apart from the aforementioned engagement with Dogecoin, Snoop Dogg has also embraced another booming in popularity space – non-fungible tokens (NFTs).

He collaborated with the digital artist behind the Nyan Cat meme to produce a “Nyan Dogg” NFT. The interest toward the product was somewhat high, and they sold it for 14.2 ETH (over $30,000) on the OpenSea marketplace.

Needless to say, Snoop Dogg’s NFT project was also released on 4/20. Other similar products launched by the rapper and the same digital artist include Hazy Nyan Cat and Nyan Blunt – each sold for 0.420 ETH (another tribute to 4/20).

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Source: https://cryptopotato.com/snoop-dog-celebrated-doge-day-with-a-humurous-galactic-themed-video/

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Deutsche Boerse to Delist Coinbase’s Shares (COIN) on Friday: Report

A week after going public, Coinbase’s shares (COIN) will be delisted from the Deutsche Boerse on Friday due to missing reference data.

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Germany’s leading stock exchange, Deutsche Boerse AG, plans to delist COIN – the shares of the largest American cryptocurrency exchange, Coinbase. The organization justified its decision with wrongfully inserted reference data, which has to be resolved before COIN is relisted. 

  • Reuters reported earlier today Deutsche Boerse’s intentions to remove the shares of Coinbase from its trading platform. 
  • The large exchange breached “missing reference data for these shares” as the primary reason for the delisting. 
  • Upon their launch at Deutsche Boerse’s platforms, the COIN shares started trading with an error in the so-called LEI code. However, the statement outlined it was still unclear who made the mistake. 
  • The LEI codes are individual reference lines needed for identification and a regulatory requirement for admission of listing and trading.  
  • The Frankfurt-headquartered organization added, “the only way for Coinbase to resume trading is for the issuer to apply for an LEI.”  
  • CryptoPotato reported last week when the giant US-based crypto exchange officially became a publicly traded company as it debuted on Nasdaq. 
  • The development was regarded as a significant milestone in the cryptocurrency adoption cycle as it became one of the largest public listings in US history. 
  • COIN started with a price tag of around $400 but faced enhanced volatility immediately after the launch. Following a price slump of over $100, the Coinbase shares have calmed above $300. 
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Source: https://cryptopotato.com/deutsche-boerse-to-delist-coinbases-shares-coin-on-friday-report/

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