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Earn High Interest for Staking PHNX Tokens

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Community-led decentralized platform, PhoenixDAO, aims to reinvent digital identity by developing and deploying customized blockchain-based solutions. The project intends to cater requirements of Web3.0 users and has plans to operate through a DAO (Decentralized Autonomous Organization).

It’s ecosystem includes protocols in the areas of tokenization, authentication, and identity – which will fuel the decentralized apps (dApps) store and Events Marketplace. At the center of PhoenixDAO lies an ERC-20/BEP-20 token called PHNX. 

Overview of PHNX Tokens

PHNX is a utility token that enables PhoenixDAO’s vision of developing a self-sustaining environment, which will eventually be fully led by the community members. The token is used throughout the tech layers of the ecosystem, and would also be utilized for paying gas fees.

The token holders can also vote and/or submit a proposal by staking their tokens for a certain period. Moreover, PhoenixDAO incentivizes users for locking up their PHNX tokens on its ecosystem. 

Earn Interest on PHNX Spot Staking dApp 

Launched in 2020, this decentralized app allows users to earn immediate interest on staked tokens. In addition to offering users higher interest for staking PHNX tokens, the Spot Staking Flagship app plays a much bigger part in the overall PhoenixDAO ecosystem. The incentives will depend on the number of tokens staked and the period for which a user is willing to lock their PHNX tokens. It has a standard APR of 20% for 365 days.

The first version of the dApp (V1.1) has successfully been updated by the team, and they have plans in place to launch the second version of the Spot Staking app in the near future. Though no specific date has been announced for the launch of V.2, the project will be running a community survey to get feedback from its users. 

How to Stake PHNX Tokens

PhoenixDAO offers an intuitive platform to users, wherein they can stake and earn interest. Here’s a step by step guide to starting the process:

  1. Go to https://staking.phoenixdao.io/, and connect your wallet. The platform currently supports Metamask and Numio.
  1. Once you have connected your wallet, select the number of tokens you would like to add along with the number of days.
  1. Users can also decide to unstake PHNX.

  2. The platform also includes a “Burn Rate”, which is equivalent to the staked amount multiplied by the remaining days, divided by the total days staked. For example, if you stake 10000 tokens for 365 days, and then choose to unstake after 100 days, it will equate to 7260.27 PHNX being burnt and you will receive 2739.73 PHNX. 
  1. Once the lock-up period ends, users will receive rewards directly in their wallets.

Go to the official PhoenixDAO website for more details.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Source: https://beincrypto.com/earn-high-interest-for-staking-phnx-tokens/

Blockchain

BIC’s Video News Show: Cardano Update

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In this episode of the BeInCrypto video news show, host Jessica Walker will discuss Cardano (ADA), its recent flock of supporters and projects gaining momentum in preparation for its Alonzo update, which will enable smart contracts on the blockchain.

Why is Cardano Going Up While Other Cryptos Drop?

Unlike most other cryptocurrencies, cardano was largely unaffected by Tesla announcing it would suspend accepting bitcoin (BTC) as payment. In fact, ADA rallied, pushing about $2 for the very first time. 

Increasing appeal of Cardano

Investors seeking greener alternatives to bitcoin could be one of the reasons for Cardano’s rally. Unlike bitcoin, ADA utilizes a much less energy intensive proof-of-stake (PoS) consensus mechanism. The fact that fellow PoS crypto Polygon also saw a boost lends credence to this theory. This appeal has led to a growing number of partners for the Cardano ecosystem.

Cardano also now includes crypto stalwart Mark Cuban as one of its supporters. Cuban has recently started a Twitter thread asking about the utility of certain cryptocurrencies. In response to this thread, Cardano founder Charles Hoskinson aired a video about Cardano’s plans for the future. After an exchange of tweets with Hoskinson, Cuban ultimately said that he’s rooting for the project.

Alonzo upgrade and enabled projects

Despite ADA’s price declining at the time of recording, several interesting developments could strengthen the long-term prospects of Cardano. First and foremost is Cardano’s Alonzo upgrade, announced in April. This will enable support for smart contracts on Cardano by August. This upgrade paves the way for dApps and decentralized finance (DeFi) applications and provides developers with tools for creating business applications.

DeFIRE

First among them is DeFIRE, which is a Cardano-based smart order routing platform. The firm announced it had successfully raised $5 million ahead of its up-and-coming Initial DEX Offering. It will be the first fiat on-ramp and swap solution for Cardano native tokens, allowing token holders to swap one Cardano token for another directly. It is designed to support massive liquidity from institutional order flow originators and retail traders. 

Revuto

Revuto is the next project that has been attracting attention, as it will be the first public token sale on the Cardano platform. Anyone can participate and reserve a spot on the sale by signing up for their Whitelist.  Revuto provides users with a simple solution to manage their subscriptions to certain services, such as Netflix and Microsoft, among others. Additionally, Revuto reduces costs, has protection against hidden fees and free trial “traps,” and takes full advantage of Cardano’s newest features.

CardStarter

We also noticed a strong interest in CardStarter. This Cardano project accelerator is up over 40,000% since launching in mid-April, catapulting from a price of $0.15 at launch to a high above $60 on May 11. CardStarter also offers projects building on Cardano the option to crowdsource early funding from a community of donors on its platform.

Holding the CARDS token guarantees early allocation to vetted projects that utilize the CardStarter platform to CARDS holders. Growth has been fast and it already has a market cap of over $100 million.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Source: https://beincrypto.com/bics-video-show-cardano-update/

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SEC Allegedly Using All Means Possible to Block XRP Holders From Presenting Evidence

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The case being raised by XRP holders to present evidence is allegedly being blocked by the U.S. Securities and Exchange Commission (SEC) using “red herrings, personal attacks, and irrelevant case law to distract the court from XRP holders’ meritorious request for intervention.”

In a recently submitted memorandum of law in reply to Plaintiff, Securities and Exchange Commission’s opposition of Proposed Intervenors’ Motion to Intervene, XRP holders said that the existing parties do not adequately represent their interest.

The SEC has been in an ongoing battle with Ripple Labs since last December. Announcing on December 22 that they had filed an action against Ripple Labs and two of its executives, Brad Garlinghouse and Chris Larsen. This filing alleged that Ripple had conducted an unregistered securities offering of $1.3 billion.

Ripple denies these claims on the basis that their tokens, XRP, are a cryptocurrency and not an investment contract. This case has not gone the way of the SEC thus far, with Ripple winning several crucial battles since the filing last Christmas.

Now, XRP holders claim that they should be allowed to speak for themselves:

“XRP Holders do not seek to broaden the scope of the SEC’s claims but rather protect their interests and provide the Court with critical information necessary for the fair disposition of this case. If intervention is granted, there will be no delay in the proceedings or adjudication of this case.”

They further say that “intervention will provide this Court with a more complete picture of the issues presented and contribute to a just and equitable adjudication of all claims and defenses.”

Case so far

Ripple’s CEO Garlinghouse has slammed the SEC on several occasions since they first filed against Ripple. He has gone on to point out that the SEC is the only regulatory watchdog in the developed world to deem XRP a security.

While the case has gone in Ripple’s favor by enlarge, the initial lawsuit had a disastrous effect on the company. The price of XRP fell more than 70% last December and many exchanges delisted XRP. However, the token has recovered to new highs since and some shrewd appointments, such as Rosie Rios, former U.S. Treasurer, have seen faith restored in Ripple Labs.

Latest case by the SEC

In their latest filing for the objection for third party defendants, SEC lawyers claimed:

“Seeking to inject themselves as ‘third-party defendants’ in this action, Movants would act as ‘friends’ of Defendants, not true ‘friends of the court,’ if permitted to participate as amici. And Movants’ arguments are not relevant to (and would improperly expand) the violations charged by the SEC in this action.”

With the U.S. government officials suggested permitting third-party defendants to intervene would open the door to intervention by even more XRP investors. This ongoing battle is further evidence of the SEC’s complex relationship with cryptocurrency.

XRP token

The XRP token is a digital asset created specifically for financial institutions and payment providers. Like the SWIFT payments system, it works as a payment settlement and remittance system where transactions are adopted by a network of servers.

Converse to the function of bitcoin (BTC) as an alternative to fiat currencies, XRP tokens are used by the Ripple payment system as a cheaper and speeder network than bitcoin or traditional payments systems.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Adam is working in London while studying for a self-paced MicroMasters in Data, Economics and Public Development online with MITx. Before this he studied at Trinity College Dublin where he first became interested in cryptocurrency and blockchain. First writing for a university publication on cryptocurrency in 2015, Adam has been writing about and following the crypto economy ever since.

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Source: https://beincrypto.com/sec-allegedly-using-all-means-possible-to-block-xrp-holders-from-presenting-evidence/

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SUSHI Breaks Out and Aims for New All-Time High

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SushiSwap (SUSHI) has been decreasing since reaching an all-time high on March 13. 

However, it has broken out from a descending resistance line, potentially beginning a new upward movement.

SUSHI breaks out

SUSHI has been following a descending resistance line since March 13, when it reached an all-time high price of $23.43. After three unsuccessful attempts, it was finally successful in moving above it, on May 6.

Initially, it struggled to move above the $18.30 resistance area, which is the 0.618 Fib retracement level of the most recent downward movement. However, it has finally broken out, and is in the process of reaching a daily close above it.

Technical indicators are bullish. The MACD is positive and increasing. The RSI has crossed above the 50 line, and the Stochastic oscillator has made a bullish cross. 

The next resistance areas are found at $23.43 and $31.61, respectively. The latter is found using an external Fib retracement on the most recent drop.

SUSHI Descending Resistance
Chart By TradingView

Cryptocurrency trader @Thebull_Crypto outlined a SUSHI chart, stating that the token is likely to go parabolic soon. This falls in line with the breakout from the descending resistance line and reclaim of horizontal area afterwards.

SUSHI Parabola
Source: Twitter

Short-term movement

The shorter-term six-hour chart shows that the token is in the process of validating the previous resistance area at $18.30 as support.

Similar to the daily time-frame, both the MACD and RSI are increasing.

It is also possible that the token has just completed a running flat correction. This often leads to a significant movement in the other direction. It would be confirmed by a decisive movement above the resistance line of the channel.

SUSHI Channel
Chart By TradingView

SUSHI/BTC

The chart for SUSHI/BTC looks similar. The token has broken out from a descending resistance line. In addition, technical indicators are bullish. 

However, SUSHI is very close to moving above its February highs at 45,000 satoshis. If it is successful in doing so, it would likely increase all the way to the next resistance at 59,800 satoshis.

SUSHI Breakout
Chart By TradingView

To conclude, SUSHI is expected to continue increasing towards the all-time high resistance area. A breakout is possible.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/sushi-breaks-out-and-aims-for-new-all-time-high/

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Crypto Tax USA — How the IRS, Exchanges and Services Work Together

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The United States recently reached Tax Day. While always a daunting deadline,for crypto traders the recent changes in tax requirements for cryptocurrencies made it even harder.

However, US officials and exchanges worked together to help smooth over filing issues.

Crypto question added to Form 1040

Tax Day is the last day US citizens can file their tax returns for the previous year.

This year marks the first time questions about cryptocurrency, and digital assets appeared on the form. Taxpayers were asked if they have received, sold, sent, exchanged, or earned any financial interest in virtual currency. 

A box with a simple “yes” or “no” option was where they provided their answer.  However, a simple as this sounds, much like anything to do with federal tax forms, it’s not so cut and dry. 

Tax crypto confusion

These new questions raised uncertainty among crypto investors. What transactions require me to report gains/losses?  Are NFTs part of the equation?  Do I need special forms?

This “crackdown” on crypto traders appears to stem from the growing tax gap in the US. IRS Commissioner Charles Rettig said that an estimated $442 billion in unpaid taxes is outdated because it does not account for virtual currency.  Rettig said of the tax gap estimate:

“It does not include any focus with respect to virtual currency, which I indicated now is about a $2 trillion market cap. It does not include much information with respect to foreign source income. It does not include information with respect to illegal source income, which is taxable, and we do chase.”

He said it would not be “outlandish” for the actual tax gap to be approaching $1 trillion and that the top 1% of earners account for $175 billion of the tax gap.  

Reporting gains not buys

The newest IRS guidelines state that cryptocurrency users must report their gains and losses. Specifically, if they received, sold, mined, or traded digital currencies in 2020. 

IRS Notice 2014-21 states that cryptocurrencies, despite operating as a real currency, do not have any legal tender status in any jurisdiction. Cryptocurrency, like bitcoin, is, therefore, “convertible” virtual currency. 

The notice, and the attached FAQ section, aim to help taxpayers understand why they are paying taxes on crypto and how to do it properly.

One crucial distinction the FAQ makes is for those who bought crypto with real currency in 2020 and did nothing else with it. These people could answer no to the cryptocurrency question.  

It is small loopholes like this that likely caused, and will continue to cause, a lot of headaches. Especially for crypto owners who tend to do their taxes themselves.

Coinbase collaborates with IRS

The IRS is aware that these new mandates cause confusion, even among tax veterans. As a result, it teamed up with several entities to try to smooth out the process. 

One example is the collaboration between Coinbase and the IRS. Along with other big crypto exchanges, Coinbase shares some customer records with the service

When the IRS looked over the records from Coinbase, it found 750 users who sold more than $100 million in cryptocurrencies. This included one trader who failed to report over $5 million in transactions. 

However, this doesn’t mean that the exchanges are just letting the government look in on users.

Coinbase does their part by updating the form they send users if they meet certain criteria.  These users were sent the 1099-MISC form if they received $600 or more in crypto from Coinbase Earn, USDC Rewards, or Staking. 

Coinbase sent both the user and the IRS a copy of this form so all parties can see what was earned from the platform and therefore what needs to be reported.

Traders not left in the dark

While the new regulations are an added stress for traders, the IRS did make an effort to warn those who would be implicated.

Over the last year, it has been sending out warning letters to customers who might need help with their forms or help to remember to pay their taxes. The letters come in three variants, 6173, 6174, and 6174-A, and all address crypto holdings.  

These letters also alerted users that the IRS knows about their virtual currency holdings and previously unreported accounts. During the last year, over 10,000 letters were sent to Coinbase customers alone. 

Coinbase is not the only exchange working with the IRS. As the new rules stay in effect, users should check if their exchange is sharing this information.  If they do, it is likely the IRS already has this financial information and can choose to conduct an audit.

Tax software for crypto arrives

It’s not just the exchanges trying to ensure their users know how to navigate these new rules. Companies specializing in crypto tax have been working to make traders’ lives easier.

One such company is Taxbit. The startup provides automated taxation software to crypto users and companies using crypto.  For example, BlockFi and Gemini are two of their larger clients. This is unsurprising as many big names see the need to help their users stay compliant with the updated regulations. 

This year, the IRS selected TaxBit to aggregate transaction data to make sure taxes paid and taxes owed line up. Co-Founder and CEO of TaxBit Austin Woodward said: 

“This is a milestone moment for the cryptocurrency industry. It indicates regulators are embracing the asset class but doing so in a way that ensures a straightforward approach to conform with existing regulations. We believe this is an important step for the enablement of widespread cryptocurrency adoption.”

The team-up came just weeks after TaxBit announced a $100 million Series A funding round led by PayPay.

Another partnership aimed at assuaging tax woes for crypto users is between ZenLedger and Abra.  ZenLedger is a crypto tax software and blockchain analytics company. Abra is a financial service and tech firm that operates an all-in-one, custodial crypto wallet and exchange. 

The collaboration allows Abra customers to access crypto tax help easily via the ZenLedger platform. As a result, users can view trading history, understand their liabilities and quickly generate tax forms using their stored info. 

While the tax filing for 2020 has passed, these new regulations are going to stick around. So keeping on top of the requirements will continue to be important for crypto traders into the future.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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Source: https://beincrypto.com/crypto-tax-usa-how-the-irs-exchanges-and-services-work-together/

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