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Sam Bankman-Fried Claims Institutional Demand for Crypto is Growing

The co-founder of FTX crypto exchange, Sam Bankman-Fried discusses rising institutional demand for crypto and his agenda.

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The co-founder of FTX crypto exchange, Sam Bankman-Fried has been garnering increased public attention, with his ventures growing in prominence. Many observers in crypto circles were hoping for him to become a key lobbyist for the sector after his donation to Joe Biden’s presidential campaign. And even though he’s willing to discuss his involvement in the market and subjects like the rising institutional demand for crypto, he insists that’s he not attempting to conjure facts that suit his narrative.

Bankman-Fried Suggests Institutional demand for Crypto Is On The Rise

SBF is clear about the fact that he’s glad to discuss the market and that he certainly has an agenda. But he also emphasizes that he will not create facts to fit his own narrative.

He stated, You know, to the extent I have an agenda, I just want it to flow from my actual thoughts and beliefs. So that’s all I have to talk about is my thoughts and beliefs rather than try and create a fact pattern that happens to fit where I want it to go or something like that.”

On the subject of institutional adoption, Bankman-Fried underlines that many out there are “desperate” to set a foot in the crypto sphere. But many institutions are unclear about their trajectory or what they are trying to accomplish. He advises incoming players to define clear goals and then understand how the industry works. 

SBF Weighs on Ethereum vs Solana

Bankman-Fried also revealed his views on the Ethereum vs Solana debate. Ethereum advocates have repeatedly cited the benefits of its ecosystem moat but SBF doubts that this moat is invincible. Solana is not well-known outside the crypto community at the moment but it claims to be faster than Ethereum and boasts the capability of processing 65,000 transactions per second(TPS). 

Explaining his views, Bankman-Fried said, “I think that’s one of the fundamental tensions here, is that like this moat is insurmountable if crypto never grows. But if crypto gets 50 times bigger, the moat is two percent of the eventual pie. The other piece of this, right, is why is the most valuable as a business? A moat is valuable to keep other people out. A moat doesn’t let you grow itself, right? It gets rid of a particular impediment to your growth, which is competitors, but a moat isn’t growth itself.”

In a recent interview with Bloomberg, SBF disclosed that he had been approached by several SPACs who wanted to take the FTX exchange public. A special purpose acquisition company(SPAC) is also known as a ”blank check company” listed on the stock market to generate funding that allows it to merge with another firm. 

READ  Fund Manager Discusses Three Factors that Will Trigger Next Bitcoin Rally

#Ethereum vs Solana #Institutional Demand #Sam Bankman-Fried

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Source: https://www.cryptoknowmics.com/news/sam-bankman-fried-claims-institutional-demand-for-crypto-is-growing

Blockchain

Is it time to take another serious look at Uniswap

Decentralized Exchanges or DEXs have been undergoing tremendous development since early 2020 when centralized exchanges started to face massive outflows. Uniswap has been leading the DEX narrative mor

The post Is it time to take another serious look at Uniswap appeared first on AMBCrypto.

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Decentralized Exchanges or DEXs have been undergoing tremendous development since early 2020 when centralized exchanges started to face massive outflows. Uniswap has been leading the DEX narrative more than any other protocol but over time other platforms such as SushiSwap, and PancakeSwap have risen in prominence.

Yet, Uniswap has continued to do the right things over the past 12-18 months and results are evident following its growth.

Alpha Launch of V3 version: a Success?

Source: Spencer Noon

On 13th July, Uniswap announced an “Alpha Launch” for the V3 version of the exchange on Optimism’s layer 2, where 6 tokens were available for trading.

While it is still early to call Uniswap a success on Optimism, it is important to note that $3.65 million liquidity was witnessed by Optimism on launch day. However, the daily net new liquidity to Uniswap did slow down to $240k over the past week.

Now, if we analyze Uniswap’s deployment on these layer 2 platforms (Optimism and Arbitrum), it is commendable how consistently impressive its performance has been over the past few months.

Key metrics coming together

Uniswap liquidity providers have generated close to $1 billion in trading fees since the beginning of the protocol. It is clearly the highest revenue-generating DeFi and the magnitude of Uniswap LP illustrates the growth of the project.

Its eventual switch from V1 to V2 to V3 has arrived in smooth transitions as Uniswap V2 eclipsed V1’s volumes and similarly, Uniswap V3 quickly surpassed V2.

The improved performance of Uniswap V3 was down to its capital efficiency and its low fee pools. DEXs were notoriously expensive as swap fees were much higher than the regular trading fees of CEXs. But now, the newer platform provides a better experience for the traders and a much more competitive offering with respect to CEXs.

Uniswap walking with the big boys

Over the past two years, trading volume facilitated by DEXs has risen from 0.3% to 10%. Most protocols based out of DeFi have incurred value as Uniswap’s current valuation was $9.5 billion.

Another interesting comparison between Uniswap and other big players in the space i.e Coinbase and Nasdaq is how much the protocol is generating revenue per employee.

Source: intotheblock

As observed in the chart, the annualized revenues generated by Uniswap are relatively less than other big companies but Uniswap has been able to generate more capital revenue per employee. Uniswap only commands 37 individuals under its functionality whereas Coinbase and Nasdaq both have 4-digit employment numbers.

Doing it right, Doing it steady

With other platforms such as SushiSwap and PancakeSwap, there have been hurdles that have made the community question its reliability. SUSHI had a massive rug-pull initially and PancakeSwap is controlled under a centralized BSC.

With Uniswap, the level of decentralization has been kept high since inception, and as Uniswap fully deploys V3 onto layer 2, competition with centralized exchanges is likely to reach new heights.

Where to Invest?

Subscribe to our latest Crypto News and Analysis below :

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Source: https://ambcrypto.com/is-it-time-to-take-another-serious-look-at-uniswap

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Blockchain

Ethereum London upgrade could be delayed only for this reason

The Ethereum community is eagerly waiting for the Proof-of-Stake protocol to kick in and resolve problems relating to scaling on the network. However, given the history of delays with each leg toward

The post Ethereum London upgrade could be delayed only for this reason appeared first on AMBCrypto.

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The Ethereum community is eagerly waiting for the Proof-of-Stake protocol to kick in and resolve problems relating to scaling on the network. However, given the history of delays with each leg toward implementation, developers have assured that the launch of London Hard fork will be on schedule.

In an interview with the Chinese media outfit, Wu Blockchain, developer Tim Beiko said,

“…the only cause that could lead to the delay would be security concerns. However, until now the team did not have any such concerns and the London upgrade will be activated on the Ethereum mainnet between 3-5 August on block 12,965,000.”

What to expect when the London upgrade goes live?

Well, it is no news that that EIP-1559, a part of the London upgrade, would reduce the income of miners. However, the miners clarified,

“First, EIP-1559 removes part, but not all, of the transaction fees that go to the miners.”

Instead, every block will have a specified “baseFeePerGas.” This would be the minimum gas price users will have to pay for the transaction to be valid. This “base Fee” times the gas used by the transaction will be burnt. However, transactions will also specify a “priority Fee” which goes to the miners.

The developers explained this fee was like a “tip” and it compensated miners for the increased risk of their blocks being uncled, or removed from canonical chain, when they include transactions.

Additionally, Miner Extractable Value [MEV] will be paid by users who want their transactions to be included as the first transaction in the blocks. This feature was being actively used as the developers noted that about 60% of blocks have MEV transactions, compared to close to 0% at the beginning of the year.

What about miners’ profits?

Even though miners were not exactly at a loss, some were looking out to find other revenue sources. However, multiple factors affected miners’ profitability. These include the demand for the network, hash rate, and Ether’s price, as the miner revenues were mostly in fiat and not in ETH.

Looking ahead

Nevertheless, the path to 2.0 wasn’t short or simple. After the London hard fork, the mergers of ETH 1.0 and 2.0 were scheduled only for late 2021 and early 2022.

As per the developer Hsiao-Wei Wang,

“*IMHO* merging in early 2022 is more feasible to be confident of finishing the required testing in time. Security is always the top 1 priority, and we definitely would not rush into it.”

As mentioned before, security has remained the main facet for the developers and was also among the list of challenges for transitioning into PoS. The team was trying to tackle other challenges like the UX, communication concerning governance and education, and implications of their current specifications.

Competitors picking up the slack

While the timeline of the ETH 2.0 has seen alterations due to bugs or other reasons, the crypto space was all about challenging the existing systems. Given the high fees and slow transactions ailing Ethereum, projects such as Binance Smart Chain and Polygon emerged as Ethereum competitors. In fact, the problems on the Ethereum network have boosted Polygon’s adoption, but developers were not worried about the “competition”.

Beiko stated:

“As people involved in core development of Ethereum, we try to focus on our core strengths and not get distracted by worrying about “competition.” Developers and users are free to build / use whatever they like. We will continue to develop Ethereum to be robust and secure for the projects / users it has.”

Beiko and other developers of Ethereum remained mainly focused on the Layer 2 protocol which aimed at providing more secure and trustless functions as sidechains or other L1s to the users.

As the exact repercussions of the London upgrade remain unknown, the miners, developers, and users will all have to wait for launch early in August. In the meantime, investors can relish ETH’s 20% recovery over the past three days. At the time of press, ETH was trading at $2,062.

Where to Invest?

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Source: https://ambcrypto.com/ethereum-london-upgrade-could-be-delayed-only-for-this-reason

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AI

BigWin Announces Rebranding – Launch of new Welcoming Activities for Freshmen

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[PRESS RELEASE – Please Read Disclaimer]

BigWin is an open-source no-loss lottery playground combining DeFi and NFT, which announced its brand iteration days earlier.

BigWin is trying to be a user-friendly and interesting lottery playground, the whale ocean park, the NFTs, and future functions created by the community, mainly for solving the problem of low user acceptance in DeFi, trying to give everyone a fair shot in this open, permissionless way of finance.

“We would like to bring more people into the DeFi world with the help of a DeFi enthusiast community, conveying the DeFi spirit of open-source, transparency, and openness to a larger group of people.” According to the BigWin Team.

Deep Learning Solution for DeFi beginners

More people come into the no-loss lottery playground to play and learn. After having the basic knowledge, they will explore more in the DeFi world with the help of the community. The community is also going to create more ways to play because of the composability of DeFi. The power of community is always larger than we think.

BigWin is committed to be user-friendly. It is easy to operate with the help of BigWin tutorials. Deployed on BSC, the gas fees are much lower. This makes it ideal for beginners to enter the world of DeFi. Moreover, once there are some problems, the BigWin team and the DeFi enthusiasts are here solving them.

BigWin is also practicing DeFi’ s openness and fairness. For now, they launched the Cake Limited Prize Pool, and the investment amount is limited to 100 tickets, which is fair for small asset holders. BigWin is also planning to bring in NFTs. NFTs present different lottery strategies. It has strong descriptive ability, and is suitable for complex and changeable financial contracts and lottery strategies decided by participation time, proportion of the amount in the pool when joining, and the holding amount of BWIN or others. No-loss lottery combined with NFT will be a better tool to lead beginners into the DeFi world.

The User-Driven Community is in process. On Discord, BigWin had two rounds of mascot polling. Luckily, I had the chance to participate in the vote and chose my favorite whale. Participation is the best way to understand more things. All the developments are decided by the community, there will be more ways to study and share with the community getting stronger.

DeFi has the potential to create a new era. For the first time in human history, something can connect people to complex financial facilities and capital.

“The world will either move toward unity and widely shared prosperity or it will move apart. We have a chance to use our influence in favor of a more united and cooperating world.” Franklin D. Roosevelt said many years ago, who was essential in the process of creating the IMF and the World Bank.

And this is what BigWin is trying to achieve.

For more information and where to begin:

BigWin Airdrop: By voting for the next pool we build, you can get our free airdrop up to 300 BigWin. You can also get the prize pool you want for investing with your holding tokens and get the big prize.

BigWin USDT x 100 Boost Prize Pool for beginners : Deposit 2 USDTs in the 100 Boost Prize Pool to get the chance to win 200 USDTs.

The activities are online on July 8th. Stay tuned for our 100,000 BWINs Airdrop and 100 Boost Prize Pool for you!

Our Official Website | Ask us Anything in Discord

SPECIAL OFFER (Sponsored)

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Source: https://coingenius.news/bigwin-announces-rebranding-launch-of-new-welcoming-activities-for-freshmen-2/?utm_source=rss&utm_medium=rss&utm_campaign=bigwin-announces-rebranding-launch-of-new-welcoming-activities-for-freshmen-2

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Blockchain

Traders must wait for this before placing long bets on Bitcoin

The Bitcoin market has had its ups and downs over the past couple of months. In a constant effort to combat selling pressure, the king coin’s price has been unable to climb past several key levels to

The post Traders must wait for this before placing long bets on Bitcoin appeared first on AMBCrypto.

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The Bitcoin market has had its ups and downs over the past couple of months. In a constant effort to combat selling pressure, the king coin’s price has been unable to climb past several key levels to alleviate fears of a prolonged bear market. While sellers have been relentless in the market, a key development has emerged since 19 May sell-off. The $29,600-$30,000 range held strong after yet another wave of selling pressure and triggered another BTC rally. At the time of writing, BTC traded at $34,732, up by 2.8% over the last 24 hours.

BTC 4-hour chart 

Source: BTC/USD, TradingView

BTC’s breakout from its descending channel saw prices move above their 4-hour 200-SMA for the first time since late-June. Taking advantage of bullish sentiment in the market, buyers were even able to sustain the price above their long term moving average as BTC pushed higher on the charts. The next crucial resistance mark now lay at $35,000 but an upwards breakout seemed unlikely especially since the 24-hour trading volumes diminished by 13%.

Daily 50-SMA to stall BTC’s uptrend?

Switching over to the daily chart (not shown), BTC’s 50-SMA, which has run bearish since 19 May, rested close to $35,000-resistance. The mid-term moving average line could come into play and deny any short-term upside- a development that could see BTC trade just below $34,000 in the coming sessions. In case of a minor correction, BTC’s next defense rested at a support zone of $33,000-$33,700.

Reasoning 

The Relative Strength Index has moved within an up-channel since 20 July and now traded in the overbought zone. This indicated that BTC could see some southbound action and reset before continuing its upwards trajectory. While still above the half,-line, Squeeze Momentum Indicator noted a decline in bullish momentum and formed a slight bearish divergence. However, BTC’s current uptrend might still be intact as buying pressure was on the up- something pointed out by On Balance Volume’s northbound movement.

Conclusion 

Bullish momentum might fizzle out as BTC approached its next crucial resistance mark of $35,000- an area strengthened by the daily 50-SMA. Trading volumes took a dip as BTC approached this barrier- a finding that could result in some sideways movement. Meanwhile, traders were advised to play safe and wait for BTC to approach a stronger support level before placing any long trades.

Where to Invest?

Subscribe to our latest Crypto News and Analysis below :

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://ambcrypto.com/traders-must-wait-for-this-before-placing-long-bets-on-bitcoin

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