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Sights set on mainstream adoption: Is another DeFi summer on the way?

Last summer, DeFi took the world of financial services by storm, but the question is: Will history repeat itself?

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Over the last year, decentralized finance has been the hottest topic of discussion in the crypto world, pushing the entire industry to new heights, developing innovative applications for the technology, and making financial services more accessible. 

It intends to place economic infrastructure back in the hands of the people, and just like how TCP/IP facilitated the growth of so many enterprises on the internet, decentralized finance is bringing business onto the blockchain.

Last year, the introduction of automated market makers gave DeFi a much-needed boost. The total value locked into decentralized finance platforms sat at around $1.2 billion in June 2020 — a metric that had grown nearly a hundredfold by May 2021.

Liquidity mining fuelled the sudden surge in DeFi usage around the world last year, giving people access to additional tokens beyond the standard interest rewards. The game-changer, however, was how these platforms allowed users to farm their respective tokens to partake in its governance systems.

Though 2020 was a fine year for DeFi by the numbers, the true extent of the chaos that ensued last summer is known only to people who were there to see it. However, the DeFi space has made considerable advancements since then, tackling all kinds of problems from technical limitations to better incentive models.

Amid collapsing national economies, a global pandemic and Bitcoin wrestling to push past the $10,000 mark, DeFi certainly made history last year — but will history repeat itself? Can the DeFi sector master up another parabolic surge one year after breaking into the mainstream not just for crypto users but into the global financial sector?

500 days of summer?

The biggest competitor to the decentralized finance industry is the very financial ecosystem that is in place today. Traditional, centralized finance has existed for centuries, having evolved across years of trial, error and modifications. While it’s a flawed system as far as Bitcoin is concerned, it’s not only better integrated into modern society than any blockchain-based service today but it’s also the most popular way people put their money to work.

DeFi allows for everything centralized finance offers and more, but there are still many challenges it needs to overcome. For one, most decentralized applications run on the Ethereum network, where network congestion has pushed gas fees to near-unaffordable levels. DeFi could potentially cater to millions, if not billions, of users, yet today, fewer than 350,000 wallets interact with Ethereum daily.

Decentralized finance may not be ready for mainstream adoption just yet, but it certainly has traditional financial services struggling to compete. However, some believe DeFi isn’t competing with them at all. Sergej Kunz, co-founder of the 1inch Network DeFi platform, told Cointelegraph:

“I’m pretty sure that DeFi should not be considered to be a rival for traditional financial services. DeFi is just a logical continuation of fintech development. I see banks and fintech companies becoming convenient gateways to the new financial world of DeFi.”

Though the blockchain space mainly comprises developers, enthusiasts and retail investors, decentralized finance is slowly bringing much bigger players to the game. Institutional investors want a piece of the cryptocurrency pie, and DeFi is turning out to be a popular flavor.

Most DeFi lending platforms advertise yield interest rates of between 8% and 70%, but with how quickly the ecosystem is growing, these astronomical rates might not be around for too much longer. It is likely that the more investors start making use of the product, the lower the interest rates may fall.

Though at present, Ethereum hoards most of the attention DeFi brings, and other projects aren’t waiting around for its congestion problem to be solved. Blockchain interoperability is gradually becoming a reality, eradicating the siloed decentralized ecosystems of today, bringing more composability to the space, and enabling better allocation of development resources. In fact, Bette Chen, co-founder of the Acala Network on Polkadot, told Cointelegraph: “From a technological perspective, multi-chain is inevitable.”

The Substrate-based Polkadot platform has enabled decentralized applications to interact with applications on other distributed networks and continues to attract projects with its significantly more accessible development ecosystem. “Metaprotocols like Polkadot will be instrumental in the development and proliferation of the decentralized web, which will then empower high throughput, forkless upgradable chains and DeFi applications,” she added.

Another significant hurdle for DeFi is regulatory clarity. Most active cryptocurrency markets have been slapped with stringent Know Your Customer and Anti-Money Laundering policies, and while this is an excellent step forward on blockchain technology’s journey to mainstream adoption, regulatory uncertainty in DeFi could impede its advancement in the short term.

DeFi isn’t going to become a fully regulated space overnight, and perhaps it never will be since it may take effort on an industrial scale to create, update and maintain a robust regulatory framework for decentralized finance, but with a $70-billion market at stake, there’s a lot of incentive to do so.

In 2020 alone, DeFi’s total value locked metric grew by an impressive 2,000%, and similar growth this year would peg DeFi as a $300-billion ecosystem by December. Today, the TVL figure is almost a third of the way there, and while it might be challenging for the space to undergo such exponential growth again this season, it’s not entirely impossible. Since $300 billion is less than a sixth of the current total cryptocurrency market capitalization, it could be argued that DeFi is certainly more important to blockchain than that fraction.

Though TVL isn’t exactly a comparable metric to market capitalization, DeFi is on its way to becoming a much more mature arena. With major players like Nexus Mutual and CDx making moves in the DeFi insurance space, tech giants Facebook and PayPal entering the realm of blockchain, and expert developers continually producing groundbreaking applications, growth on a similar scale to last year isn’t entirely out of the question.

DeFi-ing expectations

DeFi has experienced unprecedented growth in the last couple of years, driving a more participating economy and accelerating the modern digital revolution. The challenges it has to overcome are by no means undemanding. From rudimentary interoperability features and capital inefficiency to low liquidity and unintuitive interfaces, DeFi has its work cut out for it in the years to come.

Blockchain technology is already incredibly complex, and adding the technical complications of DeFi platforms to the mix could be the biggest obstacle in its way. It is still hard to figure out how to use all the products on offer, but at the very least, there is only one way things can go from here — develop.

The average investor isn’t going to know how MetaMask works or how to use it, and until the industry begins producing more convenient, intuitive ways to interact with the ecosystem, mainstream adoption will remain out of reach. Though Ethereum 2.0 is expected to merge the chains later this year, or at the start of 2022, to create a more scalable version of the network with sharding, people are already finding ways around the problem.

Related: DeFi bucks crypto market correction as Uniswap v3 leads the charge

Zhivko Todorov, DeFi ecosystem lead at LimeChain — a company that provides innovative distributed ledger technology solutions for enterprises and startups — told Cointelegraph, “High gas fees are a barrier to entry for retail users. However, we’re at a pivotal point where layer-two solutions are launching and picking up traction, which would drastically lower gas fees.” However, congestion on Ethereum isn’t just increasing the network’s gas fees; it’s alienating a significant chunk of traders.

“Blockchain’s throughput is hindering the influx of HFT [high frequency traders] traders to this sector,” said Grigory Rybalchenko, co-founder and CEO of EmiSwap exchange, in a conversation with Cointelegraph, adding, “High-frequency traders account for the most volume on traditional centralized exchanges, and high fees are unlikely to push them to migrate to DEXs anytime soon.”

The total market capitalization of digital assets briefly crossed the $2-trillion mark this year. However, the crypto market is still tiny compared to the global stock market, which currently represents around $80 trillion worldwide. That being said, decentralized finance has accomplished so much in the space of just a few years, and as long as this pace of innovation continues, there could well be another DeFi summer as projects may start to capitalize on all the hard work done over the past year.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/sights-set-on-mainstream-adoption-is-another-defi-summer-on-the-way

Blockchain

ANKR Technical Analysis: Slight Fall, May Further Touch Pivot Point of $0.0763

ANKR price has tested and broken out of the 23.6% FIB retracement level of $0.0740. However, it may soon retest this level and fall below it. We anticipate the MACD signals to work out and give a push towards the positive direction where it can next cross the pivot levels of $0.079.

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The Ankr Network was founded in 2017  as a distributed computing platform that takes advantage of blockchain technologies. It is created to provide a new blockchain solution that leverages idle computing power from devices and data centers as a whole. The purpose is to enable the sharing economy, where any customer can access resources at a more affordable rate, while also providing enterprises with the ability to monetize on their spare computing power that is not being utilized. ANKR is unique in the way that it is the first one to use trusted hardware, and as such this ensures a high level of security. Let us look at the technical analysis for the same.

Past Performance

On Jun 23, 2021, ANKR opened at $0.627. It moved and closed at $0.0718. The last 24 hours have seen a fall by 3.02% when it has traded between $0.0788 and $0.0744.  ANKR saw a weekly gain of 4.67%.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/ankr-technical-analysis-slight-fall-may-further-touch-pivot-point-of-0-0763.png

https://www.tradingview.com/x/r9tY4xX8/

READ  Buy Crypto Only If Prepared to Lose All, Says Bank of England Governor

Day-Ahead and Tomorrow

Currently, ANKR is trading at $0.742. The price has decreased slightly from the day’s earlier trade of $0.817. Thus, the market is a little down.

The MACD line is negative while the signal line is positive.  Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to start falling.

Currently, the RSI indicator is at 44%. It faced rejection at 52% and fell to the current level. Hence, selling pressures are high. High selling activity will exert downward pressure on the ANKR price.

However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Thus, a balancing view is forming which will slow down the fall.

READ  Australian Comedian Jim Jefferies Owns More Bitcoin Than Elon Musk

In short, the RSI and MACD oscillators have given bearish signals, while the OBV oscillator has given bullish signals. Thus, we can say that currently, the overall market momentum is negative. But, we have to wait and watch, if the intermittent price rises are price corrections or indicative of a bearish trend reversal.

ANKR Technical Analysis

Currently, the price is hovering near the first Fibonacci pivot resistance level of $0.748. It may soon move over around it and look further to touch the Fibonacci pivot point of $0.0763. Thereafter, we have to wait and watch if the price starts rising or continues to fall.

The price has tested and broken out of the 23.6% FIB retracement level of $0.0740. However, it may soon retest this level and fall below it. We anticipate the MACD signals to work out and give a push towards the positive direction, where it can next cross the pivot levels of $0.079.

READ  ANKR Technical Analysis: Price Below the Pivot Support Level of $0.13

#ANKR #Ankr Network

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Source: https://www.cryptoknowmics.com/news/ankr-technical-analysis-slight-fall-may-further-touch-pivot-point-of-0-0763

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Blockchain

Crypto Evangelist and Software Pioneer John McAffee Dies in Spanish Prison

Crypto evangelist and software pioneer John McAffee was reportedly found dead in a case of a suspected suicide at a Spanish prison.

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Crypto evangelist and software pioneer John McAffee was reportedly found dead at a Spanish prison after a court ruled in favor of his extradition to the United States. The founder of the reputed antivirus software company bearing his name had been indicted on charges of tax evasion in October.

McAffee’s demise was confirmed by his attorneys. Initial investigation into the matter suggests that the embattled businessman had committed suicide. He was 75 at the time of his death.

John McAffee Had a History of Legal Troubles Including Crypto Fraud

McAffee had sold his software firm in 1994 and lost most of his wealth in the financial disaster of 2008. Following this, he led a nomadic life during which he ran into legal troubles on several occasions. Last year in October, he was arrested in Spain after prosecutors in the US found him guilty of tax evasion

In an indictment filed by the Justice Department, McAffee was accused of making millions from his consultant work, speaking engagements, and crypto promotions, for which he owed taxes that he skirted for years. 

But tax evasion wasn’t the only charge the late businessman was facing. In March, federal prosecutors found McAffee guilty of running a crypto pump-and-dump scheme and raking millions by artificially inflating certain digital currencies. In another instance, the Justice Department alleged that McAffee had promoted initial coin offerings(ICO) without disclosing that the ICO issuers had been paying him to tweet about the projects.

Software Mogul Led a Controversial Life

The software mogul’s life was embroiled in controversies since 2012. Before his run-in with law enforcement authorities in the US, McAffee found himself in trouble with the government of Belize. He had been named a “person of interest” in connection with the murder of American businessman Gregory Faull, following which he left the country.

In 2015, he returned to the United States, where he was arrested on charges of drunk driving. During this period, McAffee also tried his hand at politics and ran as a Libertarian candidate for the presidency.

In the last few years, McAffee had become a vocal supporter of cryptocurrencies. At one point he claimed that Bitcoin is poised to reach $500,000 by the end of 2020.

READ  LIVE: Bitcoin Roars & Alt-Market Soars! – Sentimental Analysis / AMA (Saturday May 11th, 2019)

#Crypto Fraud Charges #John McAffee #McAffee Crypto

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Source: https://www.cryptoknowmics.com/news/crypto-evangelist-and-software-pioneer-john-mcaffee-dies-in-spanish-prison

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オンラインカジノで仮想通貨を使う方法&アドバイス

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近年、オンラインカジノが日本でも広がりつつありますが、オンラインカジノでは、プレイヤーが利用しやすいよう様々な入出金方法を用意しています。

今日は、仮想通貨でオンラインカジノを利用する方法を詳しくご紹介していきます。

※ビットコインを利用できるオンラインカジノに関する情報はLucky Chikahttps://luckychika.jp/”>https://luckychika.jp』を参照しました。

オンラインカジノで仮想通貨は利用できる?

いま現在、オンラインカジノで利用できる主な仮想通貨は、以下の通りです。

【オンラインカジノで利用できる主な仮想通貨】

 

Bitcoin

Bitcoin Cash

Ethereum

Litecoin

Cardano

Tether

Ripple

DogeCoin

オンラインカジノごとに対応している仮想通貨が違いますので、利用の際は、どの仮想通貨に対応しているか、事前に確認しておきましょう。

参考:https://www.coindeskjapan.com/cryptocurrency-type

仮想通貨でオンラインカジノへ入出金する方法

入出金方法は、利用する仮想通貨によって、多少手順が変わりますので、ご注意ください。

ここでは、基本的なステップをご紹介しておきます。

入金方法

仮想通貨でオンラインカジノへ入金する大まかな手順は、以下の通りです。

オンラインカジノにアクセスし、アカウント登録

入金ページの入金方法から、任意の仮想通貨を選択

表示された送付アドレスをコピー

仮想通貨取引所または、ウォレットサイトにログイン

送金ページへアクセス

アドレス帳にコピーしたリンクを添付

入金額を入力

「送金」を選択

仮想通貨で入金する際は、送付アドレスがとても大切です。

送付アドレスが少しでも間違えている場合は、正しく入金が行われず、入金したはずの仮想通貨が紛失する可能性があります。

スマホで入金する場合はQRコードで行えるので、不安な方はスマホからの入金をおすすめします。

出金方法

仮想通貨でhttps://luckychika.jp/payments/bitcoin/オンラインカジノビットコインへ出金する大まかな手順は、以下の通りです。

仮想通貨取引所または、ウォレットサイトへアクセス

受取メニューから「受取用アドレス」をコピー

オンラインカジノへアクセスしログイン

出金ページから、指定仮想通貨を選択

アドレス入力欄に、コピーしたアドレスを添付

出金額を入力

「出金」を選択

出金の際も、受取用アドレスが間違っていると、正しく出金が行われないので、注意が必要です。

また、オンラインカジノでの出金には時間がかかる場合もあります。

カジノによっては数日間かかるので、正しく申請が行えているか不安な方は、出金履歴を確認しましょう。

また、あまりにも出金が遅い場合は、トラブルが発生している可能性がありますので、オンラインカジノに設置されている、カスタマーサポートへ連絡すると良いでしょう。

オンラインカジノで仮想通貨を入出金するメリット・デメリット

オンラインカジノでは電子決済サービス、クレジットカード入金、銀行振込での出金等、様々な決済方法が提供されています。

そうした中で、強いて仮想通貨を用いて入出金するメリットとデメリットは何なのでしょうか?

メリット

オンラインカジノで仮想通貨が利用するメリットを、3つにまとめました。

 

匿名性が高くて安全

他サービスに比べて、手数料が安い

入出金の両方で利用できる

 

仮想通貨はでオンラインカジノに利用する際、送金アドレスを設定して送金するだけなので、クレジットカードや電子決済サービスに比べると、匿名性を担保できます。

また、クレジットカードや電子決済サービスでは、為替手数料や仲介手数料が発生しますが、仮想通貨では無料の場合も多いです。

さらに、オンラインカジノでは、カードは入金のみ対応しているケースが多いですが、仮想通貨は基本的に入金と出金、両方で利用でき、資金の管理がしやすいのがポイントです。

デメリット

オンラインカジノで仮想通貨を利用するデメリットを、3つにまとめました。

送金アドレスを間違えると仮想通貨が紛失する

価格変動によりベット数が減少する

入金ボーナスが対象外のケースがある

オンラインカジノへ送金する際、送金アドレスが間違っていると、送金した仮想通貨が紛失してしまう可能性があります。

送金アドレスが間違っているのは完全に自分のミスなので、カジノ側は勿論、紛失した金額を補填してくれません。

また、仮想通貨は数時間で大きく価格が変動し、それに伴って、入金によるベット額も増減します。

ベット額が増える場合は良いですが、減少する可能性もありますので、十分に注意しましょう。

オンラインカジノでは、入金する際、オンラインカジノ内のゲームで利用できるボーナスを付与している事が多いですが、仮想通貨での入金が対象外となっている場合もあります。

その場合、入金ボーナスを獲得するには、他の決済方法が必要となりますので、ボーナスの利用規約はしっかりと確認しておきましょう。

まとめ

仮想通貨は、価格変動におけるリスクや、オンラインカジノで利用することによって、課税対象となってしまう点はありますが、匿名性が高く簡単に入出金ができるので、便利な決済方法と言えます。

仮想通貨をオンラインカジノで利用したい方は、まずは利用したいオンラインカジノが、仮想通貨に対応しているかを確認し、各オンラインカジノの利用規約をしっかりと読んでから登録することをおすすめします。

 

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Blockchain

FLOW Technical Analysis: Look Out for $8.763

FLOW price has tested and broken out of the 23.6% FIB retracement level of $8.533. However, it may soon retest this level and fall below it. We anticipate the MACD signals to work out and give a push towards the positive direction where it can next cross the pivot levels of $8.891.

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Flow is a fast, decentralized, and developer-friendly blockchain, designed as the foundation for a new generation of games, apps, and the digital assets that power them. Flow is the only layer-one blockchain originally created by a team that has consistently delivered great consumer blockchain experiences: CryptoKitties, Dapper Wallet, NBA Top Shot. Let us look at the technical analysis for the same.

Past Performance

On Jun 23, 2021, FLOW opened at $0.627. It moved and closed at $0.0718. The last 24 hours have seen a fall by 3.02% when it has traded between $0.0788 and $0.0744.  FLOW saw a weekly gain of 4.67%.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/flow-technical-analysis-look-out-for-8-763.png

https://www.tradingview.com/x/YhcC8cla/

Day-Ahead and Tomorrow

Currently, FLOW is trading at $8.638. The price has been in a range, trading between $8.710 and $8.677. Thus, the market can go either way.

READ  OKB Technical Analysis: Price May Fall Below Support Levels of $16.79 and $16.08

The MACD line is very flat, hovering near zero. This shows the market right now is waiting for more volumes to pick up.

Currently, the RSI indicator is at 51%. It faced rejection at 61% and fell to the current level. However, the low trading volumes seem to indicate the market can go either way, and we can see activity in a few hours’ time.

However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Thus, a balancing view is forming which will slow down the fall.

In short, the RSI and MACD oscillators have given bearish signals, while the OBV oscillator has given flat signals. Thus, we can say that currently, the overall market momentum is negative. But, we have to wait and watch, if the intermittent price rises are price corrections or indicative of a bearish trend reversal.

READ  French DeFi Project ParaSwap Raises $2.7 Million In Seed Funding Round

FLOW Technical Analysis

Currently, the price needs to break the first Fibonacci pivot resistance level of $8.744. It may soon move over around it and look further to touch the Fibonacci pivot point of $8.763. Thereafter, we have to wait and watch if the price starts rising or continues to fall.

The price has tested and broken out of the 23.6% FIB retracement level of $8.533. However, it may soon retest this level and fall below it. We anticipate the MACD signals to work out and give a push towards the positive direction where it can next cross the pivot levels of $8.891.

#Flow

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Source: https://www.cryptoknowmics.com/news/flow-technical-analysis-look-out-for-8-763

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