Connect with us

Blockchain

Synthetix Tokenizes FTSE, Nikkei and the Defi Index

Avatar

Published

on

FTSE has been tokenized, as has Japan’s Nikkei. Both are ERC20 tokens, acting similar to bitcoin or eth, but they track the price of the British stock market or Japan’s.

They’re a derivative, the price is set at the London Stock Exchange or other exchanges with sFTSE just tracking it through an oracle.

Yet the derivative is a token that you can hold and put it in a wallet. Instead of just a number, it is actually a thing itself through a complicated system on a new dapp called Synthetix.

Synthetix is basically dai but with SNX (synthetix tokens) instead of eth, although they’re trialing eth collateralization as well.

Here 750% collateral is recommended and if you get below 200% you get liquidated with it all subject to change as they’re going dao, so token holders can vote on all these rules and maybe new ones too.

You basically put the SNX in there, and you get sUSD. But instead of stopping there, you can now create markets, here called synths.

These markets are backed by the collateral so if sFTSE rises, the SNX stakers lose money, but there’s iFTSE as well. That’s shorting it. So whether the SNXers make or lose money depends on whether more are betting against or in line with the market.

Defi index weights, July 2020
Defi index weights, July 2020

Tokenizing FTSE in a kind of scanning a paper and putting it online way, is one thing. Creating a whole new index, and a very useful one, is something else.

That’s because instead of buying all these tokens, you just get one, sDEFI, but you miss on ‘dividents’ like free CRVs and YFIs.

You’ll notice neither is on this index, with BAL’s wight moreover a bit too low, REP maybe shouldn’t be there at all, Comp is maybe just a little bit too high, and who is UMA?

But these are small things that presumably can be changed and since we’re in the free space you can always have defi classic.

They planning to add futures now, soonish, so brining in margins. Also limit orders, with this sort of becoming a stock market of sorts, our stock market.

SEC can’t play here because code is speech and also because the Synthetix Foundation has been ‘decommissioned’ now so even if they go after some coder, it would achieve nothing as no one can do anything to the contract unless token holders agree.

Making it effectively like bitcoin really or eth but for crypto derivatives, derivatives that you can hold in a token form and move with the token being ownership.

Making them a bit different from traditional derivatives because you can store them on a raspberry pi for your kids until they turn 18 or you can take them with you to Mars if you’re Mr Musky.

Source: https://www.trustnodes.com/2020/07/30/synthetix-tokenizes-ftse-nikkei-and-the-defi-index

Blockchain

Billionaire Mike Novogratz Builds Bitcoin Position on Prescience

The sentiment in the crypto community has shifted now that the bulls are back in charge. With the bitcoin price trading within striking distance of $12,000, investors know from experience that this could be just the beginning of another major rally. Billionaire investor Mike Novogratz seems to think so. The Galaxy Digital chief tweeted to […]

The post Billionaire Mike Novogratz Builds Bitcoin Position on Prescience appeared first on BeInCrypto.

Avatar

Published

on

The sentiment in the crypto community has shifted now that the bulls are back in charge. With the bitcoin price trading within striking distance of $12,000, investors know from experience that this could be just the beginning of another major rally.

Billionaire investor Mike Novogratz seems to think so. The Galaxy Digital chief tweeted to BeInCrypto that he added to his bitcoin position on Oct. 19, a decision made on prescience leading into a rally on Oct. 20.

And it’s what he had to say about where the BTC price is headed that could give investors a chance to capitalize on the momentum.

Novogratz expects that once bitcoin takes out $12K, not only does it move higher from there but it will do so quickly. He points to the fundamentals, including “too much demand from new participants,” as the catalyst. Novogratz told BeInCrypto,

Advertisement

Continue reading below

Bitcoin’s Rough Resistance

The $12K level is an important threshold for several reasons. Many consider it tough resistance and the BTC price has not been able to overcome it of late. Recent sessions have seen it remain stuck between the $10,000 and $11,000 area.

Once bitcoin manages to reattain this milestone, the last time of which was August 2020, pundits argue it could be off to the races again.

Bitcoin bull Ivan on Tech, who posts daily videos on YouTube where he has more than 260,000 subscribers, has been giving the play-by-play. He pointed out on Oct. 20 that the bitcoin price actually went straight to $12,000 but got rejected there, which according to him is “all according to plan.”

Once the bitcoin price successfully breaks this level, Ivan on Tech is expecting big things, exclaiming in a tweet,

“Bitcoin will break $20,000 like a massive BOSS.”

The entire crypto community is likely glued to their screens to see if history repeats and the bitcoin price rallies to the moon.

Source: https://beincrypto.com/billionaire-mike-novogratz-builds-bitcoin-position-on-prescience/

Continue Reading

Blockchain

Latvian Financial Watchdog Issues Crypto Fraud Warnings

Latvia’s  Financial and Capital Market Commission (FCMC) has issued a notice to investors to refrain from indulging in malicious digital currency platforms and fake opportunities. The regulator also listed some “signs of fraud” to help individuals identify these deceptive practices. In an official statement published by the FCMC, investors were urged to stay vigilant against […]

The post Latvian Financial Watchdog Issues Crypto Fraud Warnings appeared first on BeInCrypto.

Avatar

Published

on

Latvia’s  Financial and Capital Market Commission (FCMC) has issued a notice to investors to refrain from indulging in malicious digital currency platforms and fake opportunities.

The regulator also listed some “signs of fraud” to help individuals identify these deceptive practices.

In an official statement published by the FCMC, investors were urged to stay vigilant against the growing number of investment opportunities that target individuals across different channels.

According to the FCMC, cryptocurrencies, and associated platforms within Latvia function with a lower degree of regulation when compared to many other financial markets. It claims this makes attacks more prevalent in the country.

The regulators also mentioned that these attacks might be difficult to detect at first because they oftentimes use “the names and images of renowned companies.”

Advertisement

Continue reading below

Uptick in Fraud

Many online advertisements used for fraud purposes lead unsuspecting victims to fancy websites that give them a false sense of security.

The FCMC noted that online fraudsters are constantly on the watch for new ways to extort money from potential victims and that they will often contact investors via email or other popular social media platforms, and even sometimes by phone.

The scammers normally try to mislead investors into buying currencies that don’t exist, refuse withdrawals, or demand that they pay exorbitant amounts for transfers of funds.

The FCMC has welcomed residents to check with the watchdog in order to verify the legitimacy of any platforms or services before actually investing any money. The regulator also listed verified financial service providers on its website.

Source: https://beincrypto.com/latvian-financial-watchdog-issues-crypto-fraud-warnings/

Continue Reading

Blockchain

Upgraded XMR Becomes Best Performer Among Top 15 Coins: Analysis

The upgraded XMR coin becomes the best performer among the top 15 coins by market capitalization as we are reading more in our latest monero news. The privacy-focused cryptocurrency became the best performing coin among the top 15 tokens by market cap after it launched the network update over the past week. The upgraded XMR […]

Avatar

Published

on

ADVERTISEMENT

The upgraded XMR coin becomes the best performer among the top 15 coins by market capitalization as we are reading more in our latest monero news.

The privacy-focused cryptocurrency became the best performing coin among the top 15 tokens by market cap after it launched the network update over the past week. The upgraded XMR ranked 14th by market cap and trades at $127, increasing by 5% in the day, trimming the weekly losses to less than 4%. At the same time, other major coins from the top 15 which are less than 3% in a day. XMR increased today after a slight reaction to the expected update which was launched on Saturday.

Initially announced in August 2020, Monero’s latest Oxygen Orion update brings some more important improvements to the network at a time when the regulators are getting increasingly worried about the privacy coins. The latest update brings the so-called compact linkable spontaneous anonymous group feature.

coinpaprika
Source coinpaprika.com

As per the Monero blog, the CLSAG update allowed smaller and tighter transactions and will also reduce the transaction size by about 25%. This will also improve the transaction times by 10% and will bolster privacy with Dandelion ++ which is a feature that aims to protect users’ IP addresses. The latest update release comes not too long after another speed and security-centric upgrade named Nitrogen Nebula was launched which was one of the many upgrades that went live in the past few months.

ADVERTISEMENT

Right before the release, Monero enjoyed an increase in price and moved up by about 35% in a month and 125% in a year while the US Department of Justice released a new report that explains the risks of end-to-end encryption along with the US Internal Revenue Service which declared war on privacy coins, offering a bounty of about $625,000 to crack Monero’s privacy code.

Monero approaches key resistance, xmr, privacy

Now, Monero scales up to 20 times while compared to the other upgrades, there will be no change to Monero’s mining algorithm was frequently modified to disadvantage the ASIC miners. The project’s upgrade from 2019 included RandomX which means that the network no longer needs changing to its mining algorithm for ASIC resistance. Though not directly related to the upgrade the development of the community project is progressing. The community developers have been working on the atomic swap which allows users to exchange Monero for other coins. The proposal for the project has reached full funding as of late.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/monero-news/upgraded-xmr-becomes-best-performer-among-top-15-coins-analysis/

Continue Reading
SaaS3 mins ago

SaaS3 mins ago

SaaS3 mins ago

SaaS3 mins ago

SaaS3 mins ago

Aviation2 hours ago

Flybe Comeback Planned for Spring 2021

Aviation2 hours ago

Which Individuals Spend The Most On Private Air Travel?

Aviation2 hours ago

Use domestic quarantine rooms for Aussies abroad, say airlines

Aviation2 hours ago

CASA staff pushed ‘to the brink’, say Professionals Australia

Aviation3 hours ago

How Much Does It Cost To Fuel A Commercial Airliner?

Esports4 hours ago

Rep. Alexandria Ocasio-Cortez’s Among Us stream peaks at over 400,000 concurrent viewers

Aerospace4 hours ago

Space Force stands up operations command in Colorado Springs

Aviation4 hours ago

What’s Happened To Icelandair’s 787 Order?

Esports4 hours ago

Hikaru Nakamura challenges President Barack Obama to a game of chess

Esports5 hours ago

PUBG Mobile reveals first virtual band, Power4

Aviation5 hours ago

Confirmed: Cathay Pacific To Close Down Cathay Dragon

Esports6 hours ago

Lee Sin added to League of Legends: Wild Rift

Esports6 hours ago

How to use the AR Mapping features in Pokémon Go

Aviation6 hours ago

Emirates Economy vs. Qatar Economy- What’s Best?

Aviation6 hours ago

Podcast: What’s the real story behind Scurrah’s Virgin exit?

Esports6 hours ago

Hundreds of Twitch partners have received DMCA takedown warnings

Aviation6 hours ago

Brisbane-Cairns now busiest Qantas route

Esports6 hours ago

Haksal retires from professional Overwatch

Energy6 hours ago

CO.R.D.A.R Valsesia adopt innovative Israeli wastewater data solution to reduce water degradation in the Italian Alps

Aviation6 hours ago

Tasmanian drones find guns and chase vehicles

Techcrunch6 hours ago

Political strategist turned tech investor Bradley Tusk on SPACs as a tool for VCs

Esports6 hours ago

Armada or Mang0: Super Smash Bros. Melee community debates best player ever

Energy7 hours ago

Commencement of Cash Tender Offer for Ascent Resources Utica Holdings, LLC’s and ARU Finance Corporation’s 9.00% Senior Notes due 2027

Techcrunch7 hours ago

Watch GM unveil the $80,000 GMC Hummer EV right here

Energy7 hours ago

Entrada de Pedidos da Indústrias Romi atinge R$313,4 milhões, crescimento de 65,5% em relação ao 3T19

Aviation7 hours ago

Two JAL Affiliates To Join oneworld Alliance

Gaming7 hours ago

AOC aims to get out the vote by streaming Among Us with pokimane and HasanAbi

Energy7 hours ago

Berkeley Lab Building Efficiency Campaign Drives $95M in Annual Energy Savings

AR/VR7 hours ago

PSVR Not Compatible With PS5 Camera, New Japanese Bundles Include Adapter for PS4 Camera

Automotive7 hours ago

Feast your eyes on the all-new, all-electric GMC Hummer EV

Techcrunch7 hours ago

GMC reveals the Hummer EV: 1,000 HP, 350 mile range, and 0-60 in ‘around 3 seconds’

Aviation7 hours ago

Air Force Thunderbirds to Headline Wings Over North Georgia

Aviation8 hours ago

Alaska Airlines Brings Back Surf Wave Dependant Flight Discounts

Esports8 hours ago

Riot lays out buffs, nerfs, and other changes coming in League Patch 10.22

Aerospace8 hours ago

NASA’s OSIRIS-REx spacecraft lands on asteroid in bid to collect samples

Trending