@dYdX announces its own chain on Cosmos because of decentralization and performance. It will feature an off-chain order book and 0 gas fees for trading.
@solana introduces the Solana Mobile Stack (SMS), a #crypto layer built on Android along with Saga, their flagship device built by @Solanamobile and @OsomPrivacy.
A hack of the Horizon Bridge caused a theft of around 86K $ETH or $100M. The Harmony team is working with authorities and specialists to resolve the situation.
It is a decentralized lending platform on #Solana that has been facing community backlash after its recent actions that seem to go against the ethos of decentralization. A summary 🧵👇
Just 2-3 weeks ago, $BTC’s poor price action led to a massive sell-off in major altcoins such as $ETH and $SOL, which reached lows of $881.56 and $25.86, respectively. This also led to on-chain liquidations at the $1K-$1.1K level, according to @parsec_finance.
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One prominent potential liquidation that stood out was a $108M $USDC debt on the #Solend platform where a user deposited 5.7M $SOL, worth $170M at the time, as collateral. The liquidation price of $22.27 was very close to the $SOL price then.
Not many know this: DeFi Option Vaults (DOVs) have gained tremendous popularity over the past few quarters. The potential for DOVs to revolutionize DeFi in the coming years is HUGE.
DOVs are automated vaults that use options as their underlying product to generate returns. At its peak, DOVs accounted for >$500M of the total #TVL in #DeFi options.
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2 reasons why DOVs are a force to be reckoned with:
1️⃣ DOVs democratize complex options strategies to the masses
2️⃣ DOVs bring high organic yield to DeFi
We believe that DOVs will shape the #DeFi space moving forward. 🚀
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A bipartisan #crypto bill was introduced yesterday, 7 June 👀📝
Also known as the Responsible Financial Innovation Act, @SenLummis and @SenGillibrand proposed a regulatory framework for digital assets in the bill. Here are the key takeaways in case you missed it:
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1️⃣ Definitions
The bill recognizes #crypto as digital assets and makes a clear distinction between tokens that are considered securities vs. commodities. The class a token falls into will be evaluated by its purpose and the rights conveyed to its holders.
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Based on the legislation, most #cryptocurrencies like #Bitcoin and #Ether are defined as "ancillary assets" which fall under commodities.
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Many assume that successful investing comes from picking winners during bull markets. However, it is during bear markets that life-changing wealth is created.
Here’s our playbook on how to navigate this Crypto Winter!
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As we navigate #CryptoWinter together, here are some principles that can help you endure this bear market.
1️⃣ Downside Management & Capital Preservation
2️⃣ Asset Selection & Accumulation
3️⃣ Liquidity Optimization & Capital Efficiency
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1️⃣ Downside Management & Capital Preservation
Hedging, sizing, and dollar-cost averaging (DCA) can help you mentally prepare for stressful market movements and generate positive expected returns in the long-term.
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#Bitcoin pulled back on Thursday, falling by 8.54%. It found support below the key $39.5k level. Price retested the downward channel which it broke out of on Wednesday during US trading hours.
Read more: 🧵👇
#Ethereum’s $ETH has hit through the trailing stop loss at $2577 yesterday afternoon. We suggest observing retest of the $2350-2550 base area + trendline since Feb 2021 on a daily chart which also serves the lower bound of the wedge.
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#DeFiTVL sits at 200.6b today as it has remained relatively flat throughout the week. Overnight, there were more rotations out of the #Fantom ecosystem, driven by outflows from #Solidex and #Solidly.
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Proof-of-Work and Proof-of-Stake are both consensus mechanisms or algorithms that ensure the security of the #blockchain. 🔒
In simple terms, they are used to select which participants/nodes should be given the chance and authority to add a block to the chain.
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This ensures security because it helps to filter participants who may not be genuine or committed to the #network.
In both mechanisms, chosen participants have to contribute a certain resource such as money or energy. This prevents bad actors from overtaking the network. 😇
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