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Blockchain platform Cosmos (ATOM) has now enabled the easy transfer of assets between blockchains after the launch of Inter-Blockchain Communication (IBC), called Gravity.
Cosmos invertors voted positively on the new project, with 112 million overwhelmingly voting in favor of the feature while 75 million voted against it.
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As the project goes live, IBC will provide the avenue for messages to freely travel between blockchains that implemented the standard.
The project received an overwhelming support
The new features have been in development since 2016. The voting process was initiated after the requirement of 512 TOM tokens was met by the investors in support of the voting process.
IBC was initially built into Stargate, which was enabled by the Cosmos ecosystem in February. But ATOM holders allowed Stargate to undergo more testing before integrating and enabling IBC. The vote then put IBC into effect on Cosmos.
Generally, the number of tokens a group or individual has determined the level of influence they have during the voting process. And it turned out that the investors with more tokens offered massive support for the project to go live.
Zarko Milosevic, the chief scientist at Informal Systems, a blockchain consultancy firm, explained why IBC is relevant.
“IBC is a method of securely exchanging data between two independent (sovereign) blockchains,” he said.
It means two blockchains that have implemented IBC can communicate with each other in a permissionless manner.
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IBC will be beneficial within the DeFi sector
According to Milosevic, this has the potential of opening opportunities within the decentralized finance (DeFi) sector.
For instance, ATOM, which is the governance token of Cosmos, is now interoperable and transferable with blockchains that support IBC.
Cosmos stated that the new feature will be beneficial to new applications because it will enhance both fungible and non-fungible tokens. This will create the way for more NFT marketplaces and cross-chain exchanges.
Cosmos said it is committed to expanding cross-chain functionality for IBC-compatible blockchains.
Apart from securely allowing the exchange of data between two independent blockchains, IBC also utilizes sidechains for different protocols to provide scaling through sharding.
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Taking the opportunity of the Spring Festival holiday to further improve and upgrade the data of the weekly report, the release time of this week’s report has been lagging behind. The value of this routine update is mainly reflected in a brief introduction to the new data. The future weekly report will The newly-added data is continuously updated and interpreted, and strives to more comprehensively restore the position adjustment logic and emotional fluctuations of the Bitcoin futures market participants on the CME platform.
On February 13, the CFTC announced the latest CME Bitcoin Futures Weekly Report (February 3-February 9). During the latest statistical cycle, BTC surged by US$12,000, officially breaking through the US$40,000 integer mark and continued to accelerate. There is no sign of stopping the upswing and turning down. In the last statistical cycle, the partial air-conditioning warehouse logic of many types of accounts, including asset management institutions, was “falsified” by the market, and the market’s continuous breakthrough to new highs also rekindled the popularity of the pursuit. .
The number of total positions (total open positions) rebounded from 9,469 to 1,055 in the latest data. This value fully recovered the reduction in the previous statistical period and set a new high in the last three statistical periods. Short-term market participation is hot As the currency price accelerates and picks up rapidly, the anxious atmosphere displayed in the last statistical cycle seems to have been broken by the high currency price.
In terms of sub-data, the largest dealer accounts have “officially” participated in the market in the past two months or so. Such accounts have been very low in position adjustment enthusiasm for a long time and have not been active. Participate in the investment and allocation of Bitcoin futures. With the emergence of the bull market since the second half of last year, large institutions are “involuntarily” beginning to allocate cryptocurrency assets. Therefore, starting from this weekly report, dealer accounts will be added The performance of positions.
At the end of the latest statistical period, dealers had 387 long positions, 564 short positions, and 89 long and short (hedged) positions. Among them, the so-called long and short two-way positions mean the same number of long and short positions. Taking the dealer’s position in this week’s report as an example, 89 long and short two-way positions represent the “combination” of 89 long and 89 short positions. With the increase of market participants, the enthusiasm of institutions and large investors to adjust such “self-hedging” two-way positions has also increased significantly. This kind of positions will become more and more non-negligible in the proportion of total positions. Therefore, in future weekly positions , Will also add long and short two-way position data for asset management institutions, leveraged funds and large accounts.
At present, dealers’ positions are relatively short. Compared with the long and short performance of the previous statistical period, this type of account actually carried out “contrarian” net air-conditioning positions in the latest statistical period. It has not made the choice of catching up with more. It can be seen that the potential risks of assets that “dancing” near this historical high level are difficult to truly ignore for relatively traditional institutional investors.
The long positions of asset management institutions rose from 308 to 348, the short positions fell from 357 to 265, and the two-way positions were 26. The net position of this type of account quickly returned to net long after a short period of time in the previous statistical period. Asset management agencies in the latest statistical period decisively abandoned the partial air-conditioning idea of the past few statistical periods and started anew. Net multi-position adjustment. This can basically be regarded as the fact that such institutional investors have “recognized” the partial air-conditioning warehouses in the past few statistical cycles, and no longer hold a monotonous risk approach to the Bitcoin market outlook, and instead believe that the market is further strengthening under the current upward momentum. There is still room for this, which is undoubtedly exciting news for short-term bulls.
In the latest statistical cycle, the long positions of leveraged fund accounts rebounded from 3031 to 3149, ending the continuous decline in the past three statistical periods. Short positions increased from 7,224 to 8,481, and two-way positions rose from 456 to 665 . The large position increase of leveraged funds often occurs when such accounts have a relatively large attitude towards the market outlook. Therefore, it can be considered that the cautious attitude of such accounts in the past period has also changed in the context of the market surge.
In terms of large positions, long positions have risen from 2008 to 2822, short positions have further dropped from 161 to 64, and two-way positions have risen from 57 to 146. Large accounts have resolutely adjusted their net long positions in the latest statistical cycle, and the increase in their holdings in a single week has reached a new high since mid-August last year. This shows that such accounts are very active in catching up with the trend. , To sweep away the bearish sentiment when the position was significantly lightened for two consecutive weeks.
In terms of retail positions, long positions rebounded from 3,070 to 3,423, and short positions rose from 651 to 755. Different from the clear net-long position adjustment of asset management institutions and large investors, retail investors who performed most emotionally before have carried out a two-way simultaneous increase of long and short holdings more similar to leveraged funds in the latest statistical cycle. However, this type of account almost covered all the long positions that were cut in the previous two weeks within a week, so it also expressed an over-weight attitude.
Extended reading: What is the CFTC position report? What is the value? How to interpret it?
Disclaimer: As a blockchain information platform, the articles published on this site only represent the author’s personal views, and have nothing to do with ChainNews’ position. The information, opinions, etc. in the article are for reference only and are not intended as or regarded as actual investment advice.
Yearn.Finance team has opened a Maker vault with native tokens YFI from the treasury. The team said on 9 February on Twitter that Yearn has also minted 9.7 million DAI tokens from the vault, thus restoring the yDAI vault and allowing the DeFi project to repay victims.
In the wake of Yearn.finance’s recent hack, project members have been discussing ways to mitigate the aftermath of the recent exploit on its users. The DeFi project recently suffered a theft of $2.8 million and cost the vault $11 million in stablecoin DAI.
In addition, the Yearn team has informed users not to count on this happening again since the plans were “done as a one-off celebration.” Yearn also expects its users to purchase Cover, a market coverage provider.
yDAI vault restored!
Yearn has opened a Maker Vault with YFI from the Treasury to mint 9.7m DAI and make the yDAI vault whole.
It was done as a one-off celebration of going through this DeFi rite of passage. Don’t count on it happening again. Make sure to buy Cover next time. pic.twitter.com/6xNh3XEVYZ
— yearn.finance (@iearnfinance) February 9, 2021
On 28 December, last year, Cover suffered an attack, however, the suspected hacker soon returned the stolen funds.
After the exploit, Yearn’s governance token crashed by 15% in less than two hours, at the time. Users began to convert YFI into ETH and other tokens as well.
As a result, YFI prices fell to $29,600 from $35,000. During the present rally when most cryptos have been on a bullish trend, YFI seem to be recovering and was trading at $31,842, down 0.9% over the past hour, at press time.
The total value locked in Yearn has been steady so far, with $481.8 million in TVL, which has been up by 5.6% in the past 24 hours according to data from DeFi Pulse.
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- Dash is about to see a major transformation into a decentralized cloud.
- The shift comes as part of a 5-year plan that will see the launch of a new Dash Platform.
- Through a combination of features, the platform will work as a fully decentralized cloud service.
Payments-oriented privacy coin, Dash (DASH) is bringing forth its new platform that will allow users to store data within its network. The move is transforming the project into a type of a decentralized cloud service, and is opening doors to new possibilities and use cases.
Dash is rolling out Dash Platform
Launching this platform has been on Dash’s to-do list for a long time — five years, in fact. Back in 2015, the project announced ‘Dash Evolution,’ which was a program that would eventually allow it to evolve and receive new functionalities.
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The launch of the Dash Platform is the first major step towards that goal, and it will offer four new features. Those include a Dash Drive, a username layer, or DPNS, a DAPI (decentralized API), and finally, DPP, or Dash Platform Protocol.
Furthermore, Dash’s Mark Mason shared details regarding the idea of turning Dash into a cloud-type service. He said that the platform is actually an application development platform, which will leverage the project’s masternode network and blockchain. It will do this by transforming a P2P network as it is right now, into a decentralized cloud.
How will it all work?
With the change, the project’s clients will gain the ability to integrate apps to the platform via the DAPI. At the same time, Dash Drive will enable clients to send, store, and retrieve data, query the blockchain, and do it all with a very simple interface.
Meanwhile, the platform will enjoy all the security and access of a full node. There will be no extra cost or maintenance to further burden the users.
Initially, the platform will work as a DBaaS (Database-as-a-Service). Basically, the platform will offer all services seen in centralized clouds, but it will be fully decentralized.
It will also have usernames readable by humans thanks to the DPNS.
The end-goal is to push crypto adoption through a familiar interface, while still maintaining decentralization.
In the crypto space, the term Decentralized Finance (DeFi) has become the buzz word of 2020 as interest continues to pick up in the space. While there are several financial services verticals that falls under the broad DeFi spectrum, the ones that allow investors to earn a steady stream of passive income is something that is sought by many. It is even more exciting if the service does not require them to constantly keep track of such investments for profit optimization.
Such a solution is made possible by proprietary smart AI-based machine learning algorithms implemented by ArbiSmart. The EU based crypto arbitrage platform offers a reliable automated trading platform that allows users to leverage the price difference in crypto assets across leading exchanges to generate profits.
Unlike manual trading, ArbiSmart’s automated solution is capable of placing round-the-clock high-frequency trades across more than 20 leading global exchanges, in real-time. The platform has the potential to generate profits of up to 45% while exposing the users’ funds to minimal risk, close to 0%. In fact, even during the prevalent economic slowdown that is currently affecting global markets, ArbiSmart has managed to consistently maintain good profit margins.
Apart from its ability to generate decent profits on crypto investments, ArbiSmart is a regulated platform licensed by Estonia’s Financial Intelligence Unit to provide cryptocurrency-related financial services. It is also known to maintain high standards when it comes to customer service and security features protecting clients’ personal information and funds. All these factors have contributed to its growing reputation, making it an attractive option for investors.
Customer Satisfaction Always Takes Priority on ArbiSmart
If the platform’s customer service is any indication, one will know that ArbiSmart takes customer satisfaction seriously and is willing to go to great lengths to keep them happy. Users can provide inputs and feedback to the team which will be reviewed and considered for further improvements to the platform. The latest such development to feature on ArbiSmart is the inclusion of support for USDT deposits. Apart from the newly introduced USDT, users can also make deposits with other leading cryptocurrencies, credit and debit cards, and wire transfer.
All it takes to earn passive income is an account and a minimum EUR 500 deposit on ArbiSmart. The Smart Investment Calculator on the platform further assists users in deciding the investment amount that is right for them to enjoy preferred returns. It also provides a smart wallet feature where users can park their crypto assets and earn interest.
Meanwhile, the team at ArbiSmart continues to work on developing new features and services as per their well-planned product roadmap and user requests. Eventually, users can start benefiting from these updates as and when it happens.
Learn more and start investing on ArbiSmart at – https://arbismart.com/
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- Uniswap recently launched its governance token, which attracted massive amounts of attention.
- A sizable portion of the token was distributed among those who wanted it.
- Ethereum network was slowed to a crawl, while gas fees once again skyrocketed due to demand.
A DeFi project Uniswap launched its governance token, UNI, only hours ago. Immediately after that, the token got listed on Binance, while the crypto community rushed to get the newly-launched highly-popular coin.
Huge demand for the coins of DeFi’s hottest project
As soon as Uniswap’s team made its announcement on Twitter, it started seeing a flood of likes, gaining over 1.2 thousand of them in only an hour and a half. At the time of writing, the announcement has over 2.8k likes, with more probably coming as the day continues to progress.
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More than that, it appears that over 150 million tokens, which is around 15% of its total supply, became available to users. Anyone who wishes can claim the tokens, which is one of the best token distributions ever seen, according to Kain Warwick, the founder of Synthetix.
The news quickly spread, and in only three hours, over 13,000 Uniswap users claimed 400 free tokens. This is hardly a surprise, considering that the number of tokens per user is $1,344 at the current price.
This high demand for UNI tokens also caused quite an effect on Ethereum’s network. Fees skyrocketed once again, with more than $650,000 spent on UNI-related fees in the last few hours alone. Meanwhile, the network itself became extremely slow and overcrowded,
As mentioned, it did not take long for Binance exchange to list the coin, followed by FTX and KuCoin.
Details about the future of UNI
UNI tokens will continue their distribution over the next four years, with a total of one billion tokens being released during this time. 40% will go to the investors, advisors, as well as team members themselves. Meanwhile, 60% is going to go to the project’s community members. After that, the project will see a 2% inflation rate per year.
One more thing to note is that Uniswap governance will be live immediately, although the community’s control over the treasury will see a 30-day delay.
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