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Germany’s federal bank, Deutsche Bundesbank, has successfully tested a DLT-powered settlement interface for electronic securities. The bank unveiled this news on March 23 through a press release, noting that it had joined hands with Deutsche Börse and Germany’s Finance Agency to develop and pilot this interface. Apart from these two agencies, Deutsche Bundesbank also worked with other market participants, such as Barclays, Citibank, Commerzbank, DZ Bank, Goldman Sachs, and Société Générale to reach this feat.
According to the news release, this initiative helped the participants discover that it is possible to create a link between the blockchain and legacy payment systems to settle securities using central bank money. To this end, the participants determined that central banks don’t have to create central bank-issued digital currencies (CBDCs) for settlement purposes.
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Explaining how the system works, the publication said that it serves as an interface between conventional payment systems and DLT-based securities platforms. It has two software modules, a trigger chain from Deutsche Bundesbank and a transaction coordinator, which is a combination of TARGET2 and a DLT Securities system, from Deutsche Börse.
Allegedly, this solution ensures securities and central bank money do not change hands until the transfer has been successfully confirmed by all parties. As such, it minimizes the counterparty risk for both the buyer and seller.
While DLT-based settlement systems tokenize money and securities, this solution does not require tokenized money to run. This is because it essentially acts as an interface that connects a DLT platform to a conventional system and triggers payments when deals are completed.
In the trial, Germany’s Finance Agency issued a 10-year federal bond through the DLT system. The test saw the primary and secondary market transaction settled through the blockchain. However, the transactions were not legally binding.
Stephen Leithner, a member of Deutsche Börse’s Executive Board said that new technologies are vital when it comes to developing futureproof infrastructures that can handle market needs. According to him, this project is a significant step toward improving the efficiency of securities settlement and digitizing securities, seeing as it combines existing infrastructure and new disruptive technologies smartly.
Bitcoin, a representative cryptocurrency (virtual currency), is soaring 10% thanks to a report from Citigroup.
According to CoinMarketCap, an American cryptocurrency market relay site, as of 6 a.m. on the 2nd (Korean time), bitcoin is trading at $48664, up 9.37% from 24 hours ago.
Bitcoin was pushed to the 43,000 dollar mark on the 28th of last month and recovered to the 48,000 dollar mark again.
The reason Bitcoin is soaring on this day is because Citigroup, a large US bank, released a friendly report on Bitcoin.
Citigroup said through a report, “It is at an important inflection point to decide whether cryptocurrencies such as bitcoin are recognized as mainstream currencies or end in a bubble.” I will do it.”
City emphasized that “the base of cryptocurrencies such as bitcoin is expanding thanks to the participation of many institutional investors,” and “it is worth considering as a payment method in international trade.”
Meanwhile, Bitcoin surpassed 58,000 dollars on the 22nd of last month, breaking an all-time high. However, after inflation (inflation) concerns arose, pushing it to the $43,000 level and rising again.
Recently, a circle of news has aroused heated discussion among people. I believe that when I look back at the end of the year, the importance of this news can definitely rank among the top ten news in the circle of 2021.
“On the evening of January 4, the largest banking regulatory agency in the United States, the Office of the Comptroller of the Currency (OCC) of the U.S. Department of the Treasury issued a document on its official website to allow U.S. banks to use public blockchains and USD stablecoins as the settlement infrastructure in the U.S. financial system. .”
It is said that due to the huge amount of visits, the official website was once paralyzed. Regarding this news, we can make the following three interpretations:
1. The “USD stablecoin” referred to in the article refers to a stablecoin that has been reviewed and approved by the regulatory authorities and accepted its continuous supervision. Mainly include USDC, GUSD, PAX, etc. USDT is not good, and DAI, which is native to the blockchain, is definitely not good.
2. The public blockchain here will most likely not be Ethereum, but a consortium chain with access mechanism. Any user’s real name, anti-money laundering, anti-terrorist transmission and other regulations must be met.
3. It can be seen that China and the United States have different ideas about digital currencies. It can be seen from CDBC that we use the top-level design of the central bank more to promote the development of digital currencies from the top down, while the United States is more of a “bottom-up” approach led by major financial institutions. At present, each has its own strengths, and it depends on time to test which is better.
But in any case, the OCC official announcement has completely raised the height of stablecoins to a new level. The biggest hot spot in the blockchain industry in 2021 may be on stable coins. This can be seen from the fact that dozens of algorithmic stablecoin projects that have been extremely popular recently have been launched online.
So let’s list the development context of stablecoins so far, and the development direction currently visible.
2013-2017 pre-stable coin era
The foreign friends and the old iron who entered before 2018 should be familiar with this term. Yes, before 2017, stablecoins weren’t there at all. It can be said that there is no sense of existence.
You may be wrong, USDT was released in 2015.
That’s right, but you have to know that the rise of USDT started with the support of the three major players in the second half of 2017, and what was before that.
In the pre-stable currency era, Bitcoin was the “exchange medium” for all currencies, and foreign compliant trading platforms have always supported direct recharge and purchase of legal currency.
2017-present fiat currency mortgage stable currency era
Tether USD is the full name of USDT, and its Chinese name is TEDA Coin. Tether, the issuer, listed USDT on Bitfinex and Poloniex in 2015. As a stable currency, Tether promises that every USDT has one dollar worth of cash or equivalent to support the value of USDT.
USDT became popular after the three major trading platforms launched USDT and opened USDT trading pairs in the second half of 2017.
In the first half of 2017, USDT only printed more than 10 million. At the end of 2017, it quickly increased to 1 billion. Now look back at the wave of mad cows at the end of 2017, do you know how it got up? BTC’s soaring sky at the end of 2017 has a great relationship with USDT’s crazy printing.
USDT has experienced multiple credit crises in the past few years. Users are mainly worried about whether there is a sufficient 1:1 USD deposit in TEDA Bank and compliance issues, but they have basically gone through it smoothly every time.
Now that it has issued 200 billion U.S. dollars in scale, it will continue to occupy the top spot in stablecoins. From the earliest BTC chain, it has gradually expanded to multiple chains such as ETH, TRX, Algorand, and OMG.
Later, everyone saw business opportunities in the stablecoin market. Major institutions issued their own stablecoins. For a time, various USDX occupied people’s vision, including the current second largest USDC, and later TUSD, PAX, and GUSD. …
So far, USDT is undoubtedly the best in the circle. The trading platform supports trading pairs, the issuance scale, and the number of public chains are huge advantages. In terms of outsourcing, the best one is USDC, which has strict audits and fully complies with supervision…
Circle, the issuer of USDC, even reached a partnership with Visa last month. Maybe sometime in 2021, Visa will issue a credit card that allows companies using the credit card to send and receive USDC payments directly.
2018-present cryptocurrency mortgage stablecoin era
Cryptocurrency-collateralized stablecoins are basically DAI alone. Although there are many other projects that try to copy or improve MakerDAO, so far, it can be said that there is no project to achieve even the slightest threat to DAI. USDX is far from the threat of USDT.
In the field of cryptocurrency mortgage-based stablecoins, if you understand DAI, you basically understand all the stablecoins of this type.
It is completely different from the style of currency backed by a centralized institution such as USDX and the US dollar. DAI is basically supported by ETH (now DAI can have multiple encrypted collaterals, including BAT, OMG, etc., for simplicity, we use The first single mortgage ETH is introduced).
Maker relies on the game between ETH mortgage and arbitrageur to achieve relatively stable prices. For example, if you mortgage 1 ETH and open a CDP (Debt Mortgage Position), you receive 700 DAI for an ETH 1000 USD. If you want to get back your 1 ETH in the future, you will have to repay 700 DAI.
If the price of DAI drops to US$0.9, CDP owners can buy 700 DAI for US$630 to repay the loan and make a net profit of US$70. If the price of DAI rises to US$1.1, then users can directly sell 700 DAI in their hands for 770. US dollars, the same profit is 70 US dollars.
However, DAI has several problems:
1. The capital utilization rate is not high. Because the anchor is ETH instead of U.S. dollars, and the price of ETH itself fluctuates greatly, it can only be over-collateralized, resulting in a capital utilization rate of only about 60-70%, which limits the utilization rate of funds. This is also the birth of Lien and others to improve capital utilization The direct cause of the rate of stablecoin projects.
2. The arbitrageur game model mentioned above is actually not always so effective because of the existence of overcollateralization. Because USDT maps the US dollar 1:1, the arbitrageur game model can work perfectly, which is why the fluctuation of DAI is much greater than that of USDT. The expansion of this topic is completely the length of a whole article, so I have covered it here.
3. When ETH plummets, the clearing system is affected by the current ETH performance, which is prone to problems. In the case of 312, the price of Black Swan ETH plummeted in an instant, which led to a lot of 0 yuan winning bids in the liquidation. As a result, the Maker system had bad debts, and the gap was more than US$500 W. Later, Makerdao had to issue additional MKR to repay the debt.
Due to the existence of these several reasons, although DAI is absolutely No. 1 in the cryptocurrency mortgage stable currency, it is also difficult to expand. In a few years, there is only a total issuance of several billions of dollars, which is similar to that of USDT. Ten billion stablecoins still have a magnitude gap.
2020-present algorithmic stablecoin era
Regarding this track, it has almost entered the second half. For the summary of the first half, please look back at the article a month ago, “During the endless and rapid evolution of DeFi, the skyrocketing algorithmic stablecoins are just a few people’s carnival? “.
In the past month or so, Basis, the leader in the third-generation algorithmic stablecoin, has seen dozens of imitation disks, and has expanded to the Huobi public chain, TRX, and the Binance smart chain, showing how popular it is. So here is the next article, to write about the current stage of the algorithmic stablecoin.
Note: The following mentioned algorithmic stable currency projects are examples and do not make any suggestions. The risks are relatively high at present, so do not blindly follow the trend.
1. Three generations: Basis, Mith, Onecash
Among the Basis and dozens of imitation discs, these three are the most worthy of writing.
Basis: Three generations of originality. After experiencing explosive growth, it has reached a market value of nearly 100 million. In recent days, it has come underwater (underwater means BAC<1 US dollars) and has begun to withstand the test of the “death spiral”. Tens of millions of debts, even if they come out of the water (when they come to the water, that is, BAC>1 U.S. dollars), they are likely to be brought back underwater quickly by debts. The situation is not optimistic.
However, as an original, Basis is still the most promising of the three generations, because the world of blockchain has rich rewards for the first original on any track. If the three generations of algorithmic stablecoins are falsified as a whole, then Basis should also be the last to fall.
Mith: Basis high imitation, without any changes, pure high imitation. At first, the text on many pages was still BAS, but it was found and posted by sharp-eyed users, which became a joke for the entire network.
However, the creator of the Mithril coin is Huang Licheng, the creator of Mithril coins, and he is called Big Brother Ma Ji, and the insider is called “Old Huang”. He has strong funds and extensive contacts in the circle. Mith basically relies on his big brother and a few big funds like SBF. Directly held up, the market value is close to Basis, and the three generations who do their part are ranked second. Recently, like Basis, they are also undergoing underwater tests.
Onecash: Basis has the most original projects in many imitations, including Rebase’s 10% limit, Boardroom’s new LP pool, and the original liquidity design of the bond system, which has effectively improved many defects in the original design of Basis.
Because of the 10% additional issuance design, the market value has grown slowly, and it is still only over 1 million. It is currently one of the few Basis imitation projects that remain on the water.
2. Fourth generation (that is, part of the mortgage algorithm stable currency): Frax, XUSD
Frax: Similar to Token, it is also a three-currency model, FRAX (stable currency), FXS-Frax Shares (governance and value accumulation token), Frax Bonds (debt financing token).
The difference is that without Rebase, Frax is 100% mortgage USDC to mint at the beginning. As time goes by, part of USDC + part of FraxShares (FXS will be destroyed) x Share will be used when casting Frax. Generated by Frax Share mortgage, complete the transition to a pure algorithmic stable currency.
The method of maintaining the stability of Token price is similar to that of DAI, which is through the difference between the price and $1, and the arbitrageur fills in the price difference. I will not describe too much here.
XUSD: Frax imitation disk, the difference is that it is Fair Launch, unlike Frax which has private equity
3. Five generations: StableCredit? A new project from the first four generations of Yu Dacheng?
AC recently made a comeback, and then announced a Wyfi, leading to the direct price of YFI.
To put it simply, the StableCredit loan + stablecoin that AC wants to do is a combination of “Everything can be MakerDao + part of the mortgage stablecoin. What’s great is that everything can be mortgaged like MakerDao to obtain stablecoin.
At the same time, these mortgaged Tokens will enter the AMM pool to form a “various Token: StableCreditUSD” lending pool, which opens up the interoperability of Swap and borrowing. It will not be as liquidity as the current assets in different projects such as Uniswap and AAVE. The problem of severe fragmentation, capital efficiency has always been a problem that AC is most concerned about.
At the same time, Wyfi was introduced, similar to Frax Share in Frax. Not only can you get 50% of the profit of the stable currency in the entire system, but you can also burn Wyfi to cast StableCreditUSD when the price of StableCredit USD is greater than $1, thereby arbitrage and stabilize the price of StableCredit USD.
WYFI is generated by YFI 1:1000 and is irreversible, so it is a big plus for YFI with deflationary function. In other words, is it possible that a project will appear in the market in the future that will combine all the features of stablecoins before?
For example, it supports USDC’s static mortgage, ETH’s dynamic mortgage + elastic Rebase, just like USDC+MakerDAO+Basis. If there is such a project, whether you participate or not, I think it’s always right to understand it the first time.
Overview
• According to Bloomberg News, creditors can claim 90% of the remaining Bitcoin from the Japanese exchange Mt. Gox, which declared bankruptcy in 2014.
• As part of the agreement reached between MGIFLP, a subsidiary of Fortress Investment Group, and Mt. Gox bankruptcy trustee.
• CoinLab, a former partner of the exchange, announced the arrangement but did not participate in the settlement. The company will continue its lawsuit.
According to a new report from Bloomberg, creditors can claim 90% of the remaining bitcoin from the Japanese bitcoin exchange Mt. Gox, which declared bankruptcy in 2014.
This is part of an agreement reached between MGIFLP (part of Fortress Investment Group) and Mt. Gox bankruptcy trustee Nobuaki Kobayashi.
CoinLab announced the settlement agreement, but did not participate in it. As an incubator for the Bitcoin business, CoinLab worked with Mt. Gox. In 2013, before Mt. Gox went bankrupt, CoinLab initially sued the exchange for breach of contract, and the lawsuit is still continuing.
Since Mt. Gox filed for bankruptcy in 2014, customers and investors have been scrambling to recover their losses. Earlier, a hacker stole about 850,000 bitcoins from the company.
Bloomberg reported that they can claim “90% of the remaining bitcoins tied up in the bankruptcy process.” At present, it is not known how much is left or how the approved claims will be priced. The bitcoin pricing that was previously approved for claim processing According to the price in 2014, that is $483.
Today, the price of Bitcoin has exceeded $36,000.
The plan reached by MGIFLP and Kobayashi needs to be approved by creditors before the funds can begin to flow.
Investors can also choose not to pay these payments in advance and wait for settlement of many other lawsuits against Mt. Gox.
On January 5, the Office of the Comptroller of the Currency (OCC) issued an explanatory letter stating that the Commonwealth Bank and the Federal Reserve Association can use public blockchains and stablecoins for settlement.
Note: OCC is affiliated to the U.S. Department of the Treasury and is one of the five main regulatory agencies of the U.S. federal government. It is mainly responsible for issuing licenses and supervising federal banks.
OCC pointed out that as long as it complies with laws and good banking practices, “the Federal Bank or the Federal Reserve Association can verify, store, and record payment transactions by acting as nodes on the Independent Node Verification Network (INVN). Similarly, banks can use stablecoins to facilitate Customers verify payment transactions on the network at independent nodes, including the issuance of stable coins and the exchange of stable coins for legal tender.
The regulatory agency cited as an example that one entity (payer) may want to remit U.S. dollar payments to another entity (payee). The payer does not use a centralized payment system, but converts U.S. dollars into stable coins and transfers the stable coins to the payee through INVN. The recipient then converts the stable currency back to U.S. dollars. In a common use case in reality, payments are cross-border remittances. “
Decrypt pointed out that the OCC letter clearly shows that as financial intermediaries, banks face competition in accelerating capital flows. In OCC’s view, INVN, such as blockchain and other distributed ledger technologies, is an effective and rapid way to transfer funds.
In this regard, the stablecoin USDC issuer Circle Joint Creation Jeremy Allaire tweeted, “This is a huge victory for cryptocurrencies and stablecoins. Because according to the letter of explanation, banks can treat public chains as similar to SWIFT and ACH. It has the same financial infrastructure as FedWire and treats stablecoins (such as USDC) as electronic storage of value. This importance cannot be underestimated.”
“We are moving on the path of implementing all major economic activities on the chain. It is great to see the forward thinking support provided by the largest national banking regulator in the United States.”
VICTORIA, Seychelle, Dec. 29, 2020 /PRNewswire/ — OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, is pleased to announce the launch of real-time settlement for all perpetual swaps, futures and options contracts that is coming soon to the platform. This exciting new feature will provide a better trading experience for users, improve the capital efficiency of their funds and enable greater cross-exchange arbitrage opportunities, among other benefits.
Real-time settlements will officially begin at 8:00 am UTC on Dec. 29 on the popular ADAUSD perpetual contract. The function will then be rolled out to other major currency pairs and financial instruments on the platform over the coming months. Real-time settlements will allow users to significantly improve fund utilization, as they can withdraw their profit at any time, without waiting for the 4:00 pm UTC settlement period every day.
“This is hugely beneficial to traders carrying out cross-exchange arbitrage, as they need to settle their profit in real-time across exchanges. It will also enhance capital management across the OKEx platform,” commented Lennix Lai, the head of financial markets at OKEx. “We will start with the ADAUSD market as a trial and gradually launch other major tokens from early next month.”
As real-time settlements begin, any user holding an ADAUSD perpetual contract position at 8:00 am UTC on Dec. 29 will see the average open price of the position changed to the settlement base price of the last settlement of the ADAUSD perpetual contract. All realized profit and loss will be transferred to the ADAUSD perpetual account balance, and the profit will be recalculated according to the new opening average price from 8:00 am UTC on the same day.
Users can experience the real-time settlement function of the ADAUSD perpetual contract by using an API, web or the OKEx mobile app. Please visit the OKEx Support page for more information and details about the changes to the display of realized PnL, position and settlement records.
“We are constantly working on improving the user experience and making trading on the platform as intuitive and beneficial to traders as possible. By being able to withdraw their realized profit instantly and not having to wait for the settlement period, users can engage in more efficient strategies to maximize their capital. The introduction of real-time settlements is another key upgrade at OKEx, and we believe that it will be extremely popular among users,” Lennix Lai added.
In the subsequent real-time settlement operation, OKEx reserves the right to temporarily close the real-time settlement function of some currency contracts in the case of extreme market conditions.
About OKEx
A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.
SOURCE OKEx
VICTORIA, Seychelle, Dec. 29, 2020 /PRNewswire/ — OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, is pleased to announce the launch of real-time settlement for all perpetual swaps, futures and options contracts that is coming soon to the platform. This exciting new feature will provide a better trading experience for users, improve the capital efficiency of their funds and enable greater cross-exchange arbitrage opportunities, among other benefits.
Real-time settlements will officially begin at 8:00 am UTC on Dec. 29 on the popular ADAUSD perpetual contract. The function will then be rolled out to other major currency pairs and financial instruments on the platform over the coming months. Real-time settlements will allow users to significantly improve fund utilization, as they can withdraw their profit at any time, without waiting for the 4:00 pm UTC settlement period every day.
“This is hugely beneficial to traders carrying out cross-exchange arbitrage, as they need to settle their profit in real-time across exchanges. It will also enhance capital management across the OKEx platform,” commented Lennix Lai, the head of financial markets at OKEx. “We will start with the ADAUSD market as a trial and gradually launch other major tokens from early next month.”
As real-time settlements begin, any user holding an ADAUSD perpetual contract position at 8:00 am UTC on Dec. 29 will see the average open price of the position changed to the settlement base price of the last settlement of the ADAUSD perpetual contract. All realized profit and loss will be transferred to the ADAUSD perpetual account balance, and the profit will be recalculated according to the new opening average price from 8:00 am UTC on the same day.
Users can experience the real-time settlement function of the ADAUSD perpetual contract by using an API, web or the OKEx mobile app. Please visit the OKEx Support page for more information and details about the changes to the display of realized PnL, position and settlement records.
“We are constantly working on improving the user experience and making trading on the platform as intuitive and beneficial to traders as possible. By being able to withdraw their realized profit instantly and not having to wait for the settlement period, users can engage in more efficient strategies to maximize their capital. The introduction of real-time settlements is another key upgrade at OKEx, and we believe that it will be extremely popular among users,” Lennix Lai added.
In the subsequent real-time settlement operation, OKEx reserves the right to temporarily close the real-time settlement function of some currency contracts in the case of extreme market conditions.
About OKEx
A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.
SOURCE OKEx
Opyn V2 is expected to be released at the end of the year. Learn about the main features of the new version.
Original title: ” New DeFi gameplay丨3 minutes to understand the DeFi option agreement Opyn v2 version “
Written by: Opyn
Compilation: Porridge Overnight
Opyn v1 can be said to be one of the earliest DeFi option agreements on the market. Through this agreement, anyone can create, buy and sell options for any ERC20 token. Nevertheless, Opyn’s current market share in the decentralized options market is not very large. ideal.
In this regard, the Opyn project team developed the v2 version of the protocol, which aims to lay the foundation for a more efficient and highly liquid option protocol (Note: Opyn v1 will still run on the Ethereum mainnet).
It is reported that the current Opyn v2 contract is under audit. This article will provide an overview of Opyn v2:
The v2 version of Opyn moved to cash-settled European-style options to improve margin by allowing safe construction of spreads.
European options mean that the holder of the option can only exercise the option when it expires. Although this seems restrictive (pre-exercise is not allowed), considering sufficient liquidity, selling American options is almost always more profitable than pre-exercising, because early exercise of options will lose your time value. For example, assuming a 0% interest rate situation: For example, you have a put option for 1 unit of ETH 500 USD, and then the price of ETH drops to 400 USD. In a liquid market, the lowest price of this ETH put option is about 100 USD, otherwise arbitrage. For example, the price of this ETH 500 USD put option is 80 USD. You (or any market maker or arbitrageur) can use 400 USD to buy 1 ETH, and then 80 USD to buy 1 unit put option. In American options, the arbitrageur can immediately exercise the option, earning a profit of $20 in the process. If it is a European option, the arbitrageur must hold the option to expire but lock in a profit of $20.
Cash settlement means that the option holder does not have to provide the underlying asset to exercise the option. On the contrary, options are settled in collateralized assets, and the option holder obtains the difference between the expiry price of the underlying asset and the strike price from the option seller.
Opyn v2 lays the foundation for more capital efficient options starting from spreads. The spread enables long oToken to mortgage short oToken, thereby improving capital efficiency.
The agreement now has the function of automatically executing currency options, so option holders do not need to take action before or when they expire. At maturity, the income of long and short option holders will be calculated, and can be redeemed at any time after the income is finally determined at the settlement price.
The agreement now allows farming income assets (such as cToken, aToken, yToken, etc.) to be used as collateral for options, and allows farmers to harvest oTokens that have been obtained and airdropped. The first batch of options launched in the v2 version will be collateralized by USDC, but shortly after the initial issuance, we will issue yield-based mortgage options.
Opyn v2 allows call options without any multipliers, so 1 call option oToken will correspond to 1 underlying asset unit (for example, 1 call oToken for 1 ETH corresponds to 1 call option for 1 ETH).
Operator is a smart contract function that allows users to delegate control of their treasury to a third-party smart contract.
Cash settlement requires the use of oracles to determine payment due. The structure of Opyn v2 is universal to allow different oracles to be used for different assets. Initially, this will introduce ETH-USDC options with USDC as collateral. These will use Chainlink oracles to obtain ETH prices.
Since the vault mortgage is checked at the end of the transaction, as long as the options are burned before the end of the transaction, the options can be cast without collateral.
The v2 version allows specific oToken details to determine the address, name and symbol and each oToken. For example, a 300 strike WETH put option that expires on December 25, 2020 is represented by the following symbol: oWETHUSDC/USDC-25DEC20–300P
product is the combination of the underlying asset, exercise asset, and mortgage asset of the specified option, and whether it is a call option or a put option. For any product in these whitelists, anyone can create a new option and specify a strike and expiration date. The expiration time is currently fixed at 8 am UTC to prevent the dispersion of various expiration liquidity within the same day.
It is reported that the core smart contract of Opyn v2 has been completed and will continue to accept Open Zeppelin’s audit and Certora’s formal verification.
Security is still one of the top priorities, so before the release of Opyn v2, the project team decided to launch a bug reward program with a total of 100,000 US dollars.
According to optimistic predictions, Opyn will release the v2 version at the end of 2020, and it will wait for the official announcement. ( Github link )
Source link: medium.com
VANCOUVER, British Columbia, Nov. 24, 2020 (GLOBE NEWSWIRE) — Digihost Technology Inc. (TSX-V: DGHI; OTCPK: HSSHF) (“Digihost” or the “Company”) is pleased to announce that it has entered into a debt settlement agreement with two of its directors (the “Creditors”) and pursuant to the debt settlement agreement will, subject to receipt of approval of the TSX Venture Exchange, issue an aggregate of 200,000 common shares in the capital of the Company, at a deemed price of $0.20 per common share, in consideration for the settlement of a total of $40,000 in accrued liabilities owing to the Creditors in respect of director fees (the “Debt Settlement”). The Company expects that the proposed Debt Settlement will assist the Company in preserving its cash for working capital.
The Creditors are insiders of the Company, and accordingly, the issuance of common shares to an insider in connection with the Debt Settlement is considered a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transaction (“MI 61-101”). The Company is relying on the exemption from the requirement for valuation under MI 61-101 on the basis of the exemption contained in section 5.5(b) of MI 61-101 as the Company’s shares are not listed on specified markets, and on the exemption from the requirement for minority shareholder approval under MI 61-101 on the basis of the exemption contained in section 5.7(a) of MI 61-101 as the fair market value of the consideration of the shares to be issued to the Creditors in connection with the Debt Settlement does not exceed 25% of the Company’s market capitalization.
All securities to be issued pursuant to the Debt Settlement will be subject to a four month and one day statutory hold period from the closing date. The Debt Settlement is subject to all necessary regulatory approvals including from the TSX Venture Exchange.
About Digihost Technology Inc.
Digihost Technology Inc. is a growth-oriented blockchain company primarily focused on Bitcoin mining. The Company’s mining facility is located in Buffalo, N.Y., and is equipped with an 18.7MVA 115,000-kilovol-ampere outdoor substation with an option to increase the power output to 42MVA.
For more information, please contact:
Michel Amar, Chief Executive Officer
Telephone: 917-242-6549
Email: michelamar@me.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of Digihost and its investee companies to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. The information in this release about future plans and objectives of the Company, are forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of the Company, as well as the Company’ ability to successfully mine digital currency, revenue increasing as currently anticipated, the ability to profitably liquidate current and future digital currency inventory, volatility of network difficulty and digital currency prices and the resulting significant negative impact on the Company’s operations, and the regulatory environment of cryptocurrency in the applicable jurisdictions. Although Digihost believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Such factors include, among others, risks relating to future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the need for continued technology change; protection of proprietary rights; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of the Company include but are not limited to: the effects on the Company of the Covid-19 crisis; ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices; an increase in network difficulty; the Company may not achieve operating hash rate, power utilization, efficiencies or profitability as currently anticipated, or at all; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the State of New York; the ability to complete current and future financings; any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and the ability to mine digital currencies that will be consistent with historical prices. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Digihost does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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