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The Mining Industry Builds Up Smart Solutions

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The present-day mining industry provides large-scale possibilities for the latest automotive and connective technologies to be tested out.

It goes without saying that the process of recovering the planet’s natural resources is hard. Apart from being difficult, it can be environmentally damaging. In these circumstances human safety is of top priority. It is provided by such IT revolutionary systems as: ‘extreme Wi-Fi’ that is able to cover vast deserts; autonomous vehicles that deal with extracting vital minerals and rocks without the need for operator action; smart communications that warn employees if they get close to gigantic machines and much more. The experts in the field believe that the potential of these systems will help to achieve the ambitious goal of the fully autonomous mining site, where the actual presence of humans is not required.

Smart mining premises

All the leading manufacturers of mining machinery are currently developing the best autonomous practices to increase efficiency and productivity, reduce cost, and lower emissions without sacrifice of safety. By using connectivity and valuable data analytics they develop the optimal dig patterns at the coalface and enable the vehicles of exact autonomous routing. Mining has become the mutual combination of big industry, big data and big money.

The underground IoT provider

One of the most ingenious contributions to smart mines so far is the Smart Rockbolt. Basically, this is the device that creates an underground Internet of Things. The global mining industry uses 100 million of bolts every year. These tools are used to prop up walls and ceilings during dynamiting. The concern is that they are rather susceptible. Being damaged, they lose their load bearing capability. As a result, there is the risk of deadly collapsed tunnels and cavities.

The innovative Smart Rockbolt was designed at Lulea University of Technology in Sweden and has an impressive list of virtues. It is equipped with sensors that measure vibrations and strain. When linked to 4G or Wi-Fi it empowers a mesh network with the might of a 24/7 safety monitoring system. What is more, a single non-rechargeable battery cell is able to run for years.

The art of geofencing

Geofencing technology serves to keep workers away from dangerous equipment. It is integrated with various microclimate monitoring systems, which benefit from sensors that measure humidity, temperature, sound and gas levels in the area. In case of any problems mining workers and engineers receive the corresponding text messages on their phones. Employees can get warnings not to enter an area because the air quality is not satisfactory or because there is heavy machinery working. A worker also can send an alert to the control center when they are in need of assistance. Another important value of the technology is that it can give real-time feedback on the physical condition of workers (e.g. blood pressure, heart rate, etc.) by means of special wearable devices.

The ultra-reliable Wi-Fi

To guarantee successful remote operation, the connectivity should be just flawless. But in case of the open mines somewhere in high mountain ranges the task demands a lot of effort. Sometimes, the environmental conditions are so tough, that for electronics it’s like going to Mars. But there is such advanced networking equipment with ruggedised routers that allow remote mining and construction workers to take advantage of the so-called ‘extreme Wi-Fi’ everywhere they go.

The need for 5G

Providing reliable connectivity that is flexible and durable enough for underground mining operations is quite a challenge. To arrange the work of autonomous mining machinery on a regular basis, the connectivity should be of no less than the 5G standard. Telecommunications equipment companies have already launched the projects that aim at investigating how to remotely control monster-like vehicles. For this reason, distributed radio networks with carefully arranged antennas are being set up in the mines to deal with the long underground tunnels and rough walls.

Mine of the future

Autonomous haulage around the mine is not a dream, but the reality that is tested nowadays at the Pilbara iron ore mine in Western Australia. The concept under the big name ‘Mine of the future’ is being realized with the help of 69 partially autonomous trucks. Other outstanding plans include automated drilling and even a fully autonomous long distance railway to get the ore to market.

In the near future a fully remote control over dump trucks is planned to be ensured through an electric steering module, installed between the steering wheel and valve. Moreover, the trucks will use data from the on-board sensors, as well as digital maps that will help to navigate around a mine and identify an exact location for dumping.

Great Expectations

Alongside big behemoths in the form of haul trucks, there are smaller versions of transportation trucks in the form of tippers that are also used for bulk cargo haulage around a mining site. Autonomous transport solutions for construction sphere have become one of the prime concerns for Swedish automotive manufacturers. Thus, Scania tippers represent the company’s ongoing commitment to profitability and sustainability. As an initial result, two collaborating construction vehicles from Scania have already demonstrated its self-driving abilities. A distinctive feature of the project is that its final goal is not to take away the need for human intervention but to make the driver to be a key player in proficient autonomous transporting and dumping solutions.

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Bitcoin in El Salvador – 5 talking points from its official adoption

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Bitcoin in El Salvador – 5 talking points from its official adoption

Street protests, technological glitches, and a crypto crash…and that was just the first day.

When El Salvador became the first country in the world to recognize Bitcoin, or BTC, as legal tender, few analysts predicted a smooth transition.

However, the official adoption couldn’t have gone much worse for the Central American country in a chaotic opening 24 hours. Here are five of the key talking points to a historic episode in the history of currency. 

The people take to the streets

Cryptocurrency is hailed as the future of money by some financial experts, but in a country where half the population has no internet access, many people are unsure about what Bitcoin even is. 

The uncertainty is part of the reason why protests broke out across the country at the same time as the BTC launch.

More than 1,000 people protested outside the supreme court in San Salvador, the nation’s capital, setting off fireworks and burning tyres.

Other reasons for opposing the virtual coin include a hostility towards big businesses. Many citizens believe their economy will be exploited by the so-called ‘whales’ – people with large amounts of BTC – to make profit. Other people simply don’t like the volatility of the currencies, with prices sometimes soaring or dropping by over 10% in a single day

However, not everyone is put off by Bitcoin. It’s high accessibility means it’s a way for ordinary people to invest in financial markets – something that’s normally out of reach.

The biggest crypto crash in months

The protestors may have a point about volatility. The last 12 months have seen the price of Bitcoin treble in value to a high of around $61,000 in early 2021, dip by 50% over the summer, and almost double again in August and September. Swings and drops like this might make some people think they’re better off putting their BTC into a Bitcoin-friendly casino, rather than a crypto exchange

Bitcoin stayed true to form on launch day. After starting the day at the $52,000 mark, it plummeted 17% to $43,000 at one point, before steadying itself at around $47,000. 

It was part of a wider crash that saw over $400 billion wiped off the value of the full crypto market. Altcoins such as Ether, Cardano and Ripple suffered their biggest fall in months, as investors were spooked by the shock to the system.

Forecasts for the short to mid-term, though, are mixed. Some experts believe the crash was just a blip before the next step higher for crypto prices.

Others believe that Bitcoin simply isn’t ready to be an official currency, and the ensuing problems in El Salvador will contribute to a long-term slump. 

The government snap up more Bitcoin

The crash did have one small consolation for the country – it allowed them to ‘buy the dip’. Buying the dip is a common investing term for purchasing when prices are cheaper, and this is exactly what the El Salvador government did.

They swooped in to buy an additional 150 bitcoins as prices fell, worth around $7 million. 

The problem is, they had already lost almost a fifth of the value from their initial purchase of 400 BTC (around $20 million) a few days prior. If the price were to drop more, then many will question the wisdom of the government’s investment.

However, for ‘bullish’ believers in the long-term value of BTC, buying at any point below $50,000 is good value. They expect the coin to hit $100,000 soon, on its way to even higher values over the next few years.

Tech glitches force the President to take to Twitter

Ahead of the launch, El Salvador’s President Bukele announced a new national digital wallet, called Chivo, designed to make the transition to virtual money as smooth as possible. 

Come the big day, though, and the wallet’s app was nowhere to be seen on Apple or Android. After a period of uncertainty, the president complained to the online stores via Twitter in a bid to make it available.

The reason was a technical glitch that meant the app couldn’t cope with the influx of new registrations. The government then connected it to more servers to increase capacity and it appeared that the problem was solved.

People start to make BTC payments at major outlets

With the glitches corrected, the day was about to end on a happy note as pictures appeared online of shoppers using Chivo in retailers such as Starbucks to pay for goods in BTC. 

President Bukele posted the images to show the world that the crisis was over, and El Salvador was on the way to the successful adoption that he predicted.

The good news, however, didn’t make the fears about money laundering and security go away. This will be the big test for El Salvador over the next few months – to make the currency work in a climate of fear and distrust. 

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This is what cryptocurrencies were worth this time last year

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This is what cryptocurrencies were worth this time last year

When it comes to investing in crypto, it’s easy to get caught up in the short-term. Wild fluctuations, sometimes over 10% of a coin’s value, like the fall in prices among altcoins at the start of September, often influence our thinking and decision-making.

Several experts give advice that follows two key rules: buy low and buy long-term. To back this wisdom up, several major coins are now trading at much higher levels than last year – although it’s important to remember that it may not stay that way. 

Here are the price changes in some of the big coins that you might have your eye on.

Bitcoin 

September 2020: 10-11,000 USD, now: 47-48,000 USD

The original cryptocurrency has had a strange year. Despite record levels of growth – the coin has more than quadrupled in 12 months – it has also faced a range of issues.

China’s embargo on Bitcoin is probably the biggest, and when its government announced the ban in mid-2021, prices plummeted to 50% of their yearly high. El Salvador’s adoption of BTC, becoming the first nation ever to do so, also gave the coin an unexpected knock as the country’s systems struggled to cope.

Still, there’s no denying Bitcoin’s ability to bounce back from setbacks – and some analysts predict the coin to hit $100,000 in early 2022.

Ethereum   

September 2020: 300-400 USD, now: around 3,300 USD

The last year has been a rollercoaster ride for ETH investors, with highs that didn’t previously seem possible. A six-week jump in summer 2020 that almost doubled the coin’s price kicked it off, followed by a 50% dip, and then another doubling as the year ended with crypto prices rocketing.

Consistent rises this year, marked by a couple of sudden drops, have led to the price bobbing between the 3,000 and 4000 USD marks, which represents a stunning x10 value jump in the year.

ETH whales with six-figure investments might feel like they’ve hit the jackpot, with portfolios that probably resemble lottery jackpot wins.

A big reason behind ETH’s success is the rise of NFTs, with sites such as Rarible using it as their main currency to facilitate the trading of the tokens. While the next 12 months by no means offer a repeat of the same, it’s likely that ETH’s price will continue to rise. 

Cardano

September 2020: 0.10-0.12 USD, now: 2.30-2.40 USD

While BTC and ETH’s rises have been impressive, they pale in comparison to Cardano, otherwise known as ADA, after 19th century mathematician Ada Lovelace. 

The past year has seen it launched in Africa as part of a project aiming to develop the continent’s infrastructure and bring crypto technology to millions of Africans. Ada refers to it as its mission to ‘bring banks to the world’s unbanked’ and could see it become widespread in developing countries.

Billed as a leaner alternative to Ethereum – founder Charles Hoskinson is also co-founder of ETH – Cardano has seen an incredible leap in value – at one point this year, it weighed in at 2.90 USD, a x29 increase.

Over the last few weeks, it’s settled down to around 2.40 USD, but looks set to stay as one of BTC’s main challengers.

Litecoin

September 2020: 42-62 USD, now: 180-190 USD

Referred to as the silver to Bitcoin’s gold, Litecoin’s staying power should never be in doubt. Formed in 2011 by Charlie Lee, many predicted it to fall by the wayside, but it’s kept pace with headline-grabbers Bitcoin and Ethereum.

The last 12 months has seen a quadrupling in value for LTC after it rode the wave of the famous crypto rise of late 2020. It’s also had a good few months, threatening to break the 200USD limit on occasions. 

Like a Rocky Balboa, LTC keeps taking the punches and coming back for more. Could 2022 see it become the number one contender for the crypto belt?

Doge

September 2020: 0.0026-0.0032 USD, now: around 0.24 USD

Perhaps the biggest crypto shock story so far. Since its creation at the end of 2013, Dogecoin had often been dismissed as a joke coin – a silly internet meme thought up by Reddit members with nothing better to do.

However, a x100 increase a year later means not many people are dismissing it now. Helped by a somewhat cynical campaign of publicity stunts by Elon Musk, the coin rocketed in value in spring 2021, including a ridiculous rise of 300% in a single day. 

DOGE has since dropped to less than half of its 0.55 USD high, and many predict it to fizzle out – but after last year, who knows what will happen?

Solana (SOL)

September 2020: 2.40-3.50 USD, now: around 158 USD

Solana is one of the youngest blockchains around, with its whitepaper released in 2017, but that hasn’t stopped it turning 2021 into a golden year.

The coin has shown remarkable resilience to several challenges, particularly during the recent altcoin dip where it was the only one not to feel the effects of the China/El Salvador fallout. 

Whether it’s ready to step up to the level of the big boys remains to be seen, but a yearly rise that has seen its value multiply over 60 times is something to take note of.

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TA: Ethereum Plunges to $3,150: Can Bulls Save the Day?

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Ethereum

Ethereum started another decline below the $3,400 support zone against the US Dollar. ETH price must stay above $3,150 to avoid more losses in the near term.

  • Ethereum started a fresh decline from the $3,500 and $3,550 resistance levels.
  • The price is now trading below $3,300 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could a steady increase as long as it is above the $3,150 support zone.

Ethereum Price is Eyeing Decent Recovery

Ethereum failed to clear the main $3,500 resistance zone. ETH started a major decline below the $3,400 support zone and the 100 hourly simple moving average, similar to bitcoin.

The price traded below the $3,320 and $3,250 support levels. Finally, ether spiked below $3,200, but the bulls were active near the key $3,150 support zone. A low is formed near $3,156 and the price is now consolidating losses.

An immediate resistance on the upside is near the $3,230 level. It is close to the 23.6% Fib retracement level of the recent drop from the $3,456 high to $3,156 low. The first major resistance is now forming near the $3,320 level (the last key support).

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent drop from the $3,456 high to $3,156 low is also near $3,320. Besides, there is a major bearish trend line forming with resistance near $3,360 on the hourly chart of ETH/USD. A clear break and close above the $3,400 level could start another increase. The next major resistance sits near $3,500.

More Losses in ETH?

If ethereum fails to correct higher above the $3,250 and $3,320 resistance levels, it could start another decline. An initial support on the downside is near the $3,180 level.

The next major support seems to be forming near the $3,150 level. A downside break below the $3,150 support zone could spark a sharp decline. The next major support is near the $3,000 level, below which ether price might decline towards the $2,880 support zone in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now well below the 50 level.

Major Support Level – $3,150

Major Resistance Level – $3,320

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TA: Bitcoin Close Below $46K Could Spark Larger Degree Decline

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Bitcoin price failed once again to clear the $48,500 resistance zone against the US Dollar. BTC is declining and it could even decline below the $46,200 support zone.

  • Bitcoin started a fresh decline after it failed to surpass the $48,500 resistance zone.
  • The price is still trading below $47,500 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $48,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue lower if it fails to stay above the $46,800 support zone.

Bitcoin Price Is Facing Hurdles

Bitcoin price made another attempt to clear the $48,500 resistance level. BTC spiked above the $48,500 resistance, but it failed to continue higher. A high was formed near $48,750 and the price started a fresh decline.

There was a clear break below the $48,000 level and the 100 hourly simple moving average. The price broke a connecting bullish trend line with support near $48,000 on the hourly chart. The last swing high was formed near $48,323 before the price declined below $47,500.

The bulls are now protecting the $46,800 support zone. A low is formed near $46,827 and bitcoin is now consolidating losses. An immediate resistance on the upside is near the $47,200 level. The 23.6% Fib retracement level of the recent decline from the $48,323 high to $46,827 low is also near the $47,200 level.

Source: BTCUSD on TradingView.com

The first major resistance sits near the $47,550 level. It is near the 50% Fib retracement level of the recent decline from the $48,323 high to $46,827 low. There is also a key bearish trend line forming with resistance near $48,100 on the hourly chart of the BTC/USD pair.

To start another increase, the price must clear the $48,000 resistance. The next major resistance is near the $48,500 zone, above which the price could easily rise towards the key $50,000 resistance.

More Losses In BTC?

If bitcoin fails to clear the $48,000 resistance zone, it could extend its decline. An immediate support on the downside is near the $46,800 level.

The next major support is near the $46,280 zone. A downside break below the $46,200 zone could trigger a nasty decline towards the $45,000 level or even $43,800.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $46,800, followed by $46,280.

Major Resistance Levels – $47,550, $48,000 and $48,500.

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Cardano (ADA) Trembles, Fall Back to $2 Expected?

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Cardano (ADA) Trembles, Fall Back to $2 Expected?
  • A loss of this defence would reduce ADA to $2.
  • Bitcoin rises and altcoins like Cardano (ADA) fall.

Cardano (ADA) has had a fantastic year in crypto. Relating to performance, the ADA has crossed a significant milestone on its way to become one of the top 10 cryptos by market valuation. Every week, the third-largest crypto falls 5.8%.

The crypto underwent a wave, with a big dip on September 7th, followed by a rapid rebound to its current high range. Cardano (ADA) was trading at $2.70, with $2.60, $2.47, and $2.30 providing support. The bears’ last stumbling hurdle is the latter support mark.

A loss of this defence would reduce ADA to $2, according to Analyst Bennet. Cardano (ADA) may potentially rise if the bulls regain higher levels. It continues to trade below a recent trend line. Moreover, Cardano (ADA) seems to be heading down.

Bitcoin (BTC) is the crypto parent. Twelve years later, Bitcoin remains unaffected by newer currencies. Many see Bitcoin as digital gold. Some see Bitcoin as a safe haven for future cryptocurrencies.

Analyst Justin Bennet said:

“As such, Bitcoin’s (BTC) price action could be a determining factor for other altcoins in the crucial days for the entire crypto market.”

Monitor Bitcoin Dominance

ADA may continue its upward trajectory if the bulls regain higher levels. However, as seen, Cardano has been sliding below a recent trend line, increasing the possibility of a weekend drop.

However, there are situations when Bitcoin rises and altcoins like Cardano (ADA) fall. Thus, to minimize risk, the expert-recommended investors monitor Bitcoin (BTC) dominance. Investors seem to be uncertain about the crypto market’s trajectory.

According to CoinMarketCap, Cardano price today is $2.35 USD with a 24-hour trading volume of $1,734,126,865 USD.

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CVault.finance (CORE) DeFi Token Price Upswings Over 50% in a Week

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CVault.finance (CORE) DeFi Token Price Upswings Over 50% in a Week

With a deflationary governance token, CORE, CVault.finance is a decentralized finance system. Also planned are “Automated Strategy Vaults,” which would automate profit-generating methods for staked tokens.

cVault.finance claims their governance approach is “the strongest and most involved in DeFi.” CORE token holders vote collectively to modify the protocol, including adding new liquidity pools or removing old ones.

The platform went live on Ethereum mainnet in September 2020, and CORE followed seven days later.

In October 2020, cVault.finance added “0xdec4f” as head of operations. 0xdec4f was a community member and moderator of cVault.finance’s Telegram channel before joining the team.

cVault.finance wants to differentiate itself from other DeFi protocols by concentrating on deflationary yield farming. The initiative argues that minting additional tokens to compensate liquidity providers is unsustainable since it devalues the token. It has called this kind of incentive “flawed and short-minded.”

Its called “deflationary farming” by CVault.finance. Instead, a 1% fee is levied on token transfers, which goes to liquidity providers. The protocol also prohibits liquidity withdrawal from Uniswap, ensuring a stable market. These built-in safeguards, it claims, will guarantee platform longevity.

CORE Can Never Go Below a Set Price

The cVault.finance development team gets 7% of token transfer fees, while the rest goes to liquidity providers.

Tokens can’t be redeemed for assets like Uniswap pairs, thereby locking liquidity within the system. As a result, users may exchange LP tokens for other assets. The cVault.finance development team claims this results in a “price floor,” meaning CORE can never go below a set price.

cVault.finance reports that the development team receives no CORE tokens from LGEs. According to CoinMarketCap, cVault.finance price currently is $14,208.92 USD with $71,128.24 USD trading volume and had a fantastic week. It gained more than 50 percent last week.

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California Ranks Highest as Crypto-Ready Index of US State

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California Ranks Highest as Crypto-Ready Index of US State
  • California ranked to be the most crypto-ready US State
  • Unique Crypto related measures has been implemented
  • Installation of BTC and Cryptocurrency ATM’s in the state

California is one of the top states of the United States of America which is on recent trend for its fast crypto adoption services. The state ranks top as the most crypto-ready index of the US for its unique crypto measures.

As cryptocurrency adoption is growing at a fast pace, many countries are better understanding the value of the digital market. Crypto market in California has grabbed the interest of its state’s population. As a result, at present it ranks highest for its crypto-friendly services for its people. 

In a crypto ready index scoring within the US state, California ranks top with a score of 5.72 out of 10. And other states like New Jersey with 5.44, Texas with 5.28, Florida with 5.03 and New York with 4.29. It clearly displays that California is leading the scoring table with 2.54 points higher than other states. 

Moreover, there are some unique crypto related plans being implemented in the state based on the population’s digital interest. California took the initiative to offer its state people to explore the cryptocurrency space. So it integrates many smart metrics focusing on the crypto industry and its services. 

Further, the interest of California crypto users were found by recording the search volume of cryptocurrency in Google engine. The scoring index was listed with a calculation upon these factors. High Bitcoin (BTC) related google searches, cryptocurrency ATM’s and the number of blockchain related payments within the country. 

More so, as per the record California ranks higher for crypto related google searches  per 100K and in the number of crypto ATMs. These two top metrics were the pillars for California to be named as a most crypto-ready jurisdiction in the US state. In comparison with other US states California pops up as the primary state for crypto usages. 

Thus, California becomes the crypto spotlight ranking first for the remarkable crypto ready index. With smart strategies California encourages its people to traverse and utilize the digital world with digital currencies. So, California can continue to support and develop crypto adoption in its state resulting in a massive growth in the market. 

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Ethereum Currently Leads the TVL (Total Value Locked) in DeFi

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Ethereum Currently Leads the TVL (Total Value Locked) in DeFi
  • Uniswap commanded $9,620,102,739 in swaps last week.
  • There are 270,783 bitcoin in TVL.

The total value locked (TVL) in decentralized finance (DeFi) has grown significantly to $171 billion in mid-September.

There are 270,783 bitcoin in TVL valued at over $13 billion on the Ethereum network, and $15 billion has been traded across 14 Ethereum-based decentralized exchange platforms. According to a recent DeFi weekly report, $23.8 billion has been exchanged across blockchain protocols.

While bitcoin (BTC) and ethereum (ETH) have risen in value over the past month, Solana (SOL) and avalanche (AVAX) have dominated the previous 30 days. Uniswap commanded $9,620,102,739 in swaps last week, accounting for almost 62% of the $15 billion worldwide trade volume.

Ethereum currently leads the TVL

Uniswap has a lot of volumes, while the Binance Smart Chain Dex PancakeSwap has a TVL of approximately $5.55 billion. $5.4 billion Sushiswap has more connections than the BSC network. According to Coin98 Analytics, the total weekly Dex trading volume is $23.8 billion.

Metrics indicate $171 billion in TVL spread over several blockchains. While Ethereum currently leads the TVL, other chains have seen increased activity in the past month. According to Coin98 Analytics’ latest DeFi report, there are now 68.3 million Polygon wallets worldwide.

For example, Dune Analytics’ “Bridge Away (L1 Ethereum)” data indicate that Harmony Bridges have $7.71 billion TVL on them; similarly, Rainbow Bridges have $7.71 billion TVL, and Solana Wormhole has $7.71 billion TVL. Wormhole announced on Friday that their ETH-SOL token bridge is now operational.

Coin98 Analytics found last week that the total lending value locked on Ethereum is about $44 billion. Also, out of seven different Ethereum-based bitcoin projects, TVL has 270,783 bitcoin worth almost $13 billion.

WBTC, TBTC, SBTC, IMBTC, PBTC, HBTC, and RENBTC, included in the measurement. The Wrapped Bitcoin (BTC) project and its participants utilize 76% of the 270K bitcoin ($13 billion) worth of wrapped or synthetic BTC.

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Millions of Dollars Raised Through Solana’s DeFi Projects

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Millions of Dollars Raised Through Solana's DeFi Projects
  • PAI, an algorithmic stablecoin, backs Parrot Protocol.
  • Grape Protocol was the primary source of the downtime.

Solana has been up nearly 3200% since August. Investors’ interest in Ethereum rival systems featuring DeFi, NFT, and smart contract services has risen dramatically.

The software applications that simulate legal contracts are smart contracts. Once housed on a blockchain network, the software application will run automatically without human intervention.

This month, Solana’s DeFi initiatives raised millions of dollars. This is another proof of Solana’s potential to compete with Ethereum. Currently, Ethereum has the most DeFi and NFT projects.

Bots raced to invest in a token sale for Grape Protocol over flooded the blockchain, causing Solana to collapse for 17 hours on Tuesday. Let us take a look at the few IDO that helped raise millions.

Grape Protocol

Grape Protocol, the primary source of the downtime, managed to raise just $600,000 on Raydium’s “Acceleraytor.”

Tokenized communities may use Grape Network to connect to platforms like Discord, Telegram, and soon twitter to collaborate over Solana and reward members with crypto.

Parrot Protocol

Parrot Protocol is based on Solana. Investors in the Initial DEX offering included Sino Global Capital, Alameda Research, and QTUM VC. Moreover, to put it simply, Parrot is a non-custodial lending platform and decentralized exchange.

PAI, an algorithmic stablecoin, backs Parrot. Furthermore, Parrot offered a governance token called PRT in its IDO. Thus, allowing investors to vote on the protocol’s operation and farm yields on Solana without affecting other Layer 1 blockchains.

Solana’s failure impacted Parrot’s IDO, but it was resolved by Sept. 16. Moreover, the team said it would start working on PRT staking, NFTs, and adjustable interest rates in “Letter from the Parrot.”

Several Solana initiatives will be launched in the next day’s/weeks. Examples include Solanium, Boca Chica, and Solstarter. On Solanium, whitelisted users may buy MatrixETF.

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Skybridge Capital Applies For Cryptocurrency ETF And Accumulates $100 Million For ALGO Fund

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Skybridge Capital Applies For Cryptocurrency ETF And Accumulates $100 Million For ALGO Fund

A statement from Anthony Scaramucci has revealed the total crypto worth of an Alternative investment firm in Australia’s SkyBridge Capital. He stated that SkyBridge holds crypto worth $700 million presently.

The alternative investment firm has filed for a cryptocurrency company ETF which simply means a crypto-based exchange-traded fund.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

They did this on Tuesday, aiming to increase their digital currency offerings. SkyBridge Capital also revealed its plans for the Algorand fund during the SALT conference held within the week in New York.

SkyBridge Crypto Assets Worth

SkyBridge founder Anthony Scaramucci while addressing CNBC, stated that the firm raised over $100 million for the new Algorand fund. Anthony was also the former Director of White House Communications. It was Scaramucci who valued the company’s crypto-assets to be about $700 million.

The CEO reaffirmed that crypto has come to stay. However, he added that if regulations plan to fan the increasing adoption of digital asset technology, they should take quick action.

Anthony explained the crypto adoption as similar to Uber, which the regulators planned to knock out of the system. But the people later won because they accepted its use. He predicts that the United States will start recording up to 200 million crypto users in no distant time.

The SkyBridge CEO made these comments when spectators were concerned about having a regulatory crackdown maned by SEC.

Gary Gensler, the head of SEC, had characterized the crypto sector as rife associated with abuse and fraud. But Anthony Scaramucci, despite his disagreement, appreciated Gary for his stake in crypto.

He explained that Gary had many people that are yet to understand crypto in Congress fully. As a result, they have a lot of negativity, and he will call on elites like Elizabeth Warren to attend such a conference.

However, sitting with members of the industry will make her understand the protocols better. Anthony suggests that the need to carry everyone alone by educating them.

Other Finance Magnates Opinion

Other finance lords in their speech didn’t share Anthony’s optimism. Instead, they doubted the possibility of crypto adoption outrunning the grip of strong-handed regulations.

Related Reading | While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading Up On Bitcoin

Ray Dalio predicted that as the digital assets popularity increases, it would attract the attention of lawmakers.

ALGO is currently down by 4% at the time of writing | Source: ALGOUSD on TradingView.com

However, while speaking to CNBC, he said that even if the crypto adoption successfully increases, the lawmakers will kill it. He believed that lawmakers would succeed in killing it as they have their ways of doing so.

Dalio explained that every monetary asset that offers a cash alternative is worth considering, including Bitcoin.

Featured image from Finance Magnates, chart from TradingView.com
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