Connect with us

Bitcoin

UniLend Lists on AscendEX

Published

on

UniLend Lists on AscendEX

AscendEX is excited to announce the UniLend token (UFT) listing under the trading pair UFT/USDT on Oct. 18 at 1 p.m. UTC.

UniLend is a comprehensive permissionless DeFi protocol that combines both spot trading services and lending and borrowing functionality within the same platform. The interest rates and collateralization ratio are based on supply, demand, and community governance, whereas borrowing limits are decided by liquidity in the trading pairs.

Unlike other DeFi protocols, which only support a limited number of assets, UniLend allows for any asset to list on its platform, ultimately creating immense market opportunity not only for the assets but also for the decentralized and permissionless UniLend platform. Furthermore, UniLend plans to bridge the gap many tokens face before the DeFi ecosystem by enabling any ERC20 token to be utilized as collateral for lending and borrowing, whilst also providing trading flexibility for users operating within the UniLend platform.

Another unique feature of UniLend is its ability to feature the coexistence of trading and DeFi capabilities within one protocol. By doing so, the protocol is helping solve the liquidity and liquidation issue currently limiting the growth of widespread DeFi adoption. Users of UniLend are also able to create a spot trading pair and separate money markets for any token, further enabling DeFi participants to create their own lending and risk management strategies for lending, borrowing, and spot trading.

The native digital, the cryptographically-secured utility token of the UniLend platform, UniLend Finance Token (UFT) is a transferable, non-refundable, representation of attributed functions specified in the protocol and code of the UniLend platform. UFT will serve as the native governance token of the UniLend platform and also see used as the core medium of convenient and secure exchange between platform participants. UniLend’s introduction of UFT provides multiple use cases for community governance, platform utility, and product integration within the broader ecosystem. UFT also incentivises participants to contribute to and maintain the UniLend platform through economic rewards, continually encouraging the core aspects of decentralization and participation within the UniLend ecosystem. 

Through creating an inclusive environment for all digital assets to participate in the DeFi ecosystem, including the $29.75B worth of assets currently excluded from DeFi, UniLend is truly creating a new niche in the marketplace that has been neglected and untapped until now. AscendEX is proud to continue its support for the growth of the DeFi ecosystem by listing projects such as UniLend.

About AscendEX

AscendEX is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 200 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions. AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum.

AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage. To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit www.AscendEX.com.

For more information and updates, please visit:

Website: https://ascendex.com

Twitter: https://twitter.com/AscendEX_Global

Telegram: https://t.me/AscendEXEnglish

Medium: https://medium.com/ascendex

About UniLend

UniLend is a comprehensive permissionless DeFi protocol that combines spot trading services and lending/borrowing functionality within the same platform. The interest rates and collateralization ratio are based on supply, demand, and community governance. Borrowing limits are decided by liquidity in the trading pairs.

For more information and updates, please visit:

Website: https://unilend.finance/

Twitter: https://twitter.com/UniLend_Finance   

Medium: https://unilend.medium.com/

Telegram: https://t.me/UniLendFinance

Disclaimer: This is a paid Press Release. Any information contained in this website is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. TheNewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release.

google news
Advertisement

Bitcoin

Citizens of Georgia Made to Take An Holy Oath Not to Mine Crypto

Published

on

Citizens of Georgia Made to Take An Holy Oath Not to Mine Crypto
  • Free energy is available in certain regions of Georgia’s Svaneti mountains.
  • This year’s consumption was 237% more than in previous years.

For the sake of averting electricity shortages in Georgia, residents of Svaneti have been ordered to swear a holy oath not to mine crypto. Macrotrends show that from 2000 to 2019, tourist expenditure in Georgia’s northwest Svaneti area grew every year. The Covid-19 epidemic, on the other hand, sank tourism in 2020 and has only lately started to recover.

Hundreds of locals turned to crypto mining as a last resort, which has been blamed for causing major power outages. The local media outlet Sputnik Georgia cites a video showing miners cramming into a church on December 30, 2021, to swear an oath to St. George that they would not mine crypto in the future. Such promises have traditionally been regarded as unbreakable.

Such Consumption Termed “Unsustainable”

An electric firm that supplies power to crypto miners in the Svaneti town of Mestia has threatened to raise energy bills in response to complaints by local people. Free energy is available in certain regions of Georgia’s Svaneti mountains, making mining more appealing. Residents in nations where electricity is cheap to have complained about the influx of bitcoin miners. Kosovo and Kazakhstan have enacted bans on cryptocurrency mining.

A declaration by the Mestia municipality towards the end of 2021 said that crypto mining had a significant impact on Mestia’s electricity supply. This year’s consumption was 237% more than in previous years.

“Unsustainable” was Energo Pro’s word for the massive growth in consumption. When contacted by local journalists on January 5, the energy company revealed that the area was using 27 megawatts of electricity, about four times as much as the infrastructure could manage.

google news
Continue Reading

Bitcoin

DIA is the First Oracle to Integrate with Astar Network

Published

on

DIA

DIA is the first oracle provider to integrate its oracle infrastructure with the Astar Network, running on the Polkadot Relaychain. The oracle deployment will facilitate DeFi applications on Astar to easily connect to the outside world data.

The open-source data provider DIA announced today the integration of its decentralized oracle infrastructure with the Astar Network, running on the Polkadot Relaychain. This oracle deployment will facilitate DeFi applications on Astar to easily connect to the outside world data via DIA’s trusted oracles.

Astar Network, previously known as Plasm, is a dApp hub on Polkadot that supports Ethereum, WebAssembly, and layer 2 solutions like ZK Rollups. Astar Network won the 3rd Polkadot parachain auction on December 2, 2021, and onboarded to the Polkadot Relay Chain on December 18, 2021.

As the Polkadot Relay Chain doesn’t support smart contracts, Astar is working to provide a solution for all developers by parachain where EVM and WebAssembly smart contracts can co-exist and communicate with each other.

Thanks to Astar’s Ethereum and WebAssembly compatibility, DeFi applications can seamlessly be deployed on Astar’s parachain, where DIA will be able to feed them with accurate and transparent market data. DIA’s price feed oracles will fuel a range of use cases, such as lending and borrowing protocols, stablecoins, staking rewards and many more.

To build the data feeds, DIA simultaneously aggregates price data at a very trade level directly from centralized and decentralized exchanges. This decentralized approach to data sourcing enables DIA to provide accurate price feeds on-chain and reduce exposure to data manipulation.

google news
Continue Reading

Bitcoin

Bitcoin ATMs Shut Down In Singapore After MAS Curbs Crypto Advertising

Published

on

bitcoin atm singapore

Financial service regulator – Monetary Authority of Singapore has issued fresh guidelines to limit crypto trading by the public. It has also taken a firm stance and asked cryptocurrency companies to eschew advertising or showcasing their products to the general public. MAS substantiated their decision by stating reasons which were purely risk-oriented.

The guideline stated and clarified that Digital Payment Token service providers “should not portray the trading of DPTs cryptocurrencies in a manner that trivializes the high risks of trading in DPTs, and should not promote their DPT services in public areas in Singapore or through any other media directed at the general public in Singapore”. 

“Highly Risky And Not Suitable For The General Public”

The Central Bank affirmed that such services are “highly risky and not suitable for the general public”. It implied that the broadcasting of cryptocurrency through traditional media such as newspapers and magazines must also cease to exist. 

On Tuesday, MAS declared that it would be outlawing crypto-to-cash terminals, thus, sealing all crypto ATMs in Singapore. Daenerys & Co,  which is one of the biggest crypto ATM operators with five crypto ATMs spread across the city had acted in accordance with the guidelines. Another rival ATM operator, Deodi also complied with the Central Bank’s order and ceased its only ATM. 

Related Reading | Intel To Present Low Voltage, Energy Efficient Bitcoin Mining Chip At Conference

This recent regulatory clamp from the MAS cropped up amidst the growing popularity of the blockchain industry with new investors joining the ecosystem each day. Although MAS quoted that “MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases.”; the cryptocurrency market in Singapore continues to reel under a significant number of regulatory milestones.

Recently, Coincub, a fintech start-up in one of their rankings, called Singapore the world’s most friendly cryptocurrency economy. Singapore in the past had been quite liberal in terms of cryptocurrency adoption with an undemanding and positive legislative environment. Currently, the reality looks quite different, so to say.

Bitcoin's growth is concerning regulators | Source: BTCUSD on TradingView.com

MAS Believes Bitcoin ATMs Let People Trade “On Impulse”

MAS believes that ATMs facilitated a seamless and convenient transaction of cryptocurrencies such as Bitcoin and Ethereum. This could cause people to trade “on impulse”. This notion caused regulators to mandate the clampdown of ATMs all across the city.

In regards to crypto regulations, Singapore isn’t the only name on the list. In December 2021, Britain outlawed advertisements from seven such crypto firms as they were  “irresponsibly taking advantage of consumers’ inexperience and for failing to illustrate the risk of the investment”.

Spain had also led a crackdown on cryptocurrency promotions recently. Singapore’s regulatory escalation comes after Bitcoin’s prices nosedived almost 40% after BTC soared to new heights in November 2021. 

Related Reading | Green Energy: In NY, Bitcoin Mining Saved The Oldest Working Hydroelectric Plant

Cryptocurrency is not only a volatile asset but has also enabled a wide spectrum of fraud associated with digital assets. In recent times, cryptocurrency has facilitated money laundering and terrorism funding among other illegal activities.

“Digital payment token service providers in Singapore have to comply with requirements to mitigate such risks, including the need to carry out proper customer due diligence, conduct regular account reviews, and monitor and report suspicious transactions,” stated MAS spokesperson.

Featured image from iStockPhoto, Charts from TradingView.com
google news
Continue Reading

Trending