Connect with us

Bitcoin

FreeTON set to launch groundbreaking Bridge DAO at the end of October

Published

on

FreeTON set to launch groundbreaking Bridge DAO at the end of October

DeFi developer Broxus has announced that their planned FreeTON Bridge DAO will be activated at the end of October. The DAO will boost second-layer ecosystem development, including expansion of the FreeTON Bridge’s multichain structure.

Bridges in DeFi act as links between different independent blockchains. This can be crucial given how fractured the industry is and the benefits of being able to transfer assets easily from one chain to another and back again. Broxus’ FreeTON Bridge is a multi-network, second-layer solution that links the FreeTON blockchain with that of Ethereum, Polygon, Fantom, Binance Smart Chain and more.

The FreeTON Bridge is powered by the innovative FreeTON blockchain which features unparalleled transaction speeds (less than a minute) and very low transaction fees (less than $0.4). The unique value of the Bridge lies in its ability to open up those low costs and transaction speeds to users of slower and more cost-heavy networks.

For example, if a user wanted to transfer the liquidity they had on Ethereum to the Polygon network, they could use the FreeTON Bridge to do that quickly and at practically no cost. As a second-layer solution, the FreeTON blockchain offers a level of financial mobility that makes it invaluable, especially for users with assets on older networks like Ethereum.

In what constitutes a first for the industry, the Bridge will be introducing support for a variety of different blockchain networks at the same time, providing users with a valuable tool in the fractured world of decentralized finance. At the same time, the FreeTON Bridge will also transition to a DAO (Decentralized Autonomous Organization) governance structure, in which decisions will be made according to community consensus.

BRIDGE tokens

The Bridge DAO is able to operate thanks to BRIDGE tokens. You can buy BRIDGE tokens on TON Swap, the FreeTON powered DEX. In the FreeTON Bridge economy, BRIDGE tokens act in the role of governance tokens. There has been a total of 14 million BRIDGE tokens issued with no plans for further issuances.

BRIDGE tokens provide the means for the FreeTON Bridge to function by generating the necessary liquidity and opening up its governing structure to users. Any user who wants to participate in Bridge governance just has to hold a certain number of BRIDGE tokens.

While there is a minimum amount of tokens necessary for participation, there are expanded governance roles in the ecosystem that are available to those who have more tokens. If you acquire 2% of the total amount of BRIDGE tokens, you can enter governing proposals of your own for the community to vote upon. And if you have at least 100k BRIDGE tokens you will be eligible to become a Relay.

Bridge DAO unique in DeFi

The FreeTON Bridge DAO offers a number of unique features that will both stimulate growth for the FreeTON network and benefit members of the DeFi community at large.

  • The Bridge DAO will lead to the decentralization of Bridge management. As decentralization advances, the Bridge will become stronger and more resistant to attacks. This will have the effect of increasing trust in the network and with greater trust will come an influx of more capital.
  • As the first DAO on the FreeTON network, the Bridge will operate as a paradigm maker. The DAO contracts will serve as a benchmark for other projects on the network and will lead to the creation of other DAOs and more users getting involved with the FreeTON network.
  • It further solidifies the BRIDGE token by putting the weight of a formal business behind it. Thanks to the DAO, the Bridge will begin to manage reserves that will generate cash flow, the beneficiaries of which will be the holders of BRIDGE tokens. Thus, the Bridge DAO will, for the first time in the history of FreeTON, provide the network with a token supported by a real business model and granting exposure to value creation.
  • The technology underlying the Bridge DAO allows participants to manage Ethereum contracts from the FreeTON blockchain and vice versa. This will broaden the user base substantially and allow for liquidity to flow from larger chains, where it is expensive to move, to FreeTON, where it is cheap, and back again.
  • The Bridge DAO will allow the FreeTON Bridge’s multichain structure, in which it is possible to switch from FreeTON to Binance Smart Chain, Polygon, etc. and vice versa, to expand and truly flourish. The enhanced interconnectivity will lead to an influx of new funds from other networks and help solve the microtransaction problem in which users cannot withdraw funds from FreeTON without paying exorbitant gas prices on Ethereum.  

About FreeTON:

FreeTON is a fast, secure and scalable network with near-zero fees, which can process up to a million transactions per second thanks to its unique dynamic sharding technology. As a development built off of the Durov brothers’ original TON concept, the FreeTON blockchain is designed to facilitate the widespread adoption of decentralized solutions by lowering the price and complexity entrance thresholds. The ecosystem features a number of products, including TON Swap Decentralized Exchange, the main DeFi ecosystem wallet Crystal wallet and bridges with other blockchains.

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. The NewsCrypto 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

BNBMatrix Releases Yield Farming Dapp on BUSD: BUSDMatrix

Published

on

BUSDMatrix

Today, we will talk about one of the most important things you should be thinking about and researching right now: crypto and the blockchain – and specifically, yield farming. Now, why do you think that this is so important? Cryptocurrency is going to forever change the way that we interact with the world and the Internet. Plus, what blockchain is really introducing is a revolution of sovereignty (Source: IN Groupe). It is certainly going to put the power back in your own hands. Many feel that this may be the single greatest moment of wealth transfer that any of us are going to live through.

If you, too, want to become a part of this revolution, now is the time to jump into the decentralized finance (Defi) scene and invest in yield farming. Since the summer of 2020, yield farming has been on fire. Many crypto investors have turned to yield farming to make even more profits with their capital.

What is Yield Farming?

Many people use terms like yield farming, liquidity providing, and staking interchangeably, but there are differences in what they mean and how much money you can make. Staking refers broadly to the rewards that you get through the validation process of a proof of stake. Blockchain staking and yield farming are similar in the sense that they allow investors to earn a return on their assets. However, yield farming is a bit more intense, meaning, it has the potential for a higher return for a crypto investor.

Here you are doing more than just putting your held coins in a stake pool to help facilitate transactions. Instead, you are allowing your coins to be used to facilitate transactions in a decentralized exchange. Decentralized exchanges are the decentralized apps (Dapps) on decentralized finance (Defi).

Let’s talk about the best decentralized app (dapp) for BUSD yield farming.

Introducing BUSDMatrix

BUSDMatrix.io is the latest venture by BNBMatrix. This platform is a smart contract on Binance Smart Chain (BSC) for BUSD Yield farming. It is a high-yield generating smart contract that promises 119% to 234% return on investment (ROI). The best part is that you can make a minimum deposit of just 5 BUSD!

Key Features of BUSDMatrix

Here are the highlights of BUSDMatrix:

  1. High Profit – BUSDMatrix gives stable high yield percentages of 7.8% to 17% on daily deposits based on a period of 7 days to 30 days.
  2. Safe and Secure – BUSDMatrix is a safe and secure smart contract that has been audited by HazeCrypto.
  3. 24/7 Customer Support – BUSDMatrix has a 24/7 customer support staff that you can contact via live chat on Telegram and social media accounts.
  4. User-friendly – BUSDMatrix offers a simple layout and design to make it easy to understand the platform.
  5. Referral Program – BUSDMatrix has a 5-level referral program for users to generate extra income.
  6. Supports Multiple Wallets – BUSDMatrix supports 64 different decentralized wallets on mobile browsers, and 4 on desktop browsers.
  7. Quick Deposit and Withdrawal – BUSDMatrix has a fast deposit and withdrawal processing. You won’t have to wait a long time to deposit or receive your money.

1638286026 107 BNBMatrix Releases Yield Farming Dapp on BUSD

Conclusion

Yield farming can be a great way to earn more money on the crypto that you plan to hold long term. Many people think yield farming is too risky, but it is actually a stable way of earning passive income. If you are looking for a yield farm that promises high profitability, then BUSDMatrix.io is the one. So, get ready to deposit your BUSD on this yield farming dapp to generate a high income!

google news
Continue Reading

Bitcoin

White Whale Releases Details on Flash Loan Architecture

Published

on

White Whale Releases Details on Flash Loan Architecture

Let’s break it down. Simply put, a flash loan is, as the name implies, a loan that is opened and closed in a very short amount of time. More specifically, it is opened and closed in the same transaction. Flash loans are used to execute atomic trades that either capitalize off of inefficiencies in the market or provide some other functionality to the borrower. Atomic trades are trades that can be finalized in one transaction and almost all on-chain arbitrage falls under this category. By now you hopefully realize how powerful this financial instrument can be. But with this power comes responsibility.

While White Whale is said to be the first to roll out flash loans on Terra (and the whole Cosmos!), a number of protocols already offer it on Ethereum. The sometimes bad connotation linked to flash loans is caused by a number of exploits that happened on Ethereum in which hackers used this tool to do so-called re-entrancy attacks.  Fortunately, CosmWasm (the smart contract language of Terra) is designed to avoid this kind of attack. When comparing CosmWasm to Ethereum’s smart contract language the developers state:

“A big difference is that we avoid all reentrancy attacks by design. This point deserves an article by itself, but in short, a large class of exploits in Ethereum is based on this trick .”

And,

“Cosmwasm avoids this completely by preventing any contract from calling another one directly.”

These precautions enable White Whale to provide this service without having to worry too much about other protocols being exploited.

To really understand how all this works, let’s look at, and briefly unpack the White Whale flagship vault. The UST vault allows users to deposit UST into the vault in a simple, single-step process. The total liquidity in the UST vault then acts as a general-purpose liquidity pool with a series of in-house arbitrage strategies. The first of which is all about keeping the peg. There are also other strategies in the works, such as exploiting price inefficiencies among multiple exchanges, as well as automated liquidations on Mars and Levana. All of these strategies make the ecosystem more stable and efficient, and they all use the liquidity of the UST vault.

These strategies bring us back to flash loans: when any of our bots detect a profitable arbitrage opportunity, the smart contract linked to that strategy will ask for a flash loan from the UST vault. The UST vault will then withdraw the UST from Anchor protocol (where it is yielding a comfy 19.5% while idle) and provide the contract with borrowed money to execute the arbitrage. After the arbitrage, all funds are returned to the vault. This is how we plan to provide Anchor+ yields.

A question that has been raised, is this – what if the trade didn’t make a profit? Or what if the borrower just doesn’t repay the loan? Various mechanisms have been put in place, to ensure depositors don’t get rugged. First, when a flash loan is requested, White Whale saves the total value of the vault. Then funds are sent out to the borrower (i.e. the arb bot) for them to execute the trade. What has been added is a callback at the end of the program which can not be altered, and is guaranteed to execute.

After whatever the borrower has executed the trade, that callback is executed. The callback is essentially step two. It re-calculates the value of the vault and compares it with the initial value before the loan. If this amount is smaller than the initial amount it throws an ERROR and reverts the whole transaction, aka the flash loan. The transaction then fails and it’s like nothing ever happened. Effectively this means that the flash loan will only execute if it pre-determines a profitable result, otherwise, it will cancel itself.

Long term, there will be a whitelisting process for the community to build bots to onboard through on-chain governance and utilize the White Whale flash loan architecture. The community will be able to decide which bots will benefit and secure the ecosystem and vote to whitelist them. There will of course be a small fee (the borrowing cost of the loan) which will automatically get distributed to the depositors.

In order to ensure security for this complex and innovative architecture, White Whale has already scheduled multiple audits with some of the most highly respected auditors in the industry. The foundation has already been built,  and now the focus is about getting the tools into the hands of our community, empowering them to protect the peg and stabilize the ecosystem.

 

google news
Continue Reading

Bitcoin

Jack Dorsey Exits from Twitter — What Might be the Reason?

Published

on

Jack Dorsey Exits from Twitter — What Might be the Reason?
  • Jack Dorsey has announced his surprise resignation from Twitter.
  • His love for Bitcoin might be one of the reasons for his resignation.
  • Square is the third-largest public holder of Bitcoin.

Jack Dorsey co-founded Twitter in 2006, has been served as Chief Executive Officer (CEO) of Twitter. And his is the founder and CEO of Square. On Monday, Jack Dorsey has announced his surprise resignation from Twitter.

More so, for more than 15 years, his freewheeling approach has helped him become an iconic figure in Silicon Valley. Jack Dorsey has earned a reputation as a chaotic and distant manager who vexed Wall Street and sometimes befuddled his employees.

Furthermore, in a conference, he made the statement as mentioning his love for working on Bitcoin. When announced his decision to resign his Twitter CEO post, crypto fans around the world were excited. But everyone there is the question that what will be the next for the Jack Dorsey, even Changpeng Zhao, Binance CEO has the same question.

Moreover, Jack Dorsey has resigned only his CEO post on Twitter but he is also the CEO of Square, the financial services and digital payments company. So we can understand that the Twitter co-founder is choosing to focus on the payments arm over his social media platform.

Jack Dorsey – CEO of Square 

Henceforth, not sure, but this might be the case, Twitter recently announced a dedicated core team to focus and concentrate on crypto and blockchain innovation. But, Twitter CFO Ned Segal has not pushed Dorsey’s crypto support for the platform. As per Wall Street Journal, previously, Segal has commented that cryptocurrencies investment doesn’t make any sense currently.

Square is the third-largest public holder of Bitcoin. It holds nearly 0.5% of its cap in BTC, which comes to around 0.038% of the total supply of the asset, worth nearly $450 million.

Even more, Crypto analysts and Crypto-influencer CryptosRUs believe that Dorsey might even follow Michael Saylor’s footsteps with Square. Jack Dorsey, Twitter bio just reads’[#bitcoin’, is enthralled with crypto. In August Dorsey claimed Bitcoin will unite deeply divided countries, and eventually the currency.

Therefore, Twitter may not be the right platform for his crypto ambitions. Twitter still lags behind competitors in e-commerce. But, Square may give Dorsey the financial platform he needs to realize his crypto-perfect dreams. Hence more, via square, not through Twitter, Dorsey may be able to bet on the future of crypto.

google news
Continue Reading

Trending