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Why This Cardano Based Lending Platform Records A 20% Up In TVL

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Data from DeFi Llama records a massive increase in the total value locked (TVL) of FluidTokens, a Cardano-based lending protocol. This blockchain deployed its smart contract capabilities in late 2021 and has been experiencing a spike in ecosystem growth as more projects are launched on mainnet.

Related Reading | When Will The Extended Stretch Of Extreme Fear In Crypto End?

According to DeFi Llama, the Cardano-based lending and borrowing platform has seen a 20% increase in its TVL for the past week and a 56,600% increase in its TVL during the past hour. FluidTokens managed to take the 7th position in terms of TVL with $24,200.

This is far below the number one protocol in terms of TVL, WingRiders, which records $50 million, and the second protocol in the ranking, Minswap, which records $37 million. However, FluidTokens has been live for over a month and has been consolidating important partnerships which suggests the trend could extend.

Via Twitter, the team behind the project announced a partnership with Eternl, a Cardano light wallet provider. The collaboration will allow users to access FluidTokens products “from any device”.

In addition, the platform has been enabling liquidity for other Cardano projects. The platform will allow users to trade with Yummi Universe non-fungible tokens (NFTs), a popular project on this blockchain, and allow users to access a new use case: using their digital assets to obtain liquidity.

Further data provided by DeFi Llama record a spike in token inflows and USD Inflows for FluidTokens over the past week. This spike in protocol activity could be related to the partnerships and collaboration announced during June and July.

Source: DeFi Llama

In the coming months, the protocol will enable a staking functionality for its native token FLUID and will consolidate sponsorships of DAO investment funds. By the end of the year, the platform will deploy additional functionalities to incentivize user activity further.

Cardano Follows General Market Trend

The Cardano ecosystem has been expanding at a fast pace and has generated a lot of attention due to its “Vasil” Hard Fork Combinator (HFC) event. At the time of writing, ADA’s price trades at $0.44 with a 4% profit in the last 24 hours and a 4% loss over the past week.

Cardano Ada Adausdt
ADA’s price trends to the downside on the 4-hour chart. Source: ADAUSDT Tradingview

The upcoming HFC “Vasil” will implement network updates and improvements to the Cardano blockchain. This should contribute to ADA’s price and bring bullish momentum to the cryptocurrency.

Cardano has been trending to the downside more aggressively than other cryptocurrencies in the top 10 by market cap. This is probably motivated by the general risk-off sentiment across the crypto market.

Related Reading | Bitcoin Price Spends Four Weeks At 2017 Peak Prices, What Comes Next?

Data from Material Indicators records significant resistance for ADA’s price as it climbs from its current levels. There are over $2 million in asks orders poised to operate as major resistance. If the cryptocurrency can surpass this level, it will find resistance at around $0.50.

Cardano Ada Adausdt Mi1
ADA’s price (blue on the chart) meets important resistance (asks orders in yellow above price). Source: Material Indicators
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Digitex Founder Being Sued by CFTC for Non-compliance

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Digitex Founder Being Sued By Cftc For Non-Compliance
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  • A few hours after the lawsuit was filed, DGTX dropped 12% to a value of zero.
  • In October of 2018, DGTX hit a record high price of $0.16.

Digitex’s founder, Adam Todd, has been sued by the CFTC for allegedly operating an unlicensed exchange for crypto derivatives.

The CFTC claims that Digitex has “never been registered with the Commission in any capacity.” As part of its action against the corporation filed on Friday in the Southern District of Florida. The regulator also claimed that KYC processes and a customer information program (CIP) were inadequate.

Artificial Price Inflation

The commission also claims that Miami resident Todd pumped the exchange’s native token, DGTX, to other platforms. In an effort to artificially inflate its price.

CoinGecko reports that only a few hours after the lawsuit was filed, DGTX dropped 12% to a value of zero. In October of 2018, DGTX hit a record high price of $0.16. In April of this year, the token’s market cap hit a record high of $116,803,772.

DGTX was reportedly being traded on the DeFi cryptocurrency market Uniswap. And the India-based cryptocurrency trading platform CoinDCX, as indexed by CoinGecko.

The CFTC this Friday settled charges against the founders of bZerox and the bZx protocol for $250,000, citing “illegally offered leveraged and margin retail commodity transactions in digital assets.” Ooki DAO, which assumed administration of the bZx protocol in August 2021, was also hit with similar accusations by the CFTC.

CFTC Chairman Rostin Behnam, meantime, has made no secret of his opinion that Bitcoin would improve under the watchful eye of the commission. On Thursday, he predicted that Bitcoin’s value would “double” if it were traded in a CFTC-regulated market, arguing that the absence of such a market is the main reason many institutional investors have avoided including Bitcoin in their portfolios.

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The RLWC 2021 is Coming Soon, CoinEx Cheers for Athletes as the Exclusive Cryptocurrency Trading Platform Partner

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The Rlwc 2021 Is Coming Soon, Coinex Cheers For Athletes As The Exclusive Cryptocurrency Trading Platform Partner
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The Rugby League World Cup (RLWC) 2021 is set to kick off with a match between England and Samoa men on 15 October at St James Park and conclude in Manchester with the wheelchair final on 18 November and the men’s and women’s finals in a spectacular double header at Old Trafford on 19 November.

For the first time in tournament history the men’s, women’s and wheelchair competitions will take place at the same time with all 61 matches set to be broadcast live on the BBC, with over 600 players and 32 teams taking part in fixtures across 17 host towns and cities and 21 stadiums across the country including London, Manchester, Newcastle, York, Leeds, Coventry, and Sheffield.

This year’s tournament, delayed from 2021 to 2022 due to the Covid-19 pandemic, will be the 16th edition of the Rugby League World Cup and world-renowned crypto exchange Coinex will be cheering on all the teams as the Exclusive Cryptocurrency Trading Platform partner of the tournament

The Rlwc 2021 Is Coming Soon Coinex Cheers For Athletes

Cryptocurrencies are playing an increased role in the sports industry and CoinEx are committed to making crypto trading easier, striving to become a gateway for global crypto users providing easy-to-use crypto products and pleasant, convenient crypto trading experiences.

Available in 16 languages, including Chinese, English, Spanish, French, and Portuguese, CoinEx offers products and services that span spot trading, futures contracts, margin trading, mining, AMM, CoinEx Dock, Pledging, etc. The exchange provides easy-to-use, secure, and reliable crypto trading services for over 3 million users across more than 200 countries and regions. Additionally, it features trading sections for BTC, BCH, and stablecoins, as well as 600+ first-rate, innovative cryptos, providing crypto users with more trading options.

Over the last year, CoinEx has earned user recognition with easy-to-use products, fast, stable performance, and smooth deposits/withdrawals.

CoinEx is now looking forward to witnessing the extraordinary performances of the competitors at RLWC2021 and being part of the biggest, best and most inclusive Rugby League World Cup in history.

 

 

 

 

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Paraguay Senators Dissent Presidents Bitcoin Mining Bill Veto

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Paraguay Senators Dissent Presidents Bitcoin Mining Bill Veto
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