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SWEAT Breaks Crypto Record, Hours to WEB3 Launch

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  • During TGE week, the term ‘Sweat’  trended on Twitter, search on CoinGecko and CoinMarketCap.
  • Sweat Wallet swiftly rose to the top of the Finance app charts in 51 countries.

Sweat Economy, the “economy of movement,” effectively launched on NEAR last week with the largest-ever airdrop to active, opted-in wallets. The Move-to-Earn platform, which has been active on web2 since 2016 and has over 120 million global Sweatcoin app users, released their new web3 SWEAT token to 13.5 million token holders. Sweat Wallet swiftly rose to the top of the Finance app charts in 51 countries. This comes on the heels of SWEAT’s accomplishment as the fastest IDO to sell out on the DAO Maker platform.

Expansion of the SWEAT Token

To Onboard easily  they introduce the Sweat Wallets and people who is not aware of this also can use it easily for token staking, NFT games and other elements after the launch over 2 million people has downloaded and activated it and it is listed as second most popular dApp  across all chains since its launch.

A user sale  of about $1M of SWEAT finished in 15 minutes, making it the fastest IDO ever to sell out on the DAO Maker platform. During TGE week, the term ‘Sweat’  trended on Twitter, search on CoinGecko and CoinMarketCap. Sweat Economy is a crypto unicorn with a current FDV of more than $1 billion after week one.

In a rare move for a token, the Sweat Foundation and Sweatco stated shortly prior to the TGE that they were burning 4.76 Bn of their own SWEAT allocation to provide more value to customers. On Friday, they committed to use 50% of their profits to acquire SWEAT from the secondary market for buy and burn or to distribute as staking wages.

Over the first seven days, the SWEAT token had nearly half a billion dollars in trading activity across exchanges FTX, OKX, ByBit, Bitfinex, Kucoin, Gate.io, Huobi, and Uniswap.

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CAKE Trading Volume Spikes Over 50% In 24 Hours

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PancakeSwap (CAKE), just like any other cryptocurrency, has had its share of ups and downs.

  • PancakeSwap registers over 53% increase in 24-hour trading volume
  • PancakeSwap among trending BNB projects today
  • CAKE’s next resistance level could be at $5

Just two months after it was launched on September 2020, the token hit its all-time low to date. Back then, it was trading at just merely $0.19.

Today, a quick glance of data provided by CoinGecko shows the 68th ranked crypto by market capitalization trading at $4.80. It is way below its $43.96-all-time high that was attained on April 30, 2021.

CAKE might have lost 89% of that impressive trading value, but that does not necessarily mean the token is not commanding strong interest among traders.

If anything, current data shows Christmas came early for the digital asset.

PancakeSwap Outperforms Many Cryptocurrencies

The crypto market is continuing to deal with bearish conditions, but CAKE was able to pull off an impressive feat – close the day and the week in green and outperform many of its competition.

Over the last seven days, the governance token of PancakeSwap was able to increase its value by 9.4% and is one of the few digital assets to be “on the green” in today’s market.

Source: CoinGecko

Its price recovery is not the only thing that is impressive about CAKE right now. Its 24-hour trading volume is also standing mighty strong.

In fact, there was a 52% increase in the token’s trading volume, even reaching over $55 million before slightly reverting to above $51 million at the time of this writing.

Even with that, PancakeSwap has shown some impressive leaps for the past week.

Will The Token Sell Like Real Pancakes?

If its most recent trading volume is any kind of indication, the digital currency, by the looks of it, actually sold like pancakes.

After all, high trade volumes often denote “high retail excitement” and in crypto space, this might work wonders for an asset’s price.

Over the past week, CAKE placed high on the watch list of crypto investors and is among the trending BNB projects.

The PancakeSwap bulls, though, needs to capitalize on this momentum in order to sustain price level of above $4.50 as this will lead to $5 as the next resistance level.

If the pressure for buyers remains strong, CAKE’s short-term trajectory could be a sweet one.

Cake Trading Volume Spikes Over 50 In 24 Hours

CAKE total market cap at $676 million on the daily chart | Source: TradingView.com

Featured image from Cryptopolitan, Chart: TradingView.com

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Arthur Hayes Questions PoS Ethereum’s Decentralization, Suggests Rising Price

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The controversial Arthur Hayes is asking a burning question in his latest blog post. The former BitMEX CEO compares the PoS Ethereum to Binance Smart Chain, that’s famously and admittedly centralized. Arthur Hayes also describes how the validator’s disagreements with the majority are going to go, and predicts disaster for the dApps that build over a platform that doesn’t prioritize censorship resistance. In the short term, though, he’s bullish on Ethereum.

Before Artur Hayes gets into all of that, he describes a concerning reality that many people in crypto Twitter have noticed and discussed. It has to do with the validators:

“As of 21 September, Lido Finance, Coinbase, and Kraken together control slightly over 50% of all ETH staked on the beacon chain. This means they are the most powerful validators and, in essence, they could censor what sorts of transactions are processed. What do all three of these centralized entities have in common? They are all US-owned companies or DAOs with major investments from US venture capitalists.”

For those keeping score, that’s a centralizing factor and a few single points of failure. All of those companies are under US jurisdiction, one of the most restrictive in the world. And of course, Arthur Hayes recognizes  “protections in place to help ensure decentralization” and that the system punishes validators that censor transactions. Nevertheless, the PoS system seems fragile. Big institutions that the government can sue are the validators. And the biggest validators will control the whole system. 

Arthur Hayes Sees Centralization 

How will the slashing mechanism that punishes unruly validators play out? According to Arthur Hayes, this is how the system will deal with rebels: 

  • “There is a way to slowly lose your ETH if < 33% of the network refuses to attest to blocks. Slowly losing your ETH means that a validator is punished by reducing the deposit on a node. Should the deposit drop below 16 ETH, that validation node is removed from the network. This capital becomes dead capital as for the foreseeable future you cannot unstake ETH.”
  • “There is a fast way to lose your ETH if > 33% of the network refuses to attest to blocks. The penalties get exponentially worse quickly such that opposing validators quickly fall below the 16 ETH threshold and are booted from the network.”

If that happens, Hayes predicts that everyone will let that happen again and again, and compares it to the original DAO story. Ethereum’s developers decided to fork and “everyone at the time tacitly went along with the devs who forked the protocol so that folks could get their money back, rather than staying true to Ethereum’s supposed “code is law” ethos.”

ETH price chart on OkCoin | Source: ETH/USD on TradingView.com

Bullish On Ethereum Short-Term

Don’t get Arthur Hayes wrong, despite the criticism of the platform and PoS systems, he still thinks Ethereum will do well in relation to the dollar. 

“ETH as a financial asset — fully tethered to the US-led financial system and under the pretense of “decentralization” — could still do extremely well in the near future. The issue that I wrestle with is whether truly decentralized financial and social dApps can exist at scale (i.e., with hundreds of millions of users)”

In the end, it all goes back to the most important factor: scarcity. According to Hayes, the only thing that matters in the next three to six months is “how ETH issuance per block falls under the new Proof-of-Stake model. In the few days post-merge, the rate of ETH emissions has dropped on average from a +13,000 ETH per day to -100 ETH.” If this continues, Arthur Hayes is optimistic: 

“The price of ETH continues to get smoked due to deteriorating USD liquidity, but give the changes in the supply and demand dynamics time to percolate. Check back in a few months, and I suspect you’ll see that the dramatic reduction in supply has created a strong and rising floor on the price.”

Is the former BitMEX CEO right about this? We’ll find out soon enough.

Featured Image by GuerrillaBuzz Crypto PR on Unsplash  | Charts by TradingView

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VeChain Partners With TruTrace For Wider Blockchain Adoption

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Vechain Partners With Trutrace For Wider Blockchain Adoption
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