Category: Crypto News

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Crypto News Ethereum Filecoin Market Analysis Monero Trading

Top 3 Coins to Watch Today: ETH, FIL, XMR – June 7 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ethereum (ETH)

Ethereum ETH is a decentralised open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralised smart contracts. Ethereum’s own purported goal is to become a global platform for decentralised applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime and fraud.

ETH Price Analysis

At the time of writing, ETH is ranked the 2nd cryptocurrency globally and the current price is US$1,858. Let’s take a look at the chart below for price analysis:

Source: TradingView

ETH has dropped 53% from its April highs and is now consolidating above many swing lows formed in summer 2021, near $1,700.

An inefficiently traded area could provide the closest near-term resistance. This area is between $1,852 and $1,924. 

If the price stays nearby, it’s more likely to serve resistance. This zone is near the June monthly open, contains the 18 EMA, and is above the 9 EMA.

A break through this level may target bears’ stops above the series of swing highs up to $2,164. The weekly chart shows inefficient trading in this area. It overlaps with swing lows from January and February 2022 and is near the 40 EMA.

If the price does rally this high, it could signal the start of a more significant bullish shift. This rally could reach as high as $2,458. March’s lows and inefficient trading on the weekly chart align with this level, yet the price has not indicated that it will go this high.

Many swing lows near $1,700 provide a tempting target for bears. Bulls will likely wait for a stop run below these lows before considering an entry. Inefficient trading on the daily chart from $1,687 to $1,616 could mark the sweep’s bottom.

Bulls should be cautious. A liquidation cascade and the current bearish conditions could cause a more significant drop. 

If bears do overpower bulls, the next higher-timeframe support might be near $1,292. This area shows inefficient trading on the weekly chart. It also overlaps with 2017’s cycle high and would sweep most bulls’ stops.

2. Filecoin (FIL)

Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

FIL Price Analysis

At the time of writing, FIL is ranked the 40th cryptocurrency globally and the current price is US$7.49. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIL has dropped 77% from its April highs. It’s now 97% down from its March 2021 all-time high. 

The price is currently in a small consolidation range. This range’s lower lows suggest bearishness. 

A rally near $8.36 could set the stage for another move lower. This level would provide a run on bears’ stops above the last daily swing high and is above the June monthly open. 

A break through this level could reach between $9.47 and $10.58. This zone shows inefficient trading on the weekly and daily charts. It also contains the 40 EMA. Relatively equal highs at the bottom of this zone mark bears’ stops. These stops provide bulls with an attractive target.

Bulls should be careful, however. The price is trending lower, and the current market conditions are bearish. Yet a consolidation near $7.63 could provide at least short-term support. This consolidation followed the last drop lower.

Chaotic price action below this level makes precise levels impossible to determine. Still, bulls could look for support near old swing highs formed in late 2019 near $6.74. 

Slightly lower, an area near $5.48 could also cause the formation of a bullish setup. This area is around the midpoint of significant consolidation. It’s also near the origin of 2020’s rally.

3. Monero (XMR)

Monero XMR allows transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography. The team behind Monero says privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users irrespective of how technologically competent they are.

XMR Price Analysis

At the time of writing, XMR is ranked the 27th cryptocurrency globally and the current price is US$190.56. Let’s take a look at the chart below for price analysis:

Source: TradingView

XMR swept 2022’s range high in April, then dropped 60% to sweep its range low. The price is currently near the range’s midpoint.

Since the price is in the middle of its range, there is no clear direction for the next move. Wednesday’s event could generate volatility. This volatility may create better hints for the next significant move’s direction.

The June open, near $197.70, could provide resistance during a retest. This area saw distribution before last week’s downward move. It’s also near the low end of early May’s inefficient trading. 

Slightly higher, $212.00 may also provide resistance. Before May’s sharp drop, the price consolidated in this area. It also accumulated here in early April.

A strong rally might reach over early May’s consolidation to $229.80. This rally would run bears’ stops and cross over the 2022 yearly open. The weekly chart also shows an inefficiently traded area around this price.

The price is currently near possible support at $190.10. This area contains the 18 EMA and formed the base of late May’s rally. It should hold if a significant bullish move is next.

If this level breaks, bulls could look for possible support near $155.10. The price may want to run bulls’ stops below May’s swing low while staying above May 12’s swing low. This area saw significant buying in January and February.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Australia Bitcoin Crypto News Payments

Gold Coast Mayor Open to Rates Being Paid in Crypto

In a clear signal to younger ratepayers, former businessman and current mayor of Australia’s City of Gold Coast, Tom Tate, has suggested that in the future the municipality may consider the possibility of rates being paid with cryptocurrency:

The news may be somewhat bittersweet as council prepares to deliver its annual budget, where residents are expecting a rates rise of at least four percent, the highest increase in over a decade.

Speaking to ABC News about his plans, Mayor Tate commented: “It sends a signal that we’re innovative and bring[ing] in the younger generation … [but] I’m not saying we’re doing it, I’m just saying we’re always looking at the next level.”

Welcomed by Industry

Blockchain Australia welcomed the news, with its chair Adam Poulton saying that crypto was “just another form of money” with an exchange rate linked to the Australian dollar. In outlining the mechanics, he added that with a “little bit of software, some applications, you can accept bitcoin as payment”.

Speaking to a possible implementation, Poulton commented:

They can choose to receive that bitcoin and hold it themselves, or they can actually exchange that bitcoin into Australian dollars, referencing that exchange rate, and have those Australian dollars turn up in their bank account.

Adam Poulton, chair, Blockchain Australia

However, he did add that, given the innate volatility of the asset class, “the council would need to look at [its] risk appetite”, adding “the last thing they’d want to do is accept A$2,000 worth of rates, hold it in bitcoin and for the bitcoin price to halve”. In addition, “the other risk is the bitcoin could go up in value and they’ll actually have three or four thousand dollars”.

One possible solution was that council could accept 95 percent of a rates bill in Australian dollars, with the balance in crypto. In this sense, the council could hold the crypto and in the future determine what use cases it may have.

‘Education Needed’

Not everyone was entirely enthusiastic. Associate Professor Vallipuram Muthukkumarasamy from Griffith University’s School of Information and Communication Technology said that despite crypto going mainstream, it remained a “speculative investment”.

Muthukkumarasamy suggested that more research and education would be required in order for crypto to reach the point of “taking over”, as has been envisioned since 2015: “A lot of learning needs to happen and the confidence building needs to happen with that.”

Even though it has “a lot of opportunity”, he added that the practicalities of implementing it were challenging, especially when it comes to large bureaucracies such as government. It would require, in his view, a “paradigm shift”.

Whatever one’s thoughts about Mayor Tate’s plans or intentions, one thing that can’t be disputed is that he appears to be making the types of noises younger Australian ratepayers want to hear.

While controversial to some, his plans are certainly not as radical as the city of Lugano in Switzerland where bitcoin is “de facto legal tender”, or in El Salvador, where Bitcoin bonds are being issued to build an entirely new city.

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Bored Ape Yacht Club Crypto News Hackers NFTs

200 ETH Stolen in Yuga Labs Discord Hack

Yuga Labs, the company behind the ‘blue chip’ Bored Ape Yacht Club (BAYC) NFT collection, has confirmed that its Discord servers were “briefly exploited” leading to the loss of NFTs valued at over 200 ETH (US$357,000):

BAYC on the Back Foot

The news broke when Twitter user OKHotshot posted screenshots showing that a project community manager’s Discord account appeared to have been hacked, resulting in scammers being able to carry out a phishing attack:

As confusion reigned all over Twitter, it took the BAYC team 11 hours to acknowledge the exploit, adding in its thread that:

Subsequently, Yuga Labs’ co-founder Gordon Goner tweeted that “Discord isn’t working for Web3 communities. We need a better platform that puts security first.” Most didn’t take kindly to the lack of responsibility exhibited by the BAYC team, with one indignant user saying:

you didn’t lose your NFT because you used Discord. you lost your NFT because you signed a malicious transaction with your key. stop blaming Discord, another client won’t save you from repeating the same mistakes.

@stevefink via Twitter

The Wrong Kinds of Headlines

BAYC has been in the news a fair bit of late, albeit for the wrong reasons. Aside from its floor price dropping by over 50 percent in the past six months, this latest exploit is unfortunately not the first.

In April this year, BAYC’s Instagram account was compromised, resulting in US$2.8 million worth of NFTs being stolen. And in the following month, it committed what could only be described as a “minting fail” where over US$157 million in ETH was burned as part of the launch of its “Otherside” metaverse.

Categories
Crypto Art Crypto News Fashion NFTs

Luxury Fashion Brand Prada to Release 100 ETH-Based NFTs

Prada is expanding its presence in Web3 with the upcoming launch of its second NFT collection, which relates back to the series of physical shirts the luxury brand has been selling since December 2019.

Prada’s Timecapsule shirts in white (also available in black).

The 100 Ethereum-based NFTs correspond to the Prada Timecapsule, a 2019 series of shirts available in black or white. The physical project includes 100 gender-neutral shirts designed in collaboration with artist Cassius Hirst – son of Damien Hirst, the UK’s richest living artist – which will directly link to the airdropped NFTs.

The GIF representations of those NFTs are white or black pill capsules (above) that come with serial numbers linking them to each shirt:

Airdrops on First Thursday of Each Month

On the first Thursday of every month since 2019, the Italian luxury brand has featured a limited-edition item drop from the series on its website. In the second phase, including the initial airdrop on June 2, every owner of the physical shirt will also receive an NFT with a unique code denoting each shirt, which features Hirst’s signature mask and brain scan designs. Each drop takes place on Prada’s website for 24 hours only.

Best of Both Worlds

The Hirst family is no stranger to NFTs. Damien Hirst’s first NFT art collection, The Currency, minted in July 2021, allowed buyers to choose between owning a digital token or a physical item. For Prada’s NFT drop with Cassius Hirst, buyers get the best of both worlds.

Prada’s first NFT project in January this year, in which the brand collaborated with Adidas Originals to foster user-generated content and creator-owned art, also involved a well-known artist. New York City-based digital and new media artist Zach Lieberman compiled 3000 community-sourced minted NFT artworks into a single mass-patchwork NFT design for the project, which was later auctioned on SuperRare.

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Crypto News Keep Network NuCypher Privacy

NuCypher (NU) Token Soars 87% Amid Threshold Network Merger

The Keep Network and NuCypher are being hard merged into one project called the Threshold Network. KEEP tokens and NU tokens will cease to exist and holders will instead be issued T Tokens in an agreed ratio.

The hard merge will enable both crypto projects to take advantage of each other’s capabilities and will also allow them to drive synergies:

NuCypher and Keep are ETH-based layer-2 solutions that deal in privacy infrastructure projects. The new combined blockchain will issue new tokens called Threshold Network Tokens (Ts) to KEEP and NU holders at an agreed ratio:

What are KEEP and NuCypher?

The Keep Network is a global decentralised network of computers that securely stores private information in an encrypted format and builds off-chain containers called “keeps”, where data is stored securely and privately. To achieve this, the network splits data into different Keeps which are then allocated to validators, where the use of Random Beacon encrypts and stores the data securely. The network is powered by KEEP tokens, which have a fixed supply of 1 billion.

NuCypher is a similar project model to the Keep Network, but it focuses on providing security and privacy layers to dApps built on Ethereum and other blockchain platforms. NuCypher provides its users with end-to-end encrypted data sharing on public blockchains and decentralised storage solutions. NU tokens power the NuCypher platform with a limited supply of 3.89 billion. NuCypher pumped 760 percent in a week following the news of a protocol merger.

How Will the Merger Work?

The initial supply of the new Token Threshold will be limited to 10 billion, with each of the projects getting 45 percent of the total supply at the agreed ratio, which means that for each I KEEP, 4.78 T tokens will be issued, and for every 1 NU token, 3.26 T tokens will be issued. The remaining 10 percent of the T token supply will be set aside for the Keanu Decentralised Autonomous Organisation (DAO).

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Australia Crypto News ETFs

Bear Market Sees Aussie Crypto ETF Volumes Dry Up

Australia’s long-awaited and much-debated exchange-traded products are finally in circulation and investors seem … less than impressed. Since the May 12 launch of three ETFs, trading volumes have only been on the decline.

ETF Drought Sets In

Only two weeks ago it seemed that these Australian ETFs had fizzled out on debut, with none of the three new funds (CBTC, EETH and EBTC) able to crack the A$1 million volume benchmark. In the period since launch, sales have only continued to fall, with the current bear market showing an apparent ETF volume drought.

Market Looks to the Cosmos

However, the Cosmos Purpose Ethereum Access ETF (CPET), heralded as the “world’s first physically settled ether ETF”, has just hit the market with high hopes:

CPET saw 2,073 shares change hands on May 31, its debut day. How successful it will be in Australia is yet to be determined. While some are hailing CPET as the kick crypto ETFs need to increase their volumes, as of June 1, the daily return on the newcomer was -5.88 percent.

Aussie ETFs Slow off the Mark

The initial development of Australian-based Bitcoin ETFs had been delayed by several factors, with the journey to launch being long and fraught. Their creation was hampered by high collateral requirements at the beginning of April, with fund managers claiming these were making it difficult for clearing participants to agree to trade the ETFs.

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Crypto News Regulation Stablecoins United Kingdom

Bank of England Agrees to Rescue Collapsed Stablecoins, Protecting Holders

In the wake of the Terra ecosystem collapse, the UK’s financial and economic ministry, HM Treasury, has released a consultation paper on systemic failures within what it terms “digital settlement assets including stablecoins”. Its recommendations have taken some by surprise.

Managing ‘Systemic Failures’

As per the consultation paper, HM Treasury has announced that the Bank of England (BoE) would intervene to direct and oversee collapsing stablecoins if, in its judgement, a stablecoin issuer has “reached a system scale fail”.

The government considers that it is important to ensure existing legal frameworks can be effectively applied to manage the risks posed by the possible failure of systemic DSA [digital settle asset] firms for the purposes of financial stability.

HM Treasury consultation paper

The document prepared was delivered in response to a consultation process in relation to the entire crypto sector which began earlier this year and concluded last month.

Government Offices Great George Street.jpg
HM Treasury offices. Source: Wikipedia

The British government is reportedly keen to amend prevailing financial legislation in order to bring crypto under the jurisdiction of the BoE, including instances where specific stablecoin issuers reach financially precarious positions.

Interestingly, the paper suggests that the revised rules would apply in in the case of stablecoins and “might include – but [are] not limited to – the issuer of a stablecoin, a wallet, or a third-party service provider”.

The government clarified that the central bank would intervene in the event of a “systemic collapse”, defined as “deficiencies in a system’s design or disruption to its operation [that] may threaten the stability of the UK financial system or have significant consequences for businesses or other interests”.

Broad Powers to the BoE May Flow On

At this early stage, the nature and extent of the central bank’s powers are largely unclear. However, on a closer inspection of the language used throughout the consultation paper, it’s evident that HM Treasury is looking to offer the BoE the broadest possible powers given the proliferation of references to “direction” and “oversight”.

While the UK has thus far proved to be crypto-friendly, one of the main concerns flowing from the USDT/LUNA fiasco was fears of increased regulation. It now appears that such fears were warranted given this latest move by the British government. One should probably expect the other G7 nations to imminently follow suit.

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Crypto News Market Analysis Polkadot Trading Zcash

Top 3 Coins to Watch Today: DOT, GST, ZEC – June 3 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 11th cryptocurrency globally and the current price is US$9.83. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 70% after Q1, showing little sign of interest from buyers.

May’s consolidation at possible support from $9.75 to $5.60 broke down with the rest of the market last month, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.

If market conditions turn and this resistance breaks, an area near the midpoint of Q1 consolidation range, near $12.70, and the monthly high near $13.88 may see profit-taking from bulls.

The first test of possible support near $9.10 has showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.

A break of this support might continue to drop to the next possible support near $8.70, running stops under the Q3 2021 swing low. If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $8.25 to $7.96.

2. Green Satoshi Token (GST)

Green Satoshi Token GST is the game token of STEPN – a Web 3.0 lifestyle app with inbuilt fun social elements and gamification design. STEPN is the first move-to-earn NFT game where players earn GST tokens by walking, jogging and running outdoors while wearing NFT sneakers. GST tokens can also be used to level up and mint new sneakers, and players can sell/rent their NFT sneakers on the App Marketplace.

GST Price Analysis

At the time of writing, GST is ranked the 356th cryptocurrency globally and the current price is US$0.9380. Let’s take a look at the chart below for price analysis:

Source: TradingView

GST has seen massive volatility recently as STEPN’s other coin, GMT, went on its parabolic run. GST’s price climbed 150% during April, dropped 80%, and is now retesting possible support.

Above the weekly open, $1.15 to $1.23 could provide resistance. Breaking through this resistance could reach near $1.30, which is approximately the midpoint of last month’s long upper wick. If the price breaks this level, last month’s high near $1.55 provides another reasonable target.

Bulls stepped in on each recent drop below $1.00. This level could provide support again and has confluence with the 18 EMA. A move below this level might see support near the 40 EMA and accumulation on the weekly, near $0.9061.

A more significant move down could target an old inefficiently traded area on the weekly between $0.8735 and $0.8267. The lower portion of this range, under $0.7681, may provide higher-probability support.

3. Zcash (ZEC)

Zcash ZEC is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions. Zcash transactions, on the other hand, still have to be relayed via a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent.

ZEC Price Analysis

At the time of writing, ZEC is ranked the 44th cryptocurrency globally and the current price is US$89.85. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZEC‘s recent bearish flip of the 9, 18 and 40 EMAs may cause bulls to be less aggressive in bidding. However, possible support near $86.47 and $82.96 – between the 41.8% and 58.6% retracements – could see at least a short-term bounce. 

Last year’s long-term consolidation suggests that the areas near $129.23 may be more likely to cause a longer-term trend reversal. 

Bears are likely to add to their shorts at probable resistance beginning near $120.50, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $136.12, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $145.32 might provide a ceiling for this impulse.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Crypto News Stablecoins Stellar

MoneyGram Partners With Stellar for Stablecoin Remittances, El Salvador Targeted

International cross-border remittances company MoneyGram is partnering with the Stellar blockchain to allow Stellar wallet users to transfer USDC stablecoins redeemable for fiat currency through MoneyGram:

Reducing the Cost of Remittances

In an attempt to drive down remittance costs, Stellar and MoneyGram seek to enable speedy low-cost transfers with a sleek user experience.

Currently, most international remittances are expensive and inconvenient. MoneyGram’s partnership with Stellar aims to reduce both the costs and friction of remittances by granting Stellar wallet holders the ability to receive USDC stablecoins that can then be converted into fiat currency worldwide.

Speaking to Bloomberg, MoneyGram CEO Alex Holmes shared his optimistic view of the crypto sector:

It [crypto] is here to stay and it’s going to be here for a long time despite recent selloffs and volatility.

Alex Holmes, MoneyGram CEO

MoneyGram Opts for Asset-Backed Stablecoin

Notably, the company has opted for an asset-backed stablecoin in the form of USDC, not an algorithmic one such as USDT, which recently imploded. In fact, Circle, the company behind USDC, has come out publicly amid the USDT/LUNA fiasco and assured that a depegging of its stablecoin is highly unlikely as it is fully backed by safe liquid assets:

We’re not taking the dollar and putting it in the reserves and then lending it out. Instead, the reserves are strictly cash and US Treasuries.

Dante Disparte, CSO, Circle 

El Salvador a Potential Market

In the interview with Bloomberg, Holmes commented on El Salvador’s move to adopt bitcoin as legal tender, saying he was working with authorities to drive adoption:

If a country like El Salvador is going to make Bitcoin seamless with US dollars in country, I think that consumers, through MoneyGram, should be able to transfer Bitcoin to El Salvador or transfer dollars and convert them to Bitcoin. If that’s where the world is going, let’s participate in that world, and let’s see how we can help fulfill that opportunity.

Alex Holmes, CEO, MoneyGram

Few would argue that the world needs cheaper and faster remittance technology. Recipients are often those who can least afford the exorbitant fees, often as high as 20 percent if one takes into account the minimum amount required to be sent.

The key question, however, is whether the Stellar blockchain is the most secure and stable long-term solution. Bitcoiners would argue not, since the newly introduced Taro protocol already allows for stablecoins to be sent on Bitcoin’s Lightning Network.

Categories
Crypto News DeFi Tokens Waves

WAVES Token Pumps 60% Amid DeFi Revival Plan and Airdrop

More positives for the Waves open-source blockchain, following the announcement of a DeFi revival plan, the WAVES token price increased by approximately 60 percent in the May 31 trading session, only to crash back down a couple of days later.

DeFi Revival Makes WAVES

The WAVES token jumped from US$6 at the beginning of the week to a US$10.15 intraday peak on May 31 and is now likely to hit its US$12.30 resistance, a point it has not reached since May 11.

The trouble for the WAVES token began at the beginning of April after a large sell-off of USDN. The knock-on effect was last month’s de-pegging of the stablecoin. This, combined with the Vires Finance liquidity crisis and the LUNA crash, meant an intense plunge for WAVES.

Anatomy of a ‘Master Plan’

There are several contributing factors to the 60 percent WAVES surge, the most notable being the Waves DeFi revival plan. The so-called “master plan”, according to a Waves Tech post, will look like this:

  • begin buying and locking CRV tokens with 45 percent of the WAVES staking profits from Neutrino, and vote to incentivise the USDN 3-pool, to improve demand for USDN;
  • liquidate large accounts, taking control of their collateral;
  • sell the collateral without de-pegging USDN to return liquidity to Vires Finance and reduce utilisation rate, enabling larger user withdrawals; and
  • improve Neutrino architecture with a new recap token that recapitalises Neutrino with new Waves Tokens when under-collateralised:

As part of the recapitalisation of Neutrino, the Waves protocol will be airdropping the new token via Tsunami Testnet, providing users meet eligibility conditions.

With the wider crypto market slowly turning green after a lengthy period of lows, along with the revival plan to be implemented, WAVES may continue its surge over coming weeks.

WAVES’ Recent Breaks

March was eventful for the Waves protocol as it managed to stay at the forefront of innovation via a partnership with Allbridge. A combination of this partnership and the protocol’s migration to Waves 2.0 caused the token to surge by 120 percent in just a week.

The back end of March saw the Waves protocol pump 70 percent following the news that it would be launching in the US. The US Waves Labs project was tasked with supercharging the protocol’s ecosystem upon its March 28 launch.