Category: DeFi

Categories
Crypto News Cryptocurrencies DeFi NFTs

New DeFi Token $CUMMIES Targets The Adult Industry

CumRocket is a new DeFi project that is aiming to disrupt the adult industry, by creating their own private subscription platform (similar to competitor OnlyFans) and NFT marketplace.

$CUMMIES – the project’s deflationary DeFi crypto token, reached its climax this week at $0.285 on the 5th of May, which is over a 1,000% increase for the week.

CUMROCKET CRYPTO price chart [CoinMarketCap]

The $CUMMIES DeFi Token

$CUMMIES is a “reflect” DeFi token on the Binance Smart Chain (BSC) powered by DEGENR – which means there is a fee applied to each transaction (in this case 5%), with half of the fee burned, and the other is redistributed to token holders.

Using $CUMMIES as the tipping currency on our NSFW platforms encourages more transactions.

cumrocketcrypto.com

According to CumRocket’s website, their service allows for a level of anonymity that ​“other popular platforms fail to provide”.

The token will be used for tipping, messaging, custom request and currency on their NSFW content platforms and their NFT marketplace.

In Q3 they will be launching a platform where adult creators can sell their private content for a monthly or yearly fee. And they also aim to have an exchange up and running in the near future. You can see their roadmap for more information.

Does The Project Have Legs?

The $CUMMIES token was launched via Dxsale by a public developer who is also an influencer in the TikTok space with over 24k followers.

The British software engineer Lydia, who announced its creation via TikTok on 4th April, saw less than three weeks later, CumRocket surge 634% in a single day, taking its market cap to over $140 million.

These increases might be due to novelty as well as the fact that it’s NSFW which usually turns an eye.

However, this brand new NSFW cryptocurrency, some might mistake for a meme-coin but the team explained in an live stream that they plan to disrupt the adult industry in a massive way.

Categories
Australia Blockchain Crypto News DeFi

Australian Blockchain Platform Fantom Surpasses 3 Million Transactions

Fantom 3 million transactions
Fantom 3 million transactions https://twitter.com/FantomFDN/status/1388144155520548865

Fantom (FTM) – an Aussie blockchain platform founded in 2018 – has just passed the important milestone of 3 million transactions.

Sitting at a market cap of $2 billion, with each token currently worth $0.71, the Sydney-based DeFi platform has witnessed a staggering growth within the past year, after slowly ramping up operations and getting the word out to eager investors.

Low Fees And Cross-Chain Consensus Compatibility

Technically speaking, the Fantom Blockchain brings a lot to the table. Built around an asynchronous and byzantine fault-tolerant (aBFT) consensus mechanism named Lachesis, it’s possible for developers building their projects for the Cosmos blockchain to ensure compatibility with the Fantom Blockchain as well. New projects can also be easily created on the Fantom blockchain itself.

Fantom is seamlessly integrated with MetaMask and boasts many well-known Ethereum dApps.

Although the low fees set in place by the platform are one of the main selling points, Fantom pride themselves on the speed of their transactions as well. The increase in Fantom’s network activities comes amid the “Go-Opera” network upgrade just a few days ago, which was also aimed at improving the network reliability, efficiency, and transaction speed.

According to Michael Kong (CEO of Fantom), the butterfly effect that helped Fantom reach widespread popularity couldn’t have started without the help of developers who saw Fantom as the best way to bring their projects to fruition.

We’re extremely excited to see developers building on Fantom and people using what they create. Initially, we saw household names from the Ethereum DeFi ecosystem deploying a second instance on Fantom; more recently, we witnessed a surge in people building natively on Fantom, which is a huge sign of confidence. Developers find it easy to build on Fantom, and people love the near-zero fees and instant transactions. The growing popularity created a network effect that pushed Fantom market cap past the $2 billion mark. It’s a major milestone for us.

Michael Kong, CEO of Fantom

The growth of Fantom doesn’t seem to be slowing down anytime soon as it looks like the team behind it will take steps to ensure that their DeFi platform remains a force that can compete with older kids on the block.

Categories
Crypto News Crypto Wallets Cryptocurrencies DeFi

Crypto Wallet Metamask Reaches 5 Million Active Users

MetaMask
MetaMask

MetaMask is one of the most popular crypto wallets at the moment as it’s active monthly users reaches a massive 5 million milestone.

Powered by the Ethereum blockchain, MetaMask sports a flashy yet welcoming user interface which provides easy access to cryptocurrencies and tokens, especially DeFi and NFTs.

In a recent blog post, the team announced that MetaMask had reached a total number of 5 million active users – and reiterated their commitment to keeping the internet accessible to all.

“We cannot express how honoured we are to continue democratizing access to Web 3.0, and we look forward to serving the millions more users that are joining the decentralized web. This growth opens the possibility of a more ethical internet where people control their own data and identities, can build communities, and freely associate with one another through interactions that are empowering and based on consent.”

Metamask

Could DeFi Compete With The Banks?

One of the main vectors identified in the post for the growth of Metamask’s user base is the adoption of DeFi – specifically by those in countries where banks and financial services are lacklustre – if they exist at all.

Although in places such as Australia, China, the USA and the EU a bank account is more or less a necessity in this day and age, things are somewhat different elsewhere. For instance, 54% of people living in South America do not have access to bank accounts. This is not only due to denial of service by banks – many simply do not trust either their national banks or private banks operating locally.

As a result, many of these citizens have turned to cryptocurrency and DeFi as a way to store their assets, make investments, and take care of their daily expenses.

Following a rise in popularity that brought MetaMask to 1 million users by October 2020, their userbase has continued to grow exponentially – leading to the current figure of 5 million monthly users, carrying out transactions worth $2 billion within the past 6 months.

Categories
Crypto News DeFi Investing

New DeFi Coin “SafeMoon” is Designed For HODLing With 10% Trade Fee Warning

SafeMoon is a decentralised finance (DeFi) token that launched in March 2021 with the aim of protecting their investors against whales that create bubbles and speculation sell-off that can damage a brand’s future prospects. Basically the token rewards you for having diamond hands in a new token class they call “reflection tokens”.

We’ve all been there, seeing those shiny 6 digit figures can be pretty damn tempting to jump in. However, almost always the token suffers from the inevitable valuation bubble, which is then followed by the burst and the impending collapse of the price.

SafeMoon White Paper

SafeMoon is Expensive to Trade

If you’re thinking of trading the SafeMoon coin then think again because you will be hit with a massive 10%-12% trading fee. With 5% of every purchase or sale is redistributed amongst all wallet holders, and the other 5% is split half burned half sold into BNB because of a contract.

SafeMoon Tokens Supply

According to the SafeMoon white paper there is a total token supply of 1 quadrillion, with a launch supply of 777 trillion. If you sell it, you will be hit with a 10 to 12 per cent transaction fee, half of which is redistributed to existing holders, helping to create what they hope will be a ‘price floor’. This mechanism was added to reduce the likelihood of pump and dump schemes.

1,620 Cryptocurrency Dead Coins

Cryptocurrencies are gaining popularity, with some 106 million users globally trading in more than 2,300 cryptocurrencies. However, 1,620 have crashed (“dead coins”) some of which were caused by pump and dump schemes or massive speculative sell-off. This is important to note, as these new coins promise prices to the moon, and a lot of them end up as dead coins.

How Is SafeMoon Different From Other Liquidity Providers?

SafeMoon has three functions that take place during each trade: Reflection, Manual Burn, and LP Acquisition.

The rewards from providing liquidity are static, compared to others that fluctuate based on the amount of coins that help provide liquidity. This is called reflection, and aims to eliminate problems caused by these farming rewards.

Sometimes burns matter; sometimes they don’t. Manual Burns are a strategy that aim to implement a burn strategy that is beneficial and rewarding for those engaged for the long term.

The white paper states that “Automatic Liquidity pool (LP) is the secret sauce of SafeMoon”. Essentially this process is there to help keep the value of the coin more stable when people start selling, through the various methods of capturing LP and reinvesting it into the pool.

How They Plan to Ensure Safety

  • Developers burned all tokens in the Dev Wallet prior to the launch
  • Held a fair launch on DxSale
  • LP locked on DxLocker for 4 years
  • LP generated with every trade and locked on Pancake

Toward the future they plan an integration process with WhiteBIT, a crypto-to-fiat currency exchange offering more than 150 trading pairs, and BitMart, the cryptocurrency trading platform. SafeMoon also plans to develop a non-fungible token (NFT) exchange, as well as charity projects and crypto educational apps.

Categories
Blockchain Crypto News DeFi Gaming

Ubisoft Partners With Tezos to Become a Validator Node

Videogame giant Ubisoft has partnered with Tezos protocol to become an official corporate validator node, as announced by Nomadic Labs, a technology research team within the Tezos ecosystem.

By becoming an official “baker”, Ubisoft will experiment with the proof-of-stake consensus algorithm, validating blocks and implementing them on the Tezos blockchain.

The company will be added to the set of 277 bakers. These validators can stake their XTZ — Tezos’ native asset — to distributing rewards and participate in the network’s governance.

Spreading Blockchain Technology With Videogames

Nomadic Labs said that blockchain can bring benefits to gamers and developers alike, and this collaboration is part of Ubisoft’s long-term research to spread and facilitate innovative technology.

Ubisoft is one of the first large companies to show interest in blockchain technology by testing several protocols through the years and we are happy to welcome them in our ecosystem. Their experience and vision will be an asset in the Tezos community.

Michel Mauny, President of Nomadic Labs

This is not the first time that Tezos works with high-profile businesses. In September 2020, one of the largest banks in France, the Société Générale, started experimenting with the Tezos network. After several months of testing, the bank issued its official security token using its public blockchain.

By now, Ubisoft is the first major corporation in the gaming industry to join the protocol, and Nomadic Labs will support other companies that want to build on Tezos, contributing to the development and spread of the protocol’s corporate baker ecosystem.

Categories
Blockchain Crypto News DeFi Investing

Tidal Insurance Set To Go Live On The Oasis Network

In a recent post, The Oasis Foundation – which sprung from the roots of Oasis Labs, the team behind the Oasis Network – stated that DeFi insurance provider Tidal Finance will be bringing their services to the Oasis Network.

As a company known for providing a selection of pools with risk assessments, Tidal Finance allows investors to hedge their bets depending on how much risk they are willing to take.

More Security For Investors?

The aim of implementing insurance policies on a DeFi network is to protect investors who, although interested in DeFi, may dither due to the relative immaturity of the decentralized business sector. Although DeFi is attracting more and more investors – with over $100 billion worth of assets locked into DeFi ventures – certain issues in the not-so-distant past may still give prudent investors reasons to look elsewhere.

According to the blog post, Tidal Finance will be providing cross-chain insurance for Oasis customers. In return, Tidal Finance will be able to expand the scope of their activity, taking advantage of the confidential smart contracts that are one of the major selling points of the Oasis network.

This integration will go beyond just providing insurance capabilities. The Oasis Network’s unique ability to keep smart contracts and their data confidential, will also allow Tidal to explore expanding their claims process to include anonymous, democratized voting on claims processing with their community. In short, their community could vote on whether a particular claim should be approved in a privacy-preserving manner.

Oasis Protocol Foundation

Confidential smart contracts also have uses outside of the financial sector. For example, a hypothetical medical establishment allowing payment in cryptocurrencies could receive payments this way, ensuring the relationship between the doctor and the patient remains confidential – a cornerstone of medicine ever since the Hippocratic Oath was put to paper.

Categories
Crypto News DeFi Facebook

Facebook Is Making an Ecosystem For Creators On Polkadot Blockchain

Pontem Network will be the “Kusama” of Facebook’s Diem where users will be able to build their own Defi Strategies, Dapps, and other tools before launching them on Diem.

Diem is Facebook’s multi-billion-dollar growth strategy that focuses on creating a financial institution for the unbanked. Diem will be accessible to anyone with WhatsApp or Instagram and supports smart contracts and advanced features. Additionally,  Diem intends to launch a backed stable coin as its first use case.

Connecting The Regulated And The Unregulated

Pontem is a bridge between the regulated and unregulated worlds that will allow exchanging value between the two. Pontem Network has been approved for two grants, one from Web3 Foundation and one from Wings Foundation. The main goal of Pontem Network is to bring the Move Virtual Machine, Move Language, and the ecosystem surrounding it (Facebook’s Diem as known as ex-Libra) to Polkadot. Nearly 2 billion Facebook Diem users will be able to access decentralised tools and create new blockchain projects.

According to Pontem, Diem has some limitations & restrictions which they aim to solve by connecting Diem to the decentralised world. The network will help Diem users get access to all the use-cases provided by the unregulated society, such as financial instruments, DeFi and NFT, and even games.

Pontem aims to be an attractive choice for creators giving them the freedom to build in any direction on the ecosystem.

Pontem’s DeFi Usecases

As an example, Pontem Blocks can act as blocks of pre-set values used to build and create DeFi tools. Users will be able to mix them in various combinations to reach the outcome they are looking for. And the other part is that such development will be fast and effortless, with no need to write code, since users will be able to use ready-made modules and tools to build their ideas. The platform allows for easy migration to Diem

 It allows users to create their own strategies, unite all operations into one transaction, and give external developers a chance to monetize their own developed blocks.

Pontem Network

Pontem network supplies users with complete toolsets to develop Dapp projects, including a package manager that allows communication with other blockchains.

users will have a chance to take multiple actions such as swapping tokens, providing liquidity, or staking LP tokens* all in one place.

Pontem Network

Integration with existing liquidity protocols, including Ethereum ones (using different Polkadot bridges) will expand the uses for DeFi. And since Diem has so many users the ecosystem could become very popular due to it being a “financial framework straight out of the box”.

Categories
Blockchain DeFi Industries

CEO of Shopify Shows Interest For DeFi

Shopify – an online platform that allows users to quickly build their own eCommerce store – has recently posted on Twitter about DeFi, asking for suggestions on how he can help the DeFi movement be pushed to the forefront of economic transactions.

Suggestions Requested

Although Shopify has been accepting crypto integrations since around 2014 – and an Aussie dev has been working independently on a Cardano integration, whose source code is freely available on GitHub, this tweet seems like a request for ideas to make DeFi a more official part of Shopify – which would most likely also come with support from the platform. This would in turn make investors more likely to consider supporting both Shopify and the DeFi ecosystem.

Several DeFi bigshots eagerly responded with suggestions, including Nansen’s Alex Svanevik’s suggestion to allow stablecoin payments and yields on cash stored in Shopify accounts.

ConsenSys’s Corbin Page also pointed to a project he and Jordan Lyall had made at the Ethereum Denver event a year back that would allow willing eShop owners to do just that.

Shopify CEO Tobi Lutke went on to say that his ethos coincides with decentralization – and that he’s been a fan of the concept even before crypto was a thing.

“Shopify is a product of pre-crypto times and spiritually aligned with decentralizing opportunity. Over a million businesses use us around the world. Usually, companies see a market like retail and say “cool, I’ll go win that market”. Shopify did “cool, let’s make sure everyone can participate”. So, in spirit (not by your definition) we are helping push against centralization. Makes sense?”

As one of the top companies in Canada – ranked in Forbes’s top 50 Canadian companies – the adoption of blockchain by Shopify could be a major landmark for the banking industry and DeFi investors alike.

Categories
Crypto News DeFi Hackers

Force DAO Protocol Hacked, Token Plunges 95%

Force DAO, a DeFi hedge fund, suffered an attack by a hacker that found a bug in the xFORCE contract, draining 14.8 millions worth of FORCE token (around 34 million on this Sunday morning).

The attack happened after the protocol organised an airdrop yesterday, distributing FORCE tokens to its users. The token plunged at least 95% after the protocol confirmed the attack, going from $2.30 to $0.26.

The protocol confirmed the attack via Twitter and published a post-mortem analysis a few hours later. Accordingly, Force DAO is currently working with two different security firms to review and analyse the contracts.

Other Attackers Took Advantage

The first hacker found a bug in the xFORCE contract’s code that returned a false value when the amount transferred exceeded the account’s balance instead of reverting it.

According to technical advisor Mudit Gupta, this allowed anyone to call the “Deposit” function without holding FORCE tokens. The attacker minted xFORCE tokens from the contract without locking them in the vault.

According to Force DAO, the hacker returned the funds to the pools after founding the contract’s code’s vulnerability. Other attackers took advantage of it and drained millions of dollars, exchanging the funds on Uniswap and Sushiswap.

Other attackers soon followed, draining the pool’s liquidity and taking over $20 million FORCE tokens in just a few hours.

Force DAO is the latest DeFi protocol subject to millions of funds lost. A few days ago, TurtleDex, a Binance Smart Chain-based protocol rug pulled its investors, draining $2.5 million out of the liquidity pools.

Categories
Crypto News DeFi Ethereum Gas

Aave to Use Ethereum Sidechain to Reduce Transaction Costs

Decentralised finance (DeFi) firm Aave liquidity protocol is working with Polygon (formerly known as MATIC) an Ethereum side-chain project to alleviate congestion and transaction fees on second-largest public blockchain.

In an announcement by Aave integration lead Marc Zeller, they will be exploring Ethereum sidechain technology for an increased user experience.

Block space supply today is scarce and limited, and since the “DeFi Summer” of 2020, demand for using Ethereum and DeFi has never slowed down […] High transaction fees are a feature of a successful public blockchain, as they define actors ready to pay the market price to use the decentralised services.

Marc Zeller, Integrations lead at Aave

One of the main assets of DeFi is the ability to build synergies with other projects, and by having an Aave Market in all the venues that matter, there’s no need for a “winner-takes-all” scalability solution and users can choose the solution they feel comfortable with.

Stani Kulechov, Aave founder

Polygon Sidechain Integration

Polygon is a scalable sidechain of Ethereum and boasts a growing ecosystem, with some of the favourites being  Aavegotchi and decentralised exchange Quickswap. Polygon is also powered by Chainlink oracles, benefiting Aave by gaining access to high quality and security price-data.

A sidechain on Ethereum refers to any mechanism that allows tokens from the layer 1 mainchain to be securely used within a completely separate blockchain but still moved back to the original chain if necessary.

Polygon will also be bringing in a smart-contract bridge to allow various other assets. Users of the bridge will receive part of the transaction fee used in MATIC tokens to cover most of their transaction fees on the Polygon blockchain.

A look at some of the fees:

  • Deposit AAVE : $0.000061
  • Borrow USDC : $0.000102
  • Withdraw AAVE : $0.000109
  • Repay USDC : $0.000072

At launch the following assets will be onboarded on the Polygon Aave Market :

  • MATIC
  • USDC
  • USDT
  • DAI
  • WETH
  • AAVE
  • WBTC

With close to $43 billion currently locked within DeFi lending platforms. Built on Ethereum, Aave, a DeFi protocol aimed at both retail and institutional clients, has a market size of $6.48 billion, making it the third largest in the sector, according to DeFi Pulse. Aave has also integrated with Transak to enable the direct purchase of Polygon assets with fiat currencies.