Burning cryptocurrencies and NFTs is comparable to setting cash or art on fire, although the process is a bit more complex than lighting a match. But why would a crypto project want to destroy its own tokens? There are a number of reasons, which we’ll explore in this article. What is a token burn? First up: what does a token…
Legion Strategies, a hedge fund affiliated with Anthony Scaramucci’s Skybridge Capital, has halted investor redemptions, according to a Bloomberg report citing people familiar with the decision. The move reportedly comes after steep declines in stocks and cryptocurrencies witnessed over the past months, with one source telling Bloomberg that the decision to suspend redemptions was made because stocks in private companies—which…
Fees on Ethereum are low today, but Lido Finance wants to keep them low tomorrow. The so-called liquid staking service has announced that it will begin expanding into various layer-2 scaling solutions for the Ethereum network. “For Ethereum stakers, this means staking with lower fees and access to a new suite of DeFi applications to amplify yields,” the project explained…
At a time when the decentralized finance (DeFi) protocols have seen a significant outflow of funds from the market, maintaining liquidity has become even more challenging. Liquidity plays a central role in the DeFi ecosystem, and many protocols over time have come up with various new solutions to keep liquidity pools brimming. The latest trend in the liquidity market is…
The Nigerian central bank governor and bitcoin critic, Godwin Emefiele, recently remarked that the rise of fintechs and cryptocurrencies among other technologies have forced banks and financial institutions to change the way they operate. According to Emefiele, this requires the central bank’s monetary policy committee (MPC) to rethink the way it regulates the financial system. Rethinking Financial System Regulation The…
Aave (AAVE), an open source decentralized finance (DeFi) protocol, is teaming up with decentralized Web3 infrastructure provider Pocket Network to offer developers increased scalability and ease of use when building decentralized applications (DApps) on the Aave Protocol. According to the statement on Tuesday, Aave will use Pocket’s distributed network of more than 44,000 nodes to access on-chain data from various blockchains…
ApeCoin (APE) rallied to start the week as traders considered Yuga Labs’ decision to open its Otherside metaverse for selected users. In doing so, the token broke out of a technical pattern that hints at another 45% price rally by September 2022. Otherside metaverse euphoria APE’s price surged by almost 23.5% week-to-date to reach $6.12 a token on July 19.…
Fedi Inc. on Tuesday announced that it had raised $4.2 million in a seed round as the company seeks to onboard more users onto Bitcoin with the Fedi app, per a statement sent to Bitcoin Magazine. The application, which the company expects to begin rolling out in Q1 2023, will provide a user interface for Fedimint, an open-source protocol that…
“Bitcoin is for billions, not billionaires,” a phrase first coined by investment researcher Lyn Alden, could soon become a reality, according to Fedimint. The protocol that aims to scale Bitcoin (BTC) while making it more private, has been buoyed by a $4.2 million seed round for the Fedi application. Cointelegraph spoke to Obi Nwosu, co-founder and CEO of Fedi, about…
One of the leading crypto hubs in the Middle East, the emirate of Dubai, launches the Dubai Metaverse Strategy that aims to turn it into one of the world’s top 10 metaverse economies. The strategy promotes Dubai’s ambitions to support more than 40,000 virtual jobs by 2030. On July 18, the Emirates News Agency reported about the launch of the…
