Duy, Author at SynQ

Author: duy

September 13th, 2020 – Weekly Recap

Weekly Recap

September 6th- September 13th, 2020

Welcome to our 3rd weekly recap for September.

Overview 

Crypto News

  • Online food ordering platform Just Eat has begun accepting cryptocurrencies for over 15,000 restaurants in France. The Just Eat group operates in 13 countries. Its website for France has recently undergone a significant makeover following the acquisition of Just Eat Plc by Takeaway.com. The latter has been accepting bitcoin for quite some time.

  • Global payments company Mastercard announced Wednesday the launch of its “proprietary virtual testing environment” for central banks to evaluate use cases of their central bank digital currencies (CBDCs).

  • According to the report, the regulation will seek to tackle bitcoin’s high volatility as well as “risks posed by systemic ones, like libra” by creating a “new college of supervisors” involving existing national and continental regulatory agencies – and one new additional body – all chaired by the European Banking Authority (EBA).

  • Bitcoin miners are finding it difficult to obtain next-generation application-specific integrated circuit (ASIC) mining rigs after a number of firms have sold out. Semiconductor goliaths like Samsung and TSMC have been struggling to keep up with the demand that was sparked by the Covid-19 outbreak.

  • Cryptocurrency exchange Coinbase has been struggling to get some functionalities approved for its iOS app, CEO Brian Armstrong detailed his company’s experience dealing with Apple Inc. on Friday. “In the wake of other companies struggling with Apple’s App Store restrictions, I want to share a bit about Coinbase’s own struggle here,” he began, elaborating:

September 6th, 2020 – Weekly Recap

Weekly Recap

August 30th- September 6th, 2020

Welcome to our 1st weekly recap for September.

Overview 

Crypto News

August 30 2020 – Weekly Recap

Weekly Recap

August 23rd- August 30th, 2020

Welcome to our 4th weekly recap for August.

Overview 

Crypto News

August 23 2020 – Weekly Recap

Weekly Recap

August 16th- August 23rd, 2020

Welcome to our 3rd weekly recap for August.

Overview 

Crypto News

 

DeFi – FTX Exchange

FTX Exchange

Introduction

FTX is a crypto derivative exchange offering scalable futures, leveraged tokens and OTC trading for the DeFi market. The Hong Kong-based exchange was only launched in May 2019, but has grown to be one of the top five exchanges in traded volume and is quickly outpacing most competitors.

This growth could be attributed to the solid reputation the company has established for itself, even before its adoption of DeFi projects. As interests and competition in DeFi grew, FTX stood out from the competition due to their adaptability and innovation.

Alameda Research, the exchange’s primary market maker, is also a investor in the DeFi project, mStable, a stable assets swapping protocol. The company is also an active participant in the Defi ecosystem. Alameda has proposed and voted on several Compound governance proposals, in addition to playing a crucial role in enhancing the Balancer‘s protocol distribution mechanics.

FTX operates by tokenizing leveraged futures positions using a generated ERC20 token as representation, which can then be traded as a spot token. The token could additionally also be listed on other exchanges, allowing users to take on a leveraged position without personally managing the collateral themselves. But the appeal for users is the unique products available on FTX such as the MOVE indices, FTX leveraged tokens, or the Bitcoin Perpetual Futures.

The platform’s utility token is known as FTT, and holders receive additional benefits such as lowered FTX trading fees, OTC rebates, collateral for futures trading, and socialized gains from the insurance fund.

Source: The FTX Team is also developing the SERUM Exchange.

FTX Services are available globally, except in restricted countries such as the United States, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Antigua or Barbuda.

Fundamentals

FTT is currently trading at $3.45, with a marketcap of $329,344,002. The current circulating supply is 95,434,860 out of a total supply of 344,446,952 FTT.


Source: https://ftx.com/en/ftt

August 16 2020 – Weekly Recap

Weekly Recap

August 10th- August 16th, 2020

Welcome to our 2nd weekly recap for August.

Overview 

Crypto News

  • A single malicious entity controls nearly a quarter of all nodes used on the anonymous internet provider Tor Network and is using its position to steal bitcoin and other cryptocurrencies.

  • The Bolivarian Council of Mayors in Venezuela signed the so-called “National Tax Harmonization Agreement” for 305 municipalities in the country, including the Petro (PTR) as a means to collect payments of taxes and sanctions.

    The cryptocurrency is becoming increasingly widely used as the result of a new campaign.

  • Both bitcoin and gold have risen sharply throughout 2020, driven by relentless fiat money printing by governments and central banks, keen to keep their economies afloat in the wake of the coronavirus pandemic.

    BTC hit a yearly high of $12,000 just as gold soared to a record high of $2,000 per ounce.

  • In a blog post on August 13, Coinbase unveiled its new crypto lending business, which places it into competition with the likes of Nexo and Blockfi. The service charges an annualized interest rate of 8% for borrows that are one year or less.
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DeFi – Uniswap

Uniswap

Introduction

Without a reserve of capital, decentralized exchanges cannot be utilized to their full potential. Uniswap aims to provide this service by regulating token exchanges on the Ethereum chain using liquidity pools rather than traditional order books.

Liquidity providers who invested value into a pool will earn interests in proportion to their shares from the 0.3% trading fee that the pool generates. Anyone can contribute to an existing pool, or create a new one by supplying an equal value of both ETH and an ERC20 token. Funds can be deposited or withdrawn at any time.

Image

Source: https://twitter.com/UniswapProtocol/

The creator of the pool can set the exchange rate, which will be shifted through Uniswap’s “constant product market maker” mechanism for trading. When one side of the pair’s liquidity is reduced relative to the other, the price is automatically adjusted. This is designed to “create arbitrage opportunities, in order to encourage more trading”.

Fundamentals

Uniswap does not have a native token, but each liquidity pair is represented by a unique, transferable ERC20 “pool” token which users can use to swap between ETH and any ERC20 token. These tokens are created when funds are deposited into the pool and represents user’s share of the pool’s total assets. When funds are reclaimed, the associated pool tokens are burned.

Source: https://defipulse.com/

Source: https://uniswap.info/home

DeFi – Tellor

Tellor

Introduction

Tellor is a decentralized Oracle for bringing high-value off-chain data onto the ETH chain. The platform operates using a network of staked miners that compete to solve a PoW challenge to submit official values of the requested data. The goal of Tellor is to provide a secure price feed for DeFi applications.

Tributes, TRB, are the native token of Tellor, and is minted with every successful Tellor data point. These tokens are used to pay for data requests and miners on the platform compete to satisfy the submissions.  The Oracle prioritizes the best-funded query every ten minutes, collects the required specific data, and makes it available on-chain.

How Tellor (TRB) Decentralized oracle for DeFi dapps work

Source: https://cryptogems.com/

In addition to the security of the PoW protocol, Tellor will also require miners to stake a deposit of Tributes before they are allowed to mine. Miners risk losing their stake if their submitted values are successfully challenged. This design ensures the integrity of operating miners on the platform.

Fundamentals

Tellor’s token, TRB, is currently valued at $32.73, with a market cap of $49,092,725 USD. There are currently 1,499,574.397 TRB in the total supply.

Source: Etherscan.io

 

 

 

 

August 07 2020 – Weekly Recap

Weekly Recap

August 1st - August 7th, 2020

Welcome to our weekly recap for August.

Overview 

Crypto News

  • Digital currency derivatives have been on fire during the last two weeks as Ethereum futures volumes touched an all-time high on Sunday. The popular derivatives trading platform Deribit saw 1.9 million ETH contracts traded and CME Group is now the third-largest exchange in terms of bitcoin futures open interest.

  • The four congressmen are Bill Foster (D) of Illinois, Darren Soto (D) of Florida, Tom Emmer (R) of Minnesota, and David Schweikert (R) of Arizona.

    In their letter addressed to IRS Commissioner Charles Rettig, the quartet expressed concern that the “taxation of staking rewards as income may overstate taxpayers’ actual gains from participating in this new technology.”

  • Ethereum Classic has suffered its second 51% attack in a week after more than 4,000 blocks were reorganized Thursday morning.

    Mining pool Ethermine’s parent entity Bitfly and crypto exchange Binance reported the reorganization, announcing all Ethereum Classic payouts, withdrawals and deposits had been suspended due to the attack.

  • Matthew McDermott, Goldman’s new digital asset global head, confirmed the U.S. investment bank was exploring whether to launch its own digital asset, CNBC reported Thursday.
    “We are exploring the commercial viability of creating our own fiat digital token, but it’s early days as we continue to work through the potential use cases,” he said.
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DeFi – Synthetix

Synthetix

Introduction

Synthetix is an Ethereum-based decentralized synthetic asset issuance protocol. The platform allows for the creation of synthetic assets that track the value of its real-world equivalent within its chain.

These synthetic assets, or Synths, can be minted through the use of the Synthetix Network Token (SNX) and cover a large range of derivatives including fiat currencies, commodities, and cryptocurrencies such as BTC, MKR, and LINK. The most popular being the platform’s native stable-coin, sUSD, which acts as an onramp to trade for other Synth assets. Stocks, indices, and other derivative support are planned for the future.

Source: https://twitter.com/synthetix_io

Synths are minted relative to the value of locked SNX at a collateralization ratio. Once minted, it is a tradeable ERC20 token that can be used for long-term investing, trading, or remittances. Stakers of SNX also earn a percentage of fees generated on Synthetix’s non-custodial DEX.

The Synths copy the price of an asset but don’t misunderstand that it is the same as holding the asset itself. For example, a synthetic crypto token would be the same price as it’s “real” equivalent, but without the voting and other rights associated with an actual token holder. However, the benefit is this allows users to bet on the price of an asset without holding the actual equivalent, enabling users to gain both long and short exposure to all available assets on the platform.

It is no surprise that Synthetix is the current third-largest DeFi project. The protocol enables multiple additional options for users in the market, both in terms of assets and trading strategies.

Fundamentals

Synthetix’s token, SNX, is currently valued at $4.30, with a market cap of $482,797,505 USD. There are currently 112,205,257 / 195,899,536 SNX in the circulating supply.

Source: https://defipulse.com/synthetix