Connect with us

Latest News

Ethereum 2.0 Launch Imminent

rss

Ethereum 2.0 reaches a new milestone

A few days ago we were talking about how it might be difficult for Ethereum to reach its deposit contract milestone. But, the Phase 0 beacon chain of the ambitious upgrade will make its delayed debut next week. Till now it was challenging, but it’s not bound to get easier later also.

It’s official – The launch is on December 1st

So finally the day arrives when there is a definite date for the launch. The milestone comes after sufficient ether was deposited into a smart contract that has paved the way for the triggering of ETH 2.0 mainnet beacon chain activation, 8 days from now.

The ETH 2.0 upgrade beginning needed a minimum of 524,288 ETH worth $316 million now to begin. As of now, the stakers will not get any access to their crypto for some time. They can be withdrawn when the Ethereum mainnet makes the transition from Proof-of-Work to Proof-of-Stake.

Slow and Steady

The deposit contract for ETH 2.0 was originally launched on Nov 4. The campaign has always been there, but it lacked the enthusiasm for a good start considering it was an Ethereum campaign. The Ethereum developers were keen and hopeful that the magic threshold would be reached sooner, yet it took its own time.

They were clocking on a Nov 24 release but on Nov 22, Ethereum co-founder Vitalik Buterin informed that the deposit contract had reached only midway to meeting the minimum target. So it is now clear that the maximum of funds came at the last minute which is what has made this commendable. 

ethereum 2.0

Source: ModernConsensus

Etherscan data shows that the value of the deposit contract has continued to grow consistently and the balance stands at 700,244 ETH. The threshold was slow to start but caught momentum at the 11th hour. It is important because now after a lot of speculation we have a definite date about when the first phase will commence. The project delay happened because of some technical snags at the start leading to scalability issues and exorbitant transactions. 

ethereum 2.0

Source: Etherscan

32 ETH was what was needed to become a validator and earn a stake on the Ethereum chain. At the current exchange rate, it costs close to $20 k per staking validator. Roughly speaking, the last 25% of the ether needed to meet the threshold was deposited in less than a 4-hour time period. 

The “Eth 2.0 Deposit Contract – Progress Meter Bot” also posted a tweet about the landmark achievement and stated:

“We have liftoff. Thank you to the devs, the researchers, educators, and community members who made this happen. See you on December 1st @ noon UTC.

Several supporters of Ethererum also understand that Ethereum 2.0 genesis phase 0 will start with the beacon blockchain which will be a baby-step in ensuring that the upgrade will have less of an impact on the main network. The upgrade will start in 6 days, and the Beacon chain will start the first phase of the decided four initial phases. 

Launch coinciding spike in Ether price

Cryptoquant has revealed that the value staked in the ETH2 deposit contract address has a correlation with the ETH  price. 

eth 2.0

Source: Cryptoquant

With ETH rising from $465 to $621 in a space gap of 7 days, the relatability is surely there because sentiments are high in the market. 

What needs to be remembered is that there won’t be any radical changes in how the mainnet operates overnight. The next big milestone will be the rolling out of shard chains which will dramatically improve the number of transactions per second that Ethereum can endure. It possibly could be achieved next year at the same point assuming things fall well in place. Both the blockchains will run parallel until they are merged and this could happen sometime in 2022.

The https://ethereum.org/en/eth2/beacon-chain/ says:

“Mainnet Ethereum will need to ‘dock’ or ‘merge’ with the beacon chain at some point. This will enable staking for the entire network and signal the end of energy-intensive mining.”

On the face of it, it sounds easy but the journey is fraught with risk. Ethereum is the world’s second-largest in terms of market cap and these improvements have to survive without spoiling anything that runs concurrently on it. 

Messari founder Ryan Selkis words were perfect when he tweeted:

“If you don’t celebrate when people accomplish big, audacious goals, you don’t deserve the next bull run. Eth2 is the definition of rebuilding a rocket in midair, so even if you’re a BTC diehard, be happy for the people who just launched the rocket.”


DeFiRev.com is #1 in DeFi News. Check back in soon to find out the latest in DeFi News.


Make sure to check out more DeFiRev articles and sign up for our exclusive newsletter + get access to VIP DeFi Networking here.


DeFiRev.com – HOME
DeFiRev.com – DeFi Market Watch

Facebooktwitterredditlinkedinmail
rss
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Despite the gas price crisis, Uniswap Liquidity sees a major surge

uniswap
rss

Despite the gas price crisis, Uniswap Volume and Liquidity sees a major surge

Uniswap, one of the most popular decentralized exchanges in the world has seen a massive surge in its liquidity despite the concurrent increase in gas prices. Traders don’t seem to get enough from token swapping as the exchange rises in popularity enough to capture a great space in the competitive exchange scenario.

Back in Mid-November 2020, Uniswap went through a depressing phase of liquidity decline when the yield farming incentives ended then. It was during that period when a governance vote was carried out, and the decision to extend it was thwarted. 

Six weeks later, the liquidity on the popular exchange renewed even when there were a few yield farming pools on the platform.

Hayden Adams, founder of Uniswap has notified that the liquidity surpassed $3 billion and will be approaching its all-time high. As per the exchange, it was #3.36 billion on Nov 13. The spike in liquidity began on Jan 2 with the top pair on the DEX being wBTC/ETH generating $43 million in volume and $129,000 in trading fees over the past 24 hours.

Uniswap’s UNI token has been doing well off-late with the current bullish momentum in the cryptocurrency market. UNI prices have predominantly displayed a flat behavior on the day at $6.24, but in the last 7 days, it has taken a noticeable 50% upward movement. 

DeFiRev.com is #1 in DeFi News. Check back in soon to find out the latest in DeFi News.


Make sure to check out more DeFiRev articles and sign up for our exclusive newsletter + get access to VIP DeFi Networking here.


DeFiRev.com – HOME
DeFiRev.com – DeFi Market Watch


Facebooktwitterredditlinkedinmail
rss
Continue Reading

Latest News

Ethereum enters the list of top 100 assets in terms of market cap

ethereum
rss

Ethereum dominating the digital asset landscape with birth of DeFi

January 6, 2021:

In the last 24 hours, the price of ETH has risen by 13%, and this jump has been a winning leap for the second-largest crypto in the world. Ethereum now features in the list of top 100 traded assets in terms of market cap for the first time as measured by CompaniesMarketCap.com.

Currently positioned at the #88 spot between Bristol-Myers Squibb at #89 and Anheuser-Busch at #87, Ethereum surpassed 12 other entries on the list today. As Ethereum pushes its way up capitalizing on the Bitcoin rally, ETH is now seen as the new asset to trade for profit this year. In 2021 alone, ETH is up by 62% and is all poised to set new ATH this year. The gains it has made this year convert into a neat $53 billion increase in its market cap which is a major gain for it.

Bitcoin happens to be the only other cryptocurrency featuring on the 10th spot in the list. With an estimated market cap of $12.19 trillion Gold occupies the numero uno position by a margin of a whopping $10 trillion with the next closest competitor being Apple. 

CompaniesMarketCap.com tracks the valuation of publicly-traded companies in the order of their market cap. These assets not being directly comparable have been calculated in a different manner. It has measured every asset structure in a different manner. For Ethereum and Bitcoin to feature on the list is a winning deal for the cryptocurrency sector as it consolidates trust in the system. In order for ETH to surpass BTC in market cap, it has to showcase an increase ~ 5x.


DeFiRev.com is #1 in DeFi News. Check back in soon to find out the latest in DeFi News.


Make sure to check out more DeFiRev articles and sign up for our exclusive newsletter + get access to VIP DeFi Networking here.


DeFiRev.com – HOME
DeFiRev.com – DeFi Market Watch


Facebooktwitterredditlinkedinmail
rss
Continue Reading

Latest News

DUCKDAO + DUCK TOKEN: Here’s What you need to know

duck token
rss

DUCKDAO – All you need to know about its community initiatives

Compared to conventional market makers, contemporary market makers are not just providing liquidity in the most basic manner. New ideas, innovative methods, and better incentivization and chance to become a part of the inner circle.

Similar to such grounds of offering is the Duck Liquidity Pool, the name of DUCKDAO DeFi market maker which has been funded by an initial introductory sale of pre-mined tokens. DUCKDAO will provide its solutions to promising projects and exchanges. Those projects which will be nurtured here will be provided immense benefits. The Duck Liquidity Pool is an additional solution to the DUCKDAO

DUCK Liquidity Pool

The DUCKDAO market maker has been funded by an initial sale of pre-mined tokens. The market maker will offer solutions to projects and exchanges. 

DUCKDAO works with projects and classifies them into three different tiers:

Tier 1 – DUCKDAO in this stage works with projects right from its initiation till after launch. The incubated projects benefit from marketing, advisory, and listing services.

Tier 2 – DUCKDAO takes care of projects that need a social media strategy that includes the most popular platforms like Telegram and Twitter.

Tier 3 – DUCKDAO takes care of OTC sales and community requests. As such, there is no direct involvement with the project. 

DUCK TOKEN ($DUCK)

The Duck Token is the reward token for those users who contribute to the Duck Liquidity Pool as yield farmers. It’s use cases include:

  • Access to different project’s token airdrops
  • Fair share in market-making profits
  • Provision of farming and liquidity on Uniswap

The Duck Liquidity Pool Token (DUCK) will help in funding the DUCKDAO market maker along with launching its business operations. It will also be used for the distribution of profits wherein the yield farmers will receive 50% of all profits in stablecoin. The token enables a deflationary economic system to steer ahead of growth.

Deflationary farming with one-side Burn

Inflation due to heightened activity on yield farming platforms has led to users losing the value of their investments. But in the long-term, this can dilute the capital of the investor. Duck Liquidity Pool solves this trouble with its revolutionary  “Deflationary

Farming 2.0” with a one-side burn. This means that users will lose one side of liquidity and never get it back as the rewards that the users get from farming are higher than what they have put into the liquidity after a stipulated time. 

How does it work?

Whenever someone leaves the farm, the liquidity provided by the entity who leaves gets burned and the supply of DUCK token reduces. Even DDIM gets burned in different pools like DDIM/ ETH, DDIM/USDT. So if this is clear you’ll see that One side of the liquidity gets burned to make the whole token system deflationary profiting everyone.

DUCK  tokenomics

The division of the token distribution has been done in a below-given manner:

  • 22% Pre-mined tokens for sale to fund the DuckDAO Liquidity Pool
  •  8% Operational tokens (7% vested or locked and 1% for core team)
  • 70% Reserved for distribution to liquidity providers through liquidity mining.

The total supply of DUCK tokens will be 100,000,000 DUCK out of which  70,000,000 DUCK tokens will be kept for farming rewards. In the presale, 10,000,000 DUCK tokens are always reserved for DuckDAO members at a fixed rate of $0.04. The rest 12,000,000 DUCK are planned to be sold to strategic partners and external investigators who function out of its ecosystem in the range of $0.044 up to $0.07.

The DLP treasury tokens are linearly vested over 12 months and are an alternative source of funding when needed. The DLP treasury tokens will be utilized for further development, getting new clients, and other strategic needs. 3,000,000 tokens are locked in the reserve and can be unlocked when the top 10 DDIM holders vote for a majority. 

Duck Liquidity Pool business models

Project token purchase 

Projects need to give buy or sell-side liquidity because DLP provides both sides. It gets tokens at a good discount in order to protect the buy-side funds. The spread is considered the profit by the pool.

Project token borrow

In this model, the project lends its tokens to the DLP for the sell-side. DLP then gives both the side liquidity to the exchange. When the stipulated time gets over, DLP sends back the same amount of P-tokens or the initial worth of the tokens in USDT. 

Fixed Fee Model

This is the classic model in which different projects and exchanges are required to pay a fixed fee for market-making services. The project itself will provide both sell-side and buy-side tokens. DLP has to provide its services till the agreement duration is on.

For more info

Facebooktwitterredditlinkedinmail
rss
Continue Reading
bitcoin
Bitcoin (BTC) $ 33,334.00
ethereum
Ethereum (ETH) $ 1,413.47
tether
Tether (USDT) $ 0.998290
polkadot
Polkadot (DOT) $ 18.31
ripple
XRP (XRP) $ 0.276358
cardano
Cardano (ADA) $ 0.359908
chainlink
Chainlink (LINK) $ 24.84
litecoin
Litecoin (LTC) $ 143.04
bitcoin-cash
Bitcoin Cash (BCH) $ 452.45
binancecoin
Binance Coin (BNB) $ 42.61
stellar
Stellar (XLM) $ 0.273390
usd-coin
USD Coin (USDC) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 33,460.00
uniswap
Uniswap (UNI) $ 12.05
aave
Aave (AAVE) $ 267.50
bitcoin-cash-sv
Bitcoin SV (BSV) $ 175.52
eos
EOS (EOS) $ 2.73
monero
Monero (XMR) $ 140.41
havven
Synthetix Network Token (SNX) $ 17.38
tezos
Tezos (XTZ) $ 3.13
tron
TRON (TRX) $ 0.031176
theta-token
Theta Network (THETA) $ 2.14
vechain
VeChain (VET) $ 0.031473
cosmos
Cosmos (ATOM) $ 8.32
celsius-degree-token
Celsius Network (CEL) $ 5.17
nem
NEM (XEM) $ 0.220926
neo
NEO (NEO) $ 24.92
crypto-com-chain
Crypto.com Coin (CRO) $ 0.074101
okb
OKB (OKB) $ 5.94
dai
Dai (DAI) $ 0.998862
compound-ether
cETH (CETH) $ 28.46
leo-token
LEO Token (LEO) $ 1.39
maker
Maker (MKR) $ 1,459.24
iota
IOTA (MIOTA) $ 0.469189
cdai
cDAI (CDAI) $ 0.020944
binance-usd
Binance USD (BUSD) $ 1.00
huobi-token
Huobi Token (HT) $ 5.77
dogecoin
Dogecoin (DOGE) $ 0.008708
dash
Dash (DASH) $ 110.87
sushi
Sushi (SUSHI) $ 8.42
filecoin
Filecoin (FIL) $ 22.99
compound-usd-coin
cUSDC (CUSDC) $ 0.021424
compound-governance-token
Compound (COMP) $ 249.35
zcash
Zcash (ZEC) $ 95.17
avalanche-2
Avalanche (AVAX) $ 12.71
yearn-finance
yearn.finance (YFI) $ 31,918.00
ftx-token
FTX Token (FTT) $ 10.53
solana
Solana (SOL) $ 3.61
kusama
Kusama (KSM) $ 103.22
ethereum-classic
Ethereum Classic (ETC) $ 7.79