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Filecoin – Hit or miss? Three entire years after the ICO, we look back on the Filecoin launch.

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At present, the major world data solutions are AWS, Google, and S3. These organizations act as the trust third parties that provide data storage. They are preferred despite their flaws and security hindrances. The data is stored in centralized places which makes it susceptible to attacks and data breaches. 

This is where Filecoin comes into the picture.

Juan Benet through his innovative solution Filecoin aims to deal with this trouble. It calls for the elimination of risks that come with centralization. Filecoin has been built and developed by Protocol Labs. Juan Benet had also founded the Protocol labs. The concern is specialists in providing peer-to-peer technology development.

The team brings valuable blockchain experience thereby provisioning extensive experience in the development and deployment of open-sources technology. Filecoin enjoys the leverage of these technologies of innovation. Before the Filecoin ICO, the team worked on a restricted budget of less than $3.5 million but after the ICO took place it totally turned the tables and changed the company fortune.

The Filecoin ICO

To date, Filecoin’s ICO is counted as one of the most successful ICOs in the history of cryptocurrency markets. The ICO apparently raised up to $257 million. On 10th August 2017, Protocol Labs opened the ICO to the public. Within an hour the ICO site was closed. On closure, Filecoin ICO raised an earth-shattering amount of $275 million including $52 million of the pre-sale amount. Filecoin had concluded the much-discussed and talked about advisor sale which brought $52 million from 150 investors including Sequoia Capital, Andreessen Horowitz, Union Square Ventures, Winklevoss Capital, and about 100 individual high-profile Silicon Valley investors.

Many were concerned with the method of ICO distribution. Like many ICOs, Filecoin was operable on a first come first serve basis meaning that people feared congestion of network or unfair price distribution depending on payment confirmation times. Filecoin responded that all investments made in the first hour would be averaged so that it followed a fair method with the standard price increase taking place for all investments not made in the first hour. 

The Filecoin ICO has gone down in history as one of the successful ICOs. 

Filecoin goes live after three years

Filecoin, the decentralized information storage project announced on September 28th that it finally has a launch date – 15th October. On the stated date, Filecoin finally launched its mainnet at block 148,888. The launch comes three years after its ICO and there have been extreme delays and uprising especially against Protocol Labs 

filecoin

Filecoin had announced a multi-phased plan to launch the mainnet in late September which started with a pre-liftoff phase. Filecoin also stated that it hosted a testnet competition called Space Race which was incentivized. More than 500 miners onboarded more than 325 pebibytes of storage capacity thereby conducting the event successfully. 

Filecoin finds many takers

The excitement surrounding Filecoin accentuated when the announcement of the mainnet was made. Gemini and Kraken exchanges had already announced the trading pairs much in advance of its mainnet release. This is a good sign for it because Filecoin elucidates confidence in its prospects. Coinbase has also offered custody support for FIL. In fact, on many platforms, the price of Filecoin has even gone above $200. 

Allegations against Filecoin

Just within a few days of the mainnet launch, Justin Sun tweeted that the storage organization was involved in an exit scam strategy, after which a crypto Twitter user alleged that the Filecoin miners are apparently on strike since the last week. Justin Sun who is known for marketing gimmicks alleged that things do not seem right but as these allegations were dying away, Nico Deva, a Twitter user claimed that a majority of miners in Filecoin were on strike because they needed more FIL tokens to exploit the mining capacity. Further, it was noted that five of its biggest miners from China are on strike because the main problem lies in not having sufficient FIL tokens. 

Is Filecoin a hit or a miss?

Filecoin has faced a lot of setbacks now, but looking at investor confidence, Filecoin can prove to be a project worth looking at and exploring. Whether the project becomes a success or not, only time will tell. 

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Visor Finance (VISR): The YFI for NFT’s?

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Visor Finance: A smart user-controlled platform to interact with DeFi protocols

Within the realms of liquidity mining in the decentralized Finance sector, there are several issues that need to be supervised. Right from discoverability and reputation to programmability to the security of liquidity, the issues are hard to deal with. 

Visor Finance is a truly ground-breaking protocol that overcomes this issue and works towards building the liquidity mining protocol. Its solution aims to mint and interacts with NFT Smart vaults where users will have the ability to interact with the existing DeFi protocols but with their VIsor NFT’s. The team put up a great FAQ for beginners here.

This implies that in a Liquidity rewarding program, rather than depositing tokens in the project’s smart contract, the users lock them to their NFT and will still be eligible for rewards. 

Key aspects of Visor NFT

NFT’s or non-fungible tokens are everywhere. It was once just an obscure part of the blockchain technology world but its boom has led to a sudden embrace in its entirety. NFTs are usually associated with digital art or in-game assets but Visor Finance has implemented an NFT for a use case that is not related to art or game but it has been designed to interact with multiple DeFi protocols. 

Let’s take a look at some key aspects:

  • Visor NFT will act as the key interface between the user’s funds in custody and DeFi protocols to which they interact with. Every single Visor is easily identifiable by its singular string of digits which also is a complaint ERC721 id. 
  • During its liquidity mining program, the user funds are immediately unlocked without any counterparty risk during the mining program if needed.
  • Assets can also be assigned to diverse liquidity mining programs. This can be done without the need for the assets to leave user custody and attaching it to the required endpoints. 
  • The best part is that the user funds are quickly discoverable by liquidity mining programs. The platform users can then authorize staking and unstaking to their Visor NFT for reward distribution. 

Benefits of the platform

VisorNFT allows users to lock assets into several concurrent liquidity mining reward programs. The users will have the ability to sign ahead in time permissions for top DeFi platforms at the protocol level. The owner of the vault can submit a signature for assets in the vault to become collateralized. The user-controlled contract vault also has something called the Visor’s factory which will allow for the introduction of updates and extensions to the Visor NFT without breaking compatibility across reward platforms. There are several contract templates which the users can choose for minting new versions of the Visor NFT. 

Visor also aims to keep the NFT with its unique ID and immutability with several paths for upgrades and extensions. The purpose of the upgrades will be for easy migration of assets through the web user interface.

How do the upgrades take place?

The Visor smart vault factory boasts an ownable admin. The admin will be able to introduce new templates for upgrades and extensions to the Visor smart vault. They will also set the default behavior for active templates. Visor Finance strives to pass on these rights to the community and with more developments, it intends to make it their top priority. 

The Visor Factory will also have a default active template which will also double up as the stable release of the Visor Smart vault. Users will have the go-to choose alternative templates to mint for different reasons. The canonical release will be considered the default and will be put under upgradation consideration only after it has been discussed with top industry leaders.

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Liquidity Bootstrapping pool

The Visor community participated in the liquidity Bootstrapping pool with full zest and enthusiasm. The event in association with Balancer Labs was a huge success and marked the successful launch for Visor Fiance. More than 900 addresses participated in the Pool event.  450 people also went through the NFT minting process through the web UI and now own their Visor NFT smart vault. 

It also has brought about two governance proposals which were suggested by the Visor community members. Based on their suggestions and inputs, the team has adjusted the rewards program as given below:

Proposal 1: Additional communities for Phase 1 consideration

Proposal 2: Very active participants in DeFi, why not adding INV and RULER

The whitelist rewards will be extended to many other active DeFi communities which have active snapshots and run liquidity mining programs. It will also extend to those communities which run yield farms that will align with the use-case of Visor. The proposals at the end will allow for greater participation in phase one of the rewards program but will also accelerate the overall use of the Visor NFT. 

Hence, in essence, Visor NFT is a user-controlled systematic, hassle-free vault that holds assets, and provides safe exposure to DeFi protocols without giving up on custody. The Visor NFT is not about those properties that are manifested in the art of in-game assets.

They go a step ahead to utilize and assist in accelerating NFT’s capacity for being singular, unique for different purposes. For the user, this is a golden opportunity to expose their vault’s history of past interactions with DeFi protocols with Merkle roots of hoards of permissioned addresses, enhanced liquidity visibility more so at a network level.

The users are at liberty to choose their own strategy but they will never have to relinquish their assets. The community per se values being given the autonomy to choose and since the Visor NFT platform is all about user-control it will help in the wider and higher participation in future developments. The platform is now looking to integrate with projects to implement their rewards program in order to be compatible with the UniversalVault standard that the Visor NFT uses. 

Rewards go live Monday, more details can be found here.

visr

Visor Finance CoinGecko: https://www.coingecko.com/en/coins/visor

Visor Finance Vault: https://vault.visor.finance

Visor Finance Twitter: https://twitter.com/VisorFinance


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BAO FINANCE CRYPTO: WHAT IS IT?

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BAO FINANCE CRYPO TAKING OFF! WHAT IS IT?

Bao Finance crypto token has exploded recently with unprecedented growth due to its numerous unique features. Bao Finance focuses clearly on providing a fair and equitable distribution and the creation of synthetic assets. It is an innovative second layer for synthetic assets that have been built on top of Uniswap, SushiSwap, and Balancer.

Bao Finance will use an upgraded version of the SushiSwap farming infrastructure and intends on capitalizing on the yield farming distribution model. However, at present, the APY is very attractive to farmers.

The BAO Finance crypto token acts as the governance token for the community-run project. It also is backed by an insurance fund where all the BAO fees get accumulated. 

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BAO creates a second-layer protocol and the users will utilize the assets from Uniswap, SushiSwap & Balancer to take part in the BAO ecosystem. BAO finance can also be seen as the first L2 DeFi that aims to add its protocol’s features to existing infrastructure. Users will be able to generate synthetic assets by using their LP tokens from other protocols. This has many benefits as users will be able to:

Earn fees and yield rewards by being a Liquidity provider in Uniswap, SushiSwap, and Balancer.

They will also be able to earn rewards in $BAO by staking their LP tokens as collateral. They also can issue furthermore, synthetic assets to invest in other assets. Essentially speaking BAO finance focuses on early distributive equity and the generation of synthetic assets. 

Yesterday, February 4, Hotbit launched BAO Finance on its global section. The deposit function was launched yesterday at 9.00 AM UTC and the trading function was launched at the same time yesterday. The launch comes with the unraveling of 2 trading pairs – BAOFI/USDT, BAOFI/ETH for the same. Hotbit cryptocurrency exchange is also a cryptocurrency trading platform that integrates different forms of solutions like spot trading, financial derivatives, and DAPP also integrated into one platform. 

The most interesting thing about yield farming here is that there are several hundreds of LP pairs available to yield farms. Though users will only get 5% of the BAO token which they farm the remaining period will be the vesting period of over 3 years with a 1-year cliff!

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AAVE CRYPTO ASSET SOARING

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AAVE SOARING TO NEW HEIGHTS AS IT BREAKS $500 USD

AAVE is on fire reaching new all-time highs in rapid succession. As of today, February 4th, 2021, an earth-shattering volume of nearly 3 billion dollars of AAVE was traded in the past 24 hours.

Aave clocks in a new ATH ever since the v2 migration tool launch

Aave (AAVE) has been going strong ever since February began. In just 5 days, AAVE has increased by 76% and today the token hit a new all-time high of $520. The protocol to date has successfully captured users and has done well against its competition. The latest rally for Aave started on Jan 28 when the protocol announced the v2 migration tool. The tool allowed users to easily migrate all account information including the borrowed positions and staked tokens. 

The new tool also facilitates easy migration of user information to the updated protocol. Recently on the 1’st of February, the team from Aave protocol posted an update about the same:

“Today is the last day to vote on the AIP to add $BAL on Aave V2.”

A day following the announcement the proposal was passed by the community. The Balancer (BAL) was added on Aave 2 and it was around that time that AAVE rallied from $284 to $300.

The DeFi platform of AAVE is also rejoicing since the platform is undergoing immense upgrades. As per DeFi pulse, the total value locked in the DeFi protocol is now at $4.96 billion ranked second after Maker which has $5.16 billion in total value locked. 

AAVE, which is the 15th largest coin in terms of market cap, also recorded a staggering 24-hour trading period. Its trading volume in the last 24-hours touched $2.4 billion! Treyce Dahlem who is a research analyst believes that the recent surge in AAVE price has been fuelled by the big players and institutions who are becoming increasingly interested in DeFi.

He added, “Billionaire Mark Cuban recently spoke about the “unlimited upside” of DeFi and according to a snapshot of his on-chain portfolio, he is an AAVE whale holding more than $150,000 worth of the token. Grayscale recently filed more than a dozen altcoin trusts with Delaware’s corporate registry, one of those altcoins being AAVE. Additionally, Bitwise added AAVE to their Bitwise 10 Large Cap Crypto Index. These announcements have caused investor sentiment to reach a new YTD high of 83.5 (very high).”

aave crypto
https://www.coingecko.com/en/coins/aave

AAVE is quickly becoming a household name in DeFi for its revolutionary approach to decentralized lending, and our analysts believe that with the stellar leadership of Stani Kulechov, the Founder and CEO of AAVE, we predict AAVE will move into the top 10 digital assets quite quickly.

It seems apparent that AAVE is the de facto industry leader in its sector, and we surmise that it will be the perfect way for the everyday individual to get their feet wet with DeFi.

Recently, the migration tool from V1 to V2 was made available:


aave

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