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​​Synthetix Announces $ 12 Million Fundraising

Synthetix DAO has added several new, possibly unexpected voices to its controls.

Synthetic Asset Protocol today announced a $ 12 million fundraiser by venture capital firms Paradigm, Coinbase Ventures, and IOSG. The report says the funds bought SNX tokens directly from the DAO Treasury and will "provide liquidity, participate in the Synthetix governance process, and foster institutional level involvement in the ecosystem."

“We are delighted to support synthetixDAO as it builds the leading synthetic asset platform,” said Paradigm investment partner Arjun Balaji. "Synthetix has one of the best crypto communities and we are thrilled to be a part of it."

The investment is notable for being one of the first cases where funds invest directly in and through a project managed by DAO. How venture capitalists interact with DAO-managed protocols has been a hot topic lately, with some arguing that venture capitalists should not receive preferential treatment, while others say that venture capitalists are welcome, like any other entity, to participate in open ecosystem.

In a recent tweet from Hayden Adams, founder of Uniswap, there was an argument in favor of working with venture capitalists - provided they are suitable.

​​High fees on the Ethereum network caused errors in transactions

Most cryptocurrency users are familiar with the high fees on the Ethereum network. When sending a transaction on the Ethereum network, a gas fee is required, and a specific type of commission can be selected by the sender depending on the wallet used

While higher gas levels lead to faster transactions, many ETH holders fall prey to errors after confusing input fields for raw data. For example, a user who wants to send 10 ETH with a gas fee of 0.01 ETH can make a mistake by typing 0.01 ETH into the field for the sent cryptocurrency instead of the field for paying for gas.

Many crypto traders have expressed dissatisfaction with the current high gas price on the Ethereum network and they are understandable. In 2020, some users made serious millions of dollars in errors when submitting transactions.

In June 2020, the user transferred 0.55 ETH, but spent $ 2.5 million in payment for gas. After this incident, another similar one happened, when about $ 2.6 million was paid for the transfer of 350 ETH.

Currently, the DeFi market is on the rise even despite the riskiness of some DeFi assets, so some users are willing to put up with such high gas prices in the Ethereum blockchain and are very active. However, mistakes are inevitable, therefore, when making transactions on the Ethereum network, it is strongly recommended to be extremely careful and attentive.

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​​Uniswap Cumulative Trading Volume Exceeds $ 100 Billion

Uniswap (UNI) Becomes First Decentralized Exchange (DEX) To Reach $ 100 Billion

Platform creator Hayden Adams said that the total trading volume of Uniswap exceeded $ 100 billion and it became the first DEX to reach this milestone, which is further evidence of the massive growth in activity in the sector.

“Uniswap was the first decentralized trading platform to break the $ 100 billion trading mark - an amazing moment for the DeFi sector,” he tweeted.

In December 2020, Uniswap broke the $ 50 billion trading mark.

Data from analyst firm Dune Analytics shows a sharp jump in Uniswap's cumulative volume chart starting in July 2020. Summer 2020 marks the starting point for DeFi's growth with the launch of liquidity and management mining tokens for the Compound (COMP) and Balancer (BAL) protocols.

The huge trading volumes on Uniswap and other DEX platforms like SushiSwap have caused a huge jump in ETH transaction fees. Gas prices are now consistently high, prompting calls for large-scale second-tier solutions that will lead to cheaper transactions.

According to Dune Analytics, trading volumes on DEX in January 2021 set a new record - about $ 61.6 billion. February figures are almost half of January volumes, suggesting that a new monthly record for DEX volumes is just around the corner.

According to DeFi aggregator DeFipulse, Uniswap is currently the fifth-most locked-in asset at around $ 4 billion. The UNI token price in February reached a new all-time high just above $ 23.

​​Ethereum Domain Names Go Public Through Cloudflare Integration

Unstoppable Domains' integration with Cloudflare means any browser on the internet can now access the Ethereum-based .crypto domain extension.

Unstoppable Domains, an Ethereum-based project that allows users to create .crypto website URLs, has been integrated into Cloudflare's Distributed Web Resolver indexer. Once integrated, users will be able to access Unstoppable Domains blockchain addresses from any browser.

Previously, websites with domain names with the Unstoppable Domains .crypto extension were only accessible through browsers that independently provided access to them. Thanks to the fact that Cloudflare uses DNS technology over HTTPS, now all web browsers connected to the Internet have access to .crypto sites.

While traditional domain name providers charge users an annual fee and control websites through centralized data centers, blockchain-based domains remain completely under the user's control. Common threats to traditional websites - sensitive data leaks, arbitrary censorship, and phishing attempts - all have nothing to do with a blockchain-based domain service.

Matthew Gould, CEO of Unstoppable Domains, stated:

Centralized control has been challenged by many forward-thinking individuals and companies as data leaks have become commonplace and privacy and individual ownership of digital assets have become paramount. The new system changes everything. It returns control to where it should be - in the hands of the user.

Unstoppable Domains was launched in 2018 with support from venture capitalist Tim Draper and has received millions of dollars in funding to date. Nearly half a million domain names have been reportedly created using Unstoppable Domains to date.

​​Media: The purchase of bitcoins for $ 1.5 billion for Tesla was carried out by the Coinbase exchange

Cryptocurrency exchange Coinbase helped Tesla complete a $ 1.5 billion Bitcoin purchase, The Block writes, citing sources. The companies themselves did not comment on this information.

Coinbase has been buying Bitcoin for Tesla in the first week of February for several days, sources said. The exchange took advantage of an already tested scheme and distributed the order across several OTC platforms. In the past, she bought Bitcoins for MicroStrategy in a similar way.

“By leveraging its own OTC agency platform along with ordering and algorithmic trading tools, Coinbase was able to help MicroStrategy acquire the desired position without impacting the market,” the exchange wrote earlier. - Our system takes one large order and breaks it down into many small parts, which are processed through various trading platforms. The trading team reached an average strike price that was lower than the price at the start of the purchase.

Sources also claim that more than five Fortune 500 companies are clients of Coinbase's primary brokerage service. Previously, rumors circulated on the network that Tesla bought Bitcoin using its own trading algorithm.

​​China Tests ATM Cashing of Digital RMB

Devices with which you can cash out digital yuan and vice versa - transfer physical money into electronic format appeared in two branches of the Industrial and Commercial Bank of China.

China has conducted another digital yuan test. This time, users were offered to try to convert a virtual asset into physical money and back using ATMs. A video of such operations has appeared on the network.

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​​JPMorgan: Loss of confidence in Tether could cause a liquidity shock in the Bitcoin market

The risk of a "sudden loss of confidence" in the stablecoin Tether threatens Bitcoin, JPMorgan analysts say. On Thursday, they unveiled an 86-page report on cryptocurrency, featuring input from JPMorgan's global research head Joyce Chang.

"The sudden loss of confidence in the USDT is likely to cause a massive liquidity shock in the bitcoin markets, which could lose access to the largest supply and demand pools," the authors argue.

Analysts estimate that 50-60% of Bitcoin transactions since 2019 are paired with USDT. From this perspective, USDT carries a tail risk for cryptocurrency, "clearly having nothing like deposit insurance." Analysts note that Tether insists on backing USDT with traditional currencies and its equivalents, "but is known for not providing an independent audit and has stated in court filings that it should not support full collateral."

“So, should any issues arise that could affect the willingness or ability of domestic and foreign investors to use USDT, the most likely scenario would be a massive liquidity shock for the broader cryptocurrency market,” the report said.

Overall, JPMorgan analysts call Bitcoin a "minor" phenomenon in the economy, but recognize its role as an "alternative" currency. At the same time, they question the benefits of diversifying portfolios with cryptocurrencies.

"Crypto assets remain one of the worst hedges against large stock market declines with questionable diversification benefits when their prices substantially exceed production value, while correlations with cyclical assets rise as mass distribution increases," the report said.

The authors expect bitcoin to continue to compete with gold as capital flows towards a generation of millennials who prefer digital gold to traditional gold. Commenting on Tesla's recent $ 1.5 billion investment in bitcoin, JPMorgan reverted to their earlier announcement that the cryptocurrency is unlikely to become an important part of the portfolios of other large companies.

​​European fintech startups enter the cryptocurrency market

Companies are looking for employees to help them implement their plans.

The teams of European investment startups Freetrade and Plum started looking for specialists whose tasks will include the development and promotion of tools for investing in cryptocurrencies. Writes about this The Block.

Representatives of the Freetrade startup, with investments in Draper Esprit, announced the search for a manager who will promote their crypto products. The final strategy for the company's entry into the crypto market has not yet been determined.

Plum is focused on finding a product manager to help the startup integrate digital asset tools. Company representatives drew attention to the results of an internal survey, which showed that even before the start of active growth of bitcoin and other capitalization leaders, about 30% of platform users showed interest in cryptocurrencies.

Another European startup that is interested in working with digital assets is Trade Republic. To do this, the company hired Bruce Ferguson, a former product manager for the popular cryptocurrency exchange Coinbase.

Trade Republic representatives confirmed their interest in the digital asset market, but clarified that at the moment they are only monitoring the crypto industry.

While some startups are exploring opportunities to work in the crypto space, other companies receive recommendations on investing in a new financial instrument. RBC recently advised Apple to buy bitcoin and create a crypto exchange.

​​Cryptopia continues to steal cryptocurrencies even after it was closed

Cybercriminals continue to steal from users of the Cryptopia cryptocurrency exchange. The only snag is that it has not been working since 2019 and is undergoing a liquidation process, and clients are waiting for the return of the assets that remained after the hacker attack.

As reported by Stuff, on February 1, Stakenet received a notification about the withdrawal of 62,000 New Zealand dollars (45,000 US dollars) in XSN tokens from a cold wallet. The wallet, which contained about $ 2 million in total, has not been used since the Cryptopia hack in January 2019.

“We were not previously notified of any planned moves, so naturally we contacted the liquidator Grant Thornton, who should control these assets and be responsible for their distribution to the rightful owners,” Stakenet said.

In a response letter, Grant Thornton stated that it is investigating, as the transaction was not really authorized by the liquidator. Presumably, she has already reported the incident to the police.

Stakenet says the 2019 hacker attack did not affect its assets, so it was hoping to receive the full amount. “If this unauthorized transaction took place under the supervision of Grant Thornton, they should explain to users why they could not protect the assets as they should have, and how someone was able to access them,” the company added.

​​BNY Mellon Hires Fireblocks To Store Bitcoins

Earlier this month, America's oldest bank said it is using external partners for its crypto custody service, but did not reveal names.

BNY Mellon is working with Fireblocks as part of the banking giant's plans to store bitcoin and other cryptoassets on behalf of customers, according to three people familiar with the matter.

Earlier this month, the bank said it was working with external partners to store the cryptocurrency, but did not identify them.

As Bitcoin moves on to Wall Street, large institutions are looking for ways to speed up their offerings, creating a small gold rush for crypto service providers.

European banks have announced partnerships with crypto custodians such as Swiss Metaco. BNY Mellon is taking a similar approach with Fireblocks multi-tenant computing center.

It's worth noting that BNY Mellon also has a long-standing partnership with Bakkt, a cryptocurrency trading platform owned by the Intercontinental Exchange (ICE).

“Fireblocks has a long history of partnership with BNY Mellon,” the source said.

Two sources said that Fireblocks is also about to complete another round of funding. The firm closed the $ 30 million Series B last November.

There is no doubt that Fireblocks is doing well, recently announcing that it is providing storage services to Diem, a Facebook-backed stablecoin consortium formerly known as Libra.

BNY Mellon's digital asset storage platform will launch later this year.

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​​DeFi platform hacked itself to protect users

PrimitiveFi protected users from losing funds by hacking their own smart contracts.

The Ethereum-based PrimitiveFi platform has been hacked by its own team to protect customer funds.

After discovering a critical vulnerability, PrimitiveFi developers were forced to hack their own smart contracts. However, users need to take additional action as soon as possible, writes PrimitiveFi on Twitter. To do this, customers will need to follow the link provided by the team and reset all questionable confirmations.

An exploit identified in some contracts opened access to endless confirmations. By allowing such a contract to use their tokens, users risked losing all their savings.

The team managed to withdraw 98% of all funds that were under threat. Until now, no cases of loss of funds have been identified. The rapid expansion of the DeFi sector is forcing many companies to accelerate exit. Often without proper code review before release.

​​Michael Saylor: Billions of people will choose Bitcoin as a store of value

Against the background of the fall in the bitcoin rate, many began to experience bearish sentiment regarding the asset. However, MicroStrategy CEO Michael Saylor remains optimistic and predicts bitcoin's massive use as a store of value.

In an interview with CNBC, Sailor predicted that eventually 7-8 billion people will have a “digital gold bar” in their smartphones, which they use to store their savings.

Over the past day, certain negative sentiments have been circulating in the Twitter cryptocurrency segment with regard to bitcoin, which was caused by the downward trend in its price. In addition, US Treasury Secretary Janet Yellen stated that digital currencies pose many problems.

She considers Bitcoin to be an extremely speculative asset, and the cryptocurrency itself is very ineffective for conducting transactions. In addition, Bill Gates admitted that he does not really believe in the rise in the price of bitcoin, and he is also worried about volatility and irreversible anonymous transactions.

According to Sailor, people are not aware that bitcoin is an egalitarian, progressive technology. He noted that the asset achieved a $ 1 trillion market capitalization over 12 years, surpassing the achievements of several technology companies that took longer to achieve.

In his opinion, the world needs bitcoin and he expects that within five years already a billion people will keep an asset in the form of savings on their mobile phones:

“They will want to use something like bitcoin. It is now the dominant digital currency network. "

​​Brave browser creates its own crypto exchange

Cryptocurrency-focused browser Brave announced the development of its own decentralized cryptocurrency exchange

Cryptobrowser Brave is working on its own decentralized exchange. The developers of the project announced this on their official website.

According to the published technical map of the project, the browser team is working on a decentralized cryptocurrency exchange aggregator that will add value to Basic Attention Token (BAT) token holders.

​​Cryptocurrency exchange Binance has risen in price for a month by 720%

Participants in the crypto community believe that the digital asset may go into correction.

According to the CoinMarketCap platform, Binance, the cryptocurrency of the trading exchange with the largest trading volumes, during February 2021, managed to rise in price almost 9 times and adjusted by 30% from the highs. The positive dynamics of the digital asset allowed it to gain a foothold in the top 3 capitalization.

In early February, Binance Coin was trading at $ 41. By February 20, the cryptocurrency rate rose to $ 338 (+ 720%). Binance Coin later corrected to $ 200. At the time of writing, the cryptocurrency is trading at $ 254. The capitalization of the asset, at the same time, is $ 38 billion. At the moment, the indicator broke through the height of $ 40 billion.

The positive movement of Binance Coin allowed the cryptocurrency to gain a foothold in the top 3 capitalization, displacing the stablecoin Tether to the fourth line.

The digital asset showed positive dynamics against the background of increased activity in the blockchain of the project - Binance Smart Chain, which uses DeFi protocols. Also, the increase in the value of the cryptocurrency can be explained by the growth of trading volumes on the exchange. The fact is that Binance Coin holders receive discounts on commissions when conducting trades.

Members of the crypto community believe that in the event of a correction in the digital asset market, the cryptocurrency rate of the popular exchange may also fall. Earlier, analyst Michael Van De Popp presented a chart showing the estimated support levels for Binance Coin.

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​​DeFi Project 1inch Issues Governance Token on Binance Smart Chain

Liquidity aggregator from decentralized exchanges 1inch has deployed a 1INCH governance token on the Binance Smart Chain (BSC). ForkLog was informed about this by representatives of the project.

According to them, users will be able to switch between Ethereum and BSC blockchain, and will also have access to PancakeSwap, BurgerSwap, StreetSwap, Venus, StableSwap, JulSwap, BakerySwap and others.

The 1INCH token will become a "bridge" between the networks: coins sent to BSC are blocked in the Binance Bridge, and the corresponding value in 1INCH becomes available on the BSC network.

In total, 10 million 1INCH have been issued on the network. The project representatives noted that the coins are used as liquidity in the Binance Bridge for transactions between Ethereum and BSC.

The team will launch a liquidity mining program for BSC users on February 26 at 00:01 (UTC) in the BNB-1INCH pool. Within four weeks, 0.01% of the total offer will be distributed as a reward. The number of pools will be expanded later.

The 1inch Liquidity Protocol, 1inch Aggregation Protocol and staking functions will be available to Binance Smart Chain users.