ReportWire

Tag: Decentralized Finance

  • Solana Core Evolution: Here’s The Underrated Impact Of The BIT Narrative

    My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

    My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

    I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

    When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

    Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

    My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

    Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people – people who make an impact in my life no matter how little it is.

    One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I’m so good at it. I am also very good at singing, dancing, acting, fashion and others.

    I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone’s life. I don’t chase illusions, I chase dreams.

    I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

    I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

    Godspower Owie

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  • The Tokenization Boom Can’t Scale Without Cross-Chain Coordination

    The next phase of tokenization won’t be won by speed, but by coordination, turning isolated pilots into a unified market. Unsplash+

    Gone are the days when tokenization was a niche concept. It’s now a capital markets reality measured in billions, and the question has shifted from adoption to architecture. Can the industry coordinate fast enough to turn a rush of isolated pilots into a single, compounding market? Today, the answer is no, the coordination gap continues to drain value through duplicated integrations, stranded liquidity and regulatory drag.

    The inefficiencies tokenization promised to fix

    A decade of experimentation left a maze of base layers (L1s), layer-2s and token standards that often cannot speak the same language. An equity token minted on one chain rarely settles natively against collateral on another. Liquidity splinters, market makers must maintain multiple inventories, and the same asset is wrapped three different ways. This functions like walled courtyards, far from a unified market.

    Tokenization promised faster settlement and broader access. Instead, firms are building parallel silos that import back-office frictions into a new substrate. Regulators see the duplication and hesitate. Investors face basis risk across wrappers. Issuers pay twice for audits and integration. Growth continues, but at a discount to what the technology could deliver.

    The architecture of a unified market

    There is no question that assets have to work across chains. Interoperability belongs in the design from day one. Encouragingly, both incumbent rails and emerging protocols are experimenting with exactly this mandate. SWIFT, for example, has shown that its messaging network can coordinate transfers of tokenized value across multiple public and private chains, reducing one of the biggest frictions to institutional scale. Regulators are more likely to bless systems that reuse the controls they already know.

    At the infrastructure level, new interoperability protocols are tackling the same challenge with different architectures. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) provides secure cross-chain messaging and programmable token transfers, allowing liquidity and compliance logic to move seamlessly across networks. Wormhole enables verifiable actions through a decentralized guardian network that validates cross-chain messages, while LayerZero connects applications across chains through an omnichain messaging framework built on lightweight nodes and configurable trust models. Each approach addresses the same problem: making tokenized value portable and composable without sacrificing security or regulatory confidence.

    Let demand determine where liquidity pools, independent of initial consortium deployments. Cross-chain liquidity pools and smart order routing can direct flow to the best venue while maintaining a unified positions record for risk. The market should set measurable targets: cross-chain fill rates above 99 percent, sub-minute finality between domains, and reconciliation without manual breaks.

    Second, standardize both the asset and the identity. A uniform, open token standard for regulated assets should include only the essentials—transfer controls, role-based permissions and lawful enforcement hooks, while remaining compatible with the most common blockchain formats, known as ERC-20, ERC-721, and ERC-1155. Emerging frameworks such as ERC-3643 and ERC-7943 are early efforts to codify compliance and interoperability for real-world assets, but they must remain modular, neutral, and open to extension so issuers can evolve without breaking composability.

    Pair standardized assets with portable identity. Verifiable credentials and on-chain attestations should travel with the investor, ensuring that KYC and eligibility checks do not restart at every venue. This is the foundation of scalable compliance: identity and permissioning that move with the holder, not the platform.

    Finally, synchronize regulation inside the asset itself. Regulators expect familiar outcomes—eligibility checks, sanctions screening, audit trails—but with improved transparency and observability. The EU’s DLT Pilot Regime demonstrates how harmonized infrastructure can evolve within existing securities law, enabling innovation under MiFID II supervision while preserving market integrity.

    Bake these controls directly into the token. Rule sets can define who may hold or transfer an instrument, under which jurisdictions, and when forced transfers are lawful. That approach shortens compliance cycles and leverages shared messaging standards with minimal token primitives that any venue can implement. Singapore’s Project Guardian reflects this vision, with banks and asset managers testing regulated tokenization on open infrastructure under supervisory oversight.

    Where the power plays are now

    The rise of tokenized cash equivalents shows the appetite: assets in tokenized Treasury products have surged as institutions seek intraday settlement and programmatic collateral. Institutional players are no longer debating if tokenization happens; they are competing over where it settles and how it moves. Custodians want to be the universal safekeeping layer. Market infrastructures want to be the neutral hub for cross-chain messaging. Asset managers want to turn tokenized funds into the default cash leg for crypto-native activity. Each move is rational; only coordination scales them.

    Consider the signal from mainstream finance. Citi estimates tokenized digital securities could reach four to five trillion dollars by 2030. Boston Consulting Group projects that as much as 18.9 trillion dollars of illiquid assets could be tokenized by 2033. Treat these numbers as a map of where capital intends to go if the rails align. Projects that keep assets stuck on single chains will miss those flows. The regulatory posture is shifting in the same direction. Central banks and industry groups are testing how to move tokenized value across networks using existing messaging standards. These are coordination bets that matter more than headline grabs. They reward open designs that keep compliance portable.

    The scoreboard that matters: portability and trust

    The next phase of tokenization is a race to make assets both portable and trusted across chains. Portability lowers the cost of capital by exposing issuances to broader liquidity and deeper collateral markets. Trust reduces legal friction, accelerates launches and opens institutional balance sheets to programmable finance. Together, they create network effects that a single-chain strategy cannot replicate, expressed in tighter spreads, lower collateral haircuts and faster listings.

    A critical enabler of this evolution is the emergence of atomic settlement, allowing cross-chain transactions to execute in full or not at all. Early implementations of atomic swaps already demonstrate how synchronized settlement can eliminate counterparty risk and reduce dependence on intermediaries for finality. As interoperability frameworks like Chainlink CCIP, Wormhole and LayerZero mature, they will bring these mechanisms into regulated environments, turning fragmented liquidity into a unified market fabric where assets and collateral move seamlessly across ecosystems without breaking compliance or auditability.

    For decision-makers, the path forward requires prioritizing infrastructure over isolated issuance. The focus must shift toward interoperable rails, open token standards and portable identity frameworks built on verifiable credentials. Success will be measured by new targets: cross-chain settlement rates, shared liquidity depth, atomic swap efficiency and reduced time-to-compliance.

    Tokenization is crossing from curiosity to critical infrastructure. The market already punishes fragmentation, thin liquidity, duplicated cost and preventable risk, even as architectures mature. The institutions that align early around interoperability, standardized assets and portable identity will own the compounding benefits of a unified market, while others remain confined to isolated silos.

    Coordination is not an afterthought; it is the multiplier that turns pilots into markets. Whether the coming trillions in tokenized value flow through harmonized rails or fracture across closed venues will define the next decade of capital markets. Those who architect for coordination will capture the scale; those who do not will fund it for others.

    The Tokenization Boom Can’t Scale Without Cross-Chain Coordination

    Edwin Mata

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  • Trump Is Launching a Crypto Debit Card

    After a stablecoin, digital token, a couple of memecoins, and a bitcoin mining platform, the Trump family is now looking to expand their crypto empire with a debit card.

    The family’s crypto venture World Liberty Financial is launching a debit card as early as this year. Trump’s sons, Donald Jr., Eric, and Barron, are all listed as active co-founders of the venture, while the President was “co-founder emeritus” until he took office.

    “We are definitely rolling out a debit card that’ll bridge … crypto assets with everyday spending … we’ll be rolling out a pilot program here in the next quarter, and that debit card will either be live (in) Q4 or Q1 26,” CEO Zach Witkoff said at a crypto conference in Singapore on Wednesday, with co-founder Donald Trump Jr. by his side. Zach’s father is Steve Witkoff, Trump’s special envoy to the Middle East, Russia negotiator, and all-around fixer.

    Crypto debit cards are not a new concept. The world’s two largest payment networks, Visa and Mastercard, both offer crypto-linked cards in partnership with various crypto trading platforms. They have interesting tax implications, though: every single transaction you make is subject to taxes (no matter how small), but you can also end up with tax write-offs. If the fair market value of your cryptocurrency is lower than it was at the time you purchased it, users can claim a capital loss to reduce taxes for the year. That’s not a far-off reality, considering how volatile cryptocurrency tends to be.

    World Liberty Financial has been around for a whole year now to advance its stated goal of “decentralizing finance,” aka getting intermediaries like banks out of the way so financial transactions can be conducted with less oversight.

    Crypto is usually under more regulatory scrutiny, but that was then, and this is now. Ever since Trump took office, he has made it a mission to legitimize cryptocurrency’s place in the American financial system.

    Under Trump, the once-strict Securities and Exchange Commission is now unveiling crypto regulation and projects to make the United States “the crypto capital of the world.” Some enforcement actions against crypto companies like Coinbase, Crypto.com, and Kraken were dropped. And, in response, the industry is generally back to operating as if the good times will never end.

    Trump also spearheaded legislation that legitimized the role of stablecoins and signed it into law in July, just a couple of months after his family’s crypto venture debuted its own stablecoin USD1.

    “My father was the first guy to run as sort of a pro-crypto president,” Donald Trump Jr. said at the conference on Wednesday.

    Even though Trump was once a crypto-skeptic himself, his newfound belief —and the regulatory power to complement it— only made his family richer than ever.

    Since World Liberty Financial’s launch, the Trump family has made around $500 million from that project alone, according to Reuters calculations. Trump and his sons’ stake in World Liberty Financial hit $5 billion after the company’s digital currency began trading earlier last month.

    Ece Yildirim

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  • How To Buy, Sell, And Trade Crypto Tokens On The Tron Network

    How To Buy, Sell, And Trade Crypto Tokens On The Tron Network


    The Tron network is a decentralized blockchain platform that aspires to create an expansive and interconnected global digital content ecosystem. At its core, Tron leverages its native cryptocurrency, TRX, to facilitate seamless transactions and interactions within the network.

    An outstanding advantage of the Tron (TRX) network lies in its exceptional scalability and impressive transaction processing capacity. This remarkable feature enables Tron to process a substantial number of transactions swiftly, ensuring the smooth execution of smart contracts and decentralized applications (DApps). The network’s scalability is of utmost importance as it plays a vital role in supporting the expansion of its ecosystem and meeting the growing needs of both users and developers.

    Tron (TRX) empowers developers to create and launch decentralized applications (DApps) through the integration of smart contracts into its framework. These versatile DApps span across diverse sectors, including finance, gaming, social media, and more. Tron equips developers with essential tools, resources, and support, enabling them to craft cutting-edge and fully operational applications. This fosters a dynamic developer community, driving ongoing expansion and diversification within the Tron ecosystem.

    Tron’s emphasis on digital content is a distinguishing feature of the network. It aims to revolutionize the entertainment industry by directly connecting content creators and consumers without the need for intermediaries. The platform empowers creators by enabling them to distribute their content and monetize it through direct interactions with their audience.

    The network (TRON) relies on a delegated proof-of-stake consensus mechanism for its security. Validators in the network are rotated every six hours, chosen by users who stake their TRX tokens.

    To combat software bugs, Tron involves its community through the Bug Bounty Program. Users can contribute to development and earn rewards by reporting bugs and vulnerabilities. The Tron Foundation generously provides TRX rewards as an incentive, fostering a collaborative environment for network security.

    This article delves into the fundamental features of the TRON network and explores its significant potential within the TRON ecosystem while also providing guides on how to buy, sell and trade on the network.

    Features Of The TRON Network

    Delegated Proof-of-Stake (DPoS) Consensus: The DPoS is a consensus mechanism utilized by the TRON network to enable its users to vote for representatives responsible for validating transactions and securing the network. This system guarantees swift transaction confirmation and streamlined network operations, enabling scalability and suitability for high-demand applications.

    Smart Contracts and DApps: TRON offers a platform for the creation and implementation of smart contracts, which are self-executing agreements governed by predetermined rules. These smart contracts serve as the foundation for developing decentralized applications (DApps) that automate processes, enhance peer-to-peer interactions, and introduce trailblazing functionalities in sectors including finance, gaming, social media, and more.

    Developer-Friendly Environment: TRON fosters a developer-friendly ecosystem by equipping developers with essential tools, resources, and support to build innovative and functional DApps. It offers user-friendly programming languages, software development kits (SDKs), and comprehensive documentation to optimize the development process. This commitment to developers encourages a vibrant community, promotes collaboration, and fuels ongoing growth and diversification within the TRON ecosystem.

    Scalability and Throughput: One of the main purposes of the TRON network is that it is purposefully built to efficiently process a substantial number of transactions with exceptional throughput. Its infrastructure facilitates swift transaction execution, ensuring seamless operations for smart contracts and decentralized applications (DApps). This scalability plays a vital role in meeting the increasing adoption and requirements of users and developers.

    Global Accessibility: TRON’s decentralized architecture guarantees worldwide accessibility, enabling individuals from across the globe to engage with the network. The platform’s infrastructure is intentionally designed to be accessible to anyone with an internet connection, promoting inclusivity and fostering a digital ecosystem without any geographical boundaries.

    Direct Creator-Consumer Interaction: TRON enables content creators to engage directly with their audience without intermediaries. This direct connection fosters a more intimate and transparent relationship, allowing creators to better understand their audience’s preferences and tailor their content accordingly.

    Ownership Rights: TRON acknowledges the significance of content ownership for creators and leverages the immutability and transparency of blockchain technology to safeguard their intellectual property rights. By doing so, TRON empowers creators to retain control over their content and ensures they are duly compensated for its utilization.

    Monetization Opportunities: TRON empowers content creators by enabling them to directly monetize their content. By leveraging smart contracts and digital tokens, creators can receive payments directly from their audience, bypassing the need for third-party payment processors. This direct monetization approach allows creators to retain a greater share of their earnings and exert more control over their revenue streams.

    How To Get Started On The Tron Network

    To buy and sell tokens on the TRON network, you will first need to get a TRON-compatible wallet like  Tronlink. In this article, we will give examples using Tronlink. It is a popular TRON wallet extension and is readily accessible on leading browsers such as Google Chrome. 

    Related Reading: How To Buy, Sell, And Trade Tokens On The Optimism Network

    With TronLink, users can effortlessly create and oversee TRON wallets, securely store TRX, as well as other TRC-10/TRC-20 tokens, and seamlessly engage with TRON DApps, all within the convenience of their browser interface.

    To add your TronLink Wallet as a browser extension, simply click on the “Add to Chrome” icon located in the top right corner, as demonstrated below. This step will ensure that your TronLink Wallet becomes seamlessly accessible within your browser.

    Once installed and set up, Open the TronLink extension in your browser. You will be prompted to either create a new wallet or import an existing one. If you’re new to TronLink, select the option to create a new wallet and follow the instructions to set up a password.                                 

    It is imperative to back up your wallet to ensure you can recover your funds in case of any unforeseen circumstances. TronLink will provide you with a unique set of recovery phrases during the wallet creation process. Write down and securely store these phrases in a safe place. (Do not store it on your device).

    Trading On The TRON Network

    The Tron network is capable of supporting various decentralized applications. Tron is often used to transact, as TRX transactions come with very low fees.

    In order to engage in trading activities on the TRON network, it is essential to have TRX tokens in your wallet. TRX serves as the native cryptocurrency of the TRON network and is indispensable for executing trades, interacting with decentralized exchanges, and participating in decentralized finance (DeFi) protocols. 

    Hence, prior to initiating any trading or transactions on the TRON network, it is crucial to ensure that your wallet is adequately supplied with TRX tokens.

    The next step is to fund your wallet. You can add TRX or other TRC-10/TRC-20 tokens to your TronLink wallet. Click on the “Receive” button in your Tronlink wallet to generate a wallet address; tokens will be available in your wallet almost immediately.                                         

    Tron Wallet

    You can obtain TRX using popular cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH) from cryptocurrency exchanges like Binance and transfer it to your TronLink wallet address.

    Note that users can also access various DEXs interfaces like SunSwap through their Tronlink wallet by clicking on the “More” button in the same row as the “Receive” button.

    How To Buy and Sell Tokens Using SunSwap

    SunSwap is a decentralized trading protocol built on the TRON network, with the objective of facilitating automated liquidity provision and establishing an inclusive financial market accessible to all users. By utilizing the decentralized nature of blockchain, SunSwap enables users to participate in liquidity provision by depositing their TRON-based tokens into liquidity pools. 

    To protect your wallet from malicious activity, ensure that you are on the correct SunSwap website. To get started, visit the correct SunSwap website and click on the “Connect Wallet” option at the top left corner, as in the image below:

    Sunswap Tron

    Then, select your preferred wallet (In this case, Tronlink):

    Sunswap trading

    Once connected, Users can commence trading activities as SunSwap is automatically linked to the TRON networks because it is a TRON-based DEX. 

    After accessing the SunSwap interface, the next step is to select the tokens you want to trade. SunSwap operates on a system where you can exchange your TRON-based tokens directly with other tokens.

    Click on the “Select token” button to select the trading pair you want to trade against.

    For example, if you want to buy USDT using TRX,  select  TRX – USDT, enter the amount, then click on “swap” or “trade now” and then you can go to your Tronlink wallet to confirm the transaction.

    Tron wallet

    Tracking Token Prices on The TRON Network

    Avedex is a powerful on-chain tool for TRON network users, offering comprehensive market insights for specific tokens. It provides valuable information such as price data, contract details, and advanced analytics tools. Traders can analyze price trends, liquidity, and token fundamentals to make informed trading decisions. 

    Additionally, Avedex allows for token comparison, user reviews, and rating systems, enhancing the decision-making process. With integration to TRON wallets and notification features, Avedex streamlines the trading experience, enabling users to stay updated and act promptly. 

    Related Reading: Celestia Network: How To Stake TIA And Position For 5-Figure Airdrops

    Overall, Avedex empowers TRON traders with reliable information and tools to navigate the market effectively and make well-informed trading choices.

    Charts

    Conclusion

    In conclusion, the TRON (TRX) network offers a decentralized blockchain platform that prioritizes the creation of a global digital content ecosystem. With its scalable infrastructure and high transaction processing capacity, TRON enables the swift execution of smart contracts and decentralized applications (DApps) across various sectors. The network’s developer-friendly environment provides essential resources and support for developers to build innovative DApps, fostering a vibrant community within the TRON ecosystem.

    To engage with the TRON network, users need a TRON-compatible wallet like TronLink. They can obtain TRX tokens from various popular exchanges, transfer them to their TronLink wallet, and then trade on platforms like SunSwap for decentralized trading.

    Overall, the TRON network offers a robust ecosystem for buying, selling, and trading tokens, while its focus on digital content and developer support makes it an attractive platform for creators and users alike.

    Featured image from X.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



    Scott Matherson

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  • How To Buy, Sell, And Trade Crypto On The Base Network

    How To Buy, Sell, And Trade Crypto On The Base Network


    The foundational infrastructure of the Base Network brings about yet another Ethereum Layer 2 network, distinguished by its scalability and empowerment through the notable association with Coinbase. Coinbase is recognized globally as one of the most trusted cryptocurrency exchanges and companies, Coinbase effectively manages a diverse portfolio of crypto assets, solidifying its status as a cornerstone within the digital currency realm.

    Positioned as a pivotal solution to address the persistent challenge of high transaction costs within the Ethereum network, the Base Chain stands quite firmly to revolutionize transaction fees, delivering a cost-effective alternative within the secure Ethereum environment. The assurance of a safe and reliable ecosystem is heightened by the affiliation with Coinbase, an industry titan renowned for its unwavering commitment and 10-year-long track record of great service.

    Reasons To Trust The Base Chain

    The current centralized phase of the Coinbase company, with its owners and Devs known to the public, establishes a solid foundation for users to place their trust in the Base chain. With over a decade of extensive experience in the cryptocurrency space, Coinbase has consistently demonstrated its expertise by developing and launching numerous successful crypto products.

    This wealth of experience instills confidence in the Base Chain as it navigates its initial stages of centralization, with a strategic vision to progressively evolve into a decentralized entity over time.

    For those embarking on their journey within the Base Chain ecosystem, it is imperative to keep certain key considerations in mind. Firstly, the association with Coinbase serves as a testament to the network’s reliability and credibility. Additionally, users can anticipate ongoing enhancements and decentralization initiatives as the Base Chain matures, aligning with the broader ethos of blockchain technology.

    In summary, the Base Network, fortified by its affiliation with Coinbase, emerges as a promising Ethereum Layer 2 solution, poised to alleviate the burden of high transaction costs while providing a secure and gradually decentralized environment.

    Key Features To Note About Base Chain

    • Absence of Native Token: Notably, the Base Chain currently operates without a native token. Instead, transaction fees within the ecosystem are conducted using Base ETH. This choice streamlines interactions on the Base Chain and positions it as a unique player within the cryptocurrency landscape on the Ethereum chain. Some chain accepts their native token for gas fees but the Base chain accepts Base ETH.
    • Layer 2 Security Powered by Ethereum: The Base Chain distinguishes itself as a layer 2 chain, constructed upon the robust Ethereum technology. This strategic integration ensures a heightened level of security, leveraging the well-established reputation of Ethereum as one of the most secure technologies in the crypto community. Consequently, the Base Chain is anticipated to offer a security profile close to the Ethereum Layer 1 network.
    • Developer Transparency and Coinbase Backing: In contrast to many emerging chains, the Base Chain stands out due to its transparent development process and substantial backing by Coinbase. The association with Coinbase, a leading cryptocurrency exchange, lends credibility and trust. Considering Coinbase’s track record of providing crypto products to over 100 million users and processing $80 billion worth of crypto assets without controversies, users can confidently rely on the expertise of the development team.
    • Anticipated Low Gas Fees: One of the attractive features of the Base Chain is the expectation of significantly lower gas fees compared to the native Ethereum chain. This affordability factor provides users with an opportunity to experience Ethereum Layer 1 compatibility at a fraction of the cost, enhancing the cost-effectiveness of transactions on the Base Chain.
    • Open Source Technology with Optimism Integration: The Base Chain’s Open Source technology is powered by the Optimism Open Source chain. This integration not only supports the overall functionality of the chain but also simplifies the development process for creators. Developers can anticipate a user-friendly environment for building applications on the Base Chain, thanks to the enhanced capabilities and support provided by the Optimism Open Source chain.

    Expanding on the diverse utilities and functionalities within the Base Ecosystem

    • Bridging Utility: The Base Ecosystem has a bridging utility, facilitating seamless interoperability with other blockchain networks. This feature enhances the overall connectivity of the Base Chain, allowing for the fluid transfer of assets and data across different blockchain environments.
    • DeFi (Decentralized Finance) Utility: Positioned at the forefront of decentralized finance, the Base Ecosystem provides comprehensive support for DeFi applications. Users can engage in a spectrum of financial services, including lending, borrowing, and trading, all within the secure and efficient framework of the Base Chain.
    • Gaming Utility: Acknowledging the growing significance of blockchain in the gaming industry, the Base Ecosystem integrates a gaming utility. This functionality opens avenues for the development and deployment of blockchain-based games, ensuring a secure and transparent gaming experience for users.
    • Social Utility: Recognizing the social aspect of blockchain technology, the Base Ecosystem incorporates a social utility. This facet enables the creation and deployment of decentralized social applications, fostering interactions, and transactions within a secure and trustless environment.
    • NFT (Non-Fungible Token) Utility: The Base Ecosystem extends its utility to support Non-Fungible Tokens (NFTs), a rapidly evolving and popular aspect of the blockchain space. Users can create, trade, and interact with NFTs seamlessly, leveraging the secure infrastructure of the Base Chain.
    • Compatibility with EVM-Supported Wallets: The Base Ecosystem ensures widespread accessibility by allowing users to utilize and access its utilities through different Ethereum Virtual Machine (EVM) supported wallets. This compatibility enhances user convenience, as individuals can leverage familiar wallets to engage with the diverse utilities offered by the Base Chain.

    How To Buy, Sell, And Trade On The Base Network

    Select an EVM-Compatible Wallet

    To be able to make any transactions on the Base network, you need to have an EVM-Compatible Wallet. Click here to see a list of wallet options you can select from but I would recommend you use MetaMask, it is one of the most popular Ethereum Virtual Machine (EVM)-compatible wallets and also one of the most used wallets for Base Network transactions.

    If you are using a PC, install the Metamask wallet extension by clicking on “Add to Chrome” to add the extension to your Chrome browser, as shown below:

    Metamask

    Once installed, open your MetaMask, set up your account, and make sure to keep your secret phrase very safe, I would advise that you write it down on a shit of paper, away from the internet where it can’t be hacked.

    Add The BASE Network To Your MetaMask

    To add the Base Network to your MetaMask, search for Chainlist on your browser, open it, connect your MetaMask wallet, search for Base, and add it to MetaMask by clicking on “Add to Metamask”, click on “Approve” and lastly click on “Switch Network” on your Metamask.

    Chainlist

    Acquire Base ETH

    To make any transaction on the Base Network, you need Base ETH. Get your Base ETH from these cryptocurrency exchanges such as Binance, OKX, or KuCoin. Buy ETH on these platforms, go to the withdraw section, making sure to choose the BASE network as your transfer Network, which automatically converts your ETH to Base ETH as it gets to the ETH wallet destination.

    Related Reading: How To Buy, Sell, and Trade Tokens On The Arbitrum Network

    Alternatively, if you already have native ETH in your Metamask wallet, you can use the BASE bridge to bridge from the Ethereum Mainnet to the Base Network.

    Bridging to Base Network ETH From Other Ethereum Layer 2s

    If you wish to bridge your ETH to Base ETH from other Ethereum Layer 2 solutions, I would recommend secondary bridging platforms featured on the BASE Bridge platform. These platforms facilitate a smooth transition to the Base Network from various Ethereum Layer 2 environments, as shown below.

    Bridges

    Example Of Bridging to Base ETH From Other Ethereum Layer 2s

    ACROSS PROTOCOL is the first secondary bridging platform featured on the BASE Bridge platform as shown above, all you need to do is connect your Metamask wallet and select the amount of ETH you want to bridge to Base ETH and Bridge.

    Swap

    After Acquiring your Base ETH, you need to do your research and know which token you want to buy on the Base Network on Coingecko before heading over to Dexscreener to check for the token,  Dexscreener serves as a valuable tool for checking available tokens on the EVM chain, including the Base Network. 

    Charts

    By selecting the Base network on Dexscreener, you can access a comprehensive chart of available Base tokens. Note that not all tokens are supported on every DeFi DEX, search for the token you would like to trade and select it. After selecting, look out for the Green Box section selected in the image to identify which DeFi platforms support the token you wish to trade. 

    Base charts

    Obtaining Token Contract Address

    Scroll down on the Dexscreener to find the token contract address or go back to Coingecko and copy the contract address. This address is crucial when trading on DeFi platforms.

    Contract

    Copy the contract address, and when you enter it in the swap section of a DeFi platform like Uniswap, it will reveal the token. If the token is not available on Uniswap, the Dexscreener will redirect you to another supported DeFi where you can trade the token like KyberSwap.

    Kyberswap

    Connect your wallet to KyberSwap, click on the denominator token, and paste the contract address of the Base token in the search box. Before initiating any trade on DeFi, confirm that the network on the DeFi is on, in this case, the Base Network, ensuring the token’s availability on the Base Network. If it’s not initially on the Base Network, go to “Select a chain”, and select the Base network to ensure compatibility. 

    Base DApps

    Choose the desired pair of Base tokens and ETH (or other base pairs), specify the amount you want to swap, and execute the trade.

    Related Reading: How To Buy, Sell, And Trade Tokens On The BSC Network

    Reverse Trading For Base Network ETH

    If you wish to trade from a BASE token to Base ETH, simply reverse the order. Place the Base token at the top and the ETH at the bottom, then proceed with the swap. This allows you to exchange your Base token for ETH within the Base Network.

    Reverse ETH Kybeswap

    By following these steps, you can confidently navigate the trading process on the Base Network, leveraging the features of DeFi platforms and Dexscreener to make informed decisions and execute trades seamlessly.

    Conclusion

    The Base Network is another Ethereum Layer 2 network which is also affiliated with Coinbase, which is one of the most trusted cryptocurrency exchanges and companies in the crypto space with over 100 million users and processing $80 billion worth of crypto assets. Base Network has a lot of features which I have pointed out in the article already, although the Base Network does not have its Native token yet, it is still trusted and reliable due to its affiliation with Coinbase.

    Featured image from TronWeekly

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



    Scott Matherson

    Source link

  • How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

    How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 


    The Cardano Network is a decentralized proof-of-stake blockchain platform with smart contract support and uses its own native token ADA, just like the Ethereum blockchain. Cardano is often described as the Ethereum killer. However, Cardano also considers itself the updated version of Ethereum, which is currently the king of all altcoins, including ADA.

    Cardano (ADA) The Supposed Ethereum Killer

    It has been said that Cardano has anointed itself as a third-generation crypto platform which it regards to Ethereum as the second generation. Cardano has deemed itself fit to be a threat or competitor to Ethereum as they are both similar in so many ways, including the fact that Cardano (ADA) was created by one of the co-founders of Ethereum, Charles Hoskinson.

    As Ethereum is having a hard time with high gas fees issues and slow transaction times, Cardano is all set up to take their share and make a name for themselves in the NFT, DeFI, and Stablecoin market. Cardano aims to be scalable and low-cost for users compared to Ethereum, its major competitor. 

    It enables owners of their native token ADA to help operate the network and vote on changes to the software roles. A lot of developers now use the Cardano Blockchain for Smart contracts and building decentralized applications (dApps).

    Cardano Continues To Evolve: Hard Forked From Byron To Shelley 

    Cardano has been releasing its blockchain in stages with the aim of releasing better, cleaner, and more secure codes. They continued to evolve as the Cardano blockchain hard forked from Byron, a federated and static model, to Shelley, a more dynamic and decentralized model

    A hard fork means or is described as a radical change in the blockchain, but in the case of Cardano, The blockchain hard fork was unique because instead of the blockchain radical change, it ensured a smooth transition from the old protocol to a new protocol while saving the history of the previous blocks. This means the Cardano blockchain contains the Byron blocks and after a certain transaction period, it adds the Shelley blocks.

    Shelley was upgraded, and the Shelley protocol upgrade added a new feature that enabled different kinds of Smart contract use cases, which included the creation and transactions with multi-asset tokens. It also established support for the Voltaire voting mechanism. The Shelley protocol hard fork upgrade of March 2021 called “Mary” introduced native token and multi-asset support on the Cardano Blockchain. 

    Mary allows users to create their own tokens that run on the Cardano network natively, just like Cardano’s native token ADA. Similar to the ERC20 tokens that can be created and transacted on the Ethereum network, Native tokens will open up this same functionality to Cardano.

    How Does Cardano (ADA) Work?

    The Cardano (ADA) Blockchain is made up of two main components, which are the Cardano Computational Layer (CCL) and the Cardano Settlement Layer (CSL).

    The Cardano Computational Layer (CCL):

    The Cardano Computational Layer (CCL) consist of the Ouroboros consensus protocol and Proof of stake, which are the backbone of the Cardano blockchain. They help to run smart contracts, it also ensures compliance and security. Lastly, allow other key advanced features and functionalities such as identity recognition and blacklisting.

    The Cardano Settlement Layer (CSL):

    The Cardano Settlement Layer (CSL) serves as the accounting layer of the Cardano blockchain where its native token holders can send and receive their ADA immediately with minimal transaction fees.

    Blockchain Industry Issues Cardano Aims To Solve

    • To create a secure voting mechanism for token holders. 
    • To Separate accounting and computation layers. 
    • To create an infinitely scalable consensus mechanism. 
    • To use mathematics to provide a provably secure blockchain that is less susceptible to attacks. 

    Benefits And Advantages of Cardano (ADA) Blockchain

    Decentralization: The Cardano network is designed to promote decentralization, and the founder of ADA Charles Hoskinson, is confident that the network would be 50 to 100 times more decentralized than Bitcoin.

    High scalability: The recent Cardano Blockchain Vasil hard fork solves scalability issues as it introduced critical updates that streamline transaction processing, ultimately increasing the transactions per second (tps) Cardano’s blockchain can handle to significantly boost transaction processing speeds, unlike Ethereum.

    Multilayer security measures: Cardano has a multilayer architecture that separates the computation layer from the accounting layer and also the Ouroboros proof of stake algorithm reduces the surface attack and ensures good security without falling short on decentralization.

    Low gas fees: Unlike Ethereum, Cardano has low transaction or gas fees which makes it more appealing to users and developers.

    Environmentally friendly ecosystem: Cardano is designed to be accessible to all persons, no matter their level of skill, from novices to advanced users.

    Strong Community: A project is as strong as its community and Cardano has a strong community of active users, developers, researchers, and founders all work together to make the project a very good one.

    How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

    To see a full picture of the Cardano ecosystem, go to CardanoCube. CardanoCude has information on the applications on the Cardano Blockchain, ranging from DEXes to Liquidity to Wallets, Marketplaces, DeFI, Infrastructure, and Launchpads, in case you want to launch a project on the Cardano Blockchain. There are also Metaverse platforms, Gaming platforms, AI tools, Community & DAO, Developer Tools, Meme Coin, and so many more.

    To buy and sell tokens on the Cardano (ADA) network, you need to get a wallet. The official wallet created by the Cardano developer IOG is called DAEDALUS. DAEDALUS is a desktop or PC secure wallet for the ADA cryptocurrency that downloads a full copy of the Cardano Blockchain, and it independently validates every transaction in its history, ensuring maximum security.

    How To Install, Set Up, and Use DAEDALUS Wallet

    Make sure you download the installation file from the DAEDALUS official website daedaluswallet.io. Once the website is open, click on “Download” and then choose your operating system: either macOS, Linux, or Windows. Start the downloading process by clicking on “Download DAEDALUS.”

    Daedalus wallet

    Install it, and once DAEDALUS is launched, you will need to configure the general settings and click on “Continue.” Read, and accept the terms and conditions. 

    Download Daedalus

    Please note that the blockchain must be completely synced before you can use your wallet.

    Syncing crypto

    To create a new wallet, click on the “Create” button, give your wallet a “Name,” and Create your “Spending password”. You will need your spending password later to make transactions. It will also Encrypt your wallet file in the dataless directory.

    Cardano crypto wallet

    After the setup, the “Recovery phase” page will pop up, and you will be given the 24-word secret phrase that you can use to recover your account in case your laptop is stolen or broken.

    Recovery phrase

    Ensure to write down your secret phrase and keep it in a safe place, after verifying your secret phrase your wallet is all set up.

    Cardano Daedalus

    Click on “Send” to send coins and Click on “Receive” to receive coins, select one of the automatic recipient addresses to receive your coins for other exchanges.

    setup crypto

    How To Use The Wallet Function On Minswap Instead Of Daedalus

    Minswap is a multi-pool decentralized exchange (DEX) on Cardano (ADA) where you can swap tokens with minimal time, cost, and maximum ease.

    Minswap

    The Minswap website is user-friendly and easy to trade on. Go to the website, click on “Trade,” then click on “Connect wallet.” 

    Connect wallet

    You might not see the DAEDALUS wallet there, so just create a “MinWallet” by clicking on it, then click on “New Wallet.” Copy your 24-word secret phrase down, write it down in a safe place, verify your secret phrase, create your MinWallet password, Now your MinWallet is ready to be used.

    Minswap Cardano wallet

    How To Buy ADA On Centralized Exchanges And Send To Your MinWallet

    You need some ADA tokens in your wallet to make your transactions. You can buy your ADA from centralized exchanges (CEX) like ByBit, Binance, OKX, and MEXC, etc. In this case, we will use Binance.

    Once the ADA is purchased, copy your MinWallet address, go to Binance, buy your ADA, and then go to “Withdraw.” Paste the MinWallet address you copied in the box to input your address, and Cardano will be automatically filled as your transfer network. Input the amount of ADA you want to transfer, then click on the “Withdraw” button.

    fund wallet

    How To Trade Crypto Tokens On MinSwap

    To buy tokens, go to Coingecko and search for the token on the Cardano Blockchain Network you want to buy. Alternatively, you can go to the social media pages of the token you want to make sure you have the correct coin. Go back to MinSwap, click on the denominator token button, input the name of the token you want to buy, and select it.

    Crypto wallet Cardano

    Input the amount of ADA you want to swap for that token and swap it. If you want to sell, just switch their positions and swap.

    Checking Prices Of Cardano-Based Tokens

    Knowing how to check the price action of tokens when trading on blockchains such as Cardano is important for investors to make the best decisions. For the Cardano network, data trackers such as TapTools is the one-stop-shop for all things Cardano charts.

    Just go to TapTools, click the Search bar, and input the name of the token you want to check. In this case, we’re using SUNDAE.

    TapTools

    Choose the correct token and click on it, and TapTools will show you the price chart for that token. By using TapTools, you will be able to keep track of the price and follow how your token is doing, as shown below:

    TapTools Sundae

    Interestingly, TapTools also has its own inbuilt decentralized exchange (DEX) for those who want to do everything in the same place. All you have to do is connect your wallet similarly to connecting to MinSwap as illustrated above, pick the token you want to swap to, enter the amount of ADA you want to swap, and click “Swap”. The DEX is visible on the right-hand side when you open the chart of a token.

    Swap crypto Cardano

    TapTools Swap

    Conclusion 

    Trading on the Cardano (ADA) network is quick and seamless due to its fast transaction speeds and low fees. However, like with any crypto trading, it does carry its own risk, which could be a partial or total loss of capital.

    Featured image from Bitcoinsensus

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



    Scott Matherson

    Source link

  • How To Buy, Sell, And Trade Tokens On The Optimism Network

    How To Buy, Sell, And Trade Tokens On The Optimism Network

    Optimism (OP) is a Layer 2 network that solves Ethereum’s scalability issues, bringing low fees and faster transactions to users. Scalability and low gas fees have always been Ethereum’s major problems. This is because, amid the trilemma of crypto, where security, decentralization, and scalability are not equal, Ethereum chose more security than decentralization and more decentralization than scalability to focus on. This is the reason Ethereum has a lot of layer 2s to help solve the scalability difficulties. 

    Over the years, people have had to spend huge amounts of ETH gas to perform a transaction, but no one really cared at the time because the value of ETH was small. For example, spending 0.001 ETH when ETH was worth $300 means that you were spending $0.03 on gas fees, which was cheap. 

    This was also at a time when the network was less congested, but over time, the value of ETH increased from $300 to over $2,000. In a more congested period, users have found it could cost upwards of $80 in gas fees to approve a transaction on the Ethereum chain. 

    OP network is one of the Layer 2 fixes for ETH

    What better way to solve this issue than to introduce the Ethereum Layer 2s, which will give you almost the same properties as Ethereum but is expected to be better in what Ethereum is lacking. Ethereum is lacking in the scalability aspect, some of the layer 2s are helping to fill the void while some are not. One layer 2 Ethereum chain that is helping to feel the void is the Optmism chain. 

    Ethereum is great, but imagine not wanting to transact on the chain because you feel the gas fee is too expensive. It’s like spending $50 on a delivery fee to buy a $10 item. Although Ethereum boasts of strong security, some people still detest the expensive gas fee and decide to build on other chains. 

    Optimism (OP) Network Benefits: Cheap gas fees and lightning-fast transaction speed

     Optimism is an Ethereum rollup that is known for cheap gas fees and lightning-fast transaction speed. Using the chain to transact will make you appreciate it so much and will make you want to transact on the chain regularly. 

    If you were used to paying $10 on gas fees on the ETH network, you would appreciate the Optimism network more, as you would spend less than $0.01 on gas fees. The Optimism Network is one of the most successful Ethereum layer 2 chains, with a very successful airdrop of its native token called Optimism (OP), which can be traded on centralized exchanges. 

    Important things to know about the Optimism Ecosystem:

    Let’s explore the Optimism ecosystem to help you know how to navigate and use the decentralized applications (DApps) on the network, which keeps you safe from falling for fake sites and phishing links. 

    The optimism mainnet chain uses optimism ETH, opETH, for gas fees. Tokens on the chain are sometimes represented as opX, where X represents the token. For instance, if you have Bitcoin on the Optimism chain, it is represented as opBTC, so Ethereum on the Optimism chain is opETH. 

    How to Buy, Sell, and Trade Tokens on the Optimism Chain or Network:

    To buy any token on the optimism chain, you need optimism ETH; you can get OPETH in two ways: through the centralized or the decentralized way. Let’s talk about the centralised way first because it doesn’t require much effort. 

    If you have a Binance account, Bybit, Kucoin, or HTX, and you have some USDT, you can trade the USDT for ETH. Then, withdraw the ETH on the Optimism network to your EVM wallet like Metamask. 

    Decentralized Way To Buy Optimism (OP)

    To get opETH the decentralised way, you would need to know what wallets to use. Optimism network supports varieties of EVM wallets. Here are some EVM wallets that are compatible with Optimism network; we have Metamask, which’s the universal EVM wallet, Trustwallet, Coinbase Web 3 wallet, Rainbow wallet, Brave wallet, Taho wallet, OKX Web 3.0 wallet, Rabby Wallet, Zerion wallet, and lots more. Check here for the full list of Optimism ecosystem wallets. 

    How to Bridge to Optimism Network:

    You should have your compatible EVM wallet and your ETH in wallet ready, the next step is to bridge your ETH. There are different ways to bridge your ETH. You can use native ETH or other layer 2 ETH, and you can get native ETH from centralized exchanges or through P2P from your local crypto vendor. 

    You can also get native ETH by buying directly from Metamask like this:

    Go to Metamask portfolio and connect your Metamask wallet or whatever EVM wallet you have. Choose your location, and select a payment method. After that, you can select the coin you want to do, this method gives you a variety of coins on different chains. 

    You can select ETH on the optimism chain and easily get the ETH on the optimism chain, this way it’s easier for you to get ETH on the optimism chain or any other chain without using any centralized crypto platform. The downside to this is the spread; you can spend $100 only to end up getting $75 worth of ETH, and the rest will be used for charges. 

    However, if you already have native ETH or ETH on Arbitrum or any other layer 2 chains, you can bridge in two ways.

    Bridging using the Optimism native bridge: With this, you can bridge from the available ETH networks to the Optimism network. This bridge primarily supports bridging from native ETH to optimism but doesn’t primarily support other chains to the optimism chain. So it uses a secondary bridging platform like hop protocol, stargate, and more. 

    Using the Optimism bridge is pretty easy, but you will have to have native ETH in your wallet. Go to the site, connect your wallet to the site, and review the deposit.

    Bridge

    From the review deposit, you will see that you have to pay a gas fee to the optimism chain. This gas fee is for the optimism chain, and after paying that, you still need to pay another gas fee to initiate the transaction, depending on the gas fee congestion at that moment. 

    For instance, the gas fee congestion states I pay an extra $8.51 because the Ethereum chain has a high gas fee. 

    Optimism bridge

    So if you do the math, you will notice that we have spent over $16 just to bridge from the Ethereum mainnet to the optimism chain. This is why we need to consider the other bridging option, which is bridging using the secondary bridging platforms. 

    There are varieties of secondary bridging platforms you can use, and each of them has its different bridging fees. 

    Bridging using the Optimism app bridge: You can access all the secondary bridging platforms on the Optimism app bridge https://www.optimism.io/apps/bridges. Even though most of them are cheaper than the native bridge option, you have to do your research and find the cheapest with the fastest transaction time. 

    DAPPS

    Most of them are pretty easy to use, and some recommendations include Orbiter. finance, Bungee, and Layerswap. Transactions on these platforms are pretty cheap and can support bridging from other chains. 

    Enter their sites from the Optimism bridging apps, choose any of your choices, connect to your wallet, select what network you want to bridge to the optimism chain, approve, and bridge. 

    How to Find and Trade Tokens on the Optimism Chain:

    With your optimism ETH in your wallet, let’s trade. To trade on the optimism chain, you need to know what to trade. On the optimism chain, you can only trade tokens on the optimism chain. To find tokens on the Optimism, you will have to use Dexscreener. 

    Dexscreener is an on-chain tracker used to check most EVM and non-EVM coins and tokens. However, we will be focusing on the optimism chain right now, so navigate to the Optimism chain Dexscreener.

    Token names

    You can see a variety of tokens to trade on the optimism chain. If you have a specific optimism token in mind, you can type the name in the search button. If you don’t know the name of the token but have the smart contract address, you can also input that and the token will be displayed. 

    From Dexscreener, you can also find the token contract address just by clicking the token name on Dexscreener. 

    Dexscreener

    For Instance, click on any token, scroll down and you will see the contract address, just like Smile in the red box. 

    Now you know how to get token smart contracts, it’s time to trade them. There are different DEXes to trade these tokens, as shown below:

    Optimism DEX

    Check the Optimism Defi Section to select which DEX to use. People mostly use the Uniswap DEX, 1INCH DEX, and Sushi Swap. 

    Optimism SushiSwap

    Let’s use SushiSwap to show how to trade optimism tokens on the optimism network. Go to the SushiSwap swap section. Connect your wallet and change the network to the optimism network. 

    If you want to swap opETH for any optimism token, click on the denominator side, input the contract address of the token, and approve the token. Now you can trade. 

    Conclusion

    The Optimisim network is just like any other decentralized network when it comes to trading and buying these tokens carry their own unique risks. A lot of the tokens on decentralized exchanges are new, and are therefore untested. So when trading these tokens, always risk what you are willing to lose in the event a project does turn out to be a scam or a rug.

    Featured image from Smart Valor

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Scott Matherson

    Source link

  • How To Buy Sell and Trade Tokens On The Arbitrum Network

    How To Buy Sell and Trade Tokens On The Arbitrum Network

    The Arbitrum (ARB) network is a Layer 2 scaling solution for Ethereum that aims to address the scalability and high transaction fees. It is developed by Offchain Labs and utilizes a technology called Optimistic Rollups to achieve its objectives.

    Optimistic Rollups work by processing most transactions off-chain and then periodically submitting a summary of those transactions to the Ethereum mainnet. This approach reduces the transaction costs significantly and increases the throughput of the network while maintaining the security guarantees of the Ethereum mainnet.  

    In other words, the optimistic rollup feature allows Ethereum smart contracts to scale by passing messages between smart contracts on the Ethereum main chain and those on the Arbitrum second layer chain. Much of the transaction processing is completed on the second layer, and the results of this are recorded on the main chain — drastically improving speed and efficiency. 

    One of the key features of the Arbitrum network is its compatibility with existing Ethereum smart contracts. Developers can deploy their contracts on the Arbitrum network with minimal modifications, allowing for easy migration of decentralized applications (dApps) from Ethereum to Arbitrum.

    Also, the arrival of the Ethereum network introduced a groundbreaking transformation in the realm of blockchain technology, providing a platform for the creation of decentralized applications (dApps) and propelling the growth of decentralized finance (DeFi). Nevertheless, as Ethereum’s preeminence soared, it encountered hurdles related to scalability and exorbitant transaction fees. 

    This is where the Arbitrum network enters the picture as a Layer 2 scaling solution, poised to tackle these challenges while ensuring seamless integration with Ethereum’s ecosystem. In this article, we will explore the core features of the Arbitrum network and examine its immense potential in the Ethereum ecosystem.

    Features Of Arbitrum Network

    The promise of Scalability:

    Scalability has long been a bottleneck for Ethereum, causing network congestion and skyrocketing transaction fees during times of high demand. Arbitrum tackles this challenge by implementing Optimistic Rollups, a technology that allows for most transactions to be processed off-chain. By aggregating multiple transactions into a single summary, ARB achieves significant scalability improvements, enabling faster confirmation times and a higher throughput. This scalability boost unlocks the potential for a more efficient and seamless user experience on the Ethereum network.

    Ecosystem and Adoption: 

    The Arbitrum network has garnered significant attention and interest within the Ethereum ecosystem. Several prominent projects and protocols have announced plans to deploy on Arbitrum or explore integrations. This growing ecosystem includes decentralized exchanges (DEXs), lending platforms, gaming applications, and more. 

    The increased adoption of Arbitrum provides users with a wider range of options for interacting with decentralized applications (DApps) and accessing various DeFi services.

    Smart Contract Execution:

    Arbitrum Network makes use of a technique called optimistic execution to process smart contracts. It assumes that most transactions are valid and executes them off-chain. This enables the  network in providing fraud proofs, which allows anyone to challenge invalid transactions by submitting evidence to the Ethereum mainnet. This approach enables efficient and secure smart contract execution.

    Decentralization and Security: 

    While Arbitrum relies on the Ethereum mainnet for final settlement and security, it maintains a high level of decentralization and security. By leveraging Ethereum’s robust consensus mechanism, Arbitrum benefits from the security guarantees of the Ethereum network. The periodic submission of transaction summaries to Ethereum ensures that any potential fraudulent activity can be detected and resolved.

    Seamless User Experience: 

    Using the Arbitrum(ARB) network is designed to be seamless for users. They can continue using their existing Ethereum wallets, such as MetaMask, to interact with the Arbitrum network. This familiarity and compatibility make it easier for users to transition from Ethereum to Arbitrum and enjoy the benefits of improved scalability and reduced transaction fees without significant changes to their workflows.

    What Makes Arbitrum Unique?

    The Arbitrum (ARB) network is designed to provide an easy-to-use platform developers can use to launch highly efficient and scalable Ethereum-compatible smart contracts. It offers a range of exciting possibilities for developers and users alike. Some examples of what can be done on the network include:

    High EVM compatibility

    Arbitrum(ARB) is considered to be one of the most EVM-compatible rollups. It’s compatible with the EVM at the bytecode level, and any language that can compile to EVM works out of the box — such as Solidity and Vyper. This makes it easy to build on since developers do not need to get to grips with a new language before building on Arbitrum.

    Decentralized Finance (DeFi) applications:

    The Arbitrum (ARB) network can be used to build and run DeFi applications, such as decentralized exchanges (DEXs), lending and borrowing platforms, and stablecoin systems. These applications can benefit from the network’s fast transaction processing times and low gas fees, enabling efficient and affordable transactions.

    Low  transaction fees

    As a Layer 2 scaling solution for Ethereum, Arbitrum isn’t just designed to boost Ethereum’s transactional throughput, it also minimizes transaction fees at the same time.

    Thanks to its extremely efficient roll-up technology, Arbitrum is able to cut fees down to just a tiny fraction of what they are on Ethereum, while still providing sufficient incentives for validators.

    Well-developed ecosystem

    Arbitrum is already working with a wide variety of Ethereum DApps and infrastructure projects, including the likes of Uniswap.

    Cross-Chain Interoperability

    The Arbitrum (ARB) network can also be used to enable cross-chain interoperability between different blockchains. This could allow for the seamless transfer of assets and data between different blockchain ecosystems, enabling greater interoperability and connectivity across the entire blockchain space.

    The Arbitrum network’s fast transaction processing times, low fees, and security and decentralization features make it a compelling choice for a wide range of use cases.

    How To Get Started on The Arbitrum Network

    To buy and sell tokens on the Arbitrum (ARB) network, you must first get a metamask wallet. MetaMask is a popular browser extension wallet commonly used for interacting with blockchain networks like Ethereum. It is available as a browser extension for popular browsers such as Google Chrome.

    Ensure your Metamask Wallet has been added to your browser as an extension by clicking on the ‘Add to Chrome” icon on the top right as shown below:

    Once installed and set up, MetaMask allows users to manage their cryptocurrency wallets, interact with decentralized applications (DApps), and securely execute transactions on supported blockchain networks directly from their browsers. (Make sure to write down your seed phrase on a piece of paper and keep it in a safe place. Do not store it online or on your device).

    Next, add the ARB network to your Metamask wallet by following the instructions provided on the Metamask website here.

    Trading On the Arbitrum (ARB) Network

    In order to execute trades on the ARB network, you will need to fund your wallet with Ethereum (ETH) so as to enable you to cover gas fees even though the majority of the trading activity takes place on the Arbitrum layer 2 solution. This is because the Arbitrum network periodically submits transaction summaries and proofs to the Ethereum mainnet, which requires paying Ethereum gas fees. 

    You can buy ETH on centralized exchanges such as Binance, copy your wallet address from Metamask, and then send the ETH from Binance to your Metamask wallet. 

    You can also purchase ETH directly within the Metamask wallet using traditional payment methods such as credit or debit cards, etc.

    Just click on the “Buy/Sell” button within Metamask to open the interface. Here, you can put how much ETH (or any other token) you want to buy in terms of dollar terms, pick your payment method, and then click “Buy”.

    Note that to buy crypto directly within Metamask, you will need to provide info such as your country and state. However, it is a straightforward process that only takes a minute.

    Metamask wallet

    It’ll only take a couple of minutes at most for your ETH to arrive in your wallet. Once the ETH arrives, you are all set to begin trading tokens on the ARB network. So, head over to UniSwap to get started on your trading journey.

    How To Trade Tokens On The ARB Network Using UniSwap

    Uniswap is a decentralized exchange (DEX) protocol built on the Ethereum blockchain. It allows users to trade Ethereum-based tokens directly from their wallets without the need for intermediaries or traditional order books. Uniswap offers users a simple and straightforward way to buy and sell a wide variety of tokens.

    Endeavour to be on the right Uniswap website to protect your wallet from any fraudulent activity.  The first step is clicking on the “launch app” button at the top right corner, as shown in the image below:

    Uniswap

    The next step is clicking on the connect wallet option on UniSwap at the top right corner, as shown in the image below:

    Arbitrum trading

    Connect to your preferred wallet as shown below. (In this case, it’s Metamask):

    Uniswap trading

    Once connected, switch Metamask to the ARB network. (If you’re already on the ARB network, you do not need to switch):

    Token trading

    After connecting MetaMask to the ARB network, go to UniSwap, and then you can start trading on the ARB network using UniSwap. 

    The next step is to select your preferred tokens on the UniSwap interface and since Uniswap operates on a token to token trading model, click on the “select token” button to select the trading pair you want to trade against. 

    For example, if you want to buy USDT using ETH,  select  ETH – USDT, enter the amount, then click on “swap” or “trade now” and confirm the transaction in your Metamask wallet. You can view the tokens in your wallet’s asset list.

    Arbitrum 7

    Buying and Selling Tokens with the Metamask Wallet

    ARB Network users can also buy and sell tokens using the Metamask extension wallet already connected to the ARB network. 

    To do this, make sure you’re connected to the ARB network and have ETH to swap and pay for gas fees. Then, navigate to the “Swap” button as shown below. This will take you to the Swap interface inside Metamask.

    Buying Ethereum ETH

    Using the image above as a guide, you can also search for tokens using the name or the contract address, just like on UniSwap. Input the amount of ETH you want to swap, confirm that you have the correct token, and then click “Swap.” Once the transaction is confirmed, the tokens you just bought will be sent to your wallet.

    Tracking Token Prices on The Arbitrum  Network

    Users of the Arbitrum (ARB) network can take advantage of on-chain tools like Dexscreener to gain access to comprehensive market insights for specific tokens. These insights include price data and contract information, empowering users to make well-informed trading decisions based on reliable and up-to-date information. 

    With Dexscreener on the Arbitrum network, users can stay informed about token metrics and market dynamics, enhancing their trading strategies and overall trading experience.

    Dexscreener

    Dexscreener offers a variety of advantageous features tailored to users on the Arbitrum network. Among these features, an exceptional one is the charting functionality, which delivers both real-time and historical price data for a wide range of tokens. 

    By utilizing these charts, users gain valuable insights into price trends, trading volumes, and other pertinent metrics. This enables them to pinpoint potential entry or exit points for their trades with precision and confidence. 

    Take a look at the example below:

    Arbitrum Dexscreener

    Conclusion

    In conclusion, the Arbitrum network offers a compelling ecosystem for buying, selling, and trading tokens, providing several notable advantages over other platforms. With its seamless integration of on-chain tools like Dexscreener, users gain access to detailed market insights, real-time price data, and historical charts, enabling them to make informed trading decisions with confidence.

     

    Additionally, Arbitrum’s scalability and low transaction fees enhance the overall trading experience, ensuring quicker and more cost-effective transactions. By leveraging the power of the Arbitrum network, traders can enjoy a secure, efficient, and feature-rich environment that empowers them to navigate the world of token trading with ease.

    Featured image from CoinMarketCap

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Scott Matherson

    Source link

  • How To Buy, Sell, And Trade Tokens On The BSC Network

    How To Buy, Sell, And Trade Tokens On The BSC Network

    The captivating Binance Smart Chain (BSC) Network has morphed into a powerful force within the blockchain ecosystem, offering various benefits and opportunities for users and developers alike. Introduced by Binance, a top player in the global cryptocurrency exchange realm, BSC provides a robust and efficient infrastructure for decentralized applications (dApps) and digital asset transactions.

    The key advantage of the BSC network is its high-speed and low-cost transactions. With its standout consensus mechanism, BSC achieves fast block confirmations, enabling quick and seamless transfers of digital assets. This scalability advantage makes BSC an attractive choice for users who value speed and efficiency in their transactions.

    Advantages Of The Binance Smart Chain (BSC) Network

    The Binance Smart Chain (BSC) offers several advantages that have contributed to its popularity and growth within the blockchain ecosystem. Here are some key advantages of the BSC network:

    High Speed and Low Transaction Fees: BSC is known for its fast block confirmations, which result in quick transaction processing times. This speed is achieved through its unique consensus mechanism. Additionally, BSC’s low transaction fees have made it a preferred platform for developers and users.


    Compared to other popular blockchain networks, BSC offers significantly lower transaction costs, making it more accessible for individuals and businesses of all sizes. This cost-effective system has aided the exponential growth of decentralized finance (DeFi) applications on the BSC network by providing a wide range of financial services to users around the world.

    Scalability: BSC has been designed to handle high transaction volumes, allowing for the smooth and efficient execution of decentralized applications (dApps). This advantage enables BSC to accommodate the growing demands of users and developers without compromising performance.

    Compatibility with Ethereum: The compatibility of BSC with the Ethereum Virtual Machine (EVM) has made it easy for developers to port their existing Ethereum-based projects to BSC, expanding the pool of available applications.


    This opens up a world of possibilities, as it expands the range of applications available on BSC, offering users a greater selection of innovative and diverse decentralized applications to choose from. This interoperability has fostered innovation and attracted a diverse range of projects, including decentralized exchanges, yield farming platforms, and NFT marketplaces.

    The close integration between BSC and the Binance exchange also creates a host of advantages for users. The seamless connection between these two platforms facilitates effortless token swaps and transfers.

    Trading On The BSC Network

    Decentralized exchanges (DEXs) on the Binance Smart Chain (BSC) network provide traders with a range of features and opportunities to enhance their trading experience. Here’s an elaboration on the features of DEXs on BSC:

    Automated Market Makers (AMM): DEXs on BSC leverage AMM protocols to enable token swaps. AMM algorithms automatically set token prices based on supply and demand dynamics within liquidity pools. This feature eliminates the need for traditional order books and enables continuous liquidity, allowing traders to execute swift and efficient trades.

    Yield Farming: Yield farming is a popular practice in the decentralized finance (DeFi) space, and many BSC DEXs offer yield farming opportunities where traders provide liquidity to specific token pairs by depositing their assets into smart contract-based liquidity pools. In return, they receive liquidity provider (LP) tokens, which represent their share of the pool.

    Traders can then stake these LP tokens in yield farming programs to earn additional tokens or rewards. Yield farming enables traders to earn passive income by utilizing their idle assets effectively.

    Liquidity Pools: These are fundamental components of DEXs on BSC which consist of pairs of tokens that are used for trading. Traders can contribute their assets to these pools and become liquidity providers.

    By providing liquidity, traders help ensure that there is sufficient liquidity available for trading. In return for their contribution, liquidity providers earn a portion of the trading fees generated by the DEX. This incentivizes traders to provide liquidity, as they can earn fees from the trading activity in the pool.

    Token Trading: DEXs on BSC offer traders the ability to trade a wide range of tokens. These tokens can include native tokens of projects built on the BSC network, as well as tokens that have been bridged from other blockchains, including Ethereum.

    Traders have access to various trading pairs, allowing them to buy and sell tokens directly from their wallets. The availability of diverse tokens and trading pairs provides traders with abundant opportunities to explore various markets and investment opportunities.

    Additionally, the  Binance Smart Chain (BSC) is a modified Ethereum fork which simply means that it is compatible with the Ethereum network. Both of these blockchain networks have similar infrastructure, which is why they have the same address in your wallet.

    This is to ensure that your funds are not permanently lost when you send them via the wrong network. Simply put, if you send a token to your ETH via the BSC network, the funds will still be on the blockchain and you’ll be able to retrieve them.

    How To Get Started On The BSC Network

    To buy and sell tokens on the Binance Smart Chain (BSC) network, you will first need to get a Metamask wallet and fund it with BNB tokens. MetaMask is a popular browser extension wallet commonly used for interacting with blockchain networks like Ethereum and Binance Smart Chain (BSC). It is available as a browser extension for popular browsers such as Google Chrome.

    Ensure your Metamask Wallet has been added to your browser as an extension by clicking on the “Add to Chrome” icon on the top right as shown below:

    Once installed and set up, MetaMask allows users to manage their cryptocurrency wallets, interact with decentralized applications (DApps), and securely execute transactions on supported blockchain networks directly from their browsers. (Make sure to write down your seed phrase on a piece of paper and keep it safe. Do not store it online).

    Next, add the BSC network to your Metamask wallet by following the instructions provided on the Metemask website here.

    Getting BNB Tokens To Trade On The BSC Network

    Once that is done, you need to fund your wallet with BNB before you can begin trading on the BSC network. You can buy BNB on centralized exchanges such as Binance, copy your wallet address from Metamask, and then send the BNB from Binance to your Metamask wallet. 

    You can also purchase BNB directly within the Metamask wallet using traditional payment methods such as credit or debit cards, PayPal, bank transfer, CashApp, etc.

    Just click on the “Buy/Sell” button within Metamask which will open up the interface. Here, you can put how much BNB you want to buy in terms of dollar terms, pick your payment method, and then click “Buy”.

    Note that to buy crypto directly within Metamask, you will need to provide info such as your country and state. However, it is a straightforward process that only takes a minute.

    Metamask buy BNB

    It’ll only take a couple of minutes at most for your BNB to arrive in your wallet. Once the BNB arrives, you are all set to begin trading tokens on the BSC network. So head over to Pancakeswap to get started on your trading journey.

    How To Trade Tokens On The BSC Network Using PancakeSwap

    PancakeSwap is the leading decentralized exchange on the BSC network. Here, users are able to buy and sell a large range of tokens, and it is a straightforward process.

    Make sure you are on the correct Pancakeswap website to prevent your wallet from being drained. The next step is clicking on the “Connect Wallet” option on Pancakeswap at the top right corner as illustrated below:

    Pancakeswap

    Connect to your preferred wallet as shown below. (In this case, it’s Metamask):

    BSC network

    Once connected, switch Metamask to the BSC network. (If you’re already on the BSC network, you do not need to switch):

    switch network

    With MetaMask connected to the BSC network, go to PancakeSwap, then you can start trading on the BSC network using PancakeSwap. Search for the token you want to purchase using the name or the contract address. 

    Set slippage to auto to avoid having to manually set it with each swap. Once done, pick how much BNB (at the top) you want to convert to the new token (at the bottom), click on “Swap,” and confirm the transaction in your Metamask wallet.

    Once the transaction is confirmed, the tokens will be sent to your wallet. To convert your tokens back into BNB, repeat this process by putting the new token at the top and picking BNB at the bottom. Click Swap and BNB will be sent to your wallet.

    Tokens

    Buying And Selling Tokens With The Metamask Wallet

    BSC Network users can also buy and sell tokens using the Metamask extension wallet already connected to the BSC network. 

    To do this, make sure you’re connected to the BSC network and have BNB to swap and pay for gas fees. Then navigate to the “Swap” button as shown below. This will take you to the Swap interface inside Metamask.

    Metamask wallet

    Here, you can also search for tokens using the name or the contract address, just like on Pancakeswap. Input the amount of BNB you want to swap, confirm that you have the correct token, and then click “Swap.” Once the transaction is confirmed, the tokens you just bought will be sent to your wallet.

    Tracking Token Prices On The BSC Network

    BSC network users can leverage on-chain tools such as Dextools to access detailed market insights about a particular token such as price and contract information to enable them to make informed trading decisions.

    Charts

     Dextools offers a range of features that are particularly beneficial for users on the BSC network. One notable feature is the ability to check charts, providing real-time and historical price data for various tokens. These charts enable users to analyze price trends, trading volumes, and other relevant metrics, helping them identify potential entry or exit points for their trades, as shown below:

    Dextools BSC network

    In addition to charting capabilities, Dextools provides a “Contract Audit” feature that is especially valuable for BSC users. This feature allows users to check the audit score of a smart contract before investing in a token. Audits assess the security and reliability of a contract’s code, highlighting potential vulnerabilities or risks. 

    Contract checking

    By accessing the audit score through Dextools, users can evaluate the level of trustworthiness and credibility of a token’s underlying smart contract, minimizing the chances of falling victim to scams or vulnerabilities.

    Conclusion

    The BSC network has become popular within the blockchain ecosystem due to its advantages and has attracted a diverse range of projects and users. BSC’s compatibility with Ethereum facilitates seamless token transfers between the two networks, enhances diversification of development and usage, and promotes collaboration within the broader blockchain ecosystem. 

    Additionally, it offers interoperability, allowing developers to easily port existing Ethereum-based applications and assets to BSC. This compatibility grants access to the extensive Ethereum ecosystem, enabling users to leverage the infrastructure and liquidity of Ethereum while benefiting from BSC’s faster transactions and lower fees. 

    BSC’s combination of interoperability, accessibility to liquidity, and enhanced transaction efficiency makes the BSC network a compelling choice for both developers and users, solidifying its position as a prominent player in the evolving blockchain landscape.

    Featured image from Medium

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Scott Matherson

    Source link

  • How To Buy And Trade Tokens On The SEI Network

    How To Buy And Trade Tokens On The SEI Network

    In the dynamic trading world where time is of the essence and you are looking for a combo of speed and low fees, the SEI Network is the fastest decentralized Cosmos-based L1 blockchain that is trading-based with the availability of decentralized exchanges (DExs). 

    The SEI Network has been optimized to handle large volumes of transactions quickly and efficiently while keeping costs low. This makes it an attractive option for businesses and individuals looking to exchange value in a fast, efficient, and cost-effective manner.

    The network has an in-built order book that allows smart contracts to easily access shared liquidity. This shared liquidity feature makes it possible for smart contracts to interact with each other and exchange value without third-party interference. 

    The way SEI is structured makes it possible for decentralized exchanges and trading applications in areas such as DeFi, NFTs, and gaming to provide the best possible user experience.

    In this easy-to-follow guide, we will explore the main features of the super-fast SEI Network, how to set up a trading account, and the different ways to obtain and trade the SEI token. By the end of this guide, you will have a good understanding of how the SEI Network works, its advantages, and how to get started.

    Features of SEI Network

    Speed: 

    The most unique feature of the SEI network is its speed. It is currently the fastest chain to finality, boasting an impressive lower bound of 300 milliseconds. With unparalleled speed and efficiency, SEI allows for transactions to be immutably recorded on the blockchain in record time using an on-chain order book.  

    It is superior in terms of finality and is indisputable.  When using SEI, users experience the near-instantaneous confirmation of their transactions, providing a seamless and efficient blockchain experience. 

    The network’s ability to achieve finality rapidly sets it apart from other blockchain platforms, making it an attractive choice for those seeking very fast and secure transaction processing. 

    Frontrunning protection: 

    The SEI network provides robust frontrunning protection, effectively combating the malicious practices that plague most of the other ecosystems. With advanced algorithms and stringent safeguards, SEI ensures secure and fair transaction processing, free from manipulation and unfair advantages. 

    By prioritizing integrity and trust, SEI sets a high standard for ethical conduct and fosters a level playing field for all participants to engage and experience a secure and reliable platform where transactions are protected, and investments are safeguarded.

    Twin Turbo Consensus: 

    One standout feature of the SEI network is the twin-turbo consensus. This innovative consensus mechanism harnesses the power of two turbocharged engines working in sync to allow SEI to achieve exceptional speed and throughput, surpassing industry standards. 

    SEI’s twin-turbo consensus is designed to handle a lot of transactions at once without slowing down or compromising reliability. It has the ability to adjust and allocate resources as needed when transaction volumes increase. 

    This means that the SEI network can keep up with growing demands and perform at its best without compromising speed or dependability. So no matter how many transactions are happening, SEI is able to ensure smooth and efficient processing all the way.

    Native Matching Engine:

    SEI’s native matching engine is a valuable asset for exchange teams, offering rapid order matching and execution capabilities. It empowers exchanges to handle high volumes of transactions efficiently, catering to active traders on the network.

    The engine’s flexibility allows customization to meet specific trading requirements, ensuring a tailored and user-friendly experience. With strict enforcement of matching rules, it upholds transparency and fairness in the trading process. Exchange teams leveraging SEI’s native matching engine can optimize their operations, enhance user experiences, and build a trustworthy trading ecosystem.

    SEI Network: The Layer 1 For Trading

    Trading is undeniably the most widely adopted use case for cryptocurrencies. However, it is a common misconception among crypto enthusiasts that trading is solely limited to decentralized finance (DeFi) applications. In reality, the need to exchange digital assets is fundamental to every aspect of the crypto ecosystem, ranging from social applications to non-fungible tokens (NFTs) and gaming.

    Recognizing the significance of trading across the crypto space, SEI Networks has developed a Layer 1 blockchain specifically tailored to meet the diverse trading needs of users. SEI’s primary objective is to provide a robust, scalable, and seamless trading experience. By optimizing every layer of the technology stack, SEI ensures that users can efficiently exchange digital assets across various sectors while maintaining reliability and scalability.

    SEI Networks addresses the scalability challenges associated with trading by building the first Layer 1 blockchain specialized for trading. This approach enables SEI to offer the most efficient infrastructure for the exchange of digital assets. 

    By focusing on the unique requirements of trading, SEI Networks aims to enhance the overall trading experience for users and facilitate the seamless flow of digital assets across different applications and use cases.

    With its emphasis on scalability, reliability, and user experience, SEI Networks is well-positioned to serve as a foundational blockchain platform for the trading of digital assets. Whether it’s DeFi protocols, NFT marketplaces, gaming platforms, or other crypto-based applications, SEI Networks provides a solid infrastructure to support the exchange of assets and foster the growth of the broader crypto ecosystem.

    SEI Token

    The rise in popularity of EVM-compliant blockchains and the parallelization process is driving the growth of the sei Network’s SEI token. SEI token serves as the native cryptocurrency within the SEI  ecosystem, SEI token fulfills a variety of roles, which include:

    1. Transaction Fees: SEI token is utilized to cover transaction fees incurred on the Sei Network. These fees serve as incentives for validators and contribute to the network’s security.
    2. Staking: SEI tokens can be staked by users to accrue rewards and bolster the overall security of the SEI Network.
    3. Governance: SEI tokenholders possess the ability to actively participate in the governance of the SEI Network. This participation encompasses voting on proposals and the election of validators.

    SEI token presents itself as a promising cryptocurrency with a diverse range of potential applications, positioning itself at the forefront of blockchain innovation tailored for trading purposes.

    How To Configure Your Wallet To Begin Trading On The SEI Network

    To trade tokens on the SEI Network, you would first need to connect your wallet to the SEI Network. Keplr is a popular browser extension wallet that can be used to interact with the SEI Network. 

     Ensure your Keplr wallet extension has been added to your browser as shown below:

    Once connected to your Keplr wallet, go to Keplr using the extension on your Chrome browser, click on the hamburger sign in the top left corner, and select “Manage Chain Visibility”: 

    Chain visibility

    Click on the search bar, next type in SEI, Enable it, and Save it:

    Choose SEI network

    How To Buy And Trade SEI  On Centralized Exchange Platforms

    To embark on the journey of acquiring SEI, one can explore various prominent exchanges where SEI is listed. Platforms such as Binance, Kucoin, and COINEx offer a convenient gateway for purchasing SEI.

    1. Create or log in to an account with any of the exchanges listed above.
    2. Deposit Funds: After logging in, using the image below click on “deposit” to deposit funds into your account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
    3. Navigate to SEI Trading Page: Once your account is funded, go to the dedicated SEI trading page or type “sei” in the search bar for easy navigation.  Here, you can find various trading pairs with SEI tokens.

      SEI EXCHANGE
    4. Choose a Trading Pair: Select the desired trading pair that matches SEI with another cryptocurrency. For instance, you may choose SEI/USDT if you wish to trade SEI against USDT (Tether).
      USDT buy
    5. Specify the Purchase Amount: Determine the quantity of SEI tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
    6. Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order. By following these comprehensive steps, you can easily trade SEI on CoinEx, taking advantage of the available trading pairs.

    Related Reading: Celestia Network: How To Stake TIA And Position For 5-Figure Airdrops

    Once you’re done, go to your Keplr wallet, click on Deposit, and copy your SEI wallet. Then go over to your centralized exchange account, click on Withdraw, and then send your SEI tokens to your Keplr wallet address you copied earlier. (Always double-check to make sure you have the correct wallet address).

    The SEI network is quite fast so the tokens should arrive in your Keplr wallet in a matter of minutes. As soon as the SEI tokens arrive in your wallet, you’re ready to start trading tokens on the network.

    How To Trade Tokens On SEI Network Using Keplr Wallet

    To start trading on the SEI network, navigate to the Astroport decentralized exchange (DEX). Visit the site’s homepage and click on “Start Trading” as indicated in the top right corner in the image below:

    Astroport SEI network

    The next step is selecting the SEI Network and clicking on the “Connect Wallet” option on Astroport at  the top right corner as illustrated below:

    Connect wallet

    Connect to your preferred wallet, in this case, it’s Keplr wallet:

    Connect Keplr wallet

    Once connected and the SEI network is enabled you can now trade on the SEI network by navigating to the DEX (decentralized exchange) in this case using Astroport and selecting the token pair you wish to trade.

    You can search for the token you want to trade using the name or the contract address obtained from the project’s website or official social media handles. Select the amount of SEI tokens you want to convert to the new token and click “Swap.”

    Astroport swap

    Once the transaction has been confirmed, your tokens will be transferred to your connected (Keplr) wallet. Rinse and repeat to buy and sell tokens on the SEI network. 

    Tracking SEI Token Charts

    Users can also utilize Coinhall to check charts, providing valuable market insights. Coinhall offers two distinct advantages: comprehensive charting tools that provide in-depth market analysis, and real-time access to valuable insights for making informed trading decisions.

    Coinhall SEI token charts

    Conclusion

    SEI network offers a fast, efficient, and cost-effective platform for buying and trading tokens. With its optimized infrastructure, SEI can handle large transaction volumes quickly and at low fees. It is the first sector-specific Layer 1 blockchain, specialized for trading to give exchanges an unfair advantage.

    The SEI token has been able to maintain strong investor support on their platforms including a seven-day rally leading to over 43% surge. The network’s features, such as its speed, frontrunning protection, twin-turbo consensus mechanism, and native matching engine, make it an attractive choice for trading enthusiasts.

    SEI’s native cryptocurrency, SEI token, serves various purposes within the ecosystem, including covering transaction fees, staking for rewards, and participating in governance.

    SEI price chart from Tradingview.com (DeFi trading)

    SEI price rises over 600% in one year | Source: SEIUSD on Tradingview.com

    Featured image from Medium, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Scott Matherson

    Source link

  • How To Bridge And Trade On The Injective (INJ) Network

    How To Bridge And Trade On The Injective (INJ) Network

    Injective is a blockchain designed specifically for finance. It is an interoperable and environmentally-friendly layer 1 blockchain that supports advanced DeFi applications, including crypto trading dApps, like spot and derivative exchanges, and lending protocols.

    That being said, in the fast-paced world of cryptocurrency, the Injective Network has emerged as a trailblazing force, revolutionizing the landscape with its innovative approach to scalability and seamless trading experiences. In my opinion, I will say that Injective is trying to follow the Solana path in terms of progressive growth in the ecosystem and price value. 

    In this in-depth guide, we’ll navigate through the essential features of the Injective (INJ) Network, unravel the intricacies of initiating your trading journey, and explore various methods to acquire and trade the coveted Injective Coin (INJ).

    Solving Scalability: The Essence of Injective (INJ) Network

    The scalability challenge has long been a hurdle for widespread crypto adoption, and Injective Network steps up to the task as a groundbreaking solution. Scalability is the reason some people don’t trade certain coins. For instance, I avoid making certain Ethereum transactions because of the high gas fees. If I want to make any monetary transaction, I prefer to use a more scalable coin like injective (INJ).

    Scalability isn’t just about transaction costs but also about the speed of transactions. Injective Network boasts a remarkable transaction speed of 0.8 seconds, leaving competitors, including Ethereum and its layer 2 counterparts, in the rearview mirror. What more can you ask for with their gas fees as low as $0.01, Injective Network brings unparalleled efficiency to the world of blockchain transactions.

    Injective (INJ) gives you a better DeFi experience, this is because you are not scared of exploring the DeFi space due to high gas fees and slow annoying transaction speed. If you have transacted on the Ethereum chain or done any past DeFi activity on the Ethereum chain, you will be conscious of your exploration because each activity will incur a transaction fee whether the contract signed is successful or not and it’s not cheap.

    Initiating Your Injective Trading Journey

    Embarking on your trading journey within the Injective Network involves meticulous steps to ensure a seamless experience. The choice of a compatible wallet is paramount, and here, we delve deeper into two main types:

    1. EVM Based Wallets:

    EVM compatibility is the bedrock for smooth integration with Injective Network. While Metamask is a popular choice, it’s essential to understand its intricacies, especially when it comes to the EVM chain. Exploring alternative EVM-based wallets can provide tailored solutions for optimal user experience.

    It is preferable to use an EVM wallet like Metamask if you are bridging from an EVM chain to an injective chain. As we go further into this post, you will learn how to bridge from EVM to the injective chain. EVM wallet like metamask makes your Defi experience on the injective easier but you can’t compare it to that of the cosmos-based wallet. 

    1. Cosmos Based Wallet:

    For a user-friendly experience on your PC, consider Cosmos-based wallets like Leap and Keplr. These Chrome extensions are tailor-made for Injective Networks, ensuring not just compatibility but also enhanced security features. Using a Cosmos-based wallet makes interaction far easier than EVM-based wallets. But you can’t have EVM-based assets on this wallet, this means that you can’t bridge EVM assets to injective using this wallet, you need to use Metamask. 

    These wallets, the EVM-based wallets, and the Cosmos-based Based Wallets are great for your smooth Defi experience when interacting on the injective chain.

    Acquiring Injective Coin (INJ)

    Once your wallet is set up, the next crucial step is acquiring the prized Injective Coin. INJ is prominently listed on various centralized exchanges, including Binance, Coinbase, Kucoin, Bybit, OKX, and Gate.io. Each exchange offers its unique advantages, and strategic users may explore multiple platforms for optimal trading conditions.

     

    Consider securing your INJ in a Keplr wallet for efficient portfolio management. When you are sending INJ from centralized crypto exchanges to your Keplr wallet, make sure you choose the Injective network and paste your Injective network address from your Keplr wallet.

    Setting Up Keplr Wallet for Injective Chain Visibility

    Creating a Keplr wallet is a straightforward process through the Chrome extension. Get your Keplr wallet, and create a new wallet, you will be given a seed phrase, save the seed phrase, usually a 12 or 24-word seed phrase. Do not forget to save them, in order not to lose your account permanently.

    To make the Injective chain visible in your Keplr wallet, follow these steps:

    1. Click on the hamburger sign in the top left corner.
    2. Navigate to “Manage Chain Visibility.”

    This will take you to where you can view the chain visibility on the Keplr wallet, this is essential as it helps you select other chains on the Keplr wallet.

    Wallet

    1. Search for “Injective” or “Inj” and click on “Add Token.”

    Injective 2

    By enhancing Injective-related keywords in your wallet setup process, you not only optimize for search engines but also ensure clarity for users seeking to manage their INJ effectively.

    Wallet

    It is important to know that every address on the injective chain starts with the “inj” prefix, this helps you identify the injective chain easily. Congratulations you are about to begin your Injective DeFi journey. 

    Defi means Decentralised Finance, this is a type of transaction that doesn’t require a centralized platform like Binance, Bybit, OKX, or whatever centralized exchange you know. All you need to perform a DeFi transaction is a DEX (Decentralised Exchange) wallets like Keplr and a Dapp (Decentralised Application).

    We have a wallet now, we need to fund it with INJ before interacting with a Dapp on the Injective wallet. You can get INJ tokens from an exchange like Binance Binance. You can deposit on your Binance in whatever way you are used to depositing on your Binance, you can deposit USDT with fiat. Trade the USDT for INJ. The next step is to withdraw the INJ to your Keplr wallet. Withdraw the INJ on the Injective wallet.

    Withdrawing INJ coin and Bridging Tokens:

    The withdrawal process after acquiring INJ involves selecting the coin, choosing the Injective chain, and pasting your Keplr Injective address. Remember the address has to start with “INJ”. This step is crucial for securing your assets, and benefits from additional details regarding security measures, transaction confirmation times, and potential challenges users might encounter. This is just one method to get INJ from a centralized exchange, you can also get INJ by bridging. 

    Bridging, an alternative method for bringing tokens to Injective, is an essential strategy, especially for users keen on optimizing their portfolio across multiple chains. Bridging from an EVM-based wallet requires a metamask and INJ on an EVM chain. For instance, if you have INJ on the ETH chain in your metamask, all you need to do is connect your metamask to the Injective Bridge platform. This will help you bridge from the ETH chain to the injective chain.

    Bridge

    Bridging Tokens in the Cosmos-Based Wallet Ecosystem:

    An intriguing method to diversify your portfolio involves bridging tokens from the Cosmos-based wallet ecosystem to Injective. For example, bridging TIA (Celestia) to Injective and swapping TIA (Injective) to INJ (Injective) using Astroport opens up opportunities within the Cosmos ecosystem.

    You will have to go to the Injective Bridge platform, connect to your cosmos-based wallet, select whatever cosmos-based wallet token you have like TIA (Celestia), and bridge from the Celestia chain to the injective chain. Emphasizing this integration showcases the versatility of Injective Network and its compatibility with other blockchain ecosystems. Now you have TIA(Injective) you need to swap it to INJ, trading or swapping can be done Astroport.

    Injective 5

    Trading INJ on Astroport

    Astroport, the decentralized exchange (DEX) on the Injective chain, serves as the epicenter for token swaps. After successfully bridging tokens, users can initiate trades on Astroport, leveraging the platform’s decentralized nature for portfolio diversification. Whatever you are swapping here is expected to be on the injective chain, you can swap INJ for all the available tokens, and now you can trade as easily as you like.

    How To Trade on Coinhall

    Coinhall is a site where you can bridge directly and swap. It is a multi-token bridge swap DEX that you can use to bridge and swap at the same time but only for Cosmos-based tokens and coins. It serves as a smart chart for all cosmos-based tokens including injective and also for swapping and bridging. 

    Injective 6

    You can see all the available coins and tokens with their respective prices here, it’s a good DEX dApp to use. You can scroll here and search for the token you are looking for. You can also search by using the search bar. 

    If you want to trade a token and you can find it on the list, all you have to do is go to Coinhall and type the name of the token, as well as search using a contract address.

    Coingecko is also a good site that has the details of coins. Here, you can search for the name of the coin or token you are looking for, and get the contract address directly. 

    Injective 7

    Go to the info section and search for the contract, copy the smart contract from Coingecko, and paste it into the coinhall market search button. 

    Like this:

    Injective 8

    This will take you to where you will be able to trade any token based on the dex.  

    Injective 9

    Let’s explore Coinhall as A Bridge Swap DEX

    To explore Coinhall this way, you need to navigate to the Swap section. This section will give you the opportunity to bridge and swap at the same time. For instance, if you want to swap TIA (Celestia) to INJ (Injective) you can do this at ease with one click. 

    Instead of bridging TIA (Celestia) to TIA (Injective) then swapping it to INJ. You can do it as shown below:

    Injective 10

    Conclusion

    With your INJ Coin securely stored in your wallet, you’re now poised to explore the exciting world of trading on the Injective Network. The scalability, low transaction fees, and swift processing times position the blockchain as a promising platform for crypto enthusiasts and traders alike. In the dynamic realm of decentralized finance (DeFi), Injective Network stands tall, offering innovative solutions for seamless and efficient trading experiences. 

    As you navigate this multifaceted landscape, remember that the Injective Network isn’t just a platform; it’s a gateway to transformative technology shaping the future of cryptocurrency. These steps, when taken with a strategic mindset, offer not only trading opportunities but also a deeper understanding of the evolving crypto ecosystem. 

    Stay informed, trade wisely, and harness the full potential of the Injective Network, where every transaction is an opportunity to redefine your crypto journey.

    In summary, this comprehensive guide provides an extensive roadmap for mastering the Injective Network, ensuring that users, from beginners to seasoned traders, can navigate the intricacies of this innovative blockchain ecosystem with confidence and clarity.

    Injective (INJ) price chart from Tradingview.com (Trade Bridge DeFi)

    INJ price grew rapidly in 2023 | Source: INJUSDT on Tradingview.com

    Featured image from Crypto Briefing, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Scott Matherson

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  • Blast Surpasses Cardano And Base – Here’s How Much DeFi Investors Have Locked

    Blast Surpasses Cardano And Base – Here’s How Much DeFi Investors Have Locked

    Blast is the latest Layer 2 network to burst into the scene in the last week and has taken the decentralized finance (DeFi) world by storm already. This network which seemingly came out of nowhere has backing from Paradigm, and as its popularity has risen, it has surpassed Base and Cardano’s Total Value Locked (TVL) in less than a week after launch.

    Blast TVL Crosses $565 Million

    The Blast network was officially announced on November 21 and it quickly garnered support from crypto investors. In the first day, the network saw over $81 million in crypto locked. And in two days, the figure had quickly grown above $123 million.

    Despite some of the FUD (Fear, Uncertainty, and Doubt) that has followed the launch of the network, investors have continued to bridge their assorted into it. By Sunday, November 26, the total value locked on the Blast network had officially crossed $544 million, according to data from DeFi tracker DeFiLlama.

    Source: DeFiLlama

    This figure puts the network’s TVL ahead of older competitors such as Coinbase’s Base. While Blast’s TVL sits at $544 million, the Base TVL is at $338.26 million. This means that Blast’s TVL is currently 60% higher than that of Base.

    In the same vein, the Blast TVL is also way ahead of that of Cardano. Presently, the Cardano TVL sits at around $330.07 million, just a little lower than Base, and around 61% lower than that of Blast.

    New L2 Draws Criticism From DeFi Investors

    Amid the rapid growth that Blast has enjoyed, it has also drawn criticism from DeFi investors. The concerns have ranged from security to how the network is being run. One of the most pertinent criticisms has stemmed from the fact that all of the crypto being bridged to the network will be locked until next year.

    The network revealed that investors will not be able to access their locked funds until February 2024. In addition, Blast promises users yield on their Ethereum (ETH) and stablecoins being bridged to the network, but with no readily discernible way of how this yield will be earned.

    Some members of the crypto community have, however, figured out that the funds were being deposited into the Lido DAO protocol. Apparently, Blast is currently earning around $1.5 million a month by depositing the bridged funds into Lido. This has further raised concerns about the growing dominance of Lido, which is headed toward 33.3% and could pose a risk for the Ethereum network.

    Nevertheless, Blast continues to dominate conversations around DeFi on social media. There is now a total of 266,130 ETH locked on the network, with the expectations of an airdrop happening in 2024.

    DeFi total market cap chart from Tradingview.com (Blast Cardano Base)

    Total DeFi market cap at $57.26 billion | Source: Crypto Total DeFi Market Cap on Tradingview.com

    Featured image from The News Crypto, chart from Tradingview.com

    Scott Matherson

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  • 3 Reasons Why the Next Crypto Bull Run Will Be Like Nothing We’ve Ever Experienced | Entrepreneur

    3 Reasons Why the Next Crypto Bull Run Will Be Like Nothing We’ve Ever Experienced | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Even the most novice degens know that the only rule that applies to cryptocurrency markets is that there are no rules. Not even the world’s brightest minds can outpace the mayhem that is the world of digital assets. One minute, Michael Saylor and Microstrategy could be live on CNBC discussing their latest billion-dollar Bitcoin purchase, and the next, Jim Cramer could be telling America that he’d never touch Bitcoin with a ten-foot pole, only a couple of weeks after calling it digital gold — it’s crazy.

    The market has been rather uninteresting due to asset prices traveling sideways for the better part of this year. Nevertheless, hope in the vision of the Federal Reserve’s mythical “soft” landing, combined with the upcoming Bitcoin halving, has the Web3 community salivating at the prospect of many life-changing opportunities that could be within reach soon. With greed in the air, it would be foolish to ignore the difference in the landscape as the market sentiment shifts.

    Whether it’s the likes of BlackRock looking to issue ETFs to commercialize crypto exposure, corporate adoption, multiple IPOs, the rise of artificial intelligence or the attempted onslaught of regulation, there hasn’t ever been this much discourse around the digital asset class. That’s exactly why you need to know three key things to capitalize on what’s to come.

    Related: Breaking the Bank: America’s Multi-Trillion Dollar Banking Problem

    1. Dumb money following smart money is still dumb

    One of the most common mistakes prospective investors make, regardless of the target market, is outsourcing critical thinking skills instead of developing their own. Most investors would rather follow someone else’s investment decisions instead of doing their own analysis.

    That’s not to say that there is anything wrong with seeking the guidance of someone with more experience; however, it’s important to remember that finances, goals, and risk appetite vary from person to person. Blindly following anyone’s advice, no matter who they are, is a surefire way to make losing trades. Instead, cultivate the ability to ascertain the fair market value of an asset so that you can capitalize on whatever arbitrage opportunities exist within a given market.

    During times of prosperity, it’s quite common for novice investors to fall victim to scams. Whether it’s a personal security issue gone wrong that leads to a complete loss of funds or being fooled into investing heavily in a meme coin pump-and-dump, it’s important to remember that there’s no such thing as easy money. Being equipped with the tools to properly evaluate the viability of an investment on its merit alone is the biggest key to financial freedom.

    2. Crypto’s tiny!

    As I write this article, the crypto market capitalization (i.e., the total size) is hovering around $1 trillion. By all accounts, this is an outrageously large number for an asset class still unacknowledged by some of the nation’s elite. However, it pales compared to the vast majority of other asset classes. For context, the US stock market cap is about $47 trillion, while Apple ($AAPL) alone, with a market cap of $3 trillion, is roughly 3x larger than the entirety of crypto.

    Should crypto’s mission to update our archaic financial system as well as financially connect the most economically ostracized parts of the world succeed, the potential upside is undeniable. For example, the recent progress we’ve seen in developing a Bitcoin spot ETF will drastically increase opportunities for the everyday person to gain crypto exposure without having to take on the operational risk of self-custody.

    There is an astronomical disparity in the global sentiment towards digital assets. Namely, we’ve seen more liberated financial markets overseas, like the United Emirates or various countries in Latin America, embrace crypto with open arms while many Americans remain emotionally scarred by the narratives that have been weaponized against them to discourage participation.

    According to a study done by the Pew Research Center, 75% of Americans are not confident in the safety and reliability of crypto. This stark contrast sets the stage for rapid price swings. It brings to light the potentially misaligned incentives that might’ve come into play amidst a weakening dollar and ever-changing geopolitical landscape.

    Related: 4 Tips for Companies Looking to Enter the Crypto Market

    3. Utility

    Perhaps the most significant change that has occurred over the last market cycle is the influx of use cases that have finally come to fruition. The overwhelming success and adoption of non-fungible tokens (NFTs) in the world of art and ticketing and the likes of Gucci, El-Salvador and the world’s most prestigious brands and countries deeming cryptocurrency legitimate currency, Web3 is no longer possible; it’s happening.

    Various breakthroughs in decentralized technologies have largely addressed the initial limitations of many decentralized protocols. The emergence of proof-of-stake and its many derivatives have enabled builders to put decentralized technologies in the hands of consumers and drastically expand their applications. And while most degens have been of the opinion that the world of distributed ledgers is ‘winner takes all,’ it now seems that the broader Web3 community is interested in finding ways to build bridges to bolster collaboration, an essential ingredient for mass adoption.

    Conclusion

    We are on the precipice of what could be the greatest transfer of wealth that has ever happened in human history. The essence of blockchain is to create an equitable world where no one would ever fall victim to the abuse of power.

    Bitcoin’s creator, Satoshi Nakamoto, dreamed about a more financially free world where everyone can participate. And while he could not, in his wildest dreams, envision how it would all play out, he must be happy to see both the financial and lifestyle benefits of his technology becoming reality for so many people worldwide.

    Solo Ceesay

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  • How The DeFi Space Has Become A Massive Breeding Ground For Crypto Ponzi Schemes

    How The DeFi Space Has Become A Massive Breeding Ground For Crypto Ponzi Schemes

    A large number of recent Ponzi schemes have used decentralized finance (DeFi) infrastructure to defraud their customers. This article explores the DeFi ecosystem and how fraudsters are able to exploit it to steal from crypto newbies.

    DeFi is a broad term for financial infrastructure and financial services provided on public blockchains via smart contract technology. Ether
    ETH
    eum, Binance Chain, Cardano
    ADA
    , and Solana
    SOL
     are among the most popular smart contract blockchains, allowing developers to create dApps (decentralized applications) on their network. These dApps can be used for a variety of purposes, but the majority of them are financial in nature, giving rise to the term “DeFi.”

    DeFi development has progressed to the point where token creation templates exist, allowing anyone to create a token in a matter of minutes without any programming knowledge or experience. This opens the door to a Pandora’s box in which token creators can create great decentralized applications while malicious people can use the technology to create malicious dApps such as Ponzi schemes.

    Ponzi schemes are illegal in practice. Some blockchains, however, are decentralized, and there is no single jurisdiction in charge of enforcing compliance with local laws. Some centralized blockchains are based in areas with little or no oversight over their operations. This opens the door for fraudsters to set up Ponzi schemes on these chains.

    Most blockchains that allow for the development and deployment of dApps do not require a know-your-customer (KYC) process. This means that people can create dApps anonymously.

    So, what exactly are Ponzi schemes, and how do they function in the DeFi space? A Ponzi scheme, named after the Italian con artist Charles Ponzi, is an investment fraud that pays existing investors with funds collected from new investors. It does not necessarily invest the funds of the investors, but it promises existing investors high returns in a short period of time, which are frequently higher than all other mainstream yields.

    Ponzi schemes rely on the number of new investors increasing indefinitely. If a Ponzi scheme fails to attract new investors, it will collapse quickly. Furthermore, if a large number of investors rush to withdraw their funds, the Ponzi schemers realize they are losing money and close shop because they are unable to honor the debts. In other cases, authorities may raid a Ponzi scheme office and, upon discovering that it is an illegal enterprise, it collapses immediately.

    For example, the most recent Ponzi scheme involved Eddy Alexandre, CEO of EminiFX, who promised investors a weekly 5% return on investment. The FBI apprehended him last week for allegedly defrauding his clients out of more than $59 million. He claimed to have a “Robo-Advisor Assisted account” system that would invest the monies in crypto and Forex. Beware of such scams and practice due diligence before investing in such a product.

    Ponzi schemes in the DeFi space may take a different approach to defrauding customers. This can range from promising the next 100x
    ZRX
     moonshot (a token sold at a low price in exchange for a legitimate coin/token with the promise that the new token value will increase 100 times) to promising high staking rewards for new token holders. In other cases, DeFi Ponzi scammers will sell tokens to unsuspecting buyers while promising high staking rewards.

    Staking rewards and yield farming are the two most appealing features in DeFi ecosystems. DeFi users will deposit and lock their tokens on the platform to earn a huge annual percentage yield because DeFi ecosystems rely on staked tokens for consensus. This means that if you stake your tokens on a DeFi platform that pays out, say, 1000 percent (yes, they can get that high) annually, you will have 10 times more tokens in a year.

    However, because the majority of participants are also staking, the staking rewards amount to token inflation, which drives the price down. This means that in order for you to sell your staked tokens for a profit after a year, the ecosystem must experience a significant increase in new investors to offset the increasing supply. Because it relies on new investors to maintain its value, it is similar to other Ponzi schemes.

    Of course, not everyone will agree with me, but the similarities are striking. If a DeFi protocol with high staking rewards does not attract new investors and is unable to burn excess supply, its price often crumbles.

    Fraudsters who sold tokens for Bitcoin, Ethereum, Binance Coin, or any other seemingly valuable token make the most profit. Simply put, the con artists sell their clients an asset that they can inflate for an asset that they cannot, promise high returns, and then flood the market with more tokens in exchange for more tokens that they cannot inflate after the DeFi protocol goes live.

    Yield farming, on the other hand, is dependent on the community providing liquidity for participants to buy newly minted tokens on a decentralized exchange. A yield farmer will technically purchase an equal dollar amount of two assets. Half of it goes to the newly minted token, and the other half to a counter token/coin like Ethereum or USDT.

    Following that, the new liquidity is added to a pool on an automated market maker (AMM) platform (Often described as a decentralized exchange). New entrants to this pool can automatically convert their tokens such as Ethereum or USDT for the newly minted token. The fees charged on transactions in this pool are distributed automatically to the liquidity providers (yield farmers).

    To consistently earn high yields from yield farms, fraudsters may charge high transaction fees, and future growth is heavily reliant on a massive increase in new users. Most yield farm rewards will be denominated in the newly minted token. As the DeFi Ponzi scheme expands, fraudsters frequently attack this automated liquidity by exchanging newly minted tokens for the counter coin/token, driving the price down to zero or close to it. Yield farmers and stakers in most DeFi Ponzi schemes are often left holding billions of worthless tokens.

    There is a good number of DeFi protocols that provide value and utility to their investors. Others prevent fraud by going through audit certifications while others plan periodic token burns to reduce inflation.

    As a new crypto trader looking to invest in DeFi, it is critical to ensure that the token you are purchasing does not rely on the growth of new users, as this has a strong correlation with Ponzi schemes. Furthermore, if the high returns promised by a DeFi protocol are not the result of value creation and utility, they are most likely the result of new investors, raising the correlation with Ponzi schemes.

    Almost all DeFi scams attribute the theft of client funds to “unknown scammers.” For example, the founding brothers of the South African Africrypt DeFi Ponzi scheme allegedly stole $3.6 billion in what is considered the largest DeFi heist in history. Before defrauding over a quarter million customers and claiming that they were hacked, the two brothers claimed to have an AI-driven trading system that was earning above-market returns.

    If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.

    Rufas Kamau, Senior Contributor

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  • Sanctioning Russia On The Blockchain: Following The Money To A Network Of OTC Providers

    Sanctioning Russia On The Blockchain: Following The Money To A Network Of OTC Providers

    Sanctions can only work if those who are supposed to enforce them understand exactly what to do so that they cannot be circumvented easily. Russia’s extensive network of Over-The-Counter (OTC) providers requires an extensive review by sanction committees, as they might be adopted to circumvent sanctions.

    As described in the previous release, due to the limited liquidity of cryptocurrencies and Decentralized Finance space in general, it remains close to impossible for Russia to circumvent SWIFT-based systems by using crypto. However, Russians might still hold up to $200 Billion USD in crypto assets, besides running the third-largest crypto mining industry in the world. These funds can potentially be cashed out with Russian OTC providers.

    The fifth EU sanction package on Russia limits the crypto asset holdings of Russian nationals, individuals, and legal entities established in Russia to €10,000 (with the same account, wallet or custody provider). The use of Russian OTC providers, which represents a network of physical providers offering cash payouts from crypto, could be adopted to circumvent these sanctions.

    In oversimplified terms, OTC refers to a process in which individuals theoretically could agree on a price and meet to complete a transaction. An example of such a process could be a personal meeting in which one side brings bags with cash or any other pre-agreed means of value, and the other side could conduct a transaction on the blockchain on the spot. Transactions primarily with larger sums of money could be risky, to say the least. Contrarily to peer-to-peer exchanges (P2P) which involve independent parties, OTC exchanges act comparable to physical pawn shops. At dedicated physical locations with announced opening hours, individuals can visit and exchange their cryptocurrencies in Russia for cash or bank transfers.

    Depending on the business models of virtual assets service providers (VASPs), both OTC and P2P providers have existed in various jurisdictions since the beginning of financial interactions between individuals. An example of such a platform in the EU is LocalBitcoin, registered with the Finnish Financial Supervisory Authority. On the contrary to the Finish, LocalBitcoin – Russian OTC providers are not subject to legislation like the 6th Anti Money Laundering Directive of the EU or similar type of CTF regulation issued by Russian policy makers

    With the progressing inclusion of Digital Asset brokers within the EU, it can be argued that the current regulatory frameworks remain far from perfect, but there is increased interest in incorporating DeFi into traditional financial compliance programs. A process which has yet even started to take place in Russia.

    Such requirements to register a P2P or OTC exchange are way different within the Russian Federation. On the one hand, Russia approved use of cryptocurrency as an investment tool or a payment method as of Q1 2021 but on the other its national bank proposed a long list of bans that should outlaw the circulation of cryptocurrencies within the country.

    Due to such unclear legal circumstances, licensing and supervisory programs are close to non-existent. In the absence of platforms that have chosen ‘compliance excellence’ as their differentiating business strategy, for example, Coinbase or some Scandinavian VASPs, many Russian providers have to operate in the gray space to say the least.

    What is surprising is the fact that even though Russians store up to one fifth of the national bank’s reserves in digital assets, the public side has decided to not provide much clarity for the VASPs or any other players in Decentralized Finance (DeFi).

    By not providing clarity for players in the Digital Assets space, the governments in Moscow and Minsk continue to lose on potential tax revenues and regulatory oversight of over 623 crypto platforms identified so far, associated with Russia and Belarus. The logic to continue to lose out on easily taxable capital gain from crypto investments remains questionable.

    “Is it not paradoxical that despite the Russian Prime Minister stating that Russians hold $200 Billion USD in crypto, Russia has not yet formulated a comprehensive legislation to legalize crypto or set a taxation process for it?” — Dominika Kuberska, PhD, Faculty of Economic Sciences, University of Warmia and Mazury in Olsztyn.

    With the absence of regulated players in Russia, there is a well-developed gray market of OTC exchanges that facilitate the trade of Digital Assets in exchange for rubles using both cash and bank transfers. Sources, who desire to remain anonymous, underline that bank transfers to individuals or entities from OTC brokers are labeled as payments for IT or consultancy services. The Russian government will officially tax profits from such transfers with personal or corporate income tax (PIT, CIT).

    Moreover, for customers that desire to purchase or exchange a significant amount of digital assets, there are at least ten physical brokers in Moscow or even price comparison websites like BestChange.ru that display the current rates of OTC providers in various regions. Due to the nature of the business model, customers can often exchange cash for digital assets at the physical offices of these exchanges which can be visited by both individuals and the members of the Russian financial supervisory authorities, in case they would acknowledge their existence. The majority of OTC providers operate without identifying their customers. Multiple sources report on direct cooperation between dedicated Ponzi schemes or sanctioned brokers with OTC providers. Even if hard evidence such as an agreement or email exchange between confirmed parties is continuously being collected, blockchain based analytics continues to provide indications for illicit transactions.

    Russia has been connected with an elevated amount of illicit activities for a country that has a population of 144 million, which is 1.5 times bigger than that of Germany.

    “Russia has surprisingly large amounts of confirmed illicit “Unicorns” like BTC-e/WEX exchange, Hydra dark web marketplace, dozens of pyramid schemes like PRIZM, the largest ransomware attacks and other cybercrimes which experts consider to be possibly parts of state-sponsored-activities” – Oleksii Fisun, Co-founder of Global Ledger Protocol.

    With so many confirmed illicit activities coming out of one jurisdiction, it remains worth investigating how profits from illegal activities could be potentially cashed out. As described extensively in the previous article, the advantage of a public blockchain is that it remains visible and traceable.

    An example of such confirmed illicit activity that could be cashed out with a Russian OTC provider, would be funds allocated in a cryptocurrency wallet provider called Konvert.im. It includes more than 100 transactions and has more than 69% exposure to funds originating from newly sanctioned Hydra Darknet Marketplace.

    The representation on the graphic above displays transactions originating from the already sanctioned Hydra cluster (represented by – red dots) that are conducted through intermediate wallets 1Kzqyn1uCntTY1BZE3wQ4kA8JdQbS2sJPh and 13eTeNNrSyPcBh4HGxJcEPP
    EPP
    FCqqNG8EXDL as well as 14L11zwChHRYBk58KLdxD6LKWD8ZGuv7Hb (represented by – blue dots) to the wallet 3HdSxDUirbVjjD4MEiQmu6fbCvsNcGWJWf which belongs to the Konvert.im cluster (represented by – orange dots).

    As Konvert.im represents an exchange, most certainly, their compliance must be aware of the origination of those funds from sanctioned Hydra. It is within such schemes the funds might be mixed with other funds that could potentially be forwarded to OTC providers for cash out.

    Regardless of the choice of the provider used for Blockchain based analytics, due to the nature of Blockchain based investigations that accumulate all of the funds and its traces on the Blockchain between different brokers, there will always be a certain exposure to illicit traffic, which most likely will be at a single digit percentage wise. Similar to accepting a physical banknote at the local farmer’s market, there could be a possibility that this banknote was used to conduct illicit activity in the past. This connection to illicit activity remains invisible on the banknote itself, but such a transaction is perfectly visible on the Blockchain.

    Having said that, it remains impossible to state that an exposure of 69% to Hydra has been a technical mistake. It should rather be perceived as a dedicated action and tracing the money from Konvert.im to a Russian OTC provider might serve as a symbol that this strategy can and might be adopted to circumvent SWIFT-based sanctions and easily bypass a limitation specified in the fifth EU sanction package.

    Michal Gromek, Contributor

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  • BitNautic – The Launching of a Decentralized Shipping and Finance Platform

    BitNautic – The Launching of a Decentralized Shipping and Finance Platform

    Press Release
    –

    Jan 25, 2022


    LONDON, January 25, 2022 (Newswire.com)
    –
    BitNautic is a leading decentralized shipping and finance platform, launched in 2018. It is a global company that specializes in blockchain-based shipping solutions. The founders’ core team has extensive experience in the cargo industry, logistics, programming, IT, and blockchain services.

    The platform comes with distinctive features like an AI-based booking system, real-time tracking of cargo and ships, and an e-commerce platform. It makes it possible for the community to do shipping business with the security of blockchain by providing solutions like creating bills of lading and buyer authorization on blockchain to avoid fraud.

    Already in place, DeFi products are being used by BitNautic community members; currently, BTNT tokens are launched on Ethereum blockchain and are also bridged to Binance smart chain with total supply nearing to 100 million. 

    The Launching of BitNautic DeFi Platforms

    BitNautic has developed a DeFi ecosystem, which is driven by its community; it has its own Reward Token and Reward Mechanism. This truly makes it a Decentralized Platform.

    https://medium.com/@BitNautic_Official/bitnautic-token-reward-system-how-to-stake-pancake-btnt-bnb-lp-tokens-and-earn-free-btnt-3b47c13a0e4

    https://medium.com/@BitNautic_Official/one-more-feather-in-the-cap-of-bitnautics-defi-ecosystem-direct-staking-platform-is-live-now-2b98548e41bc

    • Ethereum to Binance Smart Chain Bridge

    https://bsc.bitnautic.com/

    • NFT based cargo booking system
    • Blockchain Based Bill of Lading

    BTNT – The Native Currency of BitNautic

    • BTNT is a native currency of BitNautic ecosystem. Total supply of BTNT is 100 million and circulating supply is 20 million
    • BTNT is listed on centralized exchanges like Stex and Coinsbit. BTNT is also listed on decentralized exchanges like pancakeswap.

    The Grand Loyalty network of BTNT :

    BitNautic team is continuously engaging the community via AMAs, giveaways, marketing campaigns, etc. BitNautic has teamed up with an exclusive network to offer a variety of interesting features:

    For more information, visit our website: www.BitNautic.com

    Vision of Bitnautic for the future: 

    For technology to play an important role in this industry, people must be effectively trained in order to foster a digital culture and prepare the workforce to use such tools on a daily basis. With high-end DeFi tools and blockchain-based applications, BitNautic has earned the confidence of its community. The price of the BTNT token is rising month on month as people are believing in the project and are holding the tokens in their wallet. BitNautic aims to deploy multiple Dapps relating to the shipping industry and bring all the transactions on the blockchain.

    Summarizing Bitnautic plans & collaboration in the market 

    The focus of BitNautic’s in-solution development is on giving users immediate and direct benefits, as well as clean workflows, a refined user experience, and a future-proof, open architecture. Today, the company is forging alliances with leading regional and global manufacturers and service providers, and team members are actively participating in standard-forming bodies to ensure industry-wide interoperability.

    At BitNautic, we work with clients, regulators, and policymakers around the world to understand their needs about the blockchain and shipping industry that are changing the face of business and government today. Our Blockchain-based infrastructure and shipping technology solutions are being developed in order to create innovative business models and disrupt traditional ones. Our deep business knowledge and global industry-leading audit, consulting, tax, risk, and financial advisory services assist organizations of all sizes in achieving their various shipping technology goals. 

    Stay connected with us to know further updates.

    Follow us on social media:

    Twitter: https://twitter.com/bit_nautic

    Discord: https://discord.com/invite/JaUEVsvdgD

    Telegram: https://t.me/bitnautic_group

    LinkedIn: https://www.linkedin.com/company/bitnauticofficial/

    Instagram: https://www.instagram.com/bitnautic_official/

    Facebook: https://www.facebook.com/bitnautic

    Reddit: https://www.reddit.com/r/bitnauticans/

    Quora: https://www.quora.com/profile/BitNautic-3

    Pinterest: https://in.pinterest.com/BitNautic_Official/

    Coin Market Cap: https://coinmarketcap.com/currencies/bitnautic-token/

    Coingecko: https://www.coingecko.com/en/coins/bitnautic

    Source: BitNautic

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