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ALTEN Calsoft in Partnership With Clinlogix Launches Blockchain for Clinical Trials



SANTA CLARA, CaliforniaJuly 3, 2019 /PRNewswire/ — ALTEN Calsoft Labs, a leading Enterprise Digital Transformation solutions and Engineering R&D services company, has launched – “BioPharma Ledger”, a Blockchain clinical trial platform.

This reinforces ALTEN Calsoft Labs’ continued commitment to bringing Digital led transformation to industry-specific areas. The Blockchain practice provides customers with enterprise blockchain solutions in innovative business initiatives covering everything from business strategy and ideation to development and full enterprise scale. “The Blockchain for clinical trials is our first initiative in the broader Blockchain practice at ALTEN Calsoft Labs. We will make a significant impact on the clinical trial process with our scalable Blockchain platform that will ultimately address many key core processes in the Life Sciences industry. This will pave the way to fundamental changes in other key verticals that will demonstrate savings in costs, time and efficiency – all with the meaningful added benefits of security and trust,” says Paul Elisii, Vice President of BI and Blockchain, ALTEN Calsoft Labs.

The newly created Blockchain Platform for clinical trials will leverage the BlockApps STRATO middleware platform. BlockApps is a founding member of the Enterprise Ethereum Alliance (EEA), the world’s largest open-source blockchain initiative, and has the distinction as the first Blockchain platform available on Microsoft Azure, AWS, and Google Cloud.

Clinlogix, a leading-edge global clinical research organization (CRO), with locations in EuropeAsiaSouth America and the US will be the first practitioner to pilot and implement the platform in real-world clinical trials.

“Blockchain will introduce us all to a new age of transparency, privacy, and traceability in all aspects of the Life Sciences as we know them. It is as transformational to pharma, biotech, and medical devices today, as the Internet was to communications 20 years ago. Blockchain has the power to fundamentally shift many core processes for drug research and development by increasing patient safety and privacy, improving quality of data, and significantly shortening the length of clinical trials,” says Nick Spring, Life Sciences Partner, ALTEN Calsoft Labs. “We are looking forward to working with the team at Clinlogix on this innovative approach.”

JeanMarie Markham, the Founder, and CEO of Clinlogix said, “I’m very excited to be one of the first, if not the first, CRO who is moving ahead with the rapid development and deployment of a blockchain-based platform which will become an industry standard. Clinlogix has always embraced new technologies that improve patient outcomes, safety, and health along with helping our sponsors to get new treatments to market rapidly, efficiently and cost-effectively. We are a decidedly different CRO and the new blockchain technology complements our ‘Innovation Pathway’ culture for all of our people and our customers.”

About ALTEN Calsoft Labs

ALTEN Calsoft Labs (ACL) is a digital transformation, next-generation technology consulting and engineering services company. The Company offers Digital, Consulting, Enterprise IT and Product Engineering Services, in verticals like Retail, Healthcare, Life Sciences, Telecom, Manufacturing, Energy & Utilities, Networking, Semiconductor and High-Tech. ACL enables enterprises to Innovate, Integrate, and Transform their business by leveraging disruptive technologies like Blockchain, Digital Interactive, Cloud, Mobility, AI & RPA, Analytics, DevOps, IoT and Software-defined Networking (SDN/NFV).

ALTEN Calsoft Labs is part of ALTEN Group – the second-largest global engineering services company with over 33,700 employees worldwide.

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No Compensation for MakerDAO Vault Owners After Governance Vote



MakerDAO vault holders who lost about $2.5 million during Black Thursday will not receive any compensation following a governance vote that ended on Tuesday. While decentralized finance (DeFi) continues to garner attention, issues like the type suffered by the MakerDAO project earlier in the year continue to plague the market as a whole.

MKR Holders Vote Against Compensating Affected Vault Owners

Following the conclusion of voting on the revised MakerDAO governance poll, vault owners affected during the Black Thursday crash of mid-March will not receive any compensation. This outcome is due to the fact that 65% of the participants voted against compensating the $2.5 million losses incurred by vault owners.

Some reactions to the news on social media say the decision to not compensate vault owners sets a not so ideal precedent. With Maker (MKR) token holders unaffected by the forced liquidations of March 12, 2020, it appears only vault owners were the real losers.

Amid the Black Thursday panic, the crypto arena saw a massive sell-off of tokens leading to a sharp decline in price across the market. The situation mirrored the events seen in the larger investment scene as fear over the coronavirus pandemic saw investors electing to liquidate their assets for cash.

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A Black Swan Event

For the MakerDAO project, Black Thursday turned out to be a ‘black swan’ event. As the price of Ethereum (ETH) fell on that fateful Thursday, the network suffered massive congestion which prevented price oracles from updating ETH/USD price in real-time.

With the price oracles failing, undercollateralized vault owners suffered forced liquidations. Some users took advantage of the situation to launch opportunistic profiteering attacks with zero bid and half bids. These rogue actors were able to liquidate ETH from vault owners with little or no DAI given in collateral.

MakerDAO lost $6.65 million in DAI stablecoin during the incident with $4 million of this shortfall being actual “bad debt” for the project. The DeFi lending project was able to service the bad debt via debt auction a few weeks later.

In the aftermath of the forced liquidations on Black Thursday, some affected vault owners sued the Maker Foundation for not providing adequate information about the risks involved in holding collateralized debt positions (CDP).

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Synthetix’s founder: crypto and DeFi still in the earliest inning of its next growth cycle



As Bitcoin and especially Ethereum’s DeFi ecosystem has drawn down from its recent highs, analysts have been left wondering what phase of the market cycle are cryptocurrencies in. Is this the early innings of a bull market or the start of another bear trend?

According to Kain Warwick, the founder of Synthetix and a long-time crypto market participant (since 2012), ongoing price action and fundamental trends suggest we’re still in 2016.

That’s to say, cryptocurrencies have a lot further to grow in the coming years.

We’re in 2016, not 2017: Synthetix founder and long-time crypto bull

Warwick explained that having lived through two previous crypto cycles, he thinks that the industry’s current situation is analogous to 2016, which was the “calm before the 2017 storm,” so to say:

“I’ve been trying to work out if we were in 2016 or 2017 for the last 6 months. This last week firmly put me in the 2016 camp. It’s actually shocking how similar human reactions are to the same stimuli. After the dump in July 2016 I could not convince anyone to buy BTC @ $500…”

The main reason why he thinks so is that after the recent strong decline in Bitcoin, then in top altcoins including his own SNX, there are few looking to buy the dip.

He expanded on his thoughts on the current situation in the crypto market in a post published to the Synthetix site.

Warwick commented that right now, DeFi is a “total clusterf**k” in a good-bad kind of way:

“So many things are happening simultaneously that it is impossible to track the potential consequences of all of them let alone the combined consequences of stitching them all together.

Thus you get the challenges for the DAI peg, and weird volume spikes across the DEX landscape due to shifting protocol incentives, and high yields on specific DeFi tokens on lending protocols.”

He also mentioned how builders in the crypto ecosystem now must acknowledge that the decisions they make affect the rest of the DeFi ecosystem, meaning there needs to be a concerted effort amongst all teams to work together to better products.

Start of a parabolic crypto growth cycle

While crypto’s recent price action has been slow to say the very least, going off of Warwick’s comments and those of other top commentators, a parabolic growth trend is to follow.

Chris Burniske, a partner at Placeholder Capital, recently commented that he thinks that Ethereum will reach a market capitalization of $1 trillion this market cycle: 

“Meanwhile, to the mainstream $ETH will be the new kid on the block — expect a frenzy to go with that realization. Given $ETH’s outperformance of $BTC over its lifetime (chart below again), not to mention smaller network value and strong on-chain economies, I see every reason for $ETHBTC to surpass ATHs.”

Other commentators have made similar comments about Bitcoin, remarking that the likelihood the coin undergoes another exponential growth trend in this market cycle is likely.

Posted In: Analysis, DeFi

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Bears reign as 86% of September’s $284M CME Bitcoin options are worthless



As of now, the $622 million total open interest for BTC futures expiry on Friday seems quite relevant. 

This Friday, a total of $100 million in CME Bitcoin (BTC) options are set to expire. 58% of these are call (buy) options, meaning buyers can acquire BTC futures at a fixed price.

As the expiry draws near, call options 10% or higher above the current BTC price are deemed worthless. Therefore, there’s not much to gain in rolling over this position for October. 

September CME call options open interest (contracts)

September CME call options open interest (contracts). Source: CME

Each CME contract represents 5 BTC, and the chart above shows which are the most significant levels for September call options. 

Note that a striking 86% of those are set at $11,300 and above. Hence those options are currently priced at $10 or less. 

This means there will be less pressure coming from the CME options expiry, with $8 million call options open interest ranging from $10K to $11K. 

On the other hand, put options between the same range amount to $12 million in open interest. As both call and put options are relatively balanced, the overall impact should be little to none. Therefore, one must check the remaining exchanges to analyze the options expiry impact.

As the options markets leader, Deribit, holds a 75% share, equating to $554 million worth of open interest in BTC options set to expire this Friday. This figure is evenly distributed between call (buy) and put (sell) options.

Deribit September BTC options open interest

Deribit September BTC options open interest. Source: Deribit

Unlike CME, Deribit traders have been more modest as only 70% of the call options open interest for September sits at $11,250 and above. As for the ones ranging from $10K to $11K, there’s $74 million in call options stacked against $110 million in put options.

Although the Deribit number is far more significant than the CME’s, the $26 million imbalance does not seem relevant considering the underlying $2 billion in BTC daily volume.

Futures expire, but there can’t be an imbalance

Futures contracts are a completely different instrument from options, as buyers and sellers must be evenly matched at all times.

Although every contract is similar, perpetual futures (inverse swaps) do not expire. They are simply rebalanced every 8 hours, which means there is no impact on expiry dates.

On the other hand, some derivatives exchanges offer regular futures contracts with monthly expiry. Unlike options markets, these traders can keep their positions open by rolling over ahead of expiry.

CME has $284 million worth of BTC futures set to mature on Friday, although this figure should be reduced as traders move positions to October and November contracts. 

OKEx leads the remaining exchanges with $147 million, while Deribit has $73 million, Huobi $63 million, and BitMEX holds $46 million.

As of now, the $622 million total open interest for BTC futures expiry on Friday seems quite relevant, considering spot (regular) exchanges maintain $2 billion in daily volume. 

Friday’s CME expiry no longer poses a threat

During most of 2018 and 2019, there has been a pretty consistent Bitcoin price drop ahead of each monthly CME expiry. A more recent Cointelegraph study has shown that since October 2019, these such movements ceased to exist. 

To further disprove the CME negative price impact theory, let’s look at the last three expiries.

BTC price in USD

BTC price in USD. Source: TradingView

June was the only month where a 2% negative performance preceded the contract expiry.  Meanwhile, both July and August presented positive returns, therefore invalidating any negative expectations.

The above data shows traders should be less worried about CME expiry, as it does not seem to have produced a significant impact in the previous months. Most likely the high correlation with the S&P 500 has been the primary reason behind the CME’s decaying influence.

As for the 86% of worthless CME call options, those buyers will most likely have less appetite for the upcoming exposure. Therefore, overall sentiment from Friday is likely to have a negative impact going forward.

Both OKEx and Deribit weekly contracts mature September 25 at 8:00 AM (UTC). Later on that day, CME futures are set to expire at 3:00 PM (UTC).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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