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DeFi Market Explodes At $11 Billion As Chaainlink Takes The Lead

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The DeFi market explodes after it hit $11 billion in market cap while Chainlink took the lead with a 24-hour spike, hitting new highs as we are reading further in our latest Chainlink news.

With chainlink taking the lead, it seems that the industry will not stop. The total market cap of the DeFi market explodes to $11 billion and there are no apparent signs of stopping soon. The Decentralized Finance craze has just started getting bigger. Chainlink is taking the lead in terms of market cap after it surged in price over the past 24 hours to reach a new high according to Coin Gecko. In the second place, there is Maker followed by Compound in the top Defi coins by market cap list.

The market cap later dropped to $10.85 billion and different sites show different figures in terms of measuring the market cap. The Defi Market cap said that the figure was $8 billion today but the data doesn’t include Chainlink in the listing. The decentralized finance space wants to make a huge revolution in the finance sector by running everything on the blockchain as it exploded with popularity. This is because people are finding out that they can make a lot of money from yield farming, staking resources, and earning extra tokens and see huge returns.

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LINK’s 5-day Price (Source: Tradingview)

The hype around Defi is unstoppable. BTC trader Linksaka today explained that the trading volume of LINK on Coinbase surpassed Bitcoin’s at $145 million while bitcoin was just at $95 million. While on Binance, LINK was close behind Bitcoin which is the biggest cryptocurrency by market cap in terms of volume. Not only is the market cap surging, but the amount of cash locked into the contracts is also spiking as well. According to Defi Pulse, the figure now stands at $4.55 billion only increasing $4 billion in a week.

Some have said that the Defi space was a bubble and we will see a crash soon as the one in 2017. Also, as reported previously, Chainlink flips BTC volume on major exchanges such as  Coinbase after it was caught up in an intense bull run over the past few weeks. Chainlink saw a huge gain over the past few years which only bucks the wide-bear trend incurring more parabolic cycles.

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Source: https://www.dcforecasts.com/chainlink-news/defi-market-explodes-at-11-billion-as-chaainlink-takes-the-lead/

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Balkan cryptocurrency realm ready to replace ageing Dinar payment systems

The Balkan cryptocurrency realm is heating up. Various Balkan states are exploring cryptocurrencies in anticipation of bringing a huge financial revolution in the region. The daring few working in the Balkan cryptocurrency realm may very well reap huge benefits if they can successfully transform the region’s economic scenario. The consistent rise of digital payments is […]

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The Balkan cryptocurrency realm is heating up. Various Balkan states are exploring cryptocurrencies in anticipation of bringing a huge financial revolution in the region. The daring few working in the Balkan cryptocurrency realm may very well reap huge benefits if they can successfully transform the region’s economic scenario.

The consistent rise of digital payments is a step in the right direction. The growth of alternate payment mechanisms is building a fertile ground for cryptocurrencies. For example, former Yugoslavian countries have bad memories of the 1990s hyperinflation era and therefore citizens lack trust in government agencies and central banks. Such an environment is apt for cryptocurrency promotion.

A lot is going on in the Balkan cryptocurrency sector

Censorship resistant cryptocurrencies offer numerous benefits over traditional financial systems. Arvin Kamberi of the Bitcoin Association of Serbia is confident that virtual payments will grow tremendously especially during the pandemic months. The region already has a decent crypto mining industry thanks to low electricity cost. Lately, the Balkan cryptocurrency realm has progressed on the digital asset and crypto payments front as well.

Serbia is exploring crypto law enactments to ensure optimum growth of the decentralized financial technologies. The nation wants to build a robust crypto trading sector. Slovenia is also working out the modalities of crypto legislations. It boasts of a vibrant crypto-friendly shopping and retail points.

Laying the foundation for Balkan cryptocurrency

Colibra, a crypto startup based in Bulgaria, offers Bitcoin compensation to tourists for airline delays. The town of Sveta Nedelja in Croatia has recently unveiled a payment system where shoppers can pay in cryptocurrencies. Telos, a popular blockchain platform, has partnered with Croatia’s Katalyo dApp platform, for real estate tokenization.

Douglas Horn of Telos Blockchain says that real-estate tokenization helps reap big dividend benefits and aids in rental revenue. He adds that Telos is creating solutions that help developers and builders leverage from fee-less, instant, and transparent tokenized systems. It is working towards decentralized economy systems and data storage solutions to add more value to the economy.

Industry experts are optimistic that Balkan cryptocurrency potential is just starting to unravel. Both the blockchain and cryptocurrency technologies have the potential to transform the region’s financial ecosystem and bring the region at par with neighbour European nations.

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Ethereum price rise after Uniswap decision, will $400 stand?

The Ethereum price found tailwinds after the launch of UNI by Uniswap. A chess move by the leading DEX, it now dominate DeFi locking the most ETH.

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  • Uniswap launches UNI
  • Ethereum daily transactions at new highs
  • Transaction fees rise
  • ETH bulls aim at $400
  • Immediate support at September lows

The Ethereum price remains resilient. At the time of writing, the ETH price was trading at $380, gaining versus the greenback but trailing BTC. 

Even so, the trading community remains upbeat. 

Propping their optimism is the level of demand in the pioneer smart contracting network. 

According to Etherscan, Ethereum usage exceeds 95 percent. And it has been consequential to other promising sectors of the network. Ironically, despite the existence of competing platforms with better scalability and lower transaction fees, Ethereum is the leading Launchpad for most DeFi protocols. 

One of them is Uniswap.

On Sep 16, its developers launched a governance token called UNI after facing an existential threat from one of its fork, Sushiswap. 

Technically, the token will be “worthless”, at least in the eyes of Hayden and the founding team. Uniswap will distribute 100 billion UNI tokens to the team, investors, and liquidity providers. 

Hours after launching, it was supported by Coinbase. Binance also launched UNI futures, immediately pumping its price to over $5 as its airdrops promoted some early adopters to the millionaires’ club. With demand, came the high transaction fees which rose to over $1 million as noted by GlassNode.

On the heels of this news, the number of Ethereum on-chain daily transactions soared to new highs, even exceeding those registered during the greater ICO-pump of late 2017 and early 2018. 

This, as aforementioned, notwithstanding the high Gas fees–which is forcing Coinbase to pass to their clients as per a notification on Sep 18.

Starting today, Coinbase Pro will pass along network fees directly to our customers. These fees (sometimes referred to as “gas fees” on the Eth blockchain) are paid directly to crypto miners that process transactions and secure the respective network.

Ethereum price analysis

Ethereum price rise after Uniswap decision, will $400 stand? 1
Ethereum Price Chart by Trading View

The Ethereum price remains in consolidation despite traders’ confidence. The coin is bullish versus the USD but under-performs BTC in the last week of trading.

In the daily chart, price action is tepid with shrinking trading volumes. With caps at $400—the immediate resistance level, and Sep 6 highs, bulls appear exhausted though the main trend is northwards. 

After reacting from the 61.8 percent Fibonacci retracement level with increasing volumes, ETH bulls should technically aim for $400. However, this is largely dependent on the degree of participation of overcoming sellers of Sep 5. From volume analysis, a satisfactory confirmation of Sep 17 bulls and reversal of Sep 5 losses will spark a demand that may lift the Ethereum price back to $480 or better.

Conversely, a sharp drop below $350 could see ETH prices pullback to September lows of around $320, or worse.

Disclaimer. The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Bribery gets blocked: Stamping out corruption with blockchain tech

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Some of the main functions of government institutions include redistribution of resources and maintaining official records. These are precisely the domains where blockchain technology — with its focus on facilitating secure, traceable transactions and maintaining immutable records to build trust — is well-positioned to make a strong impact.

A recent report by Denmark’s Ministry of Foreign Affairs is the latest to highlight blockchain technology’s potential to serve as a powerful tool in the fight against government corruption. This proposition, however, is only the latest in a long string of policy proposals and analytical reports that document the immense promise that distributed ledger technology holds for government-transparency advocates — as well as the many limitations that its implementation will inevitably face.

Technological solutions to the perennial problem

Any government is a gigantic knot of procedures, records, transactions and human bureaucrats who enact formal rules within the limits of their jurisdiction. These bulky, convoluted organizational structures often lack transparency and are difficult and costly for an outsider to make sense of, let alone oversee.

Officials who directly handle resource flows or have signatory authority can be incentivized to abuse their powers for monetary gain if they realize that the risk of getting caught is minimal. According to one estimate, corruption in the public sector eats up between $1.5 trillion and $2 trillion globally every year, which amounts to some 2% of the world’s gross domestic product.

Many anti-corruption experts pin their hopes on various digital technologies to help make a decisive breakthrough. The Danish foreign ministry’s report presents an overview of several potential avenues in the fight against administrative and political corruption. One of these avenues is to make all public sector data open to everyone and thus improve transparency by letting activists and watchdog organizations conduct independent audits and spot suspicious patterns in public spending.

The second suggested approach is to shrink the scope of corruption opportunities by expanding the reach of e-governance and moving most government services online. Within this domain, the authors envision using blockchains to facilitate transparent, tamper-proof transactions of value and data. Yet another suggestion is to use crowdsourcing platforms to facilitate whistleblowing and complaints over episodes of petty corruption.

Finally, the authors of the report suggest deploying blockchain-based solutions to ensure the integrity of public records and digitally secured rights to property and government aid. They emphasize how this can not only enhance integrity of public records but also empower groups that are underbanked or have limited access to government services — for example, due to the lack of a state-issued ID.

Restoring trust

The enthusiasm for these and other anti-corruption uses of blockchain is not new. In a 2018 article for Stanford Social Innovation Review, Carlos Santiso, an expert with the Inter-American Development Bank, observes that an “expectations bubble” around the technology’s potential to mitigate government corruption has been already building up among both the public and the tech community.

Santiso argues that in the digital era, technology in the service of government invariably boosts the public sector’s transparency. In his view, blockchain technology is particularly suited to produce this effect because of its unique ability to guarantee the authenticity of records and eliminate inefficient data management practices inherent to traditional bureaucracies. In doing so, blockchain-based systems could help restore the deteriorating trust in government.

Other observers contend that rather than fixing the declining trust in authorities, blockchain can provide an entirely new mechanism for building trust. A team of analysts representing anti-corruption nonprofit Transparency International suggest in a research note that the technology can be particularly useful in countries riddled with corruption where trust in institutions is very low.

Experts from another anti-corruption think tank, Norway-based research institute U4, echo this assessment in a 2020 report, stating: “Blockchain is designed to operate in environments where trust in data/code is greater than trust in individuals or institutions.”

Use cases

Three key uses of blockchain technology in the fight to alleviate government corruption consistently emerge throughout all expert accounts: authentication of transactions, registry of official records such as ownership rights, and identity verification.

Moving government transactions such as public procurement contracts to an open ledger where they can be traced could deal a decisive blow to the sort of corruption that arguably costs taxpayers the most: large-scale schemes whereby unscrupulous officials rig the process in favor of particular contractors. Taking this one step further and encoding procurement operations into smart contracts on a distributed ledger could drastically shrink the space for shady activity.

While the sheer scale of the industries that thrive on public sector contacts would render such a transition extremely difficult in the near term, development-focused organizations such as the World Economic Forum are lending much-needed spotlight to the notion of blockchain-enabled procurement.

Uses related to the registry of records appear to be closer to fruition. The Denmark Ministry of Foreign Affairs report lists the examples of Kenya and Rwanda, where government records of education and land rights are migrating to distributed ledgers. In these countries and beyond, corrupt officials are finding it increasingly difficult to leverage their positions within public records systems for personal gain.

In the domain of identity management, blockchain-based IDs can be particularly useful for vulnerable groups such as refugees or people who have never had a government-issued identification in the first place. Securing their identities on a distributed ledger helps ensure the fair distribution of aid and access to other essential services.

Not a panacea

According to U4 analysts, whether blockchain becomes a valuable tool in the fight against corruption in a particular national setting largely depends on contextual factors such as “infrastructures, legal systems, [and] social or political settings.”

For one, rebuilding entire government data management systems to make them run on blockchain might not sit well with existing data privacy regulations. The immutable character of records entered into the ledger is at odds with one of the tenets of the European General Data Protection Regulation law — the right to be forgotten.

Another major consideration to keep in mind is the “garbage in, garbage out” nature of blockchain systems: The data stored in them is exactly as good as the input. This means that there will still be human gatekeepers responsible for data entry, as well as the need for built-in data audits. Therefore, it would by design be impossible to entirely eliminate human participation from such a system, allowing some room for corruption to remain.

To the decentralization absolutists’ chagrin, public sector blockchains are also unlikely to be open and permissionless. While it would make sense to make most of the data available for outside audit, it’s naive to expect governments to hand control over their databases to a distributed network of nodes potentially located in outside jurisdictions.

Source: https://cointelegraph.com/news/bribery-gets-blocked-stamping-out-corruption-with-blockchain-tech

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