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IOST Is “All in DeFi,” Launches $6 Million DeFi Incentive Fund 2.0

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High-performance, decentralized blockchain protocol IOST (IOST) is going “All in DeFi” with its $6 million DeFi Incentive Program 2.0, bringing the DeFi-focused Noah Oracle Fund’s total valuation to $7 million.

All in On DeFi

The DeFi niche in the wider cryptocurrency market has snowballed into a multi-billion dollar space, and as a leading global public blockchain platform, IOST is committed to providing a zero-barrier DeFi development ecosystem to its developers.

In that regard, IOST today announced the launch of a new incentive plan dubbed “the DeFi Incentive Program 2.0,” which aims to give a $6 million boost to the ecosystem’s DeFi innovators. With $6 million poured into the fund, IOST’s DeFi-specific Noah Oracle Fund is now worth $7 million.

How and When to Apply?

IOST encourages talented developers to apply for the fund in the several categories outlined by the project by August 26, 23:59 PM (GMT+8). After the information is submitted, the IOST team will contact the applicants within 3 working days.

Developers/teams are recommended to add a project introduction (200 words), team introduction, and contact information in the form. The form can be accessed here.

Application Categories

Developers can apply in the following categories to gain access to the multi-million dollar DeFi-specific fund.

Liquidity Pool DEX – A DEX similar to Uniswap built on the IOST chain. Developers are encouraged to add innovative features to the DEX to provide users a more robust and economically feasible DEX service.

Lending Protocols – A lending protocol built on the IOST chain akin to AAVE (LEND), and others.

Stablecoins – The use of stablecoins has run in line with the increasing market cap of the cryptocurrency space. Developers are welcome to develop fiat-collateralized, and protocol-based stablecoins such as MakerDAO, and AMPL, respectively.

Financial Derivatives – Development of decentralized open trading platforms such as dYdX.

DeFi Pools – Developers are encouraged to build a YFI like platform on the IOST chain. Alternatively, they can propose and build other more sophisticated DeFi products akin to YFI.

Oracles – Blockchain oracles play a significant role in the proper functioning of smart contracts by fetching off-chain and cross-chain data. The development of easy to use oracles such as Chainlink (LINK) and Band Protocol (BAND) on the IOST chain is encouraged.

Decentralized Autonomous Organization (DAO) – Development of a universal DAO platform such as Aragon, DaoStack or a dedicated DAO platform such as KyberDao or MakerDAO on the IOST chain.

What’s in it for Developers/Teams?

The developers or teams that successfully apply for the aforementioned category projects and are selected for the IOST DeFi Support stand to receive complete, unconditional support from IOST.

IOST will help the developers with all things finance, courtesy of its multi-million-dollar support fund that would be utilized to cover all development costs, as well as excess tokens.

The fund would also be used to promote marketing campaigns of the product or service in both online and offline mediums in more than 20 countries across the globe. Further, the projects will also receive high-quality media promotion via reputed media outlets, communities, and KOLs.

High-quality DeFi projects will benefit from IOST’s millions of users worldwide, attracting more user volume toward the offering.

Further, IOST will provide world-class technical support to help developers with the underlying infrastructure. The developers or teams will also benefit from one-on-one development support from technical experts.

Last but not least, IOST will provide recommendation letters to projects for listings on the best crypto exchanges in the industry.

Indeed, IOST is committed to spearheading the DeFi wave while introducing meaningful, socially impactful changes that foster an inclusive and open financial ecosystem for the future.

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Source: https://btcmanager.com/iost-all-in-defi-6-million-defi-incentive-fund-2-0/

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Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

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Bitcoin has a way of surprising people. This week was no exception. A few days ago, almost everyone believed that the cryptocurrency is inevitably headed to a new all-time high. And how could they not? BTC was trading at a few hundred USD below the record from back in 2017. Unfortunately, things took a turn for the worst.

Yesterday was undoubtedly a bad day for bitcoin as it plunged a total of around $3,000 in less than 24 hours. From a high of about $19,500 down to $16,200, the bears poked and showed their faces. The entire market lost around $80 billion of its capitalization as altcoins actually had it worst.

During the market dive, Bitcoin’s dominance actually increased, showing that not only altcoins failed to hold their ground, but they dropped harder than BTC. Since then, there has been a slight recovery and at the time of this writing, the primary cryptocurrency is trading at around $17,000.

The move was seemingly propelled by the news that US regulators might seek to require identity verification from crypto wallet providers. Coinbase’s CEO, Brian Armstrong, commented on the matter, expressing his worries that if the new rules are implemented, they would be rather harmful to the users and the industry, in general.

At the same time, the popular cryptocurrency exchange OKEx opened withdrawals for the first time since they were shut down around a month ago, which might have prompted users to cash out the profits that they have been sitting on. In fact, CryptoPotato reported that around $500 million were withdrawn from the exchange as the crash started to take place.

In any case, the results are here, and it remains particularly interesting to see where will bitcoin go from here.

Market Data

Market Cap: $512B | 24H Vol: 181B | BTC Dominance: 62%

BTC: $17,132 (-7.98%) | ETH: $516.86 (+1.71%) | XRP: $0.56 (+74.08%)

Bitcoin Worth $500 Million Withdrawn From OKEx as Users Look for Other Alternative. Data shows that users withdrew a total of 29,300 BTC from the popular cryptocurrency exchange OKEx right after it resumed full functionality. This happened just as bitcoin plunged $3,000 in a matter of 24 hours. The exchange also resumed the withdrawals a day earlier than announced and during the Chinese trading hours.

Bitcoin Black Friday 2020: The Sales You Better Not Miss. It’s the end of November, and with this comes the long-anticipated shopping season. For many, this is a time to enjoy massive sales. We’ve taken the liberty of listing a few sales within the cryptocurrency field that aficionados might find interesting.

Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version. Libra, Facebook’s long-awaited cryptocurrency project, might be set to launch in early 2021. However, the version that’s potentially hitting the market is scaled-down and specifically intended to abide by the regulations of Switzerland’s FINMA.

Research Suggests Satoshi Nakamoto Launched Bitcoin From London. New research shows that activities associated with Satoshi Nakamoto from 2008 and 2010 might have taken place in London when Bitcoin’s network went live. This brings the experts a step closer to identifying who’s behind the legendary pseudonym.

6 Possible Reasons For Bitcoin’s $3,000 Daily Price Crash. Bitcoin went through a massive crash two days ago when it lost around $3,000 of its value in a sudden red candle. These are six reasons for which this may have happened and a brief outline of what might be next to come.

Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration. Brian Armstrong, the CEO of the leading US-based cryptocurrency exchange Coinabse, has said that he’s worried about the rumored regulations concerning third-party wallet providers having to identify their users. He said that this might harm users and the entire ecosystem.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Chainlink, and Stellar Lumens – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Source: https://cryptopotato.com/bitcoin-temporary-correction-or-no-ath-this-year-the-crypto-weekly-market-update/

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Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

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  • The San Francisco-based payment protocol has filed a document on Friday with the US Securities and Exchange Commission (SEC). It reads that Ripple Labs has entered into an agreement with MoneyGram, which entitles Ripple to sell up to 4,000,000 shares of common stock.
  • Ripple’s option to sell these shares will expire “upon the earliest of March 31st, 2021, the time at which the maximum amount shall have been sold, or the occurrence of certain other customary events affecting the issuer.” 
  • CryptoPotato reported last year that Ripple and MoneyGram announced a strategic partnership. The initial term of the agreement was for two years. Ripple had agreed to provide a capital commitment amounting to $50 million in exchange for equity through the two-year period.
  • As per the SEC filing, Ripple owns 6.22 million shares of the giant money transfer company (or 8.6% of shares outstanding). However, the blockchain company has a warrant to buy up to another 5.95 million shares, amounting to a total equity position of 12.2 million shares or 17% of MoneyGram’s shares outstanding).
  • With the initial investment in 2019, Ripple purchased the MoneyGram shares at 4.10 per stock, which was a significant premium to the market price. 
  • Nevertheless, MoneyGram’s stocks (MGI) have surged in 2020, closing Friday’s session at $7.42. As such, Ripple can cash out with an 80% profit, despite the initial premium.
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Source: https://cryptopotato.com/ripple-plans-to-cash-out-33-of-its-moneygram-stake-with-a-significant-profit/

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South Korea To Postpone Previously Planned Crypto Income Tax

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Lawmakers in Korea are planning to postpone a recently considered tax on crypto assets profits. Reports say the tax rule delay will be about three months – instead of October 2021, January 2022.

The New Crypto Income Tax Rule To Wait Until January 2022

According to a recent media report, the South Korean congress plans to put off the recently considered cryptocurrency income tax rule. A planning and finance committee of the National Assembly has issued a report, which proposes the necessity of implementing the crypto income tax rule from at least 2022.

A few months ago, in July, a report stated that South Korea’s Minister of Finance and Economy believes that the country should come up with a tax on cryptocurrency trading and investing. Back then, he added that South Korea has been in discussion with other countries about introducing a new digital law.

In July 2020, the country’s Ministry of Economy and Finance amended its tax code, where it included the plan for charging residents a 20% tax on gains from cryptocurrency trading, which are worth more than 2.5 million Korean won (about $2,000).

Lawmakers in the National Assembly are to approve the Government’s plan, which was to carry into effect the cryptocurrency income tax rule from October 2021.

Reason For The Delay – Time Is Tight

As per the media report, the reason for the postponement of the crypto tax law is based on some concerns, raised by local crypto exchanges. They have claimed the lack of time to build their proper tax reporting system and infrastructure, needful for the process to begin.

The so-called “Specific Financial Information Act” would be enforced from March next year, so crypto exchanges have to complete the necessary reporting system by September 2021 for verifying their real names of deposit withdrawal accounts.

As CryptoPotato reported, South Korea announced the planning of the crypto income tax in June this year. The Asian country went through some different views on how and whether it should tax profits from cryptocurrency. Firstly, at the beginning of 2020, the Ministry of Economy and Finance did not consider that digital asset trading gains as taxable income. A month later, another local report said the Ministry believes that the nation could start label cryptocurrency trading profits as “other income.”

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Source: https://cryptopotato.com/south-korea-to-postpone-previously-planned-crypto-income-tax/

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