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XRP Rises More Than 30% as Altcoins Piggyback on Bitcoin’s Wave

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XRP has surged to 16-month highs, leading a pack of cryptocurrencies all benefiting from bitcoin’s rally toward historic levels. 

XRP, the native asset of the XRP ledger, developed by payment-focused blockchain firm Ripple Labs, climbed to as high as $0.437564 before retreating to $0.413853 at press time, reaching the highest price point since July 2019, according to The CoinDesk 20.

The third-largest cryptocurrency by market value has gained over 33% in the past 24 hours, extending the year-to-date gain to 116%. 

Other alternative cryptocurrencies such as ether (ETH), litecoin (LTC), cardano (ADA), bitcoin SV (BSV), EOS (EOS), tezos (XTZ), and tron (TRX) are also flashing green. Most of these coins have picked up a bullish momentum in the past few days, seemingly tracking bitcoin‘s fast move toward the record high of $19,783 reached in December 2017. 

“Altcoins are high beta assets and usually move in the same direction as bitcoin, but more,” trader and analyst Alex Kruger tweeted on Friday. Alternative cryptocurrencies can be considered as leveraged bitcoin plays, according to Kruger. 

Bitcoin, the top cryptocurrency by market capitalization, has charted a steep rally from $10,000 to nearly $19,000 in the past eight weeks. 

At the currency price of $18,736, bitcoin is a little over 5% from setting a new lifetime high, while XRP is still down about 89% from its record high of $3.84 set in January 2018, according to data source Messari. 
XRP and other altcoins may also be rising in reaction to a proposed rule by the U.S. Office of the Comptroller of the Currency that would forbid banks to blacklist legal industries — including, presumably, cryptocurrency firms.  The proposed rule is likely welcome news to businesses in the space, which have long struggled to obtain, or keep, bank accounts in the U.S.

Source: https://www.coindesk.com/xrp-rises-more-than-30-as-altcoins-surf-bitcoins-wave

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Ethereum 2.0 Deposit Contract Reaches Threshold Value in Time for Dec 1 Launch

The deposit contract for Ethereum 2.0 has reached the minimum value in time for the proposed Dec 1 launch. The beacon chain will run parallel to the current network. Ethereum 2.0’s beacon chain is set to launch as the deposit contract reached the threshold value on Nov 23. The staked value reached the 524,288 ETH … Continued

The post Ethereum 2.0 Deposit Contract Reaches Threshold Value in Time for Dec 1 Launch appeared first on BeInCrypto.

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The deposit contract for Ethereum 2.0 has reached the minimum value in time for the proposed Dec 1 launch. The beacon chain will run parallel to the current network.

Ethereum 2.0’s beacon chain is set to launch as the deposit contract reached the threshold value on Nov 23.

The staked value reached the 524,288 ETH required in time for the anticipated Dec 1 launch date. Had it missed the deadline, ETH 2.0 would have launched a week after staking reached the threshold value.

Ethereum 2.0 Primed for Launch

Ethereum will now prepare itself for one of the biggest upgrades in its lifetime. The upgrade will bring a change to the governance model, as well as improvements to scalability and performance. However, the road ahead is long, as many of the changes will be executed in a phased manner, starting with Phase 0.

The deposit contract for Ethereum 2.0 went live on Nov 4, quickly gaining some staked value. However, there was a period where the staking contributions seemed to stagnate. Many were not troubled, as a similar contribution in Ethereum’s development saw funds flowing close to the deadline.

The 16,384 validators are expected to receive higher than average returns, which will decrease as more ETH gets staked over time. The beacon chain will run alongside the current Ethereum blockchain, with the stakers being its primary participants.

ETH Transfer Value

Industry Insiders Cheer the Milestone

Several prominent figures in the industry celebrated the milestone.

EthHub developer Eric Conner and content creator Evan Van Ness were among them. Meanwhile, Messari founder Ryan Selkis claimed that he was always confident that the contract would reach the threshold value.

Ethereum co-founder Vitalik Buterin, on the other hand, assured users that they could still stake. Buterin himself contributed $1.35 million towards the deposit contract adding that migration towards proof-of-stake would not arrive until 2021.

Several companies have also staked large sums in ETH 2.0, including Dubai’s IBC Group. The investment was made in partnership with CanETH, which praised the move to a proof-of-stake model.

Ethereum’s price hit a 30-month high in light of the events, and is now over $600. 2020 has been a strong year for the asset, with a YTD performance that has pleased professional investors.

Grayscale Investments added over $58 million to its Ethereum Trust this year.

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Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Ever since, he’s been an active member of the community. He has a Masters degree in Finance. <a href=”mailto:[email protected]”>Email me!</a>

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Source: https://beincrypto.com/ethereum-2-0-deposit-contract-reaches-threshold-value-in-time-for-dec-1-launch/

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YFI’s Andre Cronje Unveils Multi-Purpose DeFi Protocol Deriswap

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Andre Cronje, the brain behind the popular DeFi protocol Yearn Finance and the most expensive cryptocurrency YFI, has unveiled yet another DeFi protocol called Deriswap.

Obsessed With Capital Efficiency

The project focuses on capital efficiency, an aspect of DeFi that Cronje said he is obsessed with. The YFI creator is set to change the current segmented liquidity, which only allows users to choose one of Swaps (Uniswap, Sushiswap, Bancor, etc.), Options (Deribit, Hegic, Opyn, etc.), and Loans (Aave, Compound, DyDx, etc.). 

He described Deriswap as a protocol that combines multiple DeFi services, including Swaps, Options, and Loans, into a capital-efficient single contract. According to the developer, this allows the interaction between two assets that make up the pair. 

For Swaps, Cronje explained that the contract on Deriswap utilizes the standard Uniswap x * y = k. For example, suppose Liquidity Providers (LPs) provide ETH-BTC as liquidity. In that case, the protocol will allow traders to swap BTC and ETH while using the oracle’s time as the weighted average price (TWAP). 

No Deriswap Token Yet

He notes that Deriswap uses the Black Scholes option pricing model to quote options. While Futures are an extension and simplification of Options, Loans are an extension and simplification of Futures. To get a loan, the user will pay a premium and collateral to access the borrowed assets. 

Lastly, the markets (loan, futures, and options) can be tokenized via Non-Fungible Tokens (NFT) to create secondary markets. 

As with many DeFi protocols, it is expected that Deriswap will have a token, and maybe with a limited supply. As a result, DeFi degens are hoping to dive in early. However, the protocol is currently under audit; hence, there’s no official Deriswap token yet. 

Cronje Continues To Explore DeFi

Since YFI’s success, Andre Cronje has become a prominent player in the DeFi ecosystem. The developer is always exploring and “experimenting” with DeFi products, even though some cost investors money due to exploits

Despite the recording failure with Eminence protocol, Cronje’s last project Keep3r Network was quite different as Keep3r’s KP3R token rallied more than 2000%, with the price moving from $10 to over $200 within a few days.

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Source: https://cryptopotato.com/yfis-andre-cronje-unveils-multi-purpose-defi-protocol-deriswap/

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Inevitable: Ethereum Classic’s Latest Hard Fork Called Thanos Scheduled for November 29th

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Less than two months after its latest network upgrade, Ethereum Classic plans to undergo another one on November 29th. Dubbed Thanos, the new hard fork will enhance security while maintaining its compatibility with Ethereum.

Thanos Is An Inevitable ETC Network Upgrade

The Ethereum Classic team would like to quickly forget the summer of 2020. In the span of one month, the network was subject to three separate 51% attacks.

The Ethereum Classic Core developer team and Ethereum Classic Labs decided to counteract the growing securities issues by implementing the Modified Exponential Subjective Scoring (MESS) solution on October 2nd.

MESS went live on the Mordor Testnet after passing “rigorous stress tests and simulated attacks.” It aimed to prevent attacks by making large block reorganizations up to “31x more expensive, removing any profit motive.”

However, the ETC Cooperative and Cardano developer IOHK published a report disputing the claim that the MESS update will provide “robust security.” Moreover, it argued that there’s “no guarantee that further attacks will not succeed.”

The latest response from the ETC developer team and ETC Labs has tapped the Marvel Universe for its name – Thanos.

The statement described the upgrade as an “important milestone for ETC as the network continues to drive innovations that will support existing miners and attract new ones while continuing to maintain compatibility with Ethereum.”

The Next Logical Step

According to the announcement, the Mordor Testnet activation occurred on block 2,520,000 – on October 18th, 2020. The ETC Mainnet activation is expected to take place at block 11,700,000 – around November 29th, 2020.

Consumers need to upgrade their node software to a fork compatible version to Core-geth v1.11.16 or later to ensure the success of the hard fork.

Founder and Chairman of Ethereum Classic Labs, James Wo, believes that the Thanos network upgrade will enhance the security while helping ETC to “distinguish itself and increase functionality for its users.”

“The Thanos hard fork is the natural next step for the network, reducing the DAG size to help cultivate a more distributed and healthy mining ecosystem, increasing hash rate, and allowing miners to continue mining ETC and for new miners to join the ecosystem.” – Wo added.

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Source: https://cryptopotato.com/inevitable-ethereum-classics-latest-hard-fork-called-thanos-scheduled-for-november-29th/

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