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bloXroute Providing Future-Proof Network Layer Solution for Polygon

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In the wake of surging applications, Polygon and bloXroute Labs entered an agreement to create a Polygon protocol compatible Blockchain Distribution Network (BDN), to accelerate on-chain data propagation and add tools to improve the efficiency of DeFi trading on Polygon. 

The BDN is a high speed relay network consisting of high performance servers across the globe. It’s able to reduce network latency significantly by using cutting-edge designs such as transaction indexing, cut-through routing and private links. On top of it, the BDN provides a comprehensive DeFi trading toolkit to help traders seize arbitrage opportunities, including on-chain data stream, frontrunning protection. So far the BDN has been adopted by the majority of Ethereum mining pools and hundreds of Ethereum users in the pursuit of lower uncle rate and better trading performance.    

Inheriting all the features from the Ethereum – BDN, integration with the BDN will allow Polygon network to remain highly efficient as the network expands, while users will continue to enjoy low fees in spite of the exponential transaction volume growth. On the other hand, DeFi traders will experience less transaction delays and less frontrunning attacks. To bootstrap the adoption, Polygon foundation is going to incentivise Polygon node operators and users to leverage the BDN network for block and transaction propagation as the complement to the existing P2P network.  

Jaynti Kanani, Co-founder and CEO of Polygon, commented on the collaboration,

“Polygon is creating a multi-chain Ethereum ecosystem that can not only handle high throughput but also boost DeFi. Such a complex ecosystem would require a very robust and scalable network infrastructure. I’m glad that bloXroute has the proven technologies we need and is committed to supporting the Polygon ecosystem.”

Eyal Markovich, Co-founder and COO of bloXroute, said,

“bloXroute has started to support Ethereum since mid 2019 and is committed to create a future-proof network infrastructure empowering the evolution of Ethereum ecosystem. From ETH mining to DeFi, we have expanded our offerings in response to the community needs. Now we’re very excited about the opportunity to be part of the novel Ethereum multi-chain system through the partnership with Polygon.”       

The V1 of Polygon – BDN could be released as early as mid July 2021, which includes the relay network and data stream service. More details of the offering will be shared in the near future.   

About Polygon

Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium, etc, and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 450+ Dapps, ~350M txns, and ~13.5M+ unique users.

If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.

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About bloXroute Labs

bloXroute Labs is the leading blockchain network layer (aka “layer-0”) solution provider specialized in on-chain scalability and DeFi trading network infrastructure. In 2019, bloXroute launched the industry’s first layer-0 scalability solution — Blockchain Distribution Network (BDN), which has been adopted by the majority of Ethereum miners. It helps miners reduce uncle rate by accelerating on-chain block and transaction propagation. The BDN is also compatible with all blockchain protocols. In 2020, bloXroute introduced the ETH DeFi toolkit that includes advanced mempool service, frontrunning protection and MEV (Maximum Extractable Value). It helps traders improve their trading strategies and increase earnings. In 2021, bloXroute launched the BDN support for Binance Smart Chain (BSC).

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Source: https://btcmanager.com/bloxroute-providing-future-proof-network-layer-solution-for-polygon/

Blockchain

Data shows parabolic-style growth in layer-2-based DeFi and DEX platforms

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In the increasingly competitive landscape of blockchain technology and cryptocurrencies, protocol innovation and the ability to solve the biggest problems facing the crypto community are necessary for any project that looks to have long-term success in the ecosystem. 

Recently, the emergence of layer-2 technology like Arbitrum, Optimism and a bridge to the Avalanche ecosystem is revolutionizing the way investors, builders and developers interact with various protocols because each facilitates fast, low-cost transactions that improve the fundamentals of the decentralized finance (DeFi) ecosystem while also making it easier for retail-sized investors to capitalize on opportunities.

According to data from Token Terminal, DeFi continues to be one of the fastest-growing sectors of the crypto economy as evidenced by increases in the total value locked (TVL) on protocols. Some of the biggest gains from last week occurred on cross-chain compatible networks and layer-two protocols that offer a lower fee environment.

Top-6 weekly gainers in total value locked. Source: Token Terminal

Two of the top-6 projects on the list above, Trader Joe and Pangolin, are found in the Avalanche network which has seen significant inflows and an increase in TVL since the launch of an upgraded cross-chain bridge that allows Ethereum-based tokens and applications to migrate to the Avalanche ecosystem. 

Total value locked on Avalanche. Source: Defi Llama

Governance features have also been a positive factor in helping spark new growth for projects as both Alchemix Finance and Rari Capital have ongoing, or recently completed votes designed to improve their ecosystems and increase community involvement.

Related: Bitcoin is great, but real crypto innovation has moved elsewhere

Layer-1 projects and decentralized leveraged exchanges thrive

Another emerging trend shown in the data from Token Terminal is the growing strength of derivatives and options trading protocols as regulators increasingly crack down on centralized exchanges that offer derivatives services and have loose KYC and AML requirements.

Top-6 weekly gainers in protocol revenue. Source: Token Terminal

As shown on the chart above, two of the biggest gainers in terms of protocol revenue over the past week were dYdX and Hegic, a pair of protocols that offer decentralized derivatives and on-chain options trading to investors.

Global regulators have increased their scrutiny on leveraged and derivatives trading platforms in recent months, while at the same time, established exchanges like Coinbase have applied to offer futures trading services, indicating that this is one sector poised for continued growth as cryptocurrencies become more mainstream.

dYdX has also benefited from the fact that it operates on a layer-two solution developed in conjunction with StarkWare that enables cross-margined perpetual’s with zero gas costs and minimal trading fees.

Data shows that Ethereum-competitors such as Tezos (XTZ) and Cosmos (ATOM) have al seen an increase in revenue over the past week, suggesting that the layer-1 battle is heating up as high fees on the Ethereum network continue to motivate users to explore other options.

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


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Source: https://cointelegraph.com/news/data-shows-parabolic-style-growth-in-layer-2-based-defi-and-dex-platforms

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Blockchain

Data shows parabolic-style growth in layer-2-based DeFi and DEX platforms

Published

on

In the increasingly competitive landscape of blockchain technology and cryptocurrencies, protocol innovation and the ability to solve the biggest problems facing the crypto community are necessary for any project that looks to have long-term success in the ecosystem. 

Recently, the emergence of layer-2 technology like Arbitrum, Optimism and a bridge to the Avalanche ecosystem is revolutionizing the way investors, builders and developers interact with various protocols because each facilitates fast, low-cost transactions that improve the fundamentals of the decentralized finance (DeFi) ecosystem while also making it easier for retail-sized investors to capitalize on opportunities.

According to data from Token Terminal, DeFi continues to be one of the fastest-growing sectors of the crypto economy as evidenced by increases in the total value locked (TVL) on protocols. Some of the biggest gains from last week occurred on cross-chain compatible networks and layer-two protocols that offer a lower fee environment.

Top-6 weekly gainers in total value locked. Source: Token Terminal

Two of the top-6 projects on the list above, Trader Joe and Pangolin, are found in the Avalanche network which has seen significant inflows and an increase in TVL since the launch of an upgraded cross-chain bridge that allows Ethereum-based tokens and applications to migrate to the Avalanche ecosystem. 

Total value locked on Avalanche. Source: Defi Llama

Governance features have also been a positive factor in helping spark new growth for projects as both Alchemix Finance and Rari Capital have ongoing, or recently completed votes designed to improve their ecosystems and increase community involvement.

Related: Bitcoin is great, but real crypto innovation has moved elsewhere

Layer-1 projects and decentralized leveraged exchanges thrive

Another emerging trend shown in the data from Token Terminal is the growing strength of derivatives and options trading protocols as regulators increasingly crack down on centralized exchanges that offer derivatives services and have loose KYC and AML requirements.

Top-6 weekly gainers in protocol revenue. Source: Token Terminal

As shown on the chart above, two of the biggest gainers in terms of protocol revenue over the past week were dYdX and Hegic, a pair of protocols that offer decentralized derivatives and on-chain options trading to investors.

Global regulators have increased their scrutiny on leveraged and derivatives trading platforms in recent months, while at the same time, established exchanges like Coinbase have applied to offer futures trading services, indicating that this is one sector poised for continued growth as cryptocurrencies become more mainstream.

dYdX has also benefited from the fact that it operates on a layer-two solution developed in conjunction with StarkWare that enables cross-margined perpetual’s with zero gas costs and minimal trading fees.

Data shows that Ethereum-competitors such as Tezos (XTZ) and Cosmos (ATOM) have al seen an increase in revenue over the past week, suggesting that the layer-1 battle is heating up as high fees on the Ethereum network continue to motivate users to explore other options.

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


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Source: https://cointelegraph.com/news/data-shows-parabolic-style-growth-in-layer-2-based-defi-and-dex-platforms

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Blockchain

Traders buy the Bitcoin dip even as Evergrande’s implosion rocks stock markets

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Bitcoin (BTC) investors seem concerned about the increasing speculation that China’s second-largest property developer, Evergrande Group, will default on its $300 billion in debts. These fears manifest in global equities markets which saw a 1.5% to 3% drop at this morning’s market open. 

Despite the price move, the BTC outflow (net withdrawals) from exchanges has continued a multi-month trend, particularly on Coinbase Pro.

Traders also know that every exchange has a different user profile. For example, liquidations on Bybit tend to be more extreme when compared to FTX, which is known for having more conservative clients.

Take, for example, today’s drop below $43,000, which caused a $1 billion long contracts liquidation led by Bybit even though there was $2.34 billion in futures open interest. This number is lower than Binance’s $3.66 billion and FTX’s $2.51 billion liquidations.

Bitcoin futures liquidations past 24 hours, Sept. 20. Source: Bybt.com

The data above shows that Bybit traders are more risk-takers, typically using higher leverage. Meanwhile, Binance and FTX derivatives investors were proportionately less impacted by the 11% daily negative move.

Pro traders remain neutral-to-bullish

To understand how bullish or bearish professional traders are leaning, one should analyze the futures premium (or basis rate). This indicator measures the difference between longer-term futures contracts and the current spot market levels.

In healthy markets, a 5% to 15% annualized premium is expected, which is a situation known as contango. This price gap is caused by sellers demanding more money to withhold settlement longer.

A red alert would emerge whenever this indicator fades or turns negative, known as “backwardation.”

Bitcoin 3-month futures annualized basis. Source: Laevitas.ch

As depicted above, the current 7% annualized premium is neutral but in line with the previous month’s average. Had pro traders become worried or bearish, this indicator would have flipped below 5%.

Top traders long-to-short ratio shows buying activity

Investors should monitor the top traders’ long-to-short ratio at leading crypto exchanges to precisely measure how professional traders are positioned. This metric provides a complete view of the traders’ effective net position by gathering data from multiple futures and margin markets.

OKEx and Binance top traders Bitcoin long-to-short ratio. Source: Bybt.com

It is worth highlighting that each exchange gathers data on top traders differently because there are multiple ways to measure a clients’ net exposure. Therefore, any comparison between multiple providers should be made on percentage changes instead of absolute numbers.

OKEx top traders long-to-short ratio hiked from an 8% position favoring longs to the current 54%, the highest level in ten days. Binance derivatives traders, on the other hand, held a consistently 10% ratio favoring longs despite the Bitcoin price correction.

Both data confirm that retail traders were likely the ones more impacted due to high-leverage bullish positions. Meanwhile, pro traders either kept their positions or took advantage of the discounted price to add long positions.

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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Source: https://cointelegraph.com/news/traders-buy-the-bitcoin-dip-even-as-evergrande-s-implosion-rocks-stock-markets

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