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Golem, one of Ethereum’s first ICOs, just announced its migration to ERC20

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Golem announced its token migration earlier this week. The blockchain was one of the first ICOs on Ethereum, raising $8.6 million in 29 minutes and setting the precedent for thousands of other ICOs in the years since.

Its token will now change from the current Golem Network Token (GNT) to GLM, an ERC20 compliant Ethereum standard. This is partly because the former launched at a time when ERC20 was neither popular nor widely-adopted, with the token ecosystem changing massively since.

“We are migrating towards an ERC20 token, mainly because New Golem’s transaction framework is built on Ethereum’s Layer 2, and this scaling method requires tokens to be ERC20,” the project said in a release.

The project was huge back in 2016-17 when its decentralized computing narrative did the rounds on social media sites. But the popularity has waned since, Golem currently trades at just $0.1 with a market cap of $103 million; down from an all-time high price of $1.32 in January 2018.

However, the token’s still not a dead coin. Its new migration represents years of work towards Golem’s vision, one that may see a resurgence in the coming months.

Golem, the “Airbnb for computers”

For those that weren’t around in 2017, Golem is a marketplace for computing power. On the peer-to-peer network, unused computational resources can be rented out to users wishing to perform memory-intensive tasks, who pay the provider in Golem’s cryptocurrency.

This allows an individual possessing a high-end computing system, such as a gaming laptop, to profit from other users by renting out its GPU/CPU cycles for anything from CGI rendering to training neural nets. Resources that once would have sat idle can now be monetized on the decentralized network.

Users who share their computing power with the Golem network were rewarded with GNT. Now, with GLM, token holders can enjoy greater layer-2 scaling solutions and use cases:

“ERC-20 tokens are able to be used freely not only for L2, but across DeFi and DEXes (decentralized exchanges), and can give you access to other benefits within the Ethereum blockchain. The new GLM is the key for us to unlock all of this.”

As per a post, the migration can be carried out via browser service MetaMask or the MyCrypto app using the steps given here. Meanwhile, crypto exchanges like Bitfinex, Huobi, and Coinbase have already announced their support for the token swap, and users on those exchanges would not need to take further steps.

Golem, currently ranked #106 by market cap, is up 2.31% over the past 24 hours. GNT has a market cap of $96.44M with a 24 hour volume of $8.73M.

Golem Price Chart

GNTUSD Chart by TradingView

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Source: https://cryptoslate.com/golem-one-of-ethereums-first-icos-just-announced-its-migration-to-erc20/

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Ukraine’s Draft Crypto Bill Passes First Parliamentary Hearing

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Ukraine’s legislative effort to bring in cryptocurrency regulation has had a successful first hearing in the nation’s parliament, the Verkhovna Rada.

After being discussed and given the initial thumbs up by lawmakers Wednesday, the Draft Bill on Virtual Assets now has two more hearings before it becomes law. 

If that happens, Ukraine will join the still-short list of nations that have put in place dedicated laws regulating cryptocurrencies. The country was named a global leader in crypto adoption by blockchain analytics firm Chainalysis in September, as citizens actively using crypto for savings, investment and cross-border trade. 

The parliamentary hearing was not completely smooth for the bill: some lawmakers decried it as considering things too far from the problems besetting Ukrainian economy. However, at the end, the document still received 229 “yes” votes out of 340 and passed this first stage of the legislative process. 

The bill defines virtual assets as “a set of data in electronic form,” which “can be an independent object of civil transactions, as well as certify property or non-property rights.” The law suggests not considering virtual assets as legal tender in Ukraine.

The document singles out virtual assets backed by goods or services, suggesting that they must be taken out of the market in cases where the backing ceases to exist. 

The ownership of virtual assets is considered as being the entity holding the private keys, unless they are held with a custodian, forfeited by the court decision or acquired illegally. 

Virtual assets would be regulated by Ukraine’s Ministry of the Digital Transformation, and crypto service providers must register to be able to operate in the nation. Firms must provide information on ownership structure and beneficiaries, as well as ensure they don’t facilitate money laundering and that they are diligently protecting users’ personal data. 

The Ukrainian crypto community sometimes finds itself at a disadvantage on global trading platforms. For example, in September, Bittrex temporarily stopped serving users from Ukraine, along with Belarus, Burundi, Mali, Myanmar, Nicaragua and Panama. The exchange did not give specific reasons, citing only “the current regulatory environment” in the affected jurisdictions.

The Ministry of the Digital Transformation believes introducing a clear regulatory regime would encourage crypto businesses to work with Ukrainians and open shop in the country. The ministry drafted the bill in collaboration with Ukraine’s crypto community, although some members are vocally opposing the very idea of crypto regulation. 

Source: https://www.coindesk.com/ukraine-parliament-draft-cryptocurrency-bill-law

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Tether (USDT) is nearing $20 billion market valuation

TL:DR Breakdown: US dollar-backed stablecoin, Tether, is nearing a market cap of $20 billion. The stablecoin market cap has been on growth for the past two months. The market capitalization of the fourth-largest digital currency, Tether (USDT), has been on the rise since the beginning of the crypto market in September. According to data provided […]

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TL:DR Breakdown:

  • US dollar-backed stablecoin, Tether, is nearing a market cap of $20 billion.
  • The stablecoin market cap has been on growth for the past two months.

The market capitalization of the fourth-largest digital currency, Tether (USDT), has been on the rise since the beginning of the crypto market in September. According to data provided by Skew, a crypto on-chain analytics platform, the stablecoin market valuation is nearing the $20 billion mark. On this note, the US dollar-backed crypto is still leading the stablecoin market with a huge dominance rate. 

The second-largest stablecoin USD Coin (USDC), has about $2.97 valuation on Coinmarketcap.

Tether Posts More Market Cap Growth

On Coinmarketcap, the leading stablecoin has a market valuation of around $19.413 billion and a 24 hours trading volume of $89.885 billion. CoinGecko posted a market $19.398 billion and $65.629 billion 24hrs volume, while Messari posted a $19.97 billion capitalization and trading volume of $9.449 billion. Notably, USDT’s market valuation has been growing steadily since September, as Skew shared on Twitter today.

To better understand the growth, the stablecoin had a valuation of around $10.2 billion on Messari, and $9.1 billion on Coinmarketcap, back in July. Meanwhile, it’s worth noting that the company behind the digital currency, Tether inc., has been minting a significant amount of USDT in recent days. 

There has been a lot of controversy around the stablecoin. The company says each USDT issued is backed by a US dollar; however, this has been largely questioned by many people in the digital currency space. 

USDT kept dominating

Despite the controversies around USDT’s backing, the stablecoin remains the most-traded and leading currency-back cryptocurrency. The second-leading stablecoin by market capitalization, USDC, sees a valuation of $2.98 billion on Messari, $2.969 billion on CoinGecko, and $2.97 on Coinmarketcap. 

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SushiSwap Hits Multi-Week High on High Profile Synergies; What’s Next?

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SushiSwap’s governance token SUSHI continued its rally upward on Wednesday as its price per unit breached the $2-resistance level.

The SUSHI/USD exchange rate rose 13.15 percent ahead of the New York opening bell, trading at $2.18. The latest gains came as a part of a broader upside move that brought SUSHI’s week-to-date returns up by 61 percent and its quarter profits up by 74 percent.

Partnerships

Meanwhile, the reason traders boarded the SUSHI uptrend this week is a flurry of SushiSwap’s partnerships with high-profile decentralized finance projects. A decentralized exchange itself, it formed synergies with yield aggregator Yearn Finance, smart contract-based job marketplace KP3R, and DeFi services platform DeriSwap.

All the SushiSwap’s partnership platforms have one founder: Andre Cronje.

The celebrated developer stated in a blog post on Tuesday that Yearn Finance would “participate in SushiSwap governance and add to its treasury some SUSHI.” He further promised grants for developers who would build tools for the decentralized exchange.

Josh Rager, a cryptocurrency analyst, said the partnerships allowed traders to raise their bids for SUSHI tokens. As a result, the price rose exponentially in the previous weeks in hopes that SushiSwap would grow into a full-fledged DeFi ecosystem.

“I would love to see SUSHI price eventually hit the upper $4’s target,” said Mr. Rager.

SUSHI Technical Setup

Technically, SUSHI showed signs of either correcting lower or consolidating sideways as its momentum oscillator alerts about its “overbought” status.

SUSHI, SUSHIUSD, SUSHIBTC, cryptocurrency
SushiSwap breaks above crucial Fib resistance level. Source: SUSHIUSD on TradingView.com
SushiSwap breaks above crucial Fib resistance level. Source: SUSHIUSD on TradingView.com

But despite a short-term correction woe, SUSHI looks stronger above $2, a Fibonacci retracement level the token broke on Wednesday. A push above the level now allows traders to open a slightly risky long position towards $2.9-3. SushiSwap’s fundamentals, as discussed above, support the upside call.

Meanwhile, should profit-taking sentiment clouds the market, SUSHI risks falling back inside its previous Ascending Channel range, followed by a retest of the area’s lower trendline. The level also coincides with the 20-day exponential moving average wave (green).

If the sell-off continues, then the price may fall to as low as the 50-day simple moving average curve (red).

Source: https://www.newsbtc.com/news/defi/sushiswap-sushi-expects-to-rise-by-another-350-analyst-assertssush/

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