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Blockchain

Ukubusa KukaTether Ngaphezu Kwama-Stablecoins Dips Angaphansi kwama-80% Ngesikhathi Sokuqala Eminyakeni

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Tether's Dominance Over Stablecoins Dips Below 80% For The First Time In Years

Isikhangiso & &

The leading stablecoin’s dominance has dropped below 80% in the stablecoin market, according to data from Ama-Coinmetrics. This is happening for the first time in recent years of stablecoins existence. Tether being the first stablecoin ever has managed to maintain the lead as the dominant stablecoin.

The dominance has been largely due to the fast-growing demand for the stablecoin, mainly in parts of the world where direct buying of Bitcoin or other cryptocurrencies has been forbidden. China has been leading in this demand as Chinese citizens use USDT to buy Bitcoin for investment. According to Coinmetrics data, USDT has been dominant up to the end of 2018 to the start of 2019 when it started to drop following the launch of the ERC20 based USDT.

This decrease has been progressive and USDT_ETH has now taken over the lead with USDT_TRX following. It should be noted that Tether USDT is the first USDT which is currently issued on Omni Layer while ERC20 and TRC20 are the ones issued on Ethereum and Tron blockchains respectively. These came later when Tether decided to issue USDT on other blockchains.

The shift in dominance could be as a result of reducing Tether transaction volume compared to ERC20 USDT. CoinDesk kubika in May this year that the number of Tether transactions has been on a steady decline for the past 12 consecutive months. Tether’s supply has also experienced a continuous decrease for months on end, the reports add.

Omni was the sole supporter of USDT for three years before it was launched on Ethereum. It only took two years before the Ethereum-based USDT supply surpassed that of Omni. Earlier this month, 1 billion USDT tokens were moved from Tron to Ethereum. This is just one of the several chain swaps between Tron and EThereum which has further increased the supply on the Ethereum blockchain.

IsikhangisoI-1xbit

Poloniex exchange says the decision to move more USDT to Ethereum is because Ethereum gives users more flexibility compared to Omni and Tron. Will ERC20 USDT continue to maintain dominance in USDT supply?


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Imibono evezwe ku-athikili yileyombhali ngokuphelele futhi ayimeli leyo, futhi akufanele kuthiwe, yiZyCrypto. Le ndatshana ayenzelwe ukunikeza izeluleko zezezimali. Sicela uqhubeke nocwaningo lwakho ngaphambi kokutshala imali kunoma iyiphi i-cryptocurrencies ehlukahlukene etholakalayo.

Source: https://zycrypto.com/tethers-dominance-over-stablecoins-dips-below-80-for-the-first-time-in-years/

Blockchain

Ukwephula: I-DeFi Protocol Harvest Finance Attack Ekhombe Amachibi Amanzi

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Details are thin on the ground at the moment as the situation is unfolding, but DeFi yield farming protocol Harvest Finance appears to have become the latest victim of an exploit by a malicious actor.

The team is currently updating via their twitter feed but it appears that an ‘economic attack’ was carried out on its Curve y pool. This ‘stretched the price of the stablecoins in Curve out of proportion’.

Large amounts of assets have been deposited and withdrawn from the protocol in what seems to be an arbitrage attack. DeFi Prime also confirmed this in a recent tweet as it monitors the situation.

To protect users, Harvest Finance has pulled the y pool and BTC Curve strategy funds to its vault adding that all stablecoin and BTC funds are secured. At the time of writing it was unclear as to whether any funds have been lost.

“To be specific: to protect users, 100% of Stablecoin and BTC curve strategy funds have been withdrawn from the strategy to the vault.”

Harvest Finance is another Iphrothokholi ye-DeFi that seeks the highest earning pools to farm, similar to Yearn Finance. Following the now tired and much-repeated pattern, it has its own FARM token that is distributed as a reward for liquidity providers.

Ungase Uthande:

The team states that its smart contracts have been zihloliwe by Haechi Labs and PeckShield. It is unclear at this stage whether the attack is the result of a smart contract code flaw.

According to DeFi Pulse, Harvest Finance garnered over $1 billion in total value locked surging into the top five DeFi platforms, however, that had already begun to plummet as the news broke.

ezezimali zokuvuna
Image – defipulse.com

The situation is currently developing and the latest updates are being posted on the Harvest Finance twitter feed: https://twitter.com/harvest_finance

ISINIKIZO ESIKHETHEKILE (Sixhasiwe)

I-Binance futures 50 USDT Voucher EMAHALA: Sebenzisa lesi sixhumanisi ukubhalisa & uthole u-10% wemali ekhishwayo kanye ne-50 USDT lapho uhweba i-500 USDT (ukunikezwa okukhawulelwe).


Source: https://cryptopotato.com/breaking-defi-protocol-harvest-finance-attack-targets-liquidity-pools/

Qhubeka Reading

Blockchain

Bitcoin Just Had Its Highest Weekly Close Since Jan-18 While ETH Eyes $400 (Market Watch)

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After marking two consecutive yearly highs in the span of a few days, Bitcoin has calmed but still hovers over $13,000. Most alternative coins have remained relatively stable, and the market cap is yet to break above $400 billion decisively.

Bitcoin Stays Above $13k

Although Bitcoin started the weekend with apparent stagnation, the asset entered Sunday on a roll. BTC was trading at $13,100 but sharply exploded to a okusha 2020 okuphezulu of above $13,350.

Shortly after, though, the cryptocurrency tanked in value, resulting in its intraday low of $12,900. Nevertheless, the bulls intercepted the price drop and drove BTC higher.

It’s worth noting that this was the highest weekly close of Bitcoin since January, 2018.

weekly_close
BTC/USD Historics Chart. Source: Twitter

In the past 24 hours, Bitcoin has been relatively stable. It reached a daily high of about $13,150 and has slightly retraced since then to $13,050. To continue its recent bull run, Bitcoin has to overcome the ukumelana kokuqala at $13,200. Further ahead, BTC could encounter obstacles at $13,400 before having a chance to challenge the 2019 high at nearly $13,900.

Ungase Uthande:

Alternatively, $13,000 serves as the first support in case of a price break down. The following ones are at $12,700 and $12,500.

Market Cap Challenges $400B

The recent price increases have pushed the cumulative market capitalization of all cryptocurrencies to about $400 billion. The metric even surged above that level briefly yesterday but so far struggles to overcome it decisively.

Cryptocurrency Market Capitalization. Source: CoinMarketCap
Cryptocurrency Market Capitalization. Source: CoinMarketCap

Most alternative altcoins haven’t assisted in surpassing the $400 billion level in the past 24 hours. As the graph below demonstrates, most of them have displayed low fluctuations and even some retracements.

Ethereum spiked to about $420 a few days ago but has been gradually decreasing since then. ETH now trades just above $403. Despite a minor increase, Ripple is still around $0.253.

Bitcoin Cash (-0.9%), Chainlink (-2.7%), and Cardano (-1.7%) have lost value from the top 10.

BitcoinSV (5%) and Monero (4.7%) are the most impressive gainers from the larger-cap altcoins.

imephu yokushisa
Ukubuka konke Kwemakethe ye-Cryptocurrency. Umthombo: Qoqa i-Crypto

Further gains are evident from Velas (20%), Filecoin (16%), and Quant (10%). In contrast, Ocean Protocol (-12.5%), ABBC Coin (-9%), Energy Web Token (-7.3%), Crypto.com Coin (-7%), and Ampleforth (-6.5%) have lost the most on a 24-hour scale.

ISINIKIZO ESIKHETHEKILE (Sixhasiwe)

I-Binance futures 50 USDT Voucher EMAHALA: Sebenzisa lesi sixhumanisi ukubhalisa & uthole u-10% wemali ekhishwayo kanye ne-50 USDT lapho uhweba i-500 USDT (ukunikezwa okukhawulelwe).

Ukuzikhulula: Imininingwane etholakala ku-CryptoPotato yile yababhali abacashunwe. Akumeleli imibono ye-CryptoPotato yokuthi uthenge, uthengise noma ubambe noma yikuphi ukutshalwa kwezimali. Uyelulekwa ukuthi wenze ucwaningo lwakho ngaphambi kokwenza izinqumo zokutshala imali. Sebenzisa imininingwane enikeziwe ngengozi yakho. Bheka Ukuzikhulula ukuze uthole imininingwane engaphezulu.

Amashadi we-Cryptocurrency ngo-TradingView.


Source: https://cryptopotato.com/bitcoin-just-had-its-highest-weekly-close-since-jan-18-while-eth-eyes-400-market-watch/

Qhubeka Reading

Blockchain

Alibaba Founder Jack Ma: Digital Currencies Can Create Value

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Founder and former executive chairman of the multinational technology conglomerate Alibaba Group, Jack Ma, believes that world regulators need to improve the legislation around digital currencies as they could create value.

Ma: Digital Currencies Could Create Value

In a recent speech kubika by Bloomberg, the Chinese billionaire criticized the current global financial regulatory framework for its lack of innovation. He claimed that watchdogs are primarily focused on risk control, which has driven them away from pursuing any developments, and they rarely “consider opportunities for young people and developing countries.”

According to Ma, the Basel Accords are a “club for the elderly” that solves issues only for financial systems operating for years. Countries like China, which are still considered a “youth,” require more innovation to “build an ecosystem for the healthy development of the local industry.”

One area where regulators could increase their focus is digital currencies. Should the world’s watchdogs indeed improve their approach, virtual currencies could play an essential role in building a financial system that will be used in the next 30 years, he added.

“Digital currency could create value, and we should think about how to establish a new type of financial system through digital currency.”

Jack Ma. Source: Nikkei
Jack Ma. Source: Nikkei

He’s (Probably) Not Talking About Bitcoin

Although Alibaba’s founder didn’t specify what exactly he had in mind when using the term “digital currency,” his history suggests that it probably wasn’t Bitcoin. A few years ago, Ma warned people to be careful and wathi that he’s staying away from the primary cryptocurrency as it could “be a bubble.”

Ungase Uthande:

However, he was significantly more favorable towards Bitcoin’s underlying technology – blockchain. The company he founded has been involved in numerous blockchain-related projects in the past few years. Alibaba even umkhankaso two DLT subsidiaries in Shanghai last year.

Additionally, a recent umbiko highlighted that Alibaba is the firm with the most blockchain patents.

So, if Ma’s not referring to Bitcoin as the digital currency with value, he’s perhaps talking about the upcoming China CBDC. Alibaba has ihlukaniswe with other giant Chinese organizations, such as China Merchant Bank, Tencent, and Huawei, to develop the nation’s central bank digital currency.

Besides, the world’s most populated country has also been openly pro-blockchain while reaffirming that Bitcoin and other cryptocurrencies are officially banned within its borders.

Izimpawu ezifakiwe Zezithombe ze-CNBC

ISINIKIZO ESIKHETHEKILE (Sixhasiwe)

I-Binance futures 50 USDT Voucher EMAHALA: Sebenzisa lesi sixhumanisi ukubhalisa & uthole u-10% wemali ekhishwayo kanye ne-50 USDT lapho uhweba i-500 USDT (ukunikezwa okukhawulelwe).


Source: https://cryptopotato.com/alibaba-founder-jack-ma-digital-currencies-can-create-value/

Qhubeka Reading

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