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0.00000163 BTC
Market Cap (Rank#211)
5,209 BTC
Vol 24h
25.913 BTC
Circulating Supply
Max Supply
1h agocointelegraph
Price analysis 8/19: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX
Bitcoin and altcoins sold-off sharply on Friday, leading technical traders to forecast a possible drop to new yearly lows.
2h agocryptodaily
Bitcoin Technical Analysis: BTC Pain Below 22908
BTC/USD Extends Downward Pain Below 22908: Sally Ho’s Technical Analysis – 19 August 2022 Bitcoin Bitcoin (BTC/USD) remained considerably weaker early in the Asian session as the pair came off to the 21264.06 area after Stops were elected below the 23185, 22296, and 21392 areas during the pullback, technically significant areas related to buying pressure that emerged around the 17567.45 area. Related areas of potential technical support include the 21038, 20715, 20662, 19931, 19028, and 18892 levels. Stops are likely in place below the 20902, 20714, and 20443 areas, levels that are linked to more recent buying pressure around the 18892 area. Upside retracement levels in the depreciating range from 31549.21 to 17567.45 include the 26208, 28249, and 28557 areas. Additional upside price objectives and areas of potential selling pressures include the 25552, 26323, 26411, 26901, 27126, 27455, 28426, and 29669 areas. Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas. Traders areobservingthat the50-bar MA (4-hourly)isbullishly indicating above the 100-bar MA (4-hourly)andabove the200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly). Price activity is nearest the200-bar MA(4-hourly) at 23172.61 and the50-bar MA(Hourly) at 22971.12. Technical Supportis expected around16990.14/ 14500.15/ 10432.73 withStopsexpected below. Technical Resistanceis expected around25256.96/ 27455.20/ 32383.96 withStopsexpected above. On4-Hourlychart,SlowKis Bearishly below SlowDwhileMACDis Bearishly below MACDAverage. On60-minutechart,SlowKis Bearishly below SlowDwhileMACDisBearishly below MACDAverage. Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
3h agocryptodaily
World's First Auto-Rebasing Layer 1 Blockchain Is Set for 2023 Release
August 19, 2022, Brisbane, Australia - Leveraging the ongoing success of the Safuu protocol, the Safuu team has announced the upcoming launch of the SafuuX. The world’s first auto-rebasing layer 1 blockchain, scheduled for Mainnet in January 2023. The SafuuX blockchain will use a Proof of Staked Authority (PoSA) consensus mechanism and feature SFX as the native coin, and SafuuX DEX as the native decentralized exchange on SafuuX chain. SFX will feature a huge never before seen introductory APY of 191,888% achieved through rebases, and employ a FixedFlex Model thereafter, offering up to 3.24% APY per day. SFX will have the same auto-rebasing, auto-compounding, and auto-staking mechanisms as the original Safuu, ensuring holders earn reward payouts every 15 minutes. “After seeing how successful the initial Safuuproject was, it was obvious that expanding the concept into a full-fledged layer 1 blockchain was the natural progression of the protocol,” said Bryan Legend, the CEO of Safuu. “This is an entirely new concept, something never seen in DeFi, and we have a lot of additional features and benefits that we will announce in the near future,” he added. Starting October 20th, 2022, there will be an initial ‘Sacrifice Event’ where existing Safuu token holders and holders of BTC, ETH, BNB, FTM, XRP, SOL, DOT, AVAX, MATIC, DOGE, SHIB and USDT/USDC/BUSD stable coins will be able to sacrifice their current coins for SFX prior to the test net going live. The earliest sacrificers on day one will be eligible for up to a 50% multiplier of their sacrifice rewards. The multiplier reward will decrease over time in the subsequent days, ensuring that early sacrificers are rewarded the most while still making sure even late sacrificers will be rewarded plentifully. SFX tokenomics include an initial supply of 375 million coins, and an initial main net launch price of $9.00 USD. For more information on SFX and the SafuuX Chain, visit About SafuuX: SafuuX Chain is the world’s first independent rebasing blockchain which uses Proof of Staked Authority (PoSA) consensus on a system of validators. SafuuX boasts smart contract functionality and is also EVM compatible. The native coin of SafuuX Chain is SFX which is used for paying gas fees, validator staking and block rewards. SafuuX Chain is a standalone blockchain which unlike other Layer-2 solutions, does not interact directly with Ethereum base chain. About Safuu: Safuu provides a decentralized financial asset which rewards users with a sustainable fixed compound interest model through use of its unique SAP protocol. Safuu delivers the industry’s highest fixed APY, paid every 15 minutes, and a simple buy-hold-earn system that grows your portfolio in real time. Media Contact: Damian MacRae CMO 2IC, Safuu [email protected] Disclaimer: This is a sponsored pressrelease, andis for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
3h agocryptopotato
Bitcoin Miners Pocketed Quick Profit by Selling Nearly 6K BTC Amid Recent Rally
Bitcoin miners offloaded tokens at the start of the month yet again.
3h agocryptodaily
Hodlnaut Announces Police Inquiry, Cuts 80% of Staff
Troubled crypto lender Hodlnaut today announced that it is subject to a police inquiry, and has had to cut 80% of its workforce. The Singapore-based crypto firm updated its community after it filed for judicial management last week. Hodlnaut says that it cut roughly 40 people, “to reduce the company’s expenditure.” Its statement said that the 10 remaining employees are “necessary” for its current operations. In addition to announcing staff cuts, Hodlnaut is also fielding pending proceedings with the Singapore Attorney General and the Singapore police force. It added, While Hodlnaut is unable to disclose any information in this regard, these actions are taken in what we believe to be in the best interests of our users. After announcing that it was pausing customer withdrawals on August 8, the company filed for judicial management in Singapore, which will see an independent third-party oversee the firm’s operations, and will also place a temporary halt on legal claims against the firm. Hodlnaut tweeted early in August saying that it would freeze withdrawals, deposits, and token swaps on its platform, adding: This difficult decision was taken for us to focus on stabilizing our liquidity and preserving assets, while we work to find the best way to protect our users’ long-term interests. The firm has said that judicial management would help the company and benefit users “in the long run.” Judicial management will also prevent the firm from having to liquidate its current Bitcoin and Ethereum holdings at a time when prices are particularly low. Hodlnaut is the latest in a slew of companies to have experienced trouble in these market conditions. On July 22, crypto exchange Zipmex filed for bankruptcy protection in Singapore in an effort to avoid legal action from creditors after it froze customer withdrawals. Regulators are also hot on the heels of the now-insolvent crypto hedge fund, Three Arrows Capital which defaulted on its loans to other major crypto lenders. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
5h agocryptodaily
BTC and ETH Fall As Interest Rates Rise, But Chronoly Is Up 560%
With inflation still at record highs in the past few decades, the Federal Reserve has been steadily raising interest rates to quell consumer and business spending. If you’ve been in the crypto game for a while, you’ve probably seen the correlation between stocks and crypto, particularly the big two, Bitcoin (BTC) and Ethereum (ETH). And you’ve also probably noticed that when interest rates rise, stocks and crypto fall. Let’s take a look at some of the recent hikes and one coin that seems unaffected by interest rates. Bitcoin (BTC) and Ethereum (ETH) are closely linked with equities When the Fed first raised rates back in March, it was only a minor increase of 0.25%, the first hike since 2018. Markets seemed to have priced this move in, with Bitcoin and other cryptos seeing a little drop before going on an uptrend in the following few weeks. However, increased bearishness due to the Fed raising interest rates 0.5% in May saw a significant decline in Bitcoin of over $10k in just ten days. Similarly, this prompted Ethereum’s decline from nearly $3000 to a low of $881 in a little over a month. At the Fed meeting in June, another hike, this time 0.75%, caused prices to decline even further. So why does this happen? Interest rate hikes are bad for demand. They prompt consumers and businesses to stop spending as much, which decreases flows into stocks and crypto as people become warier and more open to simply saving their money with minimal risk. However, one crypto coin hasn’t seen a substantial drop in price; in fact, it’s up 560% in the same period that Ethereum declined 70%. It’s called (CRNO), and investors are now looking to this real-world utility token to act as a solid place to grow their money. (CRNO) shows its resilience The ecosystem is intrinsically linked to the luxury watch market - a market, like art or vintage cars, that is relatively unaffected by interest rates and inflation. The project is a decentralized marketplace for the average Joe to invest in luxury watches, from big name brands like Rolex, Audemars Piguet, and Patek Phillipe, for as little as $10. has minted several fractional-share-based NFTs that allow you to participate in the ever-growing watch market. These watches are authenticated and back the NFTs, determining their value based on real-world worth. native token, CRNO, can be used for discounted buying fees and staked for a passive income of at least 10% - much better than any bank will give you. And it’s seen a meteoric rise of 560% while the rest of the crypto market crashed, already showing its resilience. Now in phase 3 presale with just over a month left, Chronoly.iois sat at $0.066. However, analysts are calling it hugely undervalued based on its fundamentals. Some are even projecting prices of $0.75-$1.00 by the end of presale, marking a potential 1000%+ gain in just a matter of months! As a result, crypto whales have been flooding in, realizing the potential of diversifying their investments by grabbing their piece of the luxury watch market. For more information about presale Website: Telegram: Presale: Twitter: Disclaimer: This is a sponsored press releaseand is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
5h agocryptodaily
DAM Finance Closes $1.8 Million Pre-Seed Funding Led by DFG and Jsquare for Cross-Chain, Portfolio-Backed Stablecoin
Miami, Florida, 19th August, 2022, ChainwiredPRIME Asset Modules Finance (”DAM Finance” or “DAM”), a protocol for creating purchasing power from cross-chain token portfolios, is pleased to share that it has closed a $1.8 million pre-seed funding round led by Digital Finance Group (”DFG”) and Jsquare. DFG, a global blockchain and cryptocurrency investment firm with more than $1 billion in assets under management, and Jsquare, a research and tech-driven investment firm focused on facilitating blockchain mass adoption, are joined by Arrington Capital, Ledgerprime, D1 Ventures, 11-11 Capital, Stacker Ventures and prominent angels within the Dotsama community as participants in the round. Funding will accelerate development towards DAM’s mainnet launch, currently scheduled for later this year. DAM enables borrowers to deposit baskets of tokens in a single transaction to mint dPRIME, a Dotsama stablecoin on Moonbeam. This innovation provides borrowers more flexibility in purchasing power creation and vault maintenance while accommodating a broader range of blockchain-secured assets as collateral. The project’s core contributors have backgrounds in enterprise and public blockchains, asset management and data science, previously at firms such as R3, Myria, Fidelity, Oak Hill Capital, EY, and IC Group. As a result, protocol risk management will be a major focus area for DAM. James Wo (@realjameswo), Founder and CEO of DFG, commented, "DFG is a strong backer of Polkadot and Kusama ecosystem, and DAM stands out from most of the multi-chain and cross-chain projects by showing its great competence in unlocking on-chain liquidity. We are also very confident about the coming launch of the dPRIME stablecoin. DFG will continuously support DAM to achieve a greater DeFi user experience." Joanna Liang (@joanna_jsquare), Co-Founder and CEO of Jsquare, commented, “As a research and tech-driven investment firm focused on facilitating blockchain mass adoption, we are excited to see DAM has the great potential to unlock liquidity from diversified token portfolios and create huge purchasing power for investors. It’s an innovative design to increase the liquidity of the cross-chain long-tail assets. We’re proud to be the leading investor to support the team to make it.” Harrison Comfort (@hoco_dam), Co-Founder and Product Lead of DAM, commented “Our goal is to significantly improve upon the current DeFi borrowing experience by embracing the reality that web3 investors have increasingly diverse portfolios across multiple chains. We are fortunate to have a group of backers led by DFG and Jsquare that can help us realize our cross-chain vision while also supporting our strong emphasis on risk management.” About DFG DFG is a global investment firm with more than $1B in AUM focused on empowering blockchain and Web3 companies. Since 2015, DFG has been committed to the long-term potential of blockchain technology and manages investments across the crypto ecosystem. DFG mainly runs three strategically dedicated funds: Venture Equity Fund, which follows traditional methods of investment in valuable CeFi service providers; Polkadot Ecosystem Fund, which empowers its Web3.0 innovation; Crypto Fund, which invests in promising solutions at an early stage. For more information about DFG, visit the official website ( and Twitter @DFG_OfficiaI. About Jsquare Jsquare is a research and tech-driven investment firm focused on facilitating blockchain mass adoption and empowering future Alpha in Web3. Currently, we are self-funded with AUM of over $150M. Our portfolio includes CeFi (CoinList, 3iQ, Republic, FV Bank), GameFi/NFT (Efinity, Big Time, Thetan Arena, Apeiron), Infra/Tooling (Pocket, Render, ChainSafe, GSN), among others. For more information about Jsquare, visit the website ( and Twitter @JSquare_co. About DAM DAM is a protocol for creating purchasing power from cross-chain token portfolios through dPRIME, a Dotsama stablecoin on Moonbeam. In the protocol, borrowers are bankers, portfolios are collateral, dPRIME is the means of creating purchasing power and DAM is a risk management wrapper. DAM’s core contributors have backgrounds in enterprise and public blockchains, asset management and data science. Follow DAM on Twitter, @DAM_Finance, for additional announcements and project updates.ContactsCo-FounderHarrison ComfortDAM [email protected]+17867828258
6h agocryptodaily
GazeTV Launches Phase 2 “Gazer-lization”
Hong Kong, Hong Kong, 19th August, 2022, ChainwireGazeTV announces today the launch of its Phase 2, dubbed “Gazer-lization”, a new phase of the GazeTV project emphasizing peer-to-peer interaction, social networking, and content discovery. Last year, GazeTV was first launched with Phase 1 GazeAge. While GazeAge primarily focuses on the video aspect, the emerging GAZE tokenized ecosystem has proven to be a solid way of not only embracing content creation but also connecting content creators and their audiences to support and interact directly with each other. Harnessing the power of blockchain technology, the built-in reward mechanism plays a significant role in supporting the GAZE ecosystem, where the Upload Reward Pool allows content creators to build their content economy and the Engagement Reward Pool promotes user engagement on the platform. Upcoming in Phase 2 Gazer-lization, we are taking the GAZE tokenized ecosystem to the next level, turning GazeTV into an all-rounded social entertainment platform. While the reward mechanism remains, a lot more new features will be introduced in Gazer-lization to achieve the ultimate goal - bringing the Gazer community closer. In Gazer-lization, our primary focus is no longer just on videos but on social and entertainment as a whole. After nearly a year of preparation and features development (see GazeTV’s milestone), new functions such as live streaming, social networking, referrals, P2P transfer, and voucher system will be rolling out altogether in this phase. New Features at a Glance Social Networking Space - Interaction and connection between Gazers can now be more direct and instant. The “Zone” section allows Gazers to express themselves and connect with other Gazers who share the same interests. This will enable creators to reach out to their fans and vice versa. Once the users add each other as Zonemate, they may view each other’s updates at the Zone and perform live chatting. Stay connected. Live Stream - This long-awaited new feature will soon be available on GazeTV. Live streaming makes the interaction between content creators and audiences happen in real-time. Creators can host public or private live streams for multiple purposes, from streaming a music show, an event or just casually chatting with fans. Private live streams allow creators to control the audience capacity and set the ticket price. To make streaming more entertaining, GazeTV live stream involves participated features, such as fun sharing and super chat, for audiences to get involved in the live stream more than just watching. Creators receive revenue from ticket sales and Super Chat purchases. User Tier - GazeTV introduces multiple levels of user tiers to encourage on-platform user engagement. User tier involves four levels, from GazeBie, GazeSeed, GazeTank to GazeStar. As the user level goes up, Gazers can enjoy increased incentives and privileges, including additional rewards on content revenue, access to more social features, free vouchers, and more. Referrals - In this new phase, GazeTV provides an alternative revenue stream for every Gazer, from content contribution and engagement. By referring family and friends to join GazeTV, Gazers can earn referral rewards for every successful referral. Rewards are uncapped. The more referrals the user makes, the more referral rewards they can get. Extra incentives are distributed to referrers once the referee completes the required tasks. Channel Membership Subscription - A membership subscription on GazeTV lets content creators publish their member-exclusive content on their channel. Creators can set the pricing on the channel membership to ensure a steady income on content monetization. This feature does not require any qualification. Every creator is eligible to activate the channel membership. P2P Transfer - GazeTV offers on-platform transfer for Gazers to send and receive GAZE instantly with no fees. Gazers can send GAZE to their Zonemates directly without leaving the platform with a few clicks. Every transaction is recorded and protected on the blockchain. Gazepon - Gazepon is the voucher system on GazeTV for Gazers to redeem exclusive offers on the platform. Gazepons distributed by GazeTV or Creator offers different discount rates, which can be applied to ticket sales, content transactions, and more. At the Gazepon center, it lists all the available and valid Gazepons. Gazers can grab and save the Gazepon of their choice on a first-come-first-served basis. MetaMask Integration - For crypto-savvy users, GazeTV makes everything easier for them. Once the users have their MetaMask wallet connected to their GazeTV account, they can conduct platform transactions, such as P2P transfers, deposits, withdrawals, and balance check, directly from the MetaMask wallet on the GazeTV platform. The wallet connection works as a hybrid model consisting of both decentralized and centralized exchange transaction flow. Regardless of the roles, from a content creator, a regular user, or just an affiliate, Gazer-lization provides the best possible social entertainment experience. In terms of content monetization, Gazer-lization empowers content creators to build and expand their content economy in multiple channels. In addition to the existing content upload reward mechanism, where creators are awarded GAZE tokens based on the duration of their uploaded content, creators can monetize their content through live streaming, content transaction on a single video or collection purchase, channel membership subscription, or direct support from audiences. As for users, GazeTV serves as an ideal space for them to socialize, express themselves, and stay connected with their favorite creators or loved ones. Users are incentivized based on the platform's level of engagement and involvement. Those interested in starting their Gazer journey can sign up at Refer to the User Guide for tips to get started with GazeTV. About GazeTV is a revolutionary new social networking and entertainment platform that combines the best of Web 3.0 and blockchain technologies to deliver a community-owned and socially conscious experience that empowers content creators and incentivizes users. Powered by the GAZE tokenized ecosystem and its emerging DAO (Decentralized Autonomous Organization) governance structure - The GazeTV Foundation - GazeTV utilizes built-in tokenomic incentives and reward functions for interacting and growing its community like never before. GazeTV Dapp: Foundation Site: For more information, visit: Twitter | Telegram | Facebook | Instagram | Medium | [email protected]
7h agocoindesk
Nigeria's CBDC eNaira Used for Nearly $10M Worth of Transactions Since October
Nigeria's central bank digital currency (CBDC), the eNaira, has been used to carry out transactions worth 4 billion naira ($9.3 million) since its introduction in October 2021, the governor of its central bank has said.
8h agocointelegraph
Nearly $55M worth of Bored Ape, CryptoPunks NFTs risk liquidation amid debt crisis
Analysts are divided on whether the potential NFT liquidation event is a buy-the-dip opportunity.
8h agocryptodaily
Bitcoin falls suddenly sending market into uncertain territory
Bitcoin has experienced a sharp fall on the day with a 7.2% slide to its current price of $21,500. As much as an 8% price reduction was seen earlier. Practically the entire crypto market has followed suit. The yoyo that is crypto continues to bounce around in the midst of extremely uncertain macroeconomic times. The rally that had begun at $17,500 was making steady higher highs and higher lows. However, this morning’s fairly emphatic dump has sent the market into the jitters territory again, and all are wondering if the strong support of the 200 weekly moving average will be held by the end of the week, or if bitcoin is going to break it and head down to its previous local low. CZ, the CEO of Binance, tweeted out a vaguely enigmatic statement with his view of the situation: Nevertheless, given that the rally was in its ninth week and that from bottom to top, the bitcoin price had increased 43%, the market was probably overdue for a correction. The Fear and Greed index continues in Fear territory, with a value of 33, slightly down on yesterday’s figure of 30. Bearing in mind that Fear registered 43 last week, the market is being quite resilient during this particular downturn. On Bitcoin Twitter, some are pointing to the bitcoin realised price, stating that $21,750 is the current figure where most holders of bitcoin start to see their positions go underwater. At time of writing bitcoin has just dipped below this price and is heading down strongly. Notwithstanding, the RSIs for all the medium term time frames out to the daily are starting to enter oversold territory, so look for bitcoin to bounce within the next day or so. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
10h agocryptodaily
Upland expands internationally with a sell-out in Rio de Janeiro
Upland, the layer-1 metaverse that allows you to mint and own properties that mirror the real world, expands internationally into Rio de Janeiro, Brazil and Porto, Portugal. The growth in land offering outside of the United States comes as demand grows within the Upland community, with over 280,000 unique land owners. This heralds the beginning of a worldwide virtual property and partnerships expansion. The Upland economy Nearly everyone has played Monopoly before, the property game that allows players to build up their real estate portfolio and increase property value with its development. Upland is Monopoly on steroids. The gamified experience enables players to buy virtual properties on the Blockchain in various cities across the United States, and now in Rio de Janeiro, Brazil and Porto, Portugal. The utility of the properties stem from the economic opportunity provided by the Upland metaverse platform. Properties earn a return and fees from visitors, and can be traded. You can acquire various properties in a neighbourhood in order to form “Collections” that make a much higher return. To date, Uplanders have collectively earned more than $7 million in the Upland metaverse, and in 2021 alone, players reported anywhere between 600% to as much as a 1.6 million percent increase in their Upland net worth. As a layer-1, Upland provides different ways for entrepreneurs, contributors and brands to operate. Users can earn an income in Upland by setting up businesses called “metaventures”, such as showrooms on their properties, or factories that produce UGC NFTs sold to the community. Developers of new or existing apps leverage Upland as a discoverability platform and set up shop. The Upland vision is to build the foundations so that thousands of micro-entrepreneurs will exist alongside the big brands, and make an income by selling virtual assets or services to fellow Uplanders. From San Francisco to Rio de Janeiro San Francisco, the first Upland city, started in open beta for the web, IOS, and Android back in January of 2020. Since that time Upland has been in a non-stop expansion, spreading to many cities across the United States, and now linking across the ocean to the vibrant and colourful city of Rio de Janeiro in Brazil and the historic city of Porto, Portugal. All Upland cities are mapped out to real world addresses. So buying a property in Rio makes you the owner of the virtual double of that property in the exact same geographical location. By constantly entering the Upland metaverse, an ‘Uplander’ gets to really know the neighbourhoods of the cities that they build their portfolio within. In a newly released feature, property owners can set up a “home address” on one of their properties, which will give them the right to vote on neighbourhood and platform-wide referendums. The governance activity is meant to empower the Upland community, and local communities. Porto and soccer in the Upland metaverse Upland’s next move is into Europe. Porto in Portugal to be precise. Throughout the architecturally beautiful city of Porto, properties will be mapped to their real world locations, and Uplanders can buy properties and soon, football player Legits from the 2022/2023 FC Porto team. A brand partner for Upland, FC Porto is the premier team in Portugal, and the current champion of the Primeira Liga. The first phase of the partnership will include the build of the Estadio do Dragao stadium and the launch of the first soccer club NFTs in Upland. The Upland metaverse is embarking on the next step of its product offering on the path to platformization. The growth of Upland into new cities and with new partnerships is driven by the growth of its user-base. This growth, in turn, drives the expansion of economic activity - also driven by the community’s contributors and entrepreneurs, as well as new platform products and features such as manufacturing, cars and UGC assets. In June, the team delivered developer tools to allow partners, existing applications and community developers to use Upland as a layer-1 and engage with its economy and community. Expanding together, these vertical and horizontal growth initiatives are leading the Upland vision of an open, entrepreneurial and user-driven economy. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
12h agocoindesk
Bitcoin Reverses CPI-Induced Rally, Drops Below $22K
The leading cryptocurrency by market cap fell to the lowest level since July 27 early Friday.
1 day agocryptodaily
Draper Dragon: Bullish on Web3 projects like IoTeX and MachineFi
Kavan Canekeratne, Draper Dragon Senior Associate, whose company is significantly bullish on Web3 projects like IoTeX and its MachineFi vision, said his investment firm believes many projects have failed tokenomics and should focus on making them sustainable. Web3 is here to stay. We've heard this phrase before, mainly when crypto advocates speak of the future of blockchain and digital assets. And there is evidence to support that it is true. Eleven months ago, a Bitcoinist report revealed that institutional investors owned 8% of the total supply of bitcoin. Late last year, according to a Reuters report, the International Monetary Fund (IMF) conceded that "crypto assets are potentially changing the international monetary and final system in profound ways." On 26 April this year, Bitstamp published a survey showing that 80% of institutional investors believe crypto as an asset class will surpass traditional investment tools in the next decade. The same study, covered by Euronews in an 11 May 2022 article, indicates that 88% of the 28,000 institutional investors interviewed believe crypto will go mainstream within the next decade. Draper Dragon launched in 2006, a couple of years before the bitcoin genesis. Its founders, Larry Li, Andy Tang, Bobby Chao, and multi-billionaire Tim Draper, initially invested in traditional tech firms from Silicon Valley, Toronto, Shanghai, Hong Kong, Singapore, and Bangalore. However, today, “we only invest in Web3 and companies that will bring the next wave of people into crypto,”said Kavan Canekeratne, Senior Draper Dragon Associate. He also said crypto projects should focus more on sustainable tokenomics. “Currently, very few products have this figured out but should focus more on this issue.” The Draper Dragon portfolio includes "unicorns" such as Microport Medical, Coinbase, Otter, VeChcain, IoTeX, and Ledger, a crypto hardware wallet provider, which just recently closed a $100 million funding round at a $1.5 billion valuation. Video insert: IoTeX to Enable Widespread Web3 Use: In Conversation with Kavan Canekeratne The next wave of people into crypto Draper Dragon has a dedicated digital asset fund that focuses on all things web3, explained the California-based company's Senior Associate Kavan Canekeratne. "We have four main tracks, which are infrastructure, where IoTeX and its MachineFi vision fits in, and NFTs, DeFi, and metaverse-gaming," he added." So, it's a pretty broad thesis within web3, but that's all in which we invest." He said that on the infrastructure side," we also invested in Ledger, which is one of the best selling cryptocurrency hardware wallets." "What we look for are companies that will help bring the next wave of people into the crypto economy," said Canekeratne. "And what I mean by that is that (web3) right now it's been built by developers for developers. So, how do we make it an ecosystem that's usable by everybody? And I think those will be the next great companies." In that sense, said Canekeratne, "IoTeX fits really well into what we are looking for but also just like an actual concrete use case for web3 and crypto because data is super important. Everybody is trying to figure out more ways to collect data. And then what we can do with that data and the insights are typically very powerful." Video insert: IoTeX Models Sustainable Demand & Tokenomics: Problem: Very few control consumer data "But today we're in a world where very, very few people control that data, whether it's consumer data, like our user behavior, or also for machines and how we're using them, and how they are used," the investment expert pointed out. And this is where IoTeX's MachineFi is significantly relevant. It is about empowering users and enabling their access to the data economy. "That's only going to grow in importance in the coming years," he said. In Canekeratne's opinion, IoTeX's MachineFi is a powerful proposition. "There is always going to be somebody looking for what you guys (IoTeX) are supplying," which is data. "And I believe that is a powerful ecosystem for users to get involved in," he said. The Draper Dragon Senior Associate spoke of one example where users could monetize weather sensors in their spare time thanks to IoTeX's technology and its MachineFi platform. "The weather data flow is fascinating because it is a pretty capital-intensive thing to do," he said. "Weather flow is a weather collecting sensor that could bring more users into the IoTeX ecosystem." How does MachineFi benefit users? MachineFi Lab is IoTeX's core developer. It has built the most cutting-edge technology to power all kinds of intelligent devices and machine networks and create the most groundbreaking web3 reward economy for the benefit of users. As Canekeratne said, currently, only tech firms benefit and profit from the billions of smart devices and machines connected to the internet. But with MachineFi technology, that will no longer be true as it decentralizes the intelligent machine connectivity with blockchain. It gives the user back control over their devices and their data. Today's data economy could mean up to $3,000 in extra cash each year for users, and currently, there are only about 20 billion devices connected to the internet. That value is expected to increase significantly by 2030, when IHS Markit estimates that people will have 125 billion IoT smart devices and machines. "For any MachineFi network to exist, you need adapters to grab the data, computing resources to process that data, a trusted way to serve the data, and a machine-friendly blockchain to power assets," he said. "And, of course, decentralized identities are indispensable." IoTeX has built the blockchain to decentralize the IoT, to democratize it so that users can profit from their data instead of the big corporations as is now the case. "We have built a fast, extremely low-cost, secure, and scalable multichain," Guo added. "IoTeX supports IoT-friendly crypto curves, SDKs, and bridges to connect other blockchain and blockchain assets. We are also close to releasing W3bstream for data streaming, gathering, and serving." W3bstream is poised to be one of the most advanced technologies to deal with machine data, Guo added. The conclusion in IoTeX's CEO's words "Web3 represents a significant paradigm shift that could fundamentally change how people interact with smart devices and machines and how IoT businesses work," said Chai. "MachineFi technology decentralizes the IoT and gives people and businesses back ownership. It returns data ownership to users unlocking rewards and benefits never seen before." Web3 comes with many challenges, and it is still at its early stages, but those who decide to get involved with it and, particularly with MachineFi, will reap the benefits it brings, Chai concluded.
1 day agocryptodaily
Bitcoin Technical Analysis: BTC Tests 23151 Technical Support
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About Rally

The live price of Rally (RLY) today is 0.034829 USD, and with the current circulating supply of Rally at 3,199,377,077.44 RLY, its market capitalization stands at 111,431,031 USD. In the last 24 hours RLY price has moved -0.000944 USD or -0.02% while 282,511 USD worth of RLY has been traded on various exchanges. The current valuation of RLY puts it at #211 in cryptocurrency rankings based on market capitalization.

Learn more about the Rally blockchain network and how it works or follow the price of its native cryptocurrency RLY and the broader market with our unique COIN360 cryptocurrency heatmap.

Rally Price0.034829 USD
Market Rank#211
Market Cap111,431,031 USD
24h Volume554,310 USD
Circulating Supply3,199,377,077.44 RLY
Max Supply15,000,000,000 RLY
Yesterday's Market Cap125,088,550 USD
Yesterday's Open / Close0.040043 USD / 0.039099 USD
Yesterday's High / Low0.040684 USD / 0.039099 USD
Yesterday's Change
-0.02% ( 0.000944 USD )
Yesterday's Volume282,511.40 USD
Powered by  Cryptocurrency prices in USD, market cap, volume
Sorry, no liquidity for this pair
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