Lưu trữ cho từ khóa: #DeFi

DeFi

DeFi is a 1st Amendment right, expert says at hearing

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Decentralized finance defenders argued against imposing stringent anti-innovation rules on the fledgling digital asset industry.

At a U.S. House Finance Services Committee hearing titled “Decoding DeFi: Breaking Down the Future of Decentralized Finance,” a roster of DeFi proponents testified to protect the sector from stricter rules focused on anti-money laundering and introducing total surveillance on web3 users.

Crypto skeptics like Representative Bill Foster and other Democratic Congress members claimed DeFi developers should be held liable for criminal uses of blockchain technology.

Rep. Foster and other anti-DeFi legislators reiterated proposals to tighten the regulatory noose around crypto activity. Specifically, Committee members highlighted the Treasury as the best agency to enforce stricter AML rules and crack down on blockchain code writers.

U.S. Representatives also questioned blockchain’s alleged use as a tax evasion tool. Coin Center research director Peter Van Valkenburgh staunchly opposed this assertion.

Van Valkenburgh argued that evading regulators using a public, transparent, decentralized ledger, known as a blockchain network, was difficult since anyone could inspect the transactions. Additionally, lawmakers in the so-called crypto caucus echoed Van Valkenburgh’s point, noting that criminals were more likely to use legacy financial systems to ferry billions to trillions in illicit wealth.

DeFi conversation intensifies

Since crypto’s inception, U.S. policymakers have generally regarded the Web3 complex as a Wild West rife with fraud. Still, the conversation around DeFi has gained traction in Congress and with some of the biggest financial names, like BlackRock. Proponents suggested that political headwinds have shifted in favor of crypto.

Coinbase CLO Paul Grewal said U.S. citizens would elect a pro-crypto Senate, regardless of who wins the presidential elections. 

Bitcoin (BTC) and blockchain have also been hot topics in the race between Republican candidate Donald Trump and Democratic pick Kamala Harris. Former President Trump has promised to support the industry and established America as the world’s cryptocurrency capital. However, doubts exist over Trump’s ability to execute and actual concern over the industry.

Similarly, the industry has a complicated relationship with Harris’ potential regime. The incumbent Vice President has accepted crypto donations via Coinbase and reportedly engaged with industry leaders, but Harris’ stance and crypto policy approach leave much room for speculation.

Yet, crypto bigwigs like Ripple co-founder Chris Larsen have endorsed Harris for President.

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Theo Crypto News

DeFi

SocialFi, web3, and UX: Cracking the trillion dollar creator economy | Opinion

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SocialFi is a web3 industry attempt at solving the problem of monetizing digital content—the genuine issue affecting millions of talented creators worldwide.

From the perspective of daily users, it might be hard to see creators struggling. However, despite producing quality content daily, the overwhelming majority do not make any money at all. Many SocialFi projects have been launched in the last couple of years, aiming to solve this very monetization part by rewarding every digital interaction for both creators and users. Unfortunately, most seem to have missed the mark by leaning too heavily on aspects of decentralization rather than offering real-world solutions to existing problems. 

The origins of mass interest in this space occurred during the pandemic lockdowns. With the idea of pursuing a passion-based career becoming more mainstream, the future of social monetization was catapulted into a new growth phase. This was also a time when the crypto industry saw a mass influx of retail investors, with industry narratives steering towards building pragmatic, real-world solutions. This led to significant advancement in the SocialFi movement, and plenty has been achieved since then in terms of on-chain innovation, tokenized community governance, integration of NFTs, and other DeFi products that authentically bridge issues around creator monetization and user rewards. 

Yet, as a sector claiming to be the future of the trillion-dollar creator and freelancer economy, the modest market cap of SocialFi tokens is over $2 billion. This indicates that the sector has a long way to go in establishing itself into a global financial ecosystem. Contrast this with DeFi’s market cap (around $70 billion) or even of NFTs (around $62 billion), and it’s clear that SocialFi has a long road ahead. 

Thankfully, there are signs that SocialFi platforms and the utility tokens that power them have a bright future. This is seen in the significant volume of new users willing to join a newly launched SocialFi platform. Sure, many of these users are only there for the free rewards, but that’s the current norm for web3, whether they like it or not.

The benefits of SocialFi

To benefit from such early user traction, builders in SocialFi must be real with themselves when designing a product. The reality is that very few creators care about (or will even benefit from) decentralized content ownership or on-chain proof of IP rights. Although this is a USP widely marketed in web3, it only benefits the top 1% of celebrity creators in the world. 

What about the masses? What USP will win their attention and loyalty? The answer to this holds the solution for how SocialFi platforms can finally win market share from Big Tech’s platforms, and central to this is building hybrid ecosystems. This means fusing blockchain features (such as tokenization) with non-blockchain architecture, providing an intuitive and seamless user experience for the masses. 

While DeFi and blockchain technologies have a variety of clear benefits and value, mass adoption won’t happen if web2 users are required to get past the web3 wall of creating a digital wallet, store a 20-word seed phrase, and interact with an unfamiliar user experience. If creating an account is harder than starting an Instagram account, you’ve already lost 95% of all potential users. From a user experience standpoint, people cannot be held back by the intimidating web3 gates. 

Appealing to the masses

The winners in this space will focus on the narrative that appeals to the masses, building a community of real creators, empowering them with web3 education, and implementing real-world token utility into a seamless user experience. That’s the formula for SocialFi’s success. 

Without a doubt, the SocialFi community is tackling these challenges, and 2024 remains a crucial year for projects in this space. The current wave of innovation is the most exciting one, as projects roll out user-centric features that focus on user experience and build upon the value that traditional platforms have already created for the creator community. Tokens matter, but as a secondary driver of growth, and should only exist as a medium to enhance the user experience. This realization will shape the sector moving forward.

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Theo Crypto News

DeFi

Telefónica joins Privado ID to develop EU-compliant digital identity solutions

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Spanish telecom giant Telefónica has joined Privado ID as a systems integrator to develop new digital identity solutions using decentralized technology.

According to a press release shared with crypto.news, Telefónica Tech, Telefónica’s digital business unit will work with Privado ID to create secure, privacy-centric services that comply with the latest European regulations on digital identity.

Privado ID, previously known as Polygon ID, was spun off from Polygon Labs in June 2024. The project specializes in privacy-focused digital identity solutions, enabling on-chain verification while safeguarding user privacy.

The partnership comes as the EU’s new digital identity rules, eIDAS 2.0, mandate that all EU Member States provide digital identity wallets to their citizens. With the 2026 deadline for Digital Identity Wallets approaching, Telefónica Tech and Privado ID are teaming up to create solutions that meet these standards.

Details of the partnership

As a part of the collaboration, Privado ID will be integrated with Telefónica Tech’s TrustOS platform, a managed blockchain service that facilitates secure and transparent digital transactions by connecting businesses to various blockchain networks.

Telefónica Tech will utilize Privado ID’s digital identity platform to enhance its content certification service by introducing the capability to issue certifications in a verifiable credential format, enabling users to automatically issue their accreditations, like training diplomas, academic qualifications, and attendance certificates, as secure and privacy-compliant verifiable credentials that can be stored in digital wallets.

Further, Telefónica Tech and Privado ID will develop digital identity proofs-of-concept, starting with an age verification system for secure access to adult content and gambling platforms while also exploring additional applications such as digital national identities, e-signature solutions, and privacy-preserving loyalty.

David Schwartz, CEO and Co-Founder of Privado ID, believes the collaboration will help “bring corporate clients into the Privado ID ecosystem.”

Telefónica’s foray into blockchain

Telefónica’s involvement in blockchain extends beyond this alliance. The company has previously collaborated with Chainlink to secure API connections on the Polygon network, using decentralized oracle technology, ensuring reliable data transfers between external systems and blockchain applications. 

In January, the telecom giant partnered with Nova Labs to roll out Helium Mobile Hotspots in Mexico, expanding mobile service coverage in selected areas. The Madrid-headquartered firm has also announced plans to build a metaverse following a 2022 agreement with chip manufacturer Qualcomm.

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Theo Crypto News

DeFi

FTM jumps 12% as Sonic Labs targets $11T lending market with new blockchain feature

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Fantom’s native token, FTM, has surged by over 12% in the last day, driven by a strategic update from Sonic Labs.

The surge has spotlighted Fantom (FTM) as the top-performing cryptocurrency among the top 100 digital assets by market value and elevated its price from $0.43 to $0.48.

This is the highest the token has been since Aug. 27, with its market capitalization leaping to $1.36 billion, positioning it as the 59th largest digital asset globally, according to CoinGecko data.

One of the main catalysts behind FTM’s recent rally was a Sep. 9 blog post by Andre Cronje, CTO of Sonic Labs, announcing plans for the Sonic blockchain to introduce credit scores for digital wallets. The initiative aims to penetrate the global unsecured lending market, valued at over $11 trillion.

Another potential driver of FTM’s price is Sonic’s newly released testnet, which achieved transaction finality in a mere 720 milliseconds, marking a significant milestone. In the blockchain context, finality means that once a transaction is confirmed and recorded on the blockchain, it cannot be altered or reversed.

The renewed optimism resulted in a doubling of trading volume within 24 hours, further fueling bullish momentum for FTM.

According to data from Coinglass FTM’s daily open interest surged by 33% to $162.46 million when writing. This coupled with a spike in trading volume, suggests a spike in investor activity, potentially adding fuel to FTM’s ongoing rally.

Looking at FTM’s price activity, the token is approaching $0.4825 on the daily chart, nudging the upper Bollinger Band. The Relative Strength Index at 60 indicates a bullish trend with room for further growth before possibly hitting the overbought zone.

FTM price, Bollinger Bands, and RSI chart – Sep. 10 | Source: crypto.news

Following a steady rise above the middle band at $0.4381, the recent spike in trading volume suggests a strong market interest, suggesting upward potential.

For traders and investors monitoring FTM, the immediate resistance to watch is the upper Bollinger Band at $0.5296. A sustained break above this level could open the way for further gains, potentially aiming for a higher resistance level at $0.60. If FTM continues on this trajectory, it has the potential to double its current value and approach the $1 milestone.

Major liquidation levels

Currently, the critical liquidation thresholds for FTM stand at approximately $0.471 on the lower side and $0.503 on the higher side, with a high level of leverage observed among intraday traders at these prices, according to Coinglass.

Source: CoinGlass

Should market dynamics shift and the price of FTM fall to $0.471, it could trigger the liquidation of nearly $2.9 million in long positions. Conversely, if the market sentiment turns positive and the price rises to $0.503, around $2.02 million in short positions could be liquidated.

At press time, data indicated that bears were in control, with the potential to trigger liquidations of long positions at lower levels.

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Theo Crypto News

DeFi

Ethereum Foundation offloads 450 ETH in latest sale

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The Ethereum Foundation has kept up its streak of selling ETH this year, most recently offloading 450 ETH for 1.029 million DAI.

According to the analytics platform SpotOnChain, on Sept. 9, the Ethereum Foundation, the main non-profit organization supporting the Ethereum blockchain, shed 450 ETH from its holdings and swapped it for the stablecoin DAI.

This transaction followed a sale of 100 ETH for 241,000 DAI on Sept. 5, bringing the Foundation’s total sales for 2024 to 3066 ETH. 

Further, On Sep. 6, the Foundation transferred an additional 1,000 ETH, valued at $2.38 million, to another multi-signature wallet, which is likely to be swapped for stablecoins. This was followed by another transaction of 1000 ETH the next day.

So far this year, the Ethereum Foundation has accumulated about 8.66 million DAI, while still holding 274,012 ETH across seven wallets, worth approximately $637 million.

Last month, wallets linked to Ethereum co-founder Vitalik Buterin transferred a total of 3,800 ETH, worth about $9.99 million, to a multi-signature wallet—3,000 ETH on Aug. 9 and another 800 ETH on Aug. 30. Since then, 760 ETH from the receiving wallet was sold for 1.835 million USDC at an average of $2,414 per ETH. 

The transfers sparked accusations that Buterin was selling ETH for profits, but he recently denied these claims, stating the funds were intended for supporting ecosystem development and philanthropic efforts.

Insiders offer clarification

While the Ethereum Foundation hasn’t officially commented on its recent ETH sales, insiders have noted that these transactions are in line with its standard financial strategy.

Aya Miyaguchi, the executive director of the Ethereum Foundation, has previously explained that the foundation’s annual budget of around $100 million is primarily used for operational costs, grants, and salaries—expenses that often require fiat currency. To meet these needs, the Foundation strategically converts some of its ETH holdings into stablecoins like DAI.

“There will be planned and gradual sales,” Miyaguchi noted at the time.

Meanwhile, Ethereum Foundation researcher Justin Drake has disclosed the foundation will release a financial report “soon,” which is expected to provide further insights on the recent sales.

ETH’s price has felt the pressure from the recent sales with the flagship altcoin currently down 11.9% over the past 30 days. Many fear these sell-offs could trigger further price drops.

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Theo Crypto News

DeFi

QNT Price rallies following regulatory green light for staking

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QNT, the native token of Quant, has experienced a sharp rally over the past week, gaining over 17% in response to the regulatory green light for its staking feature.

According to price data from crypto.news, Quant (QNT) was trading at $70.82 upon writing. The altcoin reached an intraday high of $71.70 That’s 25.2% above its weekly low, demonstrating strong upward momentum in tandem with the rise in the broader altcoin market.

One of the main catalysts behind QNT’s recent rally could be attributed to the long-anticipated confirmation of staking capabilities on the Overledger Network, announced by CEO Gilbert Verdian.

With the platform’s Terms and Conditions updated to include staking, this development enhances the utility of the token by encouraging long-term holding and reducing the circulating supply of QNT. This not only offers token holders the opportunity to earn rewards but also strengthens the intrinsic value of each token by embedding it more deeply into the Overledger Network’s operations.

Investors often view such strategic improvements positively, as they suggest both increased demand and a reduced supply, potentially driving upward price momentum.

Quant operates the Overledger Network, which facilitates the connection of diverse blockchain networks. By holding Quant tokens, developers can create decentralized multi-chain applications. This is intended to bridge the divisions between different blockchains, laying the groundwork for a digital economy in the future.

Whale activity and rising investor interest fuel QNT rally

Another driver of the QNT price rally is the increase in whale activity around the token. According to whale tracker FishTheWhales, whales have increased their accumulation of Quant at its recent low points. Such accumulation by whales can also influence liquidity and price movements, often indicating broader market sentiment.

Per data from Into The Block, the netflow of large holders, defined as those possessing at least 0.1% of the circulating supply, increased from -3.1k QNT on Sep. 2 to 15.41k QNT on Sep. 6. Such an increase in netflow indicates growing confidence among these large investors, adding to the bullish sentiment in the market.

Additionally, the number of long-term holders, those holding QNT for over a year, saw a major upswing, reaching over 104k addresses on Sep. 2, a 38.67% increase from 75k at the beginning of 2024.

Meanwhile, per Coinglass, QNT’s open interest surged by 87% from $6.47 million at the beginning of September to $12.10 million by Sep. 9, suggesting increasing investor activity and potentially indicating strong momentum in QNT’s ongoing rally.

Analysts eye potential upside for QNT

On X, crypto analyst Dami-Defi highlighted key technical developments for QNT, noting that the token has successfully broken out of its falling wedge pattern. This pattern is often seen as a bullish indicator, suggesting a potential reversal in trend. The breakout was followed by a significant bounce off the crucial $59.5 support level, reinforcing the idea that buyers have stepped in to defend this price zone.

Dami-Defi further explained that surpassing the $69 resistance level, a key hurdle for QNT has now opened the path toward higher targets. According to his analysis, the next target for QNT is set at $82, where the token could encounter additional resistance.

However, if momentum continues to build and QNT breaks through this level, the final target he envisions is $145.5, representing a substantial upside from current levels.

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Theo Crypto News

DeFi

Crypto excluded from Schumer’s legislative priorities after assurances

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Senator Chuck Schumer’s “Dear Colleague” letter left cryptocurrency off the latest bipartisan agenda, despite his earlier promise to prioritize it this year.

Fox News journalist Eleanor Terrett pointed out that in his latest letter to Senate colleagues, Schumer listed several legislative priorities like rail safety, insulin prices, and artificial intelligence, but left crypto off the table.

This decision follows Schumer’s comments at the “Crypto4Harris” town hall, where he said that getting a bipartisan crypto regulation bill passed by year-end was within reach. Organized by Vice President Kamala Harris’s supporters, the event aimed to woo the crypto community ahead of the November elections.

During his speech, Schumer articulated that the United States cannot “sit on the sidelines” and risk “crypto going overseas,” adding:

“My goal is to get something passed out of the Senate and into law by the end of the year, and I believe we can make that happen. We should strike a balance for crypto between promoting innovation and providing common-sense guardrails.”

Chuck Schumer, Senate majority leader, speaking at Crypto4Harris virtual townhall

At the time, Florida Congressman Darren Soto also urged Harris to take decisive action on crypto policy. 

The crypto deficient letter has drawn criticism from some members of the decentralized community, who have expressed frustration over what they perceive as a lack of genuine commitment to cryptocurrency issues from the Biden-Harris administration.

One user on X pointed out that the Vice President herself had not “said a word about” cryptocurrency, adding that the recent actions of her “colleagues” did not reflect a supportive attitude. Another user accused the Biden-Harris administration of using crypto-related events for political donations without any intention of meaningful engagement.

Even with crypto taking a backseat, Harris’s campaign is still accepting crypto donations via Coinbase, though there’s no mention of digital assets, cryptocurrency, or blockchain on her official website—keeping in line with the Biden administration’s generally cautious approach to the topic.

Harris has pulled in backing from some big-name pro-crypto Democrats, like billionaire Mark Cuban and Ripple co-founder Chris Larsen, both key players in the “Crypto4Harris” campaign. Still, she’s been struggling to keep the energy going among Polymarket users, where the odds seem to favor her Republican rival, Donald Trump.

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Theo Crypto News

DeFi

BTT surges over 16% amid Tron’s milestone

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BitTorrent’s BTT token has seen a significant uptick in price, posting a 16% jump in the past 24 hours and an almost 14% gain over the last week.

As of writing, BitTorrent (BTT) is up by 7% in the past day and is trading at $0.00000091. This recent performance has pushed its market cap to $889 million, placing it as the 78th largest cryptocurrency by market cap. Additionally, BitTorrent’s daily trading volume has skyrocketed by 793% over the past day, reaching $133.6 million.

The significant uptick in BTT’s value can be attributed to a milestone achieved by Tron, the blockchain on which the BTT token is issued. Justin Sun, the founder of Tron, shared an X post from the onchain data platform Token Terminal, which revealed that Tron generated ten times more fees than Bitcoin in August, an achievement that has likely contributed to the bullish sentiment surrounding BTT. 

“Everything is just beginning. Don’t fight the numbers,” said Sun.

His remarks and Tron’s performance have undoubtedly contributed to the current bullish sentiment surrounding BTT, showcasing the impact of key network milestones and influential figures on crypto asset prices.

BTT price, Bolliger Bands, and RSI – Sep. 9 | Source: crypto.news

Looking at BitTorrent’s price activity, the token is currently nearing $0.0000009136 on the 1D STRK/USDT chart, testing the upper Bollinger Band. The Relative Strength Index is currently at 61, suggesting that the token is experiencing a bullish trend with potential for further growth before it enters overbought territory.

Following a bounce from its support level at $0.0000007456, the increased trading volume suggests a robust interest from the market.

For traders keeping an eye on potential movements, the key support at $0.0000007456 remains critical. Should the price fall below this point, BTT might slip back into a downtrend.

Conversely, a break above the resistance at $0.0000009866 could propel the token to higher levels, potentially testing the psychological threshold of $0.0000010000. Moreover, If resistance holds, we might see a period of consolidation or a retest of lower support levels.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

API3 launches new oracle solutions for better DeFi efficiency

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API3 unveiled a new generation of solutions designed to make decentralized finance faster, more efficient, and more sustainable.

API3 is focusing on improving the infrastructure behind DeFi to ensure long-term growth and better performance for developers. It is rolling out its latest technology aimed at improving how DeFi protocols access real-world data, according to a press release shared with crypto.news.

With DeFi growing rapidly, API3 (API3) is working to make data feeds more efficient and valuable for developers.

Oracles are crucial to DeFi because they bring important data, like prices, onto blockchains. However, traditional oracle services mainly focus on delivering data, leaving room for improvement. 

API3’s new Oracle Stack addresses this by adding extra features, including recapturing value lost due to Miner Extractable Value — a common problem in DeFi transactions.

In May, API3 announced it surpassed $1 billion in Total Value Secured, marking a tenfold increase over the past 100 days. The platform’s oracle services secured assets across 20 protocols, with PAC Finance accounting for over half of the total.

In February, the API3 token saw a 70% surge following its listing on Bitget, though its market cap later dropped to $252 million.

The Oracle Stack

According to API3’s Strategy Lead, Ugur Mersinlioglu, this new solution helps developers get the data they need and reclaim value lost during data processing. By using API3’s oracle, developers can boost their protocol’s performance, drive growth, and reduce fees.

The Oracle Stack is designed to work across multiple blockchain networks, making it easy for developers to integrate into different platforms.

With over 160 data feeds across 37 networks, API3 aims to provide DeFi protocols with the tools they need to remain competitive. API3 also offers a tool to help developers switch from other oracle services, like Chainlink, to its platform.

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Theo Crypto News