Bitcoin falls alongside stocks after tagging $58K. The Bitcoin rally hit a speed bump last week, pushing prices down to $43K as the stock market dropped and US Treasury Secretary Janet Yellen claimed the leading cryptoasset is “extremely inefficient for transactions.” Yet as the market moved lower, institutional investors kept buying. MicroStrategy and Square completed […]
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DeFi protocol Compound Finance announced today that it is developing a blockchain called “Gateway,” which will make use of Parity’s Substrate platform to add support for new assets.
Compound’s announcement explains that Gateway (which is designed to move crypto assets across various blockchains) will make use of Parity’s Substrate (a blockchain development platform).
Until now, Compound has only offered support for ETH and Ethereum-based ERC-20 tokens. However, the development of the Gateway blockchain means that the protocol will now be able to accomplish its goal of transferring assets across several different “peer chains” such as Polkadot, Solana, and Celo.
“Gateway will evolve into the backbone of a global interest rate market, capable of supporting any asset — including the wave of currencies, assets, and tokens yet to be created,” Compound says.
Gateway will also host a dollar-pegged stablecoin called CASH, which will be used to pay fees to block validators.
Currently, Gateway is operational as a testnet; a mainnet launch date and support for real value transfers has not been announced.
Compound and Parity are both notable projects. Compound is the third largest DeFi platform and decentralized exchange, with $4.8 billion in locked value. Meanwhile, Parity’s main product, Polkadot, is the sixth largest blockchain, with a market cap of $31 billion.
As blockchain platforms grow in number, interoperability solutions that link various projects together will likely become highly desirable.
Crypto evangelist Max Keiser says Bitcoin (BTC) could increase 300x as it sets its sights on the dominance of the US dollar. On a new episode of RT’s Keiser Report, the Bitcoin bull shares a Morgan Stanley report with his 4.17 million YouTube subscribers that says the flagship cryptocurrency will remain an asset class and […]
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Thanks to TON Labs, BSN will now be able to produce real-life applications that require a scalable backend and use cases in compliance with China’s regulatory framework while still using an inherently decentralized network to do so. China’s Developers Gain Access to TON Technology China’s Blockchain-based Service Network (BSN) and TON Labs announced today that […]
Since the company Microstrategy shifted a lot of its treasury reserves into bitcoin, a great number of companies have followed the firm’s lead. According to the web portal, bitcointreasuries.org, data shows that 42 companies are now represented on the list and the businesses hold more than $65 billion worth of bitcoin. The Corporate Bitcoin Stash- […]
