We’re thrilled to announce that Covalent (CXT) is now available on Kraken! Funding and trading CXT trading is live as of 14:00 PM UTC today, August 8th, 2024. To add $CXT to your Kraken account, navigate to Funding, select the asset you’re after, and hit ‘Deposit’. Make sure to deposit your tokens using the networks […]
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We’re thrilled to announce that Layer3 (L3) is now available on Kraken! Funding and trading L3 trading will be live as of 10:00 AM UTC today, July 30, 2024. To add $L3 to your Kraken account, navigate to Funding, select the asset you’re after, and hit ‘Deposit’. Make sure to deposit your tokens into the […]
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We’re thrilled to announce that Sanctum (CLOUD) is now available on Kraken! Funding and trading CLOUD has entered post-only mode and trading will be live as of 15:15 UTC today, July 18, 2024. To add CLOUD to your Kraken account, navigate to Funding, select the asset you’re after, and hit ‘Deposit’. Make sure to deposit […]
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Tencent, the Chinese software and tech company, has announced its metaverse suite of services designed to target Asian markets. The company revealed that it will revamp its media offering with its new “metaverse-in-a-box” proposal, which aims to facilitate the task of building virtual worlds for third-party companies. Tencent to Focus on Offering Metaverse Tools to […]
Phil Spencer, CEO of gaming at Microsoft and head of Xbox, directed some criticism at the idea of the metaverse and how it is being executed. Spencer remarked that for him, the current metaverse is a “poorly built video game,” but also that the sector was still in its early stages and will surely evolve. […]
Microsoft, the software and computing behemoth, is seeking to adapt part of its software service stack to the metaverse. Ihsan Anabtawi, CMO of Microsoft UAE, declared that the company was working to make its cloud division compatible with metaverse experiences, and to allow companies to use the data obtained as resources for their specific applications. […]
The firm, whose data centers are located in the United States, generated $40 million in sales last year.
On Monday, W3BCloud, a firm building global data centers for the Web3 and blockchain sectors, announced that it was going public via a takeover by special purpose acquisition vehicle (SPAC) Social Leverage Acquisition Corp I.
Social Leverage Acquisition Corp I is listed on the New York Stock Exchange, has $345 million in trust and has received commitments from AMD, ConsenSys, SK Inc., and others for an additional $50 million in new investments. The combined transaction will value W3BCloud at $1.25 billion.
Last year, W3BCloud's seven data centers, all of which are located in the United States, generated $40 million in sales, with 85% operating on renewable energy. Joseph Lubin, the founder of ConsenSys and co-founder of Ethereum, currently serves on W3BCloud's board of directors. The firm is tailored to th storage, staking, and computing infrastructure in anticipation of a Web3 boom, projecting 685% growth in its revenue in 2023 compared with 2021.
Related: Decentralized storage providers power the Web3 economy, but adoption still underway
W3BCloud targets decentralized finance, nonfungible tokens and Metaverse projects, as well as tech firms seeking to enter the blockchain space as its core clients. Crypto projects such as Ethereum, Solana, Alchemy, Filecoin, Lido Finance and others all use its data center services. Historically, its decentralized computing and bandwidth segment has generated most of its revenue. Regarding the development, W3BCloud CEO Sami Issa said:
"This transaction allows us to expand our support to Web3 developers and scale with the Web3 economy's anticipated significant growth."
One surging Ethereum-based altcoin is defying the bear market as it trends higher while the broader crypto markets struggle. XCN, the governance and utility token for cloud blockchain protocol Chain, has surged by more than 70% in the past 10 days while most other crypto assets have moved sideways. XCN was trading around $0.10 on […]
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The report said the actors usually gained access to Cloud accounts because of “poor customer security practices” or “vulnerable third-party software.”
In a report aimed at assessing threats to Cloud users, Google’s Cybersecurity Action Team said that some attackers are exploiting “poorly configured” accounts to mine cryptocurrency.
On Wednesday, the Google team said out of 50 analyzed incidents that compromised the Google Cloud Protocol, 86% were related to crypto mining. The hackers used the compromised Cloud accounts to access resources from individuals’ CPUs or GPUs to mine tokens or take advantage of storage space when mining coins on the Chia Network.
However, Google’s team reported that many of the attacks were not limited to a single malicious action like crypto mining, but also as a staging point to conduct other hacks and identify other vulnerable systems. According to the cybersecurity team, the actors usually gained access to Cloud accounts as a result of “poor customer security practices” or “vulnerable third-party software.”
“While data theft did not appear to be the objective of these compromises, it remains a risk associated with the cloud asset compromises as bad actors start performing multiple forms of abuse,” said the Cybersecurity Action Team. “The public Internet-facing Cloud instances were open to scanning and brute force attacks.”
The speed of the attacks was also noteworthy. According to Google’s analysis, hackers were able to download crypto mining software to the compromised accounts within 22 seconds in the majority of the incidents analyzed. Google suggested that “the initial attacks and subsequent downloads were scripted events not requiring human intervention” and said it would be nearly impossible to manually intervene to stop such incidents once they started.
Related: Google bans 8 'deceptive' crypto apps from Play Store
An attack on multiple users’ Cloud accounts to gain access to additional computing power is not a new approach to illicitly mining crypto. ‘Cryptojacking’, as it is known by many in the space, has had several high-profile incidents including a hack of Capital One in 2019 to allegedly use credit card users’ servers to mine crypto. However, browser-based cryptojacking as well as mining crypto after gaining access through deceptive app downloads is also still a problem for many users.
FIL might be more than 70% away from its all-time high, but derivatives data shows traders are steadily building leveraged positions.
Some traders have said that Filecoin (FIL) has lost its momentum because its current price at $64 is more than 70% below its all-time high at $238. However, this decentralized data-sharing platform is showing signs of increasing adoption and this could cause the FIL token price to accelerate its current uptrend.
The FIL token is used to purchase storage space and retrieve data from the Filecoin Network. At the same time, its users gain rewards for selling their excess storage using this open-source platform. To compete with existing centralized cloud storage services, Filecoin has economic incentives to ensure files are reliably stored over time.
Notice how the past three weeks showed a potential reversion to the previous downtrend movement. That upward channel points to a $90 support by mid-November and resistance near $107, which would be a 55% gain from the current pricing.
Related: Bitcoin-related altcoins surge as BTC ETF rumors spread across the sector
On Sept. 14, Filecoin announced a referral program for users who bring members carrying datasets larger than 90 Terabytes. The network reached 9,000,000 Terabytes in August, and according to their website, there are over 3,000 systems and storage providers serving capacity to 400+ applications.
On Oct. 13, Filecoin announced a storage collaboration with Flow Blockchain, which is backed by Dapper Labs. The service will establish decentralized data storage for nonfungible tokens (NFTs), along with the media assets associated with them. Flow's platforms include Eternal, Starly, Versus and the upcoming multiplayer online game Chainmonsters.
More importantly, on Oct. 15, the daily release of Filecoin tokens will decrease by 23.8% to mark a year since the mainnet launched. Specifically, that affects the 7.5% stake held by early investors, equivalent to 150 million FIL tokens after the three-year issuing period.
Since Sep. 30, Filecoin futures open interest has increased by 45%, signaling that investors' interest is finally starting to pick up. This metric represents the total number of contracts in play, regardless of whether they have actually been traded on a specific date.
To assess whether the market is leaning bullish, one should analyze the perpetual contracts funding rate. Even though buyers and sellers' open interest is matched at all times, leverage can vary. When buyers (longs) are demanding more leverage, the funding rate turns positive. Thus, they are the ones paying the fees to the sellers (shorts).
However, the opposite situation occurs when shorts require additional leverage, and this causes the funding rate to turn negative.
The above chart shows a brief period of excessive buyers (longs) leverage building in early September as the funding rate reached 0.10% or 2.1% per week. More recently, Filecoin's funding rate surpassed 0.06% per 8-hour as FIL token struggled with the $80 resistance on Oct. 8 but failed to break through.
Currently, derivatives metrics show few signs that investors have abandoned Filecoin despite its price hanging 70% below the $238 all-time high. The recent partnership with Flow Blockchain, increasing network use and capacity, and the reduced token emission point to a possible continuation of the previous three-week uptrend. Nothing seems to be holding back FIL from reaching the $90 to $107 range in November.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
