Polkadot’s Potential Gathers Momentum as Tether Joins the Ecosystem

April 6, 2021 Bitcoin.com

After Solana, Tether Launches on Polkadot, Kusama

April 6, 2021 The Crypto Briefing

Another two chains for Tether: USDT will soon be available on Polkadot and Kusama.

Tether Primed for Growth

Tether is preparing to launch on another two blockchains.

The Tether team has announced that USDT tokens will soon be deployed on Polkadot and Kusama, two Substrate-compatible projects backed by the Web3 Foundation.

Paolo Ardoino, CTO at Tether, said of the move:

“Tether is always considering innovative projects in the ecosystem. Each decision is based on the relative merits of each project and the overall benefits to the ecosystem as a whole. We are excited by the many possibilities that Polkadot offers to its growing community of developers and startups, particularly those relating to its nascent Defi ecosystem.”

USDT will first be available on Kusama, which is due to launch parachains ahead of Polkadot. Once parachains launch on Polkadot, the currency will also become available on the network.

Polkadot and Kusama are just two of the many chains hoping to build a scalable platform for what’s become known as “Web3,” a decentralized iteration of the Internet.

The current leader in this race is Ethereum, though the high costs of using the network have raised questions over whether it will continue to dominate in the long term.

Polkadot, designed to run parallelized transactions across several parachains, is arguably the best-poised project to catch up with Ethereum. Polkadot aims to achieve interoperability with other chains like Ethereum, allowing people to move activity from one chain to another seamlessly. Peter Mauric, head of public affairs at Parity Technologies, alluded to the idea of a world in which Tether could be used on Polkadot and other networks in a statement announcing the update. He said:

“Teams building decentralized applications in with a multi-chain future in mind are increasingly looking towards established stablecoins that operate across numerous networks to ensure a smooth experience for their users”

USDT is the largest stablecoin and the fifth-largest cryptocurrency behind BTC, ETH, BNB, and DOT.

Last month, it launched on Solana. It also works on Ethereum, EOS, Algorand, Binance Smart Chain, Omni, and Tron, among other chains.

Much speculation has surrounded Tether’s USDT reserves. Many questioned whether U.S. dollars sufficiently backed the currency due to a lack of transparency surrounding business operations. However, the company settled an NYAG lawsuit in February, putting an end to the doubts many crypto followers had. Last month, independent accounting firm Moore Cayman attested that Tether held more than 100% of its stablecoin liabilities in reserves.

Tether’s market cap is currently 42.4 billion. Of that figure, just over half is in the form of an ERC-20 token on Ethereum.

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.

Chainlink releases native Substrate module to bring its oracles to Polkadot

April 2, 2021 Coin Telegraph

Chainlink

Polkadot parachains can now choose to add Chainlink price feeds to their runtime.

Polkadot and Chainlink have announced the release of Chainlink’s Price Feeds as a module, or “pallet” in Polkadot terminology, for the Substrate blockchain framework.

The release means that any project building on the Substrate framework — which includes Polkadot and Kusama parachains, as well as independent blockchains — can integrate Chainlink oracles through a simplified library.

The announcement comes as the latest result of a long-standing collaboration between Chainlink and Polkadot, now offering a tangible product that can enable a number of DeFi-centric use cases on Polkadot.

The integration as a Substrate pallet means that it is up to each individual parachain to integrate and enable Chainlink oracles. This is a significant change from the architecture used on Ethereum, where Chainlink nodes regularly publish price data on each block, which smart contracts can then choose to reference or ignore.

On Polkadot, the more flexible design means that parachains that do not need Chainlink data won’t need to devote any blockchain space to it. On individual parachains, however, the end result may look similar to Ethereum. Peter Mauric, head of communications at Parity Technologies, compared the situation to “as if Chainlink were integrated as an opcode on Ethereum.”

The complete Chainlink integration is likely to be welcome news for DeFi-centric parachains like Moonbeam, Equilibrium or Acala, especially from the perspective of introducing Ethereum projects to Polkadot. However, there is likely to be additional development work required to adapt the Chainlink pallet for use with smart contracts.

Chainlink is used by a number of DeFi projects on Ethereum to read external market data — a critical necessity for lending protocols, in particular. The project recently began a shift toward focusing on more than just price data, a pivot that comes at the heels of introducing the Off-Chain Reporting architecture.

Top 5 cryptocurrencies to watch this week: BTC, KLAY, VET, SOL, KSM

March 28, 2021 Coin Telegraph

Bitcoin

Bitcoin appears to be preparing for a move toward $60,000, while KLAY, VET, SOL and KSM are attempting to find bullish momentum.

In trading, selling a position is as important as buying it at the right time. Therefore, the big question that could be troubling traders is whether or not Bitcoin (BTC) price will enter a bearish phase or will the bull run continue after this week's pullback.

PlanB, the creator of the popular Bitcoin stock-to-flow model, recently tweeted that the crypto bull run has only started and is “nowhere near the end of it.”

PlanB is not the only voice that is hugely bullish on Bitcoin. Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, believes that if previous behavior is considered, Bitcoin’s 2021 peak could be nearer to $400,000.

*Crypto market data daily view. Source:* *Coin360*

One of the main reasons that could be drawing institutional investors to cryptocurrencies is the possible debasing of the U.S. dollar. In an interview with Bloomberg, Soros Fund Management chief information officer Dawn Fitzpatrick said the 25% increase in the U.S. money supply over the past 12 months has ensured that Bitcoin no longer remains a fringe asset.

The fund recently participated in the $200 million funding round held by NYDIG and also invested in crypto accounting firm Lukka. This shows that institutional investors are broadening their perspective and are looking at investing opportunities other than Bitcoin.

Let’s study the charts of top-5 cryptocurrencies that may resume their uptrend in the short term.

BTC/USDT

Bitcoin is currently in a corrective phase and trading inside a descending channel. The strong rebound off the 50-day simple moving average ($52,000) on March 26 shows the bulls continue to accumulate at lower levels.

The bears may mount stiff resistance near the resistance line of the channel but if the bulls can push the price above it, the BTC/USDT pair could once again challenge the $60,000 to $61,825.84 resistance zone.

A breakout of this zone could signal the start of the next leg of the uptrend that has a target objective at $71,112.06. The 20-day exponential moving average ($54,820) has started to turn up and the relative strength index (RSI) is sustaining in the positive zone, suggesting that the bulls are trying to assert their supremacy.

Contrary to this assumption, if the price turns down from the resistance line of the channel, the bears will try to sink the pair below the 50-day SMA. If they succeed, the pair may drop to the support line and a break below it could start a deeper correction to $43,006.77.

*BTC/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the relief rally is facing stiff resistance near $56,500. If the price turns down from the current level, it could drop to the 20-EMA and then to $54,000.

A strong bounce off this support could eventually form an inverse head and shoulders pattern that will complete on a breakout and close above $56,618. This setup has a target objective at $63,339.98.

On the contrary, a break below $54,000 will suggest weakness and a lack of buyers at higher levels.

KLAY/USDT

Klaytn (KLAY) has been in a strong uptrend since mid-February. The altcoin recently completed a minor correction as the bulls purchased the dip to the 20-day EMA ($2.76) on March 26, suggesting the sentiment remains positive.

The bulls are currently attempting to resume the uptrend by pushing the price above the all-time high at $3.50. If they succeed, the KLAY/USD pair could rally to $4.86. The upsloping moving averages and the RSI in the overbought zone suggest the path of least resistance is to the upside.

This view will invalidate if the price turns down and breaks below the 20-day EMA. Such a move will suggest a possible change in sentiment. The first support is at $2.58 and a break below this level could start a deeper correction.

*KLAY/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the moving averages have completed a bullish crossover and the RSI has jumped into the overbought zone, suggesting that bulls have the upper hand. The momentum could pick up further if the bulls can push and sustain the price above the overhead resistance at $3.50.

Even if the price turns down from $3.50 but finds support at the 20-EMA, it will suggest that the sentiment remains bullish. A strong rebound off this support will increase the possibility of the resumption of the uptrend.

Conversely, a break below the moving averages could pull the price down to the critical support at $2.60.

VET/USDT

VeChain (VET) is in a strong uptrend. The altcoin bounced off the 20-day EMA ($0.078) on March 25, indicating the sentiment is positive and the bulls view the dips as a buying opportunity.

Both moving averages are sloping up and the RSI is close to the overbought territory, suggesting the path to least resistance is to the upside. The long wick on the March 27 candlestick shows the bears are trying to defend the overhead resistance at $0.098.

However, the bulls have not allowed the bears to establish their supremacy. If the buyers can drive the price above $0.098, the VET/USDT pair could resume the uptrend. The next target level on the upside is $0.136.

This bullish view will invalidate if the price turns down from the current levels or the overhead resistance and breaks the 20-day EMA. Such a move could pull the price down to the 50-day SMA ($0.059).

*VET/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the bears are defending the $0.095 level while the bulls are buying on dips to the moving averages. If the bulls can thrust the price above $0.095, it will complete an inverse head and shoulders pattern, which has a target objective at $0.114.

Conversely, if the bears sink and sustain the price below the moving averages, a drop to $0.076 is possible. A break below this support could signal the start of a deeper correction.

SOL/USDT

Solana (SOL) had formed a bearish descending triangle pattern, which would have completed on a break and close below $11.90. However, that did not happen. The bulls aggressively purchased the dip to the $11.90 support on 26 March and pushed the price above the downtrend line on March 27, invalidating the bearish setup.

The failure of a bearish pattern is a bullish sign because it traps several aggressive bears who initiate short positions in anticipation of the completion of the pattern. When the pattern invalidates, the bears rush to cover their positions resulting in a short squeeze.

Sustained buying from the bulls has propelled the price to a new all-time high today. If the bulls can sustain the price above $18.20, the SOL/USDT pair may rally to $24.84.

On the contrary, if the price turns down from the current level, a drop to the 20-day EMA ($14.60) is possible. A strong rebound off this support will suggest accumulation by the bulls at lower levels and may enhance the prospects of the resumption of the uptrend.

*SOL/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows a sharp rally from $12.30 to a high at $19.26. This has pushed the RSI into overbought territory, suggesting the pair could be vulnerable to a pullback in the short term.

If the bulls can sustain the price above $18.20, it will suggest the resistance has flipped into support and the uptrend may resume.

This bullish view will invalidate if the bears sink the price below the 20-EMA. Such a move could keep the pair range-bound for a few days.

KSM/USD

Kusama (KSM) is in a strong uptrend. The recent dip to the 20-day EMA ($381) on March 25 was purchased aggressively, as seen from the long tail on the day’s candlestick. This shows strong demand on every minor dip as traders expect the rally to extend further.

The KSM/USDT pair rose to a new all-time high on March 27 but the bulls are facing stiff resistance at higher levels as seen from the long wick on the day’s candlestick. The pair has formed an inside day candlestick pattern today, indicating indecision among traders.

If the bulls can push and sustain the price above $505.33, the pair could extend its up-move to $583.

The pair has not broken and stayed below the 20-day EMA since Jan. 14. Therefore, traders can watch this level carefully because a break and close below it will suggest that the bullish momentum has weakened.

*KSM/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the bears are aggressively defending the $490 to $505.33 resistance zone as the price has repeatedly turned down from it. However, the positive thing is that the bulls have not given up much ground. A breakout and close above $505.33 could signal the resumption of the uptrend.

Conversely, if the bears sink the price below the moving averages, it will suggest profit-booking by traders. That could pull the price down to $370 where buyers may again step in.

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.

First Brick & Mortar NFT Art Exhibition Debuts In Beijing

March 26, 2021 Bitcoin.com

Zeitgeist Brings a Prediction Markets Ecosystem to Polkadot’s Kusama

March 25, 2021 Bitcoin.com

NFTs Are Coming to Polkadot as Kusama Deploys Ethereum Alternatives

March 25, 2021 The Crypto Briefing

Crypto Briefing

NFTs on Polkadot may arrive sooner than expected thanks to its canary network Kusama.

NFT Projects Expand on Kusama

Many of Kusama’s initiatives share a common goal of deploying NFTs as soon as possible on Polkadot for applications in art, music, and gaming.

While most of the NFT market currently exists on Ethereum, exorbitant gas fees have been problematic for retail users, prompting them to explore other blockchains. Kusama is thus looking to pave the way for cross-chain adoption and ease much of this congestion.

To make this happen, various development teams like Parity, Moonbeam, Usetech, Bit Country, and KodaDot have built Substrate-based NFT components. Substrate is the development environment for Polkadot and Kusama.

One such tool is the RMRK app, a standardized technique for creating NFTs on the Kusama Relay Chain. Another is KodaDot NFT Explorer, which allows even non-technical users to create a marketplace for their artwork.

Native NFTs have already arrived in projects such as Substrapunks, a spin-off of the CryptoPunks game launched on its parachain called Unique Network.

Besides much of the development in open source software for NFTs, the canary network is now promoting its technology to art collectors, artists, and other art fans worldwide.

On Mar. 26, Kusama Treasury is organizing Virtual Niche, the world’s first crypto art exhibition, for 14 days in Beijing, China. The exhibition will feature well-known names in the NFT art scene, including Robert Alice and Beeple, whose artwork has propelled the latest media excitement.

During the event, the Kusama team will give workshops on NFTs to Chinese digital artists. Chiba Gallery, a digital art project built on the Kusama Network, will also be introduced.

Kusama