A decentralized real estate trading platform built on smart contract platform Solana (SOL) saw its price rise and dip after gaining support from Coinbase. Two days ago on the social media platform X, the top US-based crypto exchange platform said it had added Parcl (PARCL), a decentralized exchange (DEX) that lets users trade and invest […]
The post Solana (SOL)-Based Decentralized Real Estate Trading Platform Token Rises and Falls Following Coinbase Listing appeared first on The Daily Hodl.
A decentralized real estate trading platform built on the smart contract platform Solana (SOL) is surging after getting a spot on Coinbase’s listing roadmap. In a new thread on the social media platform X, Coinbase Assets announces the addition of decentralized exchange (DEX) Parcl (PARCL) to its roadmap, triggering a nearly 50% rally in just […]
The post Solana-Based Decentralized Real Estate Trading Platform Rallies After Coinbase Places Altcoin on Listing Roadmap appeared first on The Daily Hodl.
THORChain reveals plans to launch Terra's UST-like native stablecoin and "Thorfi."
THORChain (RUNE) could continue its upward momentum in the coming weeks even as it treads inside a classic bearish reversal structure.
RUNE's price has rebounded strongly by over 165% four weeks after testing its multi-month horizontal level support near $3.15.
What's more, its upside retracement has opened up possibilities about an extended bull run toward $11.50, about 45% above the current price level near $7.89, as shown in the chart below.
The $11.50-level coincides with RUNE's multi-month falling trendline resistance, forming a descending triangle, a bearish setup, in conjunction with the lower horizontal support.
That could have RUNE's price correct again to $3.15 after reaching $11.50, followed by another breakout to the downside.
Adjusting RUNE's lower horizontal trendline in the descending triangle setup hints at restructuring the pattern into a symmetrical triangle.
A Symmetrical triangle is a continuation pattern, meaning they typically send the price in the direction of its previous trend after a period of consolidation. In doing so, the triangle's ideal profit target comes to be at length equal to the maximum distance between its upper and lower trendline.
That puts RUNE en route to between $30 and $80 in 2022, depending on its breakout point.
The mixed outlook in the THORChain market appears as the entire crypto market trades under geopolitical and macroeconomic risks. Notably, the market capitalization of all the cryptocurrencies combined has fallen by nearly 25% year-to-date (YTD).
RUNE has so far bucked the trend, rising nearly 9% YTD. Interestingly, the THORChain token has secured most of its gains in the past 30 days, gaining over 100% owing to the hype surrounding its back-to-back feature updates.
For starters, THORChain rolled out "synthetic assets" on March 10, a feature that enables users to trade tokens backed by 50% of their target assets and 50% of RUNE. In addition, the protocol allows traders to redeem the synthetic assets for the real ones at 1:1.
@THORChain just hit $20m daily volume in synths, hasn't even been launched a week.$RUNE has a bright future
— Harry.UST (@CryptoHarry_) March 15, 2022
Related: Rune’s upcoming mainnet launch and Terra (LUNA) integration set off a 74% rally
Meanwhile, THORChain core developer Chad Barraford also revealed that he expects the launch of Thorfinance (Thorfi) — a protocol integrating DeFi tools, such as lending and borrowing, into the THORChain ecosystem — by June 17.
The revelation also included a proposal to build a native stablecoin called THOR.D, employing Terra's burn-and-mint tactic featuring its native token LUNA and stablecoin UST.
TLDR:
— AltcoinAsian⚡️ (@Asian0xV) March 11, 2022
Huge alpha is being dropped in this Twitter space by @CBarraford about Thorfinance (Thorfi). Target release for Thorfi is on June 17th.
Thorfi will burn $RUNE, effectively making $RUNE deflationary as the THOR.USD stablecoin is adopted. https://t.co/uYJQA60vsg
The optimistic updates focusing on RUNE's adoption could provide additional tailwinds to its interim technical price target near $11.50.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
“Trading with synthetics on THORChain has half the swap fees, making swaps cheaper, cheap gas fees, and faster for traders. You can do near-instant trades at a high volume,” said developer Chad Barraford.
The price of the native asset for cross-chain decentralized exchange THORChain (RUNE) has spiked by 34% in a day following the activating of synthetic assets on the network.
At the time of writing the price had settled back to a 21% gain over the past 24 hours to sit at $5.27..
Crypto synthetics or synths are derivative tokens of other digital assets that are pegged to the value of the underlying collateralized asset such as Bitcoin (BTC) or Ether (ETH). In THORChain’s variation, the project has opted to back its synths with 50% of the underlying asset and 50% in RUNE. The activation went live earlier today and synthetics such as sBTC and sETH are now able to be traded on the network.
THORSwap Finance highlighted the advantages of the synthetic assets via a March 10 blog post, noting that "synths have great utility for traders and arbitrageurs, as they can be transacted nearly instantly and at a fraction of the cost compared to native L1 swaps.”
“In the future, it will allow THORChads to also earn yield with Synths thanks to vaults and provide other exciting THORFi utilities," the post added.
The activation went live earlier today and synthetics such as sBTC and sETH are now able to be traded on the network. The price of RUNE has responded positively, up by more than 20% to sit at $5.27.
Earlier this week, the team highlighted its roadmap moving forward, as it vowed to make “decentralized liquidity 10X” larger than centralized. After ticking off synths from the list, other significant future landmarks include decentralized finance (DeFi) – dubbed THORFi in this instance — services such as lending and saving.
Thorchain clocking in $40M of volume on day of synths launch
— $RUNE Ranger (@TheRuneRanger) March 10, 2022
A good start
Bullish $RUNE pic.twitter.com/rgJPu4MFeI
Another notable point of interest will be the highly anticipated mainnet launch on THORChain which is getting closer to fruition but still lacks a specific launch date. As Cointelegraph previously reported, RUNE’s recent surge which also sees it up more than 48.4% over the past 14 days, may also be in relation to the full integration of Terra (LUNA) into the THORChain protocol at the start of this month.
THORChain core developer Chad Barraford also emphasized the importance of freshly launched synths via Twitter earlier today, suggesting that trade volume could on the network could soon surge:
“Trading with synthetics on THORChain has half the swap fees, making swaps cheaper, cheap gas fees, and faster for traders. You can do near-instant trades at a high volume.”
Synthetic tokens and tokenized stocks have made it onto Uniswap Labs’ black list as regulatory concerns mount.
The world’s leading decentralized exchange, Uniswap, has announced the delisting of a number of tokens from its app interface.
Uniswap Labs made the announcement on July 23, emphasizing that the tokens had been removed from the app interface only, and that the protocol remains immutable:
“These changes pertain to the interface at app.uniswap.org — the Protocol remains entirely autonomous, immutable, and permissionless.”
The company Uniswap Labs is the software developer that has built the front-end web app portal. The front-end is separate from the Uniswap protocol itself, which is autonomous code that was released as a public good.
In the blog post, Uniswap Labs hinted that increased regulatory pressure may have influenced its decision, stating: “we monitor the evolving regulatory landscape.” The company also described the move as “consistent with actions taken by other DeFi interfaces.”
The tokens that have been delisted from the platform’s interface include instruments that may be at risk of being classified as securities by a regulator, including tokenized stocks, options tokens, insurance-based tokens, and synthetic assets from crypto derivatives platforms like Synthetix.
Gold-backed token, Tether Gold (XAUT), is among the assets targeted, however, Uniswap founder Hayden Adams attributed XAUT’s removal to buggy code. Meme-themed tokens including Grumpy Cat (GRUMPY) had also found their way onto Uniswap’s blacklist.
The reaction from the crypto community saw Uniswap’s purported decentralization called into question. Industry observers such as ‘ChainLinkGod’ asked why UNI holders did not get to vote on the delistings, tweeting:
“Not very informative here. Was this decision made through governance vote? If not, this opens a whole can of worms and sets a terrible precedent.”
Uniswap is currently the leading decentralized exchange by trade volume, with the protocol’s v2 and v3 versions facilitating a combined $1.45 billion worth of trade in the past 24 hours.
Related: Concern as Uniswap-backed 'DeFi Education Fund' dumps $10M worth of UNI
Regulatory pressure on the crypto sector is mounting across the globe, with Binance and BlockFi recently incurring the wrath of authorities in the U.K. and U.S. respectively.
As reported by Cointelegraph on July 22, the Texas State Securities Board has joined its counterparts in New Jersey and Alabama in taking action against the crypto lending platform. Vermont has become the fourth state to issue an order against BlockFi, on July 25.
