Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to check out what our friends from the media find interesting in the world of crypto.
Projects And Updates
A new type of offering – ISNO or Initial NFT Offering, a new innovation offering a set of limited edition stake-able NFT for sale comes into the spotlight with the first event held on May 10. Introduced by Torum social media platform for worldwide crypto users ISNO is different from the other conventional INOs, because the digital artworks received from ISNO can be staked to unlock the rewards and benefits in the ecosystem, that can be presented as an autographed physical artwork from the creator, integrated equipment in a gaming platform, farming reward multiplier, etc. The new Torum ecosystem includes NFT Marketplace integrating XTM, the native token of Torum and Torum Finance, and a DeFi platform for the ISNO event, where 363 limited edition NFTs were put for sale. Each NFT can be burnt to unlock a specific amount of XTM that comes with a permanent staking multiplier from 1.05x to 1.25x.
“In the era of utility innovation, the crypto industry is constantly looking for meaningful use cases to speed up the crypto adoption pace, including NFT. And, ISNO might just be the answer to that.”
Ascend X, known before as BitMax – digital asset trading platform made by Wall Street quant trading professionals, is going to list the Globe Token (GDT) under the pair USDT/GDT. Token can be used to reduce and pay fees and it also decentralizes the ownership out of the trading platform. The event goes along with the Globe’s big goal to become global cryptocurrency derivatives trading platform preferred by the traders and to reach that they already offer unique features, such as 3us core latencies, burst message processing rates over ten million, stable millisecond core cloud API with 100k simultaneous API connections. Altogether with intuitive position management, rewards program and an affiliate experience Globe has no competitors in the field when it comes to performance and scaling.
“Their team brings together decades of experience in high-frequency trading and futures market making”
The lawsuit between Ripple and SEC accelerates with the regulatory body in the latest letter dated 7 May informing Ripple Labs that the court will be asked to make the defendants produce the documents revealing any legal advice Ripple had been looking for in the past. According to the SEC, this will show whether or no Ripple’s offering would be a subject of SEC compliance. The regulatory body also accused Ripple of selective disclosure of the documents to third parties, while refusing to present them to the SEC.
“The SEC needs access to these materials to probe Ripple’s assertion that it lacked a “fair notice” and what it “reasonably understood” as to the application of securities laws to offers and sales of XRP.” — SEC
Over the last few months, Dogecoin’s rapid growth made its market cap to almost reach $100 billion, overreaching the combined volume of ADA and LTC, bringing 12.700% YTD returns. During the last week alone its price increased by over 100%. And its daily traded volume exceeded $50 billion, which is the height achieved before only by Bitcoin, Ethereum, and Binance Coin. And this crypto rally is caused by the main DOGE lover and promoter – Elon Musk, who recently appeared on Saturday Night Live referring to himself as “Dogefather”. All the madness caused the increase of the average DOGE holder’s balance from $217 in January to $21000 in May, meaning that the 97 times balance increase. The number of DOGE addresses with the balance has risen by 22% from the beginning of the year. Despite it, many analysts believe that with the absence of utility and slowing down of the races every new time, Dogecoin’s bubble will pop soon.
DeChart launched its DCN token sale on Unicrypt on May 9-11 offering 56,250,000 tokens with the condition that all the unsold tokens are burnt to preserve initial investor value. Supported by Bitcoin.com cofounder Mate Tokay, this sale is a first step on the way to overcome the limits of third-party trading data aggregation solutions and to become one of the leading advanced data solutions in the DEX trading ecosystem that didn’t yet receive a functional solution for DEX trade data with real-time use cases. The host of token sale made DeChart ecosystem utilizable through staking alongside other tokens such as BNB, CAKE, and LP and enabling users to analyze and to stake across all of Pancakeswap. Uniswap and Sushiswap are planned to be added in the future.
“Following a huge influx of trade volume through April, there is no better time for the DEX space to receive an effective and efficient trading data aggregation solution.”
The first-ever educational token in history, respectively named Student Coin (STC) has been created at the world’s best universities to pursue academic tokenization and has been listed on the top exchanges – Uniswap, Waves Exchange, Bithumb Global, Coin Tiger, and recently on KuCoin. Lately, the STC platform held an ICO that finished 9 days before planned as all the 5 million tokens were sold, with additionally 2.4 million, 1.6 million, and 800 billion tokens for development, marketing, and distribution wallet. The platform users can stake their tokens and also use them to vote for future project development. At the end of July, STC terminal will become available, which will allow users to develop their own tokens. And STC exchange is planned to be resented by the end of the year.
“With recent upgrades, listing, and developments happening within the platform, the STC might reach great heights. Also, the platform has many upcoming plans that make it to be a better and great company in the crypto world.”
Among all the other altcoins giving out mixed signals with massive price fluctuations and inferior correlation between assets Uniswap and Stellar have certain advantages. Uniswap’s V3 is going live on the Ethereum mainnet and even though it didn’t cause the expected spike, the coin managed to break above its resistance at the end of April and the DEX activity was pretty high and the total value increased almost 3 times from $135 million to $422 million with more than $250 million trading volume in just 3 days. Almost the same story is with Stellar, which experienced a 28% hike during last week due to the Q1 2021 fundings, showing the increase of relevant asset transactions and the total number of payments.
“Taking a page out of ADA and DOT’s growth, Stellar and Uniswap could be heading in the same direction, based on adequate fundamental growth.”
Low Orbit Crypto Cannon (LOCC) – another brand-new deflationary DeFi token made and owned by the community, ruled by smart contracts on the Ethereum blockchain is going to be launched in May with a total supply of 1000 LOCC tokens that can be bought for ETH. The initial offering happened on May 12. The unique feature of the token is that 5% of the fees generated from each trade will be burned and 5% will be sent to the Low Orbit Propulsor Contract for pulsation, and then one of the participants will receive all the collected fees for every 138 ETH blocks.
Spring, the platform for creators and Bondly, premiere NFT solution provider that opened floodgates for massive NFTs adoption earlier this year, partnered on May 13 to enable Spring’s users to sell digital and physical products as NFTs. Content creators with the use of Bondly technology will be able to create, mint and market NFTs. Spring will provide them with a platform and its distribution social channels that will present the opportunity to purchase the tokens to the fans.
“NFTs give creators the ability to produce and more importantly, own their digital creations. At Spring our goal is to put the power in the hands of the creator and that begins with ownership. This is an opportunity for creative people to sell their products on the internet in a way that has not been done before.” — Chris Lamontagne, CEO of Spring
Torum has completed the world's first Initial Staking NFT Offering that finished in 18 minutes, demonstrating the strong demand and strapping community support. The rarest Tier 5 NFTs were sold off in the first half a minute, followed by Tier 4 NFT (2 min), Tier 3 (7 min), Tier 1 (14 min), and Tier 2 (18 min). The value of the 363 NFTs is constantly backed by 1,750,000 XTM ensuring a solid price foundation of each NFT.
”Torum believes that the successful launch of the first ISNO event will lead others to follow its step, launching more ISNO events in the future.”
📌 ‘Individuals are prohibited from using this bank account to purchase and trade Bitcoin and Litecoin’
China’s state-owned CITIC-Bank prohibited using their bank accounts to buy or trade any crypto assets, including Bitcoin and Litecoin. The announcement reveals 3 main reasons for such a measure: the protection of the public’s property rights, maintenance of the current legal status of RMB, and the prevention of money laundering. If the fact of crypto purchase or trade by individuals or institutions is discovered, the bank can suspend all the transactions and cancel the account. The notice also requests the public to report such behavior. This event just goes along with the worldwide bank trend to eschew the cryptos.
“China does not prohibit bitcoin transactions between individuals, but some banks restrict bitcoin transactions to avoid money laundering.” — Wu blockchain
Elon Musk, CEO of Tesla & SpaceX and the main supporter of Dogecoin whose comments made it grow 10000% percent from the beginning of the year, now is trying to fix the damage done to the memecoin after his appearance on SNL where he humorously called it a “hastle” causing 20% dip. On Tuesday morning Musk asked his 54 million followers whether Tesla Motors should start accepting DOGE as a payment. 78% of the respondents said “yes”, this led to a 10% surge. Also, Musk declared that SpaceX will pay for the DOGE-1 satellite mission in DOGE and that also helped the coin to recover from Sunday's fall. All of it, according to CNN’s Paul R La Monica, is just a part of a “damage control”.
“People in their right mind expected Musk to go on SNL and wax rhapsodic for 90 minutes about all the virtues of Dogecoin and push it to ever high prices. That didn’t happen. He made fun of it.” — Paul R La Monica
Charles Hoskinson, CEO of IOHK, addressed DOGE community in his latest podcast explaining why the latest DOGE hype didn’t touch him. Moreover, he added that concerned about unrealistic expectations of the memecoin holders and the fact that the collapse of this cryptocurrency can have a threat on the whole community. He pointed out that 90% of holdings are concentrated in the hands of 1% of the participants so the failure is to be expected at any moment and if it happens the regulations from the political circuit will follow that will damage the real competition.
“I don’t like things that destroy the reputation of my industry. I believe what’s going on with DOGE is not sustainable and will result in a systemic catastrophic failure of that crypto.” — Charles Hoskinson
The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.