Yellow Network ($YELLOW) is a decentralized Layer-3 peer-to-peer mesh network that enables real-time, cross-chain trading by allowing brokers to communicate, trade, and aggregate liquidity without relying on block creation. They have recently launched their testnet and Galxe campaign, which would pave the way to a potential $YELLOW token airdrop! Here is our Yellow Network ($YELLOW) token airdrop guide.
What is Yellow Network ($YELLOW)?
Yellow Network ($YELLOW) is a decentralized system that lets brokers trade and share liquidity across different blockchains in real-time without needing to create new blocks. Here are some of its main features.
Decentralized Trading: Yellow Network enables genuinely decentralized trading by allowing participants to swap assets across different exchanges without relying on block creation.
Layer-3 Mesh Network: It operates as a decentralized Layer-3 peer-to-peer mesh network, facilitating communication, trading, and liquidity aggregation among brokers.
State Channel Technology: Utilizes state channel technology for real-time settlement between brokers, enabling cross-chain trading without the need to bridge assets.
Scalability and Efficiency: Improves blockchain throughput by reducing the computational load on nodes, making it easier to run a node and decentralizing the certification process.
How to get the Yellow Network ($YELLOW) token airdrop?
Here is a step by step guide on how to get the Yellow Network ($YELLOW) token airdrop
Make sure you are on the Ethereum, Linea or Polygon networks, select the amount you wish to lock up and click “Lock”. Note that Season 1 of this campaign is live until 11th November 2024.
Verify task
Go back to Yellow Network’s Galxe page and verify the task.
Complete social tasks
Follow Yellow and Twitter and interact with their posts as per the Galxe tasks. Remember to verify your tasks in order to earn points.
Visit pages
Visit the pages specified on Yellow Network’s Galxe page and verify the task.
Refer friends
Refer your friends to participate in Season 1: The Future.
SunPump ($SUN) is the world’s first platform dedicated to the fair launch and trading of meme coins, offering a user-friendly, low-cost, and secure environment for creators and traders on the TRON network. The SunPump platform is part of SUN.io, Tron’s first decentralized autonomous platform integrating stablecoin and token exchanges whilst supporting liquidity mining. Here is our review on everything you wanted to know about SunPump ($SUN).
What is SunPump?
SunPump is a platform on TRON that facilitates the fair launch and trading of meme coins. It offers creators an accessible, low-cost way to create their own meme coins in a secure and user-friendly environment. Here are SunPump’s main features:
One-click token generation: Users can easily create meme coins by providing a token name, symbol, image, and paying a small fee.
Bonding curve mechanism: SunPump adjusts prices based on token supply, ensuring fairness and transparency.
Instant market access: Newly created tokens are immediately listed, allowing seamless buying and selling.
Liquidity and token burn: When a tokenās market cap meets specific criteria, SunPump injects liquidity funds into SunSwap and executes a token burn.
Transparency: All transactions are public, allowing users to monitor activity. Additionally, SunPump has introduced a gas fee reduction program to make participation more accessible.
Fees
SunPump charges its fees at a very competitive rate for both meme coin creators and traders. SunPump fees are as follows:
Trading fee: There is a 1% trading fee on transactions conducted on the SunPump platform.
Creation fee: SunPump charges a creation fee of around 20 $TRX for launching a memecoin on the platform.
Liquidity fee: When a project reaches 100% of the Bonding Curve, the smart contract will automatically add around 100,000 TRX and 200 million tokens to the SunSwap V2 liquidity pool, deducting about 3,000 TRX as a liquidity addition fee.
Deposit/withdrawal fees: SunPump does not charge any additional deposit/withdrawal fees aside from the usual gas fees for blockchain transactions.
What is the SUN.io ($SUN) token?
The SUN.io ($SUN) token is the platform’s native token. As a governance token, $SUN grants holders voting rights to influence the platformās direction, including decisions on upgrades and protocol updates. The $SUN token can also be locked up to earn veSUN rewards. In turn, holding veSUN entitles to multiple rewards such as TUSD rewards, accelerated liquidity pool mining and voting rights to decide the weights of liquidity pools.
How does SunPump work?
SunPump’s main features for traders are they they provide a secure and verifiable token contract, with no presale and no team allocation. You can trade on SunPump in 5 simple steps as follows:
Explore Meme Coins: Visit the SunPump platform and browse through the available meme coins.
Select a Coin: Choose the meme coin that interests you the most.
Purchase Tokens: Use the Bonding Curve mechanism on the platform to buy tokens.
Trade Tokens: You can sell your tokens at any time to lock in profits or cut losses.
Engage with the Community: Participate in community activities to help increase the market value of your chosen meme coin.
Is SunPump safe?
SunPump launched just 11 days ago on the Tron network, has already generated over $1 million in revenue. While SunPump itself hasnāt been hacked, remember that investing in highly volatile meme tokens carries risks, so users may want to always be cautious.
Conclusion: Pros and Cons of SunPump
SunPump ($SUN) is a world’s first platform on TRON that facilitates the fair launch and trading of meme coins. Here are some of SunPump’s main pros and cons.
Pros
One-Click Token Generation: Creators can easily create meme coins by providing a token name, symbol, image, and paying a small fee.
No token presale: The benefit of no token presale means the token launch is more fair and allows for wider community participation.
No team allocation: This prevents concentration of pair and ensures a fairer ecosystem. In addition, it means team members are motivated to work for the project’s success without a guaranteed allocation and will only be rewarded on the project’s performance.
Bonding Curve Mechanism: SunPump adjusts prices based on token supply, ensuring fairness and transparency.
Instant Market Access: Newly created tokens are immediately listed for seamless buying and selling.
Transparency: All transactions are public, allowing users to monitor activity.
Gas Fee Reduction Program: SunPump introduced the gas fee reduction program to make participation more accessible.
Cons
Inherent Risks: Meme coins can be subject to price manipulation and fraudulent activities such as hacks.
Costs: SunPump charges a creation fee for launching meme coins, and thereās a 1% trading fee on transactions.
Space for Improvement: While successful, SunPump may need ongoing enhancements to address challenges. However, SunPump has only recently launched so it’s expected they will continuously improve on their platform.
Myria nodes are primarily used for gaming based layers, often referred to as Layer 2, which is essentially a scaling solution designed for games. The main function of these nodes is to promote the concept of zero gas fees.
Becoming a node owner enables you to directly generate Myria. Additionally, as a node holder, you will also receive daily Myria rewards, voting rights, and NFTs. The more nodes that are online, the more the rewards slightly drop.
Myria Node Tutorial
https://youtube.com/live/_jJFrtaUAbk
Acquire Myria tokens which can be converted to U.S. dollars or USDT. Tokens can be purchased and sold on both centralized and decentralized exchanges, such as Bybit or Uniswap.
Calculate the expected return and the break-even point. A rough calculation can be obtained by multiplying daily rewards by 28 (days of a month). The quantity may decrease as more nodes join. This data provides a general estimate, and the price of Myria could change over time.
Running a node is a technical task that will require some learning. Two strategies include running it on an old PC or with DigitalOcean.
Connect your wallet to the Myriad node. Once connected and signed in, transfer your Myria tokens, taking note of the specific value and associated transaction fee.
Myriad is a gaming-specific blockchain, often referred to as Layer 2. Myriad Node acts like a highway, allowing faster transactions and reduced costs by limiting the amount of information it reports back to Ethereum.
Proceed with the purchase of the Myriad Node using the Myriad tokens deposited.
Download the Myriad node client suitable for your operating system (Windows/Mac/Linux). Run the install process until it’s completed.
Enter your Myriad Node API Key into the installed Myriad Node client. You can locate your Node API Key within your Myriad account.
Key Updates for Myria
Metarush reached a new milestone with the first-ever closed demo in February 20231.
The Myria lore received new chapters in March 20231.
The Myria Whitepaper was released in March, providing detailed information about the ecosystem, tokenomics, and various features1.
The MYRIA token went live in early April, launching first on the OKX exchange and then on KuCoin, Gate, MEXC, Bitmart, and Uniswap1.
The founders, Andrew and Brendan, discussed the biggest crypto highlights of 2023
Phemex is a professional-grade Cryptocurrency exchange offering both Bitcoin spot and options trading. The exchange offers an innovative zero-fee trading model where fees are not charged per transaction. Phemex also offers Bitcoin, Ethereum, and Chainlink Perpetual futures. The exchange is built by ex-Morgan Stanley executives, aiming at providing institutional-grade trading tools and security. Derivatives trading allows traders to increase their exposure to certain assets and the ability to “short”.
Key Features of Phemex
Free trades on Spot Exchange (Premium account)
Institutional grade trading and security
Robust trading insurance
Free deposit fees
Ability to Leverage up to 100X margin
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Phemex Spot Exchange & Free trades
One of the key advantages of Phemex exchange is the ability to have free zero fee trades. This concept is groundbreaking for the cryptocurrency exchange industry because the previous model charged trading fees for both buying and selling crypto. These fees would add up over time, with many traders paying thousands of dollars to cryptocurrency exchanges. With Phemex, these traders can take advantage of the zero fee trading model and only pay a monthly premium of $9.99 USD per month. This is a huge game changer for cryptocurrency daytraders and technical analysts.
Phemex is also offering a US$6,050 sign up bonus, as well as 2 BTC and 10,000 USDT in trial funds! Sign up here.
I think that this is a trend and responsibility of exchange is to reduce fees for small capital users And, for the institutional clients, they willing to pay more fees, but to have a better service, like data-wise, analysis wise, right? So that’s two different groups. So we, and we announced our zero fee permission, they just to benefit our retail customers.
Jack Tao, CEO of Phemex
Bitcoin Perpetual Futures
The core trading product offered by Phemex is cryptocurrency derivatives trading such as Bitcoin Perpetual Futures. Derivatives are financial tools that derive value from the underlying product ā in this case cryptocurrencies such as Bitcoin. Phemexexchange trades contracts based on the underlying asset instead of the asset themselves ā this allows higher leverage and more types of products. Phemexallows up to a 101X max leverage on derivative products. This means a 1% change in the price of Bitcoin could result in 100% change in the funding amount ā potentially allowing traders to double or nothing on the exchange. This type of leverage is popularized by the BitMEX exchange which also allows 100X leverage.
Supported Countries
Phemex exchange does not offer its services to the following countries: US, UK, Canada, Cuba, Crimea, Sevastopol, Iraq, Yemen, Iran, Syria, North Korea, South Korea, Sudan, China, Hong Kong, Republic of Seychelles, and Bermuda.
Supported Cryptocurrencies
Phemex only 6 cryptocurrencies for the time being: Bitcoin, Ethereum, Ripple, ChainLink, Tezos, Litecoin. Though for contracts, Phemex also does offer a GOLD/USD trading pair.
Phemex Trading take profit orders and stop-losses
Take Profit and Stop loss triggers on Phemex
One of the key advantages of Phemex is use of stop-loss and take profit orders. These orders allow professional traders to fine-tune their trading strategies and set up opportunities to take profit or stop-loss. By default, Phemex has quick options to take profit at 25%, 50%, 75% and 100% profit. These can be set when the initial position is established with a clear indication the mark price and estimated profit or loss. It’s important to remember that when take profit or stop losses are triggered, the position will be sold as a market order – meaning that the algorithm will automatically match a trade even if it’s not at the same price.
Phemex Fees
Trading Fees
The standard contract trading fees on Phemex is set at 0.01% for makers and 0.05% for takers. Whilst standard spot trading fees are 0.1% for makers and 0.1% for takers. Phemex offers trading fee discounts for VIP users i.e. those with high trading volume on their Exchange. Users can also enjoy trading fee discounts by staking Phemex’s native $PT token in return for $vePT, enough $vePT tokens.
There is no addition transaction fee for the exchange, so users can trade even small quantities without fear of having overwhelming fees. Taker fees are higher as the exchange promotes users to fill the order books and establish higher liquidity for the exchange.
Funding fee is feature that is extremely important to take into consideration on Phemex. Funding rate is paid directly to holders of either long or short positions depending if its “negative funding” or “positive funding” rate. On Phemex, the fee is charged every 8 hours and can be negative or positive – meaning it’s possible to gain or lose money every 8 hours. If funding rate is negative, shorts holders will pay longs a percentage of their position. In the example above, the funding rate is -0.0094%, so short holders will be charged 0.0094% of their entire position. This also means that long holders will gain interest on their position.
Click HERE to learn more about crypto funding rates and how to earn passive income from them.
Deposit/Wtihdrawal fees
Phemex does not charge a deposit fee, but there are minimum deposit requirements. As for withdrawals, there is also a minimum withdrawal limit and the fee charged depends on the cryptocurrency. For example, Phemex charges 0.0005 BTC for BTC withdrawals, and 1 USDT for USDT withdrawals.
Phemex has a utility token known as Phemex Token ($PT). $PT gives holders various benefits including staking yields, trading fee discounts, VIP privileges, cashback airdrops, DAO governance, as well as launchpad and launchpool access. Phemex Token cab be purchased on the Exchange, and it can be staked to obtain Vote Escrow PT ($vePT). $vePT grants exclusive voting rights in the PhemexDAO, staking yields and buy crypto airdrops privilege.
Payment methods
Phemex only accepts the following cryptocurrency deposits onto the Exchange: Bitcoin, Ethereum, ChainLink, Tether and Ripple. Due to the Exchange not having any KYC procedures in place, traditional payment methods such as credit or debit cards and PayPal are not accepted.
Sub-accounts feature
Phemex sub accounts
Phemex offers an easy method to create sub-accounts – each with their own individual account balances and permissions. This feature allows traders to isolate their different trading strategies from each other – as it is possible to set a limited balance to each sub-account. Balance can be transferred freely between the accounts via the sub-account system. Traders can create new accounts for each new strategy they want to test out. In addition, sub-accounts can be used for trading bots – so automated trading can be done within controlled limits.
Is Phemex Exchange Safe?
Phemex has never been the subject of a significant hack. They also have the following practices to keep user funds safe:
Cold wallets: Phemex assigns separate cold wallet deposit addresses to each user and keeps 100% of user funds in reserve. It also uses offline signature and Merkle-tree Proof-of-Reserves so users can see where their funds are in Phemex’s system.
Risk controls: Phemex uses a two-factor authentication mechanism, an anti-phishing code, and a double-entry bookkeeping system to protect user accounts from tampering and malicious actions.
Firewall and network management: Phemex deploys its system on the AWS Cloud and uses several firewalls to separate different zones and machines for different trading purposes. It also applies restrictions on system and instance accessibility.
Trading platform:Phemex uses C++ engines that are fast, reliable, and customized to provide high performance and seamless disaster recovery for 24×7 trading.
Phemex Team
The core of Phemex team is comprised of ex-Morgan Stanley executives and developers. CEO Jack Tao has worked at Morgan Stanley for 11 years with experience developing Equity trading algorithms in the US. This work is pivotal to Phemex’s long term growth strategy and mission to bring professional trading tools to the cryptocurrency space.
Phemex Core Team
Conclusion: Phemex Exchange Pros and Cons
Pros
Developed by ex-Morgan Stanley Executives
Industry trend-setting Zero Fee Trading
Sub Accounts and easy to use APIs
Top tier exchange and wallet security
No KYC for small withdraws
Cons
Relatively new.
Regional restrictions without providing alternatives for users from those jurisdictions.
Phemex is currently looking for regulation via the Monetary Authority of Singapore (MAS) and SEBA for custody of customer assets. Similar to other derivatives exchanges such as BitMEX, PheMEX is currently not regulated.
Is Phemex allowed in the US?
Phemex does not offer services to the following countries: US, UK, Canada, Cuba, Crimea, Sevastopol, Iraq, Yemen, Iran, Syria, North Korea, South Korea, Sudan, China, Hong Kong, Republic of Seychelles, and Bermuda
Does Phemex have a token?
Phemex has a token known as Phemex Token or $PT. It is a utility token that provides benefits such as staking yields, fee discounts, and Phemex DAO governance.
What is the difference between PT and vePT
PT is Phemex Token, the native token of Phemex Exchange. Users stake PT in order to get vePT (vote escrow PT).
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
Trezor Model T is a second generation cryptocurrency hardware wallet manufactured by Satoshi Labs. The Bitcoin and Altcoin wallets operate using a new firmware called the TREZOR Core, allowing faster development of new features.
BUY YOUR TREZOR MODEL T NOW!
Trezor Model T
In this review, we will be looking at the features of the hardware wallet, the cryptocurrencies it support, and if it is worth buying or not.
If you want to learn how to set-up and install your Trezor Model T, check out our complete Setup Guide here.
Or check out my video review below.
Key Features of the Trezor Model T
Screen: Bright color LCD – 240×240 pixels;
Connectivity: USB-C connector for connecting to the computer or mobile phone;
Mobile support: Android support via the Trezor Manager; and
External wallet compatibility: supports MyEtherWallet and a few others.
Inside the box
Security Features
Passwords on the device are individually locked with the Trezor Password Manager using a userās digital keys. The device can also function as a U2F hardware token, which allows Trezor to utilize the screen and inform a user about any authentication request before they approve it.
Trezor created the standard recovery seeds (BIP32/39/44), which enables users to recover their entire wallet easily with the help of their 12-word recovery seed.
Similar to the Trezor One, the Model T has a passphrase feature so users can generate a new wallet. To access passphrase protected wallets, users will be required to enter your passphrase in addition to your security PIN.
So say a thief demands you to give them access to your device. You can give them your PIN code to access a wallet with fewer funds. Meanwhile the bulk of your crypto assets are stored safely behind passphrase protected wallets.
Can the Trezor be hacked?
Kraken Security Labs announced they devised a new way to hack into Trezor devices within 15 minutes of physically having the device. They did this through voltage glitching using a device and cracking the PIN code using a custom Python script, which will reveal the recovery seed. According to Kraken Security Labs, the attack makes use of inherent flaws within the Trezor’s microcontroller. So it will be difficult for Trezor to fix this vulnerability without redesigning the hardware and putting out a new device.
In reply, Trezor noted that the attack cannot work remotely and if users turn on the passphrase feature on the device. Trezor also reassured users that physical access is only a threat to 6-9% of cryptocurrency users.
Trezor Model T 2.3.0 firmware update- does it fix the Kraken Security Labs hack?
In mid-April 2020 the Trezor Model T announced their latest firmware update to ver. 2.3.0 which features some updates on their security measures. Before we answer whether it can resolve the 15-minute hack devised by Kraken Security Labs earlier this year (see above section), let’s take a look at what these features are.
The new updates include 2 passphrase updates which firstly, allow temporary passphrase caching so you can switch between your various passphrase protected wallets when using the device. The passphrase cache is only temporary, so once you disconnect the device, nothing is saved. Secondly, users will now be asked to choose how to enter their passphrase on the device itself, rather than on your computer or phone.
A notable new features is the wipe code which acts as a “self-destruct PIN”. When entered either on the device itself or your computer or phone, the wipe code erases all private data from your Trezor and resets the device to the factory defaults. Trezor suggests users can write the wipe code somewhere near your device as a decoy PIN, so if a thief tries to unlock your device, they will make the Trezor erase itself.
The SD card protection feature is intended to serve as an additional protection against physical attacks on the Trezor Model T. When this feature is enabled, a randomly generated “secret” is stored onto the microSD that is inserted into your Trezor. This “secret” carries no information on your Trezor’s seed or passphrase and is a completely random value. With the feature, you would need to insert the SD card into the Trezor so as to combine the “secret” with the PIN and decrypt the data stored on the Trezor. Hence you will require both the SD card and the Trezor to unlock it and access your cryptocurrencies. So you can enable this feature and keep the SD card and your Trezor in separate locations if you are worried about physical attacks.
From our research, Trezor has not directly responded whether their latest security firmware update fixes the hack devised by Kraken Security Labs. As mentioned previously, the vulnerability identified by Kraken cannot be resolved unless the hardware is redesigned. So the latest firmware updates can only indirectly give hackers have a harder time accessing your device but not resolve the core vulnerability. The fact that it only took Kraken 15 minutes of physical access to the device to hack it, and their suggestion that the glitching tool could be mass produced for sale at around USD$75 continues to be extremely worrying. For this reason, whilst we appreciate Satoshi Lab’s efforts to continue improving the device we cannot reinstate the security score given to the Trezor prior to the Kraken hack being discovered.
Security 3/5
Multi-Currency Support
Trezor Model T is designed to handle over a thousand cryptocurrencies including popular ones like Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash, Bitcoin Gold, and more. Regular updates enhances features and allows for even more supported cryptocurrencies. One advantage of the Trezor over other wallets is that all currencies are accessible without the need to “install” individual applications – this simplifies the overall use of the device
Currently, the Trezor is supported by decentralized exchanges such as Binance DEX, IDEX or Switcheo exchanges.
Multi-currency support 3/5
3rd Party Wallet Support
Exodus Wallet offers Trezor support, allowing for Exchange features
3rd party wallets like Exodus Wallet and others (MetaMask, etc.) offer Trezor support and allow for access to the hardware wallet inside of Exodus. This means users will be able to choose between different wallet interfaces and enjoy unique features offered only by Exodus, such as direct exchange of currencies.
Hardware Design
The device is relatively compact at 2.52in x 1.54in x 0.39in (64mm x 39mm x 10mm) and weighs 0.77 oz (22 grams).
It also has an LCD size of 240 x 240 pixels.
With the LCD screen, users can edit and configure the wallet according to their taste.
The sleek design makes it an upgrade to the previous Model One. Instead of buttons, the device has a touch screen available for ease of use.
However, I find the touch screen is still small and can be hard to use. I eventually settled on pressing the screen with my pinky finger.
Thumb for scale
The device works with a broad range of operating systems. Thus, users wonāt have the problem of connecting it with Windows, Linux, MacOS. They also have Chrome extensions available for those who wish to use it. The user interface gives users the option to change the language and view transactions via the touch screen.
Hardware design 5/5
Ease of use 4/5
Mobility
The device supports Android mobile and laptop devices. There is currently no support for iOS.
Users will need to download the Trezor Manager from the Google Play Store, which enables them to manage the wallet from their mobile phones. The mobile app can be used in sending cryptocurrencies, generating addresses, and viewing the details of a user account.
It also supports integration with Bitstamp and Bitex exchanges. So users can sign in and send cryptocurrencies to these exchanges directly using the Trezor device.
Is Trezor Model T worth it in 2023?
At the official price of US$219 (NOW ONLY $186 UNTIL 21 MAY!), it is an excellent cryptocurrency hardware wallet.
However, some people may consider the price too high despite its functions and high-security level. It is quite an investment if you are new to cryptocurrencies or only trade cryptocurrencies casually.
The touch screen, its support of over a thousand cryptocurrencies, and its high-security features are some of the reasons that could convince people to purchase this crypto hardware wallet.
Verdict
Trezor Model T
Deciding whether or not to purchase the Trezor Model T over other available cryptocurrency hardware wallets has a lot to do with what features you are looking for.
The wallet supports over a thousand cryptocurrencies. Thus, virtually half of the cryptos available in the market can be stored on the device.
Its integration with exchanges such as Bitstamp, Coinmap, and Bitex also makes it a good choice.
However, one significant downside is that the device does not support IDEX or Switcheo exchanges. The latest findings from Kraken Security Labs on physical hacks on the device are also extremely concerning.
Ledger released a new hardware wallet ā the Ledger Nano X. This new device protects your cryptocurrencies with military-grade protection and prevents digital theft and hackers. These are the key new features of the Ledger Nano X:
Large HD screen ā Displays address of receiver in full without scrolling
More storage space ā Install up to 100 different apps for different coins.
Rechargable Battery – allows the device to be powered-on without a cable.
Ledger Recover – A new (albeit controversial) seed phrase recovery subscription service. Learn more here.
Click below to buy!
This guide will help you setup your Ledger Nano X and teach you the important features. In addition, we the most important question: Is Bluetooth Safe?
Cryptocurrency can be spent on the go with Ledger Nano X
One of the biggest features of the Ledger Nano X is the support for mobile phones (both Android and iPhone). The new Ledger Live app allows for both sending and receiving of all supported cryptocurrencies on the go.
The app connects directly to the Nano X via Bluetooth, so no cable is required. The device has a battery that allows it to be actively powered on for more than 8 hours (depending on use), so the Nano X can be brought out to send cryptocurrency on the go.
Portfolio mode allowsLedger Liveto display all available balances that is stored on the Ledger Nano X. This is accessible even if the hardware wallet is not present, so you can conveniently browse the portfolio. To send cryptocurrencies, the device must be present to sign the transaction via Bluetooth. It is important to remember that the private key to sign transactions never leaves the device or is transmitted via Bluetooth – only the signed transaction which cannot be altered (secure).
Ledger Mobile app showing the Ethereum address with verification from Ledger Nano X
Ledger Live Mobile also supports the installation of various apps for different cryptocurrencies via Ledger Manager, just like the desktop version. The mobile app boasts the same functionality as the desktop version with the notable exception that it does not yet allow firmware updates.
How to Add or Remove Apps on the Ledger Nano X
To use different cryptocurrencies on the Ledger Nano X, the app for that coin needs to be installed on the Ledger first. This is done via the Ledger Live app on either Windows, MacOS, Linux, Android or iOS. First install Ledger Live, connect the Nano X and enter the “Manager” interface. The app will require you to unlock the Ledger by entering your pin and entering the home screen. You will need to authorize Ledger Live by confirming “Allow Ledger Manager”. Once you are connected, you will see a list of different apps that are ready to be installed (if your list is shorter than in the following image, update the firmware of the Ledger Nano X).
Use Ledger Live to install new apps on the Nano X
Is Bluetooth Safe?
The simple answer is: Yes. One of the initial concerns (reddit) about the Ledger Nano X is communication via Bluetooth, a form of radio communication. The previous model (Ledger Nano S) only had cable connectivity, which would not expose the device to nearby attackers. Bluetooth is safe to use in this case because the device is never controlled via Bluetooth – instead it is only used to send unsigned and signed transactions. This means the private key (the key to all the funds) is not exposed and does not leave the device.
The Nano X operates with the assumption that the Bluetooth connection (which is a bearer, exactly like USB) is compromised. The addition of BLE doesn’t impact the security model. Transactions must always be physically verified on device by pressing both buttons. Moreover, on the Nano X screens and buttons are directly connected to the Secure Element (single chip architecture), which is also an enhancement of the general security design. (Valium)
On top of this, the Ledger Nano X functions assuming the Bluetooth is in “compromised” mode. This means it will never give any control to other external devices and communication is limited to transaction signing only.
Control Panel on Ledger Nano X allow Bluetooth to be turned On / Off
Keep your Recovery Phrase Safe!
There will be a sheet where you can write down your 24-word recovery phrase. This is the most important part because it acts as a backup to the device. You will need to keep it very safe because if someone gets access to that paper it is essentially the same as stealing your wallet.
Do not take a photo or have a digital copy of that list!
Write down your 24-word recovery phrase. The order of the words is also important.
After setting up the device, with it still plugged in, visit the Ledger Live website and download the app you want to use.
Follow the instructions on the site and use.
Note: after setting it up you will be navigating the device on your computer.
You can receive cryptocurrency even when the device is offline. Itās only when you want to send that you need to connect the device and enter your PIN and login.
After inputting all the transaction details on your computer, as an additional security measure, you can double check the details on the device. Make sure the address and amount are correct and confirm.
Why use a Hardware Wallet?
With traditional currencies, you, the user, are the most important person. If you have ever lost your bank card, you can always go to the bank with some sort of identification and request for access back to your account.
Cryptocurrencies, however, donāt care about the physical person but rather the private key associated with the wallet. The private key is used to verify the account and transactions. Anyone who has access to this key can send funds and that is why you must keep it safe. Another thing is that cryptocurrency transactions cannot be reversed.
Hardware wallets can protect you against these things. They add an extra layer of security by storing the private key on the device itself. The only way to hack it would be to have physical access to the hardware wallet or with the backup phrase.
Paper wallets offer arguably even more security. However, the process for setting them up and using it is very complicated. Hardware wallets strike a nice balance between security and convenience.
Is the Ledger Nano X Worth the Upgrade?
At a higher price point, many users are asking the question “Is the Ledger Nano X worth the Upgrade“. For us, the answer is depends.
If you use more than 3 apps, then consider upgrading. Coming with a much larger memory space, Nano X is able to store a lot more applications than the soon-to-be-retired Ledger Nano S. However, its updated model, the Nano S Plus, at a price of USD 79, is capable of storing up to 100 apps, making it much more competitive with the pricier Nano X. As of writing, the Ledger Nano S is only able to store 2-3 applications with Firmware 1.5.5 (such as Bitcoin and Ethereum app). Whilst you can get around this limitation by uninstalling unused apps, the constant switching often leads to confusion and time wasting.
If you need to send large amounts of Cryptocurrencies on the go. With Bluetooth support, the new Ledger can be used with Android phones and iPhones.
If more apps and mobility are not a big concern for you, stick with the Ledger Nano S or Nano S Plus.
Successfully set up your Ledger Nano X? Now it’s time to get started with trading Bitcoin and other cryptocurrencies! Check out my course created in collaboration with Jeff Kirdeikis of Uptrennd- Bitcademy: Learn, Invest & Trade Bitcoin ā In Under an Hour
Ledger Nano X is the next generation of Hardware wallet with smartphone support, a larger screen and more storage space for Apps. Retailing for $119, the Ledger Nano X is great for newcomers or experienced traders trading more than 3 types of cryptocurrencies at at time or large volumes on the go. If more apps and mobility isn’t a big concern, stick with the Ledger Nano S.
In this review, we’ll be looking at the security, hardware design and cryptocurrency support of the Ledger Nano X to tell you if this device is worth purchasing or not. For Set-up and installation guides, check out our full Ledger Nano X guide.
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Key Features of the Ledger Nano X:
Ledger Nano X Video Review
Larger screen ā Displays full cryptocurrency addresses without scrolling
More storage space ā Install up to 100 different apps for different coins.
Rechargeable Battery ā allows the device to be powered-on without a cable.
Ledger Recover ā A new (albeit controversial) seed phrase recovery subscription service. Learn more here.
Latest features: stake, swap, earn and lend cryptocurrencies
Staking and earning
Ledger Live allows for staking Tezos ($XTZ), Tron ($TRX), Cosmos ($ATOM) and Algorand ($ALGO). Users can lock up these cryptocurrencies to secure their respective networks and in return they will be paid interest for doing so. This feature expands Ledger into more than just a secure place to store your cryptocurrency, it can even help you grow your digital assets.
Staking your digital assets can be done in 3 simple steps. First, freeze your assets by logging onto your Ledger Live, choosing the relevant account for the asset you wish to stake and click “earn rewards”. A popup window will then appear. There you will be allowed to select the amount in your wallet you wish to freeze. Secondly, vote for your validator(s) who will be making the blocks on your network and the cryptocurrency earned by making these blocks will be redistributed to voters. Lastly, claim your rewards by clicking “Claim” in your relevant account. Rewards are claimable every 24 hours.
Swapping
Ledger has released a Ledger Swap feature which allows users to exchange their cryptocurrencies through their partner Changelly. How this works is you send your cryptocurrency from your device to Changelly, and Changelly sends you back the swapped cryptocurrencies.
To use this feature you will need: Ledger device, Ledger Live, the app for the crypto you want to swap and receive, and finally the exchange app.
Lending
Ledger is working with Compound ($COMP) to allow users to lend DAI, USDT and USDC through Compound’s decentralised finance (DeFi) protocol. The purpose of doing is is that the lender could earn an Annual Percentage Rate.
Further, there are numerous benefits when using Ledger to lend:
Control: You have control and proof that the crypto you lend and generated interest belong to you. This is because lending on Ledger is done through Compound, and when you lend on the platform you get “cTokens” in return. These cTokens represent proof of your ownership of the cryptocurrencies lent and the interest generated. These cTokens are stored by you until you want your lent assets and interest back, and in which case all you need to do is to send the cTokens back to the smart contract.
Security: cTokens are stored on your ledger hardware wallets.
Convenience: Compound’s lending features are available directly through Ledger Live.
Lending crypto using Compound and Ledger Live is done in 3 simple steps. Firstly, on Ledger Live’s Manager, install the application for the cryptocurrency you want to lend and create an account. Secondly, enable your account to authorise Compound’s smart contract to interact with your account. Finally, select the amount of cryptocurrencies you want to lend and issue a transaction to Compound, verify and approve the transaction on your device.
Security features
One of the key reasons to buy Ledger hardware wallets is the firm’s reputation for security. The Nano X contains a two processor chips:
Secure Element: ST33J2M0 (secure) is independently certified and stores the private key and signs transactions
Operating system: STM32WB55 chip is responsible for Ledger’s BOLOS proprietary Operating System.
Secure elements are separate pieces of hardware (second layer of security) with their own storage and limited functionality that cannot be breached by hackers. This means that even if the Ledger Nano X is connected to a compromise device – like a hacked laptop or phone, the private keys (=access to crypto funds) is never compromised. Devices like the Trezor One and Model Tdo not have secure elements and only have a single layer of security.
Ledger Nano X Teardown showing CC EAL 5+ Secure Element Chip
The Ledger Nano X also has the same BOLOS operating system that is found on the Nano S. BOLOS ensures that addresses are displayed properly on the device and handles connections to external devices.
Similar to the Nano S, users can set up wallets protected by a passphrase in addition to your primary PIN code. So say a thief demands you to unlock your device, you can give them the PIN code to access wallets with fewer funds. Whilst hiding the bulk of your crypto assets behind passphrase protected wallets.
The Nano X has the addition of Bluetooth support. Unfortunately Bluetooth’s security record is not spotless, and presents a new vector of attack for the device. Ledger CTO Nicolas Bacca has stated during an interview that Bluetooth on Ledger functions assuming the connection has been compromised – at no point will it be able to take over the device.
Bluetooth can be turned off on the Ledger Nano X
In October 2019, the Nano X received CSPN (First Level Security Certificate) certification issued by the ANSSI (National Agency for Information Systems Security). Currently, of all the cryptocurrency hardware wallets on the market, only Ledger’s Nano S and Nano X have this certification. The certification scheme evaluates multiple aspects of a device’s security including firewall, identification, authentication and embedded software by putting it through multiple attack scenarios.
Ledger hack
In July 2020, Ledger confirmed they suffered a data breach whereby an unauthorised third party accessed Ledger’s e-commerce and marketing database. As a result, around 1mil email addresses were exposed, and of those, 9,500 customers’ had further information exposed such as their first and last names, postal address, phone number and ordered products.
Ledger had reported the matter to authorities and are working with Orange Cyberdefense to investigate the matter. The team are also constantly monitoring for evidence of the data being sold on the internet.
Subsequent to the data breach, users have been reporting receiving phishing emails and texts by asking them to download a new version of the Ledger software. If users click on the link in the email, they will be redirected to a fake cloned version of the Ledger site. Afterwards, if users download the “update”, which is in fact a malware, it would ask users for their Ledger’s recovery phrase. The entered recovery phrase is then used by the attacker to recover the user’s wallet and send the user’s cryptocurrencies to the attacker’s wallet. For a full explainer on how the phishing attack works see the report from Kraken.
Phishing email sent from info@ledgersupport.io address
We do note that this can be more accurately characterised as a “data breach” rather than a hack. More importantly, this breach had no link or impact on the Ledger hardware wallets or the Ledger Live app. Cryptocurrencies stored on the Ledger devices have never been at risk.
Ledger has one of the most diverse support for different cryptocurrencies such as NEO, Vechain and Monero. With their open policy to development from project teams, the Ledger nano X supports 1100+ different assets. Many of these assets like Vechain or NEO are not found on competitors like the Trezor Model T or KeepKey, making Ledger the only hardware wallet available for many coins. The rule of thumb here is that the Nano X will support the same assets as the Ledger Nano S.
Installing Ledger Live
Ledger Live application interface
Ledger has a native application called Ledger Live to allow you to access cryptocurrency accounts (including Bitcoin, Litecoin Ethereum and other cryptocurrencies). Ledger Live is available on multiple platforms including Windows, MacOS, Linux, Android and iOS. We found the Ledger Live app easy to use as it clearly displays cryptocurrency assets with historical charts. Sending cryptocurrencies is extremely easy with step-by-step operation which clearly displays the sender and receiver addresses. There are also advanced features to manually customise the transaction fee in sat/byte.
How many coins can Ledger Nano X Hold?
One of the weakness of the Nano S is the lack of space for installed applications. The Ledger Nano X fixes this problem by increasing the internal memory to 2 MB. In our tests we were able to install all 73 available apps on the device (Ledger claims up to 100+). It should be noted that app storage is a convenience feature – apps will still retain their accounts / cryptocurrency balances even if uninstalled.
Does Ledger Nano X support Ethereum and ERC-20?
In September 2019 Ledger added a native Ethereum Wallet to its latest Ledger Live v.1.14.0 which adds support for 22 coins and over 1,250 ERC-20 tokens. This allows for direct access to tokens and ethereum whilst on the go without the need for a 3rd-party interface like MyEtherWallet. This is a welcomed upgrade to Nano X users who previously had to use different interfaces depending on the cryptocurrency you wanted to interact with. It will also certainly be welcome to newcomers to cryptocurrency, who may be confused by the different interfaces.
One of our complaints is that Ledger Nano X has to enter each app separately account – something that is not necessary on the Trezor Model T.
Is Ledger ready for Ethereum 2.0?
Ethereum 2.0 is coming soon with the first Phase 0 Beacon Chain to be launched in December 2020. Leading up to this, Ethereum stakers need to deposit at least 32 Ether onto the Beacon Chain using a deposit contract. Therefore Ledger has updated the Nano X’s new firmware version 1.2.4-5, in which the Ethereum application update to version 1.6.0 allows users to sign a deposit contract transaction directly on the Ledger Nano X. This feature is EXCLUSIVE to the Ledger Nano X.
In the future, users would be able to use their Ledger Nano X to derive an Ethereum 2.0 public key and validate that the withdrawal public key used in the deposit contract does actually belong to the Ledger device. The Ledger team are also working on a second Ethereum application which would allow stakers to securely sign blocks on the Beacon Chain.
5/5 Multi Currency Support
Hardware Design
Input is made with the two circular buttons
The new Ledger Nano X has two hardware buttons – hidden in the circular design of the cover pivot. These two buttons allows us to access menus (hold both buttons), make selections (press both buttons), and even input recovery phrases (use buttons to scroll). We found that entering PINs and recovery phrases to be tedious with only 2 buttons – perhaps a touchscreen or additional buttons could of helped.
Nano X has a larger screen with higher resolution. This means that full cryptocurrency addresses could be displaced without scrolling – something that was sorely lacking in the Nano S.
The Nano X uses a modern USB-C interface for charging and connecting to the PC. This is a welcomed upgrade as the computing world migrates to USB-C.
The Nano X also now comes in 3 colours: Onyx Black, Blazing Orange and Cosmic Purple.
Ledger Nano X can be used with mobile devices, and transactions can be sent on the go using the Ledger Live app on mobile. We found this feature to be very situational. Whilst it is helpful to be sending crypto on the go with the security the Nano X provides, the convenience is lacking when compared to mobile wallets like the Enjin Wallet. A separation confirmation set is needed: unlock device via PIN, enter the cryptocurrency app, check and confirm the transaction. This feels tedious and not suitable for simple coffee purchases or small transactions. What does make sense is perhaps large purchases (a car or house?) or token sale investments. However, the question remains, how frequently do we need to send large amounts of crypto on the go?
How do you Update the Ledger Nano X
Ledger periodically releases updates for the Ledger Nano X to improve security, functionality and coin support. In fact, firmware updates are required in order to get support for the latest cryptocurrencies. In order to update the firmware, plug the Nano X into your computer and run the Ledger Live app. The app will automatically display your version number and show any available firmware updates. To initiate the update, click the update button and confirm the installation in the Nano X by pressing down both buttons when prompted to “allow ledger manager” to access the device.
Ledger Nano X worth the upgrade?
At $119, the Ledger Nano X is not a budget device – it commands a certain price premium making the upgrade decision harder for many users. For many, the deal breaker convenience features – the large screen that displays full cryptocurrency addresses and larger storage for more apps. If these features are important for you, then the Nano X is worth the upgrade. However, if you only need a few apps, the budget friendly Ledger Nano S is a better option at $59.
Ledger Nano X compared with Trezor Model T
Ledger compared to other Hardware Wallets
The biggest difference between the Ledger Nano X and the Trezor Model T is the screen and supported coins. The Trezor Model T has nice touch screen which helps with entering PIN and the security phrases. However, the Trezor has fewer supported coins and usually projects tend to release Ledger support first. The following table is a comparison between various hardware wallets, including the release date, external security certification (if any), release date and our review rating.
At the end of the day, choosing between the Ledger Nano X and other hardware wallets is mostly based on 1 question – are the cryptocurrencies you want supported on the device. Support for a large number of coins has always been Ledger’s strong suit, along for browser support in Decentralized exchanges (Binance DEX, IDEX and Switcheo)
Can you keep your coins when upgrading from the Ledger Nano S to Ledger Nano X? Yes. When doing the upgrade, choose to “restore” option during setup and enter the 24 word recovery phrase from the Ledger Nano S backup
Can the Bluetooth Feature be turned Off in Ledger Nano X? Yes, Bluetooth can be disabled in the Control panel. This will disable Bluetooth communications and only allow the Ledger the communicate via the USB cable. You can access the panel by holding down both buttons for 3 seconds.
Can many apps can you install on the Ledger Nano X? We found that the Ledger Nano X can hold all 73 Apps currently available on the Ledger Manager. There is even more storage available for future applications.
Why does the Ledger Nano X Bitcoin Address change? Ledger includes a feature to automatically generate a new Bitcoin address each time an old one is used. This increases the privacy of transactions, as different addresses are used for new transactions. Old addresses can still be used as the Ledger contains full access (include future access) to these funds.
How do you generate a new public address for receiving funds New Public addresses are automatically generated when old ones are used (the address receives or sends a transaction).
What is the latest Ledger Firmware Currently the latest firmware is 1.6.0
Will the Coronavirus (COVID-19) pandemic affect Ledger? Ledger has issued a statement saying they have in place business continuity measures to ensure they continue to have inventory and products to ship to its customers. They are however experiencing some backlog in their customer service side but are working to ensure that customer’s concerns are answered. You can check the operational status of their systems here. Inevitably there may be issues with shipping products to customers, they are still able to ship to most countries though some customers may experience limited shipping options. Check here to see if shipping to your country may be affected.
Just got a new Ledger Nano X? or always been curious about getting started with Bitcoin and other cryptocurrencies? Check out my course created in collaboration with Jeff Kirdeikis of Uptrennd- Bitcademy: Learn, Invest & Trade Bitcoin – In Under an Hour
Ethereum Shanghai Upgrade is scheduled for April 12th and includes key economical changes to Ethereum and fee optimizations that will improve the network. This upgrade is part of Ethereum’s upgrade plan into Ethereum 2.0 – a faster, cheaper and more stable public blockchain. The main purpose of the Shanghai Upgrade is financial – it will allow stakers and validators to withdraw staked ETH from the Beacon Chain, which has been locked since December 2020. Some users have feared that this change will unlock $26 billion USD worth of Ethereum, potentially causing Ethereum’s prices to fall.
Staked Ethereum is Unlocking
The key feature of the Shanghai Upgrade is Ethereum Improvement Proposal (EIP) 4895, which will enable validators to withdraw staked ETH. Validators have staked approximately 16 million ETH to secure the network. Validators can participate in validating blocks by staking 32 ETH in the chain, and each staked ETH increases the likelihood of a validator receiving block rewards.
Validators have been staking ETH and earning rewards for validating blocks since the launch of Ethereum’s Beacon Chain in December 2020. However, the rewards earned by validators have been locked since the transition to PoS consensus in September 2022. With the Shanghai Upgrade, validators will finally be able to withdraw their rewards.
The withdrawal of staked ETH has been successfully simulated on the Zhejiang testnet. The Zhejiang testnet is the first of three testnets that will run the simulation. The Sepolia and Goerli testnets will follow, running the simulation in the coming weeks.
Key Improvements (EIP) in the Shanghai Upgrade:
EIP-3651: Warm COINBASE – This EIP aims to lower the gas cost of accessing the COINBASE address, which is a software component that allows developers to receive new tokens.
EIP-3855: PUSH0 instruction – This EIP aims to lower the gas cost of deploying contracts by introducing a new PUSH0 instruction.
EIP-3860: Limit and meter initcode – This EIP introduces a gas cost limit and meter for contract initialization code, which should help to reduce gas costs for developers.
EIP-4895: Beacon Chain push withdrawals as operations – This EIP is one of the key features of the Shanghai upgrade, as it allows validators to withdraw staked ETH from the Beacon Chain.
EIP-6049: Deprecate SELFDESTRUCT – This EIP aims to reduce the risk of contract failure by deprecating the SELFDESTRUCT instruction, which can lead to the loss of funds if used improperly.
These EIPs will reduce gas costs related to Maximal Extractable Value payments when accessing the COINBASE address, lower gas costs for developers, cap developer gas costs in certain cases, and address a similar concern.
The Shanghai Upgrade does not include EIP-4844, which facilitates the “sharding” of the Ethereum blockchain into multiple chains to enhance scalability. Sharding is a scalability solution that divides the whole network of a blockchain into multiple smaller networks called shards.
Validators will have two options for withdrawing their staked ETH. The first option is to create a “withdrawal credential” to unstake their staking rewards accumulated over the past years. The second option is to exit the Beacon Chain completely by unstaking all of their 32 ETH, which is the maximum allowed per validator.
The Shanghai Upgrade is expected to have a significant impact on the market. Approximately 16 million staked ETH will be available for withdrawal, and traders are paying attention to how the market may move. Some traders believe that the upgrade will trigger a selling wave, with many taking profit once staked ETH is unlocked. Others believe that the upgrade will encourage more staking.
Conclusion
The Ethereum Shanghai Upgrade is a minor upgrade for the Ethereum network (albeit a large upgrade in terms of unlocked Ethereum). The Ethereum core developers use this upgrade to stabilize the network rather than to deploy aggressive changes. This is why most of the improvements are smaller quality of life improvements rather than fundamental architecture changes.
The biggest impact of Shanghai has to do with staking and locked tokens. It will enable validators to withdraw staked ETH from the Beacon Chain, which has been locked since December 2020. The upgrade includes several other EIPs that aim to reduce gas costs for Ethereum developers. While it is unclear how the upgrade will impact the market in the short term, it is certain that traders will be watching how much of the available ETH will be cashed out, which could push the price of ETH down.
What is Vechain? VeChain ($VET) is a next-generation smart contract blockchain platform focused on solving enterprise and supply chain management solutions. The blockchain supports the creation of smart contracts – self-executing contacts that have a guaranteed outcome without third-party trust. Vechain’s unique advantage is that it has close relations with the big four auditing firms, such as Pricewaterhouse Cooper, who will use blockchains to audit firms.
Vechain is designed to can solve enterprise problems such as:
Anti-counterfeit for Luxury Brands – through the use of smart chips, Vechain tracks each individual item and prevents duplication. Vechain Toolchain allows anyone to create anti-counterfeit tags.
Cold-chain Logistics – ensure that food doesn’t spoil during transportation and storage by using smart IoT sensors that automatically report crucial information to the blockchain.
Automobile – keep a tamper-proof record of vehicle data including repair history, insurance, registration, and driver habits.
Carbon Credits – Quantitatively track the carbon contributions of a particular company to reduce carbon emissions. For retail users, the app is already available on WeChat. Consumers engaging in low-carbon behaviors (e.g. purchasing low-carbon products) would be rewarded with credits that can be redeemed for environmentally friendly goods or donated to charity.
Clinical trial traceability platform – with a partnership with Bayer China, Vechain will use blockchain to solve problems of digitalized clinical trial traceability.
Using blockchain technology, VeChain makes it simple and secure for product manufacturers to collect, manage, and share important product data with vendors and consumers throughout the life-cycle of a product.
Key Features of Vechain
Public blockchain Anyone can read, write and deploy decentralized applications and smart contracts onto the VeChainThor blockchain.
In-house IOT and supply chain management technology Proven blockchain implementation experiences in industries such as luxury goods, liquor, and agriculture.
Native Fee Delegation The blockchain supports the implementation of native fee delegation, which means dApp users do not need to hold VET or VTHO to write transactions if associated gas costs are specified by the developers to be sponsored.
VeChain Ecosystem
To achieve its ambitious vision, VeChain has developed a powerful blockchain-enabled enterprise software platform. The Platform enables manufacturers to assign products with unique identities, which then allows manufacturers, supply chain partners, and even consumers to interact with the product through the platform. It uses blockchain technology to ensure the security of the data collected, allocating private keys to all participants within the supply chain.
Products are assigned a unique ID, which is stored simultaneously on the blockchain and attributed to the product with an NFC chip, RFID tag or QR code. At any point during the productās life, the chip, tag or code can be interacted with, whether by a distribution or retail partner ascertaining batch membership, or a consumer wanting to learn more about a product. The Company envisages a broad range of applications, including brand protection, anti-counterfeit, and food safety.
VeChain has existed since 2015 and migrated its previous private and consortium blockchain to its public VeChainThor blockchain in 2018. This move opens up the advanced features found on the blockchain to any developer or third party to develop and write applications on the platform. There have been several companies that chose to build their business on top of VeChainThor, including Plair and 8Hours Foundation, as well as several independent community developers.
Vechain Roadmap in 2023
Vechain Token Economics
Vechain uses a dual-token economic model. The primary token, VeChain Token (VET) is used to represent value on the network, with various mechanisms designed to stabilize the price of VET over time.
VET holders will also automatically generate the utility token, VeChain Thor Token (VTHO). VTHO is a “gas” currency, and is required to send transactions or perform actions on the network. Regular network users do not have to worry about separately buying VTHO though, as it is automatically generated in proportion to the amount of VET held. When a transaction is executed, 70% of VTHO is permanently destroyed (“burned”) and 30% is given as a block reward to Authority Node holders.
This dual-token economic model was introduced to improve network economics. This system is designed to help developers on the network. Developers holding enough VET will be able to use the network for free, as the VTHO generated will be enough to pay for transactions. If a developer is developing a transaction-intensive app, they can also look to use the multi-party payment protocol.
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In short:
Vechain Token (VET) serves as a reserve for economic staking and value transfer on the platform. VET can be “staked” in various economic nodes and generate VTHO which powers transactions on the network.
VeThor Token (VTHO) is the “gas” required to perform transactions and interact with smart contracts. Each time a transaction is made, VTHO is consumed and destroyed.
Using and Storing Vechain
Vechain can be stored safely on the VeChainThor Wallet which is available on smartphones (iOS and Android). The mobile wallet securely encrypts and provides keys to provide maximum security for Vechain holders.
What are VeChain Nodes?
Nodes are traceable wallets (such as the VeChainThor wallet) that have a specified minimum amount of VeChain stored inside. There are 2 types of nodes: Authority Nodes and Economic Nodes, both of which have their own requirements, functions, and benefits.
Authority (Thrudheim) Nodes: Securing Vechain by Proof of Authority
At the heart of Vechain are the 101 Authority Nodes that process and validate all the blockchain transactions, as well as govern the network via a voting mechanism. These Authority Nodes are selected by the Vechain Foundation and go through a full application and KYC procedure. As a reward, Authority Node holders receive the highest VTHO production rate and voting rights. Authority Nodes are generally owned by large enterprises and trusted individuals to ensure decentralized trust. Little is known about the identity of these Authority Node holders for security reasons, but several large enterprises such as DNV GL and PwC have come forward saying they hold Authority Nodes.
Economic Nodes: Providing stability to the ecosystem through staking
Economic Nodes do not validate blockchain transactions, rather they keep the Vechain ecosystem stable by keeping a certain amount of VET tokens in their VeChain Thor mobile wallet. There are different tiers of economic nodes and the more VET tokens staked for a longer period of time, the higher the rewards.
To become a Normal Economic Node holder, a minimum of 1,000.000 VET for 10 days is required.
More dedicated node holders can join VeChain’s X Node program which offer even more rewards. For X Node holders, holding a minimum of 600.000 VET at all times is required.
There are 4 types of rewards depending on the type of Node held. These range from earning a sum of VTHO per day, rewards from the Company’s Foundation Reward Pool, to whitelist access to VeChain ICOs.
VeChain started in 2015 with the establishment of its company in Shanghai. Founded by CEO Sunny Lu (ex-CIO of Louis Vuitton China), the Company has been developing enterprise-focused solutions based on its private blockchain. As the trend towards better decentralization occurred in the blockchain industry, VeChain migrated to a consortium blockchain before finally establishing the VeChain Foundation and starting their final migration to a Proof of Authority (PoA)-based public blockchain platform.
The Foundationās vision is to create greater market transparency and provide consumers with access to more detailed information about the products they buy, sell, and interact with. By having a full 360-degree view of the supply chain, with all components securely recorded and stored in a tamper-proof distributed ledger, retailers and manufacturers can be certain of the quality and authenticity of their products, guaranteeing consumers that what they are buying is really what they think it is.
VeChain boasts partnerships and lives use cases with many notable partners, including DNV GL, PwC, Deloitte, Walmart China, BMW, BYD Auto, Bayer China, H&M, LVMH, ENN, AWS, PICC, ASI Group, etc.
Key VeChain Partnerships
DNV GL
DNV GL was founded in 1864 and has 300 offices worldwide. They provide quality assurance services to companies in the maritime, oil and gas, and power and renewables industries.
DNV GL issues Management System Certificates at the end of their inspection and certification process. This evidences that the companyās processes and products meet international standards.
DNV GL is a partner and shareholder of VeChain. Both Companies share the belief that the future of assurance lies in blockchain technologyAt VeChain Summit 2019, DNVGL announced it has completely migrated its private blockchain to the VechainThor
Since the partnership announcement, DNV GL has jointly developed several products including the Low Carbon Ecosystem and MyStory, a traceability and marketing solution. DNV GL has also reaffirmed its commitment to the VeChain ecosystem by migrating its private blockchain onto the VeChainThor public blockchain for its clients. DNV GL also gave each client a digital Non-Fungible Token (NFT) wallet so that each customer has a digital identity and can access and interact with the DNV GL ecosystem. Through this, DNV GL has issued more than 900,000 wallets, compared to Ethereum which only has 400,000 wallets.
BMW
In March 2018, BMW confirmed VeChain’s participation in the BMW Startup Garage Programme, a partnership program whereby BMW will work with the participant to develop their technology and purchase it for BMW’s use.
During the 2019 VeChain Summit, it was confirmed that VeChain and BMW will jointly develop a DApp called VerifyCar for BMW cars. VerifyCar will record vehicle information onto the VeChainThor blockchain. Examples of information which will be recorded include a vehicleās mileage, insurance and service records.
Cihan Albay, Leader at IT Tech Office Singapore, BMW Group gives a presentation on VerifyCar
PriceWaterHouseCoopers (PwC)
PwC is known as one of the āBig Fourā auditors. They are a network of firms in over 150 countries and provide services to 420 of the Fortune 500 companies.
PwC has 3 major service lines:
Assurance providing financial audits;
Advisory on actuarial and insurance management solutions and human resource services; and
Tax planning and consultancy services.
VeChain has partnered with PwC since May 2017 to jointly develop and promote the adoption of blockchain technology. After much speculation, details of their partnership were announced during a joint press conference with PwC and Walmart in June 2019. It was announced that Vechain and PwC were also working with Walmart China, and had launched the Walmart China Blockchain Traceability Platform built on the VeChainThor Blockchain. The Platform takes on the challenge of food safety by using VeChain’s technology to allow Walmart China to implement a traceability strategy for its products. Consumers can scan the products and would be able to view detailed information on the product, such as its source, logistics process, product inspection reports etc.
At the time of the announcement, an initial 23 Walmart product lines were tested and launched on the Platform. By the end of 2020, it is expected that Walmart’s China’s traceability system will see traceable fresh meat account for 50% of its fresh meat sales, traceable vegetables will account for 40% of its total sales of vegetables, and traceable seafood will account for 12.5% of the total sales of seafood.
Products on the Walmart Blockchain Traceability Platform
Bayer China
The partnership between VeChain and Bayer China, the Greater China arm of one of the world’s leading pharmaceutical companies was announced on 28th May 2020. VeChain has created CSecure, a clinical trial traceability platform to be used in Bayer’s research and development of medical interventions such as drugs and other treatments. Learn more about Vechain and Bayer’s partnership.
VeChain is a blockchain-enabled platform that provides a comprehensive governance structure, a robust economic model, and advanced IoT integration to help enterprises improve supply chain management, asset tracking, data management, and more.
What are the benefits of using VeChain?
VeChain offers a wide range of benefits, including improved transparency, enhanced security, improved traceability, increased efficiency, cost savings, and more.
How does VeChain work?
VeChain uses a combination of blockchain technology, smart contracts, and IoT devices to create an immutable, distributed ledger that can be used to track and manage assets, contracts, and data.
What industries can benefit from VeChain?
VeChain has applications in a variety of industries, including supply chain management, asset tracking, data management, healthcare, finance, and more.
What is VeChain Thor?
VeChain Thor is the native blockchain platform of VeChain, which enables users to develop decentralized applications (dApps) and smart contracts.
Where can I buy Vechain
Currently, the best exchange to trade both the $VET and $VTHO token is Binance – it has the most number of traders and highest liquidity. You can purchase VET on cryptocurrency exchanges such as Binance, Huobi, and OKEx.
What is VeChainās token?
VeChainās token is called VET, and it is used to power the VeChain network and reward users for their contributions.
What is VeChainās roadmap in 2023?
The VeChain Foundation says the projectās developers plan to spend the first half of the year at work on a carbon footprint explorer, a wallet browser extension and an Ethereum (ETH) token bridge, among other projects.
Chart patterns are an integral aspect of Technical Analysis, but they require some getting used to before they can be used effectively. A chart pattern is a shape within a price chart that helps to suggest what prices might do next, based on what they have done in the past. Chart patterns tend to repeat themselves and can give you a real competitive advantage in the markets if you are able to learn to recognize them.
The market is constantly changing. In many cases, it does not matter how you feel about it, it only matters how the market is going to feel about it.
Market sentiment is a critical indicator to predict price movements and make investment decisions. An easy way to gauge market sentiment is by looking at chart patterns. They tend to repeat themselves, and once you are able to recognize them, it becomes easier to strategize your entries and exits.
However, it is important to note that they are NOT a guarantee that the market will move in that predicted direction. It should only serve as a frame of reference for you to feel how the market moves.
The most important thing to remember when using chart patterns as part of your technical analysis is that they are not a guarantee that a market will move in that predicted direction, they are merely an indication of what might happen to an assetās price. Below are some of the most common chart patterns studied by technical analysts as they appear on the Bitcoin/USD chart:
1. Head and Shoulders
This is a bullish and bearish reversal pattern that has a large peak in the middle and smaller peaks on either side. The Head and shoulders pattern is considered to be one of the most reliable reversal chart patterns. This pattern is formed when the prices of the stock rise to a peak and fall down to the same level from where they had started rising. Again, the prices rise and form a peak higher than the last peak and again it declines to the original base. Prices again rise to form a third peak, which is lower than the second peak and from here it starts declining to the base level. When the prices break the baseline with volume then a bearish reversal takes place.
Head and shoulders is a chart pattern in which a large peak has a slightly smaller peak on either side of it. Traders look at head and shoulders patterns to predict a bullish-to-bearish reversal. Typically, the first and third peak will be smaller than the second, but they will all fall back to the same level of support, otherwise known as the ānecklineā. Once the third peak has fallen back to the level of support, it is likely that it will break out into a bearish downtrend.
Head and Shoulders
2. Double Top
A double top is a bearish reversal pattern that traders use to highlight trend reversals. The price forms a peak and retrace back to a level of support. It will then climb up once again before reversing back more permanently against the prevailing trend. A double top is a bearish pattern as it signifies the end of an uptrend and a shift towards a downtrend.
Double Top
3. Double Bottom
A double bottom is a bullish reversal pattern that is opposite to the double top. Price forms a peak and then retrace back to a level of resistance. It then forms a peak once more before reversing back from the prevailing trend. A double bottom is a bullish reversal pattern, because it signifies the end of a downtrend and a shift towards an uptrend.
Double Bottom
4. Wedges
Wedges are bullish and bearish reversal as well as continuation patterns which are formed by joining two trend lines which converge. There are two types of the wedge, rising and falling. Both rising and falling wedges are reversal patterns, with rising wedges representing a bearish market and falling wedges being more typical of a bullish market.
A rising wedge is represented by a trend line caught between two upwardly slanted lines of support and resistance. This pattern generally signals that an assetās price will eventually decline more permanently, which is demonstrated when it breaks through the support level.
A falling wedge occurs between two downwardly sloping levels. This pattern is usually indicative that an assetās price will rise and break through the level of resistance.
Wedges
5. Cup and Handle
The cup and handle pattern is a bullish continuation pattern that is used to show a period of bearish market sentiment before the overall trend finally continues in a bullish motion. The cup appears similar to a rounding bottom chart pattern. Following the cup, the price of an asset will likely enter a temporary retracement, which is known as the handle because this retracement is confined to two parallel lines on the price graph. The asset will eventually reverse out of the handle and continue with the overall bullish trend.
Cup and Handle
6. Pennants
A pennant pattern or a flag pattern is created when there is a sharp movement in the price either upward or downward. This is followed by a period of consolidation that creates the pennant shape because of the converging lines. Then a breakout movement occurs in the same direction as the big stock move. At the initial stock movement there is a significant volume which is followed by weaker volume in the pennant section and then rise in the volume at the breakout. Pennants can be either bullish or bearish, and they can represent a continuation or a reversal.
Pennants
7. Triangles
Ascending Triangles
The ascending triangle is a bullish continuation pattern which signifies the continuation of an uptrend. It can be drawn onto charts by placing a horizontal line along the swing highs, which acts as the resistance, and then drawing an ascending trend line along the swing lows, the support. Eventually, the trend breaks through the resistance and the uptrend continues.
Ascending Triangles
Descending Triangles
Just like the ascending triangle, the descending triangle is also a continuation chart pattern. The only difference is that it is a bearish continuation pattern and it is created during the downtrend.They generally shift lower and break through the support because they are indicative of a market dominated by sellers. Descending triangles can be identified from a horizontal line of support and a downward-sloping line of resistance. Eventually, the trend breaks through the support and the downturn continues.
Descending Triangles
Symmetrical Triangles
Symmetrical Triangles are continuation chart patterns that are developed by two trend lines which converge. The symmetrical triangle pattern can be either bullish or bearish, depending on the market. In either case, it is normally a continuation pattern, which means the market will usually continue in the same direction as the overall trend once the pattern has formed. However, if there is no clear trend before the triangle pattern forms, the market could break out in either direction. This makes symmetrical triangles a bilateral pattern, meaning they are best used in volatile markets where there is no clear indication of which way an assetās price might move.
Symmetrical Triangles
8.Chart Patterns to Identify Market Manipulation
The “Bart Simpson” Pattern
When we look at the Bitcoin chart in small time frames, one can identify sudden movements or ābumpā in one direction, followed by consolidation and a sudden ābumpā in the other direction that ends close to the base price. This phenomenon has given the name āBartsā because the assetās price pattern looks like the head shape of the iconic Simpsons character, Bart Simpson.
It is a familiar occurrence for Bitcoin, one noticed by investors time and again during volatile trading stretches. It appears as a result of hundreds-of-Bitcoin orders in a matter of minutes. The reason for these sudden pumps and dumps is likely to liquidate crypto margin traders, whether short or long, by manipulating the market. While some believe that this is done by the exchanges themselves, which is entirely possible due to the lack of regulations, this might be related to large crypto traders, commonly known as āwhales.ā
Bart Simpson pattern
Wyckoff Pattern
The Wyckoff Pattern was first brought to light by Youtuber āUncomplicationā to unearth potential market manipulation by whales. The pattern was developed by Richard Demille Wyckoff, an early 20th-century pioneer in the technical approach to studying the stock market. The pioneering work of Richard D. Wyckoff was centered around the realization that stock price trends were driven primarily by institutional and other large operators who manipulate stock prices in their favor.
Wyckoff proposed a heuristic device to help understand price movements in individual stocks and the market, which he dubbed the āComposite Man.ā Wyckoff advised retail traders to try to play the market game as the Composite Man played it. The Composite Man attracts the public to buy a stock in which he has already accumulated a sizeable amount. Wyckoff and his associates believed that if one could understand the market behavior of the Composite Man, one could identify many trading and investment opportunities early enough to profit from them. Using Wyckoff’s method, one can invest in stocks by capitalizing on the intentions of the large āsmart moneyā interests, rather than being caught on the wrong side of the market.
Wyckoff Pattern in Bitcoin
The Bottom Line
Technical analysis can give cryptocurrency traders an insight into the past of crypto, facilitating future predictions. But sole reliance on technical analysis ignores sentiment or news. This is particularly problematic with cryptocurrency trading since factors like mining hash rates and governmental regulations can have significant impacts on the market.
What is technical analysis?
Technical analysis is a method of analyzing the price movements of a security or asset over time. It uses charts and other tools to identify patterns and trends in order to make predictions about future price movements.
How does technical analysis work?
Technical analysis works by looking at past price movements and using these to predict future price movements. This is done by looking at patterns in the data such as support and resistance levels, trend lines, and chart patterns.
What are the advantages of using technical analysis?
Technical analysis can be used to identify potential trading opportunities and to help traders make informed decisions. It can also help traders manage risk by identifying areas where they should exit their positions.
What is support and resistance?
Support and resistance are levels on a chart where the price of an asset has difficulty either breaking through or falling below. These levels can be used to identify potential entry and exit points for trades.
What is a chart pattern?
A chart pattern is a specific pattern that appears on a chart. Common chart patterns include head and shoulders, double tops and bottoms, and triangles. These patterns can help traders identify potential trading opportunities.
How can technical analysis be used in cryptocurrency trading?
Technical analysis can be used to identify potential trading opportunities in the cryptocurrency markets. By looking at past price movements, traders can identify patterns and trends that can be used to make predictions about future price movements.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
XFai is a decentralized oracle service provider that aims to address liquidity and gas issues in decentralised exchanges (DEXs) through a so-called DEX Liquidity Oraclewhich will revolutionise cryptocurrency trading whilst reducing gas fees.
If you are a regular DEX trader, you might notice that there are times when you canāt complete trades. This happens often with small-cap tokens that do not have enough liquidity. In this case, traders have two options, either to wait it out until thereās enough liquidity or to increase price slippage tolerance. But either way, it can result in huge losses on the part of a small-cap token holder.
XFai wants to address this problem by empowering DEXs with liquidity that can be supplied to small-cap tokens. This equalizes the playing field for every single trader, allowing them to execute their strategy without having to shoulder massive costs just because a DEX might not have enough liquidity on any particular trading pair.
Check out our interview with XFai’s Chief Scientist, Taulant Ramabaja.
Background
The problem with many DEXs today is liquidity. While liquidity pools and profit-generating DeFi systems like yield farming have offered revolutionary solutions in the last year or so, DEXes still face this concern. This leaves many traders vulnerable to huge price slippages and losses. And if the issue persists, cryptocurrency traders might be discouraged and go back to trading mostly on centralized exchanges despite having less options.
This is what XFai worked is trying to solve.
XFai, which was co-founded by Geoffrey Khan, was developed in order to deal with the problems hounding DeFi markets today. It has gained a substantial amount of support, garnering investments from companies like AU21 Capital, LD Capital, and Roger Ver, one of the earliest adopters of blockchain technology and the CEO of Bitcoin.com. It is also worth mentioning that they were able to generate over $3.8 million within the first 12 hours of their private sale.
What is XFai?
XFai is a decentralized oracle service provider with the aim of addressing liquidity and gas issues in DEXs through a DEX Liquidity Oracle (DLO). This means that the protocolās role is not only limited to supplying data to price feeds and engaging with smart contracts, but is also capable of actively providing and managing token liquidity in partner DEXs such as Uniswap.
The primary goal of the project is to support small cap tokens and token holders by establishing a system that helps them earn better rewards. In other words, the project seeks to help them gain as much in incentives as they can, just like how a holder of a large cap token does.
DEX Liquidity Oracle
XFaiās DLO is powered by the XFai smart contract, which allows users to stake small cap tokens that can later be supplied to Uniswap pools according to corresponding price ranges and existing orders. The biggest trades facilitated on Uniswap exchanges will be provided with the liquidity collected from the DLO.
This does not just benefit large volume trades for small cap tokens, but also those who supply liquidity on the same tokens. They receive rewards when they do so as well. The good thing about DLO is that it does not require liquidity providers to supply all the assets supported in a liquidity pool. They can choose to simply supply a single token in a pool, which also mitigates the risks of impermanent loss on their end.
What supports this function further is its real-time price feed from centralized exchanges. Furthermore, the liquidity from the DLO is easily accessible to DEXs, addressing the issue on price slippage. This is exactly the goal of the XFai team, to support the current DEXs in the market and not to present itself as a competitor.
How Does XFai Work?
First, the user has to add tokens on the DLO liquidity vault/pool. The DLO is governed by a smart contract that also sends the tokens to partner DEXes when liquidity is needed. Note that users do not need to supply multiple assets at a time anymore, thereby reducing their exposure.
Second, the DLO looks into the data from existing order books from other exchanges to determine existing prices and trading volume. Then, it comes up with a synthetic curve which they will use in order to pair DLO liquidity with partner DEXs.
Then, there is a smart contract that governs how and when liquidity is supplied to a DEX using the synthetic curve. The goal of the contract is to ensure that enough liquidity is met by AMMs in order to avoid price slippage while allowing small cap token holders to supply liquidity without incurring impermanent loss.
XFIT Token
XFIT token is XFaiās native, utility token, which can be used as a medium of exchange, store of value, and means of payment for transaction fees. But more than that, it also has governance and reward functions. Liquidity farming is accessible in XFIT and all other DLO pairs.
To start liquidity mining, holders can stake their tokens in select pools to earn proportional rewards. Each time the DLO profits from the trades conducted by its platform users, token holders earn additional XFIT. They can either redeem XFIT tokens to be later sold to the market, or they can decide to return their rewards back to liquidity pools in order to increase their stake position.
In addition, XFIT token holders are also entitled to discounts on transaction fees if they use XFIT. They can also make direct swaps from XFIT to any other token in the protocol as long as they are supported by the DLO.
XFai Liquidity Generation Event: How to stake XFIT
The XFai liquidity generation event is a way to allow users to become involved with XFai’s XFIT token early, and stake them in the liquidity pool in order to earn increased, sustained yield throughout the launch period.
To participate, users can go on the XFai website and click on “Farm”, then choose your preferred pool. Note that the APY is synced for all pools so they earn the same amount of APY as each other. Then click “Connect Wallet” to connect using MetaMask, once connected the dashboard will automatically calculate how much XFIT you can purchase with the amount in your wallet. Select the amount you want to stake and hit “Farm”.
Whilst farming, you have the option to either Add to Farm, which allows you to increase your stake or Harvest, which allows you to claim your XIFT rewards.
To claim your rewards, click “Harvest” and you would be presented with the option to Harvest XFIT or Harvest XFIT and unstake. Harvest XFIT allows you to claim the XFIT tokens gained into your wallet whilst keeping the staked amount in the liquidity pool to keep farming more XIFT rewards. On the other hand, Harvest XFIT and unstake means you can claim your XFIT rewards and unstake the staked amount (or any part of it) from the pool.
The XFai LGE will be from 16th April to 7 May 2021.
Perhaps one of the largest factors that stop people from completely shifting their cryptocurrency trading activities to DEXs is the liquidity problem, apart from the fees. It is difficult to execute trades with low liquidity and even if they often do, sometimes, it takes multiple slippage tolerance adjustments before a trade gets to be completed.
While this can look trivial for some people, this is something that canāt be neglected. If XFai takes off, the DeFi space might experience a better market situation. If traders do not have to be burdened by price slippages and if liquidity further improves through the same solutions the XFai team did, DEXs can be even more alluring to everyone, which would help speed up adoption.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
Do you want to hear the good newsā¦or the bad news first? This has been an age old question which the Bitcoin markets had to grapple with this week. As we will see below, there IS a correct answer to thisā¦but has Bitcoin chosen wisely?
Table of Contents
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This weekās market price action wasn’t very exciting, with Bitcoin and Ethereum mostly going sideways. On 12th December 2020, we saw a reaction that is still continuing today and has brought $BTC back to the $19000 area and $ETH closer to $600.
$BTC and $ETH (daily charts) at weekly resistances
Both coins are still at weekly resistances trying to build momentum around the 21 EMA (Exponential Moving Average) on the daily chart. We could expect another attempt to pass ATH in the next few days!
Key news this week
Big investors keep accumulating
Big funds/companies are buying and accumulating Bitcoin and Ethereum.
Massachusetts Mutual Life Insurance Company (MassMutual), has just bought $100M of $BTC through NYDIG, a fund management company in New York. This is reportedly their first Bitcoin purchase and is equivalent to less than 1% of their entire investment account worth around USD $235 billion.
Grayscale has also increased their holdings. Whilst they are not new to investing in crypto, they have just bought another 130000ETH, reaching a total of 3 million tokens in their accounts.
Microstrategy announced they had completed āa $650M offering of 0.75% Convertible Senior Notes Due 2025ā, to invest in $BTC in accordance with their reserve policy. A few days earlier, the CEO Michael Saylor, tweeted that they hold approximately 40,824 Bitcoin.
MicroStrategy has purchased approximately 2,574 bitcoins for $50.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $19,427 per bitcoin. We now hold approximately 40,824 bitcoins.https://t.co/nwZcM9zAXZ
The interest in crypto by financial giants points to increased demand from the wealthy as a form of diversification and are them betting on prices to increase in the future.
Mt. Goxās reimbursement deadline approaching
15th December 2020 will mark the next deadline for Mt. Gox Exchangesās creditors to hopefully get back what they lost on the platform. The Exchange, one of the most known at the time and launched in 2010, ceased to operate in February 2014 after filing for bankruptcy. A whopping 860,000 $BTC were “missing” of which 200,000 has been “recovered” (and this does not even include other cryptocurrencies which also went “missing”). In 2015 new evidence by Tokyo security company WizSec showed that “most or all of the missing bitcoins were stolen straight out of the Mt. Gox hotĀ cryptocurrency walletĀ over time, beginning in late 2011.”
Users of the platform should expect to receive a total of 140,000 $BTC ($2.6 billion dollar worth) which are now in the hands of Nobuaki Kobayashi, the Japanese lawyer in charge of the process.
Nothing is certain however as the refund deadline had been already postponed several times in the past, the last of which was in October 2020. There is also a serious concern in the market as to the possible consequences of a large Bitcoin market sell-off by victims when they receive their funds after 6 years. Considering Bitcoin in 2014 was worth less than $1000, this would represent now a roughly 20x on their re-acquired funds!
Thoughts on the Mt. Gox refund
Singaporeās DBS to launch digital exchange with crypto
After rumors appeared a few months ago, it is now official: Singaporeās DBS will be the first bank to launch a digital currency exchange.
The platform will only be open to institutional and accredited retail investors. There will be 4 major tradable cryptocurrencies: $BTC, $ETH, $XRP and $BCH, paired with 4 FIAT currencies: USD, SGD, HKD AND JPY.
The Exchange will also offer Security Token Offerings (STO) and a platform for tokenized assets like bonds, private equity funds, real-estates and so on. DBS Chief Executive Piyush Gupta said:
āI believe that the time is right for thisā, and added “We are on the cusp of a massive tokenization and therefore you’ll find tokenization of all kind of assets around the world and I think more and more exchanges will start dealing with the tokenized assets”.
U.S. Congressmen manifesting doubts on new self-hosted wallets regulations
A couple of weeks ago we mentioned that Coinbase CEO Brian Armstrong was concerned regarding rumors that the U.S Treasury was planning to impose regulations on self-hosted cryptocurrency wallets.
Self-hosted wallets, whether online (hot) like Metamask or offline (cold) wallets like Ledger and Trezor, let you retain personal and total access to your funds, without any intermediary entities or third parties. The owner possesses their own private keys and takes full responsibility of their funds. Most importantly, wallets donāt usually need KYC procedures to set up. Learn more about hot and cold wallets, and their pros and cons.
Armstrong stated his thoughts (shared by many other prominent names in crypto space), among which the possibility that regulations could result in being more harmful than anything else. This is because it could essentially exclude those who cannot obtain the documents and proofs for regular KYCs, and those are usually the most disadvantaged groups who may already be excluded from the financial system. Furthermore, this proposal could be a step back in innovation by the US, leading companies and users to bypass them for other countries.
A few days ago Warren Davidson, U.S. Congressman serving Ohio’s 8th District, together with a few colleagues, embraced these opinions by sending a letter to U.S Treasury. The letter also points out that āmultiple reports have shown that digital assets are not widely used by illicit actorsā.
Meanwhile in Europe, the development of the digital Euro continues. However sources have indicated that the French Finance Ministry is preparing āto not only harden know-your-customer (KYC) rules for crypto firms but also regulate crypto-to-crypto transactions, according to Simon Polrot, president of French crypto association ADAN.ā
This apparently comes as a response to recent terrorist attacks when 29 people were arrested for illegal terrorism funding via cryptocurrencies.
Other key news
Canada has become the first country to have an Ethereum-based Fund listed on a major stock exchange. The Ether Fund (TSX:QETH.U) is offered by 3iQ Corp, a digital asset manager based in Toronto. The Ether Fund is trading at around $11 per share today.
Steve Wozniak, Apple Co-Founder has just launchedEfforce, a project bridging virtual currencies and green Tech. Efforce serves as a ādigital marketplaceā where energy efficient projects can raise funds via its own currency, $WOZX. The project famously received overwhelming support from investors as its market cap reached $950 million within 13 minutes of its launch.
The second giveaway of DCEP (Chinaās National Digital Currency) has kicked-off on in Suzhou, China, on 12th December 2020 for 10,000 winners. Last week, the Hong Kong Monetary Authority (HKMA) also confirmed it is working with the Digital Currency Institute of the Peopleās Bank of China on technical pilot testing of DCEP for cross-boarder payments between Mainland China and Hong Kong. You can read more in our article.
Messari, a leader crypto Research and Data company, has recently listed their take on the ātop 10 people to watch in 2021ā
After all the recent announced collaborations between the Yearn Finance team and many other big Defi projects, such as Cover Protocol ($COVER) or Sushiswap ($SUSHI), the Yearn Ecosystem Token Index, $YETI, has been created by Powerpool ($CVP).
The Index comprises of 8 tokens: $YFI, $SUSHI, $CREAM, $AKRO, $COVER, $K3PR, $CVP, $PICKLE with a proposed weighted distribution of 35% for $YFI, 17% for $SUSHI and 8% each for the rest. So investors now have the chance to invest in the entire Yearn ecosystem in one token, receiving ācash flows from Vault strategies applied to composite tokens, and vote on proposals in the Yearn ecosystem governance using PowerPoolās meta-governance approach.ā It will also allow holders to save on gas fees which would be normally required to stake multiple tokens.
Speaking of $YFI, this week we have also witnessed the first gasless (for users) transaction vault deposit on Yearn.Finance.
DeTrade Fund, a supposed upcoming arbitraging and front-running Defi project has vanished with 1450ETH a few hours before listing.
The team appeared to be non-anonymous, with public Linkedin profiles, a publicly registered company, a Twitch profile and a video where the “CEO” Mark Jensen, spoke to the community. The video has quickly become famous on crypto Twitter with the community suspecting it was a deep-fake used by crypto hackers. Another theory circulating around the community is that the hackers hired an actor to impersonate the CEO.
Sadly.. Chinese would LOVE this. Handsome westerner with good looks and a strong affirmative voice. https://t.co/mdj3mRfglb
Through two rounds of presale investments, the DeTrade fund team managed to raise a remarkable amount of 1,450 $ETH in a few hours. Their contracts were audited by Solidity Finance which immediately raised a few concerns in their audit report, assessing that the team was in charge of too much power over usersā funds. It is likely that the team took advantage of this and stole the presale funds sometime between the second presale and the official listing which should have taken place a few hours after. (Tramadol)
As with any presale though, youāre giving your funds directly to the team.
This is why we always try to emphasize how important trust in the team is; especially in a presale phase. https://t.co/tUOrLZSMB8
— Solidity.finance – Audit Services (@SolidityFinance) December 11, 2020
Several hours later and probably because someone was able to trace the misappropriated funds, 70% of the stolen $ETH was sent back to investors via internal transactions.
This “partial return is becoming more and more common in DeFi attacks. For example, Eminenceās hacker sent back 50% while Harvest Finance users only received 10% of their amount back.
$12 million have been stolen by Compounder Finance
On 1st December 2020, Compounder.Finance ($CP3R), a clone of Harvest and Yearn Finance, has “pulled the rug”. It looks like the anonymous team behind the project is the one to blame.
Compounder had been audited by Solidity Finance. In chat logs between the two companies we can see that Solidity Finance pointed out that the project’s Treasury contract and updating of strategy pools is controlled by their team. Solidity Finance also pointed out that they felt this fact should be disclosed in their audit report. The exploit was exactly as pointed out by Solidity Finance. After the audit, the withdraw function was swapped with a malicious one which was later used to drain all the money in the contract to their deployer address. Nobody recognized the fraud in time so users were not able to withdraw their funds.
The attack is composed by 4 steps and is explained in details in this post-mortem by developer Vasaand Solidity Finance.
It is not the first time that an audited project suffered a hack and we all know quite well by now that Audits cannot guarantee 100% safety. This should always be reminded.
A known developer of the Defi space and owner of Defiyield.info was also a victim of the attack. He is also investigating the matter and working towards filing a case with the relevant enforcement authorities.
I have personally lost approx. 1m$ and the rest of the crypto community lost approx. 10m$ from your rug pull.
— DefiYield.info šØāš¾š (@defiyield_info) December 1, 2020
Fake Deriswap tokens
Malicious actors have recently created various fake Deriswap tokens to take advantage of the hype surrounding this latest experiment from Andre Cronje. The malicious actors would create tokens with similar names to Deriswap and approve it for trading on Uniswap to entice people to buy.
Let’s remember that Deriswap doesn’t have any official token at the moment!
Boxmining happenings
Libra is now Diem! Everything you need to know on Facebook’s cryptocurrency!
In case you missed it check out our podcast interview with Geralt of CyberFi where we discussed automated trading, Ethereum interactions such as unstaking and more.
Velo Protocol is building out the biggest payment network in South East Asia with its partnership with Lightnet and Visa. The end goal is to create payment solutions for the under-served micro, small and medium enterprise lending market in Asia.
The next XRP killer? Velo Protocol is making HUGE moves
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
