Category: Featured Product

Phemex Exchange Review
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
[wp-compear id=”5176″]

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 – in this case cryptocurrencies such as Bitcoin. Phemexexchange trades contracts based on the underlying asset instead of the asset themselves – 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 – 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.

Deposit/withdrawal fees on Phemex

Find out more about Phemex’s fees and conditions.

What is the Phemex Token ($PT)?

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.
References:

AltcoinBuzz – Phemex Exchange Highlights.
CoinExchangeReviews- Phemex Review

Frequently Asked Questions (FAQs)

Is Phemex Exchange Regulated?
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.
January 4, 2024

Ledger Nano X Review: Best Bitcoin Wallet?

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.

CLICK BELOW TO BUY!

Key Features of the Ledger Nano X:

Ledger Nano X Video Review

Larger screen – Displays full cryptocurrency addresses without scrolling
Mobile support – (Android and iOS) support via Ledger Live Mobile
More storage space – Install up to 100 different apps for different coins.
Rechargeable 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.

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 T do 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.

Ledger Nano X Bluetooth Control Panel — 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.

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.

5/5 Security Rating

Multi Currency Support

Coins Supported By Ledger Nano X — Full list of supported coins on Ledger can be found here

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 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

Ledger nano X PIN entry interface — 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 S and X colours (Source: Ledger)

4/5 for Hardware Design
3.5/5 of Ease of Use

Mobility

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)

[wp-compear id=”5154″]

Click here to buy!

Product Specifications (Technical Specifications)

Ledger Nano X Product Specifications:

Processors	ST33J2M0 (secure) + STM32WB55
Compatibility	64-bits desktop computer (Windows 8+, macOS 10.8+, Linux) excluding ARM Processors. Also compatible with smartphones (iOS 9+ or Android 7+).
Connector	USB Type-C , Bluetooth 5.0
Battery	100mAh battery
Size	72mm x 18.6mm x 11.75mm
Supported Assets	1100+ Supported assets

Frequently Asked Questions (FAQ)

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.

Ledger Nano S Plus Hardware Wallet Review

The increasing popularity and adoption of cryptocurrency has expanded the wallet market. Now that many well-known traditional and crypto brands accept crypto as a payment option, enthusiasts are constantly on the lookout for safer ways to store their digital assets.

Ledger is one of the most popular hardware crypto wallets in the sector. Since releasing the Nano S in 2016, Ledger has become a household name in the cryptocurrency space. To date, Ledger has launched three models of hardware crypto wallets, the Nano S, Nano X, and most recently, the Nano S Plus. The Ledger Nano S Plus retails for USD$79.

CLICK BELOW TO BUY!

Check out our previous Ledger reviews here:
Ledger Nano X review
Ledger Nano S review

Table of Contents

Toggle

What is the Ledger Nano S Plus?

The Nano S Plus is Ledger’s third release from its Nano series, a line of pocket-sized hardware crypto wallets. Ledger’s Nano S Plus has all of the features of the original Nano S but with a few upgrades, including support for NFT storage and management. Additionally, the Nano S Plus has built-in support for interacting with various DeFi (decentralized finance) apps and services. (thetelegramnews.com) The wallet is an effective option for people looking to manage crypto, NFTs, and other decentralized services in one place.

New features of the Ledger Nano S Plus

Ledger introduced the Nano S Plus with an exciting list of features and improvements over the two previous releases. Some of the major new features on the Nano S Plus include:

Bigger display. Same display size of the Nano X but on a smaller device!
Expanded cryptoasset support. The Nano S Plus doesn’t just hold cryptocurrencies, but also NFTs and is the first Ledger device to have DeFi app integration.
Industry-leading security. The Nano S Plus uses the same industry-leading security with CC EAL5+ certification.
Easy setup. USB plug-and-play feature means owners can begin using the device in minutes.
Low cost. The Nano S Plus comes at an affordable price of US$79, making it an attractive option for all levels of crypto traders.

Security features: is the Nano S Plus safe?

The Nano S Plus uses the same certified secure chip (CC EAL5+ chips) as the Nano X to protect users’ assets. This chip employs state-of-the-art technology that guarantees high-level security and asset protection against phishing and other asset extraction schemes. Additionally, the wallet has industry-standard security features, including a security phrase, PIN code locks, transaction confirmations, password encryption, and more.

To learn more about the security features of the Nano S Plus and Nano X, click here.

5/5 Security Rating

Cryptoasset support

A major Nano S Plus feature is the huge roster of supported crypto assets and apps. The Nano S Plus supports over 5,500 assets and can accommodate up to 100 different apps. Some supported assets include:

Bitcoin (BTC)
Ethereum (ETH)
ERC-20 tokens
Dogecoin (DOGE)
XRP
BNB
Cardano (ADA)
Polygon (MATIC)
Litecoin (LTC)
Tron (TRX)

The Nano S Plus has 1.5MB of storage and with that can run over 100 apps simultaneously. On Ledger devices, an “app” refers to the app required to be installed to access a cryptocurrency on the device e.g. in order to access your BTC on the device you need to install the app on the Ledger first. Meaning that, unlike the Nano S which can only run 3 apps simultaneously, users are not required to delete apps in order to access other cryptocurrencies which do not have the apps already installed.

But what is truly unique about the Nano S Plus is that it is the first Ledger device to offer NFT support. Users of the Nano S Plus can securely hold, send, and receive NFTs via the Ledger Live app. Ledger has made this process user-friendly, as owners can authenticate transactions right from the wallet’s interface.

Users of the Nano S Plus can also access several DeFi applications through the Ledger Live user interface. Anyone can securely buy, exchange, lend or stake crypto assets.

The NFT support and DeFi app access give the Nano S Plus an even bigger boost in features compared to the Nano S and for that reason, we rank this category even higher than the Nano X.

4.8/5 cryptoasset support

Hardware design

Similar to the Nano S, the Nano S Plus also has two hardware buttons located on the top of the device.

The Nano S Plus has a much larger screen than its predecessor, which makes usage very easy. Same as the Nano X, the 128 x 64-pixel screen makes operating the device simple and helps users navigate the product’s features. The main benefit of the larger screen is that users can see the entire wallet address clearly displayed as one line on the screen. The screen also blends well into the rest of the device, adding to the Nano S Plus’ aesthetic appeal. And whilst the screen size on the Nano S Plus is the same as the Nano X, the Nano S Plus is a much smaller device overall.

The Ledger Nano S Plus’ measurements are smaller than the Nano X at 62.39 x 17.40 x 8.24 mm, and weighs in at only 21g. The wallet is about the size and weight of an average USB flash drive and is easy to carry around.

4.5/5 for hardware design

4.5/5 for ease of use

What’s in the Ledger Nano S Plus Box?

The Nano S Plus wallet comes with the following inside the box:

The Ledger Nano S Plus hardware
A Type-C USB cable to connect the Ledger to a computer
An orange box with three notepads for the Secret Recovery Phrase
A purple box with the manual instructions
A key-holder chain with a Ledger logo

Final Verdict

The Ledger Nano S Plus is a great option for enthusiasts looking for a secure, reliable, and easy-to-use hardware wallet. It offers the same features as the original Ledger Nano S and adds a lot more. Furthermore, users looking to upgrade from the older Ledger Nano S can quickly move their assets to the newer S Plus.

The Ledger Nano S Plus is one of the best hardware wallet options on the market for crypto and NFT enthusiasts who currently own or plan to purchase NFTs or get involved with any DeFi project.

The Ledger Nano S Plus retails for US$79.

CLICK HERE TO BUY!

Ledger Nano S Plus worth it?

[wp-compear id=”5154″]

Product Specifications (Technical Specifications)

Ledger Nano S Plus Product Specifications:

Processors
Compatibility	64-bits desktop computer (Windows 8+, macOS 10.8+, Linux) excluding ARM Processors.Also compatible with smartphones Android 7+.
Connector	USB-C
Security Certification	CC EAL5+
Size	Size: 62.39mm x 17.40mm x 8.24 mm Weight: 21g
Supported assets	5,550+ digital assets plus NFTs and DeFi app access

May 16, 2023

Binance Exchange Review (2023): Is it the best exchange?
Binance is a very popular cryptocurrency exchange. It has the largest trading volume and many different cryptocurrencies to trade. Binance also has powerful tools for trading, like leveraged trading and options trading. They also have a lending platform. Binance is always adding new features and this surprises many experts. The CEO of Binance is Zhao “CZ” Changpeng and he is very quick to respond to events. Binance has many different versions, including one for the US called Binance US. This review talks about all the different features of Binance and any problems they have had.

Sign up for Binance HERE!

Key Advantages of Binance
- World’s most popular exchange with the highest trade volume.
- Offers the largest range of products and services with some not even found elsewhere.
- Maintains insurance against theft and hacks.
Key Features and Functions

Binance (new) Advanced trading interface

Binance (Binance.com

Binance.com is the main exchange and it is very popular. It has all the services that Binance offers. Some of the key features are:
- It supports over 1,000 different cryptocurrencies.
- It has the highest trading volume in the world because it is so popular.
- There is a platform called Binance Launchpad where new cryptocurrencies can be listed.
- There is a Stop-Limit Function. This means that an order will be carried out when the stop price is reached. Then the stop-limit order becomes a limit order to buy or sell at the limit price or better.
- Binance also has a lending service. Users can keep their cryptocurrencies on the exchange for a certain amount of time and earn interest.
Binance US (Binance.us)

Binance US (Binance.us) was Binance’s answer to US regulations barring citizens from trading on Binance. Key features include:
- US regulation compliant
- Has fiat to cryptocurrency trading pairs. Users can use USD to buy cryptocurrencies directly on the Exchange.
- Bank account linking is available.
History of Binance

Binance was founded by Changpeng (CZ) Zhao in 2017. The name comes from a combination of the words “Binary” and “Finance”. Binance is originally from China. However, due to the harsh crypto regulation procedures in the country, the Exchange moved to more conducive jurisdictions outside China.

Currently, Binance is based in multiple jurisdictions. Their main site offers support in English, Chinese, Korean, Japanese, Russian, Spanish, and French.

[wp-compear id=”5176″]

Supported Countries

The international site Binance (Binance.com) is supported in most countries except the USA.

US citizens can ONLY trade on Binance US (Binance.us), except for those from the following states: Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont. Note however that Binance.us has fewer supported cryptocurrencies and features compared to the international site. This is so that Binance.us is compliant with US Laws.

Supported Cryptocurrencies and Payment Methods

Binance (Binance.com)

Binance supports trading over 1300 cryptocurrencies including its own cryptocurrency, Binance Coin (BNB). Learn more about Binance Coin (BNB).

Binance accepts payments using credit card (Visa and MasterCard), debit card and cryptocurrency. However debit and credit card payments are restricted in the following locations:
- US: New York, Connecticut, Hawaii, Georgia, New Mexico and Washington;
- Several Chinese banks; and
- Some countries entirely e.g. Afghanistan, Iraq and Libya.
Users can only pay USD or EUR to buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH/BCHABC) or Ripple (XRP) using debit and credit cards on Binance.

Binance is a crypto-to-crypto exchange only. So users must buy first the above cryptocurrencies using fiat, before they can trade with other cryptocurrencies on the Exchange.

Binance US (Binance.us)

Binance US only supports around 50 cryptocurrencies.

Users can use their debit cards to directly transfer USD from their bank accounts into their Exchange account via ACH or wire transfer.

Deposit and Withdrawal Fees

On Binance.com fees are charged based on the cryptocurrency to be transferred. For example, Bitcoin (BTC) withdrawals cost 0.0005 BTC per transaction. There are no deposit fees.

For fiat transfers, on Binance US, USD wire withdrawals cost USD15/USD35 for domestic or international withdrawals respectively. Deposits generally and ACH withdrawals are free.

Click here for the fee structures of Binance.com and Binance US respectively.

Trading Fees

Trading fees for Binance.com and Binance US are generally 0.1% for makers and takers with the following exceptions:
- Binance.com and Binance.us: Users with larger trade volume or hold a specified amount of BNB are eligible to become VIPs. Higher VIP tiers give you lower trading fees. There is a 25% trading fee discount if fees are paid using BNB.
Binance has competitive trading fees compared to some other cryptocurrency exchanges. For example:
- Coinbase: 0.50% of the transaction plus a further Coinbase Fee depending on the transaction amount. Side note: did you know you can avoid their expensive withdrawal fees? Find out more at CoinBase Fees- How to Avoid Them?
- Kraken: 0.16% (maker) / 0.26% (taker)
- Bittrex: 0.25% (maker and taker)
- Poloniex: 0.15% (maker) / 0.25% (taker) (Note: Poloniex has discounted their fees to 0.00% until 31 December 2019)
- OceanEX: 0.10%, discounts are offered for payments with their OceanEx coin.
- KuCoin: 0.10%, discounts are offered for payments with their KCS coin.
- Huobi: 0.20%
- OKEx: 0.10% (maker) / 0.15% (taker)
- BitMEX: -0.025% (maker) (i.e. a rebate is given) / 0.075% (taker). This Exchange however only deals in margin trading.
- BitFinex: 0.10% (maker) / 0.20% (taker)
- BitMax: 0.085% (maker and taker) for larger market cap coins, 0.10% for other coins
Binance KYC

You don’t have to do the Binance KYC process to use the exchange. But if you don’t, you can only withdraw money, cancel orders, close positions and redeem. Binance has two levels of KYC: “Verified” and “Verified Plus”. To be “Verified”, you need to give your personal information and ID and do facial recognition. Then you can deposit and withdraw up to $50k a day. You can also deposit unlimited crypto, withdraw up to 100 BTC in crypto and do unlimited P2P transactions.

To be “Verified Plus”, you also need to show proof of your address. You can do everything that “Verified” users can do. Plus, you can deposit and withdraw up to $200k a day.

Controversies

Like any exchange, Binance is no stranger to controversies, making people question if Binance is safe. Let’s take a look at some recent controversies.

Binance hack: 7,000 Bitcoins stolen

In May 2019, Binance told the public that hackers took 7,000 Bitcoins. At that time, they were worth about $40 million. The hackers used different ways like phishing and viruses to get users’ login information.

Binance used its SAFU fund to pay back the users who lost money. The SAFU fund is an emergency insurance fund.

Binance KYC Data Breach

In August 2019, a hacker said they had a lot of Binance’s KYC data. They made Telegram groups to show the data. They wanted 300 Bitcoins from Binance or they would release more data. Binance said the data was from February 2018 when they used another company to do KYC. But some people say it was mostly Binance’s fault.

Binance offered a reward to find the hacker. But the hacker hasn’t been found yet. Binance gave lifetime VIP membership and better trading fees and services to users who were affected.

Binance accused of being a conduit for money launderers?

Reuters found that from 2017 to 2022, people on a Russian darknet drug market called “Hydra” used Binance to send and get cryptocurrency payments worth $780 million. The website is only on the Darkweb and takes cryptocurrency for payment.

Binance said the numbers were wrong and too high because they included indirect cryptocurrency flows. Binance also said they’re trying to get better at finding illegal activity on their exchange. They’re working with law enforcement to stop criminal networks that use cryptocurrencies.

Since August 2021, Binance made their KYC rules stricter. Both new and old users have to show ID to use most features on the exchange. Crystal Blockchain found out that since Binance made their KYC rules stricter, the monthly total of funds linked to Hydra Market that went through Binance went down a lot. It went from over $30 million per month to less than $1 million per month in the first quarter of 2022.

Is Binance safe in 2023?

Binance is the world’s biggest exchange, so hackers want to attack it. They did hack it twice in 2019. But Binance has an insurance fund and provided proof-of-reserves to pay back victims of the hacks. Binance showed they have enough money to cover users’ assets 1:1 plus extra reserves. You can learn more about Binance’s reserves audit by checking out: Binance Audited by Mazars, Confirms Bitcoin Reserves are Fully Collateralized.

Binance has been able to handle bad press and rumors. In December 2022, there were rumors that Binance didn’t have enough reserves for clients’ deposits. Many traders took their money out of exchanges. But Binance handled it well and paid everyone back.

We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us.

I actually think it is a good idea to “stress test withdrawals” on each CEX on a rotating basis. 💪

1/2 https://t.co/uF9lLPDSyS
— CZ 🔶 BNB (@cz_binance) December 13, 2022

Tweet from CZ on 13th December 2022

Is Binance safe in 2023? It looks like it is. They paid back victims of hacks, showed they have enough money, and handled big withdrawals. But no exchange is 100% safe. That’s why it’s important to take your cryptocurrencies off exchanges and put them in offline hardware wallets. That way, you keep control of your cryptocurrencies.

Which hardware wallet should you get? Check out our comparison of the top 3 hardware wallets. Or read our reviews for the Ledger Nano X, Trezor Model T and KeepKey.

Conclusion: Binance Pros and Cons

Pros
- Exchange with the world’s largest trading volume.
- Track record of taking steps to remedy affected users when hacked.
- Competitive trading fees.
- Large amount of supported cryptocurrencies.
- Offers lots of unique services and features.
Cons
- Creating a basic KYC-verified account can take up to 13 days.
- Available in the US via Binance.US. But this has fewer supported cryptocurrencies and features.
Sign up for Binance HERE!

Binance Exchange Review

When reviewing a cryptocurrency exchange, it is important to consider several key factors to ensure that the exchange meets the needs and expectations of its users. In our reviews, we have evaluated a crypto exchange based on the services it offers, the cryptocurrencies it supports, its trading fees, and its security measures. These criteria were chosen because they are essential for providing a comprehensive and reliable trading experience for users. So by examining these aspects of an exchange, we can provide an informed and objective assessment of its overall performance and value to users.

Services offered: Binance offers a wide range of products and services, including powerful trading tools such as leveraged trading, options trading and a lending platform. Binance is always on top of adding new features and is able to respond quickly to events.

Cryptocurrency support: Binance supports trading over 1,300 cryptocurrencies on its main site (Binance.com), including its own cryptocurrency, Binance Coin (BNB). However, Binance US (Binance.us) only supports around 50 cryptocurrencies. Although it is fewer than some other exchanges, Binance does have a strict vetting process before deciding whether or not to list a cryptocurrency.

Trading fees: Trading fees for Binance.com and Binance US are generally 0.1% for makers and takers. However, users with larger trade volume or those who hold a specified amount of BNB are eligible to become VIPs and receive lower trading fees. Additionally, there is a 25% trading fee discount if fees are paid using BNB. Overall, Binance has competitive trading fees.

Security: Binance has had some security breaches in the past, including a hack in which 7,000 Bitcoins were stolen and a KYC data breach. However, Binance maintains an asset fund as insurance and used it to fully compensate victims of the hack. Binance has also provided proof of reserves and has taken steps to improve its ability to detect illegal activity on its exchange. Overall, Binance is safe but it is important to avoid storing more cryptocurrencies than needed on exchanges.
Binance Exchange Review
Frequently Asked Questions (FAQs)

Is Binance Jersey closed?
Binance Jersey closed on 31st December 2020 at 23:59 UTC.

What can I do if I still have funds on Binance Jersey?
Users with remaining funds on Binance Jersey can contact Binance’s Customer Service Team to retrieve their funds.

What is Binance DEX?
Binance DEX (Binance.org) is also known as Binance Chain.
Key features include:
It is a decentralized exchange developed on Binance’s own Binance Chain blockchain;
Users maintain custody and control of their private keys and funds. This means that users’ funds are much less vulnerable to hacks or exchange closures; and
Only limit orders are accepted. Unlike other exchanges, Binance DEX does not match orders continuously. Rather, it matches open orders received using a periodic auction.
Learn more about Binance DEX here.

Does Binance require KYC?
Users must complete the KYC process in order to access all the features on the Exchange. Those who have not completed the KYC process are limited to fund withdrawal, order cancellation, position close and redemption functions on the Exchange only.

What is the difference between Binance KYC “Verified” and “Verified Plus”?
For “Verified” status, users will need to submit their personal information, and government-issued identification document, and pass facial recognition. Verified Plus requires additional proof of address, but in return will be entitled to higher fiat deposit and withdrawal limits.

How do I send Bitcoin to Binance?
In your Binance account, go to “wallet”, then under “deposits” click on “crypto deposits”. Select “Bitcoin” and the network you wish to use. Note that different networks may charge different fees. You will see a string of numbers and letters which is your deposit address. Copy and paste this deposit address into the platform or wallet you want to send your Bitcoin from and follow the instructions there.

How do I send crypto to Binance
Your Binance account will have different wallet addresses for different cryptocurrencies. On your Binance account, click “wallet”, and under “deposits” click on “crypto deposits”. Select the cryptocurrency you would like to deposit and the network you wish to use to process the transaction. Copy and paste the deposit address into the platform or wallet you want to send your cryptocurrency from and follow the instructions there. Before sending, CHECK carefully the deposit address, amount, and network so as to avoid any losses.

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.
April 26, 2023
Yobit Exchange Review and Guide 2020
YoBit is a cryptocurrency exchange launched in 2014 and is one of the oldest in the market. YoBit’s philosophy is to keep things simple. The Exchange only offers spot trading on its relatively intuitive and uncomplicated platform. The exchange is popular around the world, with an especially large community in Russia and Europe. However, YoBit does offer some unique non-trading related features such as investment plans, a dice game, and ongoing opportunities for users to earn free cryptocurrencies.

Registered in Panama as YoBiCrypto Corp, the Exchange was the creation of a group of European developers with a passion for cryptocurrencies. According to CoinMarketCap Yobit has a trading volume of more than USD$50 million every 24 hour

In this review, we look at the various features of YoBit exchange and give users a guide on how to get started. We also look at whether YoBit is a reliable and safe choice for cryptocurrency traders in 2020.

Key Features
- No frills approach: YoBit distinguishes itself from its competitors by being simple. This notion of simplicity can also be seen in its interface. Once you log in all the necessary features and information is displayed clearly and is easily accessible in 1 click.
- No KYC required: No KYC procedures are required for registering an account and they do not collect any data from users. The Exchange’s aim is to protect users’ anonymity and respect their privacy and confidentiality. New users can register with their email and start trading within minutes.
- Unique features: In addition to spot trading, the Exchange has unique features such as InvestBox, a dice game, FreeCoins, “YoPony” and collaboration with CryptoTalk forums, etc.
Let’s take a look at their major unique features in turn.

InvestBox- a simple how-to guide

According to YoBit, InvestBox allows users to grow their portfolio and potentially earn from 0.1% up to 7% per day. The purpose of InvestBox is to bridge the gap between cryptocurrency traders and developers by helping the latter popularise their coin, and so traders can benefit from its popularity. The Exchange claims that payments from these plans are from a special fund which is replenished from commissions earned by the Exchange. Users can withdraw their funds from the plans at any time and withdrawals are not subject to any commissions payable to the Exchange.

Plans differ in terms of what coin you can earn, the minimum investment amount and time required, and the actions required to obtain the payments. As seen in the below image, each InvestBox plan has its own “rules” as follows:
- Coin: The type of cryptocurrency to be invested
- Percent: The percentage you will get
- Period: When you will get your payments e.g. daily, weekly etc.
- MinInvest: Miniumum investment required
- MaxInvest: The maximum you can invest
- Action: What actions are required to get the payments. Taking YOMI in the below image as an example “YOMI/BTC: 10 buy trades + no YOMI sells + BTC: 10 ds” means that users: (1) must buy YOMI tokens 10 times on the YOMI/BTC market; (2) cannot sell their YOMI tokens until payment is received; and (3) play the DICE game 10 times (though it doesn’t matter if you win or lose).
- Status: Whether the plan is active or not.
Users can choose from various plans in the Exchange’s InvestBox

Dice game and YoPony

A popular feature on the Exchange is their dice game where users guess if an upcoming dice roll is going to be less than 48 or more than 52. As mentioned in the InvestBox section, some plans may require users to play this game for a specified number of times. YoPony is a crypto racing game, where you guess which horse will win a race.

FreeCoins- how to earn cryptocurrencies on YoBit

To encourage more people to trade on YoBit, the Exchange gives out free coins for users who share the Exchange on social media. All users need to do is to choose which free coin they would like to get and click “Get free coins”.

FreeCoins allows users to earn cryptocurrencies

Then in the pop-up window choose whether you want to make your post on Twitter, Facebook or Vkontakte. You will then automatically be directed to your social media website to put up the post. Afterwards you will need to paste the link of your post into the address bar and press “Check” so that YoBit can verify you have posted.

Pop-up window will prompt you to post and insert the address of the post for checking

YoBit CryptoTalk campaign- another way to earn free cryptocurrencies

Yobit also has reward campaign with CryptoTalk.org, a cryptocurrency forum where people can earn Bitcoin by engaging in discussions. YoBit will reward users with 0.00001 BTC per post, for up to 30 posts per day. Once you have posted, you will need to enter your CryptoTalk UID into the CryptoTalk campaign page for your posts to be verified. After verification by the moderators on the CryptoTalk forum, rewards will be given to eligible posts and you will be able to send this directly to your BTC balance on the Exchange.

CryptoTalk campaign page

Supported cryptocurrencies

YoBit offers trading for over 442 cryptocurrencies, more than twice as many as competitors such as Binance exchange. These include some altcoins which are relatively unknown, potentially making it one of the only options available for serious altcoin traders.

What also makes YoBit exchange stand out is its number of trading pairs available. It has more than 4,600 trading pairs making it the most trading pairs of any exchange in the market according to CoinGecko.

Supported currencies and payment methods

YoBit accepts both USD and RUB (Russian Ruble). As for payment methods, the Exchange accepts Visa/Mastercard, AdvCash, Payeer, Perfect Money, Capitalist, Yandex and cryptocurrency deposits.

YoBit Fees

Deposit and withdrawal fees

Deposits onto the Exchange are free of charge for most major payment methods such as Visa/Mastercard or cryptocurrency deposits. For withdrawals however the fees can range from 0.0005 for cryptocurrencies, to 7% (USD) using Payeer or USD $6 and 5% using credit cards.

Here’s a list of YoBit’s deposit and withdrawal fees.

Trading fees

YoBit charges 0.20% for every buy and sell order on the Exchange. Compared with its competitors, this is generally average. Some exchanges such as KuCoin or OKEx charge a bit less at 0.10%, whilst other exchanges such as Coinbase Pro charge a lot more at 0.50% plus other fees.

Supported countries

The Exchange is available to users from all around the globe, including the USA. To cater for its international clientele, the Exchange supports English, Russian and Chinese languages. One of their unique features is its live chat in the sidebar where you can chat with other traders in real time. The live chat is available in English, German, Arabic, Chinese and Russian.

Live chat

Security- Is YoBit safe?

YoBit has a good track record of no hacks in the 6 years it was launched. The Exchange has the following features to protect its users.

Email login confirmation: After logging into the Exchange, they will send you an email letting you know you have successfully logged in together with details of your login such as your IP address, location and login time. This means you will be notified if someone else has wrongfully logged into your account.

2-Factor Authentication (2FA): Users can set up the Google Authenticator app on their phones to be used with the Exchange. So when a user makes a deposit or withdrawal, they would also be required to type in a one-time password to complete the request.

Freeze withdrawals: A unique feature, the freeze withdrawals function can prove to be very useful if you suspect your account has been hacked. In the Settings page, you can select “Freeze withdrawals from my account (I suspect hacking)”. Upon selecting this option, any withdrawals from the Exchange would be frozen and users can only enable withdrawals again by going through customer support.

Freeze withdrawals

Insurance fund: In the Support page, there is an option to request compensation from an insurance fund.

Insurance fund

Not many details are known about the insurance fund. But from our research, the Exchange did suffer a 51% attack in January 2019 and according to YoBit, the losses suffered were covered by the Exchange’s insurance fund.

Est 130417 ETC coins lost because of 51% attack.
It will be covered from Yobit Insurance fund, ETC deps/withdrawals enabled.
Hacker's ETC address: https://t.co/PQj2rDxkrU
IP's: 2001:67c:2660:425:24:0:0:88e , 2001:67c:2660:425:b:0:0:cd7 (VPN)
— Yobit.Net (@YobitExchange) January 9, 2019

User Experience

The Exchange really takes it to the next step with its simplicity. So much so that there are virtually no tutorials or instructions available on the Exchange or elsewhere. So if users are confused about the Exchange’s features and functions, they will have to look up external websites, figure it out themselves or ask the active and helpful YoBit community. However since the interface is very simple very self-explanatory, most experienced traders should be able to master using YoBit fairly easily and maybe come to appreciate its no-frills approach.

How to register for a YoBit account

Registration is staightforward. On YoBit’s main page, simply click “Registration”, fill in the form and click “Register”.

YoBit registration

Afterwards you will receive an email asking you to click on their link to activate your account. On the webpage, select “Activate” and you are all set!

The registration process was very simple and we were able to register for an account in less than 10 minutes.

How to deposit and withdraw cryptocurrencies on YoBit

Deposits

On the top bar, click “Wallets” to view your balances. Choose which coin to deposit and click “+”. A popup window will appear showing your cryptocurrency address and a QR code. From there either enter the address or scan the QR code with the wallet you want to send from.

Depositing cryptocurrencies

Withdrawals

Withdrawals on YoBit are just as simple. Click on the “Wallets” page on the top bar, choose which coin to withdraw and click “-“. A popup window will appear for you to fill in your withdrawal address and the quantity you wish to withdraw. YoBit will automatically calculate the withdrawal fees payable and show the amount that the recipient will actually get. Then click “withdrawal request”.

Withdrawing cryptocurrencies

Customer support

YoBit has encountered some controversy with users complaining that the Exchange is slow to respond to requests on their support page. From using the Exchange we can see that they have taken this comment on board and tried to make improvements. YoBit customers can get support through the following means:
- Send a customer support ticket on their Support page;
- Ask the community on the live chat on the Exchange’s sidebar;
- On their telegram chat, PM an admin or ask in the main page; and
- Contact their official support account @YbtSP on Telegram (currently in test mode).
To test out their customer service, we tried asking for help using all the methods mentioned above. We got a response from the Support page in under 10 minutes, which is quite impressive. We also got replies from other YoBit users on the Telegram community and the live chat who were all very helpful.

YoBit customer support

Conclusion: Is YoBit a safe and legit exchange?

YoBit certainly does live up to its repuation of keeping things simple. Here’s some pros and cons of the Exchange based on our research and user experience.

Pros
- Compared with other exchanges, they have a long history and a track record of no hacks.
- Signup is simple and can be done in 10 minutes.
- Clean and relatively intuitive interface.
- Huge number of trading pairs making it a good option for serious altcoin enthusiasts.
- Very responsive customer support.
Cons
- Only offers spot trading and other non-trading related functions such as InvestBox or FreeCoins.
- Virtually no information about themselves or tutorials on their website. We had to find information about the Exchange from external sources, or figure it ourselves.
All in all, YoBit is suited for users who have at least some experience with cryptocurrency trading or serious altcoin enthusiasts. YoBit does have a good security record with the usual security features expected of any legitimate exchange. YoBit is certainly an exchange worth looking into.

Frequently Asked Questions (FAQs)

Where can I find YoBit on social media?
YoBit can be found on Twitter and Telegram, where they have one of the largest communities with over 77,000 members on their English channel. The Exchange also has a Russian Telegram channel.

Can I find any other reviews on YoBit exchange?
Websites such as Trustpilot, Blocknomi and Cryptocompare have also written detailed reviews on YoBit’s features and functions.

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.
January 1, 2023
YFI Yield Farming with yEarn Pool
Yield Farming is a popular method for cryptocurrency owners to gain passive income. It involves taking advantage of various incentives rewards for locking-up (aka staking) different cryptocurrencies. This article focuses on yield farming for the $YFI token which has become the highest performing yield farming pool.

Check out our video on how to potentially earn 600% returns through YFI Yield Farming!

The yEarn project has launched its own governance token – $YFI – this week, sending the Decentralized Finance (DeFi) Yield Farming scene into a frenzy. As of this article, staking stable coins (USDT, USDC, DAI, or TUSD) into the Y pool will yield an astronomical 896% Annual Percentage Yield (APY). This is due to the incentive token $YFI being distributed to staked token holders, making this the single best yield farming pool right now. This has sparked a huge amount of interest in both searches for the $YFI governance token (trending right now on coingecko). Since the token launch, more than $60 Million of new capital has been deposited into the Y pool. Calculate yield using the community made yieldfarming tool.

WARNING: Yield farming involves a high amount of risk due to the experimental nature of the Ethereum network with potentially undiscovered critical vulnerabilities. Never stake/farm more than you can afford to lose. This is not Financial Advice.

What is the yEarn (iEarn) Pool

The iEarn “Y” pool is a yield aggregator – it automatically invests its capital into different DeFi projects – selecting those with the highest yield and return on investment. As a DeFi protocol, a smart contract keeps the invested funds – which makes the project non-custodial. The pool itself is comprised of 4 different stable coins – USDT, USDC, DAI and TUSD – with a total of over $103 Million USD in currency reserves (Assets Under Management – AUM). These reserves are then lent out to different protocols that offer the best rates of return, including Compound, Aave, and dYdX. yPools are considered riskier than other DeFi products such as Compound because lend capital out to a series of protocols – which themselves could be vulnerable to critical vulnerabilities.

How to Earn the YFI Token

There are two pools that reward the YFI token for staking. The first and easiest pool to access is the Y Pool on Curve.Fi. This pool is a collection of stable coins that are automatically invested in different lending protocols. This type of pool is usually considered a higher risk due to possible vulnerabilities not just with its own smart contract, but with other smart contracts too.

Deposit and stake option on Curve.Fi

How to to earn YFI tokens

Unfortunately “Yield Farming” for the YFI token has ended. When YFI first launched, all 30,000 tokens were distributed to stakers on the https://ygov.finance/staking platform. Although initially there were plans to distribute more tokens, attempts to come out with a plan to do so have all been voted down in the Y governance. This means it’s unlikely that new $YFI tokens will be distributed in the future. Other tokens such as YFII and YFV still have token distribution for yield farmers.

What is YFI token

Liquidity provider profit on Y Pool

YFI is the governance token for yEarn (previously known as iEarn). Tokenholders are entitled to vote on upcoming governance decisions for the network – such as potentially stopping all-new distribution of the token. Creator of YFI, Andre Cronje (@AndreCronjeTech) has stated that the token has no intrinsic value.

“We have released YFI, a completely valueless 0 supply token. We re-iterate, it has 0 financial value”
Andre Cronje

This being said, the current wave hype wave and token dynamics have driven up the value of the token. The token follows the “Governance” model where it’s value comes from voting on where the protocol will go next. On top of this, the incentivized Balancer pool (YFI 2%, DAI 98%) requires the staking of $YFI, which locks up further supply. Simply put, DeFi farmers are locking up YFI and DAI in order to receive BPT tokens which could be staked on ygov.finance to gain an additional $YFI. This type of cyclic farming create pseudo ponzinomics and could lead to potentially disastrous results.

Balancer Warning & new coin minting risk

One of risks that was mitigated by the team was with token issuance. Currently there is a max cap of only 30,000 YFI tokens. Earlier this week it was discovered that there was a master key which permitted YFI developer Andre Cronje to mint new coins and potentially flood the market with new coins. If he did this, it would of been possible for him to take the entirety of Pool#2 and Pool#3 on Balancer, with a total of more than $150 Million USD. Luckily this did not happen, as he quickly created a multisignature address which requires 6/9 key holders to agree to minting new tokens. The purpose of this is to remove single party risk as 6 of the 9 keyholders are required to agree to create new coins. On top of this, even if they do agree, the community will have 3 days notice before anything happens.

Overall the long term objective of YFI is to leave control of the total supply of YFI and distribution up to the community to decide. The voting aspect of YFI will allow governance token stakers to decide who to do with the platform.

YFI distribution stop

Distribution of $YFI tokens will temporarily stop as new contracts are being prepared. Times for the pools stopping are as follows:
- curve.fi/y: 07/24/2020 @ 11:50am (UTC)
- http://balancer.exchange: 07/25/2020 @ 9:35am (UTC)
- http://ygov.finance: 07/26/2020 @ 3:38pm (UTC)
Resources:

yEarn documentation – http://docs.yearn.finance
yGovernance and staking – https://ygov.finance
Pool Information / Calculator: https://yieldfarming.info/
Curve Guide on Pools – https://guides.curve.fi/how-to-choose-the-right-curve-pool-for-you/
Coindesk Report: https://www.coindesk.com/troll-token-why-defi-yield-farmers-are-now-all-about-yfi

Decentralised Finance (DeFi) series: tutorials, guides and more

With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces

The DeFi series on this website also covers topics not explored on YouTube. For an introduction on what is DeFi, check out Decentralized Finance (DeFi) Overview: A guide to the HOTTEST trend in cryptocurrency

Tutorials and guides for the ESSENTIAL DEFI TOOLS:
More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!

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.
January 1, 2023
KeyTango ($TANGO): the easiest way to DeFi?
KeyTango is an investment solution built on Web3 technologies that function as a gateway for DeFi products and services.

While the decentralized finance (DeFi) market is growing, the struggle to keep up is getting bigger for many users. And sometimes, because of so many rug-pulls in DeFi, scam tokens, and underdeveloped projects in this space, people choose to avoid it altogether. KeyTango is a solution to these concerns.

KeyTango offers a one-stop shop for various, reputable, and secure DeFi projects to minimize the risk that a new cryptocurrency holder or trader absorbs. It also offers learning options that can help anyone better understand what DeFi’s underlying concepts and technicalities actually mean.

Background

The growth of DeFi projects has been outstanding, posting 725% growth within just 3 months. However, there are still a lot of investors who are unfamiliar with how the ecosystem functions. Most of the new retail traders find themselves into sketchy projects that claim to be DeFi, only to find out later that these projects cannot actually deliver their promise.

KeyTango is developed with the help of experts from cryptocurrency, financial technology, and investments. The project is also supported by many Outlier Ventures staff members as their angel investors. The goal of the team behind it is to introduce an easy-to-use, Robinhood-like platform, where users can easily trade in the DeFi space within just a few clicks.

What is keyTango?

KeyTango is a Web3-based investment solution that functions as a gateway for DeFi products and services. It is connected with multiple projects on a variety of DeFi markets. This gives users a wide selection of financial tools to choose from if they are looking for ways to maximize the capacity of their assets in making a profit.

KeyTango features a user-friendly interface for any cryptocurrency or DeFi user and focuses on three main goals: discover, learn, and invest.

Moreover, the platform offers its users a tailored recommendation on the products they could access based on the history of their activity on the wallet they linked. This makes it easier for the users to choose which asset fits their profile and easily avail of the products and services in the instruments suggested for them.

Discover

One of the things KeyTango gives to its users is exposure to different DeFi products, such as yield farming and liquidity mining. The platform is backed by a team of investment experts and venture capital managers. More than that, any product posted on the application is carefully curated by MIT and Y-Combinator Alumni, which assures users that the DeFi projects they discover through the protocol are guaranteed of good quality and reputation.

Learn

To address the problem of most cryptocurrency holders who do not completely understand some of the complex DeFi projects that they could potentially benefit from, KeyTango introduced a “Learn” layer on the application. Every technical knowledge that any user would need to know will be made accessible on this part of the platform.

Invest

Once a user has already understood what it means to put their assets in DeFi, from how they can earn yields to DeFi protocols’ underlying risks, they can easily use the platform to start their investments. The process is simple. Users just need to link their cryptocurrency wallet.

Products

Liquidity Pools

Users who are looking to put their idle assets in a liquidity pool can now easily do so using the platform. In this product, a holder of a token can supply them to the liquidity of any supported decentralized exchange (DEX) to earn additional tokens from trading fees.

The products that can be accessed on this market are DEXs like Balancer, Bancor, Curve, SushiSwap, and Uniswap.

Yield Farming

DeFi projects have their own native utility tokens. Holders of these tokens earn rewards for keeping them and using them to participate in the network’s activities. What yield farmers do is they stake their tokens to DEXs where these utility tokens are traded and supply their liquidity there.

This way, they can also earn rewards in the form of the token that they supplied liquidity to. There are various yield farming protocols in the market today, however, they can be too difficult for others to access because due to the challenges is finding a safe platform. KeyTango makes it a safer opportunity for investors since they have also curated the projects they support on the application.

DeFi Trading

DeFi applications that offer spot trading and leveraged trading functions can be easily found in KeyTango. In these platforms, users will be able to access exchanges powered by automated market makers (AMM). Some of the platforms that are known for this product are 0x, Aave, and Sushiswap.

Derivatives and Other Products

As the DeFi economy continues to grow, KeyTango will also adapt accordingly. The application will be working on providing access to new DeFi opportunities such as NFTs, derivatives, and many others.

TANGO

TANGO is the platform’s native, utility token. It can be used to pay for the protocol’s transaction fees and to participate in the platform’s governance functions. A portion of TANGO’s total supply will also be allocated to the community treasury.

Staking

The platform will have four staking pools: Earlybird Staking, Pro Staking, Expert Liquidity Mining ETH, and Expert Liquidity Mining USDT. They have specific maturity periods and pool sizes which users can see in the interface. Users can also have an estimate of their potential profit as the pools also indicate their APY for each one.

Some of the staking options available on keyTango (Image credit: keyTango)

Conclusion

KeyTango is a project that the whole DeFi space could benefit from. Having assembled a team of experts to curate the projects that will be made available on the platform provides a tremendous advantage. More than the minimization of risks and breaking the psychological barrier that keeps people from adopting DeFi, it also raises the awareness of the public as to what DeFi can offer.

This is why the project is a promising complement to the DeFi ecosystem. Getting people to understand how DeFi works and enabling a way to easily supply their assets in the best projects available can be a huge boost when it comes to achieving wider adoption.

Decentralised Finance (DeFi) series: tutorials, guides and more

With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces

The DeFi series on this website also covers topics not explored on YouTube. For an introduction on what is DeFi, check out Decentralized Finance (DeFi) Overview: A guide to the HOTTEST trend in cryptocurrency

Tutorials and guides for the ESSENTIAL DEFI TOOLS:
More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!

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.
January 1, 2023
Key Similarities and Differences Between FTX.com and FTX.us
FTX operates two exchange domains, including “FTX.com” for users outside of the US, and the US-regulated “FTX.us” for traders in the US. Although both domains are quite similar, there are a few notable differences in their features and functionalities.

FTX cryptocurrency exchange first came onto the scene in 2019 as FTX.com. Since then, FTX cryptocurrency and derivatives exchange experienced tremendous growth in trading volumes and the number of registered users. FTX has increasingly hit several milestones on these metrics by providing innovative financial products for all types of crypto traders. The exchange offers leveraged tokens, futures trading, and many more features, including reduced trading fees and multiple ways to earn passive income. In 2020, FTX.us was launched specifically to be US Regulation compliant and to cater to US customers.

FTX EXCHANGE (INCLUDING FTX INTERNATIONAL AND FTX.US) ARE NO LONGER IN OPERATION

Both exchanges have filed for bankruptcy. Subsequently, the exchange was “hacked” and more than US$600 million worth of cryptocurrencies drained. The hacker is strongly rumoured to be a former FTX employee. For more about how this story unfolded and the latest news, check out these articles:
FTX.com and FTX.us: Who Are They For?

Although both domains belong to the same platform, they cater to different groups of users. FTX.com is not available for traders in the US due to securities and crypto asset trading regulations imposed by the US government. US customers can only use the FTX.us exchange, as it complies with regulatory requirements. All features users enjoy on FTX.us are also available on FTX.com.

FTX.com is more suitable for experienced traders since it is strictly a crypto derivatives trading platform with a higher risk of fund loss. Most of the financial products offered by FTX require substantial knowledge of the market and the crypto assets up for trading.

Similarities Between FTX.com and FTX.us

FTX.com and FTX.us offers similar features, including user-friendliness and an easy trading experience. Like many exchange platforms, they both feature a trading chart that provides various trading features, charting tools, and in-built indicators.

Many traders opt for the FTX exchanges because both platforms offer convenient ways to control and track open trading positions. FTX also provides more order types than most crypto exchanges. Available order types include:
- Market order
- Limit order
- Stop limit
- Stop market
- Trailing stop
- Take profit
- Take profit limit
Another interesting feature is that they both allow the integration of API keys to automate trading using crypto trading bots. Both domains require users to complete a KYC verification process to start trading and withdrawing funds.

Differences Between FTX.com and FTX.us?

FTX and FTX.us are run by different companies, hence previous negotiations to buy out FTX international did not include FTX.us as part of the deal.

The major difference between the .us and .com FTX exchanges is that FTX.com is a crypto derivatives platform where users can’t trade any real crypto. Users can only trade derivatives, which are secondary products that derive their value from these assets. On the other hand, FTX.us allows users to trade the actual underlying cryptocurrency. Furthermore, the two domains have a few differences regarding the following:
- Trading pairs and contracts
- Leverage and margin trading
- Deposits and withdrawals
- Trading fees
Trading Pairs and Contracts

FTX.com supports futures contracts trading for over 80 cryptocurrencies. Unlike many of its competitors, FTX.com allows futures trading for coins with low market caps. It also supports many fiat currencies, including USD, EUR, AUD, SGD, GBP, TRY, HKD, TRY, CHF, BRL, and CAD.

One unique feature of the FTX.com platform is its MOVE contract, which allows users to trade market volatility. MOVE contracts represent the absolute value of the amount a crypto asset moves over a period. Additionally, the platform allows its users to trade leveraged ERC-20 tokens, which give traders leveraged exposure to the cryptocurrency market.

On the other hand, FTX.us does not support as many currencies and contracts as its .com counterpart. The US version only supports about 24 cryptocurrencies and has fewer financial products than FTX.com.

Leverage and Margin Trading

FTX.com currently offers its users up to 101x leverage, with an initial maximum leverage of 10x by default. Traders may expand this leverage if their user accounts meet the platform’s requirements. With FTX.us, crypto traders can only get up to 10x leverage subject to specific terms and conditions.

Deposits and Withdrawals

FTX.com supports deposits in many cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and various stablecoins. The exchange promptly processes all deposits and withdrawals and does not charge deposit or withdrawal fees for Ether and ERC-20 tokens. For Bitcoin, all withdrawals of more than 0.01 BTC are free. Smaller withdrawals incur withdrawal fees only after the first free one for the day.

FTX.com also allows users to deposit and withdraw in their local fiat currencies using bank wire transfers. USD transactions take one business day, while other currencies may take longer. Although there are no charges on deposits with FTX.com, fiat withdrawals below $10,000 incur a $75 fee.

Deposits and withdrawals on FTX.us are also very fast. However, depositing and withdrawing USD can take up to two weekdays. Like FTX.com, FTX.us also charges a fee for USD deposits completed via wire transfer. Users can make one free withdrawal of less than $5,000 per rolling week period. Additional withdrawals cost $25, but all withdrawals above $5,000 are free.

Trading Fees

FTX.com uses a 6-tier structure for trading fees. Like many other crypto exchanges, FTX.com gradually decreases the trading fees for its users based on their daily trading volume to encourage higher trading volumes. Tier 1 traders pay a taker fee of 0.07% and a maker fee of 0.02%, while traders in tier 6 only pay 0.04% in taker fees.

As for FTX.us, the platform generally charges its users higher fees. Although it operates a similar fee structure, FTX.us has 9 tiers. Tier 1 traders pay a maker fee of 0.1% and a taker fee of 0.2%, while traders in tier 9 pay only 0.05% in taker fees and no maker fee.

Is FTX.us affected by the collapse of FTX International?

As of 10th November 2022, when users go to FTX international, there will be a banner warning: “FTX is currently unable to process withdrawals. We strongly advise against depositing.”

Now, when accessing the FTX.us website, there is now an announcement banner warning that, “…trading may be halted on FTX US in a few days. Please close down any positions you want to close down. Withdrawals are and will remain open. We will give updates as we have them.”

Banner on FTX US website

However, Sam Bankman-Fried, Founder of FTX has tweeted that FTX US is unaffected by the crisis surrounding FTX International and that it is “100% liquid”.

19) A few other assorted comments:

This was about FTX International. FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow.

It's 100% liquid. Every user could fully withdraw (modulo gas fees etc).

Updates on its future coming.
— SBF (@SBF_FTX) November 10, 2022

Nevertheless, many members of the crypto Twitter (CT) community are warning users to withdraw their funds from FTX.us as soon as possible. Given the current situation with FTX International, users of FTX.us are indeed urged to exercise caution and keep updated on any news from the team.
November 13, 2022
Ethereum ($ETH) Merge: What is it and everything you need to know
As Ethereum is steadily approaching the transition to a Proof-of-Stake mechanism, one notable thing that has changed, aside from further protocol development, has been the change in terminology.

We have already covered Ethereum 2.0 extensively in one of our ongoing blogs where we go in-depth on everything you need to know about Ethereum’s transition to PoS:
- Proof of Work (PoW) vs Proof of Stake (PoS)
- Ethereum 2.0 is coming- Here’s what you need to know
Let’s take a closer look at the rebranding from Ethereum 2.0 to the Ethereum Merge, as well as go over the most recent developments in Ethereum’s roadmap as of May 2022.

Check out our latest video- Ethereum Merge: ALL you need to know (including ETHPOW)

Ethereum Merge: ALL you need to know (including ETHPOW)

And check out our video- Ethereum Merge: Things you don’t (but need) to know as an investor

The Ethereum Merge: Why the shift from Eth2.0?

The move away from using the former term “Eth2.0” that signified the final transition from PoW to PoS was a result of several different developments and considerations, both technical and cultural.

On the technical side, the use of Eth2.0 started to become an inaccurate representation of the PoS transition. Originally, the Ethereum 2.0 roadmap envisioned that both the Phase 0 (Beacon Chain) and Phase 1 (Sharding) would be completed before the final transition. (Clonazepam) But the Beacon Chain was developed faster than expected, making researchers realize that the final migration to a PoS mechanism would be delayed by years due to the focus on sharding. In addition, the ever-growing pressure from the masses about the environmental impact of PoW chains made the migration to PoS that much more pressing.

As the Beacon Chain was deployed, Ethereum L2 rollups started gaining popularity, demonstrating significant scalability potential even for a non-sharded Ethereum blockchain. This released some pressure on solving the scalability challenges that Ethereum’s L1 has faced for years, allowing the R&D team to focus on the remaining Ethereum’s upgrade plans both for the PoW chain, as well the Beacon Chain.

From a cultural perspective, the use of the old terminology would’ve further perpetuated confusion about the nature of Eth1.0 and Eth2.0, making it seem like once Eth2.0 is launched, Eth1.0 will be gone, which is not the case. In addition, scam prevention was another consideration that favoured the rebrand, as the distinction between Eth1.0 and Eth2.0 would’ve likely resulted in scammers trying to convince users to swap their ETH tokens for fictitious ETH2 tokens.

The result of all of this was a decision to move away from the confusing Eth1.0 and Eth2.0 terminology, and rather call the transition to the PoS mechanism on the mainnet The Merge. By choosing to name the process instead of the final outcome (which in reality remains, in essence, the same), a lot of headache and confusion has been avoided.

Progress Towards The Ethereum Merge: Current status

Public testnets being battle-tested

Deployed in late December 2021, the Kintsugi testnet was a public testnet meant to allow execution and consensus client developers and application developers to become familiar with the post-Merge environment. The testnet was bombarded with transactions, bad blocks, and chaotic inputs to battle test it and find bugs.

A new specification for the proceeding public testnet, called Kiln, was published after edge cases from Kintsugi had been discovered. It’s expected to be the last new public testnet to be created before the existing ones are upgraded. Continued extensive testing of the Kiln has been taking place since The Merge took place on it on March 15th 2022. The Ethereum community practised running their nodes, deployed contracts, tested infrastructure, and threw everything they had at it to see if it breaks.

Mainnet shadow forks

Although a lot had been learned since deploying and testing Kintsugi and Kiln testnets, they were still very young testnets with little activity, which prevented proper stress testing of assumptions regarding syncing and state growth. And this is where shadow forking came in. Shadow forking makes it possible to fork an existing testnet, such as Goerli, and the mainnet (with a lot more activity), and add merge related properties to its config, thus allowing the fork to inherit the state of the original testnet.

These shadow forks are short-lived, allowing for testing on them only for a few weeks until a new beacon chain has to be spun up.

Three Goerli testnet shadow forks took place in January and March, and the first mainnet shadow fork happened on April 11th 2022, with the second one following on 23rd April.

The results of the latest mainnet shadow fork have been described by Adrian Sutton from ConsenSys in his twitter thread. The team will continue stress testing main forks, and collaborate with client developers to make them even more robust against edge cases. From now on the main theme as we approach The Merge has been and will be – testing, testing, and even more testing.

Wen Merge? The Triple Halvening, And Price Predictions

As to when The Merge will happen is still somewhat up in the air. No one has, understandably, given any specific dates, but the general consensus is that late Q3 is the time when we are likely to see it finally happen. The dev team’s sole focus is on The Merge, with very little else discussed, as can be seen in the latest AllCoreDevs session update by Tim Beiko.

Price predictions are also under hot debate, as, once The Merge is complete, two factors will influence ETH’s price, one emotional, the other baked into the protocol. Realistic estimates of the fair price of ETH fluctuate around $5000.

The emotional aspect, as experienced by the market, will result from The Merge successfully completing, which will mark the end of the most significant change in the protocol in Ethereum’s history, and solidify the incredible technical competence of Ethereum core devs and researchers, further giving the market confidence in ETH as an asset and the ecosystem as a whole, driving up the price further.

The technical reason for why price is likely to pump is due to the Triple Halvening, which will reduce Ethereum’s annual inflation rate from 4.3% to 0.43%. Following last year’s EIP-1559 upgrade, Ethereum now burns about 70-80% of the fees, with the rest going to PoW miners. Post Merge, these fees will go to the PoS validators. This means that ETH stakers will see their rewards rise to about 8-10%. Staking will lock in significant amounts of ETH, as staked ETH cannot be moved or used in the markets, making enormous amounts of ETH illiquid, further driving up the price. EIP-1559 and The Merge combined are predicted to cause the equivalent of 3 bitcoin halvenings, reducing ETH sell pressure by up to 90%.

In addition, the move to an environmentally friendly PoS mechanism, which will reduce energy consumption by up to 99.95%, will make the asset much more appealing to institutional investors who might’ve been kept away from investing due to public’s pushback on Ethereum’s current energy consumption.

Great progress is being made by the Ethereum team, and the continued successful merges of mainnet forks clearly demonstrate the culmination of 6 years of back-breaking work, and give hope that The Merge truly is just around the corner. For those interested in the nitty-gritty of The Merge preparations, it’s worth checking out The Merge Mainnet Readiness Checklist which lists in detail all of the various tasks that need to be worked through to make The Merge ready for Mainnet release.

Why is the Ethereum Merge so important to crypto traders?

Many cryptocurrency and particularly Ethereum ($ETH) traders are eagerly anticipating the Ethereum Merge because afterward, the issuance of ETH is expected to be reduced by about 90%. This means there will be less ETH in circulation, and in turn, the lower the supply, the higher the demand- potentially resulting in Ethereum prices going up.

ETH Merge is a huge success!

On 15th September 2022 at 06:42:42 UTC at block 15537393, the Merge was completed.

And we finalized!

Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.

— vitalik.eth (@VitalikButerin) September 15, 2022

Missed our historical LIVE Merge party? Check it out here!

Ethereum Merge Party – Watch the Merge live!

How have Ethereum ($ETH) prices reacted to the Merge?

Ethereum ($ETH) prices showed a slight pump in the hours following the Merge. Prices hit a peak of over US$1,640 before coming back down to just under US$1,600. The next crucial point in terms of where ETH prices would go would depend on whether there is any hard fork.
September 14, 2022
Enjin Wallet Review and Tutorial (2022)
Table of Contents

Toggle
Enjin Wallet Review

Best Software Wallet Award

Is Enjin Wallet Safe to Use?

What Cryptocurrencies does Enjin Wallet Support?

Design and interface

Final thoughts- my experiences with Enjin wallet

Enjin Wallet Ecosystem

Collectable Token Support

Scan for QR Airdrops (Enjin Beam)

Enjin Wallet Marketplace

Exchange Function

Marketplace

Dapp Browser

Enjin Wallet Tutorial: How to Set Up Enjin Wallet

How to Send and Receive Cryptocurrency Using Enjin Wallet

Sending Cryptocurrency

Receiving Cryptocurrency

Enjin Wallet 2.0

FAQs

How to download the Enjin Wallet?

Can I import cryptocurrencies from other wallets to the Enjin wallet?

How does Enjin bring NFTs to Video Games?
Enjin Wallet Review

Enjin wallet is a secure and easy to use mobile cryptocurrency wallet (iOS/Android). It’s extremely simple to use and contains advanced features such as Dapp Browser, QR code airdrops, Cryptocurrency Exchanges and Enjin’s own NFT marketplace integration. It’s the most secure mobile wallet we’ve tested with a two-layer security encryption and secure keyboard. Enjin wallet supports a wide range of cryptocurrencies such as Bitcoin, Ethereum (all ERC-20 and ERC-1155 Tokens), Binance Chain, Litecoin, Polkadot and Kusama. Enjin wallet is created as a companion to the Enjin Platform.

Best Software Wallet Award

Enjin Wallet is our Gold Award winner in the Free / Software wallet category. We were impressed by the wallet’s security features such as custom memory sweeps and double encryption. Enjin wallet is our top recommendation for any beginner who wants to keep their cryptocurrencies safe.

Is Enjin Wallet Safe to Use?

Security is the biggest concern for wallets as hackers are known to attack various wallets and attempt to steal funds. Enjin wallet offers the best in class security for mobile wallets.
- Two-layer encryption: Hardware AES and software encryption is employed on the lower and application layer respectively
- Secure keyboard: The protected keyboard bars keyloggers and/or data sniffers from tapping into your mobile device to steal data. It can also be randomized to increase security.
- Screenshot blocking and Random Access Memory (RAM) encryption: The wallet’s operating system level restricts screenshots and video recording. On the memory level, transactions are conducted on a secure RAM.
- Custom libraries: Enjin Wallet features custom libraries that remove the private keys from the device memory after use – significantly reducing the attack service.
- Protection processor flaws: special code is put in place to deal with flaws in ARM processors.
- Security Audited: ORU security team found no issues that could be used to compromise the wallet or the cryptographic keys stored in the system (full security report here)
- Samsung Blockchain Keystore support: Enjin supports the Samsung Blockchain Keystore for private key protection under Samsung’s military grade security Knox.
Mobile wallets are classified as a “Hot Wallet” – meaning this wallet is connected to the internet. The Enjin team has devised special counter-measures to deal with hackers attempting to steal cryptocurrencies. All private keys are double encrypted, so even if hackers stole the file it cannot be decrypted. On top of this, the special designed Enjin keyboard deals with keyloggers – making sure that the on-device decryption process is safe. Lastly Enjin used custom libraries to wipe the private key from device memory once the transaction is sent – unlike other mobile wallets.

We added many security features that regular wallets don’t have. Enjin Wallet cannot be Keylogged and not affected by CPU flaws like Meltdown and Specture.

Witek Radomski CTO of Enjin

Hot wallets are generally considered less safe due to possible device based vulnerabilities (CPU or Memory flaws) which could compromise the security of the mobile phone. That being said, Enjin wallet’s can be considered to be the best out of all mobile wallets. For large amounts of cryptocurrency storage, we recommend the use of cold wallets like the Ledger Nano X.

We found the security of Enjin Wallet to be the best among mobile wallets, with external security audits confirming our viewpoint. We give it the highest security rating of 4/5 – the highest possible rating for “hot wallets“.

Security: 4/5

What Cryptocurrencies does Enjin Wallet Support?

The Enjin wallet supports the storage of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), Binance Chain tokens (BEP2), Polkadot (DOT), Kusama (KSM) and Ethereum-based tokens. For Ethereum-based tokens, Enjin supports those created using the ERC20 and ERC1155 standards. Select ERC-721 collectible tokens are also supported, namely for God’s Unchained, CryptoKitties, Blockchain Cuties and Axe Infinity.

Did you know that Enjin introduced the ERC1155 token standard? Learn more with our ERC1155 token explainer.

The ERC1155 tokens fit into the Enjin ecosystem as these tokens can represent in-game assets. This fits perfectly into Enjin’s game development ecosystem for blockchain-based games.

The wallet allows users to sort, view, and show virtual currency balances in your local currency. Enjin’s partners Bancor, Kyber, and Changelly allow you to easily swap tokens.

Multi-currency Support: 4/5

Enjin Wallet Cryptocurrecy Exchange Interface

Design and interface

The Enjin wallet sports a clean and intuitive design. The wallet also allows you to easily switch from viewing your balances in cryptocurrency or the equivalent in your local fiat currency. This is extremely helpful in allowing you to know how much your portfolio is worth with a simple glance.

What is also helpful is the ability to easily create additional wallets. So say if you send or receive cryptocurrencies for different purposes, you can create a wallet for each of them (kind of like having partitions in your actual physical wallet) which makes managing your finances very convenient and easy to trace.

One slight gripe I have about the Enjin wallet is that when you look at the individual cryptocurrency balances in your wallet, there is a discrepancy in the balance shown at the top and the bottom (which is the correct balance). Though this does not affect your usage of the wallet, you just need to know and accept that the bug is there.

The balances shown are inconsistent, the one circled in red is actually correct

Despite this, Enjin wallet makes up for it with the fact that features the cleanest interface out there and additional functions not seen in any other software wallet. Because as we will see below, the Enjin wallet is more than a really good software wallet. The wallet is only one small part of Enjin’s whole gaming ecosystem. Rather, the wallet opens up additional features such as a QR code scanner, wallet for in-game collectible items and marketplace for you to trade these collectibles.

Other features on the Enjin wallet

Software design: 5/5
Ease of use: 5/5

Final thoughts- my experiences with Enjin wallet

I personally store small amounts of crypto on the Enjin Wallet so I can trade, or pay or receive crypto on the go. It has an easy to understand interface with a wide range of supported coins. So I have no hesitation to use it as my primary wallet. I had friends who were new to cryptocurrency and were completely overwhelmed when hearing other people talk about hardware wallets, exchanges and crazy hacks. I showed them my Enjin Wallet and it only took them less than 30 minutes to install and master. My guess is that without Enjin wallet’s simple and easy to understand design, they would have not bothered with cryptocurrencies at all. 6 months on, they are now trading cryptocurrencies regularly.

Enjin Wallet Ecosystem

Collectable Token Support

Enjin has created its own ERC-1155 digital token standard which can be used to create both fungible (currencies) and non-fungible (NFT) (digital cards, pets and in-game skins) assets on the Ethereum Network.

With the Enjin wallet, you can receive, send or melt these NFTs. The NFTs can be collectable items or in-game assets.

You can use the wallet to trade NFTs with your friends and there are Telegram forums dedicated to buying and trading collectibles!

Boxmining NFT collectable items

To learn more about all the games and the Enjin Multiverse, check out their website. Though a fantastic feature, the Enjin Mintshop, where you could mint your own NFTs was unfortunately deprecated upon launching the public mainnet of the Enjin Platform in 2020.

Boxmining collectable items are frequently given out as a way to say “Thank you!!” to our fans. Subscribe to Boxmining’s YouTube channel and click the notification bell so you don’t miss out!

Scan for QR Airdrops (Enjin Beam)

Enjin Beam QR giveaway

These giveaways could be found on various websites, games, and promotions on the Boxmining Channel. The Enjin Beams can take two forms: Airbeam, which sends all users the same collectible, or Lootbeam, which includes a variety of assets of varying rarities, so each user is likely to get different combinations of these loot assets. Read more about Enjin Beam here.

Enjin Wallet Marketplace

Collectibles listed for sale on the Marketplace in the Enjin Wallet

Digital Collectible items (ERC-1155 tokens) can be directly sold on the Enjin marketplace using the built in features of the Enjin Wallet. This first of a kind feature allows gamers to trade items safely without any risk by using ethereum smart contracts. Items can be listed on the marketplace by using the “sell” feature in the Collectibles tab. The procedure is a 1 step process where seller directly inputs a selling price and confirms by executing the contract on Ethereum (paying gas in the process). The item will be directly listed on the Enjin Marketplace for public purchase.

Exchange Function

Enjin’s partners Changelly, Bancor, and Kyber allow users to easily swap between different cryptocurrencies. All you need to do is type in the amount and type of cryptocurrency you want to convert and the cryptocurrency you want to convert it to. The amount you will receive and the details of the transaction will be automatically calculated and displayed you. If more than 1 exchange offers the type of conversion you want, the information will be displayed for you to compare and choose the one that’s best for you. Then all you need to do is press “convert” and it’s done!

Enjin wallet’s exchange function

Marketplace

The Enjin wallet also allows you to directly access their Marketplace, where you can browse and buy various NFTs. Payment can be made directly from your Enjin wallet.

Enjin’s marketplace for NFTs

Dapp Browser

Enjin Dapp Browser Support

Enjin wallet includes one of the best Decentralized App Browser we’ve ever seen. The clean user interface displaces the various Exchanges, Financial, Games and Social Media Services.

Remember to check out our Enjin Guide to learn more about Enjin’s ecosystem and what’s next for Enjin.

Enjin Wallet Tutorial: How to Set Up Enjin Wallet

Downloading and setting up your Enjin wallet is super easy and most importantly, its FREE.

First you will need to download the Enjin wallet app from the Apple App Store or Google Play Store.

Open up the app, select “crypto wallet” and then “create wallet“.

Select “crypto wallet” and then “create wallet”

Select the password you want for your wallet. When setting up your passwords and later backing up your wallet, make sure you are in a secure environment where you are not being recorded. Thieves will be able to access your wallet if they obtain this information.

Then, select which cryptocurrencies you would want to hold in your wallet. You can always add or remove more types of cryptocurrencies later. Then press “create wallet“.

Select your password and the cryptocurrencies you want your wallet to hold

The app will then ask if you want to backup your wallet. This is so that you can reinstate your wallet at a later date, for example when you change your phone and need to reinstall everything. So it’s highly recommended to do this step, even though it may seem tedious.

The backup is a 12 word recovery phrase that you will need to correctly re-enter to reinstate your wallet. So keep these 12 words recorded and stored in a safe place. See here for some ideas and tips on how to keep your recovery phrase safe.

Backing up your wallet

You will then be asked to verify your passphrase by entering 2 of your 12 word recovery phrase at random. You will then be taken to the select coins menu where you have another chance to select the coins you want to hold in your wallet. Again, you can choose to add other coins later. If you are happy with the list of coins selected, click “create wallet“. The setup is then completed and you will then be taken to the main page of your wallet.

Backing up your wallet

How to Send and Receive Cryptocurrency Using Enjin Wallet

Sending Cryptocurrency

On the main page of your wallet, select the cryptocurrency you wish to send.

For this demo I will be sending Bitcoin, so I selected “BTC”.

Then on the following page (second picture below), select “send“. On this page you can also see your transaction history for this cryptocurrency. Note: the balance shown on the top left hand side of the second picture below is sometimes inaccurate. This is a bug in the app which hasn’t been fixed yet. However this is only a display issue and does not affect your actual wallet balance which is displayed in the larger font.

On the send page (third picture below), I usually select “Advanced mode” which allows you to type in the number of satoshis per byte you wish to send your cryptocurrency with. The more satoshis per byte, the faster the send and of course the higher the transaction fee.

Sending cryptocurrency

On the send page you have 3 options for inputting the receiver’s address, either: (a) type in the address; (b) paste the address; or (c) scan the recipient’s QR code address.

For the demo I will scan the recipient’s QR code address, so I selected the QR code icon on the top right hand corner, which opens up my phone’s camera, as shown in the second picture below. There I can either choose a QR code from my photo gallery, or in this case, I scanned the QR code of the recipient.

Input receiving address

Once you’ve scanned the recipient’s QR code you will be brought back to the send page (first picture below) with the recipient’s address filled in. In the second entry you can enter in the amount you wish to send or simply click “ALL” to send the entire balance in your wallet. And in the third entry the number of Satoshis per byte, which as mentioned will determine how fast your transaction will be sent.

To see how many satoshis per byte I would want to send my cryptocurrency with I go on the website whatthefee. This website gives an estimate of how fast my transaction will go through at any given time (second picture below). On the table, the figures in black represent the percentage likelihood a transaction will take a given length of time. The figures in the middle represent the number of satoshis per byte. So for example, the green shaded entry on the top right hand corner means that with 20.1 satoshis per byte, there would be a 95% chance your transaction will go through in 0.5 hours. The higher the satoshis per byte, the faster my transaction and consequently the higher the transaction fee.

Enter in the details and confirm

Once you’ve entered in the recipient’s address, send amount and satoshis per byte, click “next step“. This will bring you to the confirm transaction page (third picture above). Here you can double check that the details are correct, if it is, click “send now“. Now you are all done!

Receiving Cryptocurrency

On the main page of your wallet, select the cryptocurrency you wish to receive. If the cryptocurrency you want to receive is not shown, click the “+” button on the top right hand corner, select the coin you want to receive and then click “update coin list”.

For this demo I will be receiving Bitcoin, so I selected “BTC”. Then on the following page, select “receive“. Your Bitcoin address will then be displayed in the form of a string of letters and numbers, or a QR code representing your address. You can then either (a) copy the address and give it to whoever will be sending your cryptocurrencies; or (b) have them scan your QR code address.

Note: the balance shown on the top left of the second picture below is sometimes inaccurate. This is a bug in the app which hasn’t been fixed yet. However this is only a display issue and does not affect your actual wallet balance which is displayed in the larger font.

Receiving cryptocurrency

When the cryptocurrency is successfully sent to your wallet, the balance on your main page will be updated. Tip: You can select the small circular arrows next to “value” to display the balance in your local currency or the cryptocurrency itself.

Successfully received- your balance on the main page of the wallet will be updated

Congratulations! You are all set!

Successfully set up your Enjin wallet? Learned how to send and receive crypto? 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 – In Under an Hour

Enjin Wallet 2.0

Enjin is also currently enrolling users in testing its Enjin Wallet 2.0 Beta, although it’s only available for Android users. This new wallet will be a completely re-written Enjin Wallet from the ground up, including all of the code to ensure better performance, stability and reliability, as well as a completely new UX and design.

If you want to participate in testing the Enjin Wallet 2.0 Beta, you can sign up here!

FAQs

How to download the Enjin Wallet?

The wallet is available for use on mobile devices powered by iOS or Android operating systems. Download the Enjin wallet on the Apple App Store or Google Play Store.

Can I import cryptocurrencies from other wallets to the Enjin wallet?

The Enjin wallet allows coins to be imported from other cryptocurrency wallets. Examples of cryptocurrency wallets are: Bread, Eidoo, Exodus, Coinomi, MetaMask, Trezor Model T, Ledger Nano S, Ledger Nano X and Jaxx.

The wallet uses an extremely interactive and secure user interface. This eliminates the confusion of copying and pasting addresses.

How does Enjin bring NFTs to Video Games?

One of the key features unique to the Enjin Wallet is the ability to bind the wallet to various video games. So together with the ability to send and receive, scan QR codes and their Marketplace, players can obtain NFT tokens representing various in-game items and import them into different video games. This allows players to truly own digital assets – the items are not stored centrally on databases but on the Ethereum blockchain instead. (https://www.hanakaimaui.com/)

Link Enjin Wallet Interface in Forgotten Artifacts
July 11, 2022
STEPN Guide and Review
STEPN is the most popular move-to-earn blockchain game in the crypto market this year after some significant adoption by the market and big moves with other major exchanges and well-known sneaker brands.

Move-to-earn is a new way to earn money through gaming with the novelty that it rewards not only digital activity within a game or app, but also physical activity. In short, the more you move in the real world, the more you are rewarded in your digital app.

STEPN has been crushing it lately after surpassing 300K daily active users (DAUs), receiving a strategic investment from the venture capital arm of Binance, and launching a unique collection of NFT sneakers on Binance NFT marketplace in partnership with sports brand ASICS.

What is STEPN?

STEPN is a move-to-earn health and fitness app with game elements built on Solana. Users equipped with sneaker NFTs can run and walk outdoors to earn tokens and NFT rewards. The funds earned can either be used to increase earnings in the app or can be withdrawn and sold. The mobile app has a built-in wallet, swap, marketplace, and rental system that allows non-crypto users to onboard.

How does STEPN work?

Anybody can earn tokens and NFTs in STEPN by downloading an app, buying NFT sneakers, and completing various forms of exercise. Similar to how Bitcoin mining works, users in STEPN have to prove they have physically worked out, at the cost of their own time and energy. This is validated by the app’s anti-cheating mechanics using GPS and machine-learning technology.

The tokens and NFTs are then minted to users’ wallets from the people, not from the game developer FindSatoshi Lab, known for its work on cryptocurrency wallet Solwallet. In this way, people can trade their tokens and NFTs 100% peer-to-peer and over time. STEPN has created an ecosystem where the value of tokens and NFTs is based on supply and demand.

STEPN tokens: GMT and GST

There are two types of tokens available to players, GMT (total supply of 6 billion) and GST (unlimited supply). GMT is a management token that allows users to increase their income. GST is an in-game token that users receive for in-game activity.

To create a balanced token ecosystem, the developers have decided not to limit the GMT governance token earning to a small group of people. Instead, they have made GMT and GST broadly accessible to ensure balance in the mining of these two tokens.

Since many GameFi projects with a similar dual-token economy have tended not to thrive, the question is raised about whether GST, with its unlimited supply, will go into a death spiral. STEPN’s model addresses this by making GST earning irrelevant at a higher level. As people approach the higher levels, they are presented with the option to choose which token to earn, and they would naturally want to earn the limited supply of GMT.

This will get amplified over time as more GMT is burned and more GMT use cases are released. This should reduce the GST token supply enough to balance the token value. If too many people are mining GMT, they will earn less than what they can with GST, so they will switch to earning GST. This will reduce the competition for earning GMT, and, in turn, make GMT mining profitable again.

Getting started with STEPN

To get started with STEPN, you must first download the app to your smartphone via Google Play or Apple Store. Then, following the on-screen instructions, you will need to create an account and receive an activation code.

You will be able to use the app fully once you have purchased your NFT sneakers from the in-app STEPN shop. Choose your sneakers based on your abilities. Once you have purchased the sneakers, open the game and start walking or running. You will start earning immediately.

How to join STEPN: Step-by-step guide

1. Download the App

First, you have to install the app on your smartphone. Depending on the model of your phone, you can do this either from the App Store or from Google Play.

2. Create an Account

After launching the app, you will need to enter your email address, to which you will receive a registration confirmation code. Enter your email address and press the ‘Send Code’ button. A code will be sent to your email address, and you will need to enter it in the corresponding field.

3. Obtain Activation Code

You then need to obtain an app activation code. To obtain the activation code, register in the STEPN community on one of the official social networks. Choose the social network that suits you best (Twitter, Telegram, Discord, etc.) and proceed according to the on-screen prompts. An activation code can also be received from a friend via invitation or bought from another user.

Once you have received the activation code, the main app screen will open. Click on the ‘Get activation code’ button. After you have entered your activation code, the app will open and the tutorial will start. Several screens will explain to you how to use the app.

4. Create a Crypto Wallet

You then need to create a crypto wallet in the STEPN app. Click on the wallet image in the top-right corner of the app. This will start the process of creating a crypto wallet, which will take a couple of minutes. While creating the wallet, you will be shown a secret phrase that you need to write down and keep in a safe place. Once the crypto wallet has been created, you will be taken back to the main app screen.

5. Start the Game

In the top-right corner, the token column will show zeros. To start the game, you need to deposit Solana (SOL) tokens into the crypto wallet you just created, in the amount that will allow you to purchase an NFT in the form of a sneaker. SOL can be bought on almost any major CEX or DEX.

6. Buy NFT Sneakers

TIP: Before you buy sneakers in STEPN, open the app and run for 10 minutes in running mode without sneakers. This is so that you can find the right type of sneaker for you. NFT sneakers are purchased in the shop. After buying the sneakers, wait until 25% of the energy has accumulated (approximately 6 hours) and then start the game. You are now ready to move-to-earn!

Playing and Moving to Earn

STEPN currently has solo mode only, in which users receive GST tokens as a reward for moving in the real world. This consumes virtual energy at a rate of 1 unit per 5 minutes of movement. All of these processes are only triggered after the purchase of NFT trainers. If the energy is at zero, no tokens are earned.

GST tokens, and subsequently GMT, are paid out depending on the following factors:
- The level and attributes of NFT sneakers – more efficient sneakers cost more. Up until Level 29, users can only earn GST, and from Level 30 onwards, they can switch to earning GMT if they wish.
- Sneaker comfort parameter – the higher it is, the more tokens are earned every minute.
- Running speed – it is necessary to maintain the recommended speed range for the sneaker. If you deviate too much from it, earnings will be reduced by up to 90%.
Marathon and background modes are set to be added later. Marathon mode will be an entirely new playstyle and is aimed for release towards the end of 2022. Background mode will be added when the STEPN team feels the time is right to approach non-crypto users.

The Importance of Energy

Energy plays an important role in earning tokens in STEPN. As soon as you run out of energy, your earnings will stop. Only when energy is available will your movement be rewarded. The amount of energy determines how many tokens you can earn for walking and running.

To increase the amount of energy you have, you can buy more NFT sneakers or get hold of rarer ones. The more NFT sneakers you own in your inventory, the more energy they will automatically generate. Higher levels and rarity sneakers will give you more energy.

Strengths of STEPN

One of STEPN’s biggest strengths in the current market is the successful combination and implementation of GameFi and sports. This could be seen as a clear advantage over any competition as many crypto-native builders don’t have the connections or knowledge to replicate STEPN’s GPS technology and machine-learning anti-cheating mechanics.

Because the health concept of the game and its everyday practicality is relatively simple compared to other games and apps in crypto, STEPN is a prime candidate for mainstream adoption.

Weaknesses of STEPN

There are still quite large barriers to entry for the average person. The registration process is too complicated, and to start playing, new users need to first learn how to open and fund a crypto wallet and buy an NFT item. For a newbie, this is not as straightforward as it should be.

NFTs also cost between 2.5 and 10 SOL, and way upwards of $100 if you want the best sneakers. This means there is an element of ‘pay-to-earn’ about STEPN. However, at the moment, the return on investment (ROI) is in the region of a few weeks, which is not bad at all.

Conclusion

Making money while keeping healthy is a win-win, and as a sports GameFi product, STEPN has struck a decent balance between game elements that are not too rich and complex to stop non-gamers from entering, and sports elements that are not too difficult to stop non-athletic people from trying it out.

The tokenomics also create value for both users and the platform. As long as the concept remains simple and participating remains profitable for the average user, STEPN should continue its impressive adoption rate.

For more information on STEPN, follow their official channels:

Website | Twitter | Telegram | Discord | Reddit | Medium | Email
June 22, 2022
Starly NFT Staking: How to Tutorial and Guide
The NFT industry has become one of the most exciting spaces amongst emerging blockchain and crypto trends. With many related projects and startups launching, the sector is becoming more popular and has provided creators with significant earning opportunities.

NFT creators constantly seek more accessible ways to publish and market their assets to varied audiences while also maximizing potential returns on their art. Buyers who like to collect NFTs also look for the best marketplace that curates these assets and facilitates easy access to purchases and rewards. The Starly platform provides all these and more to both categories of stakeholders.
Table of contents
What Is Starly?

Starly is an NFT-focused launchpad and marketplace where users can create, buy, and sell gamified NFT collectables. The platform aims to make creating, selling and collecting NFTs as seamless as possible. Starly offers complete creative control to NFT minters, allowing them to set prices, rarity ratings, and decide preferred launch dates.

Each Starly NFT collection consists of 21 unique NFTs (or NFT cards) divided into three packs for ease of valuation. The packs are composed of 11 common cards, 6 rare cards, and 4 legendary cards. Members of the Starly community can purchase and sell NFT cards on the secondary market, or buy all the cards in a collection to receive special rewards reserved for buyers who acquire complete collections.

NFT Staking on Starly

Collectors can stake their NFT cards for Starly token rewards based on the value and rarity of the NFT. Each NFT card in a collection has a Card Score determined by its pack (common, rare, or legendary) and price. Stakers can earn rewards in $STARLY- the project’s native token. The total $STARLY staking reward for each NFT card is equal to its Card Score and gets distributed daily for over a year. This means that it would take 365 days to accrue the total $STARLY staking reward.

Although users can claim a limited number of token rewards, these rewards depend on the user’s Starly token tier. Starly uses the following formula for reward distribution:

Card Score/365 = Token Amount Distributed for 24h.

For instance, if a user stakes an NFT with a Card Score of 15,000, the available token staking reward for that card is 15,000 $STARLY. The user can claim up to 41 $STARLY (15,000/365) daily depending on the membership tier until the user exhausts 15,000 $STARLY.

Starly Token Staking Tiers

Token holders staking $STARLY are categorized into reward tiers curated according to the number of staked tokens. The tiers include the Silver, Gold, and Platinum memberships, with the following required token amounts:
- Silver Tier: a minimum of 1000 $STARLY staked
- Gold Tier: a minimum of 10,000 $STARLY staked
- Platinum Tier: a minimum of 50,000 $STARLY staked
These tiers come with varying benefits, including the ability to claim more daily NFT staking rewards. Members of the Starly community who stake their NFTs but have no staked Starly tokens are not placed in any of the three tiers and can claim only 2 of the available daily token rewards. Silver, Gold, and Platinum tier members can claim 10, 100, and 500, respectively.

Furthermore, if an NFT card is unstaked, all unclaimed rewards of the staked card remain locked on the card till the user stakes it again. Additionally, if the unstaked NFT card gets sold, the new owner gets all unclaimed staking rewards locked in the card and can stake the card again for token rewards.

$STARLY Token

$STARLY is the platform’s native token, helping creators earn from their NFT assets. On the Starly marketplace, creators can monetize their NFT collectibles and receive rewards for their effort via $STARLY tokens. The platform has a total supply of 100 million tokens allocated for different uses. For instance, the largest allocation is for the Product and Ecosystem Development Fund at 31.25% or 31,250,000 tokens. Others include 22% for the Team and Advisors, 20% for the private sale, and 0.75% for the public sale. Furthermore, Starly allocated 5% each for token liquidity and staking payouts, while reserving 16% for the community.

Benefits Of Starly NFT Staking

All NFTs have inherent value that provides some aspect of collectibility or utility to collectors. However, collectors can derive additional value by staking these NFTs on Starly. The primary benefit of staking owned NFTs is that users can accrue more $STARLY and then re-stake for added rewards. As users collect more tokens, their designated membership tier moves from Silver to Gold or Gold to Platinum. New tiers furnish users with additional Starly benefits, such as voting rights and exclusive NFT drops from selected artists.

Staking has become a significant way of contributing to projects across the blockchain and crypto space, with billions of tokens and coins locked on many platforms. NFT staking is no different and is an excellent way for users to earn passive income from idle NFT collections. Although the concept is still relatively in its infancy, Starly opens users to more NFT staking opportunities with the possibility of progressive rewards.

Visit Starly here to learn more about them.
May 17, 2022