The Hinman documents are a collection of internal SEC messages concerning a speech given by former SEC Director William Hinman in 2018. These documents have been at the center of attention in the ongoing SEC v. Ripple lawsuit. In this article, we will explore the Hinman documents, their expected unsealing date, and their potential impact on the crypto market and XRP holders. We will also discuss why these documents are important for both the SEC v. Ripple case and the crypto industry as a whole.
Table of Contents
What are the Hinman documents?
The Hinman documents relate to internal SEC messages concerning a speech given by former SEC Director William Hinman in 2018. In that speech, Hinman stated that cryptocurrencies like Bitcoin and Ethereum may initially be classified as securities. But, as they become more decentralized, can transition into something more similar to a commodity.
Ripple requested these documents in discovery during their lawsuit with the SEC and received them on 21st October 2022. The SEC attempted to keep the documents sealed by claiming that they were not relevant to the case. However, on 16th May 2023, Judge Torres denied the SECâs motion to seal and ruled that the documents were subject to public access.
When will the Hinman Speech Documents be unsealed?
The Hinman documents are expected to be unsealed on 13th June 2023.
What can we expect from the Hinman documents?
We can expect to see emails and comments made by Hinman, Valerie Szczepanik and SEC staff in relation to Hinman’s speech, as well as drafts of the speech itself. These documents will only have limited redactions.
Would the Hinman documents refer to the XRP token?
The Hinman documents may mention XRP because the SEC enforcement team was dealing with XRP in other matters around the same time Hinmanâs speech was being drafted and commented on. Additionally, XRP ranked 2 or 3 in market capitalization following Bitcoin and Ethereum at that time. (Phentermine) So, XRP was definitely in the forefront of the SEC’s minds at the material time.
Why are the Hinman documents important for crypto?
The Hinman documents are important for the crypto industry because they talk about how cryptocurrencies could transition from securities to commodities. This means that the legal status of cryptocurrencies could change over time as they become more decentralized. This will have a significant impact on the future of cryptocurrency regulations. The outcome of the SEC’s case against Ripple could also set a legal precedent. This would in turn affect the entire crypto industry.
Why are the Hinman documents important to the SEC v. Ripple case?
The Hinman documents are important to the SEC v. Ripple case. Including all current and potential enforcement actions by the SEC against other crypto projects, exchanges, companies, and tokens. This is because the documents may contain comments suggesting that XRP does not satisfy all elements of the Howie Test. This implies that it is not a security for purposes of the Federal Securities Laws.
Ripple CEO Brad Garlinghouse is anticipating the release of these documents, saying that they will be “well worth the wait”. This suggests Ripple expects the documents to contain information favouring Ripple and their contentions that XRP is not a security.
Predictions on the likely outcome of the SEC vs Ripple lawsuit?
There are predictions that there will be a 25% chance that Ripple will see an outright victory in the SEC vs Ripple lawsuit. Versus a 5% chance of an outright win by the SEC.
What is the potential impact of the Hinman documents on the crypto market and XRP holders?
The release of the Hinman documents could shed light on the SECâs views on crypto. Especially as the SEC pursues its case against Ripple. The entire crypto industry is closely watching the case over whether XRP is a security. This is because it could set a legal precedent which would affect the entire industry. This ruling could also affect Rippleâs fair notice defense and the court could issue a summary judgment ruling soon. Some suggest that the court may even announce it before 30th September 2023. Therefore, the release of the Hinman documents could have an impact on the crypto market and XRP holders.
Lawyer John Deaton is positive that the SEC vs Ripple lawsuit will be in Ripple’s favour. He also predicts that in such case, the prices of the XRP token may go up from US$2 to $10. As at 13th June 2023, the price of XRP is US$0.52.
Velocore ($VC) is a groundbreaking solution that synthesizes top-tier DEX methodologies into a novel, high-performance flywheel. It is the first ve(3,3) DEX on zkSync and aims to expedite and augment liquidity by incentivizing $veVC holders or procuring veVC to strategically reallocate emissions towards their liquidity pools. Meanwhile, Velocore have also announced their Velocore V2 will be launched on Linea, so there may be airdrop opportunities there too! Therefore, participating in a potential Velocore airdrop could also make you eligible for zkSync AND Linea airdrops too! This article will give you a step by step guide on how to position yourself for a potential Velocore ($VC) token airdrop.
Velocore is a groundbreaking solution that synthesizes top-tier DEX methodologies into a novel, high-performance flywheel. Velocore is built on zkSync Era, a Layer-2 protocol that uses ZK technology to scale Ethereum. Velocoreâs aim is to provide users with a fast, secure, and efficient way to trade assets while minimizing transaction fees and slippage and supporting various protocols onboard for the zkSync era ecosystem.
At the same time, Velocore is embarking on a new journey with Linea, a zkEVM layer 2 protocol developed by ConsenSys. This new venture will be independent from the current Velocore running on zkSync Era and will be based on the upcoming Velocore V2 system. The official launch of Velocore V2 on the Linea platform will take place after the full launch of the Linea Mainnet.
Velocore already did an airdrop of POAPs to supporters when it launched on zkSync era with overwhelming success. Therefore, it is likely that Velocore may do another airdrop when Velocore V2 launches on Linea!
Does Velocore have a Token?
Velocore uses two tokens, $VC and $veVC, to manage its utility and governance. The protocol rewards liquidity providers through emissions using the ERC-20 utility token $VC. For governance, Velocore uses the ERC-721 governance token $veVC in the form of an NFT (non-fungible token). Any $VC holder can vote-escrow their tokens and receive a $veVC (also known as veNFT) in exchange.
$VC tokens have a locking mechanism. The lock period for $VC tokens can be up to 4 years. The longer the lock period, the more $veVC tokens are received in exchange. The longer the vesting time, the higher the voting power and rewards for the $veVC holder.
At launch, Velocore had an initial supply of 60m $VC and will allocate 7.5% of it towards supporting and rewarding its contributors. Check out Velocore’s Tokenomics for more details.
Is there a Velocore ($VC) Token Airdrop?
Velocore did an airdrop in April 2023 to celebrate its launch on zkSync. Those who were eligible received a POAP which allowed them to claim a maximum of 5,550 $VC. Now, Velocore is planning to launch Velocore V2 on Linea after the full launch of Linea Mainnet. Considering the success of their previous airdrop, it is likely that the team may do an airdrop to celebrate the launch of Velocore V2. So far, the team have hinted they will have a Galxe campaign and may have an initial product ready for the DeFi event in June 2023. Meanwhile, there are a few tasks you can do to prepare yourself. Hereâs a step by step guide on how you can get started with a potential Velocore $VC token airdrop.
On the Questboard, join Velocore’s Discord and click “Claim Reward”.
Follow Twitter, like, reply and retweet to post.
Follow Velocore Twietter, like, reply and retweet their post. Then, click “Claim Reward”.
Tweet about Velocore
Tweet about Velocore, paste the link to the Tweet on the Questboard and click “Claim Reward”.
Visit Velocore’s Medium page and clap their article
Visit the Medium page, clap at least one of their articles and click “Claim Reward”.
Invite friends to Velocore
On the Questboard, click “Invite” to generate your invite link (here’s ours!). Invite up to 1, 5, 10, 100 and 200 new members to the Questpage for XP points and additional Discord roles.
Velocore Airdrop Review
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of Airdrop: Velocore is likely to do an airdrop as they have successfully done one in the past.
Airdropped Token Allocation: Velocore will allocate 4.5 million $VC towards the ecosystem fund, and a part of this will go towards airdrops.
Airdrop Difficulty: The project has not yet released full details about its airdrop rules. However, you can get started with completing the tasks on their Questpage. These are social tasks and do not require any funds.
Token Utility: The $VC token is an ERC-20 utility token of Velocore used for rewarding liquidity providers through emissions.
Token Lockup: There is no announcement on token lockup yet. The project stated that they will release $VC tokens allocated towards their ecosystem fund step by step a few days after launch.
Holograph is a next-generation NFT minting platform that has integrated the LayerZero protocol into its services, enabling interoperability and omnichain capabilities. Holograph will have its own $HLG token, and there are hopes that the team will do a token airdrop to reward its supporters. There may even be a chance that participating in a potential Holograph airdrop make also make you eligible for a LayerZero airdrop too! This article will give you a step by step guide on how to position yourself for a potential Holograph $HLG token airdrop.
LayerZero is one of the most anticipated airdrops of 2023! Learn how to get this potential airdrop here!
Holograph ($HLG) Airdrop Step-by-step Guide
Here’s a step-by-step guide on how to get a potential Holograph ($HLG) token airdrop.
Holograph is a multichain digital asset infrastructure for the web3 ecosystem. It enables the deployment of natively multichain digital assets, which are assets that exist as single instances across multiple execution environments. Non-fungible tokens minted with Holograph (hNFTs) maintain the same contract address and token ID on all EVM environments, enabling them to move between networks with perfect provenance. Fungible tokens that are wrapped with Holograph (hTokens) maintain the same contract address on all EVM environments, providing a clear and concise method for auditing locked liquidity. With Holograph, all digital assets are minted equally, and it renders network tribalism obsolete.
Holograph uses LayerZero for cross-chain message passing, with all critical business logic managed by the Holograph Protocol, and is designed to be modular, allowing for integration with various cross-chain message passing designs.
Does Holograph have a token?
Holograph has a native token, $HLG. To execute jobs, operators must bond the $HLG token. The probability of getting selected to execute a job is based on the number of tokens bonded – the more tokens bonded, the higher the probability of selection. The $HLG token has not been launched yet.
How to Receive Potential Holograph ($HLG) Token Airdrop?
Holograph has not announced any airdrop yet. However, they have a $HLG token which is not yet launched. But with the potential of a LayerZero airdrop creating so much attention and hype for the project, it is likely that Holograph, being an ecosystem project, may also follow suit and do its own airdrop. Here’s how to receive a potential Holograph ($HLG) token airdrop.
Click “Create” on the top bar and “Create Collection”.
Deploy NFT collection
Fill in your preferred collection details and click “save”. Then deploy the NFT collection. This will cost around 0.06 ETH.
Bridge NFTs between networks
Bridge NFTs between networks by clicking on “Bridge” on the top bar. Then, choose the networks you wish to bridge to and from, and the NFT collection. Finally, click “Bridge”.
Complete Questboard tasks
Go to Holograph’s Questboard and complete the tasks. Tasks include following their social media channels and reading their documentation.
Airdrop Review
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of Airdrop: Holograph has not announced when it will launch its $HLG token, or if it will do an airdrop yet. But with the success and potential airdrop from LayerZero, and Holograph being an ecosystem project, there could be a good chance of a future token airdrop.
Airdropped Token Allocation: Holograph has not given any information on its token yet.
Airdrop Difficulty: Holograph has not yet released details about its airdrop. However, doing the tasks it may be helpful towards a potential LayerZero airdrop. So thereâs no harm in doing these tasks, meanwhile, there is much potential gain.
Token Utility: Holograph has not given any information on its token yet.
Token Lockup: Holograph has not given any information on its token yet.
Snipa Finance is a DeFi portfolio tracker that operates across multiple blockchains and enables users to manage their assets. It is powered by Venom and Everscale.
Venom Foundation may also do a $VENOM token airdrop (Airdrop guide here). So this is a chance to earn double rewards!
Snipa Finance Airdrop Step-by-Step Guide
Here’s how to mint the free Snipa Finance NFT:
Create your Venom wallet and claim testnet $VENOM tokens. See our full guide here.
Snipa Finance is a DeFi portfolio tracker that allows users to manage their assets across multiple blockchains. It is supported by Venom and Everscale, and it is currently available on Venom testnet. Venom users can now use the Snipa Finance analytical tool to keep track of and manage their assets.
Does Snipa Finance have a token?
Snipa Finance does not have a token yet. But they are airdropping free NFTs for you to mint. Also, since Snipa Finance is part of the Venom ecosystem, getting the NFT may be helpful in getting both a Snipa Finance and Venom potential airdrop!
How to receive potential Snipa Finance Token airdrop?
Snipa Finance currently does not have its own token and has not announced any airdrop yet. However, they are offering free NFTs for users to mint. As Snipa Finance is part of the Venom ecosystem, obtaining an NFT may increase your chances of receiving potential airdrops from both Snipa Finance and Venom. Here’s how to mint the free Snipa Finance NFT:
Time needed: 1 hour
Create your Venom wallet and claim testnet $VENOM tokens.
On the task page, click “Tweet” to tweet about Snipa Finance. Post the tweet and then click “Check”.
Check your portfolio on Snipa Finance
Connect your wallet to Snipa Finance and click “Join Venom Testnet”. In the popup window, confirm the transaction. Go back to the task page and click “Check” under the second task.
Mint your NFT
On the task page, click “Mint” on the last task. Then, confirm the transaction in the popup window.
Airdrop Review
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of Airdrop: Snipa Finance has not announced a token or airdrop yet. But with the success and potential airdrop from Venom, and Snipa being an ecosystem project, there could be a good chance of a future token airdrop.
Airdropped Token Allocation: Snipa Finance has not given any information on its token yet.
Airdrop Difficulty: Snipa has not yet released details about its airdrop. However, minting the Snipa NFT is free since it is on the Venom testnet. Also, it may be helpful towards a potential Venom airdrop. So there’s no harm in doing these tasks, meanwhile, there is much potential gain.
Token Utility: Snipa Finance has not given any information on its token yet.
Token Lockup: Snipa Finance has not given any information on its token yet.
zkLend began its creation in late 2021 with aims to create a layer 2 money-market protocol built on StarkNet. With StarkNet being one of the hottest anticipated airdrops, there is massive speculation that zkLend will also have an airdrop. Particularly since zkLend’s V1 mainnet is fast approaching. This guide will teach you how to get a potential zkLend ($ZEND) token airdrop, which may also increase your potential StarkNet airdrop too!
zkLend is a money-market protocol built on StarkNet. Its aim is to combine the best of zk-rollups and Ethereum. zkLend will enable users to earn interest on deposits and borrow assets. To achieve this, zkLend will be offering a dual solution in the form of 2 products: Artemis, and Apollo.
Currently, zkLend has launched the Artemis MVP testnet on StarkNet Goreli testnet. Artemis is designed for regular DeFi users, and enables them to deposit, borrow and lend in a decentralized and permissionless manner on StarkNet.
zkLend’s other major product, Apollo, is designed for institutional clients. The aim of Apollo is to become a gateway for institutional users into the world of DeFi. It will allow permissioned users to deposit, borrow and lend on StarkNet, but without compromising on compliance and security.
What is the zkLend ($ZEND) token?
The zkLend ($ZEND) token has not been launched yet. However, when it does, there will be a total token supply of 100 million tokens. 35% of the total supply of $ZEND tokens will be allocated towards staking and distribution rewards.
The ZEND token is intended for governance and utility functions on zkLend. In particular, ZEND tokens will be rewarded to users when they interact with the zkLend network. For example, ZEND tokens will be distributed for users when borrowing/lending or providing liquidity to the network. Also, when users participate in community events or marketing/airdrop campaigns. ZEND token holders will also be entitled to voting rights which allow them to vote on future features of zkLend.
What is the Current Status of the zkLend ($ZEND) Token Airdrop?
zkLend has not launched its $ZEND token yet. However, the chances of zkLend doing an airdrop are promising. This is because they have already stated in their Whitepaper that a proportion of zkLend’s revenue would be allocated for airdrop campaigns.
How do I participate in the $ZEND token airdrop?
As there is no official airdrop announcement yet, many users can only speculate how to become eligible for $ZEND token airdrops. It is speculated that users could participate in the Artemis public testnet. This is in the hopes that completing zkLend testnet actions will inevitably entitle them to airdrops when the $ZEND token is launched. However, users should note that an airdrop is not guaranteed.
Connect your wallet to zkLend’s Questboard and complete the tasks. Tasks include joining their Discord, liking and retweeting their Tweets, and submitting your Starknet mainnet wallet address.
Artemis is still in the testnet stage, and it is hoped that the mainnet will be launched in 2023, as well as the launch of the $ZEND token.
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of Airdrop: The zkLend ($ZEND) token has not been launched yet. But the team has said that $ZEND tokens would be allocated towards staking and distribution rewards.
Airdropped Token Allocation: zkLend ($ZEND) will be a total token supply of 100 million tokens. 35% of the total supply of $ZEND tokens will be allocated towards staking and distribution rewards.
Airdrop Difficulty:Â It is possible that participating in the Artemis public testnet could make you eligible for a potential $ZEND airdrop. Whilst this requires time and technical knowledge, you will only be using testnet ETH so it does not cost any money on your part. Otherwise, there are simple social tasks on their Questboard which are easy to do. There may also be a possibility that doing zkLend tasks may make you eligible for the potential StarkNet airdrop too!
Token Utility: The ZEND token is intended for governance and utility functions on zkLend. ZEND tokens will also be rewarded to users that interact with the zkLend network.
Token Lockup: There is no announcement on the $ZEND token lockup yet. However, it is hoped that the mainnet will be launched in 2023, together with the $ZEND token.
Orbiter Finance is the hottest bridge for emerging layer-2 blockchains right now. They have confirmed they will issue a token. No airdrop has been officially announced yet, but it IS hinted. This means that no snapshot has been taken yet, and early users can potentially earn huge airdrop rewards. In this article, we will explain what Orbiter Finance is and what you can do to position yourself for their potential airdrop.
Orbiter Finance is a decentralized bridge that supports cross-rollup transfers between Ethereum and other layer-2 blockchains such as zkSync and Arbitrum. Users can move ETH, USDC, USDT, and DAI between those supported networks.
It is secured by a series of smart contracts that involves two roles: Sender and Maker. The Maker provides liquidity for the transfer initiated by the Sender. If the Maker does not carry out their role, the Sender can initiate an arbitration request to the contract with the Makerâs margin and receive compensation for any excess losses.
Does Orbiter Finance have a Token?
Orbiter Finance does not have a token yet, as they are currently focusing on developing the protocol and improving user experience. However, in a recent Tweet, they strongly hinted at issuing a token as well as a possible airdrop. Moreover, Orbiter Finance has closed its first round of funding with participation from Tiger Global, A&T Capital, StarkWare, and even Vitalik Buterin. As such, DeFi projects backed by major players tend to launch a token after product completion.
How to Receive Potential Orbiter Finance Token Airdrop?
The best chance to receive Orbiter Finance token airdrops is to bridge ETH or stablecoin assets between the 11 supported networks. Here’s how to get a potential Orbiter Finance airdrop:
Connect your MetaMask or other Ethereum/Polygon/zkSync/Arbitrum wallet.
Select the chain you want to send your assets to.
Complete the transaction.
Although it is recommended to bridge assets frequently to increase your airdrop chances, there will be a transaction fee. However, Orbiter will modify its fees based on the Gwei of the destination network to maintain a fee that is below the average, but this will not happen frequently due to the volatile nature of gas fees. The sender can view the current fee on the Orbiter website.
Get Discord Roles
Get higher ranking roles on Orbiter Finance’s Discord by completing tasks on their Guild page. The requirements for the Orbiter Finance roles are as follows:
Trainee Pilot: Complete 3-9 transactions on Orbiter Finance.
Pilot: Complete 10-49 transactions on Orbiter Finance.
Elite Pilot: Complete 50-99 transactions on Orbiter Finance.
Expert Pilot: Complete 100-499 transactions on Orbiter Finance.
Ace Pilot: Complete 500 transactions or more on Orbiter Finance.
You can check the number of transactions by connecting your wallet here. Note that the allowlist is only updated once a week on Mondays, so you will need to check the Guild page frequently. You must have a role of Trainee Pilot or above in order to be included in their allowlist.
Claim Orbiter Pilots NFT
Orbiter has created an NFT series for Orbiter Pilots (i.e. Orbiter users). There are 5 NFTs based on your Discord role. To claim your Orbiter Pilot NFT, connect your wallet to their Galxe Page and click “Claim”. Note you will need MATIC to pay for gas fees when claiming your NFTs.
Airdrop Review
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of Airdrop: There is no confirmation of a token launch and airdrop by Orbiter Finance, but they hinted in their Tweet that they are considering issuing a token as well as a potential airdrop.
Airdropped Token Allocation: Since there is no token launch yet, tokenomics data are not available.
Airdrop Difficulty: If there is a potential airdrop, the steps to be eligible is fairly easy. All you have to do is connect your wallet on their platform and bridge assets to another chain. It is recommended to do this frequently, but be cautious of transaction fee.
Token Utility: Since there is no token launch yet, token metrics are not available.
Token Lockup: Since there is no token launch yet, tokenomics data are not available.
Ledger, the company behind the Ledger Nano X and Nano S Plus cryptocurrency hardware wallets has just announced its new product called Ledger Recover. Ledger Recover is an ID-based key recovery service that provides a backup for your Secret Recovery Phrase. If you lose or don’t have access to your Secret Recovery Phrase, the service allows you to securely restore your private keys using a Ledger device.
Ledger Recover is an ID-based key recovery service that provides a backup for your Secret Recovery Phrase. The Secret Recovery Phrase is a 24-word phrase that is used to restore your private keys if you lose access to your Ledger device. With Ledger Recover, if you lose or donât have access to your Secret Recovery Phrase, the service allows you to securely restore your private keys using a Ledger device.
How to use Ledger Recover?
The process of using Ledger Recover involves several steps. First, your identity is verified using your ID document and a selfie recording. Next, your Ledger Nano X duplicates your Secret Recovery Phrase and encrypts the duplicate. This encrypted duplicate serves as the backup for your Secret Recovery Phrase. The system then links the backup to your verified identity and fragments it into three pieces. Ledger, Coincover, and a third provider independently secure each of the encrypted fragments.
Accessing your wallet with Ledger Recover is seamless: all you need is your ID and your current Ledger Nano X or a new one. You alone can start the recovery process, which is ensured using double ID verification. The service relies on companies with industry-leading encryption and ID verification technology to provide a secure and reliable service.
Who is the Ledger Recover good for?
Ledger says the Ledger Recover is good for those who are new to cryptocurrency and may find it difficult to back up and keep their Secret Recovery Phrase safe. It is also good for those who would like another backup of their Recovery Phrase in another location.
Will the Ledger Recover be available on all Devices?
At present, Ledger Recover only works with the Nano X. Soon, it will also work with the Nano S Plus and Ledger Stax. However, it is not compatible with the Nano S.
Do I have to use Ledger Recover?
No, Ledger Recover is a completely optional service that you must choose to use. To choose to use the service you must subscribe with 2 different partners and create accounts with them. After you sign up, Ledger initiates the cryptographic process and asks you to confirm your agreement to it on your Ledger device.
Is Ledger Recover free?
No, it is a subscription service that will cost $10 per month. To use the service, you must also complete a KYC process with an ID document and a selfie recording.
If you donât pay the subscription within 7 days, you canât restore your private keys using Ledger Recover. If you donât resolve your payment within 3 months, your subscription will be suspended. After suspension, you have 9 months to reactivate your subscription by contacting Ledger Recover Support and paying a 50 EUR fee and any outstanding balance.
How does Ledger Recover Work?
Ledger Recover works through 3 companies: Ledger, Coincover and a third company. You will need to opt-in to use the service. When you opt in for the service, you will be prompted to confirm if you want to use it. If you agree, you will need to sign a transaction on your Ledger device. Afterwards, the system splits your private keys into 3 parts, encrypts them on the device, and sends them through a secure channel to 3rd party providers. The providers will encrypt the parts again before storing them.
If you need to recover your private key, you will have to go through a thorough ID verification process. This is to confirm your identity. Once your identity is verified, the providers will send the encrypted parts of your private key directly to your Ledger device. Your device will then decrypt the parts and you will be able to access your private key again.
Who keeps your private key when you use Ledger Recover?
3 separate companies in 3 countries will store your private key if you subscribe to the service. The companies are Ledger, Coincover and Escrowtech. In particular, Coincover already works with several B2B offerings and also provides a $50k insurance plan. Additionally, two ID verification providers participate in the process.
Is Ledger Recover Safe?
According to Ledger, Ledger devices do not have any backdoors. The Secure Element chip and a paper backup securely store your seed phrase. If you opt to use the service, it creates an additional backup. This is done by splitting your private key into 3 encrypted parts and storing them with 3 different parties.
Ledger also offers an added layer of protection where, subject to investigation, US$50,000 compensation may be available from Coincover in the unlikely event that something goes wrong.
Conclusion
In summary, Ledger Recover is an optional ID-based key recovery service that provides a backup for your Secret Recovery Phrase. It splits your private key into 3 encrypted parts and stores them with 3 different parties. The service is not free and requires a subscription fee of $10 per month. If youâre new to cryptocurrency or would like an additional backup of your Recovery Phrase, Ledger Recover may be a good option for you.
Crypto venture capitalists (VC) aim to invest in blockchain projects and companies with high potential. These firms usually provide early-stage startups with capital, guidance, and resources to help them expand. Venture capital firms are crucial to the blockchain ecosystem, as they offer valuable resources that enable projects to grow and scale rapidly. Here’s our picks for the top active crypto VCs you should follow and look out for.
What is a crypto VC?
A crypto VC, or crypto venture capitalist, is a type of venture capital firm that specializes in investing in early-stage startups that offer products or services related to cryptocurrency, blockchain technology, and digital assets. They typically fund projects through equity investments, token sales, or other financial instruments. In addition to providing capital, crypto VCs also offer guidance and advice to the startups in which they invest.
What does a crypto VC do?
Crypto VCs fund projects through equity investments, token sales or other financial instruments. In addition, they also provide guidance and advice to the startups in which they invest. Hence, they play a vital role in the blockchain ecosystem by providing valuable resources to support projectsâ growth and scaling quickly.
What makes a good crypto VC?
There are several factors that contribute to a good crypto venture capital (VC) firm. These include:
Total assets under management (TUM)
This measures the total value of all the investments managed by a venture capital firm. It is used to measure the size and performance of a firm and can indicate its success in attracting investors and making successful investments.
Number of successful investments (track record)
This serves as an indicator of a firmâs ability to identify, invest in, and help grow promising businesses. It provides a measure of the firmâs performance over time and allows potential investors to gauge the quality and success of the investments made.
Reputation in the industry
A good reputation helps build trust, which is essential for successful fundraising and investment. Additionally, a solid reputation can help to create relationships with the most promising entrepreneurs and startups, leading to more successful investments and higher returns for the firm.
Network and resources
Having access to resources such as industry contacts, financial advisors, legal counsel, and other specialized professionals can help a venture capital firm make informed decisions, maximize investment returns and protect its interests. Additionally, having an extensive network of investors can provide a venture capital firm with additional funding sources for new investments and support existing portfolio companies.
The team
The quality of a venture capital firmâs team and staff plays a significant role in the decision-making process. They must be knowledgeable about the industry, have a good understanding of the market, and be able to identify and assess potential investments accurately.
Portfolio projects/companies
The quality of portfolio clients directly affects a crypto VCâs return on investment. Venture capital firms invest in companies expecting to generate a significant return. If the portfolio companies are unsuccessful, the venture capital firm wonât be able to generate a profit.
As a cryptocurrency trader, it can be helpful to follow these good crypto VC firms. This is because a crypto VC firms offer capital and operational assistance to blockchain startups that are behind innovative, disruptive ideas. The firms spend countless hours of research into finding viable crypto projects with the most potential. Also, the portfolios of crypto VC firms is publicly available, which offer a great opportunity for retail investors to spot the best upcoming crypto projects in the market. Therefore, by following a good crypto VC firm, crypto traders can gain enhanced market insights and stay informed about new opportunities and trends.
Active Crypto VCs to look out for
Based on the factors mentioned above, here are some active crypto VC firms to look out for in 2023.
Sequoia Capital
Number of investments: 1,805
Total assets under management: $85 billion
Sequoia Capital is a highly regarded venture capital firm with a reputation for investing in some of the worldâs most successful technology companies, such as OpenAI, Apple, Google, and LinkedIn. Its ability to identify and support early-stage startups has earned it widespread admiration from entrepreneurs, investors, and the broader tech community. Notably, Sequoia Capital recently invested US$120 million in LayerZero Labs, a company developing a trustless omnichain interoperability protocol to connect multiple chains.
Coinbase Ventures was founded in 2018 by the Coinbase cryptocurrency exchange. However, Coinbase Ventures is not directly backed by the exchange and is a separate entity. It specializes in early-stage VC deals and operates almost exclusively in the blockchain and cryptocurrency space. Some of the firmâs recent investments include Dolomite.io, Cloudburst Technologies, and zkLink, where it raised US$10 million.
The firm mostly focuses on investing in Decentralized and Centralized finance (DeFi, CeFi), followed by crypto protocols and Web3 infrastructure.
Total assets under management: $4.1 billion in blockchain or blockchain-related assets
Pantera Capital was founded on 12th February 2003 by Dan Morehead, a former CFO and head of Macro Trading at Tiger Management. Before 2014, Panteraâs focus was on global macro hedge fund investments. Since then, the firm has shifted its investment advisory services to concentrate solely on Bitcoin, other digital currencies, and related companies. Recent investments by Pantera Capital include OmniNetwork and Teahouse Finance. In particular, the recent investments into Prisim Labs and M’ZERO Labs were US$26 and US$22.5 million respectively.
Binance Labs
Number of investments: 90
Total assets under management: $7.5 billion
Binance Labs is a blockchain incubator and venture fund created by Binance, one of the worldâs leading cryptocurrency exchanges. It has a major following in the industry for its commitment to helping startups succeed in the crypto and blockchain space. Binance Labs typically provides capital to blockchain startups in exchange for a stake in the new business. In addition to providing capital, Binance Labs offers support and guidance to these startups, assisting with developing their product/service, identifying potential customers and partners, and navigating the legal and regulatory environment. Binance Labs also provides access to their network of industry contacts and resources, which can help the startup succeed. Recent investments include Playbux, GOMBLE, Gameta and Polyhedra Network.
Polychain Capital
Number of investments: 198
Total assets under management: $6 billion
Polychain Capital was founded in 2016 by Olaf Carlson-Wee, who was previously an employee of Coinbase where he was Head of Risk. Investors of Polychain include Andreessen Horowitz, Sequoia Capital, Union Square Ventures and Founders Fund. Their latest crypto/blockchain investments include Webb Protocol, Thetanuts Finance, Polyhedra Network and Scroll.io.
Scroll.io plans to release their token around the same time as their mainnet launch in Q2 2023. This could mean a Scroll token airdrop! Learn more with our Scroll token airdrop guide.
Digital Currency Group
Number of investments: 301
Total assets under management: $3.5 billion
Digital Currency Group (DCG) was founded in 2015 by Barry Silbert. DCG has made over 301 investments and has had 36 exits. Some of its most notable exits include Coinbase, Voyager, and Silvergate Bank. DCG has also made 26 diversity investments. The company has six main subsidiaries: Grayscale Investments, Genesis, Foundry US, CoinDesk, Luno and TradeBlock. Grayscale Investments operates a number of publicly-traded trusts that hold cryptocurrency assets like Bitcoin and Ethereum. Genesis is an over-the-counter cryptocurrency exchange that also offers lending services. DCG is a bit quiet on the investment side in 2023, but have made 2 investments into Axoni and Coinflow Labs.
Paradigm
Number of investments: 92
Total assets under management: $1.51 billion
Paradigm was founded in June 2018 and has invested in some of the most successful projects in the space, including Ethereum, MakerDAO, Filecoin, 0x and DFINITY. Paradigm has made 92 investments and has had 5 exits. Some of its most notable exits include Coinbase, Compound, and Tagomi. The Company has only made 2 investments so far in 2023, namely Ulvetanna and Conduit.
Andreesen Horowitz (a16z)
Number of investments: 40
Total assets under management: $4.5 billion
a16z, also known as Andreessen Horowitz, was founded in 2009 by Marc Andreessen and Ben Horowitz. The Company, headquartered in Menlo Park, California, supports bold entrepreneurs who are building the future through technology. They are stage agnostic and invest in seed to late-stage technology companies across various sectors including bio and healthcare, consumer, crypto, enterprise, fintech, games, and companies building toward American dynamism. a16z are the most active VC firms in our list, having made 9 investments in 2023 alone. Their most recent being a US$120 million investment into LayerZero Labs.
Ozaru Ventures
Number of investments: 29
Ozaru Ventures was founded in 2021 and is currently based in Hong Kong. What sets Ozaru Ventures apart from other traditional VC firms is that it has an in-house creative content and PR marketing firm. This gives the Company a leading advantage in boosting the success of its investments in preparation for and after its public launch. Ozaru Ventures boasts an influencer network of over 1000 members and over 100 million followers across various social media platforms. This has allowed the Company to 5x the engagement and 300x the token launch of its portfolio companies. Notable investments in 2023 include an exclusive partnership with Hacken to tap into and promote its presence across Asia, which accounts for over 43% of global cryptocurrency activity.
FBG Capital
Number of investments: 72
Total assets under management: $312 million
FBG Capital was founded in 2015 and currently based in Singapore. They are one of the largest and earliest blockchain investment firms and their portfolio companies include Ampleforth, Dapp.com, FTX Exchange, Neutral Dollar, ThunderCore, and Wintermute Trading. FBG Capital have also been quite conservative in 2023, they have only 1 invested project, namely a US$3m investment in FilSwan.
Union Square Ventures
Number of investments: 414
Total assets under management: $1.5 billion
Union Square Ventures (USV) entered the blockchain and cryptocurrency space in 2011. As of last year, companies in the blockchain/cryptocurrency space made up 15% of its portfolio, and the fund invested in blockchain-related companies for a quarter of its most recent investments. Some of their notable investments in the cryptocurrency space include Coinbase. In 2023, USV made 7 investments, a high number compared to a lot of funds on this list. Of these, notable investments include a $14m and $55m investment into m3ter and Zeitview respectively.
Draper Associates
Number of investments: 355
Total assets under management: $5 billion
Draper Associates is a seed-stage venture capital firm founded in 1985 by Tim Draper, who also founded the Silicon Valley venture capital firm known as Draper Fisher Jurvetson (DFJ). Draper Associates encourages entrepreneurs to drive their businesses to greatness and transform industries with new technologies. The firm has invested in many successful companies, including Tesla, Skype, Baidu, Twitch, and Robinhood. The Company has so far made 9 investments in 2023 in various industries, only 1 of which relates to cryptocurrency i.e. a $4m investment into Amboss.
Conclusion
Crypto venture capitalists are experts in investing in early-stage startups that focus on cryptocurrency, blockchain technology, and digital assets. They provide funding through various means such as equity investments and token sales and offer valuable guidance and advice to the startups they invest in.
While the VC firms mentioned in this article have established themselves as leaders in their field, there are many others that are still emerging. The cryptocurrency and blockchain space is constantly evolving with new companies entering the market. However, receiving VC funding does not guarantee success for a startup. It is ultimately up to the startup to demonstrate that their product or service is a worthwhile investment for VC firms.
Ledger released a new hardware wallet â the Ledger Nano X. This new device protects your cryptocurrencies with military-grade protection and prevents digital theft and hackers. These are the key new features of the Ledger Nano X:
Large HD screen â Displays address of receiver in full without scrolling
More storage space â Install up to 100 different apps for different coins.
Rechargable Battery – allows the device to be powered-on without a cable.
Ledger Recover – A new (albeit controversial) seed phrase recovery subscription service. Learn more here.
Click below to buy!
This guide will help you setup your Ledger Nano X and teach you the important features. In addition, we the most important question: Is Bluetooth Safe?
Cryptocurrency can be spent on the go with Ledger Nano X
One of the biggest features of the Ledger Nano X is the support for mobile phones (both Android and iPhone). The new Ledger Live app allows for both sending and receiving of all supported cryptocurrencies on the go.
The app connects directly to the Nano X via Bluetooth, so no cable is required. The device has a battery that allows it to be actively powered on for more than 8 hours (depending on use), so the Nano X can be brought out to send cryptocurrency on the go.
Portfolio mode allowsLedger Liveto display all available balances that is stored on the Ledger Nano X. This is accessible even if the hardware wallet is not present, so you can conveniently browse the portfolio. To send cryptocurrencies, the device must be present to sign the transaction via Bluetooth. It is important to remember that the private key to sign transactions never leaves the device or is transmitted via Bluetooth – only the signed transaction which cannot be altered (secure).
Ledger Mobile app showing the Ethereum address with verification from Ledger Nano X
Ledger Live Mobile also supports the installation of various apps for different cryptocurrencies via Ledger Manager, just like the desktop version. The mobile app boasts the same functionality as the desktop version with the notable exception that it does not yet allow firmware updates.
How to Add or Remove Apps on the Ledger Nano X
To use different cryptocurrencies on the Ledger Nano X, the app for that coin needs to be installed on the Ledger first. This is done via the Ledger Live app on either Windows, MacOS, Linux, Android or iOS. First install Ledger Live, connect the Nano X and enter the “Manager” interface. The app will require you to unlock the Ledger by entering your pin and entering the home screen. You will need to authorize Ledger Live by confirming “Allow Ledger Manager”. Once you are connected, you will see a list of different apps that are ready to be installed (if your list is shorter than in the following image, update the firmware of the Ledger Nano X).
Use Ledger Live to install new apps on the Nano X
Is Bluetooth Safe?
The simple answer is: Yes. One of the initial concerns (reddit) about the Ledger Nano X is communication via Bluetooth, a form of radio communication. The previous model (Ledger Nano S) only had cable connectivity, which would not expose the device to nearby attackers. Bluetooth is safe to use in this case because the device is never controlled via Bluetooth – instead it is only used to send unsigned and signed transactions. This means the private key (the key to all the funds) is not exposed and does not leave the device.
The Nano X operates with the assumption that the Bluetooth connection (which is a bearer, exactly like USB) is compromised. The addition of BLE doesn’t impact the security model. Transactions must always be physically verified on device by pressing both buttons. Moreover, on the Nano X screens and buttons are directly connected to the Secure Element (single chip architecture), which is also an enhancement of the general security design. (Valium)
On top of this, the Ledger Nano X functions assuming the Bluetooth is in “compromised” mode. This means it will never give any control to other external devices and communication is limited to transaction signing only.
Control Panel on Ledger Nano X allow Bluetooth to be turned On / Off
Keep your Recovery Phrase Safe!
There will be a sheet where you can write down your 24-word recovery phrase. This is the most important part because it acts as a backup to the device. You will need to keep it very safe because if someone gets access to that paper it is essentially the same as stealing your wallet.
Do not take a photo or have a digital copy of that list!
Write down your 24-word recovery phrase. The order of the words is also important.
After setting up the device, with it still plugged in, visit the Ledger Live website and download the app you want to use.
Follow the instructions on the site and use.
Note: after setting it up you will be navigating the device on your computer.
You can receive cryptocurrency even when the device is offline. Itâs only when you want to send that you need to connect the device and enter your PIN and login.
After inputting all the transaction details on your computer, as an additional security measure, you can double check the details on the device. Make sure the address and amount are correct and confirm.
Why use a Hardware Wallet?
With traditional currencies, you, the user, are the most important person. If you have ever lost your bank card, you can always go to the bank with some sort of identification and request for access back to your account.
Cryptocurrencies, however, donât care about the physical person but rather the private key associated with the wallet. The private key is used to verify the account and transactions. Anyone who has access to this key can send funds and that is why you must keep it safe. Another thing is that cryptocurrency transactions cannot be reversed.
Hardware wallets can protect you against these things. They add an extra layer of security by storing the private key on the device itself. The only way to hack it would be to have physical access to the hardware wallet or with the backup phrase.
Paper wallets offer arguably even more security. However, the process for setting them up and using it is very complicated. Hardware wallets strike a nice balance between security and convenience.
Is the Ledger Nano X Worth the Upgrade?
At a higher price point, many users are asking the question “Is the Ledger Nano X worth the Upgrade“. For us, the answer is depends.
If you use more than 3 apps, then consider upgrading. Coming with a much larger memory space, Nano X is able to store a lot more applications than the soon-to-be-retired Ledger Nano S. However, its updated model, the Nano S Plus, at a price of USD 79, is capable of storing up to 100 apps, making it much more competitive with the pricier Nano X. As of writing, the Ledger Nano S is only able to store 2-3 applications with Firmware 1.5.5 (such as Bitcoin and Ethereum app). Whilst you can get around this limitation by uninstalling unused apps, the constant switching often leads to confusion and time wasting.
If you need to send large amounts of Cryptocurrencies on the go. With Bluetooth support, the new Ledger can be used with Android phones and iPhones.
If more apps and mobility are not a big concern for you, stick with the Ledger Nano S or Nano S Plus.
Successfully set up your Ledger Nano X? Now it’s time to get started with trading Bitcoin and other cryptocurrencies! Check out my course created in collaboration with Jeff Kirdeikis of Uptrennd- Bitcademy: Learn, Invest & Trade Bitcoin â In Under an Hour
Ledger Nano X is the next generation of Hardware wallet with smartphone support, a larger screen and more storage space for Apps. Retailing for $119, the Ledger Nano X is great for newcomers or experienced traders trading more than 3 types of cryptocurrencies at at time or large volumes on the go. If more apps and mobility isn’t a big concern, stick with the Ledger Nano S.
In this review, we’ll be looking at the security, hardware design and cryptocurrency support of the Ledger Nano X to tell you if this device is worth purchasing or not. For Set-up and installation guides, check out our full Ledger Nano X guide.
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Key Features of the Ledger Nano X:
Ledger Nano X Video Review
Larger screen â Displays full cryptocurrency addresses without scrolling
More storage space â Install up to 100 different apps for different coins.
Rechargeable Battery â allows the device to be powered-on without a cable.
Ledger Recover â A new (albeit controversial) seed phrase recovery subscription service. Learn more here.
Latest features: stake, swap, earn and lend cryptocurrencies
Staking and earning
Ledger Live allows for staking Tezos ($XTZ), Tron ($TRX), Cosmos ($ATOM) and Algorand ($ALGO). Users can lock up these cryptocurrencies to secure their respective networks and in return they will be paid interest for doing so. This feature expands Ledger into more than just a secure place to store your cryptocurrency, it can even help you grow your digital assets.
Staking your digital assets can be done in 3 simple steps. First, freeze your assets by logging onto your Ledger Live, choosing the relevant account for the asset you wish to stake and click “earn rewards”. A popup window will then appear. There you will be allowed to select the amount in your wallet you wish to freeze. Secondly, vote for your validator(s) who will be making the blocks on your network and the cryptocurrency earned by making these blocks will be redistributed to voters. Lastly, claim your rewards by clicking “Claim” in your relevant account. Rewards are claimable every 24 hours.
Swapping
Ledger has released a Ledger Swap feature which allows users to exchange their cryptocurrencies through their partner Changelly. How this works is you send your cryptocurrency from your device to Changelly, and Changelly sends you back the swapped cryptocurrencies.
To use this feature you will need: Ledger device, Ledger Live, the app for the crypto you want to swap and receive, and finally the exchange app.
Lending
Ledger is working with Compound ($COMP) to allow users to lend DAI, USDT and USDC through Compound’s decentralised finance (DeFi) protocol. The purpose of doing is is that the lender could earn an Annual Percentage Rate.
Further, there are numerous benefits when using Ledger to lend:
Control: You have control and proof that the crypto you lend and generated interest belong to you. This is because lending on Ledger is done through Compound, and when you lend on the platform you get “cTokens” in return. These cTokens represent proof of your ownership of the cryptocurrencies lent and the interest generated. These cTokens are stored by you until you want your lent assets and interest back, and in which case all you need to do is to send the cTokens back to the smart contract.
Security: cTokens are stored on your ledger hardware wallets.
Convenience: Compound’s lending features are available directly through Ledger Live.
Lending crypto using Compound and Ledger Live is done in 3 simple steps. Firstly, on Ledger Live’s Manager, install the application for the cryptocurrency you want to lend and create an account. Secondly, enable your account to authorise Compound’s smart contract to interact with your account. Finally, select the amount of cryptocurrencies you want to lend and issue a transaction to Compound, verify and approve the transaction on your device.
Security features
One of the key reasons to buy Ledger hardware wallets is the firm’s reputation for security. The Nano X contains a two processor chips:
Secure Element: ST33J2M0 (secure) is independently certified and stores the private key and signs transactions
Operating system: STM32WB55 chip is responsible for Ledger’s BOLOS proprietary Operating System.
Secure elements are separate pieces of hardware (second layer of security) with their own storage and limited functionality that cannot be breached by hackers. This means that even if the Ledger Nano X is connected to a compromise device – like a hacked laptop or phone, the private keys (=access to crypto funds) is never compromised. Devices like the Trezor One and Model Tdo not have secure elements and only have a single layer of security.
Ledger Nano X Teardown showing CC EAL 5+ Secure Element Chip
The Ledger Nano X also has the same BOLOS operating system that is found on the Nano S. BOLOS ensures that addresses are displayed properly on the device and handles connections to external devices.
Similar to the Nano S, users can set up wallets protected by a passphrase in addition to your primary PIN code. So say a thief demands you to unlock your device, you can give them the PIN code to access wallets with fewer funds. Whilst hiding the bulk of your crypto assets behind passphrase protected wallets.
The Nano X has the addition of Bluetooth support. Unfortunately Bluetooth’s security record is not spotless, and presents a new vector of attack for the device. Ledger CTO Nicolas Bacca has stated during an interview that Bluetooth on Ledger functions assuming the connection has been compromised – at no point will it be able to take over the device.
Bluetooth can be turned off on the Ledger Nano X
In October 2019, the Nano X received CSPN (First Level Security Certificate) certification issued by the ANSSI (National Agency for Information Systems Security). Currently, of all the cryptocurrency hardware wallets on the market, only Ledger’s Nano S and Nano X have this certification. The certification scheme evaluates multiple aspects of a device’s security including firewall, identification, authentication and embedded software by putting it through multiple attack scenarios.
Ledger hack
In July 2020, Ledger confirmed they suffered a data breach whereby an unauthorised third party accessed Ledger’s e-commerce and marketing database. As a result, around 1mil email addresses were exposed, and of those, 9,500 customers’ had further information exposed such as their first and last names, postal address, phone number and ordered products.
Ledger had reported the matter to authorities and are working with Orange Cyberdefense to investigate the matter. The team are also constantly monitoring for evidence of the data being sold on the internet.
Subsequent to the data breach, users have been reporting receiving phishing emails and texts by asking them to download a new version of the Ledger software. If users click on the link in the email, they will be redirected to a fake cloned version of the Ledger site. Afterwards, if users download the “update”, which is in fact a malware, it would ask users for their Ledger’s recovery phrase. The entered recovery phrase is then used by the attacker to recover the user’s wallet and send the user’s cryptocurrencies to the attacker’s wallet. For a full explainer on how the phishing attack works see the report from Kraken.
Phishing email sent from info@ledgersupport.io address
We do note that this can be more accurately characterised as a “data breach” rather than a hack. More importantly, this breach had no link or impact on the Ledger hardware wallets or the Ledger Live app. Cryptocurrencies stored on the Ledger devices have never been at risk.
Ledger has one of the most diverse support for different cryptocurrencies such as NEO, Vechain and Monero. With their open policy to development from project teams, the Ledger nano X supports 1100+ different assets. Many of these assets like Vechain or NEO are not found on competitors like the Trezor Model T or KeepKey, making Ledger the only hardware wallet available for many coins. The rule of thumb here is that the Nano X will support the same assets as the Ledger Nano S.
Installing Ledger Live
Ledger Live application interface
Ledger has a native application called Ledger Live to allow you to access cryptocurrency accounts (including Bitcoin, Litecoin Ethereum and other cryptocurrencies). Ledger Live is available on multiple platforms including Windows, MacOS, Linux, Android and iOS. We found the Ledger Live app easy to use as it clearly displays cryptocurrency assets with historical charts. Sending cryptocurrencies is extremely easy with step-by-step operation which clearly displays the sender and receiver addresses. There are also advanced features to manually customise the transaction fee in sat/byte.
How many coins can Ledger Nano X Hold?
One of the weakness of the Nano S is the lack of space for installed applications. The Ledger Nano X fixes this problem by increasing the internal memory to 2 MB. In our tests we were able to install all 73 available apps on the device (Ledger claims up to 100+). It should be noted that app storage is a convenience feature – apps will still retain their accounts / cryptocurrency balances even if uninstalled.
Does Ledger Nano X support Ethereum and ERC-20?
In September 2019 Ledger added a native Ethereum Wallet to its latest Ledger Live v.1.14.0 which adds support for 22 coins and over 1,250 ERC-20 tokens. This allows for direct access to tokens and ethereum whilst on the go without the need for a 3rd-party interface like MyEtherWallet. This is a welcomed upgrade to Nano X users who previously had to use different interfaces depending on the cryptocurrency you wanted to interact with. It will also certainly be welcome to newcomers to cryptocurrency, who may be confused by the different interfaces.
One of our complaints is that Ledger Nano X has to enter each app separately account – something that is not necessary on the Trezor Model T.
Is Ledger ready for Ethereum 2.0?
Ethereum 2.0 is coming soon with the first Phase 0 Beacon Chain to be launched in December 2020. Leading up to this, Ethereum stakers need to deposit at least 32 Ether onto the Beacon Chain using a deposit contract. Therefore Ledger has updated the Nano X’s new firmware version 1.2.4-5, in which the Ethereum application update to version 1.6.0 allows users to sign a deposit contract transaction directly on the Ledger Nano X. This feature is EXCLUSIVE to the Ledger Nano X.
In the future, users would be able to use their Ledger Nano X to derive an Ethereum 2.0 public key and validate that the withdrawal public key used in the deposit contract does actually belong to the Ledger device. The Ledger team are also working on a second Ethereum application which would allow stakers to securely sign blocks on the Beacon Chain.
5/5 Multi Currency Support
Hardware Design
Input is made with the two circular buttons
The new Ledger Nano X has two hardware buttons – hidden in the circular design of the cover pivot. These two buttons allows us to access menus (hold both buttons), make selections (press both buttons), and even input recovery phrases (use buttons to scroll). We found that entering PINs and recovery phrases to be tedious with only 2 buttons – perhaps a touchscreen or additional buttons could of helped.
Nano X has a larger screen with higher resolution. This means that full cryptocurrency addresses could be displaced without scrolling – something that was sorely lacking in the Nano S.
The Nano X uses a modern USB-C interface for charging and connecting to the PC. This is a welcomed upgrade as the computing world migrates to USB-C.
The Nano X also now comes in 3 colours: Onyx Black, Blazing Orange and Cosmic Purple.
Ledger Nano X can be used with mobile devices, and transactions can be sent on the go using the Ledger Live app on mobile. We found this feature to be very situational. Whilst it is helpful to be sending crypto on the go with the security the Nano X provides, the convenience is lacking when compared to mobile wallets like the Enjin Wallet. A separation confirmation set is needed: unlock device via PIN, enter the cryptocurrency app, check and confirm the transaction. This feels tedious and not suitable for simple coffee purchases or small transactions. What does make sense is perhaps large purchases (a car or house?) or token sale investments. However, the question remains, how frequently do we need to send large amounts of crypto on the go?
How do you Update the Ledger Nano X
Ledger periodically releases updates for the Ledger Nano X to improve security, functionality and coin support. In fact, firmware updates are required in order to get support for the latest cryptocurrencies. In order to update the firmware, plug the Nano X into your computer and run the Ledger Live app. The app will automatically display your version number and show any available firmware updates. To initiate the update, click the update button and confirm the installation in the Nano X by pressing down both buttons when prompted to “allow ledger manager” to access the device.
Ledger Nano X worth the upgrade?
At $119, the Ledger Nano X is not a budget device – it commands a certain price premium making the upgrade decision harder for many users. For many, the deal breaker convenience features – the large screen that displays full cryptocurrency addresses and larger storage for more apps. If these features are important for you, then the Nano X is worth the upgrade. However, if you only need a few apps, the budget friendly Ledger Nano S is a better option at $59.
Ledger Nano X compared with Trezor Model T
Ledger compared to other Hardware Wallets
The biggest difference between the Ledger Nano X and the Trezor Model T is the screen and supported coins. The Trezor Model T has nice touch screen which helps with entering PIN and the security phrases. However, the Trezor has fewer supported coins and usually projects tend to release Ledger support first. The following table is a comparison between various hardware wallets, including the release date, external security certification (if any), release date and our review rating.
At the end of the day, choosing between the Ledger Nano X and other hardware wallets is mostly based on 1 question – are the cryptocurrencies you want supported on the device. Support for a large number of coins has always been Ledger’s strong suit, along for browser support in Decentralized exchanges (Binance DEX, IDEX and Switcheo)
Can you keep your coins when upgrading from the Ledger Nano S to Ledger Nano X? Yes. When doing the upgrade, choose to “restore” option during setup and enter the 24 word recovery phrase from the Ledger Nano S backup
Can the Bluetooth Feature be turned Off in Ledger Nano X? Yes, Bluetooth can be disabled in the Control panel. This will disable Bluetooth communications and only allow the Ledger the communicate via the USB cable. You can access the panel by holding down both buttons for 3 seconds.
Can many apps can you install on the Ledger Nano X? We found that the Ledger Nano X can hold all 73 Apps currently available on the Ledger Manager. There is even more storage available for future applications.
Why does the Ledger Nano X Bitcoin Address change? Ledger includes a feature to automatically generate a new Bitcoin address each time an old one is used. This increases the privacy of transactions, as different addresses are used for new transactions. Old addresses can still be used as the Ledger contains full access (include future access) to these funds.
How do you generate a new public address for receiving funds New Public addresses are automatically generated when old ones are used (the address receives or sends a transaction).
What is the latest Ledger Firmware Currently the latest firmware is 1.6.0
Will the Coronavirus (COVID-19) pandemic affect Ledger? Ledger has issued a statement saying they have in place business continuity measures to ensure they continue to have inventory and products to ship to its customers. They are however experiencing some backlog in their customer service side but are working to ensure that customer’s concerns are answered. You can check the operational status of their systems here. Inevitably there may be issues with shipping products to customers, they are still able to ship to most countries though some customers may experience limited shipping options. Check here to see if shipping to your country may be affected.
Just got a new Ledger Nano X? or always been curious about getting started with Bitcoin and other cryptocurrencies? Check out my course created in collaboration with Jeff Kirdeikis of Uptrennd- Bitcademy: Learn, Invest & Trade Bitcoin – In Under an Hour
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.
The Nano S Plus is Ledgerâs third release from its Nano series, a line of pocket-sized hardware crypto wallets. Ledgerâs 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 doesnât 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 usersâ 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 âappâ 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 walletâs 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 productâs 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 Plusâ 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 Plusâ 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
Whatâs 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.
If you missed the Arbitrum ($ARB) airdrop, there are plenty of protocols building on Arbitrum that will conduct their own token airdrop. Shell Protocol is one of them, and they have confirmed an airdrop which will happen in Q3 2023. In this article, we will explain what Shell Protocol is and what you can do to position yourself for the airdrop.
Shell Protocol is a decentralized exchange (DEX) on Arbitrum that has two key features: Proteus and the Ocean. Proteus is an automated market maker (AMM) engine that allows builders to create custom AMMs without the need for Solidity coding. On the other hand, the Ocean is a shared multi-token ledger for composing DeFi building blocks. Through this model, users and developers can facilitate low slippage stablecoin swaps.
Shell Protocol aims to establish an online monetary system using stablecoins as its building blocks. The term “shells” refers to liquidity provider shares, symbolizing containers for the pool’s value, akin to living shells housing organisms. As of now, Shell Protocol has over $10 million in total value locked (TVL).
Does Shell Protocol have a Token?
Yes, Shell Protocol will launch its $SHELL governance token in the future. Currently, the Shell team is tracking user contributions to the protocol via “Shell Points.” Any Shell Points earned in the previous season will be converted into “Crabs”, which is a fungible, on-chain, non-transferable placeholder for the future $SHELL token allocation at a 1:1 ratio.
Shell Protocol has announced it will do an airdrop and the $SHELL tokenomics. At the Token Generation Event (TGE), 200 million $SHELL tokens will be created. 80m will go to investors, the core team, and the development company; 40m will be allocated for an initial airdrop; 50m for post-TGE incentives; and 30m for their DAO treasury. The TGE is expected to be in Q3 2023.
How to Receive $SHELL Airdrops?
To qualify for the $SHELL airdrop, you will need to earn Shell Points by interacting with the protocol. These points also compound over time, so the earlier you get in, the more points you earn. Here’s a step-by-step guide:
If you don’t have funds in your Arbitrum One, you can bridge them over from the Ethereum Mainnet at bridge.arbitrum.io or Orbiter Finance.
Purchase Expander NFTs
In order to earn Shell Points, you will need to unlock quotas. You can unlock quotas by activating Expander NFTs in the Booty page. You can purchase them (aka Expanders) on OpenSea. The cheapest ones are around $10. The more expensive ones have higher quota limits.
There are also other types of NFTs that can boost your points for several days.
WARNING: Do not buy the NFTs that have no quota ratios on them!
Farm Shell Points
Once you’re in, go to app.shellprotocol.io/points. Scroll down and you can see all available liquidity pools on the protocol. You can earn points by providing liquidity or wrapping tokens at app.shellprotocol.io/trade. The quota is a cap on how many points you can earn.
Hold Toucan NFTs (Optional)
Government Toucans are a collection of Arbitrum NFTs launched by Shell Protocol. Holding one can give you additional quota to earn Shell Points. If you don’t have one, you can buy one at opensea.io/collection/government-toucans.
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of Airdrop: Shell Protocol has confirmed airdropping $SHELL tokens to protocol users in Q3 2023.
Airdropped Token Allocation: 40m $SHELL (out of 200m) will be allocated toward an initial airdrop. So expect even more airdrops to come!
Airdrop Difficulty: The tasks are fairly easy to complete, but you will need some real ETH or stablecoins to interact with the protocol.
