Author: NBTC

MakerDAO’s rebranding to Sky has diehard decentralized finance fans worried, but expert claims the move was necessary for the platform. On Aug. 27, MakerDAO founder Rune Christensen announced that the DeFi platform will rebrand as Sky. The protocol’s Dai (DAI) stablecoin will be upgraded to Sky Dollar (USDS) and its governance token, Maker (MKR), will transition to SKY. One thing made DeFi fans worried; the freeze function that comes with the USDS stablecoin. “It’s less about centralization and more about being compliant,” Sean Lee, co-founder and chief strategy officer at IDA, told crypto.news. Lee, whose company is also launching a…

A savvy crypto trader has recently demonstrated remarkable success through a series of well-timed trades in the meme coin market. Following the change of the Ton Blockchain logo to the REDO logo on X, the price of the meme coin REDO experienced a notable surge, increasing by approximately 200%. Seizing this opportunity, the trader sold 881,000 REDO tokens, generating a profit of 107,275 TON, equivalent to 12 times their initial investment. After the logo of @ton_blockchain changed to @redotoken, the price of #MEMEcoin $REDO surged ~200%! A trader sold all 881K $REDO for a profit of 107,275 $SOL($606K), a 12x…

Blockchain technology has been around for over a decade now, but it has arguably failed to find many mainstream use cases beyond speculative investment and simple peer-to-peer transactions. Ether.fi, best known for its liquid restaking service, wants to change all that with a new blockchain-based credit card, Ether.fi Cash. It announced on Monday a plan to work with Scroll, a layer 2 network on Ethereum, to bring the credit card to market. Ether.fi Cash would enable users to spend fiat while using their crypto assets as collateral, allowing people to hold onto crypto and earn yield while making everyday purchases.…

XRP, which marked a significant milestone for the cryptocurrency market with its victory against the SEC, is becoming a documentary. Los Angeles-based film and gaming studio Fruition Production has announced that they are filming a documentary for XRP and are planning to release it in November. A new trailer is expected to be released around a week or two before the official launch. Stating that the project was implemented after serious research, the company pointed out that the documentary will cover the journey of XRP from its launch to the present. According to Fruition Production, the documentary will not feature…

The stock and crypto markets experienced significant volatility in the first week of August, triggered by a “correlation-1” event, resulting in a major sell-off. Bitcoin (BTC) witnessed its steepest price drop of the cycle, sparking a cautious sentiment among short-term holders. On August 5th, global markets dipped sharply amid the unwinding of the yen carry trade and fears of a recession, which boosted US treasuries. As a result, Bitcoin’s price plummeted by 32% from its all-time high – a record in the current cycle. The Mayer Multiple, which compares the current Bitcoin price to the 200-day moving average (200DMA), illustrates…

Ether.fi is rolling out a credit card using Scroll’s zero-knowledge technology for settlement. The restaking firm will also move into lending and borrowing markets. TVL has increased on Ether.fi over the past month despite outflows across the sector. EMBARGO 10am ET MONDAY 9TH SEPT Ether.fi said it selected the Scroll blockchain as a settlement layer, allowing the restaking protocol to start operating its planned credit card and introduce a market for lending and borrowing. Scroll is a layer-2 blockchain that uses zero-knowledge (ZK) technology. Its mainnet started operating in October and has secured $676 million in total value locked (TVL),…

Phoenix, the crypto analytics site, has released a list of the top-performing NFT projects according to their social media engagement in the last 24 hours. FET and FLOKI top the list with 8.2k and 7k engaged posts, respectively. TOP #NFT PROJECTS BY SOCIAL ACTIVITY$FET $FLOKI $ICP $APE $RENDER $RARE $NAKA $VRA $XTZ $AXS pic.twitter.com/DVom41FN5v — PHOENIX – Crypto News & Analytics (@pnxgrp) September 9, 2024 Top NFT Projects By Social Activity: A Breakdown by Phoenix FET Fetch.ai is developing a platform to enable the development of an AI-empowered decentralized digital economy. FET is leading the AI market and influencing the…

The crypto market witnessed another volatile event as DOGS, a new meme coin born on Telegram, experienced a dramatic drop. Within hours of its listing on prominent exchanges such as Binance, OKX, Bybit, and others, the coin plunged 25%. The sentiment amongst the DOGS airdrop winners has been mixed. Some are celebrating the airdrop, while others are unhappy with the listing price. DOGS Make it to Top 100 Crypto List Generally, during a token generation event (TGE), there is a sell-off, as airdrop winners cash out. Hence, the price of DOGS declined sharply. Despite this steep decline, DOGS maintains a…

U.S. consumers accumulate debt at a slower rate amid rising credit card delinquencies. Slower borrowing means the fiat-to-crypto onramp will remain constrained, 10x Research said. Although the unwinding of the yen carry trade has likely paused since Monday, stabilizing risk assets, including bitcoin (BTC). Still, other risks remain, such as the slower U.S. consumer borrowing, according to 10x Research’s founder Markus Thielen. Total credit outstanding increased by $8.9 billion in June following an upwardly revised $13.9 billion in May, missing the consensus estimate of a $10 billion increase, data released by the Federal Reserve Wednesday showed. Revolving debt, representing credit…

Tonstakers, the biggest TON blockchain-based liquid staking protocol, has announced its participation in a DeFi incentive project of Toncoin. According to Tonstakers, TON Foundation-driven project targets to pave the way for the wider adoption of the trading pairs of USDt-TON along with improving the liquidity across the expanding TON DeFi network. This huge endeavor partners with well-known DeFi platforms like DeDust and STON.fi. Tronstakers’ New Liquidity Incentives Project Fortifies Liquidity and Offers Lucrative Benefits The chief objective of the program is to fortify $TON liquidity as well as its derivatives. In addition to this, it also focuses on the provision…