Grayscale Launches Solana Trust Following Investors ‘Appetite’

Grayscale Investments, the largest cryptocurrency fund in the world, announced a Solana trust, adding the growing cryptocurrency to its list of product offerings. They have shown great interest in Solana’s performance and see a near and long-term potential in it because of its capability for experimentation. In a public release, Grayscale Investments said they will be “enabling investors to gain exposure to SOL in the form of a security while avoiding the challenges of buying, storing, and safekeeping SOL directly.” This will require a $25,000 minimum investment, charging Grayscale’s standard 2.5% management fee. Grayscale CEO Michael Sonnenshein commented to Forbes: In many investors’ minds, there’s a continued appetite to invest in Solana, In some sense, it is a more cost-effective blockchain [than Ethereum], and today we are seeing over 500 decentralized apps and about 1.2 million monthly active users on the network. When you kind of take a step back, and you see how quickly it has been able to ramp up, it’s certainly pretty impressive. Regarding the investor’s appetite for Solana, FTX founder Sam Bankman-Fried is a strong supporter of the digital asset, giving a constant public endorsement that has become a key point of its current visibility. Bankman-Fried has shared his view on Solana being better than Ethereum given its lower fees and possibilities of use and recently claimed it has the potential of becoming the next Bitcoin by mass adoption level. Related Reading | Solana Could Become The Next Bitcoin, According To FTX’s Sam Bankman-Fried With this addition, Solana becomes the 16th offering in Grayscale’s product line. They also provide exposure to Bitcoin (BTC), Basic Attention Token (BAT), Bitcoin Cash (BCH), Chainlink (LINK), Decentraland (MANA), Ethereum (ETH), Ethereum Classic (ETC), Filecoin (FIL), Litecoin (LTC), Livepeer (LPT), Stellar Lumens (XLM), Zcash (ZEC), and Horizen (ZEN). Solana, the “Ethereum killer”, has had a great year overall, being in the investor’s spotlight, rallying to new all-time highs, showing massive adoption. It has aggressively dominated the terrain of funds held in cryptocurrency wallets. The cryptocurrency managed to climb to the 4th position of largest cryptocurrencies by market capitalization, with a value of over $70 billion. The inclusion of Grayscale’s portfolio promises more visibility around institutional and individual accredited investors. Related Reading | Solana Tops Cardano, Ethereum To Become The Most Staked Cryptocurrency Grayscale Sees Potential In Solana Despite the issues Solana has faced -such as the network’s 17-hour outage- and being more centralized than its close competitors, many call for its staking token SOL to hit $300 next, after having rallied close to $217,50 recently. Solana also dominates DeFi services and NFT minting, and its native token SOL became one of the best-performing assets of the year. Solana Lab’s CEO, Anatoly Yakovenko, recently commented to The Block that the chances of the network going down again don’t really matter “in terms of safety to funds in the state”, not worried about the possibility of it happening again as he claims the users have nothing to worry about if they do not care about the time the transactions could take during an outage. Sonnenshein shared that Grayscale sees near and long-term potential in Solana, not only seeing the growing interest from important investors but its fields of use for blockchain technology. What’s been interesting about Solana is that it gives users the ability to learn, experiment, and build. They generally have more budget to experiment on the protocol than some other more established blockchains like Ethereum, because of lower transaction fees.

Cardano Ambassador Addresses FUD Surrounding The Project

Cardano has been in the middle of some major FUDs these past weeks and this has not been good for the value of the digital asset. Numerous negative news circulated around the asset, the most prominent being the delisting of ADA for U.S. users from the eToro crypto exchange. Since then, the altcoin has suffered massive dips that have sent the price of the digital asset towards three-month lows. Related Reading | Cardano Founder Addresses Liquidity Concerns Over eToro Delisting Although news of the delisting is a week out, the FUD surrounding the project has not subsided. This has prompted a Cardano ambassador to take action and has led to a run-down of why the FUD around the digital asset has refused to die out. Cardano Is A Legitimate Alternative To Ethereum The Cardano ambassador took to Twitter to address all of the FUDs that have been circling the altcoin in recent weeks. For one, they explain that most of it have been because Cardano presented the only legitimate alternative to the leading smart contracts platform, Ethereum. This leans into the fact that Cardano has often been proposed as an “Ethereum killer” after smart contracts capability has debuted on the blockchain. They pointed to the network activity that showed that Cardano’s activity has consistently been on the rise in the past few weeks. While Ethereum had maintained momentum in the same time period, Cardano had spiked significantly, pointing to increased adoption. Yet, the market continued to treat the digital asset like it is a failing project. Furthermore, Cardano had recorded such heavy spikes in network activity despite still being a bit away from the first decentralized exchanges launching on the network. Right now, NFTs are the only avenue with which both blockchains compete and Cardano has already recorded more activity. Cardano network activity spikes above Ethereum | Source: Twitter The ambassador closed out the Twitter thread by saying pointing out that the network has not really been given any benefit of the doubt since it launched. Nevertheless, the project has proved the market wrong and will continue to do so. We have never been given the benefit of the doubt by the industry. We were told we could never do PoS and our consensus will never work – we proved them wrong. Now we are told our ecosystem will not have any worthwhile dapps and we will prove them wrong again. — Southrye – (₳) (@Southrye) November 28, 2021 ADA continues to suffer dips | Source: ADAUSD on TradingView.com ADA Struggles Against FUD The impact of all the FUD that has been circling the project has shone through in the price of ADA. The digital asset had dipped below $1.5 for the first time in three months and had touched the low $1.4 before recovery back up again. All progress that Cardano had made during this period had been buried underneath the FUD and panic among investors as sell-offs continued. Related Reading | Cardano Active Addresses Shoots To New Highs Amid Downtrend Despite this, the asset has not lacked support from its community. Taking to Twitter, others expressed their outlook for the future of the cryptocurrency. Choosing to focus instead on the potential of the blockchain instead of the current situation. $ADA can be more scalable than #ETH. #Cardano uses a fraction of the energy of $BTC & $ETH. Ether’s fees are high & #ADA is a strong competitor. $ADA's scarcity of 45B coins will lead to an increase in value & demand, and will also provide banking services to the Worlds unbanked — Andrew | Investing, Stocks & Crypto (@FluentInFinance) November 28, 2021 Cardano founder Charles Hoskinson also took time out to approve of the message being passed. The founder tweeted that others were terrified of Cardano due to being a self-sustaining project that doesn’t need outside help to grow. And they are terrified because there doesn't need to be some magical Cardano 2 to survive. It's a future proof design and we are systematically building towards it together with the strongest and most engaged community brick by brick https://t.co/JDOKhAwrZA — Charles Hoskinson (@IOHK_Charles) November 28, 2021 Featured image from Bitcoin News, chart from TradingView.com

Bitcoin “Speculative Chart” Suggests Cryptocurrency To Soon Blast off

As institutions, corporations, countries, and more buy into Bitcoin, the cryptocurrency is beginning to transition from a speculative asset to a macro financial asset much like gold, oil, and others. But before that happens, the top cryptocurrency by market cap is mimicking Jesse Livermore’s “speculative chart” with incredible accuracy and precision. If this rare chart pattern referred to as a Livermore Accumulation Cylinder continues to play out, the Bitcoin bull cycle is about to come to a dramatic climax. We’re also taking a deep dive into the legendary life and untimely death of Jesse Livermore himself. Speculative Chart: Bitcoin Price Pattern Matches Livermore Accumulation Cylinder Bitcoin price action has been up and down – literally and figuratively. After setting a new all-time high, rather than blasting off to $100,000 or more where the bull market is projected to end, the cryptocurrency fell back to retest lows around $53,000. The gyrating price action has put the king of cryptocurrencies into a wedge-like pattern with a broadening mouth. It also closely mimics that of a Livermore Accumulation Cylinder. The 2021 BTC bull cycle  | Source: BTCUSD on TradingView.com The chart above layers BTC price action since the April high was put in through today. If the pattern is valid, an enormous amount of speculative volume could suddenly appear, pushing Bitcoin and other cryptocurrencies to more dramatic highs, and likely the climax of the current market cycle. Related Reading | Finding Fibonacci: Is Bitcoin Beginning A “Golden” Recovery? Before you write off “Livermore’s Speculative Chart,” juxtaposing the 2017 bull run over the same cylindrical price action below follows the rest of the pattern – even going full parabolic the moment the eight phase of the chart takes place. At nine, the rally is nearly out of steam, and at ten, things begin to teeter bearish. The 2017 BTC bull cycle  | Source: BTCUSD on TradingView.com Who Was Jesse Livermore: Reminiscing Over A Legendary Stock Operator But who was Jesse Lauriston Livermore and why should be believe his chart pattern might still work today – some 80 years after his death? According to Wikipedia, Livermore is a “pioneer of day trading.” “In a time when accurate financial statements were rarely published, getting current stock quotes required a large operation, and market manipulation was rampant, Livermore used what is now known as technical analysis as the basis for his trades. His principles, including the effects of emotion on trading, continue to be studied.” Livermore’s short position ahead of the Wall Street collapse of 1929 was legendary, earning him the title the “greatest trader to ever live.”  His legend doesn’t end as a happy one, however. Nor does it begin that way. He grew up in Massachusetts, forced out of school by his own father. With his mother’s support, he ran away.  At age 14, he worked as a board boy posting quotes at a Boston-based brokerage. By age 20, he had made 1,000% ROI and was banned from nearly every Boston-area bucket shop due to his significant and regular winnings. Livermore was forced to wear disguises and take on fake names to continue to trade. Livermore later was the basis for the main character of the best-selling book by Edwin Lefèvre, Reminiscences of a Stock Operator. Related Reading | Want To Learn Technical Analysis? Read The NewsBTC Trading Course During the panic of 1907, his short positions earned him more than $1 million in a single-day.  His mentor at the time, J. P. Morgan, plead with Livermore to stop short-selling – to which he agreed, and instead profited from the rebound. He earned the reputation as the “Great Bear of Wall Street” and was personally blamed for the crash – even receiving death threats and needing to hired armed bodyguards. Back then, this sort of wealth was rare. Livermore owned a $200,000 yacht, for example. But following this 1929 stock market crash, Livermore’s mental health deteriorated.  His wife had shot his son, but not fatally; he had an ongoing lawsuit from a Russian mistress; and several bankruptcies. In 1934 the United States SEC imposed new rules that supposedly impacted Livermore’s trading and he lost his entire fortune. He died on November 28, 1940 from a self-inflicted fatal gunshot wound leaving a handwritten note to his wife apologizing. His son, Jesse Jr. also died by tragic suicide, as did his grandson. All roads lead to this. #Bitcoin pic.twitter.com/DAMANCCtHi — Tony "The Bull" Spilotro (@tonyspilotroBTC) November 30, 2021 Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

MicroStrategy Follows El Salvador’s Lead As It Buys Bitcoin Dip

For those who can afford it, the recent dips in Bitcoin price have been nothing more than an opportunity to buy the digital asset at a discounted price. This has certainly been the case for El Salvador and now MicroStrategy, as both these entities have moved swiftly to take advantage of the price dip to increase their holdings. El Salvador had quickly snapped up another 100 BTC when the price had fallen to $54,000, with the president once again saying that the country got the coins at a discount. MicroStrategy, the publicly traded firm that holds the largest amount of bitcoin on its balance sheet, followed in the footsteps of El Salvador. This time buying up $414 million worth of BTC. Related Reading | Report Shows Institutional Investors Are Abandoning Bitcoin For Altcoins MicroStrategy Deepens Bitcoin Bet MicroStrategy has renewed its promise to keep adding bitcoin to its balance sheet with its latest purchase. The firm which is headed by Bitcoin maximalist Michael Saylor announced that it had bought even more bitcoins to add to its already impressive holdings. MicroStrategy’s latest purchase consisted of a $414 million buy, which amounted to 7,002 BTC added to its balance. This recent purchase brought the total of MicroStrategy’s bitcoin holdings to a whooping 121,044 coins. The firm bought the digital asset at an average of $59,187 per coin, well below its record $69K high at the beginning of November. MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per #bitcoin. As of 11/29/21 we #hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin. $MSTRhttps://t.co/OA8VWG1bZX — Michael Saylor⚡️ (@saylor) November 29, 2021 BTC recovers above $57K | Source: BTCUSD on TradingView.coms MicroStrategy has gradually filled its coffers with bitcoin and has so far spent approximately $3.57 billion in total. Despite bitcoin’s drop from its all-time high, the firm continues to remain in profit with an average price of $29,534 per bitcoin. Companies Betting Big On Bitcoin MicroStrategy is not the only company that has thrown its hat in the ring with bitcoin, although it holds the largest volume of all publicly traded companies. Electric vehicle maker Tesla had also announced that it holds bitcoin on its balance sheet. Tesla which is headed by another Bitcoin maximalist in the person of Elon Musk holds 48,000 BTC on its balance sheets, currently worth around $2.99 billion. Related Reading | El Salvador Buys Bitcoin Dip As Omicron Variant Ravages Market Galaxy Digital is headed by Mike Novogratz, an outspoken crypto bull that has reiterated the potential of bitcoin numerous times. The firm also holds16,402 bitcoins on its balance sheet, $956.69 million in today’s value. Square Inc. headed by Twitter boss, Jack Dorsey holds 8,027 BTC, while Marathon Patent Group holds around $280.7 million in bitcoin (4,813 BTC). A recurring theme around all these companies is that no matter when they entered the market, they are all in profit by at least 100% of the value the bitcoins cost at the time of purchase. Featured image from Forbes, chart from TradingView.com

Ethereum Supply On Exchanges Reaches New Low Of 14%

On-chain data shows that the percentage of Ethereum supply present on exchanges has set new lows of around 14%. Ethereum Supply On Exchanges Continues To Go Down As pointed out by an analyst in a CryptoQuant post, the ETH supply present on exchanges has been going down since a while now. It has now hit new lows of about 14%. The “percentage supply on exchanges” is an indicator that shows the share of the total Ethereum supply stored in wallets of all exchanges. Usually, this supply present on exchanges is said to be the selling supply of ETH, and so if the indicator’s value goes up, it means there is a higher number of coins in the available sell supply. Due to supply-demand dynamics of the market, this kind of trend can prove to be bearish for the cryptocurrency’s price. On the other hand, if the metric’s value moves down, it implies the available supply of Ethereum has reduced. Prolonged such trend can create a supply shock in the market, which can turn out to be bullish for the coin’s price. Related Reading | Exchanges See Bitcoin Outflows For 7th Straight Day As BTC Price Begins Recovery Now, here is a chart that shows the trend in the percentage of total ETH supply on exchanges in the past year: Looks like the indicator’s value has been gradually going down | Source: CryptoQuant As you can see in the above graph, the percent ETH supply on exchanges has shown a steady downtrend during the entire year so far. Currently, the value of the indicator sits around 14%, a new low. At the start of the year, the metric’s value was about 21% so that in the past year 7% of ETH supply has been taken off exchanges. Related Reading | Ethereum Scarcity: After London Fork, ETH’s Supply Change Drops To Almost Zero Also, back in May, when the price of Ethereum was at similar levels as now, the metric’s value was around 18%, a sizeable difference. Because of this the analyst believes that the current supply shock isn’t fully reflected in the price yet. And that it won’t be long until a difference is seen. ETH Price At the time of writing, Ethereum’s price floats around $4.6k, up 10% in the last seven days. Over the past month, the crypto has gained 5% in value. The below chart shows the trend in the price of the coin over the last five days. ETH’s price looks to be recovering from the crash | Source: ETHUSD on TradingView A few days back, Ethereum and the wider market had a crash due to fud from the latest COVID variant. However, ETH looks to have already recovered from it. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

Crypto Adoption Begins With Fan Power. Corite’s CEO Discusses NFTs, Blockchain, and Democratizing the Music Industry Through Technologies.

By now, after almost a year since the start of the NFT hype, non-fungible tokens have proven to be one of the turning points in crypto’s history. The utility and use cases for these assets have been disrupting arts, sports, movies, and music. On the other hand, we humans have always been willing to go the extra mile to acquire a unique piece of history, an exclusive work of art, or something that allows us to connect with our idols and passions. Corite, a Stockholm-based fan funding music platform, taps into these two trends, preparing to launch a blockchain platform and leverage NFTs to transform the billion-dollar industry. We sat down with Mattias Tengblad, Corite CEO, to discuss the irruption of NFTs in financial markets, the hype around non-fungible tokens, and their potential to help bring crypto into the mainstream. Q: Could you tell us a little about your background? How is Corite embracing digital assets and blockchain technology, and why did you decide to bet on NFTs? A: Well, my co-founding partner Emil and I are true music lovers, and we’ve been working together for many years. We’ve spent five exciting years at Universal Music when Spotify launched and rocked the industry to its foundation. We have successfully run corite.com since late 2019, which provided valuable insights on how to incorporate blockchain technology to open up even more opportunities for both artists and fans. Corite decentralizes the traditional record deal model, giving independent artists financial and creative freedom while engaging their fans in novel ways. When admirers and musicians share in the success of a project, their bond grows stronger. We believe that fan power will drive the music industry’s future. We are also convinced that by monetizing digital art and music, NFTs enable artists to gain control of their work and generate new revenue streams. Q: Could you tell us about your latest accomplishments and how they are driving the platform to its ultimate goal, i.e. to democratize the music industry? A: Corite is already used by tens of thousands of fans. We are currently launching the blockchain platform CO, which provides new ways for artists to enjoy and live off of digital art and music. Fans will get song shares by backing the music and earn fan power by making the music a hit. We’re bringing Play to Earn to the music industry, and we just completed a $2.2 million pre-sale of the platform’s native $CO token last month. Our first NFT campaign in collaboration with actor and artist Emery Kelly has been a great hit. Q: In any trend, there are supporters and detractors. What would you say to those that don’t understand the power of blockchain? How NFTs in general, and Corite in particular, are going to provide them with a better experience? A: NFTs are unique digital assets that can represent anything and enable new ways for fans and artists to interact in meaningful ways. They allow fans to show their dedication and ensure artists can offer one-of-a-kind experiences, VIP access, exclusive discounts, and merch. That is why I believe NFTs have the potential to become as important to generation Z as music videos once were during the hay days of MTV in the 90s. Q: What do you think has fueled the NFTs craze we saw in recent months? Do you share Beeple’s view that the entire sector is a bubble? A: I don’t know anyone who would say ‘no’ to an autograph from their idol, and NFTs are the next evolutionary step here. You can invest in a distinctive piece of art created by an artist that will never fade, and it’s something you can pass along without the need for external validators. Of course, the sector is still to reach maturity – for example, there are quite a few badly-designed NFTs that are selling for millions of dollars out there, but we’re getting there. As more professional content creators, producers and artists enter the scene, the quality will go up. Q: Recent surveys have shown that younger generations have a positive disposition to adopt digital assets. Which role platforms such as Corite will play in the next decade as Millennials benefit from a massive wealth transfer? A: Without a doubt, NFTs are here to stay, and they are much more than collectibles.  Basically, NFT is a music investment that has been made available to the public. Consider supporting your favorite artist through a Kickstarter campaign in exchange for a percentage of the profits rather than merchandise or concert tickets only. It works wonders for prominent artists with millions of followers, allowing them to fund songs and albums with a single social media post, but also for the talented unestablished artist taking the first steps with the support of friends and family. In return, fans earn a share of artists’ success, while actively helping them with the promotion using our play to earn model. Corite and our CO platform will help artists understand and explore the NFT space offering turnkey solutions from creation and mechanics to distribution and marketing.

Solana Tops Cardano, Ethereum To Become The Most Staked Cryptocurrency

Solana has slowly made its way into being the crypto sweetheart of 2021. The smart contracts platform had found popularity in the third quarter of the year as it rallied to new all-time highs following the massive adoption of the blockchain. It didn’t take long before the blockchain was being listed as an “Ethereum killer” placing it in competition with the likes of Ethereum and Cardano. Solana has lived up to expectations since then as it stole more market share with each passing week. Decentralized finance (DeFi) services on the blockchain quickly took off as investors sought out cheaper alternatives to Ethereum. Related Reading | Cardano Active Addresses Shoots To New Highs Amid Downtrend Solana still holds a small share of the DeFi market compared to Ethereum but the blockchain has quickly grown to be a force to be reckoned with when it comes to staking. Solana Takes The Lead For Staking For a long time, competitor Cardano held bragging rights as the network with the most staked cryptocurrency. Now that title has been stolen by Solana as staking ramped up on the network. It now stands ahead of Cardano and Ethereum for total value staked on the blockchain. Staking has become one of the leading ways for investors to make passive income while they held on to their coins. This has propelled the rise of digital assets like ETH and ADA to the forefront of the market given that these networks offered attractive yields to users. However, Solana has quickly become the network of choice due to offering some of the highest yields compared to competitors Ethereum and Cardano. On November 23rd, Solana became the network with the highest value of tokens staked when total value had crossed $84 billion. This number put it right ahead of market leaders Cardano and Ethereum. Solana staked value surpasses Cardano | Source | Staking Rewards Solana’s yields currently have 77.37% of its total supply staked at an annual yield of 6.79%. Compared to this, Cardano has 70.5% of total supply staked at an annual yield of 5.71%, while Ethereum has only 6.85% of total supply staked with an annual yield of 5.2%. Make Way For The “Ethereum Killers” Activity on other smart contract platforms is ramping up as competition grows for Ethereum. Although the network still sees the most activity for DeFi and NFT minting, others such as Solana and Cardano are creeping up on the blockchain. For the month of November, Cardano’s network activity has spiked considerably above that of Ethereum, suggesting more usage on the part of the former. Likewise, activities like NFT minting and DeFi services are ramping up on Solana, with Cardano expecting its first DEXes to launch soon. Related Reading | Cardano Founder Addresses Liquidity Concerns Over eToro Delisting Cardano had also recorded a spike in new staking wallets, with over 100K staking wallets added in the space of two months. Furthermore, Cardano’s new and active wallets had increased dramatically for the month of November, signaling growing adoption. Solana received high praise from FTX founder Sam Bankman-Fried who hailed the cryptocurrency as a potential candidate for being the next Bitcoin. SOL maintains value above $210 | Source: SOLUSD on TradingView.com Featured image from CNBC, chart from TradingView.com

VLaunch Announces Big-Name Crypto Backers Ahead Of Its Launch

The VLaunch project is picking up some major traction ahead of its big launch this month, with a raft of big names from the blockchain community throwing their weight behind the effort. The project’s list of backers reads like an A to Z of some of the top influencers in the blockchain space. Names such as That Martini Guy (117,000), Altcoin Buzz (with 335,000 subscribers), and Crypto Busy (205,000) are joined by professional investors such as the venture capital firm Metavest Capital, plus Altcoin Daily, Crypto Lark, The Moon Carl and Davincij15. VLaunch is fronted by a couple of well-known blockchain influencers themselves – MMCrypto and CrypotoMo, and has the noble goal of democratizing access to promising early-stage crypto projects before they enter into the mainstream. VLaunch should be very different from other projects of its kind. It bills itself as a first-of-its-kind metaverse-based, multichain launchpad with support for Ethereum, Binance Smart Chain, FTM and Matic/Polygon right off the bat. So not only will it have plenty of new tokens in its scope, but its choices will be guided by its active engagement with hundreds of well-known influencers in the crypto industry. Indeed, community focus is a big part of what VLaunch is all about. As its founders point out, blockchain is all about removing control from the few and giving power to the many. So we can expect its community of prominent blockchain thought leaders to play a key guiding role as VLaunch strives to identify the most promising emerging DeFi projects. Vlaunch has been moving quickly, attracting more than 88,000 members in its Telegram and recently announcing its pre-launch listing on CoinMarketCap. Key partnerships are said to be in place too, with hedge funds such as Brilliance Ventures and Hype Partners, the decentralized file-sharing protocol Skynet and blockchain PR agency MarketAcross all onboard. Christopher Jaszczyski (MMCrypto) said he was inspired to create VLaunch after missing out on some of the biggest initial coin offerings of the past few years. “I missed out on Axie Infinity, for example, I missed out on Decentraland… I wanted to invest in the ICO back then,” he said. “These things made like 100s and even 1,000s of X’s…  We want to find a way – how we can get our community in completely for free… the whole space is gonna be big.”  

The Cheapest DEXes To Trade On Layer 1 Ethereum

The past couple of years has seen decentralized finance (DeFi) maintain a meteoric rise. Such an impressive growth can only mean one thing—a rise in decentralized exchanges as well. With centralized exchanges proving a little complicated and problematic at times, the crypto space will agree that decentralized exchanges are the future of cryptocurrency trading on Layer 1 Ethereum. While these decentralized solutions are great and have caused a rise in DeFi activities, users have had to contend with paying miners higher transaction/gas fees. But these solutions don’t have to be expensive and there are some great exchanges keeping things economical. Here are some of the cheapest DEXes to trade on layer 1 Ethereum. #1. Balancer Balancer launched in 2020 as an Automated Market Maker allowing DEXes to function more efficiently in the DeFi space. One of Balancer’s aims has been reducing gas fees for traders on Ethereum and making liquidity pools relatively gas-efficient for new smart contracts. The protocol has set out to make loads of features solid but streamlined. Balancer has recently integrated with blockchain network Gnosis, creating the Balancer-Gnosis protocol (BGP). Their joint work culminated with the launch of CowSwap DEX, which has users needing only to pay a fraction of the gas fees other traders pay to use other DEXes. The gasless option however only functions for ERC-20 tokens. #2. Uniswap Uniswap is seen as the benchmark for decentralized exchanges in the crypto space. The platform is the most used DEX, recording a 7-day trading volume of $12.5 billion in September. Uniswap is also the biggest gas consumer on the Ethereum network. While Ethereum transaction fees have gone really high over the years and have become economically non-viable for less bigger users. However, Uniswap tries to keep things cost-effective for traders. It charges three fee tiers of 0.05%, 0.30%, and 1.00%, depending on the pair. Fees are paid to liquidity pools #3. Sushiswap Sushiswap and its token, $SUSHI, were launched in August 2020 as a decentralized exchange and a crypto token respectively. Sushiswap offers traders a 0.3% fee for swaps. Out of this fee, 0.25% of it is forwarded to the liquidity pool while the remaining 0.05% is distributed to the holders of SUSHI token. #4. 1inch The 1inch platform utilizes a gas token called Chi which is minted when gas prices fall and burnt when gas prices are high. It allows the exchange to save at least 40% in gas fees despite trade going through exchanges like Sushiswap or Uniswap. It charges no swapping fees. The DEX aggregator searches for some of the best rates on more than one dex. It splits the trade by pools to retrieve the maximum number of tokens possible in a single transaction. This is great for bigger trades where passing through multiple exchanges will be beneficial to maintain a better exchange rate while reducing lost value from gas fees. #5. dYdX dYdX is primarily a derivative decentralized crypto exchange. On dYdX, there are no deposit or withdrawal fees associated with transactions. Users are however responsible for the cost of gas that accrues from their withdrawal or deposit transactions. However, the platform charges takers a fee of 0.10% and makers 0.05%. A recent study shows that the fees that dydx charges are higher than the industry average contract trading fees. Conclusion At the moment, DeFi platforms are getting the well-deserved recognition and patronage they deserve from investors and consumers. Despite struggling with rising transaction fees, DEXes on the Ethereum layer 1 blockchain is still out to offer some of the cheapest decentralized exchanges for traders to thrive on. If you’re on the lookout for a DEX you can trust, you can start with Balancer and other DEXes on the list.

Safle Review – Bringing Your Identity Back Into Your Hands

The concept of digital identities has gained popularity following the debut of modern-day technologies such as blockchain. Safle, a next-generation non-custodial wallet, is one of the projects currently leveraging blockchain to bring identities back to the hands of users. Unlike the centralized and federated identity models, the Safle ecosystem introduces decentralized identities, giving crypto users control over their identities and data. While the crypto market has grown exponentially, users have limited options of non-custodial wallets. Meanwhile, the ones that exist have proven to fall short in some areas. For starters, most of the current non-custodial wallets are limited to specific blockchain networks, making it hard to transfer assets across multiple chains. They also face major security issues that have exposed DApps and crypto users to malicious attacks in the past. Safle is designed as a decentralized blockchain identity wallet consisting of other Web3 infrastructures that support DApp development and integration with multiple blockchain networks. The Safle ecosystem seeks to solve the existing pains in the digital identity niche, creating a frictionless experience for cryptocurrency users and developers to build on decentralized infrastructures. Dating back to 2019, the primary goal of Safle is to give users back what is rightfully theirs: security and privacy. At the helm is Abhimanyu Kashyap, an MSC Communications graduate from the University of Nottingham, whose interest in recent years has been in the development of infra tools for the decentralized modern web. Kashyap was also involved in the building and marketing of India’s fastest loan engine, Moneyloji. That said, let’s delve deeper into the Safle ecosystem features to understand better the value proposition in creating a decentralized digital wallet identity. The Safle Ecosystem Safle leverages its native features, including SafleID, SafleVault, Saflekeyless, SafleNode, SafleDAO and the platform’s token $SAFLE to introduce an ecosystem where users can create digital identities and access the crypto market seamlessly. Ideally, the Safle digital wallet enables users to manage their crypto assets, access DApps, store NFTs and make smart payments. 1.   SafleID The SafleID feature is a core part of Safle’s ecosystem; it facilitates user onboarding and lifecycle management of the platform’s software plugins. This decentralized ID wallet is designed using EVM-compatible smart contracts. As such, it supports several chains, including Ethereum, Polygon and Binance Smart Chain (BSC). Users who opt for this digital wallet can transfer their digital assets across the networks mentioned above without leaving the SafleID wallet. In addition, SafleID features advanced wallet management tools such as time-locks, multi-sig, daily limits, seedless recovery and trusted contacts. 2.    SafleVault The SafleVault is a secure vault built with six layers of encryption, allowing users to manage their private keys securely and flexibly. This vault is designed to store users’ private keys and can be deployed through multiple avenues, including a user’s device (desktop or mobile) or the cloud. Users can retrieve the information stored in the vault using a password or biometric identification. Notably, the SafleVault supports the management of all BIP44 compatible digital assets while maintaining the same level of encryption. 3.   SafleKeyless As mentioned earlier, crypto users often find it hard to navigate between various ecosystems without moving funds to different wallets. The SafleKeyless feature eliminates this barrier by allowing users to sign transactions on any DeFi application as long as it is integrated with the Selfkeyless SDK. With this feature, Safle wallet users can carry out transactions across multiple DeFi platforms and assert their identity without installing extra software or hopping screens. 4.    SafleNode Besides decentralized wallets, Safle’s ecosystem features a dynamic tech stack, providing building tools for DApp developers. The SafleNode comprises several SDKs and infrastructure APIs, including the previously highlighted Saflekeyless feature that DApp developers can integrate to enable a seamless user experience. Additionally, the platform has made open APIs available, allowing access to real-time blockchain and crypto data for price predictions and on-chain analysis. 5.   SafleDAO & the Native Governance Token Like most decentralized ecosystems, Safle is governed through a Decentralized Autonomous Organization (DAO). The DAO makes decisions on Safle’s ecosystem development by creating proposals and voting through the platform’s native token, $SAFLE. This token also powers other operations, including fee payments on the network and community rewards for early adopters and supporters. Per the project’s whitepaper, the initial supply of $SAFLE at the token’s generation event (TGE) will be distributed to seed investors, public token sales and strategic allocation. 6.   Staking Rewards The Safle ecosystem also features staking rewards through its native token, $SAFLE. Even better, users who leverage SafleID to stake on platforms like Ethereum can do so from their non-custodial wallets. While staking rewards are yet to launch, Safle intends to enable users to access the high APY offered by various DeFi protocols to maximize their returns. The rewards programs will also be used to balance the $SAFLE token demand and supply – at any point, the number of distributed rewards will be proportional to the number of tokens in supply and those in staking pools. 7.    Safle SmartPay and Swaps The Safle SmartPay feature is designed for merchants looking to use the Safle ecosystem as a primary business tool. Merchants who integrate the Safle infrastructure will be able to accept crypto payments, swap crypto for fiat and create master-child wallets managing several child wallets. On the other hand, SafleSwaps will facilitate single transactions without leaving the SafleID wallet. This feature is powered by smart contracts, introducing an aggregator model that provides a high-liquidity and low-cost environment for swapping digital assets. The Future is Decentralized Identities Though relatively new, the concept of decentralized identities is spreading like wildfire. More people are gradually realizing that centralized organizations are taking advantage of personal data and information. Well, thanks to blockchain-built innovations, the future of the ownership economy is looking brighter. Safle, which has already taken up the mantle of building self-governed digital identities, is not only making progress in its technical features but strategic partnerships and capital raising. The project raised $900k in its seed funding round, attracting notable investors such as Draper Dragon Fund, Woodstock fund, Sandeep Nailwal and JD Kanani (Matic/Polygon founders). JD Kanani, who commented on Safle’s recently concluded seed funding round, was keen to emphasize the value proposition of decentralized identities in fostering blockchain adoption, “Safle is building vital next-generation wallet infrastructure that will eliminate existing points of friction to drive wider adoption of all blockchain applications. Matic is excited to be among the first chains supported by SafleID, and we look forward to supporting Safle on their mission to drive greater adoption of blockchain technology.” With blockchain ecosystems becoming mainstream, decentralized identities will play a significant role in shaping the future of the digital world. This extends to upcoming niches such as NFTs that have popularized the idea of the metaverse. Looking into the future, thriving within digital ecosystems will require one to have a digital identity that is verifiable and unique.     Image Source: Safle