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Tezos Rallies Following Coinbase Announcement

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Tezos Rallies Following Coinbase Announcement
Among the top 20 altcoins, Tezos (XTZ), the 16th largest cryptocurrency by market cap, has seen the largest price spike on the day. At press time, XTZ has seen over a 24% rally to trade at $1.24.

Tezos Rallies Following Coinbase Announcement

Tuesday, July 30 — Top cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and XRP are all trading slightly up at press time.

Market visualization. Source: Coin360

Bitcoin has been trading between $9,000 and $10,000 this week and was showing little action on the day. At press time the coin I sup 2.37% to trade at $9,652.

Squawk Box co-host Joe Kernen predicted on July 29 that Bitcoin could hit $55,000 by the next halving of its mining rewards, which is projected to occur in May 2020.

Bitcoin 7-day price chart. Source: Coin360

Top altcoin Ether has had a steady week and is trading around $212 at press time, up 2.26% on the day. On its weekly chart, the coin is up 1.63%

Last week, institutional cryptocurrency exchange San Francisco Open Exchange (SFOX) suggested that Ether may not be an altcoin. SOFX reasoned its assertion by noting that Ether’s correlation to Bitcoin movements is higher than other so-called altcoins.

Ethereum 7-day price chart. Source: Coin360

XRP has seen a 3% gain on the day to trade at $0.319. On its weekly chart, the coin is up over 3.5%.

XRP’s issuing firm Ripple recently expanded its University Blockchain Research Initiative to include academics in Japan via Kyoto University and the University of Tokyo.

XRP 7-day price chart. Source: Coin360

Among the top 20 altcoins, Tezos (XTZ), the 16th largest cryptocurrency by market cap, has seen the largest price spike on the day. At press time, XTZ has seen over a 24% rally to trade at $1.24.

The spike follows an announcement from United States-based crypto exchange Coinbase, which revealed today that it would be offering XTZ on Coinbase Pro starting August 5.

XTZ 7-day price chart. Source: Coin360

Latin America’s biggest investment bank, BTG Pactual, plans to shift its security token offerings onto the Tezos blockchain. The bank and Dubai-based asset manager Dalma Capital will purportedly use the Tezos blockchain to tokenize assets in various different industries, including real estate, equity, and lending.

Bitcoin Cash (BCH) is also seeing notable gains, up over 9% on the day to trade at $330.42, while the only loser among the top 20 coins is Bitfinex’s exchange token Unus Sed Leo (LEO), which is down 1.34% to trade at $1.33.

The total market cap of the top 100 cryptocurrencies is currently over $261 billion, according to the data provided by Coin360’s summary table.

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Rumor That Russia Will Investigate an Allegedly Fraudulent TON Offering in UK

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Rumor That Russia Will Investigate an Allegedly Fraudulent TON Offering in UK
Rumor That Russia Will Investigate an Allegedly Fraudulent TON Offering in UK

Shortly after lifting the country’s Telegram ban, Russian authorities began investigating potentially fraudulent offerings involving the company’s unlaunched token, Gram. The token was at one time meant to serve a new blockchain ecosystem known as the Telegram Open Network, or TON. Reports indicate that Russian prosecutors are set to investigate a British firm that allegedly sold fraudulent tokens related to Telegram’s terminated blockchain project. The news was reported on July 3 by the local news agency, Baza.io. 

According to the report, the action was brought to a local investigative committee by “several Russian entrepreneurs” that claimed to have purchased $11.7 million in Gram tokens. Telegram CEO Pavel Durov officially announced closure of the TON project on May 12. At that time, the Russian investors reportedly attempted to terminate their contract with the British company. Allegedly having Russian roots itself, the unnamed British firm reportedly wrote off $1.5 million in commissions, having returned just $10.2 million to investors, according to Baza.

This news comes soon after Telegram apparently settled its long-running legal battle with American authorities over the company’s $1.7 billion initial coin offering, or ICO. The ICO involved roughly $400 million in investments from United States citizens. On June 26, the U.S. court’s final judgment required Telegram to return $1.2 billion to investors. Telegram purportedly has already repaid the amount, with some U.S. investors confirming that they received a 72% refund. This amount is in line with Telegram’s original reimbursement scheme.

Russia’s interest in Gram comes against the backdrop of some meaningful regulatory changes. After two years of unsuccessful efforts to block Telegram messenger in the country, Russian authorities suddenly decided to lift the ban on June 18. The decision came just a few weeks before Russia conducted a seven-day long constitutional vote — the results of which could potentially allow President Vladimir Putin to extend his 20-year rule until 2036.

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Ethereum DeFi Breaks Records in June, However, Other Categories Are Suffering

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Ethereum DeFi Breaks Records in June, However, Other Categories Are Suffering
Ethereum DeFi Breaks Records in June, However, Other Categories Are Suffering

Results for the second quarter of 2020 show tremendous growth for decentralized applications across all ecosystems, primarily spearheaded by Ethereum (ETH) decentralized finance, or DeFi. Decentralized exchanges were at the frontlines of the rise as Compound token mining activity trickled down to on-chain swapping solutions. According to Our Network, Curve was one of the biggest beneficiaries of yield farming as it helped users switch between different stablecoins to maximize yield. 

Curve is an automated money market that only supports swaps between different types of stablecoins and wrapped tokens. This limitation allows Curve to provide competitive slippage and fees for exchanging assets. Deposits on Curve rose almost three-fold in June, while daily volume reached peaks of $60 million — 30 times more than its previous average. Demand for USDT pairs was the highest, capturing more than 58.5% of the total volume. This is due to USDT having one of the most significant COMP yields for an extended period of time. Uniswap also benefited from the COMP craze, with monthly volume doubling in June. Kyber and 0x had more modest performances: despite posting fresh monthly highs, the project’s growth was in line with the rest of the year.

According to DappRadar’s Q2 report, the dominance of DeFi indirectly led to the decline of gaming activity. Over $8 billion was transacted on DeFi platforms in Q2, which led to gas prices soaring exponentially. Ethereum’s vibrant gaming DApp ecosystem suffered as fees came to represent a significant portion of each transaction. DappRadar reported a staggering 79% decline of gaming-related activity on-chain over the previous quarter.

EOS appears to be the main recipient of Ethereum’s loss as its gaming transaction volume rose by about 80% since the previous quarter. While this is positive news for the platform, it still hasn’t fully recovered from the damage caused by the EIDOS airdrop in late 2019. Volumes remain well below the highs of Q2 2019. Finally, Tron (TRX) saw growth in its DeFi ecosystem after porting several Ethereum projects on its chain. In addition to the previously-launched clone of Single Collateral Dai, a platform named Oikos.cash recreated both Synthetix and Uniswap on Tron. Nevertheless, total volume for all Q2 is just $15 million. The majority of Tron’s activity remains in the gambling and “high-risk” categories.

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EOSIO-Based Social Media Platform Voice Launches Ahead of Schedule

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EOSIO-Based Social Media Platform Voice Launches Ahead of Schedule
EOSIO-Based Social Media Platform Voice Launches Ahead of Schedule

Voice, a blockchain-based social media project developed by EOS creator Block.One, briefly went live one day before its scheduled launch. Based on the open source EOSIO protocol, Voice aims to use Blockchain technology to create a trusted social experience, free from bots and fake accounts. Revealed in June 2019, the project uses biometric authentication technology to verify every account, limiting accounts to one-per-person and promising to protect user data.

Voice’s main page temporarily displayed several posts from different accounts which featured multiple likes and comments. As of press time, the website is no longer available. It now displays “Error 1020” instead, which specifies that the website is “using a security service to protect itself from online attacks.”. In early June, Zalatimo announced that the platform is set to roll out on U.S. Independence Day. He noted that only registered users would be able to publish content or engage online.

After revealing their plans for Voice in June 2019, EOS’ parent firm, Block.One, invested $150 million in Voice during March 2020. The investment was said to provide Voice with resources to operate independently from Block.One. Numerous blockchain-related social media projects have been released to date.

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