All the best recent cryptocurrency news, one single place!

Introducing White Whale’s IDO: THE BOOTSWAP

Over the last few months, there have been several token launches on Terra. What has been noted, is that there have been two major challenges that continue to occur. First, the initial liquidity pools are just not deep enough. This causes an outrageous manufactured initial price pump, making all the insiders feel really good, but is quite unfortunate for the retail buyer as they are not part of that initial purchase. The second issue is that as soon as the token goes live, all the liquidity at the initial list price is sniped by bots in the first seconds, again forcing the retail buyer to buy in at higher levels. White Whale has designed an initial token launch model that addresses both of these issues while at the same time bootstrapping our own protocol owned liquidity efforts… it is called “THE BOOTSWAP” So what is a BOOTSWAP? Here’s how it works, White Whale is utilizing the latest, freshly audited, open-sourced LBP code graciously provided to the community by the Astroport team. An LBP, or Liquidity Bootstrapping Pool, is a mechanism for launching tokens originally utilized by Balancer that is designed to defer bot activity by starting the token price high and allowing it to float down to price discovery over a pre-set period of time, say 72 hours. LBP’s are also utilized as fundraising tools as the team provides the initial liquidity at a disproportionate ratio, say (98/2 token/stablecoin) and as the tokens are sold the ratio eventually balances out to whatever target ratio is set by the team in the parameters (i.e. 20/80 token/stablecoin), allowing them to claim the stablecoins and so raise capital from the difference. This is how it generally works, however at White Whale they are taking a slightly different approach. The team from White Whale has been signaling their intention to pursue Protocol Owned Liquidity for some time now, with that said, unlike most other LBP events, White Whale’s BOOTSWAP event will not be a token sale or fundraiser in any way. Absolutely none of the profits from the event will go to the White Whale team or incubating entities. The team funds will be deposited into the LBP pool (along with WHALE tokens) initially, and at the end of the LBP event, when the liquidity pool balances at our predetermined ratio of 50/50 UST/WHALE, same as your standard LP token… all of that liquidity will migrate straight to TerraSwap and will serve as the perpetual trading liquidity for the UST/WHALE pair. All of the corresponding LP tokens will be deposited into the White Whale War Chest and be owned by the protocol. So what does this mean? From its inception, White Whale should own the lion’s share of its own liquidity. That’s right… POL right from the start, and It means that because this is not a sale or raise and all of the funds are going straight into the community-owned treasury, there will be no KYC requirements or trading restrictions for this event! Questions that are commonly asked are: how does this benefit the regular retail buyer if the price already starts high? What if it stays high and never comes down? White Whale has thought this through and developed a solution for this scenario. Their goal is to distribute WHALE tokens at fair and honest levels to retail buyers. In order to do so, rather than being another project who under-fills the initial pools to manufacture a pump, the plan is to overshoot demand with our initial pool size. They will be depositing 100 million WHALE tokens into the LBP to start. Their reason for this is arguably refreshing – “Because F#&% The Bots, that’s why. They believe this will give everyone who wants to buy liquid WHALE tokens on the first days of trading an opportunity to do so at good levels without all the juicy initial liquidity being stolen by the bots. The starting price will be $1.00, so if bots want to snipe, that’s the price they will be sniping at. It will then float down to price discovery over a period of 72 hours, or until the target ratio is met  

EasyFi Announces Multi-Million Developer’s Fund and Grants Program

The leading layer-2 DeFi lending protocol, EasyFi Network has launched its #BuildWithEasyFi initiative to encourage the developer community to leverage various benefits offered by the EasyFi ecosystem. As a part of the initiative, EasyFi has announced a Developer’s Fund and Grants program where promising projects and individuals can gain access to the capital necessary to build their products, in turn contributing to the growth of the EasyFi Network. According to the company, the Developer’s Fund has been in the works as part of its roadmap for the year 2021. The fund will encourage open infrastructure development, offering the developer community access to EasyFi’ s resources with the intention of accelerating the overall growth of the entire DeFi ecosystem. Applications are now open for entry into the EasyFi Developer’s Fund and Grants program. The Idea Behind EasyFi Developer’s Fund and Grants EasyFi Network is on a mission to promote the underlying principles of DeFi – Composability and Decentralization. While the blockchain protocols offer adequate levels of decentralization, the only way to drive composability in the ecosystem is to encourage community participation by providing adequate support. The EasyFi Developer’s Fund and Grants program acts as a lucrative support structure. The program focuses on targeted resource allocation to ensure the worthy projects get the necessary tools and resources to develop full-fledged DeFi products. As a part of the initiative, independent projects and groups will be able to collaborate with the EasyFI Network and access various features it offers, which can be readily implemented. To further the applications of EasyFi Network alongside the development of the DeFi ecosystem, EasyFi has shortlisted a set of focus areas for the Developer’s Fund and Grants program. These areas of focus include a mobile-first approach for staking, farming, and lending involving EasyFi pools; automation solutions; dashboards and analytics for EasyFi lending, liquidation etc; use cases for the EasyFi’ s native EZ tokens; cross-chain bridges and infrastructure; third party interfaces for accessing EasyFi lending, staking, and farming pools; and native cross-chain dApps leveraging EasyFi lending pools. “With a vision that leads us to become a DAO eventually, the overarching theme of the protocol has always remained focussed on building open lending infrastructures. We believe that a collaborative approach with a community of believers, will drive the growth & direction of the network. We are very excited to get involved with some very talented people who are planning to work on & integrate the EasyFi lending to create products and applications that extend & grow the protocol.” — Ankitt Gaur, Founder and CEO of EasyFi Network Apply for the EasyFi Network Developer’s Fund With applications open for the program, interested individuals, teams and projects can submit their entry by filling a simple form. They will have to give details about their project, teams along with their contact info, GitHub link for the project and more. Once the application is submitted, the EasyFi team will review them and shortlist the entries that meet the required criteria. They will communicate with the selected applicants detailing further steps. Apply here:  

OVR and the Results of the Token Burning Program’s First Month

OVR launched its new Token Burning Program on 1 November to make its own tokens more rare and valuable. The results of this first month of November saw a total of 246 thousand OVR burned. OVR and the Numbers From the Token Burning Program’s First Month OVR’s updated token economics started on November 1, 2021, […]

Russia, Ukraine Shut Down Several Cryptocurrency Farms

Russia, Ukraine Shut Down Several Cryptocurrency FarmsAuthorities in Russia and Ukraine have closed down a number of illegal crypto mining facilities allegedly powered by stolen electricity. The underground farms have been discovered around the capital cities, Kyiv and Moscow, as well as in the Russian republic of Dagestan. Russia Busts Illegal Mining Farms in Moscow Region and Dagestan Russian law enforcement […]

Berkshire’s Charlie Munger Praises China for Banning Crypto — Wishes Crypto Had Never Been Invented

Berkshire’s Charlie Munger Praises China for Banning Crypto — Wishes Bitcoin Had Never Been InventedBerkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s right-hand man, says China did the right thing to “ban” cryptocurrencies, including bitcoin. He wishes that cryptocurrencies had never been invented, emphasizing that he will not participate in the crypto boom. He considers “this era even crazier than the dot-com era.” Warren Buffett’s Right Hand Man, Charlie […]

US SEC Charges Man With Defrauding Crypto Investors in Two Digital Asset Securities Offerings

US SEC Charges Man With Defrauding Crypto Investors in Two Digital Asset Securities OfferingsThe U.S. Securities and Exchange Commission (SEC) has charged a citizen of Latvia with defrauding investors in two crypto offerings. The fraudster “used fake names, fictitious entities, and fraudulent profiles to perpetrate his schemes, and misappropriated nearly all of the investor funds that were raised.” Two Fraudulent Crypto Schemes The SEC announced Thursday that it […]

Virtual Land Adjacent to Snoop Dogg’s Sandbox Estate Sells for $450K in Ethereum

Virtual Land Adjacent to Snoop Dogg's Sandbox Estate Sells for $450K in EthereumThe popular American rapper Snoop Dogg revealed at the end of September that he acquired land in the blockchain-based virtual metaverse The Sandbox and had plans to recreate his mansion. On December 2, The Sandbox held a “Snoopverse Land Sale,” which allowed participants to purchase land adjacent to the famous hip hop star’s virtual estate. […]

Crypto Flash Crash Prompts El Salvador to Buy the Dip — 150 Bitcoins Added to Treasury

As the crypto market shed billions of dollars, El Salvador bought the dip, taking advantage of the falling price of bitcoin early Saturday morning. With the latest buy, El Salvador has purchased a total of 1,370 bitcoins altogether. According to Salvadoran president Nayib Bukele, the coins were bought seven minutes before the price of the […]

Lightning Speed: Eight Mind-blowing Facts About The Lightning Network

Welcome to “Lightning Speed,” a new section in which NewsBTC will explore the possibilities that Bitcoin’s Lightning Network opens. In this first edition, we will focus on Peter St Onge’s “The Lightning Network is About to Change the World” article. According to his bio, the academic “holds a Ph.D. in Economics from George Mason University, and a B.A. in Economics and Political Science from McGill University.” Make of that what you will.  St Onge was at the Free State Project’s Porcfest in New Hampshire when he had an epiphany. “The Lightning Network is now moving Bitcoin exponentially closer to becoming a true universal medium of exchange that is controlled by the people, not by governments.” That’s right. Bitcoin already won the store of value race, but, with the Lightning Network, it becomes the apex medium of exchange. What does this mean for the world? Lightning At The Porcfest Before we blow minds, let’s explore the Free State Project’s Porcfest real quick. St Onge sets the stage: “As we enjoyed the mild New Hampshire summer, people wandered over to buy $2 sodas with Bitcoin, paying instantly and with zero transaction fee. I watched patient bitcoiners onboard Lightning newbies, taking them from zero to a Lightning wallet full of fresh hot sats in literally 5 minutes. It was the iconic “buy a coffee with Bitcoin” on steroids.” Yes, #LightningNetwork is being used at #PorcFest2021. Ana sold a water to @jfcarpio as @Joe_Saz watches — Patrick Motorist (@BitcoinMotorist) June 27, 2021 This was before everybody and their grandmothers went to Bitcoin Beach to test the Lightning Network first hand. Watching the transaction’s speed and comfort, St Onge knew. This was “Confirmation that the Bitcoin developer ecosystem has now built the holy grail: Bitcoin as a true medium of exchange. One where transfers are instant, essentially free, and as easy to use as the simplest app on your phone.” St Onge’s Four Insights About The LN As A Medium Of Exchange The fees are really that cheap. St Onge recalls, “our sats party replicated what’s now going on across the world. Just last week at El Salvador’s now-famous Bitcoin Beach, 20,000 near-instant transactions went around with aggregate fees of $4.98. One-fortieth of a penny per transaction.”  Traditional banking can’t compete. “For perspective, that’s about 500 times cheaper than the credit card fee on a $5 cappucino, and it’s at least 4,000 times cheaper than the average credit card transaction fee.” It gets better. The fees are not correlated to the transaction’s total amount. “Note, 1/40 of a penny would cover essentially any amount — you could buy a house with Lightning for 1/40 penny.”  The Lightning Network doesn’t sleep. “It transfers instantly, 24/7 including holidays, and is able to leap national borders and regulatory gatekeepers with zero effort.” BTC price chart for 12/04/2021 on Tradestation | Source: BTC/USD on St Onge’s Four Insights About The Lightning Network’s Growth & Potential The network is growing exponentially. “Lightning Network statistics have exploded since May, with network capacity now expanding by an annualized 635%. As these new Lightning apps onboard millions of people, they then pass along and train newbies by word-of-mouth, creating exponential growth that can very quickly go from irrelevant to dominant.”  The project has been years in the making. “The original Lightning Network White Paper came out in 2015, and after heady growth through 2019, the Network was essentially moribund these past 2 years.” Most altcoins are no longer needed. “First, it knocks the legs out of competing “medium of exchange” (MOE) coins like Dogecoin, Bcash, Ripple, Litecoin, or their many knock-offs.”  This is just the beginning. “Just as the internet needed user-friendly interfaces (web browsers) before it could really change the world, Bitcoin needed user-friendly interfaces to grow beyond money and towards being the base layer — the “rails” — for decentralized services built on Bitcoin alone.” The Lightning Network is changing the world already. Because of that fact, NewsBTC created “Lightning Speed,” a feature about the possibilities that Bitcoin’s Lightning Network opens. Featured Image: jplenio on Pixabay | Charts by TradingView