Looking to get involved with a platform that can change the face of decentralized finance forever? Xuirin Finance is revolutionizing the DeFi landscape through its innovative offerings like KYC-free debit cards, P2P lending, and so much more. Supporters can take part in the first stage of its presale right now. Xuirin Finance to Offer Futuristic […]
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Ondo Finance (ONDO), a decentralized finance (DeFi) protocol focused on tokenizing US treasuries, has witnessed a meteoric rise in its native token’s price over the past week. According to CoinMarketCap, although ONDO was only able to muster a meager 1.3% increase in the last day – yet pushing its value to a record-breaking $0.94 – the impressive feat comes on the heels of a 138% weekly gain, marking an impressive performance for the token.
ONDO doing things right on the weekly chart. Source: Coingecko
Analysts attribute this surge to a confluence of factors. Whale investors, known for their significant holdings and market influence, have been accumulating ONDO at a substantial clip. Data from on-chain tracking platform Lookonchain reveals that three whale wallets recently withdrew over 9 million ONDOs, worth around $9 million, from various exchanges. This behavior suggests a long-term bullish outlook on the token’s potential, potentially inciting a follow-the-leader mentality among retail investors.
Whales are accumulating #RWA token $ONDO!
Whale”0x56F9″ withdrew 6.53M $ONDO($5.88M) from #Bybit in the past month.
Fresh wallet”0x92dD” withdrew 1.98M $ONDO($1.78M) from #Gateio in the past hour.
Wallet”0xE6bf” withdrew 937,600 $ONDO($845K) from #Gateio 3 hours ago.
Address:… pic.twitter.com/o5jWqhresp
— Lookonchain (@lookonchain) March 25, 2024
Indeed, Santiment data analyzed by NewsBTC shows a 30% increase in the total number of ONDO holders since March 19th, surpassing the 10,000 mark. This influx of new investors, likely influenced by the whales’ actions and the overall hype surrounding tokenization, has further fueled the token’s price rally.
Total crypto market cap at $2.5 trillion on the daily chart: TradingView.com
The recent surge in ONDO’s popularity coincides with a broader trend within the DeFi space. Last week, global investment giant BlackRock announced the creation of a tokenized fund on the Ethereum blockchain, allowing investors to earn US dollar yields through a decentralized platform. This move underscores the growing interest in tokenization, which involves representing real-world assets like securities, currencies, and real estate on a blockchain.
However, amidst the celebratory atmosphere surrounding the token’s price surge, a curious detail emerges. Despite the significant increase in ONDO’s value, the platform’s total value locked (TVL), a metric reflecting the total value of crypto assets deposited in its DeFi protocols, has remained relatively stagnant over the past week. While the reasons behind this discrepancy are unclear, it could be a cause for concern for some investors. A stagnant TVL might suggest that the recent price increase isn’t necessarily translating to increased usage of the Ondo Finance protocol itself.
Overall, the past week has been undeniably positive for Ondo Finance. The token’s impressive price surge, coupled with the current tokenization hype and strategic alignment with BlackRock’s recent venture, paints a promising picture for the future. However, the stagnant TVL serves as a reminder that long-term sustainability hinges not just on speculation but also on real-world adoption and the continued development of the Ondo Finance ecosystem.
Featured image from AlphaTradeZone/Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Frax Finance, a decentralized finance (DeFi) protocol, recently unveiled its Singularity Roadmap. It aims to propel the total value locked (TVL) of its layer 2 blockchain, Fraxtal, to $100 billion by the end of 2026. This notable surge would represent a 760,000% increase from the current TVL levels, which stand at $13 million.
According to the protocol’s announcement, Fraxtal, the substrate that powers the Frax ecosystem, serves as Frax Finance’s operating system. With the launch of Fraxtal and achieving an effective 100% Collateralization Ratio (CR), Frax Finance claims to have consolidated its core product offerings.
To reach the ambitious $100 billion TVL goal, the protocol has announced that it has already generated over $45 million, reaching the coveted 100% CR.
As announced, with this milestone achieved, the FRAX stablecoin, which has remained relatively dormant during the process, and the FXS revenue share, which has been temporarily reduced by 90% to conserve assets, can now undergo a “transformative change.”
In addition, the upcoming introduction of Layer 3s (L3s) on Fraxtal is expected to be a key factor in further contributing to the growth and adoption of the protocol.
Fraxtal, which is built on the Optimism (OP) network, stands out as one of the most widely used layer 2 solutions on top of Ethereum (ETH), according to the protocol. The Frax team says it has developed its underlying incentives to provide a seamless experience for developers and users, further encouraging adoption.
In particular, by owning the entire stack, Frax can introduce advanced features such as account abstraction, new precompiles, privacy features, aggregated decentralized applications (dApps), and interoperability with Superchain.
The protocol believes these features will enhance the on-chain experience, making Fraxtal the “preferred” platform for holding, staking, and transferring crypto assets.
The proposal also unveils Frax Finance’s plan to establish 23 Layer 3s within 365 days, kicking off the “Fraxtal Nation” community. By supporting these 23 chains with developer access, incentives, and investment, Frax aims to foster a positive-sum approach and provide additional support to official partners.
The protocol also suggests that these partners will receive “substantial allocations” of FXTL points, aiming to solidify the role of the FXS token as the ultimate beneficiary of the Frax ecosystem.
Moreover, Frax Finance founder Sam Kazemian intends to allocate 50% of the revenue from protocol fees to veFXS token holders. In comparison, the remaining 50% will be used to acquire FXS and other Frax assets for pairing in the FXS Liquidity Engine (FLE).
This initiative will increase liquidity, strengthen the Frax balance sheet, and provide additional incentives for the protocol’s stakeholders.
Frax Finance’s proposal also seeks to reactivate the protocol fee switch, which was temporarily turned off during the consolidation phase of the protocol.
By reigniting this switch, a portion of the yield generated from protocol fees will be directed toward veFXS token holders. veFXS, or veiled FXS, represents a locked version of the native token, FXS, and offers enhanced voting power and participation in the Frax ecosystem.
As of the time of writing, FXS has not responded favorably to the news. Its current trading price is $6.93, reflecting a 3.5% loss in the past 24 hours. It is important to note that the proposed protocol features are still in development, and the impact on the Frax Finance ecosystem and the token’s performance is yet to be determined.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
On Tuesday, the bitcoin liquidity protocol Velar unveiled Dharma, an automated market maker (AMM) designed to enhance decentralized finance liquidity within the Bitcoin realm. The inaugural version of Velar’s Dharma is set to function on the Bitcoin layer two (L2) Stacks, featuring an initial pairing of two tokens. Velar’s Strategy to Elevate Bitcoin Within the […]
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Cross Finance is a next-generation digital ecosystem of cutting-edge payment solutions, bridging the worlds of banking and blockchain. CrossFi seamlessly integrates these two pivotal segments of the global economy into a unified ecosystem, offering unparalleled scalability and processing speed of up to 1 million transactions per second through the core of the CrossFi Chain—a modular […]
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Decentralized exchange (DEX) Vibrant Finance has launched on Neon EVM, a Solana-based platform, marking its foray into the non-Ethereum DeFi landscape, according to a Feb. 23 press release.
The DEX utilizes the Discretized-Liquidity Automated Market Maker (DL-AMM) model to overcome existing limitations within traditional DeFi exchanges.
Vibrant Finance CEO Jimmy Yin expressed enthusiasm about this deployment on Neon, emphasizing its potential to bridge Ethereum’s vibrant DeFi ecosystem with Solana’s robust liquidity and transactional efficiency.
“With our latest deployment on Neon EVM, we aim to make liquidity more efficient and foster cooperation between chains and ecosystems,” Yin remarked.
The DL-AMM model, renowned for offering discrete liquidity for each price movement, facilitates precise liquidity allocation at specific fixed prices. This innovative approach addresses challenges in DeFi exchanges and optimizes liquidity management for users. Additionally, it introduces advanced trading features such as limit orders, enriching the trading experience for users.
Vibrant Finance is supported by iZumi, a multi-chain DeFi protocol that provides DEX-as-a-Service (DaaS).
Neon EVM facilitates scaling Ethereum decentralized applications (dApp) on Solana, making it an ideal choice for Vibrant Finance to expand beyond Ethereum.
Neon essentially simplifies the deployment of EVM-compatible dApps with minimal code adjustments. The platform operates as a smart contract on Solana and processes requests through public PRC endpoints.
Several DeFi protocols, including deBridge and MeredianFi, have integrated with Neon, showcasing its growing success in the industry, primarily on the back of Ethereum and Solana’s rising prominence.
DeFillama data shows that Ethereum is the largest DeFi blockchain, with $45.87 billion in total value locked (TVL) on the network, while Solana’s TVL recently climbed above the $2 billion mark.
Renowned finance author Robert Kiyosaki has once again made a bullish price prediction for the flagship cryptocurrency, Bitcoin. This time, he predicts that Bitcoin will hit $100,000 and mentions when exactly this will happen.
Kiyosaki mentioned in an X (formerly Twitter) post that Bitcoin will hit $100,000 by June 2024. However, he didn’t mention what will propel this massive price surge. The finance expert is known to be a huge advocate of the foremost crypto token and, at different times, given his opinion on its potential.
Before now, Kiyosaki, who authored the best-selling book ‘Rich Dad, Poor Dad,’ said that Bitcoin was going to rise to $150,000 and singled out the Spot Bitcoin ETFs as what would drive this parabolic move. He had also once identified the Bitcoin Halving as being pivotal for BTC’s growth.
Interestingly, the author is believed to be a ‘crypto OG’ as he previously shared his excitement about investing in BTC “years ago.” He also continues to urge others to do the same, claiming that it is the way to avoid becoming poorer due to the actions of the government. Kiyosaki doesn’t shy away from criticizing the government and recently went as far as branding the Federal Reserve “a criminal organization.”
According to him, the “Fed has destroyed the economy, made the poor and middle class poorer, and bailed out their rich banking friends.” Instead of trusting the Fed (possibly to fight inflation), Kiyosaki stated that he would rather put his trust in Bitcoin and other assets like Gold and Silver.
BTC price still above $52,000 | Source: BTCUSD on Tradingview.com
There seems to be a consensus among several crypto analysts that Bitcoin will no doubt hit $100,000 in the next bull run. However, the ultimate question remains when exactly this will happen. Just like Kiyosaki, crypto analyst Kevin Svenson believes that this price level isn’t far off.
Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, also predicted that Bitcoin will hit $100,000 this year, although he didn’t give a more precise timeframe like Kiyosaki. While some predictions remain devoid of a specific timeframe, the belief is that this parabolic price surge will happen after Bitcoin Halving.
The Halving event has been projected to be what kickstarts the next bull run. That isn’t surprising, considering that Bitcoin is known to claim a new all-time high (ATH) after miners’ rewards are cut in half. One of the most bullish post-halving price predictions is Anthony Scaramucci’s prediction that BTC will hit $170,000 in 2025.
At the time of writing, Bitcoin was trading at around $52,300, up over 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image from InfoMoney, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Vella Finance, a Nigerian fintech startup, was recently bought by the microfinance bank Carbon. The acquisition of the fintech startup paves for Carbon to launch a new banking platform targeting Nigerian businesses. New Business to Leverage Artificial Intelligence The Nigerian microfinance bank, Carbon, has reportedly acquired the fintech firm Vella Finance for an undisclosed amount. […]
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The United States economy and where it might be headed has been a hot topic of debate among finance experts, with some recommending Bitcoin as a safe haven. One of those who has continued to tout BTC as the answer is renowned finance author Robert Kiyosaki, who has made a gloomy prediction for the US economy.
In a post made on X (formerly Twitter), Robert Kiyosaki, who is widely known for his best-selling finance book titled ‘Rich Dad Poor Dad’, warned investors of an impending crash. According to Kiyosaki, a lot of investors would end up losing their money as they do not know what to do with it.
He compared the current situation to flight students in the US Navy being taught how to fly and also how to crash. However, it seems that there is no easy option for investors going forward, as he calls for a “bail out.”
The finance expert warns that banks as well as the US economy will crash, and “We are not going in for a soft landing.” In light of this, he steers investors toward other forms of wealth preservation, which are Gold, Silver, and Bitcoin.
As much as the finance author expects that the crash will be brutal, he believes that by being in the three assets mentioned above, then investors can have “parachutes for your personal soft landing.”
BTC bulls clear $47,000 resistance | Source: BTCUSD on Tradingview.com
Kiyosaki is not new to pushing Bitcoin as an alternative to traditional cash and investment vehicles. Over the last year, the finance expert has warned that the US economy is headed for doom and as always, pushes the likes of Gold, Silver, and Bitcoin as an answer to the ‘inevitable crash.’
The author has also provided incredibly bullish predictions for the BTC price going forward, which he expects to rise more than 300% from here. According to Kiyosaki, Bitcoin will rise as high as $150,000 post-Spot Bitcoin ETFs approval, and with the price inching toward $50,000 already, it seems Kiyosaki’s prediction may end up playing out.
Kiyosaki has also presented Bitcoin as a safe haven at a time when there is widespread political discontent. He has also publicly declared his dislike for the current President, Joe Biden, who he believes is weak and a terrible president.
In order to fight back, the finance author suggests that investors move their assets into Gold, Silver, and Bitcoin which cannot easily be controlled by the government. He also believes BTC is the “best protection” against hyperinflation, which he expects to happen soon.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
A finance expert and Bitcoin maximalist has taken a major dig at XRP as he labeled the crypto token a “scam.” The expert outlined several reasons why he holds this opinion, although he seemed misguided in some.
In a post shared on his X (formerly Twitter) platform, finance expert Rajat Soni mentioned XRP not being decentralized as one of the reasons he believes the crypto token is a scam. He seemed to suggest that Ripple Labs solely controlled the XRP Ledger as he noted that they developed the token.
However, this belief is false, considering that it has always been emphasized that Ripple does not control the XRP Ledger or even the XRP token. In fact, this was obvious when certain amendments were to be made to the network, and Ripple’s CTO noted that they could not be passed without the approval of the validators.
Another reason Soni mentioned was that Ripple controls a large portion of the tokens in circulation. He also went further to assert that the crypto firm could alter the token’s code and issue more XRP if it wanted. However, there is no basis for this assumption, as XRP has a maximum token supply of 100 billion. That hasn’t changed since the token was pre-mined.
The finance expert also went as far as suggesting that XRP is a scam because it has no utility outside the US. He stated that people around the world don’t care about the token and that they would use the crypto token if the US cracks down on it. It is worth mentioning that the majority of XRP transactions come from outside the US.
Token price recovers to $0.61 | Source: XRPUSD On Tradingview.com
As a Bitcoin maximalist, Soni seemed to be using his post to put XRP down and show why Bitcoin was superior. After he had had a go at the altcoins, he went on to compare the crypto token with Bitcoin, highlighting why the flagship crypto token is superior, in his opinion. He alluded to how Bitcoin’s supply isn’t concentrated and that the network was totally decentralized with a vast pool of miners.
Furthermore, he mentioned how people are using Bitcoin to trade regularly in “other countries because they have no other way to transact.” Bitcoin’s value is so immense that Soni believes that holders won’t part ways with their tokens even if Bitcoin is banned.
Interestingly, pro-XRP YouTuber Zach Rector recently made a case for XRP against Bitcoin. He believes that the former is the future of finance and not the flagship crypto token. One thing he alluded to was the increasing transaction fees on the Bitcoin network and how that was going to affect its utility. This is unlike XRP, which has a relatively cheaper average transaction fee.
Featured image from Crypto News, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
