India’s crypto trading volume plunges as new tax rules take effect
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Crypto trading volume at India-based exchanges fell to its lowest levels in recent years after the country’s new crypto tax rules came into effect on April 1, according to data from crypto research firm Crebaco.
WazirX was the most affected exchange, with its U.S. dollar trading volume slumping 72% in less than two weeks. ZebPay came next, with a 59% drop. Volumes on CoinDCX and BitBns fell by 52% and 41%, respectively.
While the sharp decline might partly be a result of the global trend, it is worth noting that the trading volume hit a monthly peak on March 31, indicating that most Indians were closing their positions before the new tax regime took effect.
Currently, India charges a 30% tax on profits from crypto transactions and does not allow crypto holders to offset gains with losses from other crypto transactions.
A full recovery is unlikely
Notably, the most controversial provision in the new tax system is yet to take effect. The Indian government seeks to levy a 1% tax deducted at source (TDS) starting July 1. Experts believe this tax liability will significantly impact the market because intraday traders account for the highest percentage of daily volumes.
Although the 30% capital gains tax is already ripping India’s crypto market apart, some prominent voices in the country are calling for more taxation. An example is Bihar Sushil Kumar Modi, a former chief minister and a current member of the ruling political party.
According to Modi, cryptocurrencies are a form of gambling. To this end, he urged the government to raise taxes on virtual assets. In addition, he argued that cryptos are not commodities, assets, or good services because, unlike shares in the stock market, they are backed by any company.
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The WAVES platform (WAVES) is an open-source, decentralized blockchain protocol supporting decentralized solutions and allowing users to create their own custom blockchain tokens operations. It allows users to create and swap cryptographically secured digital tokens without the need for extensive smart contract programming.
WAVES is the protocol’s inflationary token, with a market capitalization of at least $1 billion, according to data on CoinDesk. It has rallied 240% to $30 in March 2022 and made it to the list of top 50 cryptocurrencies by market value.
Dubbed as “the Russian Ethereum,” the Waves protocol has been around since 2016 and has achieved this growth without any venture capital funding. Waves founder Sasha Ivanov has revealed his Ukrainian background in a conversation with Bloomberg after the price of the WAVES token skyrocketed partly thanks to the project’s Russian roots.
Read on to learn everything you need to know about the Waves protocol and the WAVES token, including how to purchase WAVES coins in a few easy steps.
Let’s jump right in!
What Is Waves
Waves homepage
Waves is a multi-purpose blockchain platform that enables the creation of custom crypto tokens (known as smart assets) and the deployment of smart contracts that power a variety of decentralized applications (Dapps).
These smart assets may represent almost anything, including real-world assets and other cryptocurrencies, and can be purchased, sold, utilized, and traded in the Waves ecosystem.
WAVES is the Waves decentralized platform’s native token. Users pay fees using WAVES tokens to run applications on the platform. The tokens are also used to create new tokens or stake for rewards.
WAVES price is affected by the value of its ecosystem and the businesses conducted on it. It’s also influenced by the cryptocurrency exchange market prices and strategic global macro factors, such as central bank interest rates for fiat currencies.
Waves Platform
Waves is a cryptocurrency platform that allows users to build all kinds of blockchain-based applications. Waves’ platform facilitates the creation, storage, management, trading, and analysis of digital assets and enables transferring as if they were “attachments” to new transactions on the blockchain. Waves users can create their own ICOs globally in minutes for project funding. The Waves platform fully supports decentralized trading and crowdfunding. Users can participate on the Waves platform using both fiat currency and Cryptocurrency. A Proof-of-Stake mechanism is used for mining on the Waves platform.
The network was designed to appeal to business partners interested in finding blockchain solutions to their enterprises’ challenges and issuing their own fiat currencies.
The Waves platform includes a decentralized cryptocurrency exchange known as Waves DEX and a cryptocurrency wallet known as the Waves wallet. The Waves wallet can store various cryptocurrencies and allows users to invest, store, and trade them on DEXs. The Waves DEX will enable users to trade bitcoin, WAVES, or any token issued on the Waves platform directly on a peer-to-peer level. It’s one of the fastest decentralized cryptocurrency exchanges globally and enables fast transactions and secure settlements on the blockchain with low fees. The platform integrates an automated matcher to pair buy and sell orders and exchange the tokens when orders are fulfilled.
How Does Waves Work
Waves is secured by the Leased Proof of Stake (LPoS) consensus mechanism, which is a modified version of Proof-of-Stake (PoS) that allows lite nodes to participate in the block validation process by leasing their WAVES tokens to mining nodes (A lite node is a form of cryptocurrency wallet that, unlike a full node, doesn’t require downloading the whole blockchain to operate).
By leasing WAVES to a mining node, users earn a portion of the block reward if their chosen node is selected as its validator.
The Waves LPoS Blockchain
The Waves blockchain network aims to achieve the distributed consensus to secure the network through the Leased Proof of Stake (LPoS) consensus algorithm. Nodes with a generating balance of at least 1000 WAVES can use the leased tokens to generate blocks and get mining rewards. LPoS allows the token holders to lease their tokens to the Waves nodes and earn a percentage of the payout as a reward.
When leasing, the only thing to consider is to choose the right node operator, as the operator’s node may work with different efficiency and send back different percentages as rewards. Fair Proof of Stake is used to select a miner to generate the next block.
Waves-NG
Waves-NG is the protocol that chooses which node has the privilege to generate the next block, and it’s a variation of an idea that was initially suggested (but rejected) for Bitcoin (BTC). Waves-NG divides the Waves blockchain into two sorts of blocks: “key blocks” and “micro blocks.” A Proof-of-Stake miner is chosen randomly to create key blocks. A public key in this block is then utilized by other nodes to generate a large number of micro blocks containing transactions.
Smart Assets
The capacity to generate ‘Smart Assets,’ tokens with an associated script written in Ride, a Waves-native programming language, is key to the Waves network. By adding a script, any token can be given functionality. The scripts’ execution costs 0.004 WAVES.
Tokens and subsequent transfers are performed as transaction attachments because Waves allows users to create them without any programming skills. Various transaction types are added via plug-ins, implemented as extensions on top of the blockchain.
What Is the Waves Exchange
The Waves Exchange (previously Waves DEX) is a decentralized trading platform for Waves-based assets and other supported cryptocurrencies such as Bitcoin (BTC) and Litecoin (LTC). This includes a range of Neutrino-powered fiat stablecoins, such as GBP Neutrino (GBPN) and EUR Neutrino (EURN).
Waves Exchange bills itself as the world’s “safest cryptocurrency exchange” and “fastest DEX,” with exceptionally low transaction fees—at only 0.003% for each filled order. It doesn’t need customers to hand over custody of their assets while trading.
In addition to simple cryptocurrency trading functionality, Waves Exchange allows users to stake a variety of assets to earn a variable APR and provides a credit card purchase tool for Bitcoin (BTC) and USD Neutrino (USDN).
What Is the Neutrino Protocol
Neutrino Protocol is Waves’ flagship decentralized application and by far the most popular DApp on Waves. It’s a technology that allows users to issue stablecoins and other synthetic assets quickly. Stablecoins are pegged to fiat currencies such as the US dollar (USD Neutrino), British Pound sterling (GBP Neutrino), and the Japanese yen (JPY Neutrino), etc. Unlike traditional stablecoins like USD Coin, which are directly collateralized with the underlying currency, Neutrino synthetics are collateralized with crypto assets like WAVES tokens.
Neutrino Protocol is controlled by holders of Neutrino Token (NSBT), who can influence the protocol’s parameters and future development by voting on Neutrino’s governance platform.
The Neutrino Protocol also provides a feature known as ‘Decentralized Forex,’ which is the decentralized trading of the Neutrino Protocol’s price-stable assets and can be accessed using Waves Exchange.
Where to Buy Waves
Three options are offered when purchasing WAVES coins: A cryptocurrency exchange, the Waves DEX, and the Waves client.
As one of the leading digital currencies, Waves is supported by most major cryptocurrency exchanges, including the Binance exchange. Below is a list of exchange platforms that support Waves to help you get started.
Webull
Webull is a mobile app-based brokerage that launched in 2017. It provides commission-free stock and ETF trading. The platform is regulated by the Securities and Exchange Commission (SEC) and FINRA in the United States, and it’s even protected by the SIPC scheme, which covers investors up to a total of $500,000.
Users can make transactions for as low as $1, and there are no transaction fees. Webull instead charges a 100bps (1%) markup integrated into the price of your chosen asset. Webull allows you to buy Bitcoin and other cryptocurrencies, including WAVES. Additionally, it also includes advanced charting and technical indicators for various skills levels. The app is easy to use and has two-step authentication to increase its security.
Paybis
Paybis homepage
Paybis is a global cryptocurrency exchange headquartered in Glasgow, Scotland, that operates in over 180 countries and supports 50+ cryptocurrencies, including WAVES. It’s a good alternative for individuals who travel regularly and want to buy or sell cryptocurrencies from wherever they are.
Paybis acts as a broker for its customers. It doesn’t presently offer any cryptocurrency wallets on the exchange, but it intends to do so in the future. Customers must be conversant with cryptocurrencies and know how to set up and transfer funds to an external wallet.
Huobi Global
Huobi Global homepage
Huobi Global was launched in 2013 and has since evolved to become one of the largest cryptocurrency exchanges in the world, with a total trading volume of US $1 trillion. Huobi has over 5 million members in over 130 countries and accounts for 50% of all digital asset transactions globally. Huobi Global doesn’t accept citizens of the United States or Canada.
Coinbase
Coinbase homepage
Coinbase is the largest cryptocurrency exchange in the United States, supporting more than 100+ coins, including WAVES. Coinbase’s fees, on the other hand, are perplexing and far higher than those of its competitors. While Coinbase’s security features are appealing, cryptocurrency trading is highly volatile, so be sure to assess the risks.
Except for Hawaii, residents of the United States can trade on this exchange.
eToro
eToro is one of the most widely used financial services platforms globally. It provides exposure to a wide range of asset classes and cryptocurrencies such as WAVES and major cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Ripple.
eToro offers customers numerous benefits, including commission-free trading, a quick account opening procedure, and an Imitate Trading feature that allows you to copy the moves of some of the finest traders in the world. On the other hand, it only supports one base currency and charges a $10 inactivity fee after a year of inactivity.
The fees at eToro are very competitive and in line with other exchanges in the digital assets industry. You may buy WAVES coins without paying a single cent in fees. The broker will charge you a 0.5% Forex fee when you make a deposit, and it’s pretty straightforward to deposit and withdraw funds. Payment methods accepted by the platform include PayPal, Neteller, and debit cards.
How to Buy Waves
Waves price page on CoinStats
Now that you know what makes Waves unique, you can follow our simple step-by-step guide below to buy WAVES coins!
Let’s get started.
Step #1: Select a Cryptocurrency Exchange
You must compare cryptocurrency exchanges to choose the one that supports Waves and suits your investment needs best. Some of the features to consider are trading fees, supported deposit methods, customer support, ease of use, and local requirements.
Step #2: Create an Account
Once you’ve selected a trustworthy cryptocurrency exchange, you can open an online account to purchase WAVES. You need to enter your email address, create a unique username, and set a strong password on your account using the exchange’s recommended guidelines.
The prerequisites vary based on the platform you choose. Most platforms will require additional information such as your name, contact number, home address, social security number, and a copy of your driver’s license, passport, or government-issued ID.
If you want to deposit fiat money from your bank account to purchase the WAVES token, you may be required to identify yourself using a webcam or smartphone in compliance with Know Your Customer (KYC) regulations.
Once you’ve undergone the verification process, you can also enable the two-factor authentication system (2FA) to add an extra layer of security to your account.
Step #3: Fund Your Account
After setting up your account, the next step is to deposit funds to buy WAVES coins and other cryptocurrencies. You can use your bank account, debit/credit card, or Cryptocurrency from another crypto wallet. The payment method you use will be determined by the trading platform, location, and preferences.
It’s beneficial to link your debit card to your crypto account because it allows you to make instant or recurring transactions, but be aware that there may incur an additional fee. Transfers from a local bank account are usually free, but you should double-check with the platform you’re using.
Step #4: Purchase a Wallet (Optional)
We strongly advise you to create a private wallet with your own set of keys to store your Cryptocurrency securely. Depending on your investment choices, you may pick one of two types of cryptocurrency wallets: software wallets or hardware wallets.
A hardware wallet, also known as cold storage, is a physical device that holds the private keys required to receive or send Cryptocurrency. Hardware wallets are generally regarded as the safest way to store your Cryptocurrency because they provide offline storage, which reduces the chance of a breach. They are password-protected and will wipe all information after several failed tries, avoiding physical theft. Hardware wallets also allow you to sign and confirm transactions on the blockchain, providing an additional degree of security against cyber threats.
The Ledger wallets are undoubtedly the most secure hardware wallets for users of all skill levels. The Ledger Nano X is best suited for skilled crypto traders and provides storage for a wide range of assets, including Waves tokens.
On the other hand, a software wallet is the most user-friendly crypto wallet, allowing you to quickly engage with various decentralized finance (DeFi) applications. However, software wallets are subject to security breaches as they are hosted online. So, if you want to keep your private keys in software wallets, conduct due diligence before choosing a wallet to avoid security issues. We recommend a platform that offers 2-factor authentication as an extra layer of security.
You can also create a Waves digital wallet by visiting the Waves platform and choosing the “Get Waves” option on the homepage. This will walk you through creating an account and obtaining a digital wallet.
Step #5: Purchase WAVES
After you’ve funded your account, go to the convert page of the trading drop-down menu to convert your crypto or fiat currency to WAVES. Select the currency you want to convert from the list of available currencies and enter WAVES as the Cryptocurrency you want to convert into. Select the number of coins you wish to purchase, click ‘Exchange now,’ and you’ll then be asked to enter your wallet address. WAVES coins will appear in your wallet shortly.
Another way is to place a limit order that lets you set the price at which you want to buy Waves (WAVES). The trade will only be realized when WAVES reaches your desired price or below it.
What to Consider When Buying Waves
There are inherent risks in cryptocurrency trading due to the speculative nature of the cryptocurrency market, which accounts for the volatility of cryptocurrency prices. Consider the following before buying WAVES coins:
Supply: According to the platform, WAVES has a total supply of 100,000,000.
The Waves Platform’s Objectives: The WAVES team was designed to appeal to businesses interested in finding blockchain solutions to their enterprises’ challenges and using the blockchain for their own objectives, such as crowdfunding and loyalty programs. Companies can use the Waves wallet and their supply of WAVES tokens to swap, release, and mine their own tokens on the Waves DEX. The Waves platform aims to make the blockchain accessible to everyone and eliminate any barriers to the development of blockchain applications.
Performance: Before you decide to purchase WAVES, you should investigate the patterns underlying the increase and decline of the WAVES prices. However, you should be aware that the past performance of WAVES is no guarantee of future performance.
How to Sell WAVES
You can cash out your WAVES coins with the same exchange by placing a sell order:
1. Sign in to the exchange where you have WAVES.
Compare crypto exchanges to sell your WAVES coins if you keep them in a digital wallet.
2. Place a sell order.
Select the amount of WAVES you want to sell.
3. Complete your transaction
Confirm the sell price and fees, and then complete your sale of WAVES tokens.
Closing Thoughts
Waves makes it simple to issue your own token and use basic blockchain capabilities. The platform is suitable for investors wanting to organize a crowdfund or build a basic loyalty coin for their company. With the addition of smart contract functionality to the Waves MainNet, the platform is becoming a competitive platform that enables third parties to build decentralized applications (DApps).
Another advantage of Waves is its ease of use, letting anyone design a personalized token with a few clicks and little knowledge of the underlying technology. Additionally, the Waves Exchange and Neutrino Protocol are two of the most successful platforms built on Waves.
Waves is transitioning to Waves 2.0, which will be compatible with the Ethereum Virtual Machine (EVM), allowing applications to interact with the main network, powering smart contracts and other applications. This will make Waves more interoperable and enable it to interact with other major blockchains like Ethereum.
If the Waves team continues to improve the network’s speed and usability, the platform will significantly grow in popularity.
Platforms like CoinStats make it easy to purchase WAVES using fiat currency, credit or debit card, a bank transfer, or other crypto coins. You can also benefit from our CoinStats blog to learn more about wallets, cryptocurrency exchanges, portfolio trackers, tokens, etc., and explore our in-depth buying guides on how to buy various cryptocurrencies, such as How to Buy Dash, What Is DeFi, How to Buy Cryptocurrency, etc.
Investment Advice Disclaimer: The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice. This is not an endorsement of Cryptocurrency or any specific provider, service, or offering.
Investments are subject to high risk, including the possible loss of principal. Cryptocurrency is a highly volatile market and is sensitive to secondary activity. Do your independent research, obtain your own advice before making any investment decision, and only invest what you can afford to lose. CFDs are complex instruments, and there are significant risks involved in trading CFDs, stocks, and cryptocurrencies. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider your own circumstances and obtain your advice before making any investment. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.
South Korea Begins to Fulfill President Elect’s Pledge to Bolster the NFT Ecosystem – Bitcoin News
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An announcement by South Korea’s Ministry of Culture, Sports and Tourism appeared to fulfill incoming President Yoon Suk-yeol’s pledge to bolster the metaverse ecosystem after saying it will adopt a non-fungible token (NFT) copyright policy.
Supporting the Metaverse Ecosystem
The South Korean government appeared to fulfill president-elect Yoon Suk-yeol’s campaign pledge after the Ministry of Culture, Sports and Tourism announced on April 12 that it will adopt an NFT copyright policy. This copyright policy is expected to help South Korea deal with the scourge of fake NFTs as well as to support the metaverse ecosystem.
According to a report by Ajunews, Yoon Suk-yeol had during his election campaign promised to “nurture a new concept digital asset market through NFT activation.” In addition, the incoming president had said he would revitalize the token economy once he was elected.
Indeed, following the April 12 announcement, South Korea’s government — via the Ministry of Culture, Sports and Tourism — unveiled an order for “metaverse/NFT-related copyright issues research service.” At the same time, the ministry is presently preparing for what the report called “the selection of a company and the formal contract process.”
Solving NFT Copyright Problems
The Ajunews report said the ministry and the Presidential Transition Committee are currently assessing policies relating to NFTs.
“It is a stage where we are continuously discussing the NFT policy with the takeover committee,” explained an unnamed official from the ministry.
The official added that the objective of these efforts is to ensure South Korea comes up with solutions to copyright problems that may result from the use of NFTs.
What are your thoughts on this story? Tell us what you think in the comments section below.
Terence Zimwara
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Fincap
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Japan’s most popular social messaging app Line adds NFT marketplace
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Japan’s largest social media app, Line has officially launched its own non-fungible token (NFT) marketplace called LINE NFT.
Partnering with Yoshimoto Kogyo, a major Japanese entertainment conglomerate — the LVC Corporation, Line’s crypto and blockchain manager — will offer approximately 40,000 different NFTs to its 90 million users.
The first wave of soon-to-be-released NFTs will include videos from the company’s in-house, Yoshimoto NFT Theatre, as well depictions of characters from well-known anime series, Patlabor the Mobile Police, with more to come on offer in the coming months.
Also NFTs from the iconic anime series Patlabor the Mobile Police, and NFTs of other popular characters. At a later point, more #NFTs from a variety of genres will be available.#nftigoo#NFTanimepic.twitter.com/32ZGRbt0Lb
Users will store their purchased NFTs in the LINE BitMa wallet, a product offered in conjunction with crypto-exchange BitMax.
The app adds NFT capabilities to a growing list of crypto-ready features, after introducing the option of allowing users to pay for items with its native LINK token (LN) at any of LINE Pay’s online merchants, earlier this year.
Line has a reputation for being among the first major technology companies in Japan to adopt cryptocurrency and blockchain technology, after launching its very own crypto exchange in 2018.
Related: Japanese business giant Nomura to explore crypto and NFTs with new unit
NFTs are becoming increasingly popular throughout Japan, despite the country’s relatively strict crypto regulations. The Japanese financial services conglomerate Nomura Holdings is the latest major player in the country to develop an action plan for implementing NFTs.
Earlier this year, major Japanese e-commerce firm Rakuten announced the launch of its own NFT trading platform, dubbed Rakuten NFT.
Acala, Anchor Protocol team up to unite Terra, Polkadot Ecosystems
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Anchor Protocol, a savings and borrowing protocol built on Terra blockchain, entered a partnership with Acala, a DeFi network built on Polkadot, to increase liquidity and yield opportunities to both the Polkadot and Terra DeFi ecosystems.
Growing the decentralized stablecoins for aUSD and UST will enable all the projects within both ecosystems to harness increased opportunities offered through decentralized finance. Terra is being used at scale as collateral for the second-largest crypto collateralized stablecoin UST, which now sits at $7.2 billion in market capitalization.
Meanwhile, Acala recently announced a $250 million ecosystem fund that aims to accelerate the development of DApps that use its stablecoin, Acala USD (aUSD), on Polkadot. Polkadot is an interoperability network that connects many application-specific blockchains, dubbed parachains.
The aUSD stablecoin lies at the heart of Acala’s DeFi offerings. It can be minted using collateral tokens on the Polkadot blockchain, including Polkadot (DOT), Kusama (KSM), Acala (ACA), and Karura (KAR), and then be staked for yield.
Acala and Karura — Acala’s Kusama-based parachain — will initially help expand Anchor’s collateral options for the UST stablecoin with Liquid DOT (LDOT) and Liquid KSM (LKSM), Acala’s yield-bearing liquid staking derivatives.
Bringing together the Dotsama and Terra ecosystems
Polkadot and Kusama users will soon be able to access Anchor yield using their LKSM and LDOT by first transferring their liquid staking assets to Terra via Wormhole, then providing their LDOT or LKSM as collateral to borrow UST on Anchor. This functionality will introduce a whole new group of Dotsama (Polkadot and Kusama) users to the Terra ecosystem.
aUSD is native to the Polkadot and Kusama ecosystem, meaning it can be transferred cross-chain to any parachain or dApp in the ecosystem with zero trust or bridge risk. Furthermore, as the default trading and routing asset of the Polkadot ecosystem, aUSD will give UST users a gateway into the Polkadot ecosystem to leverage their UST or aUST for further yield opportunities.
Acala and Anchor intend to create UST/aUSD pools, initially on Acala, and then later expand to multiple other parachains and Layer 1’s. The pools will significantly enhance the liquidity for aUSD and UST while enabling collaborative efforts to grow the decentralized stablecoin space.
The teams will also work together to stand up deep liquidity pools for aUSD and UST on Acala, serving as a gateway into the Polkadot ecosystem for UST users.
As DeFi lending grows in popularity, earning above-average yields will be on the minds of participating investors. Partnering to provide increased access to Stablecoins across both ecosystems is a way for Acala and Anchor to offer higher returns.
Wormhole cross-chain interoperability
The announcement follows recent news that Acala and Karura will connect Polkadot and Kusama to the Wormhole Multi-Chain Bridge. Wormhole’s cross-chain interoperability will enable Karura and Acala users to leverage cross-chain assets and access over $200 billion of liquidity from leading layer-1 networks.
Using Wormhole’s cross-platform and shared liquidity, Acala and Karura will enjoy connections to high-value layer-1 networks supported by Wormhole, including Ethereum, Avalanche, Solana, Fantom, and Polygon, Oasis, and Terra.
The two teams will continue to build more integrations and deployments in the Acala and Terra ecosystems, using these initial integrations as a foundation.
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We have some amazing news for you: Recently, in the seed round, CoinStats received $3.2M from a number of prominent investors in the field. The round was led by Alex Pack’s Hack VC and included Mike Dudas’s 6th Man Ventures. This means that extended DeFi functionality is coming to CoinStats sooner rather than later!
On the occasion of CoinStats stepping into this new stage of development, CoinStats Founder & CEO Narek Gevorgyan sent you an official letter, saying:
“I am writing first and foremost to break the good news: CoinStats closed its seed round with $3.2M of funding. Congratulations, this is also your achievement, because you — our community — are the main reason why we do what we do. With the new funds, we will expedite our product development and growth delivering better financial products and helping you achieve financial freedom.
We are living in a very transformative stage and this directly applies to the field of finance. The future of financial institutions is decentralized finance, which is why CoinStats is working to become a lively hub that houses all your holdings, the one place where you can manage all your DeFi operations. Soon enough everyone, from the goth next door to the grandma on the bench in the park, will be able to access DeFi hassle-free via CoinStats. Crypto is everyone! Accessibility is key.
We’re taking our mission of empowering people to effectively manage their crypto portfolio via an easy-to-use platform to the next level. The funding we received will serve this goal. Read more about it here.
Thanks for being with us. Let’s march on!”
Excited to announce that @CoinStats has raised $3.2m in funding.
Thanks to @alpackaP & @hack_vc for joining us in our mission to shape the future of DeFi.
And, of course, thanks to our community for empowering us to be better every day.https://t.co/AQcYH2QqzZ
CoinStats is in for a big change. Soon enough you will be able to earn on your crypto, instead of just hodling. CoinStats will become a DeFi aggregator, curating the safest and most profitable opportunities for the community to take advantage of. Stay tuned for our own cryptolution!
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD still trading above $41,000 Thursday, having reclaimed the $40,000 mark during the move higher.
“So far so good, I expected a move to 41k but I doubt about going for an extra leg down to the green box (blue),” popular trader Crypto Ed commented overnight alongside a chart with near-term price targets.
“Coming hours a bit more up, followed by a correction. Retest of 40.5k and when that holds, we’ll go for 42-43k (white). Lose 40.5k and we’ll go for green box.”
BTC/USD chart. Source: Crypto Ed/ Twitter
$40,500 showed no signs of falling at the time of writing, with volatility ebbing into Thursday and Bitcoin seeing no major threat to its bounce.
Zooming out, others took the opportunity to argue that despite the lack of bullish sentiment, Bitcoin itself was far from bearish this year.
The lower the time preference, the less cause for panic — year to year, fellow analyst TechDev demonstrated, Bitcoin had more than a passing resemblance to traditional market behavior, even after dropping over 50% from November’s all-time highs.
In focus this month was a similar chart pattern between Bitcoin now and the Dow Jones from the start of the 1990s.
“Times change. Assets change. Macro aggregate human behavior usually doesn’t,” TechDev summarized.
Bitcoin’s stocks correlation is nonetheless a cause for concern for some, with a drawdown tipped to impact price significantly.
Exchange withdrawals heat up
For Blockware lead insights analyst William Clemente, meanwhile, there were other reasons to keep the faith.
Cryptocurrency exchanges were losing BTC reserves at a rate rarely seen before, he noted Wednesday, implying that any rise in demand would compete with a rapidly-dwindling supply, boosting price performance further.
“On only 3 other occasions have we ever seen Bitcoin withdrawn from exchanges at this rate,” he wrote alongside data from on-chain analytics firm Glassnode.
Glassnode’s net position change indicator tracks both upwards and downwards changes in balances on 18 exchanges.
Exchange net position change annotated chart. Source: William Clemente/ Twitter
Exchange withdrawal spikes are a much debated phenomenon, and excitement among pundits has increased this year in line with accelerating demand.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Who Was GameFi’s Biggest Winner in March | March Monthly Report
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GameFi projects showed strong resistance to the negative macro environment in February and March, with many areas of development not only growing steadily but breaking out against market trends.
Footprint Analytics data shows that the number of GameFi game projects went up to 1,406, up 5% MoM. Trading volume at the end of the month was $129 million, up 154% MoM. Active users increased 56% from February. It is worth noting that the two game projects, Par War Online and DeFi Kingdoms, have increased by more than 25,000% in active users in the past 30 days.
The following will analyze the overall situation for GameFi in March using data.
GameFi Market Overview
GameFi Project Count Up 5% MoM, BSC Project Count Up 1303% YoY
Looking at the overall development of GameFi, many blockchains and gaming projects have emerged in the past year. According to Footprint Analytics, as of March 31, there were 35 blockchains participating in the GameFi sector, with 1,406 game projects in total, up 5% MoM.
Footprint Analytics – Number of GameFi Protocols by Chains
Although most of the early projects were concentrated on Ethereum, due to the impact of network congestion and high gas fees, the poor user experience slowed down the pace of development. Instead, on-chain gaming projects such as BSC, Polygon, WAX and EOS are gradually increasing.
Notably, BSC has the fastest growing project count, up 1303% YoY. It has low gas fees and a throughput 5 times higher than Ethereum, with 449 gaming projects deployed on BSC by the end of March.
At the same time, some chain’s have faced the problem of having one project driving the entire ecosystem.
For example, Splinterlands has single-handedly driven the development of Hive, which has been a Top 5 GameFi project by number of users for the past three months. There is also DeFi Kingdoms on Harmony, which surpassed Axie Infinity multiple times in March in daily trading volume the become the largest project according to this metric.
Footprint Analytics – Top 10 Games Ranking by Volume
GameFi’s Trading Volume Picks Up, Active Users Up 56% MoM
The number of users is the key to the healthy operation of the entire GameFi ecosystem. If there are no users, the game project will become worthless. As of March 31, the total number of active users was 10.96 million, including 1.27 million new users. Compared to February, the number of active users increased by 56%.
Footprint Analytics – Monthly Gamers TrendFootprint Analytics – GameFi New Users by Chain
Par War Online and DeFi Kingdoms are the games that are driving GameFi’s rapid growth in active users. In the last 30 days, active user growth has been 28,931% and 25,319%, respectively. These two games are attracting users primarily because of their high revenue generation opportunities, such as the 300% to 400% APY LP for DeFi Kingdoms.
According to Footprint Analytics data, GameFi’s trading volume has been on a downward trend due to the Russian-Ukrainian conflict. It was only after March 21 that volume picked up quickly, ending the month at $129 million, up 154 percent from February. It gradually recovered from a per capita volume of about $30 to $105 per capita.
Footprint Analytics – GameFi of Volume TrendFootprint Analytics – GameFi Volume and Transactions per User
As can be seen, although the GameFi market showed a downward trend in transaction volume due to the macroeconomic impact, it quickly rebounded after late March with more new users engaging in the GameFi sector. This means that sensible tokenomics and products can create games that engage users.
The data shows that GameFi investments in March were $458 million, an increase of 307% compared to February. In terms of investment sector, NFT and Web3 in the GameFi category saw the largest increases.
As the number of GameFi protocols increases, the influx of blockchains such as BSC has broken the slow pace of Ethereum in the GameFi sector, contributing to the continued inflow of funding.
Footprint Analytics – Gaming Financing distribution
The financing received by GameFi projects mainly comes from seed rounds, the main reason behind this phenomenon is that the GameFi industry is in the early stage, and the development cycle of quality game projects is long, which is also the trend cycle for investors to observe the industry.
Footprint Analytics – Monthly Number of GameFi Projects Funded
Game Projects That Accelerate GameFi’s out of the Circle in March
Footprint Analytics believes that GameFi is one of the most effective means of attracting new users into crypto. Opportunities with stronger gameplay and higher yields will become the main focus in GameFi in the future.
Footprint Analytics – Ranking of Daily Gamers (March 31)
Hot Game Projects
Having a multi-game ecosystem and interoperability between games is more attractive for user participation.
From the number of users and the number of transactions, it can be seen that in March, there were many GameFi projects in which users participated in transactions. But the more popular ones were DeFi Kingdoms, StarSharks and Thetan Arena. The number of users and transactions of the three game projects are on the rise.
Starsharks is the BSC project with the largest user growth. It leverages the innovative Rent to Play model, where players can buy or rent NFTs through the platform’s native leasing feature to facilitate full utilization and liquidity of NFT assets.
Starsharks’ retention rate in March was 13%, and the overall user retention rate is declining. By comparison. Cryptokitties (a popular Ethereum chain game) had a retention rate of 1.2% in March.
This shows that innovation and project liquidity are important to retain users.
According to Footprint Analytics data, MetaverseMiner’s user numbers and transactions are crashing. Once players earn less revenue (in terms of a stable token or fiat), highly experimental games like this often face the loss of traffic.
March also saw one of the largest security breaches in GameFi history. On March 23, cybercriminals stole $622 million from Axie Infinity users in cryptocurrency. As a result, the number of users decreased.
Despite the tense situation in Europe and a negative market trend, the GameFi industry continued to expand in number of projects, transaction volume, users, and investments.
On the other hand, the industry suffered several setbacks, especially in terms of security. The news about Axie Infinity, considered extremely secure, shook confidence and highlighted the need for increased diligence and research when investing.
March Events Review
NFT & GameFi
Axie Infinity Tokens AXS, SLP Reeling After $622M Ronin Hack
Average weekly trading for NFTs fell 54% MoM
Card game Cross the Ages completes $12 million seed round
Fidenza #692 NFT Sold for 320 ETH, Worth Nearly $1M
Estee Lauder to Distribute NFTs During Decentraland Metaverse Fashion Week
Metaverse & Web3
Meta launches Metaverse Engineering Center in Canada, will recruit up to 2,500 staff
Web3 portal project Mask Network announces a partnership with decentralized privacy protocol Mystiko
Web3 Platform Op3n and Avalanche Foundation launch a $100 million creator fund
Polygon Studios and Metaverse AI Enter into Strategic Partnership
Web 3 Game Development Platform Joyride Raises $14M Ahead of Launch
DeFi & Tokens
$100M Wave Financial Fund Offers Liquidity to New Cardano DeFi Platforms
iZUMi Finance Lists Arbitrum, TVL on Arbitrum Chain Exceeds $16 Million Within 24 Hours
Cashio attackers will refund users who lost less than $100,000
New York Fed Brandon Neal appointed COO of DeFi protocol Euler Finance
IoTeX Launches $100M Sustainable Ecosystem Fund
Network & Infrastructure
Astar Network Total Value Locked (TVL) crosses $1 billion
Terra’s market cap hits all-time high
USDC issuance on the Avalanche chain exceeds $900 million
The total amount of NFT transactions on the Avalanche chain exceeded $200 million, a record high
Terra founder talks about “$10 billion Bitcoin reserve” plan again
Institutions
Italian banking giant UniCredit fined $144 million for illegally closing accounts of crypto miners
Crypto.com to run ads during Oscars in support of Ukraine
Sequoia China plans to raise more than $8 billion through four new funds
Fidelity Launches Two New Bitcoin ETPs on Swiss SIX Exchange
Bank of America gives crypto bank Silvergate Capital a buy rating and $200 price target
Worldwide
Indian MP proposes raising crypto tax higher than 30%
The city of Rio de Janeiro plans to accept Bitcoin payments for real estate taxes starting in 2023
Russia’s Central Bank Steps Up Monitoring of P2P Transactions Including Cryptocurrencies
US Lawmaker Says Bitcoin Is Aligned With American Values, Will Strengthen the Dollar
New U.S. bill bans crypto firms from doing business with sanctioned companies
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