He believes there’s clear market demand for a reliable stablecoin choice, given the collapse of UST and the recent instability caused by the de-pegging of USDC. Stabolut’s new Bitcoin-backed stablecoin, USB, aims to operate without a banking system and protect itself from regulatory crackdowns. It will power cross-chain transactions and work with Bitcoin-compatible wallets and other blockchain services. Stabolut claims to be backed by the founders of Dextools.io. The text also mentions that this month, USDC from Circle lost its peg due to the collapse of Silicon Valley Bank.

Stabolut has launched a fully decentralized, dollar-pegged stablecoin called USB. The stablecoin operates without a banking system and aims to protect itself from regulatory crackdowns. It is backed by shorting Bitcoin via a Bitcoin inverse perpetual swap and eliminates the need for bank accounts. USB will power cross-chain transactions and work with Bitcoin-compatible wallets and other blockchain services. Stabolut is the issuer of the stablecoin and is building a complete ecosystem for payments around the globe. USB aims to solve the issues and concerns other stablecoins have, and its goal is to become one of the most widely used stablecoins.

Stablecoins offer an alternative to traditional banking, that are made for cryptocurrency exchanges. The industry heavily relies on banks for customer deposits, making stablecoins vulnerable to various banking issues. Stablecoins, pegged to fiat currencies or other assets, unlock the necessary capabilities for the industry to function.

BitMEX co-founder Arthur Hayes points out that the industry needs stablecoins to mitigate counterparty risks, enhance user privacy, and grow beyond the limitations of fiat backed stablecoins. The recent collapses of three major crypto-friendly banks caused significant damage to the digital asset market, with the dollar-pegged stablecoin USDC losing 10% of its value and Bitcoin experiencing significant withdrawals. However, the market has since recovered, with Bitcoin surpassing the $29K price level. The Federal Reserve, treasury department, and FDIC have also assured depositors that they will have access to their funds.

StartupFortune reached out to Stabolut for comment about USB’s approach to building a resilient and private stablecoin. This is what Julian Beltran, co-founder and CTO had to say:

Q: When did Stabolut start to work on USB?

A: The development of USB began in October of last year when developing the crypto wallet, stablecoin design, and pegging mechanism. Stabolut anticipates having a private beta shortly and a public beta by June 2023.

Q: What is your go to market strategy, are you focused on attracting Bitcoin holders?

A: Our go-to-market strategy is to target the broader crypto community, including both Bitcoin holders and holders of other cryptocurrencies. Our aim is to provide a stablecoin that can be used as a store of value and a medium of exchange within the crypto ecosystem, and we believe that USB’s unique features and benefits will appeal to a wide range of users. Additionally, we plan to partner with key players in the industry, such as exchanges and wallets, to increase the availability and adoption of USB.

Q: Do anticipate a lot of users from all over?

A: Since USB is a decentralized stablecoin that is not tied to any specific region or jurisdiction, it has the potential to attract users from all over the world who are interested in using a stablecoin that is censorship-resistant and not subject to the same counterparty risks as fiat-backed stablecoins.

Q: How have you designed your stablecoin to scale?

A: USB is designed to scale through a combination of technical and market-making mechanisms. Technically, USB is built on the Polygon network, which offers fast and low-cost transactions, making it scalable for a large user base. Additionally, USB uses a unique pegging mechanism that involves shorting Bitcoin using a Bitcoin inverse perpetual swap, which allows for efficient market making and arbitrage to maintain the peg. This mechanism ensures that USB is always backed by assets and remains stable at the US dollar value, even during periods of high volatility in the cryptocurrency market. Overall, these technical and market-making mechanisms allow USB to scale and maintain stability, providing a reliable and efficient stablecoin option for users.

USB will work with Bitcoin compatible wallets, protocols, and other blockchain services. Keep your eye on the Stabolut project, in its early stages.

Tagged with: Stabolut, USB, Arthur Hayes, Julian Beltran

Astar network on Polkadot keeps rugging community big time with core team involved IDO scams from CryptoCurrency

Astar Network
Reddit https://www.reddit.com/r/CryptoCurrency/comments/vuxgu0/astar_network_on_polkadot_keeps_rugging_community/

They have mentioned it is not a simple contest, but a championship with two rounds. 20 Winners from the first round will be selected and they compete against each other in the final round.

In the final round participants can win:

1. First prize 2000 $ASTR tokens.
2. Second prize one StarCards NFT
3. 5 Third prizes of one Samui NFT each.

Star Swap MEME Contest Dates:

First round begins at 3PM UTC Monday (June 13th) and ends at 3PM Thursday. Results at 4PM UTC Thursday.

Final Round begins at 4PM UTC Thursday and ends at 4PM Saturday. Results at 5PM UTC Saturday.

How to participate?

• Follow StarSwap on Twitter and join our Discord
• Simply create a StarSwap or Astar-themed meme (or many memes, participants are allowed to create as many memes as they like) and post it on your twitter using the hashtag #StarSwapMeme
• Share the link to that twitter post (the meme post) in the #memes-fan-art channel in our discord.

Winners are selected according to the total engagement their memes get (number of likes, shares and replies on twitter ~ number of reactions on discord). If you post multiple memes (which will increase your chances to win), your score will be the score of the meme with the best engagement.

First round winners will be selected 72 hours after the event starts, and the final round winners will be selected after the next 48 hours.

Tips: Your meme can be about StarSwap or  Astar in general, but you’ll probably want to flatter the StarSwap community because they will account for a lot of the votes. Votes on Twitter AND Discord count for winning so you’ll want to increase your reach with hashtags, tagging friends etc. So make sure to invite your friends now so they can help you win after the elimination round!

*Participants must be following @StarSwap on Twitter and be a member in our Discord to be eligible.

Source: StarSwap Blog.
URL: https://starswap.net/blog/astar-meme-championship-with-prizes-in-astr-starcards-and-samui-nfts/

Tagged with

• Remove term: Astar Network Astar Network
• Remove term: StarSwap StarSwap
• Remove term: Star Swap Star Swap
• Remove term: StarSwap DEX StarSwap DEX
• Remove term: Astar MEME Contest Astar MEME Contest
• Remove term: Astar DEX Astar DEX

As stated in Ultron’s whitepaper the team recognizes the problem in too many projects focusing on creating competing solutions with competing tokens, instead of emphasizing complete ecosystem growth by using the same native coin for the whole palette of services. The solution to the stated problem is doubling down on a single native layer 1 coin. 

Ultron Blockchain – Single coin to rule them all 

As Steve Jobs famously put it: “Simplicity is the ultimate sophistication.” 

One of the biggest hurdles holding the crypto mass adoption back is the complexity of the services the market offers. Ultron’s team set out with a simple, yet powerful mission: Enabling anyone, no matter their economic background and technological understanding to participate in the future of the digital asset market. 

As one of Ultron’s representatives told us: “We strive to design an ecosystem that will be simple enough for your grandma to handle her savings, and powerful enough for your hedge fund manager to maximize their portfolio potential.”

With a single native Layer 1 coin, the Ultron ecosystem will grant its users access to all the digital assets they need; myriads of applications and services all in one place. Furthermore, Ultron’s solution will be cost-effective, easy to understand, and capable of delivering the expectations of a passive gain generation of a wide and ever-growing pool of digital assets holders while mitigating risks. 

As stated in Ultron’s whitepaper, their ecosystem will consist of various dApps, stemming from a decentralized exchange (DEX), De-Fi applications such as farming, swapping and liquidity pools, a native NFT platform and much more. The team also plans to announce a solution that will finally bridge Ce-Fi and De-Fi in a way that has never been done before.

Best part? Without taking an active part in the ecosystem, ULX holders will be able to stake their coins as validators and receive up to 13% APY, while further securing the blockchain. 

About Ultron Foundation 

Ultron Foundation is an emerging blockchain project that aims to offer scalability, security, and faster transaction throughputs, without compromising one for another. By adopting cutting-edge technologies and developing its native token, ULX, the team is on the fast track of becoming one of the new leaders in crypto space. Ultron Foundation is building a wholesome ecosystem that will roll out new dApps rapidly, first of them being released in the next two weeks, and even more to come at the end of the month. Follow them on Twitter and Instagram to be up to date. 

Here are the eight other times Bitcoin experienced major crashes.

2011: In June 2011, BTC had a massive 99% dip in the price, the price of BTC during the time fell to a single penny.

2012: In August 2012 BTC experienced a price crash of 56%.

2013: In April BTC’s price fell from $250+ to $50, losing almost 83% of its value.

2013: In December 2013 China announced a Bitcoin ban and the BTC value crashed by 50%.

2017: In December 2017 Bitcoin got hit again after the massive rally that reached $20k. The price fell to $12k shortly after, a 45% crash.

2018: In December 2018, after a minor recovery, bitcoin crashed again losing its value by 60%, this time BTC reached $5k. 2017/18 time should be considered the biggest Bitcoin crash as it’d affected hundreds of thousands of investors around the world.

2020: In March 2020 another 50% price crash happened to Bitcoin, which crashed from $10k in Feb to $4k in March.

2021: In May 2021 bitcoin took another massive hit. After reaching an ATH of $64k, the price crashed by 53%.

Yet, here were are at BTC trading at $40k today. You don’t lose anything until you sell it and never invest more than you can afford to lose.

Watch video: https://www.youtube.com/watch?v=mV_xNiGuOX8

But, what many don’t realise is, the fundamentals of Fantom have not changed, in fact it’s only getting better. In this video, let’s talk about 3 development updates, the three major things confirmed to happen to Fantom, that are big, powerful and going to bring positive changes to the ecosystem and to the value of FTM.

The first one is the big network upgrade that, the team promised to bring to tackle the network congestion, and to improve speed and performance. It has started already and that’s the main reason why you are seeing a green price action for FTM right now. This upgrade will smooth transactions and increase scalability creating an ideal environment for a greater market adoption, even faster transactions with more reasonable gas fees.

Now, the second one, it is bigger than any other updates Fantom ever had, it is the implementation of the Fantom Virtual Machine, FVM.

The Fantom Virtual Machine adds a new element of innovation surpassing the Ethereum Virtual Machine. This includes utilising an automatic checking for smart contracts increasing efficiency and security. The team is already working on it full time and, plan to bring the first version by the end of the year.

The last but not least of the upcoming developments is the inevitable listing of FTM on CoinBase.

So far the team has been focused on building a fantastic platform, transforming fantom to one of the most used DeFi ecosystem. How much longer do you think it is going to take the US exchange to finally list it? It won’t be long at all. Despite all the FUDs and drawbacks caused by individuals, the demand and popularity of fantom keeps increasing. Sooner or later CoinBase will have to finally decide to list FTM.

Fantom is rapidly moving in a positive direction with the easy to begin infrastructure and user friendly DeFi applications. It’s in these moments you should remember the famous quote of Warren Buffet, “Be greedy when others are fearful, and fearful when others are greedy.”

Diamond (Diamond) tokens are native to the Fantoon NFT platform, of the Pumpkittens GameFi ecosystem. It’s a rare, utility driven token launched through a community LGE with Fantom’s DEX SpiritSwap. Diamond tokens also introduces an emissions based LP building concept to increase the tokens expansion benefitting the community as well. Fantoon has an NFT launchpad, and various decentralised games, from all which token holders benefit. More details can be found at: https://docs.pumpkitten.com/fantoon/introducing-diamonds

Diamond Coin Data on CoinGecko

Tagged in: Diamond Coin, Diamond Token, Fantom Diamond, FTM Diamond, Diamond Crypto.

Source: https://www.coingecko.com/en/coins/diamond-coin

That’s not all. The team revealed that its whitelist will officially begin from March 7th, two days before the IDO. Whitelist offers a competitive advantage to investors that enroll in that they will have better access to the tokens when the public sale goes live.

According to the team, 20 million of $DGE tokens will be offered on the day of the public sale for 0.08 USDC per token. $DGE is the governance token that is used for staking, voting, and rewards.

What’s DarleyGo?

DarleyGo is an NFT game that runs on the Solana Network, known for its efficiency, scalability, and stability. It is a mythical horse racing game that combines adventure and imagination to keep players immersed in the intuitive game universe. Players acquire, collect, breed, race, and even train their virtual horses.

DarleyGo is amongst the crop of games that emerged from the blockchain space in the last couple of months, disrupting the gaming world. Since 2019, the blockchain gaming industry has massively transformed, with interest in the NFT games at its peak.  

In 2020, the industry generated over $161 billion in revenue. The previous year was $11 billion short, and experts predict that revenue generation will hit $320 billion in 2024. Undoubtedly, this figure is attainable, given that players pay attention to NFT ownership and the crypto rewards attached to blockchain games.

DarleyGo leverages the popular play-to-earn mechanism. Its incentivization model enables the gamers to receive in-game tokens that they can convert into real cash. According to the team, players earn if they race their horses to victory. 

Game Mechanics

This game is based on the famous mythical horse story about a horse-dominated paradise with three tribes. These tribes, Darley, Areo, and Hayato, compete yearly in a horseracing contest for glory and supremacy. All the horses in the game have rare abilities peculiar to each tribe that impacts their performance.

DarleyGo features three unique game modes – Racing, Training, and Breeding. 

The Racing or the PvP mode has two events – regular and special. Players in this mode compete against each other in various levels for rewards. The game rewards the top three racers with its native in-game token, $GXE. However, the amount depends on the stage. Higher levels attract larger prizes but are more challenging than others. 

The Training Mode or PvE mode is self-explanatory. Here, the players are equipped with the right tools to train their horses to perfection. This mode is subdivided into Trotting and Galloping. Trotting requires horse owners to complete tasks to unlock special abilities and badges. A badge is a scorecard that provides more information about your horse’s health, performance, character, etc. 

Galloping trains the horses to have higher energy. It adds to the chances of the horse winning the race.

The Breeding Mode enables the horse owners to explore the horse’s performance, generation, ability, strength, and weaknesses. Two breeding styles are available here – stud farms and in-house breeding. The former requires the gamers to list their horses to a farm, while the latter allows the horse owner to breed without a stud farm.

DarleyGo recently sold out 3,800 Genesis Cards in 20 seconds. A Genesis Card grants the players access to an NFT horse. Redeeming this card also rewards the player a Genesis Badge, which allows the player to explore the ecosystem’s DAO and other features.

We’re rapidly entering a brand new age of commerce. With the popularization of cryptocurrencies and the expansion of unique digital goods trading options such as open market trading and the emergence of NFTs, there is a new kind of money and a new way to manage it. Where there is progress that is this explosive comes chaos. Scams are rife and options may be limited to those who don’t understand what’s going on. The common people have to defer their decisions to expert opinions, and who can they turn to for something so unique? Thankfully there are already experts in this growing field who know how to keep things under control.

The team is already looking into new digital asset collateralization as well, including NFTs. Non-Fungible Tokens (NFT) are unique pieces of blockchain data, long character strings that represent a singular file or piece of data that registers it as a one of a kind unique digital entity. It’s the modern-day art trade, taking a one of a kind piece of art with a hand-made signature and printing number and giving it a value in which people invest and trade for. 

But it’s all digital. The keys are tied exclusively to accounts and their exchange across the blockchain can be tracked as they are traded from one person to another, along with the money that is spent to trade them, which adjusts the overall value of the object in real time. It’s safer than a standard paint and canvas print. 

“Since we got into the crypto ecosystem in 2012, our main strategy was to invest in people. What can be found in more than 60 projects I invested in is that they all have a team with strong technical, research and operational competency as well as a clear business mindset. Rikkei Finance is exactly what I’m looking for. We’re glad to support it. They’re building a decentralized system for frictionless borrowing of any tokens with cross-chain compatibility, allowing proper money markets to function and creating a safe positive-yield approach to store assets. I am looking forward to seeing their platform have a big impact in the DeFi ecosystem” adds Stelian Balta, founder of HyperChain Capital who’s a big supporter and one of the early investors in the project.

Rikkei Finance has attracted powerful names to its main team. Rikkei was founded by Dang Thai Hoa and Vu Thanh Tung. Its main Advisor is John Ng Pangilinan, who is a managing partner at Signum Capital and Luu The Loi, who is the CEO of Kyber Network. These two companies also helped secure Rikkei’s initial funding of $5.6 million. They also have experts from their end. Dang Bao Duc, Rikkei Finance’s CFO and a former Quantitative Researcher at Keebeck Alpha, is passionate about building a sustainable lending protocol with high-standard risk management that can enhance users’ experience and encourage greater participation. 

In the words of John Ng Pangilinan – managing partner at Signum Capital, “I have been privileged to be part of Rifi’s roadmap; from its conceptualisation to the development of Rikkei Finance Protocol. Rifi has continuously forged ahead, despite the overarching, global economic conditions. Hence we have participated in its fundraise because we believe in endorsing the future of Rikkei Finance. With every investment decision, it comes with the need to balance risks and returns, Rifi prioritises the importance of reducing users’ risk profiles whilst optimising sustainable investment returns. This was made possible, with the collaboration of an insurance protocol.”

Rikkei Finance has received funding from some of the most reputed investors in the blockchain industry, including HyperChain Capital, Kyber Network, Signum Capital, PNYX, X21digital.com, LD Capital, Tomochain, Kernel Ventures, Trade Coin VietNam, Coin98, Kyros Ventures (Coin68), YBB Foundation Limited, Ark Stream Capital and Inclusion Capital.

What’s unique about Rikkei Finance’s lending platform?

The vision of the RiFi team is to build a very safe, solid and convenient protocol that makes lending easy and secure. One disadvantage of the current interest rate model is it makes borrowing more cost prohibitive in periods of low utilization rate. RiFi’s multi-kinked interest rate model makes the lending platform robust and sustainable. 

The protocol lowers the interest rate to increase borrowing incentives and to encourage more people to step forward providing digital assets to lending, the platform rewards suppliers with RiFi tokens.

The protocol also ensures system sustainability through its 5-phase asset selection process, which employs a self-developed liquidity ranking system. Assets will be evaluated and ranked based on multiple liquidity metrics, then be further analyzed and entered into the voting section before being officially added into the pool.

The team envisions doing great things adapting to blockchain tech. Rifi.Lending will have more cross-chain compatibility and the Rikkei Finance team is working towards changing the world of digital assets. 

More details about the project can be found at: https://rikkei.finance 

Litepaper: https://rikkei.finance/litepaper

Twitter: https://twitter.com/RikkeiFinance

Telegram: https://t.me/RikkeiFinance

Media Contacts:

Ngan Chu

Rikkei Finance

support@rikkei.finance

https://rikkei.finance

PETRONAS Sepang Racing Team has announced global blockchain platform Fantom as a new partner from the Italian Grand Prix in Mugello on May 26. Fantom will be an Official Partner for PSRT, as represented by PETRONAS Yamaha Sepang Racing Team in MotoGP and PETRONAS Sprinta Racing in Moto2 and Moto3. Fantom branding will feature on all the team’s bikes.

Fantom’s branding will be featured on MotoGP rider Valentino Rossi’s leathers and on helmet. Valentino is a multiple time MotoGP World Champion and is widely considered to be one of the greatest motorcycle racers of all time, with 9 Grand Prix World Championships in his name. Fantom’s partnership with PETRONAS begins with the Italian Grand Prix in Mugello which is also Valentino’s home race in Italy and will run for the entire season.

Razlan Razali, Team Principal, PETRONAS Sepang Racing Team

At PETRONAS Sepang Racing Team we pride ourselves on our progressive and efficient approach so it is a delight to engage with Fantom as a new partner. Blockchain technology is a fascinating area of development and the sustainable approach of Fantom matches both our and our existing partners’ approach to business. The growth and potential of Fantom is tremendous and we are pushing hard for great success together over the season ahead.

Harry Yeh, Managing Director, Quantum Fintech Group

We are extremely excited about this partnership. Fantom’s technology is incredibly fast and at the same time it is following a green and eco-friendly approach, which aligns perfectly with the PSRT team and with the ambitious sustainability strategy of the sport. I haven’t been this bullish about a tech start-up investment as I am with Fantom. We want to continue to attract even more people globally to the platform through this partnership.

What is Fantom?

Fantom is a blockchain platform designed for instant transactions and low costs. It’s used for both DeFi applications and in governments in Asia.

Fantom is experiencing a staggering increase in popularity and demand. The market capitalization of the $FTM token increased 50x since January 2021, following the rapid expansion of the ecosystem. Many new DeFi dApps landed on Fantom and so did users. At the moment, more than 100,000 people use Fantom – most of them daily.

Fantom is steps ahead of its competition. Its instant transactions and near-zero fees are revolutionizing the user experience of blockchain interactions, setting the ground for a digital financial system.

The technology is already used in Central Asia to tackle real world problems, including verifying the authenticity of pharmaceutical products in Afghanistan, improving the educational system in Pakistan, and laying the base of a brand-new e-government in Tajikistan.

Additionally, Fantom is as eco-friendly as it gets. Unlike Bitcoin, Fantom uses a Proof-of-Stake system that doesn’t require consuming massive amounts of energy to work.

More details about Fantom can be found at: https://fantom.foundation

About Quantum Fintech Group

Quantum Fintech Group is a Cryptocurrency Hedge Fund and is one of the main early investors and an active supporter of the Fantom project, platform and ecosystem.