Crypto Bubble

2023-03-16 22:33:00 ​Flamingo launches FUSD on TestNet, to begin beta testing margin maintenance bot soon

Flamingo Finance has launched the FUSD stablecoin on Neo N3 TestNet ahead of its tentative MainNet launch in early 2023. The FUSD stablecoin will be modeled after MakerDAO’s DAI token, which uses over-collateralization of digital assets to ensure its peg is held to US $1.

In parallel, the team is also working on a margin maintenance bot to help an FUSD loan maintain its collateral value before liquidating the Vault.

Stablecoins are designed to maintain a consistent price, typically $1, and can enable users to generate yield on a digital asset while potentially alleviating adverse effects from market volatility.

At the time of press, the Neo blockchain only supports one stablecoin – a wrapped version of the Tether stablecoin, fUSDT, which is backed 1:1 by the US Dollar. Instead of a fiat-backed stablecoin, digital assets will overcollateralize FUSD, the first native stablecoin on Neo N3. Open / Comment

2023-03-13 20:56:20 Aussie Digital—a game-changing e-commerce ecosystem powered by a Digital Token, AUDcoin. The ecosystem consists of all the tools you need to build and maintain an online business.

The ecosystem includes the following projects:
E-commerce platform "Tradezy" ;   https://tradezy.io
Exchange Platform "Tradedo" ;        https://tradedo.io
Social media platform "Chatezy".    https://chatezy.io

Until AUDcoin, most entrepreneurs had to go through multiple hurdles to set up and scale up their online businesses. Aussie Digital provides plenty of support to the users, thus preparing them for this next level of business.

If you are interested in the topic of cryptocurrencies, online business and e-commerce join AUD community. Follow the link:  https://t.me/AUDOfficialGroup  Open / Comment

2023-03-13 12:30:01 ​South African Rand Plunges to New 2023 Low Versus the US Dollar

Just a few weeks after tapping its best exchange rate versus the greenback in 2023, the South African rand fell to a new 2023 low of 18.636 local currency units for every dollar on March 7. South Africa’s power shortages as well as the country’s recent grey-listing by the Financial Action Task Force (FATF) are believed to be fueling the rand’s slide.

The exchange rate of the South African rand versus the U.S. dollar recently plunged to a new 2023 low of 18.636 units for every dollar on March 7, 2023, the latest data has shown. Before the latest plunge, the rand soared to 16.721 per dollar on Jan. 12, 2023, the currency’s best performance since the start of the year.

However, since then, the rand has depreciated by almost 10% making it one of the worst-performing African currencies in 2023. According to reports, the rand’s slide is blamed on South Africa’s unending electricity woes which have seen many homes and businesses go for more than 10 hours without power. Open / Comment

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2023-03-10 12:00:27 ​Crypto Winter Freezes Sports Sponsorship Deals in 2023

Crypto winter(s) can have multiple market repercussions for retailers and institutions. This article focuses on how the crypto winter is impacting sports sponsorships and advertisement deals.

Crypto companies increasingly invested in sports sponsorships and advertising to promote their brand and products. The growth of the cryptocurrency industry and the increasing mainstream acceptance of digital assets has fueled this trend.

Crypto companies have sponsored various sports events and teams, including football clubs, basketball, and car racing. Some examples of sponsorships across different genres that created advertising waves for crypto are mentioned below. Open / Comment

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2023-03-09 15:30:04 ​FTX Bankruptcy: Counsel and Advisers Rack Up $38M in January Bills

The ongoing FTX bankruptcy saga has resulted in a staggering cost of legal fees, as revealed by recent court filings. In January alone, the total bill for legal work and expenses reached $38 million.

Among the firms involved in the case, Sullivan & Cromwell has emerged as the biggest beneficiary. As the counsel responsible for discovery, asset disposition, and asset analysis/recovery, the firm submitted an invoice for $16.8 million to cover the 14,569 hours of legal work performed in January.

This is a significant improvement for Sullivan & Cromwell, as they had faced the risk of being removed from the case in December. The Department of Justice objected to FTX hiring the firm claiming a conflict of interest in the proceedings. Open / Comment

2023-03-08 22:00:10 ​ Roma and Real Sociedad will square off at Stadio Olimpico in an eagerly anticipated Europa League match.

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2023-03-08 20:56:28 ​​New Planned ETF Targets NFT-related Stocks

Private label ETF issuer Exchange Traded Concepts is planning to launch an index-tracking ETF that targets NFT companies.

The ETF, which tracks a Fount Investment Company index, is designed to track the performance of businesses that develop, manufacture, distribute or sell products or services in token technology subindustries, according to a Thursday regulatory disclosure.

That includes arts and entertainment, gaming, blockchain technology and NFT (non-fungible token) infrastructure.

“Each token economy company’s one year forecasted revenue is reviewed and only companies that are expected to derive more than 50% of their revenue from a token technology sub-industry may be included in the index,” the filing states.

The disclosure notes that NFTs are a way for individuals to own, collect and sell digital works of art. But the firm predicts that these non-fungible tokens will also “significantly alter traditional business models operated within the gaming industry.”

Integrating NFTs into gaming introduces a play-to-earn model where gamers can earn one-of-a-kind assets, such as plots of land, characters and costumes, which can be traded or sold.

The future of NFTs
Executives at Pantera Capital, which has $1 billion in commitments for a blockchain fund, labeled gaming as “a huge sector for years to come,” saying NFTs will help make that happen.

Crypto exchange FTX last month unveiled a new gaming division to allow developers to launch tokens and build NFTs within their online worlds.

Blockchain software technology company ConsenSys said it’s looking to use ​​NFTs to onboard the next tens of millions of users into its main product, Metamask, and is exploring collateralization, fractionalization, swapping, borrowing and lending.

Beyond collectibles, Johnna Powell, global co-head of ConsenSys NFTs, said a person’s resume, medical records or driver’s license could be NFTs.

“NFTs are at its core a structural innovation,” Upshot CEO Nick Emmons said during an ETHDenver panel last month. “As more exotic and esoteric financial instruments and vehicles come online, they will be represented as NFTs and will be able to fill in the rest of this picture of what a truly decentralized expressive financial system looks like.” Open / Comment

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