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2022-05-14 20:00:01 ​​More Than 750,000 MATIC Have Been Burned Since Launch of Burn Mechanism

According to Stader Polygon, more than 750,000 MATIC have been burned over the past three months. As seen on the Polygonburn website, a total of 1,642,831 MATIC (1.6 million) have been burned so far.

Polygon's native token, MATIC, burning was enabled, thanks to the EIP-1559 upgrade that went live on the Polygon network in January. The tokens are burned and deducted from the overall supply, similar to a withdrawal transaction on Polygon.

The base fee is locked on the burn contract on Polygon, and the priority fee is paid to the validator each time a user pays for a transaction. Users can start the burn process from Polygon once MATIC has been accumulated on the burn contract.

Chainsmokers, an American electronic DJ and music duo, is releasing its NFT collection on Polygon. The release of their new album, "So Far So Good," will include the distribution of 5,000 NFTs, allowing fans to partake in 1% of earnings. The Chainsmokers use a platform called Royal, which runs on the Polygon network and is responsible for Nas' and other well-known artists' recent NFT drops.

Polygon's Metaverse event sees more than 834,000 attendees
Polygon MATIC's inaugural Polygon Ignite held in the Metaverse saw a whopping turnout of more than 834,000 attendees, which is two times the population of Iceland.

Polygon recently reached an adoption milestone with more than 19,000 decentralized applications (dApps) running on its network, a 500% increase from 3,000 dApps in October, per Alchemy data.

At the time of publication, MATIC's price is currently trading at $0.717, representing a nearly 17.42% increase in the last 24 hours. On May 12, MATIC dipped to intraday lows of $0.476. MATIC has since recovered from what seems to be the lowest levels so far in 2022, reaching intraday highs of $0.75 on May 13. Open / Comment

2022-05-11 20:00:04 ​​Shiba Inu Is Rebounding Faster Than Dogecoin After Crypto Crash

The cryptocurrency market is showing a little bit of life today after yesterday’s drastic collapse, during which many of the top coins had shed 10% or more of their value. Overall, the market is up a couple percentage points today—and when it comes to meme coins and tokens, Shiba Inu is rising at a higher clip than its chief rival, Dogecoin.

Shiba Inu (SHIB) is up about 5% over the last 24 hours, as of this writing, per data from CoinMarketCap, and currently sits at a price of $0.00001615. Dogecoin (DOGE), on the other hand, is up less than 1% at a current price of $0.109833.

What’s triggering SHIB’s speedier recapture of value? There’s no obvious sign this time around—no tweet or announcement from the creators or a major influencer, nor does the 24-hour chart show any sudden pops.

Nearly Half of Global Bitcoin Holders Out of the Money Today
It’s possible that Shiba Inu simply fell harder yesterday amid the wider market carnage, and then has bounced back up a bit harder as a result. Meme coins and tokens are famously volatile and can swing wildly in value in either direction, even when it’s ultimately fractions of a penny.

Still, Shiba Inu has weathered the tougher losses of late. It’s down about 21% over the past week, and 33% over the past 30 days. Compare that to DOGE, which has shed about 16% of its value in the last week, and 23% during the last month.

Ultimately, both of the coins have lost a significant amount of their value since setting their respective peaks in 2021. Shiba Inu has dropped 81% in value since its October all-time high, while Dogecoin is down 85% since it peaked in May 2021 ahead of the wider market crash.

Compare that to the leading cryptocurrencies, Bitcoin and Ethereum, which are down 55% and 52% respectively from their all-time highs, both set last November.

Shiba Inu hit a seven-month low yesterday amid the overall crypto market chaos, while Dogecoin is down to its lowest point in more than a year—since April 2021. Open / Comment

2022-05-11 14:00:07 The Slavi project is announcing its first Dubai Quiz!

Prove your knowledge Dubai and the #Slavi project, earn points and claim your place among the winners vying for a share of the $100,000 SLV prize pool!
 
Take up your place in the ranking and see which of these prizes reflect your wit and mettle!
 
1st - $2,500 SLV
2nd - $1,500 SLV
3rd - $1,000 SLV
4th - $500 SLV
5th-10th - $200 SLV
11th - 20th - $100 SLV
 
Don’t forget about the ten random prizes that include 5 TeddyVerse Mystery Box packs, 4 NFT Rich Teddy, and 1 VIP Teddy (cost $50,000)
 
Just join the contest with a unique account and start earning points! The Slavi development team will determine the winners and reward their efforts!

GO https://gleam.io/niQH3/slaviio-100000-quiz

#Slavi #Quiz #SLV Open / Comment

2022-05-10 19:30:00 ​​Tron DAO Follows Nayib Bukele's El Salvador to Purchase 500 Bitcoin (BTC) Worth $15.5 Million

Cryptocurrency investors continue to see the recent market dip as an opportunity to increase their holdings in the asset class.

The Tron Decentralized Autonomous Organization (DAO) announced earlier today that it had taken advantage of a recent market dip to buy 500 units of Bitcoin (BTC) earlier today.

Announcing the development, Tron DAO noted that the initiative is part of efforts to safeguard the cryptocurrency and blockchain market, which has lost a significant percentage of its value in the past few days.

According to the announcement, Tron DAO stated that the 500 BTC were purchased at an aggregate price of $15.5 million, which represents $31,031.35 for each unit of Bitcoin bought. TRON DAO Reserve also purchased 595,729,832 TRX for $45,641,630 at an average price of $0.07661.

“To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve has bought 500 BTC with an average price of $31,031.35 for $15,515,675,” Tron DAO stated.

Tron Follows El Salvador Footprint
Reacting to the recent development, Justin Sun, the CEO and founder of Tron, disclosed on his Twitter account that the move further echoes the voice of President Nayib Bukele of El Salvador, who has been one of the pioneers promoting Bitcoin’s widespread adoption.

It is worth noting that Tron’s purchase of Bitcoin comes hours after president Bukele disclosed that the country had purchased an additional 500 BTC worth $15.37 million, to bolster the country’s holdings of the world’s largest cryptocurrency by market capitalization.

Based on Bloomberg’s data, the country’s total reserve is up to 2,301 bitcoin or about $71.7 million at current prices.

Bitcoin’s Recent Dip Provides Opportunities
Bitcoin, has once again, presented investors with another opportunity to increase their holding in the top asset class, as its price fell from nearly $40,000 on Thursday last week to below $30,000 yesterday.

The decline in the world’s largest cryptocurrency price prompted Tether, the popular stable coin issuer, to mint $1 billion worth of USDT on the Tron blockchain, suggesting a possible rally in the crypto market. Open / Comment

2022-05-08 20:30:00 ​​NudesToken launches “meme-to-earn” website, releases Nudes Army OG and Hired Guns NFT collections

NudesToken has launched a “meme-to-earn” website and two NFT collections, Nudes Army OG and Hired Guns. Initially, the MemeSite will be usable by meme creators and consumers but will expand its services to offer advertisements for other projects.

The Nudes Army MemeSite offers a platform for users to submit meme content and receive NEP-17 NUDES tokens in return for upvotes from other users. Likewise, users can spend NUDES to downvote meme content submissions. However, the meme creator will not receive any of these tokens as rewards.

A portion of any NUDES used to upvote or downvote content will be burnt, and a portion will go into a forthcoming single-stake fund. The image below showcases NUDES allocations when voting.

Wallets holding a Nudes Army OG NFT will pay reduced fees when voting on meme content.

Nudes Army OG NFTS
The Nudes Army OG NFT is a limited edition item that will offer future benefits for token holders (i.e., airdrops, reduced fees). There is a total supply of 100, with 80 up for sale and 20 reserved for future contests and giveaways.

Each Nudes Army OG NFT costs 1 trillion NUDES (approximately US $4,600 at the time of press). Alongside reduced fees for voting, each OG NFT will earn 50% of the fees accrued on the Nudes Army MemeSite.

A 20% royalty fee is also included in the smart contract. Each time the OG NFT is sold or traded, 50% of the royalty will be burnt and 50% sent to the NUDES single-stake fund.

Hired Guns NFTs
The Hired Guns NFT series offers token holders access to a special channel on the Nudes Army Discord server. The channel will be the home to announcements of opportunities for creators to make memes in exchange for NUDES tokens.

The Hired Guns NFTs has a total supply of 10 billion. The cost to mint a Hired Gun NFT is 2 billion NUDES tokens (approximately $10 at the time of press), and any NUDES spent on purchasing an NFT from this series will be burnt. However, creators can also earn a Hired Gun NFT if they make a meme that results in the burning of 2 billion or more NUDES in fees generated from voting.

Once a Nudes Army Hired Gun NFT has been minted, it can’t be transferred out of the wallet. It will remain permanently attached to that address. Open / Comment

2022-05-06 21:27:25 ​​DOGE Creator Gives Simplest Use Case for Dogecoin Cryptocurrency

Dogecoin creator Shibetoshi Nakamoto believes the easiest and best use case for Dogecoin remains using Dogecoin for tipping. The Dogecoin co-founder stated this as he sent out a Dogecoin tip using mydogetip.

In recent times, several discussions have popped up concerning Dogecoin use cases. According to the Dogecoin Foundation, its sole aim is to make Dogecoin the global currency accepted for payment of goods and services.

Recently, Tesla CEO Elon Musk indicated that Dogecoin might gain more utility if more businesses started accepting it. The centibillionaire also praised the idea of tipping as a use case, stating that using Dogecoin for tipping creators would be "nice." However, Musk argues that creating a bridge between Ethereum and Bitcoin is not needed, despite potential use cases in the Web3 sector.

After Twitter had launched tipping features in Bitcoin and Ethereum last year, DOGE cofounder Billy Markus publicly asked Twitter to implement DOGE tipping as well. According to recent reports, Elon Musk might become Twitter's interim chief executive officer if his deal with Twitter succeeds. Many believe that Twitter will integrate Dogecoin if Musk gains control of the social media platform.

This might be because the Tesla CEO already indicated that he plans to allow users to pay for Twitter Blue subscriptions with Dogecoin.

U.Today reported that Dogecoin may now become part of the Big3 basketball team. Big3 will adopt Dogecoin, resulting in the integration of the MyDoge wallet, allowing players, coaches and teams to earn Dogecoin tips on Twitter with only a tweet. Aliens will also prominently display MyDoge/Dogecoin on team jerseys, events and broadcasts.

Dogecoin presently trades at $0.126, down 5.79% in the last 24 hours. Dogecoin tumbled alongside the rest of the market in a widespread selloff. Dogecoin now ranks 12th largest cryptocurrency in terms of market capitalization, per CoinMarketCap data. Open / Comment

2022-05-03 20:30:00 ​​India to Impose New 20% Tax on Cryptocurrencies Sparking Investor Fear

India is seeking new ways to tax citizens by levying charges on crypto income derived outside of the country.

The tax department is mulling over the option to impose additional taxes on cryptocurrency and interest-yielding DeFi transactions.

According to the Economic Times, the tax department is considering imposing a 20% tax deducted at source on such transactions. In particular, the new deductions will apply in instances where one party is not a resident in India or has not submitted their permanent account number (PAN) card details.

More than 15 million turn to DeFi
Indians have turned to DeFi in recent years to reap the benefits of settling transactions, borrowing with ease, and depositing and lending funds in exchange for earning yields.

Over 15 million have turned to DeFi products and offerings as a way to hedge their wealth and save on taxes.

“For the tax department tracking of these transactions is very crucial. The government could slap a 5% additional tax in the form of equalization levy or on any transaction where one of the persons is not based in India,” said Girish Vanwari, the founder of Transaction Square, a tax advisory firm.

“In the case of non-residents, the withholding on interest is at 20% plus applicable surcharge and cess as per the income-tax act or the treaty, whichever is more beneficial, and 10% plus applicable surcharge and cess for residents,” said Amit Maheshwari, senior partner at AKM Global.

India tax plans draw criticism
India has drawn criticism with a plan to impose a 30% rate on income from cryptocurrency investments, plus a 1% tax deductible at source (TDS) on trades above a certain amount. The proposals are scheduled to come into effect on June 1.

Manhar Garegrat of CoinDCX notes that the 1% TDS will mean that “there will be no liquidity left in the markets” because trades will not be executed efficiently on the platform.

“The way the tax has been worked out will lead to people moving out of the country,” says Dinesh Kanabar, CEO of Dhruva Advisors. Apart from the flight of capital out of the country, the taxations have been criticized as “going against the fair market prices for those instruments and can push trading underground.” Open / Comment

2022-04-30 20:34:44 ​​Cardano's First-Ever L2 Solution Hydra to Work in Lego-like Manner

Hydra is an ecosystem of solutions designed to address scalability and security issues with Cardano (ADA), the largest proof-of-stake (PoS) network and popular smart contracts platform.

Hydra to advance Cardano scalability in Lego-like manner
Following the discussion of the latest upgrades to Cardano (ADA) blockchain and its infrastructure.

The developer confirmed that Hydra will be able to onboard dApps with different structures using its separate elements ("Heads") in a Lego-like manner.

Also, the exact design of Hydra and the roadmap of its progress will depend on the requests of community representatives; some features of the core "Head" are already 100% up to the community.

Cardano's (ADA) infrastructure gains steam as the blockchain inches closer to Vasil upgrade
As covered by U.Today previously, Hydra is an ecosystem of Layer 2 scalability solutions for Cardano (ADA). Being among the first protocols of this type, Hydra is set to surpass mainstream Ethereum-based L2 protocols, including the likes of Optimism (OP) and Arbitrum.

Meanwhile, the Cardano (ADA) ecosystem inches closer to Vasil, its most significant upgrade since the implementation of smart contracts in Q3, 2021.

As such, Cardano (ADA) strengthens its infrastructure for the DeFi segment: its pioneering algorithmic stablecoin Djed, developed in collaboration with COTI Network, is now available on some major decentralized finance protocols. Open / Comment

2022-04-28 21:30:00 ​​Telegram Adds Crypto to Messaging App, Opening Path to Payments

Telegram took the first step toward adding crypto payments by allowing its 550 million users to send and receive toncoin within the messaging app, according to a Tuesday tweet.

While only toncoin (TON) can be sent within the app, users can also buy bitcoin through the "wallet" bot.

The aim is to make sending toncoin "feel like sending a text message," the TON Foundation, the steward of the cryptocurrency project, said Thursday. The bot has been used by 800,000 Telegram accounts already, it said.

"We anticipate that this functionality will extend into consumer to business payments, so that people can easily acquire goods and services by sending toncoin via bots in the Telegram app," the foundation said.

Twitter offers a similar facility, having added bitcoin payments over the Lightning Network for its Tips feature in September, which relies on third-party payments services like Jack Mallers’ Strike app. Last week payments giant Stripe said it will use Ethereum scaler Polygon to enable customers to pay in crypto, with Twitter the first company to try it out.

The TON crypto project was abandoned by Telegram in August 2020 following a lawsuit from the U.S. Securities and Exchange Commission (SEC).

The foundation recently raised $1 billion worth of TON from its users to advance its ecosystem. Open / Comment

2022-04-26 12:10:00 ​​Vasil Hardfork Set to Launch, Can Cardano Bounce Back Over $1?

Can Cardano’s (ADA) price bounce back over $1? After a strong increase on March 29, 2022, to almost $2, ADA’s momentum broke as it entered April. Cardano has been going on its third consecutive losing streak this week.

Additionally, the downswing comes as a result of the crypto market structure caused by wider business concerns such as COVID-19 related lockdowns in China; the weak price of Bitcoin; the war in Ukraine, and the subsequent economic sanctions; and even the hawkish stance of the US Federal Reserve.

However, despite the entire crypto market’s performance, Cardano continues to gain trust from its investors and maintains its place in the top 10 cryptocurrencies in CoinMarketCap.

As per Tim Harrison, IOG Marketing and Communications Director,

The Cardano ecosystem continues to grow, with now over 500 projects BuildingOnCardano – from NFT collections to DeFi lending and new wallets. Props to all the IOG team that continues to drive the platform forward. It has been a remarkable journey to get to here. And kudos to the innovative, passionate community of builders that has brought this project so far. We’re really just getting started, you know.

As established before by CoinQuora, the IOHK and Cardano development team are working on the Vasil hardfork update. Notably, Cardano is one of the most aggressive networks in space in terms of technology development.

According to IOHK and Cardano Founder Charles Hoskinson, Vasil hardfork will bring massive performance improvement to Cardano.

In addition, the Director of Cardano Architecture John Woods, revealed that the hardfork will proceed on track on June 29, 2022. With Vasil hardfork, it’s highly possible that Cardano’s price will be over $1. Open / Comment