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Jun 25 2021

Altcoin Roundup: Stablecoin pools could be the next frontier for DeFi

In times like these, when the entire cryptocurrency market is down and there is nary a sector-wide runup to be found, traders have to dig into data to see how the market dynamics may have changed to pinpoint signs of new growth.

Stablecoins are the newest trend to emerge in the decentralized finance (DeFi) arena due to the resiliency they bring to the sector, especially since protocols that are more reliant on the dollar-pegged assets continue to offer token holders low-risk yield opportunities in turbulent market conditions.

Possible evidence of stablecoins rising influence can be found in the difference between the decline in Ether’s (ETH) price and the total value locked in smart contracts. The price of Ether declined by 20% more from its peak than the decline in the total TVL of the DeFi sector.

*TVL in smart contracts vs. Ether price decline. Source:* *Glassnode*

When one takes into account that most of the crypto market saw price declines on par with what Ether experienced, the fact that the DeFi TVL fell less percentage-wise than the price of Ether points to the stability offered by stablecoins.

Stablecoin marketcap increases tenfold

The total amount of stablecoins available in the market has skyrocketed from under $15 billion to more than $113 billion over the past year, led by Tether (USDT) and USD Coin (USDC), bringing an increased level of liquidity to DeFi protocols.

*Top seven stablecoins by market capitalization. Source:* *CoinGecko*

The top stablecoins are included in a large percentage of the liquidity pool (LP) pairs available on DeFi platforms, as well as being included as a standalone token that users can deposit on protocols, such as Aave, to earn a yield. This further makes them an integral part of the burgeoning DeFi ecosystem.

Stablecoins have, in fact, led to the creation of a specialized subset of DeFi protocols, which focus on yield farming stablecoins and provide a safer way for investors to earn a yield while minimizing risk.

Early on in the DeFi craze, protocols attracted new users and deposits by offering high yields that were typically paid out in the native token of the protocol.

With a majority of DeFi tokens now down at least 75% from their all-time highs, according to data from Messari, many of the gains that users thought they made through staking and providing liquidity have evaporated, leaving little to show for the risks taken on these experimental platforms.

The battle for stablecoin liquidity

The rise of successful stablecoin-focused protocols such as Curve Finance, which is a decentralized exchange for stablecoins that uses an automated market maker to manage liquidity, platforms such as Yearn.finance, Convex Finance and Stake DAO battle to offer the best incentives that will attract a larger share of the Curve ecosystem.

Supplying stablecoins to Curve, or as a stablecoin LP like as a USDC/USDT pair, amounts to the blockchain version of a savings account. Many of the top protocols, including the three listed above, offer between 10% and 30% yields on average for stablecoins deposits.

Thanks to smart contracts, users can make deposits to automated, compounding stablecoin liquidy protocols, reducing the stress of the daily market gyrations.

*Total market capitalization of the top 100 DeFi tokens. Source:* *CoinGecko*

The aftermath of the May 19 sell-off is still impacting investors, and in times like these, the yield opportunities provided by supplying stablecoins to DeFi protocols is an attractive way to diversify a crypto portfolio and hedge against market downturns.

Want more information about diversification into the above-mentioned projects?

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.

Altcoin Roundup: Stablecoin pools could be the next frontier for DeFi

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Jun 25 2021

Solidity for Beginners: A Guide to Getting Started

Solidity is a pristine programming language formulated explicitly for developing smart contracts for the Ethereum blockchain. The newly developed language has gained a significant role under Ethereum’s contracts framework that is of great importance in blockchain technology; in fact, you will be required to learn the language in order to code Ethereum Dapps (Decentralized Applications). The developers created this language with an aim to showcase the real potential of the system of smart contracts in the realm of digital exchanges.

This article will provide you with a detailed understanding of smart contract systems, solidity language, functionality, and solidity basics. These fundamentals will lend you basic knowledge about the subject to help you in getting started.

Table of Content

What are smart contacts?
What is Solidity?
Solidity basics for beginners.
How is compiling and testing of smart contact done?
An overview: Solidity flow of execution
Closing Thoughts.

What Are Smart Contracts?

The term smart contracts have gained a ton of publicity since its formulation; it’s been at the center of attention just like other popular terms like AI (artificial intelligence), Machine Learning, Blockchain, etc. Smart contracts, also known as crypto-contracts, are automatic computer programs that empower currency tradings, digital asset exchanges, and other kinds of businesses. These exchanges are secured by a predefined set of rules summoned as a smart contract system. Thus, smart contracts not just guarantee that both the parties are adhering to the principles and regulations of the smart contract but also automatically implement the contract obligations.

What is Solidity?

Solidity is the principal programming language for assembling smart contracts utilized in the Ethereum blockchain. It is a contract-based language, which implies that smart contracts are liable for putting away the entirety of the programming reasoning on which the Ethereum blockchain runs. It is statically formulated to uphold essential elements like libraries, legacy and that’s just the beginning!

Solidity is an easy language purposely made for an oversimplified way to provide genuine solutions for the issues of real-world use cases. The language has been implemented on the Ethereum platform, a Virtual Machine carrying out the blockchain network to foster decentralized public records to make smart contract frameworks. This programming language has similar functions as JavaScript and C++. Moreover, the language upholds state factors such as value types, data types and programming capacities.

However, the language still deals with constant updates and modifications across the platform. Subsequently, an aspiring SOLIDITY DEVELOPER should be aware of the updates through forums of the Ethereum platform, chat rooms, and websites. Currently, Ethereum and Solidity are both going through visionary growth.

Solidity Basics for beginners

Solidity language supports the following general value types:

Booleans: It returns a true or false value.
Integers: The int/unit for both unsigned and signed integers are supported by Solidity.
Address: An address can carry up to a 20-byte value.
String Literals: String literals are depicted using either double or single quotes. They imply trailing value zeroes.
Modifier: Modifiers ensure the fulfillment of the predefined conditions before code execution.
Mappings: Mappings return values related to a given storage site.

These generic value types can be further integrated to develop complex data types.

How is the compiling and testing of smart contract done?

Once you have created a smart contract using Solidity on a local system, install an easy-to-use test environment that accepts simple Truffle commands. The compiler transforms the source code into the Ethereum Virtual Machine code, allowing you to test your code without needing to pay Ether coins.

An overview: Solidity flow of execution

The syntactical consonance of Solidity with another programming language, JavaScript, has extensively improved the system’s usability. As a beginner, you must have a clear idea of the execution process under a solidity programming language command:

The Ethereum format documentation draws out an instruction text size of 32-byte containing a stack and memory model. The EVM generates a program stack that monitors the registries under information storage and program counter. To keep a successive stream to control the program, the program counter loops/jumps.

Additionally, the virtual memory lends short memory for information distribution that is expandable to some degree compared to a permanent storage allowance provided by the nodes of the blockchain.

The aim of creating solidity language for Ethereum is to maintain the determinism and accuracy of smart contracts. The node executes programming tools and smart contracts within the connected blocks in the Ethereum for creating a new block.

This implies the code being executed is enrolled based on the sequence of the block.

While entering the new stage of the execution process, the program phase gets shifted to new storage exchanges. At first, these exchanges are performed at the miner’s location. After execution, the new block is dissipated to different working nodes within the blockchain.

To confirm the credibility of the framework of smart contracts, every node autonomously checks the block by correlating the state changes by using any local copy of the block. In cases where the state changes are deterministic, nodes of the blockchain accept the exchanges. Similarly, in a circumstance where the nodes could not reach an agreement, the execution of the block stops, and the network may end.

Closing Thoughts

Solidity is the language that has the power to develop the frameworks of contracts with robust functionality. Smart contracts have generated ample opportunities for further blockchain developments and multiple sectors of online business. Hopefully, you learned the fundamentals of solidity programming language to use while creating your smart contract.

Learn more about blockchain technology under the guidance of a highly qualified Ethereum expert at the BLOCKCHAIN COUNCIL.

Solidity for Beginners: A Guide to Getting Started

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Jun 23 2021

$3.6B in Bitcoin vanishes in ‘hack’ along with owners of South African crypto platform

Around 69,000 Bitcoin has vanished from a South African investment platform along with two brothers who owned the crypto firm.

Although the facts are yet to be proven in court, if it turns to be an exit scam rather than a hack, it would be the biggest in history according to Bloomberg. There were warning signs for investors either way, with users reportedly promised returns of up to 10% a day.

AfriCrypt was founded in 2019 and operated by brothers Ameer and Raees Cajee. It had reportedly amassed around 54 billion rands worth of BTC, or $3.6 billion USD at the time, when it sent a message to investors on April 13 claiming the platform had been hacked.

The firm said it would halt operations while it began the process of “attempting to retrieve stolen funds and compromised information.”

South African law firm Hanekom Attorneys, which has taken the case on behalf of affected users, said suspicions were aroused as the message included the warning that: “clients may proceed the legal route, but we ask clients to please acknowledge that this will only delay the recovery process.”

“We were immediately suspicious as the announcement implored investors not to take legal action,” Hanekom Attorneys said. The law firm also claimed that “Africrypt employees lost access to the back-end platforms seven days before the alleged hack.”

Hanekom Attorneys alleges that the brothers transferred the 69,000 BTC — which is now worth $2.2 billion after the recent price tumble — from AfriCrypt’s accounts and client wallets, and subjected the funds “to various dark web tumblers and mixers, resulting in severe fragmentation” to make the funds untraceable.

The brothers have been unreachable, with calls going directly to voicemail, while the AfriCrypt website is also down. The law firm has reported the case to an elite unit of the national police dubbed the “Hawks.”

South Africa’s Gauteng South High Court has granted a provisional liquidation order against the Cajee brothers, and they have been given until July 19 2021 to respond to the order.

According to African online crypto news outlet BitcoinKe, AfriCrypt drew in clients by targeting high net worth investors and urging them to refer their friends, while also offering returns of up to 10% daily.

The eye watering daily return puts the 10% monthly return promised to users of South African crypto Ponzi scheme Mirror Trading International (MTI) into the shade.

MTI has been described as the biggest Ponzi-scheme the country had ever seen, pulling in 23,000 BTC from investors ($774 million at today’s prices) with MTI’s CEO, Johann Steynberg reportedly fleeing to Brazil to escape punishment when the firm was placed under provisional liquidation in 2020.

$3.6B in Bitcoin vanishes in \’hack\’ along with owners of South African crypto platform

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Jun 23 2021

Supply Chain Optimization Is Crucial To Your Business. Learn Why!

We are residing in a highly competitive world. And it is becoming difficult for the businesses out there to take a stand. And thus, they should look for continuous enhancement to meet consumer needs. To do it successfully, supply chain optimization can be undertaken.

It improves both performance and network efficiency to fulfill the needs of the customers. This article will describe to you why supply chain optimization is vital for your business.

What is supply chain optimization?

Like blockchain, supply chain optimization uses resources and technologies like AI (Artificial Intelligence) and IoT (Internet of Things) to enhance both performance and efficiency in a supply network. A supply chain of an organization offers an efficacious customer experience.

Business efficacy and responsiveness are enabled by a high-performing and powerful supply chain to give the customers what they want. And ultimately, it brings profit to the organization and also enhances the sustainability of the supply chain.

Supply Chain Optimization Is Crucial To Your Business. Learn Why!

Supply chain optimization process:

A successful supply chain optimization process undertakes three phases. The phases are:

Supply chain design:

This phase includes a description of network design processes such as the location of warehouse facilities and how the product flows between them. It also showcases strategic objectives like establishing supplies, demand forecasting, and the scheduling and planning of operations associated with manufacturing.

Supply chain planning:

It includes the making of a strategic supply chain development plan, planning for inventory, and assets coordination for optimizing goods delivery, information, and services from supplier to consumers, ultimately balancing supply and demand.

Supply chain execution:

This phase focuses on execution-oriented systems and applications, inventory and warehouse management, management of transportation, management of global trade, and other execution applications like supply chain visibility, real-time decision support, and order management systems.

Importance of supply chain optimization:

The complexity of supply chains cannot be ignored, but the complexity pays technological benefits, especially when AI and IoT are integrated with blockchain.

A successfully designed supply chain management and optimization processes describe the given below issues:

Silos:

As the data is siloed, supply chains are unable to get the needed insight, and they lack end-to-end visibility. All these together pull them from meeting the needs of their consumers. For informational silos, a supply chain optimized through connected technology is considered to be the best solution.

Client needs:

The expectations of the customers are rising. And this means that the supply chains must keep up with innovating and optimizing each step to meet the needs of their customers. The organizations must prioritize the supply chain not only to meet but exceed the customer expectations as well.

Competitive advantage:

Earlier, supply chains used to focus on the design of the network like distribution fleet and warehouse placement. But currently, optimization on real-time decision support and execution-oriented applications is the indispensable process for protecting the brand and building competitive advantage.

Agility:

The supply chain must respond fast to the changes like- customer demands, supply distributions, and competitions. To stay competitive, the modern supply chains must be active and quick.

Sustainability:

There are several social and environmental impacts caused by supply chains. Modern customers crave to know whether the goods are manufactured or produced in an ethical and sustainable method by using low-impact extraction or renewable methods.

Features of an effective supply chain optimization:

Blockchain development for supply chain itself is a powerful technology. And when it is further integrated with AI or IoT, the power rises dramatically. Firstly, blockchain migrates from a traditional business network and brings good quality data together across the partners.

When AI is added, it extracts a meaningful context and produces strong insights resulting in several potential benefits.

Some of the vital features of an effective supply chain are given below:

Inventory tracking:

It looks through the entire blockchain in supply chain and knows exactly where the inventory is.

Intelligence:

For real-time intelligence, it leverages composable data and AI services.

Reporting and analytics:

For forecasting future sales and demands, it evaluates patterns in processes.

Order management:

It tracks orders, manages returns, sends quotes, and contributes to customized pricing.

Visibility:

It offers up-to-date inventory tracking and available-to-promise data.

What is the future of supply chain optimization?

Automation will be delivering significant scaling advantages, contributing to blockchain for supply chain management. Some of the technologies that will continue to develop are:

IoT sensor data will offer insight into inventory status and location.

AI will make monitoring of inventory more accurate.

Blockchain:

It will improve traceability, visibility, transactional trust, and will verify the authenticity as well.

Intelligent order management:

Inventory visibility will be mastered with automation and improved demand forecasting.

Conclusion:

Indeed, it is advantageous to opt for supply chain optimization in businesses. Technology, along with globalization and empowered customers, is changing the way how a business manages its supply chains. In the future, the supply chains are expected to take more accurate actions.

Supply Chain Optimization Is Crucial To Your Business. Learn Why!

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Jun 22 2021

Hedge fund that shorted GameStop closes as $1.13B GME stock offer completes

One of the hedge funds badly burned in the infamous GME social media driven short squeeze is closing down, while GameStop itself has just completed its $1.13 billion equity offering.

According the Financial Times, London-based White Square Capital operated by Florian Kronawitter has closed its main fund and will return capital to investors.

White Square Capital reportedly had $440 million in assets under management (AUM) at its peak. The hedge fund was one of many that suffered double digit percentage losses from short positions in January, when the Wall Street Bets subreddit helped pump GME’s price from $21 on Jan. 12 to around $345 on Jan. 27.

However the FT reported a source as saying the fund’s closure was unrelated to its GameStop misadventure. In a letter to investors, co-founder Kronawitter cited the traditional equity long-short model was being “challenged” in the current financial climate, as there are “way too many fish in the pond” that operate with the same long-short strategy.

“The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital,” Kronawitter said.

The co-founder also highlighted that the hedge fund’s opportunities for arbitrage have “diminished” due to the “onslaught of capital caused by central bank monetary interventions.”

These factors are also accompanied by the relative ease of access to information and cheaper investment alternatives, with Kronawitter asserting that it brings it to question how the management fees from hedge funds can be justified in the current market.

In a Reddit thread discussing the news on the r/wallstreetbets subreddit, members of the group shared their delight, with user “turtleduck77” likening hedge funds that shorted GME to dominoes falling, noting that its “Time to invest in dominoes! The game not the pizza.”

GameStop completes ATM offering

Yesterday GameStop announced the completion of an at-the-market (ATM) equity offering, with the company selling five million shares of common stock generating almost $1.3 billion before commissions and offering expenses.

“GameStop will use net proceeds from the ATM Offering for general corporate purposes as well as for investing in growth initiatives and maintaining a strong balance sheet,” the announcement read.

One of the growth initiatives likely to be funded is GameStop’s NFT marketplace set to be launched on Ethereum.

While details are sparse at this stage, the firm’s blockchain division is reportedly headed by the former business operations leader of Ethereum and Loopring DEX, Matt Finestone.

The smart contract platform is based on the ERC-721 NFT standard and was created by foobar, a developer who has worked on wrapper solutions for the classic version of Crypto Punks, HD Mooncats, and MooncatHelper NFT projects in the past.

https://t.co/ruuCD2q8JD pic.twitter.com/CxcaGKPeJk

— foobar (@0xfoobar) May 25, 2021

While top crypto assets and memecoins have been in a major down trend since May 12, GME’s meme stock has increased 36.6% within that time frame, increasing from $161 on May 12, to $220 as of today, according to TradingView.

In comparison, data from CoinGecko shows that crypto’s nearest equivalent in meme coin Dogecoin has cooled down, has dropped 64% — declining from a price range of $0.50 on May 12, to $0.18 today.

Hedge fund that shorted GameStop closes as $1.13B GME stock offer completes

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