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Alternatives to ETH as Price Precarity Continues

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Alternatives to ETH as Price Precarity Continues

The much-anticipated Ethereum merge has come and gone. The Proof-of-work system is history, and the Proof-of-stake technology is here to stay. This major upgrade has seen a tremendous reduction in energy requirements and computing power for mining activities. However, the price of Ethereum has fallen below its previous value.

On September 15th, 2022, the most significant event in the history of the Ethereum Blockchain took place. The Proof-of-stake concept was merged with the Proof-of-work system to create a more robust technology.

However, since the merge, the price of Ethereum has fallen, and investors are wondering what the aftermath of the merge will look like. Stick around as you’ll learn more about the effect of the Ethereum merge and why other coins like TAMA, IBAT, and LBLOCK are currently the best alternatives for crypto investors.

Ethereum Merge: The Aftermath

On the 15th of September, Ethereum, the second biggest cryptocurrency after Bitcoin, underwent the final stages of the merger. This major upgrade has seen a permanent change in the transaction verification system of the network from the energy-consuming proof-of-work to the energy-efficient proof-of-stake.

Before the merge happened, the price of Ethereum was almost twice what it was in June, which was even higher than the gains of Bitcoin. Fast forward to September 20th, after the successful merge, the price of Ethereum has fallen to 15.2 percent of its previous value. That is even more than Bitcoin’s fall of 4.4 percent around the same time. According to Coinmarketcap, the price of Ethereum at the time of this writing is $1,301/ 

Crypto merchants are switching their investments from Ethereum and other altcoins into bitcoin as some crypto experts predict the price of bitcoin will do better than Ethereum in the coming months. Another major concern is that Ethereum will now fall under the United States Securities and Exchange Commission and become classified as a security. That means Ethereum may now become regulated.

So, with this disappointing turn of events, if you’re a crypto investor who is searching for tokens with higher potential right now in the crypto market, don’t stop reading yet. You’ll find in the next section some of the most promising crypto projects you can cash in on right now.

Tamadoge (TAMA): The Current Most Buzzing Coin in the Market

TAMA is the native token of the Tamadoge ecosystem, and it is one of the most trending cryptocurrencies in 2022. The Tamadoge has so much utility that enthusiasts call it the “multi-utility token” because it offers users so much utility.

When the Tamadoge project launched, the TAMA tokens sold for $0.01 per token, and after the presale, the TAMA tokens were valued at $0.03 per token, which is equivalent to a 3x price increment. With the generation of $19 million in the presale phase, which began in July 2022, and ended on the 18th of September 2022, the TAMA token is predicted by experts to skyrocket over 10x in 2023.

Additionally, TAMA is deflationary, with a maximum token supply of two billion tokens. 50 percent of this was available during the presale, while 20 percent of the TAMA tokens will be available when Tamadoge becomes listed on centralized and decentralized exchanges platforms. The listing of TAMA on these exchanges has already taken place on OKX & it’s DEX Luckilyd. You just can’t afford to miss out on this impressive coin.

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Battle Infinity (IBAT): Multi-utility Metaverse Fantasy Sports Token

The Battle Infinity ecosystem revolves around the metaverse saturated with exciting play-to-earn games. Players can generate their most preferred avatars to participate in Battle Infinity’s games and earn in-game rewards. Battle Infinity is one crypto project that had one of the fastest presales in 2022.

In the Battle Infinity ecosystem, there are six different places where players can participate. The most popular is the IBAT Premier League, which provides players with a fantasy sports league that is built on blockchain and NFTs and is the first of its kind.

There are also NFT marketplaces where players can sell and mint their artwork, purchase new avatars, and customize existing ones. Users can also buy virtual plots of land and advertise on in-game billboards.

Additionally, the Battle Infinity ecosystem will feature a DeFi exchange – IBAT Battle Swap – for easy swapping of tokens. Battle Infinity has a total token supply of 10 billion tokens. With all these features, it’s easy to see why this project is very promising, with a high chance of attracting many investors.

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Lucky Block (LBLOCK): Best Crypto-Gaming Blockchain

Lucky Block is another multi-utility novel crypto that launched its native token in January 2022 and, in May, launched its first prize draw. Lucky Block aims to solve the lack of trust and transparency in the current jackpot system, among other things.

With the Web 3.0 decentralized system, Lucky Block aims to do away with the centralized regulators so that prize draws sent to winners are fairly and randomly generated, and the Play-to-Earn is devoid of all internal and external manipulations. Smart Contracts are used for outcome generation.

At presale, Lucky Block sold at $0.00015 per token, and those who invested at this price have made huge profits because, as of the time of this writing, the price per token of LBLOCK (V2) is $0.0005114. Therefore, it is easy to understand why LBLOCK is regarded as one of the top long-term investments to make this year.

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Solana (SOL): The Former Crypto World Darling

Solana was launched officially in 2020 and was popularly called the Ethereum killer. Buoyed by low fees for transactions, fast processing speeds, and an NFT marketplace that was rapidly growing, Solana quickly became a household name in the crypto space. In terms of market cap, it rose to become one of the best cryptos. Its peculiarity was the combination of proof-of-stake and proof-of-history blockchain dynamics with an emphasis on accessibility and scalability, particularly concerning decentralized finance.

After the hack, the price of Solana fell. Nevertheless, the candles of Solana are not out yet as there are growing signs of a bounce back. For this reason, Solana is an option to explore for investors who want to diversify their portfolios.

Conclusion

The hype around the Ethereum merge has given way to gloom and confusion as Ethereum’s price fell immediately after the merge. Miners and investors are looking for other alternatives. If you belong to this group, then you should consider TAMA, the current king of all meme coins, as well as other promising coins like IBAT and LBLOCK.

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Ethereum

FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report

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FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report
  • A report by Forbes reveals that Sam Bankman-Fried knew about Alameda Research’s financial dealings.
  • SBF previously denied being “deeply aware” of Alameda’s finances. 
  • The former FTX chief regularly shared documents related to Alameda with Forbes over the past 2 years. 
  • The report indicates that SBF was well aware of Alameda’s business activities. 

An exclusive report published by Forbes has shed light on information that is in contradiction with recent claims made by Sam Bankman-Fried, the man behind the bankrupt crypto exchange FTX. 

Sam Bankman-Fried was aware of Alameda’s finances

In an interview at the DealBook Summit, SBF claimed that he was surprised by how big Alameda’s position was, referring to the risky trades made by his quantitative trading firm. The disgraced CEO tried to avoid accountability for Alameda’s actions by claiming that he was not involved in its day-to-day operations. “Alameda’s finances I was not deeply aware of. I was only surface-level aware of Alameda’s finances” he claimed. 

However, the report by Forbes provides an insight into the discussions they had with SBF in order to calculate his net worth for their annual World’s Billionaires list. During these discussions, Bankman-Fried shared several details that indicated that he was in fact well aware of Alameda Research’s finances. 

In order to prove his net worth, SBF detailed some of Alameda’s major holdings and several transactions involving Solana and Serum tokens as well as the notorious FTT. Some of these details were shared as recently as August 2022. The level of information found in the documents shared by Sam Bankman-Fried suggested that he knew more about Alameda than he revealed during his controversial interview. The former FTX CEO included details about his quant trading firm’s funds along with its token holdings, which at the time included 53 million SOL, 176 million FTT, and more than 3 billion SRM. According to this, the value of his share of Alameda’s funds under management was $8.6 billion. 

FTX's Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report 11

While it is still unclear as to how involved Sam Bankman-Fried was in the day-to-day operations at Alameda Research, the detailed description of the trading firm’s finances shared by him suggests that he knew more than he let on. 

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Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

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Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

Summary:

  • Galaxy Digital won a bid to buy one of Celsius’s assets as part of bankruptcy proceedings for the crypto lender.
  • Mike Novogratz’s company will buy GK8, a custodial business that Celsius acquired over a year ago in November 2021.
  • The custodian plans to launch crypto trading and lending for institutional investors.

Galaxy Digital submitted a successful bid for GK8, a crypto custodial service listed as an asset by Celsius during the lender’s bankruptcy proceedings. Both entity did not disclose the acquisition sum at press time. 

GK8 was acquired by Celsius in November 2021 when the bull run was near its peak. Months after, the lender was crippled by slumped crypto prices and Terra exposure. Celsius paused withdrawals shortly after LUNA and UST imploded in May, before declaring bankruptcy in July,

CEO Mike Novogratz said in a statement that adding GK8 to Galaxy Digital’s businesses offers a key ingredient for growth. Novogratz also addressed concerns regarding possible conflict of interest from the deal, ensuring that “clients will have the option to store their digital assets at or separate from Galaxy”.

Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner.

Galaxy will also expand its workforce by some 40 employees as part of the deal. The firm hopes to onboard blockchain developers and cryptographers to name a few.

Galaxy Digital scoops Celsius asset after $76.8 million FTX exposure 

The digital asset firm reported losses in Q3 earnings after weathering contagion from Terra’s $40 billion crash. Galaxy’s earning report also revealed exposure to the bankrupt crypto exchange FTX. 

EWN reported that Novogratz’s firm tried to withdraw $47.5 million of the total sum from FTX before Sam Bankman-Fried’s exchange froze withdrawals.  The company

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Coinbase Calls Out Apple For Blocking NFT Transactions On iOS

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Coinbase Calls Out Apple For Blocking NFT Transactions On iOS
  • Coinbase has revealed that its latest app update was blocked by Apple.
  • Users of Coinbase Wallet iOS can no longer send NFTs.
  • Apple reportedly wants 30% of the gas fees levied on NFT transactions.
  • The exchange has warned that this will have a major impact on iPhone users that interact with NFTs.

Coinbase, the largest crypto exchange in the United States, has called out tech giant Apple Inc. for its monopolistic policies on commissions on NFT transactions. In a lengthy Twitter thread earlier today, Coinbase Wallet revealed that Apple had blocked its latest app release. The reason for this restriction is the gas fees associated with NFTs. Apple has reportedly claimed that the gas fees required to send NFTs need to be paid through their In-App Purchase system so that they can collect 30% on the fees. 

Coinbase: 30% commission not possible

The crypto wallet provider has clarified that the demands made by Apple are not possible to meet. The company has further alleged that Apple’s new policies are aimed at protecting their profits at the expense of consumer investment in NFTs. Additionally, this move also creates a hindrance in developer innovation across the crypto ecosystem. 

For anyone who understands how NFTs and blockchains work, this is clearly not possible. Apple’s proprietary In-App Purchase system does not support crypto so we couldn’t comply even if we tried.”

According to Coinbase, iPhone users that own NFTs stand to lose the most from Apple’s policy change. The policy will make it difficult for users to transfer NFTs. Coinbase has indicated that it is willing to work with the tech giant to find a solution. 

We hope this is an oversight on Apple’s behalf and an inflection point for further conversations with the ecosystem. @apple – we’re here and want to help

— Coinbase Wallet (@CoinbaseWallet) December 1, 2022

Apple’s de-facto ban on NFT trading

Apple has ignored repeated calls to exempt NFTs from its notorious 30% cut, which has been dubbed the “Apple Tax”. On 24 October 2022, the firm updated its App Store policy, which included guidelines for NFTs as well. This was the official nod from Apple for iOS apps offering in-app NFT buying and selling as well as minting, as long as the “Apple Tax” is paid.  

Per a report by The Information, Apple’s app store policies have had a direct impact on NFT startups. Due to these policies, NFT marketplaces don’t even consider selling through mobile apps, leaving a large portion of potential buyers untapped. According to Magic Eden’s co-founder and Chief Technology Officer Sidney Zhang, Apple’s commissions are the reason why her NFT startup has never offered buy and sell functions on its app. 

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