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Legion Network launches app with crypto wallet, NFTs, play2earn, watch2earn, launchpads, rewards and more

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Legion Network launches app with crypto wallet, NFTs, play2earn, watch2earn, launchpads, rewards and more

Legion Network, a ‘super app’ aiming to integrate the industry’s best services into one accessible blockchain ecosystem, has announced its official launch.

The Legion Network app offers a variety of services ranging from crypto wallets, NFTs, play-to-earn, watch-to-earn, launchpads, rewards, and more.

App Features:

Legion Wallet – Legion Wallet is a non-custodial solution that allows users to swap, buy, sell, and stake tokens in one place. Users can buy over 80 cryptocurrencies in 160 plus countries worldwide with their debit or credit card via Moonpay.

Legion Arcadia – Legion Arcadia is an interactive play-to-earn gaming platform where players can participate in daily challenges to win crypto and NFT prizes. Users have access to a plethora of games for practice until they’re ready to compete against other users for daily prizes. Users can vote for the new games they would like to see added, as well as vote for the games that will make it to the daily challenge.

Empower Academy – Empower Academy introduces a new age of learning in which education is gamified to attract all types of students from any and all backgrounds. The state-of-the-art educational platform provides learners with a way to earn crypto while having a unique instructive experience through various forms of content such as podcasts, videos, live workshops, and internationally recognized courses, such as their CPD certified Blockchain Mastery course.

NFT Drops and Launchpad – NFT Drops allow users to partake in the various sales of NFT Collections that partner with Legion Network. This NFT Drop App module allows buyers to purchase NFTs directly via fiat or cryptocurrency within the app. This mitigates the safety risks by hosting these drops within a secure app vs. the familiar website releases that are often prone to be duplicated.

Legion Launchpad  – will allow users to easily participate in early-stage blockchain startups, crypto, and NFT projects. LGX stakers will have tiered access to a series of participation amounts. Legion Launchpad will be accessible via the Legion Super App; which further mitigates the safety risks mentioned above.

Legion Network Token (LGX)

The Legion Network Token has been exclusively listed on Bybit and PancakeSwap where LGX can be traded. Bybit has over 2 million users, and often reaches over $10 billion in daily trading volume.

LGX Successful Token Launch

With over 30 launchpads backing the project, Legion Network successfully launched their token, LGX, which will be used to power the super app. This allows token holders to earn rewards and premium access to the entirety of the platform’s outstanding features.

First Place Winners at the 9th Edition of Agora Dubai Global Blockchain Congress Event

Out of 30 projects, Legion Network was successful in achieving the 1st place position. The event was a closed-door, exclusive congress that can be attended by invitation only. Agora hosted more than 200 investors, 30 Sponsors, 60 speakers, 20 media partners, and more than 400 delegates.

As a result of coming 1st, Legion Network has been invited to Berlin, Germany for further advisory from industry experts as well as an opportunity to receive 2 million dollars in additional funding to their initial 4.5 million dollar raise.

Legion Network Team and Roadmap

Legion Network is home to a diverse team of individuals from all over the world with decades of experience in the crypto and NFT spaces. These dedicated team members bring new and innovative planning to the platform, guaranteeing continuous growth in the web 3.0 and crypto spaces.

What is next for Legion Network?

Q2/Q3 2022:

  • Release Legion Super App V2


    – Staking


    – Wallet V2


    – New Games in Legion Arcadia


    – Added Cryptos to buy, sell, and swap


    – Fixed Bugs
  • Token Burn Event
  • Viral Marketing Campaign
  • Legion Launchpad
  • NFT Drops
  • Website and App UI/UX Revamp
  • Launch Bluemoon NFT Marketplace

The Legion Network app is available on Google Play and Apple Store.

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Bit Coin

Record Investment Outflows of $423 Million Led to Crypto Bloodbath

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Record Investment Outflows of $423 Million Led to Crypto Bloodbath

Last week saw record outflows of $423 million from crypto assets, according to CoinShares.

The report found that the outflows last weekend were likely responsible for bitcoin’s decline to $17,760. Analyst James Butterfill said: “The outflows were solely focussed on bitcoin, which saw net outflows for the week totaling US$453m.”

BTC outflows bring down institutional investments 

Therefore, if bitcoin is removed from the calculations, Ethereum contributed an inflow of around $11 million while other alts also added minor positive flows, aggregating inflows to the extent of $70 million. 

This was Ethereum’s first inflow after 11 consecutive negative sessions according to CoinShares.

In the past week, the BTC market has slid under the $20,000 level twice. Short-bitcoin saw inflows of $15 million due to the launch of the first U.S.-based short investment product in the week in question, the report noted.

[1/5] This week’s Digital Asset Fund Flows Report is now available! Written by @jbutterfill, the headline for this week is: Record US$423m outflows last week while Short-Bitcoin saw inflows of US$15m. Read on for the highlights -> pic.twitter.com/eIalnFhacv

— CoinShares 👩‍🚀 (@CoinSharesCo) June 27, 2022

Benefits of a crypto bear market

Similar wide margins were last seen in the previous negative peak, in terms of outflows, in Jan at $198 million.

However, in relative terms, Butterfill remarked that the week did not witness the largest negative flows against total assets under management (AuM). 

“This record occurred during the bear market in Feb 2018 where outflows representing 1.6% of AuM were witnessed, while the outflows last week were the third largest on record, representing 1.2% of AuM,” the report noted.

According to FTX CEO Sam Bankman-Fried, the Federal Reserve’s decision to aggressively increase interest rates was the main reason behind the market crash.

But despite the bearish sentiments, some crypto bosses are optimistic about the results of a market downturn. Charlie Silver, founder of Permission.io told Insider: ” There are hundreds of firms that are built on hype and not substance. It will be good for the industry to have them go away.”

“Bear markets are healthy because it resets valuations to reality and flushes out the bad actors. There are many cryptos that are true Ponzi schemes, that pay investors only with new investor money. When the new money dries up the project falls apart,” Silver added.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Ethereum

CoinFlex Will Issue $47M Worth of “Recovery Tokens” After Withdrawal Freeze

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CoinFlex Will Issue $47M Worth of “Recovery Tokens” After Withdrawal Freeze
  • CoinFLeX will issue recovery tokens to help fund customers’ withdrawals.
  • The exchange had run into trouble after one individual’s accounts went into negative equity, resulting in the halting of withdrawals.
  • It will issue $47 million worth of the Recovery Value USD (rvUSD) tokens.

Futures crypto exchange CoinFLEX will issue recovery tokens called Recovery Value USD (rvUSD) as a solution to enable withdrawals again. The platform has suspended withdrawals as a result of market volatility, with some users even having a negative balance as a result.

$47 million of the rvUSD will be issued, and CoinFLEX hopes that this will help clear the outstanding debt from that one individual who had a negative balance. A whitepaper covers the details of the token, and there are several caveats to become an investor. The minimum subscription is 100,000 USDC.

The exchange aims to reopen withdrawals by June 30, but this will be subject to receiving funds for the rvUSD issuance. CoinFLEX says that it has been speaking to large buyers and “believes there is significant interest in the terms presented.”

CoinFLEX also said that it plans to implement transparency measures going forward. Additionally, it will work on a new model of futures in direct response to the recent incident. Regarding the transparency, CoinFLEX said,

“The notional (USD) value of every account’s futures positions will be made publicly available via an external auditing firm that will attest to these futures positions every hour. We will also make available the margin (collateral) backing these positions in USD value and break down the collateral by type 1 (stablecoins), type 2 (highly liquid coins), and type 3 (low liquidity coins).”

Crypto Community Not Too Convinced About rvUSD

The crypto community’s response to CoinFLEX’s rescue method has been ambivalent. FatMan, who has been known for his analysis of the Terra incident, called the move “amazingly degen.”

He summarizes the whole incident as the platform offering the individual a $47 million uncollateralized loan, turning his debt into a token while offering 20% APY on it. In other words, they are using this token to fund other customers’ withdrawals.

This may sound like something too good to be true — and that might very well be the case. Such unusual and potentially risky strategies will invite the attention of regulators like the United States Securities and Exchange Commission (SEC). That is the fear that some investors have, but it remains to be seen if this will actually play out that way.

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Ethereum

Crypto.com Removes 13 Crypto Tokens From Its Earn Program Including Shiba Inu, Dogecoin and Tezos

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Crypto.com Removes 13 Crypto Tokens From Its Earn Program Including Shiba Inu, Dogecoin and Tezos
  • Crypto.com has removed 13 crypto tokens ,including Shiba Inu, Dogecoin and Tezos from its Earn program. 
  • The exchange has added Fantom, Ziliqa and Near to its Earn portfolio. 

Crypto.com, a leading cryptocurrency exchange, has decided to remove 13 cryptocurrencies from its Earn program. The exchange took to Twitter to share the update adding that it will be removing Doge, Shiba Inu, Tezos, and more from the program and will be adding Zilliqa, Fantom and Near to its Earn portfolio. 

Crypto.Com Has Removed 13 Cryptocurrencies From Its Earn Program

Crypto Earn is an initiative started by crypto.com to help users allocate their preferred crypto into the program to start accruing rewards. This would eventually help users expand their crypto assets by accumulating additional rewards in multiple cryptocurrencies. 

However, in an updated blog published earlier today, the exchange has decided to remove 13 crypto coins from its earn program including Doge, Shib, XTZ, MKR, EOS, OMG, FLOW, KNand C, ICX, COMP, BIFI, ONG, GAS, STRAX, and BNT. However, the exchange will also be adding three new tokens to its earn portfolio, i.e Zilliqa, Near, and Fantom. Per the updated blog post, users will be able to earn 5% rewards on FTM, and 6% rewards on ZIL and NEAR. 

“Effective from 27 June 2022, 10:00 UTC, we will be adding new tokens to Crypto Earn. Users can now enjoy rewards rates of up to 5% p.a. for FTM, and 6% p.a. for ZIL and NEAR.”

Crypto Community Reacts To Crypto.com’s Removal Of 13 Tokens. 

The response to crypto.com’s decision to remove 13 crypto tokens was mixed with multiple users expressing their discontentment on Twitter. Some users opined how the current crypto staking percentages are similar to the modern-day banking rates. 

Reduction of interest rates on stable coins again… no point holding them in your app. Get similar interest in a bank

— will (@WJB2201) June 27, 2022

While others responded that they were particularly unhappy about the exchange’s decision to remove Doge and Shib from its platform.

Why no more Shiba and Doge staking?

Are you trying to get people to leave your platform?

That was the reason I even started a CDC account!

— M42boost (@m42boost) June 27, 2022

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