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Tether (USDT) Expands to the Polygon Network, Aiming to Boost its DeFi Ecosystem

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Tether (USDT) Expands to the Polygon Network, Aiming to Boost its DeFi Ecosystem

Quick take:

  • Tether (USDT) has launched on the Polygon (MATIC) network.
  • Polygon’s DeFi ecosystem is set to benefit from Tether’s availability on the network.
  • USDT issued on Tron continues to be higher than that issued on Ethereum.
  • A total of $72.537 billion Tether is in circulation with the stablecoin remaining at the number three spot in terms of market capitalization.

The stablecoin of Tether (USDT) has launched on a new chain. The stablecoin will now be available on the Polygon (MATIC) network as announced by the team at the project through the following tweet.

Big news!📣

The largest stablecoin by market cap, @Tether_to, is now offering their $USDT stablecoin tokens #onPolygon.

Find out more 👇https://t.co/vgCkRIRpab

— Polygon – MATIC 💚 (@0xPolygon) May 27, 2022

Tether Aims to Boost Polygon’s DeFi Ecosystem

According to the official announcement of Tether’s launch on Polygon, the latter network’s DeFi ecosystem ‘will benefit greatly from Tether’s role in its development.’

Tether’s integration into Polygon means that it’s over 19,000 Dapps and 8,000 development teams can now access the liquidity provided by the stablecoin. Polygon’s over 142 million unique user addresses ‘will have a major stable digital currency to generate returns from while moving freely within and across the network.’

Tether’s CTO, Paolo Ardoino, further pointed out that the Polygon ecosystem had witnessed tremendous growth and Tether will continue to help it thrive. He said:

We’re excited to launch USDt on Polygon, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space.

The Polygon ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.

USDT on Tron Still Exceeds that on Ethereum as Tether’s Circulating Supply Remains Stable at $72.537 billion

With respect to the amount of Tether issued on the various blockchains, USDT issued on Tron continues to exceed that issued on Ethereum. At the time of writing, there is a $72.537 billion worth of Tether in circulation, broken down on the various blockchains as follows:

  • Tron – $38.735 billion
  • Ethereum – $36.815 billion
  • Solana – $1.889 billion
  • Omni – $1.335 billion
  • Avalanche – $651 million
  • Algorand – $158.99 million
  • EOS – $85.251 million
  • Liquid – $36.561 million
  • SLP – $5.987 million
  • Statemine – $500k
  • Polygon  – $0

Tether’s Market Cap Remains Stable After This Month’s Stablecoin Jitters

To note is that Tether is still ranked third in terms of market capitalization and has witnessed an $11 billion reduction in its market cap as a result of stablecoin jitters in the crypto market catalyzed by UST’s massive depegging event.

However, zooming out to view Tether’s market capitalization data over the years, it can be concluded that USDT’s growth is still unmatched in the stablecoin arena. The chart below, courtesy of Coinmarketcap, further provides a visual cue of Tether’s growth over the years.

Tether (USDT) Expands to the Polygon Network, Aiming to Boost its DeFi Ecosystem 8
Tether’s market cap growth over the years. Source, Coinmarketcap.com

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Ethereum

Sky Mavis to Reimburse Axie Infinity Hack Victims and Restart the Ronin Bridge as Early as June 28th

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Sky Mavis to Reimburse Axie Infinity Hack Victims and Restart the Ronin Bridge as Early as June 28th

Summary:

  • Sky Mavis, the parent company of Axie Infinity, expects to reimburse hack victims on June 28th.
  • The Ronin Network bridge is also expected to reopen on the same day.

The parent company and developer of the Axie Infinity Video Game, Sky Mavis, has said in a statement that it expects to reimburse all affected gamers for its March 2020 hack by June 28th. In addition, the Ronin Network bridge is also scheduled to reopen on the same date.

The team at the Ronin Network has also updated via the tweet below on the reopening of the bridge, explaining that its engineers had been hard at work preparing for it to restart.

Our engineering team has been hard at work preparing for the Bridge to re-open. Things are progressing nicely and we have some more information to share with you today: pic.twitter.com/fgFV62G3vd

— Ronin (@Ronin_Network) June 23, 2022

Reopening the Ronin Bridge Will Require a Hard-fork.

They also added that for the bridge to reopen, the Ronin network required a hardfork, as explained below.

We plan on re-opening the Ronin Bridge on June 28th, with all user funds returned.

Re-opening will require on a Ronin hard-fork which requires all validators to update their software.

Validators have been informed regarding next steps to upgrade their validating node.

Axie Infinity (AXS) Could Have Found a Short-term Bottom on the 1 Day Chart.

Concerning price action, the daily AXS/USDT chart below hints at a potential short-term bottom for the digital asset at the recent low of $11.85 set last week as Bitcoin fell to a local low of $17,600.

Sky Mavis to Reimburse Axie Infinity Hack Victims and Restart the Ronin Bridge as Early as June 28th 19

Also, from the chart, it can be observed that AXS is attempting to recapture the 50-day (white) moving average as support. The daily trade volume is also green and confirmed by the MACD’s histograms.

Additionally, the daily RSI and MFI hint at renewed buying interest that could see AXS retest $20 or even push high enough towards $25 in the following days.

However, as with all altcoins, the fate of Axie Infinity (AXS) is very much tied to that of Bitcoin. Consequently, a loss of the $20k support by Bitcoin could lead to further losses for AXS, including dipping below the $10 support level.

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Ethereum

Celsius Considers Bankruptcy, Hires More Advisors

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Celsius Considers Bankruptcy, Hires More Advisors

Summary:

  • The crypto lending company of Celsius is reportedly considering filing for bankruptcy.
  • Celsius has therefore hired more advisors to prepare for the potential filing.

The crypto lending company of Celsius is reportedly considering filing for bankruptcy.

According to a report by the Wall Street Journal, Celsius Network LLC has hired restructuring consultants from the advisory firm of Alvarez and Marsal to recommend a way forward on a possible bankruptcy filing.

The Wall Street Journal, citing people familiar with the matter, also pointed out that neither representatives from Celsius nor Alvarez and Marsal had responded to requests for comments.

Last week, Celsius also hired the law firm of Akin Gump Strauss Hauer & Feld LLP to advise on possible solutions for its ongoing financial woes.

Celsius had Stated it Was Working on Stabilizing Operations.

In a June 20th blog post, the Celsius team updated the crypto community on the status of the company, pointing out that their main objective was to stabilize the platform’s liquidity and operations.

The team at Celsius also informed the crypto community that stabilizing the platform would take time and they were pausing all Twitter spaces and AMAs (ask-me-anything) sessions ‘to focus on navigating these unprecedented challenges and seeking to fulfill our responsibilities to our community.’

Celsius Had Stated that it Was Committed to Meeting its Obligations.

To note is that withdrawals, swaps, and transfers on Celsius were halted on June 13th with the team citing current market conditions as the main reason for doing so. They explained:

Acting in the interest of our community is our top priority. In service of that commitment and to adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this process to take place. Celsius has valuable assets and we are working diligently to meet our obligations.

[Feature image courtesy of Celsius.Network]

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Ethereum

Kyber Network Admits A Portion of Its Treasury Was Held By 3AC, But Not Significant to Affect KNC Operations

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Kyber Network Admits A Portion of Its Treasury Was Held By 3AC, But Not Significant to Affect KNC Operations

Summary:

  • The Kyber Network team has admitted that Three Arrows Capital’s potential insolvency might impact its treasury.
  • A small portion of Kyber Network’s treasury is with Three Arrows Capital but is not significant enough to affect the KNC project’s operations.
  • The team at Kyber Network adds that it has enough funds to operate for many years.

The potential insolvency of the Three Arrows Capital hedge fund continues to expose a web of affected crypto projects.

Yesterday, the team at Kyber Network clarified via Twitter that Three Arrows Capital held a small portion of its treasury. Therefore, as explained in the tweet below, its potential insolvency could have a small impact on Kyber Network.

3/6 3AC’s potential insolvency may have some impact on Kyber treasury as a small portion of Kyber treasury is with 3AC.

— Kyber Network (@KyberNetwork) June 23, 2022

Three Arrows Capital Had Done an OTC Deal with Kyber Treasury to Buy Some KNC.

The Twitter thread by Kyber Network explaining its connection to the potentially insolvent Three Arrows Capital starts by stating that 3AC had done an OTC deal with cyber treasury to purchase KNC. However, the amount purchased was not significant and was transferred from Three Arrows Capital receiving wallet ‘a long time ago.’

The team at Kyber Network believes that 3AC still holds the KNC, but the amount should not be part of the assets belonging to Three Arrows Capital that was liquidated earlier this month.

Kyber Networks Can Sustain Development for Many Years.

The Kyber Network team also added that the events surrounding Three Arrows Capital would not significantly impact the project’s operations as it has enough to sustain development for many years. They said:

However, we are in no way stopped by this incident as Kyber treasury can still sustain Kyber’s development for many years. We were caught off guard since our relationship & our trust in 3AC had been built up for more than 3 years. At the end of the day we are still human.

3AC Incident is A Great Learning Lesson. KNC Will Not be Laying Off Any Employees.

Furthermore, they explained that the Three Arrows Capital incident ‘is a great lesson and wake-up call for [the project]’ and that it will firm up their ‘belief in a trustless Defi ecosystem.’ The Kyber Network team also clarified that they will not be laying off any employees, as explained below.

Nothing is changed in our long term plan, we are not laying off but rather expanding the Kyber team to build the true trustless decentralized exchange in line with our long term vision. New protocol announcement is coming in the next few days.

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