Frax Share up 29%, Luna Classic Pending Upgrades Could Push It Over $1 Billion, Snowfall Protocol Employs Vest Strategy To Protect Investor Funds
Algorithmic stablecoins are considered a safe and stable store of value. For investors, it sounds like a safe zone from the general crypto market pressure until Terra’s UST depegged in May 2022. Since the drama, Luna Classic has faced criticism. Subsequently, Frax Protocol came up with the Frax Share token. Still, that did not stop Frax Share from bowing down to bear pressure.
Fortunately, Snowfall Protocol’s new cross-chain technology has seen so much acceptance, and its token is now considered a viable store of value and investment asset. Although Frax Share and Luna Classic show signs of recovery, Snowfall Protocol’s demand is growing by the second at presale. Read on to learn more about new development in algorithmic stablecoins and why Snowfall Protocol is trending.
Frax Share Sees a Push Up By 29%
Frax Share is the governance token of Frax Protocol, an ecosystem that blends algorithmic technology with collateral. The platform was created to popularize a scalable and decentralized algorithmic currency that can replace cryptocurrencies like BTC.
Frax share is one of Frax Protocol’s ecosystem tokens, and it is a fractional algorithmic stablecoin with a collateral side and an algorithm-controlled side. The token can adjust its collateral ratio to the value of Frax Share. While Frax Share benefitted from the bullish joyride, it fell by 90% from the all-time high price of $41.09 in January 2022.
Subsequently, Frax Share has flipped its ATH price with the hope of recovery and going higher. The token has gained 29% in the past 24 hours. Its algorithmic stablecoin peer, Luna Classic, has also increased in price. Currently, Frax’s price is $8.7, about 220% up from an all-time low price.
Luna Classic Go Back Above $1 Billion Cap With Upgrades Pending
7 months after the deepening drama that rocked Terra UST and Luna, attention is back on Luna classic after the token hit local highs in May 2022. Luna Classic’s market capitalization crosses the $1 billion market again amidst plans for upgrades.
Terra is a renowned protocol for algorithmic stablecoins, and its UST was one of the best-performing stablecoins until it dipped and collapsed. However, it is recovering slowly after peaking at a $400 million market cap from $180 million on January 14. So far this year, Luna Classic has gained 25%. The protocol is planning to upgrade its software to v1.0.5, and major exchanges have pledged their support. Meanwhile, 6% of Luna Classic’s supply was burnt to raise its value.
Snowfall Protocol Employ Vesting Strategy to Protect User Funds
While it is unsure whether or not the price surge of most algorithmic stablecoins can remain stable over time, Snowfall Protocol is giving investors’ a golden opportunity at a profitable lifetime investment. The protocol is a multichain platform for bridging cryptocurrencies and NFTs from one chain to another.
As an innovative stride, Snowfall Protocol aims to build securely and efficiently interconnected, interoperable blockchain networks. Snowfall Protocol is a much-needed development in the crypto space as it allows more than 200 EVM-compatible and non-EVM chains to interact with each other.
Snowfall Protocol has raised more than $5 million and has put several measures in place to protect investors’ funds. One of these is the vesting strategy to lock tokens allocated for the protocol’s team. The vesting period is five years, during which the team won’t be able to sell their position. This will further improve investors’ belief and trust in Snowfall Protocol’s mission.
As you can see, the Snowfall Protocol is a great project with great prospects for a brighter future. Snowfall Protocol token is still in presale at an underpriced value of $0.191. The token is useful to gain voting rights and enjoy passive DeFi opportunities within the platform. Demand is getting higher, and the token is selling faster than speculated. Therefore, now is the best time to fill up your portfolio to enjoy a 1000x return.
You can also be a part of this life-changing opportunity – sign up and buy $SNW at Snowfall Protocol’s presale website.
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Huobi Global, a crypto exchange giant, is now all set to initiate a fresh journey with newly appointed advisory committee member Justin Sun. Tron founder Justin Sun revealed strategic plans to expand Huobi Global’s futuristic vision, including its developments, international brand promotion, utilization, expansion, and business operations dedicated to Huobi Token. Following the announcement, Huobi token surged over 28% in the last 24 hours.
Justin Sun Paves The Future Road For Huobi!
Today, Justin Sun tweeted about the future expansion and strategic plans to push Huobi Global upward, discussed in the meeting of the new advisory committee.
The members of the Huobi Global advisory committee include Baiyu Capital’s founder Du Jun, Ted Chen, Huobi Global’s co-founder Wang Yang, Valkyrie co-founder Leah Wald, and Tron founder Justin Sun.
Justin Sun said, “Today is my second day in Huobi. I am speaking on behalf of the Huobi Global Advisory Committee. We know that the key to revitalizing Huobi is to empower HT, and HT can only thrive on Huobi! In the future, there will be many big moves around HT, including brand upgrades, heavy empowerment, and business cooperation. We will unite all the forces that can be united to make HuobiGlobal well together!”
The advisory committee aims to place Huobi Global at the leading position in the crypto market by improving Huobi’s promotion, risk regulation, brand expansion and several factors.
Moreover, the committee confirmed that the revival plan would focus on bringing a spotlight to its Huobi token (HT), and the crypto exchange will look for more exposure globally, except in China.
Huobi Token Begins A New Chapter With An Uptrend Of 28%
The recent announcement from Huobi Global positively impacted the price of Huobi token as it jumped over 28% in the last 24 hours. According to CoinMarketCap, Huobi token is currently trading at $4.9 with a high of $5.3 and a low of $4.0753. It seems that the Huobi token is set to bring bullish rays as it has broken out of its strong resistance level at $4.6.
The RSI-14 is trading at 83, indicating an overbought territory for Huobi token, and SMA-14 is trading at 55, hinting at a price consolidation to the downside soon. However, the EMA-20 and EMA-50 are moving upward exponentially, showing more bullish momentum till $5.8.
TRX price also surged by 3%, and its transaction in the network recently crossed 4 billion; it is believed that Justin Sun is the actual buyer of Huobi Global as he is the primary investor of About Capital, to whom Huobi Global sold a majority of shares. However, Justin denied the news, confirming that he was appointed only as a member of the advisory committee.
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With 2022 having been a year of severe turbulence for the crypto market, it seems like effective crypto marketing is, at present, a bridge too far. Digital asset marketers often find themselves asking, how do I effectively market my crypto business? The answer or answers might be coming in the form of market regulation and surveillance.
According to a new Nasdaq report, regardless of a financially tumultuous 2022, crypto adoption is continuing to expand and grow. This means that regulators have no choice but to develop a broader framework for the emerging digital asset class.
Just like many financial marketplaces, crypto is all too often vulnerable to abuse and manipulation from bad actors, which highlights the need for stronger surveillance and regulation programs. Over time, these programs can create wider adoption and trust among investors since they will be protected from abuse.
With the crypto market along with crypto businesses and platforms expanding, what kind of role is regulation and surveillance playing when it comes to building trust in the crypto sphere? This was the exact topic recently discussed at a recent webinar hosted by both Nasdaq and Regulation Asia.
Different Market, Similar Challenges
Say the experts, trust in the crypto market varies for retail and institutional investors. Not only because plunging prices in the most popular assets like Bitcoin (BTC) and Ethereum (ETH) have crushed investor expectations, but also because the market, taken as a whole, is actually moving away from the hyper-volatility it experienced in the early days.
However, the Federal Trade Commission (FTC) reports that crypto scam losses in 2021 were calculated to be 60 times higher than that of 2018. It’s said that between January 2021 and July 2022, traders and investors were “scammed out of more than US$1 billion.” Maybe those assets are unrecoverable once they’re gone, but there are ways to block further threats at their origin.
The crypto market is somewhat misunderstood by some investors; the kind of fraud associated with it is said to be anything but unique or new. The FTC goes on to state that just about half of crypto investment scams began with a post, a message, or an ad on one of the many social media platforms. They also come from emails too.
According to the Head of Sales and Business Development for Asia-Pacific at Nasdaq Market Surveillance, David Kwan, as a surveilling expert, he’s witnessed cases of money laundering, wash trading, spoofing, phishing, and more.
He asks, “…why can’t the industry apply the same monitoring and the same protection in crypto as traditional markets?” In Kwan’s opinion, protecting the crypto marketplace is the only way crypto businesses, investments, and the industry as a whole will continue to grow.
Crypto professionals located in Singapore and Hong Kong are said to be taking the lead on engineering the regulatory frameworks that will inevitably lead to constructing resilience and trust in the crypto industry.
Hong Kong’s government, in particular, has crafted amendments to its Counter-Terrorist Financing Ordinance (AMLO) and its Anti-Money Laundering programs that will now include new licensing protocols for VASPs. This means that any business that intends to operate a VASP will require a license from the Securities & Futures Commission (SFC).
In Hong Kong, the title “virtual asset” is applied to BTC, ETH, and other top-tier altcoins, plus stablecoins like Tether. Virtual assets also include a specific set of governance tokens that can be morphed into non-fungible tokens (NFTs) in the near future.
Says Kwan, the existing financial institution guidelines, which include fund management code of conduct, internal control guidelines, plus the regulation of auto trading services, will be applied to virtual asset license holders by March of 2023. This will be a boon to crypto marketing businesses that desperately need their clients to develop trust in the digital assets they wish to invest in.
Expanding Crypto Regulation
Meanwhile, in Singapore, crypto professionals are creating new legislation to prop up their emerging digital asset market environment. The new laws are said to be somewhat covered by existing legislation called the Payment Services Act which came into existence back in 2020.
But the newly approved Financial Services & Markets Bill is said to strengthen regulations and close any gaps that exist in the Payment Services Act.
Again, more good, trust-building news for the crypto industry.
Disclaimer: This is a guest post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company
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One of the most effective ways to get decent earnings on cryptocurrency is mining. It allows you to keep the network running and earn tokens as a reward. However, before starting mining, you need to answer a few questions: what kind of mining is the most effective? How to identify the benefits? On which hardware to mine? Which cryptocurrency? In other words, you need a strategy.
To start mining on your own, you will need three things: mining hardware (central processing unit (CPU), graphics processing unit (GPU), or ASIC), mining software, and a cryptocurrency client/coin wallet.
Different types of cryptocurrencies may require different hardware to achieve the best results. For example, ASIC equipment is configured to confirm transactions for cryptocurrencies such as Bitcoin and Bitcoin Cash. For cryptocurrencies like Ethereum, Zcash, and BitcoinGold, graphics processing units (GPUs) are suitable.
To choose mining software, you need to understand what algorithms and hardware it supports.
Deciding what mining equipment to buy, what mining software to choose, and whether it is better to mine by joining a mining pool or getting risk and starting a solo journey is a much more serious question that can be additionally searched for, for example, on popular cryptocurrencies forums. Experienced miners will gladly share their experience with a newbie, depending on your needs.
5 Steps of the mining process:
Open an electronic cryptographic wallet;
Set up equipment using special software;
Connect to a pool of miners (if necessary, depending on the coin); Run the program.
Bitcoin is one of the most popular and profitable cryptocurrencies for mining. The largest mining farms are located in China (although some have already migrated to Europe and Canada), and their scale is outstanding. Mining BTC on a home computer is an obviously losing business, hence farms are needed.
Most suitable equipment – ASIC, powerful and energy-saving. Namely, ASIC S19Pro, Antminer S19Pro, Antminer S17+, Antminer S19j, and WhatsMiner M30S models.
How much can you earn?
In August 2022, the price of BTC is around $24,000, which means you could theoretically earn $150,000 (6.25 x 24k.) per block.
To calculate how much you can earn today on bitcoin mining on specific equipment, you need to know the following: the hash rate, the daily cost per BTC, the power consumption of the equipment, and the cost of kWh. For convenience, it is easier to use one of the many calculators that are in the first place in Google.
Important to know that in addition to buying, setting up, and installing equipment, you must take care of maintenance, sound and heat insulation, unexpected expenses (repairs), and also take into account the rising price of electricity. Would be mining profitable? Definitely yes, but taking into account the fact that you know this “inside kitchen”, or hire a consultant to advise, then you might have an impressive capital to start and run your farm.
Is it possible to mine cryptocurrency without a large starting capital? If you are looking to make your initial capital mining.
There is an alternative – it is cloud mining.
Cloud mining is an alternative to the traditional way of mining cryptocurrency with the help of special equipment. You rent the required amount of power from the owners of the mining farm, in return – you passively accumulate cryptocurrency. However, you should be careful and choose only trusted services.
One of the major representatives of cloud mining is SunMining. They were one of the first to start mining cryptocurrency using solar energy. A wide range of contracts (capacity for rent) and referral levels makes this service available to everyone who wants to do it.
Firstly, you need to register on the site and familiarize yourself with the equipment and available contracts (they differ in price, contract duration, amount of rented power, and referral level). The more capacity you rent, the higher your profit is. Next, you must decide what you want to do with bitcoins after mining – you can store them on an exchange or wallet, use them as a long-term investment, or immediately convert them into a currency. Act according to your needs.