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Baserank: The Future of Centralized Crypto Exchanges
February 6, 2023
MINS
Blockchain News
Crypto asset research platform Baserank provides a comprehensive overview of the current state of centralized exchanges in their first column for CMC Research.
This report offers a comprehensive overview of the current state of centralized exchanges and provides valuable insights into potential future developments and solutions to prevent incidents like the collapse of FTX. In the second part of this report, we will give you an exclusive preview of our latest comparative analysis of centralized exchanges that have their own native tokens, featured in our Baserank Premium research content. This analysis offers in-depth insights into the strengths and weaknesses of these exchanges and provides valuable information for crypto experts and the general public.
1. The Current State of Centralized Crypto Exchanges
The collapse of FTX has shaken the centralized exchange industry, highlighting the importance of trust and transparency. As with banks in traditional finance, centralized exchanges should prioritize the safekeeping of their customers' assets. The events such as FTX serve as a reminder of the need for self-custodial cold storage to protect crypto assets. Despite regulatory oversight from the SEC, SBF's ties to the Democratic Party, and audits by multiple companies, FTX still managed to lose 8 billion USD of customer funds. This incident highlights the challenges that centralized exchanges face and the need for solutions to ensure greater security and transparency in the crypto space.
2. Main problems of centralized exchanges
Centralized finance has long been criticized for its lack of transparency. Just as developers rely on open source, centralized finance should embrace open finance, allowing all stakeholders to see a company's assets and liabilities. The recent events at FTX highlight this need for transparency, as it was impossible for outsiders to predict the collapse. While some exchanges have implemented a proof of reserves, it is important to remember that reserves only represent one side of the balance sheet. Liabilities are equally important and must be considered in relation to reserves in order to have a full picture of a company's financial health.
Another major issue with centralized finance is the central point of trust. The original idea behind cryptocurrencies was to eliminate the need for trusting a central authority with one's money. However, centralized exchanges still represent that central point of trust, which can be problematic if the individuals running the exchange are irresponsible or greedy. The question then becomes how to prevent fraudulent activity by the central authority.
Finally, the reliability of auditors must also be called into question. The central point of trust applies here as well, as the events at FTX have shown that even reputable auditors can be unreliable. It is unclear whether the auditors missed crucial details or were compromised by those who hired them, but either way, it raises doubts about the trustworthiness of audits. These issues must be addressed in order to ensure greater security and confidence in the centralized finance industry.
3. Possible solutions
We´ve gathered three solutions that can be applied to fix the main problems of centralized exchanges. Note that all of the solutions have some advantages and disadvantages. Some people could argue that decentralized exchanges and self-custody are the only solutions. Centralized exchanges can usually provide a better user interface, especially to newcomers, and features such as password recovery, on the other hand, the clients are not in charge of their funds. The decentralized exchanges provide full access to your funds but cannot help you in case the user makes some significant error. Then there are some hybrid options, which combine both worlds and can be seen in the following diagram.
1. Currently, most centralized exchanges fall into this category - operators of the exchange have to actively choose not to be evil and not steal customers' funds.
2. Exchanges that enhance audits, and regulation and rely on external control mechanisms similar to how the banking and traditional finance industry works.
3. Exchange that uses a combination of cryptography to prove the solvency of a centralized entity, while keeping users’ funds in the hands of the exchange and its operators.
4. Hybrid solution - Centralized exchange with DAO governance of fund reserves.
5. This category applies to decentralized exchanges (DEX) where users hold their own funds and the DEX does not have ways of stealing customer funds.
Option B - Regulation
One of the ways the exchanges can give a higher level of confidence to users is the route that was taken by Coinbase to comply with global regulatory obligations and eventually get listed as a publicly traded company. Exchanges that face the regulation rather than trying to avoid it by hiding in less strict jurisdictions are forced to provide balance sheets and other financial reports. The drawback of this solution is that it kills all innovation and it is certainly not a quick fix for most exchanges. It is difficult and expensive for crypto exchanges to comply with all the global regulatory obligations. It also goes against the idea of decentralization, as the authorities are highly relevant in the whole process. If crypto users choose to use only regulated exchanges and the regulations get tougher, more strict regulation could lead to a consolidation similar to what happened in the banking system. Exchanges will be forced to get a license and report to government-appointed organizations like the SEC.
Option C - Proof of Solvency
Another way to address the issues is to use cryptographic proof of solvency. The method, which can be used is a Merkle sum tree, where each column represents username hashes of individual customers together with their balance. All the balances have to be non-negative and the total sum should then equal to the assets that the exchange is holding in their reserves.
However, the problem here might be with the privacy of clients, as it would be possible to determine the balances on the branches of the tree in case of a potential attack. Another solution would be the usage of ZK-SNARKs, which can even protect the privacy of users. The most straightforward solution is then to assign all the deposits of users into a Merkle tree and implement the ZK-SNARK that would prove that the funds of users are non-negative (for cases of malicious accounts inserted by the exchange to the tree). On top of this can be another hashing layer for privacy so it is impossible to see the balances of other users. This solution is more broadly explained by Vitalik Buterin here.
Option D - Proof of reserves and deposits
BitMEX published a study on how proof of liabilities could be approached. The study mainly concerns the privacy of the depositors. Also, it relies on monthly deposit attestations provided by the exchange. The exchange still can steal users' funds, however, such misconduct would be exposed no later than in a month's time. We focus on how to increase the users’ funds’ protection. The proposal introduces a quasi-DAO over the reserves.
Clients receive tokens indicating their deposits. These deposit tokens’ transfers are documented on the blockchain, allowing for a public and verifiable record of liabilities at any moment. The overall value of reserves and deposits can be calculated in a decentralized way using a service like Chainlink to obtain exchange rates.
Additionally, deposit tokens act as a decentralized key to the reserves and are designed to prevent the misuse of exchange funds. The DAO, made up of token holders, elects a reserve manager and can limit the transfer of reserves out of designated wallets. In the event the reserve manager attempts to exceed these limits, a transaction delay and potential veto by token holders can prevent the unauthorized transfer of funds.
The third solution has been suggested by Jakub Jedlinsky from Altlift. The details are published in a separate article.
Comparative analysis of exchange tokens
In this report, we provide a comparative analysis of exchange tokens and evaluate which of them are undervalued and which are overvalued. Our analysis focuses on centralized exchanges that have their own native tokens.
Crypto exchanges are well-positioned to succeed in the current market environment. Similar to how sellers of mining equipment profited during the gold rush regardless of the success of individual gold miners, crypto exchanges are likely to continue to be profitable regardless of the performance of individual crypto assets. The demand for crypto trading drives the success of exchanges and their native tokens, making them independent of any specific blockchain platform or project.
In a gold rush, sell shovels.
In a crypto rush, invest in crypto exchanges.
However, a profitable exchange does not necessarily translate to the best outcome for the exchange's native token. That is why at Baserank we evaluate several important criteria when assessing the value of exchange tokens.
Centralized exchange tokens are among the few utility tokens that have a real utility value. Unlike many utility tokens that are purely speculative, centralized exchange tokens are more akin to investment-grade crypto assets. They offer a good risk-reward ratio compared to other, riskier crypto assets.
1. Methodology
Our methodology focuses on a comparative analysis of crypto segments, where we can apply the same set of metrics. We recognize that there are many factors to consider when evaluating a token and that different metrics may be relevant for different crypto asset classes. The following diagram illustrates some of the factors that may affect the value of a token.
Our comparative analysis of centralized exchanges focuses on the value-generation drivers and specific investment metrics. This allows us to evaluate the potential returns and risks associated with investing in these exchange tokens.
Our methodology has identified a number of problems with certain exchanges. These include fabricated trading volumes, insufficient liquidity of native tokens, and a lack of proof of reserves. As a result, we have applied penalties to these exchanges accordingly. The exchanges penalized for fake trading volumes are Coinsbit, Liquid, Bibox, and BTSE. We have also imposed penalties on exchanges with low liquidity of their native tokens, including EXMO, ZB, LATOKEN, AscendEX, Bitpanda, Coinsbit, Liquid, Bibox, Bankera, Coinmetro, BTSE, and Bitmart. The extent of the penalty varies based on the severity of the issue. Finally, we have also penalized exchanges that have not released proof of reserves by the beginning of December 2022, including Bitmart, BTSE, Coinmetro, Gate.io, Bankera, MXC, Bibox, WazirX, Liquid, Coinsbit, Bitpanda, AscendEX, LATOKEN, ZB, and EXMO.
2. Results
The following table shows the final ratings for centralized exchanges. The data were collected throughout December 2022 so we can offer you the most accurate results. It can be seen that Binance, Kucoin, Huobi, and Bybit are the top-rated assets. On the other hand ZB, Bankera, Liquid, and Coinmetro ended up with a rating of 1.
3. Recommendations for Exchanges
- Be more transparent.
- Disclose your trading volumes properly, and distinguish between spot and derivatives trading.
- Financial reporting would be very helpful - publish quarterly reports of trading volumes, users buying, holding, and using tokens, token buybacks, and burns. Ideally, incorporate
- Help investors understand your token - explain in plain words its value drivers.
- Increase the use cases for your token where it makes sense.
- Offer higher discounts for trading fees, do not decrease discounts over time.
- Users should hold native tokens to access some of your services.
- Do not try to add vague features to the token that only adds complexity and no value.
- Buyback and burn tokens
- Keep buying back tokens continuously, the number of tokens bought back and burned should not be limited. You are essentially creating a deflationary currency and rewarding early buyers.
- Distinguish between tokens that have been bought back and burned and tokens that were sitting in your wallet and burned - there is a big difference. Burning tokens, which were excluded from the circulating supply since the beginning, have almost no effect.
4. Recommendations for Investors
- Consider adding the best-rated exchange tokens into your crypto portfolio.
- Look for the real value of tokens, do not fall for exchanges that have issued useless tokens.
- Be careful about exchanges reporting fabricated volumes - they should not be trusted.
- Focus on the overall picture, do not rely on one single indicator, exchanges can fabricate some indicators. Choose tokens that perform well across multiple categories.
- Request financial reports from the exchanges including the liabilities.
- The market changes very quickly. Continue checking the exchanges’ current situation.
5. Past Editions Results
The following table shows the results of our past editions. As can be seen, our ratings are correlated with the return on investment (ROI) of the tokens, with the best-rated tokens having the highest ROI and the lowest-rated tokens having the worst ROI. This demonstrates the effectiveness of our methodology in identifying undervalued and overvalued exchange tokens. Even though all ROIs from the last edition of our research are negative due to the bear market, the best-rated exchanges have the lowest drop on average.
This is a guest post from CoinMarketCap with Baserank. The original article was published here.
Where to find CoinMarketCap:
Website | Twitter | Telegram | LinkedIn |
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Blockchain News
Synthetix Smashes Records: Reaches $490 Million in Daily Trading Volume
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March 20, 2023
Synthetix, the derivatives liquidity protocol, achieved a record-breaking $490 million daily trading volume on March 17. The protocol also generated over $511,000 in fees on the same day.
Synthetix Made Record Trading Volume
Derivatives Liquidity Protocol, Synthetix hit $490 million in daily trading volume for the first time on March 17, according to Dune analytics.
In terms of trading, the majority took place on the Kwenta trading platform, which accounted for $479.8 million in trading volume. In addition, the Synthetix generated more than $511,000 in fees on March 17.
Worth noting that Synthetix will distribute over $8M of Optimism's governance tokens to its perpetual swaps users as rewards.
The reward system will reward traders based on the fees paid, the volume generated, and the amount staked in SNX, Synthetix's governance token. As reported, users who stake 2,500 or more SNX can further boost their rewards with a maximum bonus of 15%.
The program will begin in the first week of April and run for 20 weeks.
In the first week, 50,000 OP tokens will be distributed, followed by 100,000 OP in weeks two and three. The remaining weeks of the program will see 200,000 OP per week.
The rewards will be issued from Synthetix's treasury, which received 9 million OP from the Optimism Foundation in July 2022.
Synthetix has also deployed version 3 (v3) on the Ethereum mainnet following security audits on February 23.
According to its developers, Synthetix v3 offers developers better architecture for developing faster, more complex, and more efficient decentralized financial applications (DeFi). Additionally, V3 will provide simplified staking and differentiated debt pools, meaning network stakers can contribute collateral to specific asset pools and receive fees without being exposed to every Spartan Council-supported asset.
Synthetix currently has a Total Volume Locked (TVL) of $457.14 million, which includes $303.82 million in Ethereum and $153.32 million in Optimism. Synthetix is trading at $2.88, up 0.08 in 24 hours.
What is Synthetix:
Synthetix is a decentralised liquidity layer built on Ethereum and Optimism that acts as a backend for DeFi protocols. Stakers provide liquidity to collateralize a portfolio of synthetic assets in exchange for rewards and market yields. This liquidity is used to underwrite synthetic assets and perpetual futures trading at oracle prices, removing the need for traditional order books and counterparties. As a result, liquidity is commutable and fungible across markets, and traditional slippage is eliminated.
Learn more about Synthetix:
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Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Blockchain News
Synthetix V3: Crucial Details You Need to Know About This Upgrade!
March 12, 2023
Synthetix V3 is evolving the derivatives trading landscape with a range of Pools and Vaults for stakers and protocols to collateralize new derivatives markets. V3's key features include Multi-Collateral Staking, a Developer-Friendly System, and Cross-Chain capabilities.
Synthetic V3 to Release in Phases
Decentralized Finance (DeFi) protocol Synthetix has launched V3 on Ethereum Mainnet and Optimism after a security audit by Open Zeppelin, Iosiro, and Macro.
Upon initial release, the V3 didn’t have all the features available. The release of Synthetix V3 will take place gradually over the coming months as users will transition from Synthetix V2x to Synthetix V3. Let’s have a look at the features that will be made available.
Features of Synthetix V3:
- Variety of Derivative Markets: Through v3, Synthetix becomes a layer of liquidity on which different derivative markets can be built, such as perpetual futures, spots, options, insurance, and exotics.
- Synthetic Asset Creation: The use of market pricing logic and price feeds allows the deployment of new synthetic assets like Spot BTC, Spot ETH, ETH Perps, BTC Perps, ETH Options, etc. Previously, these assets required approval from governance, but soon they will rely only on market logic and price feeds.
- Cross-Chain Infrastructure: Synthetix V3 employs cross-chain functionality and supports synthetic assets on any EVM compatible chain. As a result, the destination chain is not subject to slippage due to a lack of liquidity.
- Multi-Collateral Staking: Governance in V3 supports any collateral for backing synthetic assets. This will reportedly increase sUSD liquidity and the markets supported by Synthetix. Further, Governance will be able to adjust variables such as collateral requirements and rewards.
- More Secure Synthetix Loans: Users can now provide collateral to generate sUSD without incurring debt pool risk, interest costs, or issuance fees.
- Differentiated Liquidity (Debt) Pools: Instead of delegating collateral to the entire debt pool as in V2x, users can select the pools to provide collateral to and then decide which markets and assets to support within those pools.
- Choice From Multiple Oracles: With V3, multiple Oracle solutions are available such as Chainlink and Pyth, giving market creators better control over the oracles that power their markets.
- Rewards Manager: Pool creators can attach rewards distributors to vaults, rewarding liquidity providers that offer specific collateral types. There are a variety of ways to earn rewards, including market fees and token distributions.
Due to the fact that V3 does not have any markets attached to it currently, its primary function is to generate a dollar-denominated stablecoin for use in integrated markets. Synthetix (SNX) is trading at $2.18, up 1.60% in 24 hours.
What is Synthetix:
Synthetix is a decentralised liquidity layer built on Ethereum and Optimism that acts as a backend for DeFi protocols. Stakers provide liquidity to collateralize a portfolio of synthetic assets in exchange for rewards and market yields. This liquidity is used to underwrite synthetic assets and perpetual futures trading at oracle prices, removing the need for traditional order books and counterparties. As a result, liquidity is commutable and fungible across markets, and traditional slippage is eliminated.
Learn more about Synthetix:
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Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Don't forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for BNB Chain and crypto.
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PROMO
Hold-to-Earn: Ignore Fud, A Core Chain-based Meme Token that Supports DeFi and Blockchain Innovations
March 19, 2023
The community-centric meme token allows users to earn passive income by simply holding its native token on Core Chain.
Ignore Fud is a novel meme token on the Core chain that supports decentralized finance and blockchain innovations. Its objective is to facilitate the onboarding of more cryptocurrency users into Core DAO and the wider crypto industry. Ignore Fud boasts a community-centric meme ecosystem and a distinctive hold-to-earn feature, which enables investors to earn rewards by holding its native token “4 Token”. Additionally, investors gain exposure to a vast and robust user community from across the globe.
The 4 Token
The official token of the Ignore Fud project is “4”. The token, slated to launch via partner DEX, ArcherSwap, on March 24 will be a community-focused Meme token that forms part of the expanding Core DAO ecosystem. 4 TOKEN allows users to Hold-to-Earn $USDT stablecoin.
Token Details and Tokenomics
Name: Ignore Fud
Symbol: 4TOKEN
Decimals: 18
Blockchain: Core DAO
Max and Total Supply: 40 billion
Token Allocation
50% (20,000,000,000 4 TOKEN): Public Launch
40% (16,000,000,000 4 TOKEN: Reserved
6% (2,400,000,000 4 TOKEN): Ecosystem Fund for operational expenses and growth
4% (1,600,000,000 4 TOKEN): Airdrop + Marketing
The snapshot for the airdrop has been scheduled for March 20, followed by the airdrop distribution on March 24.
For the airdrop, 160 million 4 token each will be distributed across 10 rounds which includes Community Members, Media Partners and Influencers, Core DAO Community, and more. Find more details regarding the 4 token airdrop distribution in the whitepaper.
Tax Information
There are no “Buy” or “Transfer” taxes on 4 Token. However, there is an 8% Sell Tax on DEXes, of which 3% is converted to USDT and distributed as reflections to holders who have 400,000 or more 4 tokens. This allows 4 token holders to earn passive income.
2% will be automatically added to the liquidity pool, ensuring that the price stability is sustained. 2% of the Sell Tax will be burned, keeping the token price deflationary from the onset, while the remaining 1% will be converted to $CORE and allocated for operational expenses and growth fund to expand token utility.
4 Token Use Cases
4 Token will begin as a meme token, but there are plans to create various use cases for it in the future. Some of the proposed use cases include:
- Blockchain Validator/Staking Node like CORE Staking Node, ADA Staking Node, BNB Staking Node, Cosmos Staking Node, New Blockchains with Staking Node, and even other potential Tokens that earn staking rewards.
- NFT Marketplace with 4,000 Ignore Fud NFT Collections.
- Compounding Crypto Asset "Vaults"
- Decentralized Exchange (DEX)
- Community Suggestions
Deflationary & Burning Mechanism
The deflationary and burning mechanism of the 4 Token involves three components. Firstly, 2% of tokens are burnt from the Sell Tax. Secondly, Ignore Fud plans to introduce Utility and Blockchain validator nodes, and other tokens that earn staking rewards. A percentage of monthly revenue will be utilized to buyback and burn 4 Token. Lastly, there will be Ignore Fud 4,000 NFT collections, and all the money generated from selling NFTs will be used to buyback and burn 4 Tokens.
This deflationary and burning mechanism is designed to reduce the circulating supply of Tokens over time and create a scarcity effect that may lead to an increase in the Token's value.
Token Burn will continue as Ignore Fud earns revenue and continues to grow. This approach aims to create a sustainable Token Economy that is based on actual usage and value.
Security Audit
Ignore Fud announced that it has passed KYC with Core DAO, with details on the smart contract audit still in process.
Ignore Fud’s Hold-to-Earn mechanism allows users to earn passive income by holding 4 Token, and the deflationary and burning mechanism is designed to reduce the circulating supply of Tokens over time, creating a scarcity effect that may lead to an increase in the token value.
With plans to introduce various use cases in the future and a commitment to a sustainable token economy based on actual usage and value, Ignore Fud has the potential to become an exciting addition to the cryptocurrency industry.
To Learn more about Ignore Fud, visit the following links:
Website | Twitter | Discord | Telegram | WhitePaper
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Author
Blockchain News
DefiLlama Marred By Internal Conflict
March 19, 2023
DefiLlama, a blockchain data platform, is in turmoil after employees rejected the company's plan to launch a token, resulting in a fork of the platform.
Changes Loom in DefiLlama Rupture
An internal conflict has erupted at DefiLlama, the hugely popular blockchain data platform.
With some of DefiLlama's employees seemingly having rejected what has been described as a 'rogue' plan to launch a token, this has resulted in a rift within the organization.
A DefiLlama employee who uses the pseudonym 0xngmi has accused the company's founders of launching a token without adequate support, causing a split in the company. 0xngmi has gone as far as to fork the platform and has hosted it as Llama.fi.
The company hinted at a potential token airdrop in a recent tweet, adding fuel to the fire.
Llama Corp, DefiLlama's parent company, has denied claims of a hostile takeover and labeled 0xngmi's actions as independent. In a statement to The Block on March 19th, Llama Corp expressed regret over the situation and intends to "resolve things privately and amicably." DefiLlama co-founders Charlie Watkins and Ben Hauser have yet to comment on the matter.
"0xngmi and a few team members have gone rogue, they are actively looking to seize DefiLlama IP and community while inaccurately claiming the rightful owner to be doing a hostile takeover," as per a recent post on the DefiLlama Round Up Telegram account.
DefiLlama's data tracks the performance of decentralized finance projects, and its conflict risks damaging the platform's reputation. The rift within DefiLlama also poses a threat to the platform's operations as it may affect its ability to provide reliable data.
This situation highlights the risks associated with a fracturing vision within the team. As onlookers begin to piece together what has taken place and inevitably choose sides, the development has already begun to have a huge impact on the structure of the organization.
In conclusion, the DefiLlama conflict underscores the importance of addressing potential conflicts before they escalate, as internal disputes could have severe implications for the platform's operations and reputation. Many will understandably sympathise with the dismay of dedicated individuals that have put long hours into the development of the reputation of DefiLlama.
About DefiLlama:
Defi Llama, co-founded by Charlie Watkins and Ben Hauser, is a multi-chain TVL stats dashboard, where data connectors contributed and maintained by a community.
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Blockchain News
Aptos Labs Invests in BRAVO READY to Revolutionize ‘Kill-to-Earn’ Gaming
March 20, 2023
The investment will be used to launch the exclusive game collaboration between the two studios, Aptos Arena, and future Aptos integrations with BR1: INFINITE.
BRAVO READY Reinventing the Financial Side of Gaming
BRAVO READY, creator of BR1: INFINITE, a pay-to-spawn, kill-to-earn shooting game, announced a strategic investment from Aptos Labs. As reported, the funds will be used to launch Aptos Arena, an exclusive game collaboration between the two studios, and future Aptos integrations with BR1: INFINITE.
“Aptos Labs is proud to partner with BRAVO READY, and we appreciate the creativity, energy, and innovation their team brings to Web3 gaming,” said Mo Shaikh, Co-Founder & CEO of Aptos Labs.
According to Evan Ryer, Co-Founder & CEO of BRAVO READY, the protocol fundamentally reinvents the financial side of gaming. He further added:
“Our mission is to be at the crossroads of great games that people love to play and a business model that will drive value for everyone.”
Aside from Aptos, Magic Eden Ventures also invested in BR1: INFINITE on Feb. 24. Using in-game marketplaces, Magic Eden supports gaming infrastructure, helps game studios acquire and engage users, and launches NFT projects.
Further, the full suite of products and services that Magic Eden offers for creators enables games to be monetized and engaged across the whole web3 ecosystem.
Meanwhile, Aptos recently made an equity investment in Chingari, a social media platform. As, reported, Chingari will use the equity investment to grow its user base, improve its product, and expand globally.
By the second quarter of 2023, the social media platform will migrate to the Aptos Network from Solana. The network will enable the company to add millions of new users.
Aptos (APT) is trading at $12.85, down 1.37% in 24 hours.
What is BRAVO READY:
BRAVO READY is a Montreal-based game publisher. In addition to producing AAA and WebGL titles like BR1:INFINITE & Mini Arena, BRAVO READY offers a range of products & services to help align games and game companies for success.
Where to find Bravo Ready:
What is Aptos:
Aptos is a new, independent project focused on delivering the safest and most production-ready Layer 1 blockchain in the world. The team includes the original creators, researchers, designers, and builders of Diem, the blockchain first built to serve this purpose.
Where to find Aptos Labs:
Website | Twitter | Telegram | Medium | Discord |
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Editors Choice
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