Grab Your Piece of the Pie: Sector Finance Token is Set For Launch
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What are Stablecoins
March 10, 2021
MINS
Cryptonomics
Cryptocurrencies drive a financial revolution that provides the benefits of security, lower transaction costs, and borderless settlements, etc. Thus, stablecoins often are used as collaterals in crypto exchanges and decentralized finance applications.
Introduction to Cryptos
The arrival of cryptocurrencies began with Bitcoin in 2008. Since then, crypto has witnessed a rapid surge in user adoption. The utility value of crypto was what made it so appealing to many. Crypto users can make financial settlements without the trouble of going through banks and without revealing their identity. Users can also make international payments at very low fees.
All that is required to send or receive crypto is a phone or computer. This means that that person can trade, albeit peer-to-peer, without access to traditional banks anywhere in the world. These are just the basic features that cryptocurrency possesses. Its features helped crypto quickly gain widespread adoption. Since then, the high instability associated with cryptos' market value attracted many criticisms, and it is the single most potent hindrance to it being institutionally endorsed as a store of value.
For cryptocurrencies to make a case for use as a replacement for fiat, they need to have much less volatility than what is expected with crypto. Imagine a scenario where particular crypto was worth $8 yesterday, and one unit was used to purchase an item. If by today the value relative to the Dollar drops to $0.5, the item initially purchased can only be sold at a loss now. The prices of cryptos must have to be relatively stable for users to have the confidence to use them for daily transactions.
The need to have cryptocurrencies that are not prone to price volatility while still maintaining benefits such as privacy, security and low transaction fees etc, eventually gave rise to Stablecoins.
Stablecoins Defined
The base description is in the name. The coin is practically stable in value. A Stablecoin is a cryptocurrency whose market value is pegged to another asset that has a stable value. It solves the problem of crypto volatility. Thus users don't have to worry about price fluctuations. The price of a stable coin tracks that of the asset it is pegged to, such that if any large market movement causes any deviation, the price quickly readjusts to that of the peg.
Do We Need Stablecoins?
Definitely, without a doubt, we do. If they don't exist, we could end up with a world where purchasing power will swing erratically with every market speculation. Where users on a loan or mortgage taken in crypto could see their repayments multiply exponentially etc. If crypto must be a replacement for fiat in day-to-day transactions, it must be a reliable store of value. People will not want to use it if they are not sure of its purchasing power tomorrow.
How do They Maintain Their Stability?
Different stablecoins employ different pegging mechanisms to keep their values stable. Depending on the mechanism, stablecoins generally fall into the following groups,
- Algorithmic
The stability of stablecoins in this category is controlled by codes and smart contracts rather than any physical asset. It starts out by pegging 1 unit of the coin to say, $1. If the value of 1 coin goes above or below $1, the smart contract respectively either mints more coins or withdraws more coins from circulation until demand and supply are balanced at the point that will restore 1 coin to $1 value.
- Fiat-Backed
This class of stablecoins is backed by fiat held in a treasury/bank account, usually in a 1:1 ratio. Ideally, for every single coin in circulation, a unit of the fiat backing it as collateral.
- Crypto-Backed.
The stablecoins that fall under this group are backed by fellow cryptocurrencies that are not stablecoins but which have high collateral value, likely Ethereum, Bitcoin etc. Since the cryptos backing this set of stablecoins are themselves susceptible to volatility, the backing ratio is usually 1:2 or more. This ensures that even if the stable coin's value goes below its peg, the higher backing will protect from defaulting.
- Commodity-Backed
Here we have stablecoins that are pegged to non-fiat valuable assets such as crude oil and gold etc. In this case, one token of the coin is pegged to a reference value of the asset, say 1 ounce of gold or 1 barrel of Crude oil. Since the asset's reference value has its own worth in fiat, which can vary, it means that the value of the stablecoin can also vary with respect to fiat valuation while it maintains its underlying asset-peg.
Common Applications of Stablecoins
As volatility is no longer an issue, they are used as alternatives to fiat currencies. Therefore, the settlement is done on the blockchain and is faster and cheaper to transact than using fiat. Several retail giants such as Visa and Walmart have begun to accept stablecoins for payments and remittances.
For the crypto trader, stablecoins act as a hedge during times of high market volatility. If a trader has some Ethereum and the markets are so volatile that he expects ETH to drop in value, he can quickly swap his ETH into a stablecoin. He was simultaneously keeping the worth of his holdings intact in doing so. Similarly, if a local fiat currency is losing value, people can change the fiat into a stable coin and protect their wealth from depreciation.
Since they are stable and pegged to reliable assets, stablecoins often are used as collaterals in crypto exchanges and decentralized finance applications. Further reading on other use-cases of stablecoins is illustrated here.
Some popular stablecoins in current use are Tether (USDT), Binance USD (BUSD), True USD (TUSD), Paxos Standard (PAX), USD Coin (USDC), Dai etc
Conclusion on Stablecoins
Cryptocurrencies drive a financial revolution that provides the benefits of security, lower transaction costs, fast remittances, and borderless settlements, etc. But for all the promise cryptocurrencies hold, they have been heavily criticized as not being a reliable store of value for day-to-day transactions. This is mainly due to their highly unstable price swings. However, stablecoins are a more practical alternative to replace fiat currency. Stablecoins are cryptocurrencies quite alright, but they have their value tied to commonly accepted stable assets, which ensure that their value is practically stable. With the world moving towards full-scale cashless digital money economies, it is expected that stablecoins will become more and more integrated as day-to-day alternatives to fiat.
For further reading, check out the following sources!
1. Everything You Need To Know About Stablecoins And How They Work
3. Stablecoin
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Blockchain News
Grab Your Piece of the Pie: Sector Finance Token is Set For Launch
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March 20, 2023
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Sector Finance is launching its token, $SECT, on Camelot DEX. There'll be 100M tokens available with 10% for public sale with a minimum commitment of $1.5M USDC and a maximum of $4M.
$SECT to Publicly Launch on March 31
The public token launch for Sector Finance token, $SECT, is set to begin at 17:00 UTC on March 29, 2023, and end at 17:00 UTC on March 31, 2023, on Arbitrum's native Camelot DEX.
The maximum supply will be 100 million $SECT, and 10% of that will be made available to the public. There is a minimum total commitment of $1.5 million USDC and a maximum commitment of $4 million USDC for the public launch of the token.
However, Sector Finance would retain the tokens allocated for the launch if the total committed $USDC is less than 1.5M. In that case, deposited funds will be returned to all participants.
Participants who deposit early and own Camelot's native token, xGRAIL, will be able to join the whitelist launch 24 hours before the public offer begins. As reported, all participants will receive the same fair launch value ("FLV") set at the end of the launch period. For all, the final price would be set as follows:
- Max = 4M $USDC Commitment / 10M $SECT
- Min = 1.5M $USDC Commitment / 10M $SECT
Additionally, holders of $SECT can stake, lock, and receive vote-escrowed $SECT ("$veSECT"), which provides governance rights over protocol fees and emissions. There is a vesting period for one-third of the tokens where they would be staked in veTokens for three months.
Sector Finance will publish specific instructions on participating in the public launch ahead of the launch event.
Incentivized Vault Offering
Sector Finance will increase the Incentive Pool for the Incentivized Vault Offering ("IVO") from 1.0% to 2.0% in celebration of its public launch.
According to the protocol, early depositors will earn $veSECT and $bSECT from the Incentive Pool in addition to the real yield accrued in USDC/ETH. Early depositors will benefit both from short-term upsides and long-term value accruals.
Participants can earn $bSECT and $veSECT from the Incentive Pool at the end of the Incentive Period when they deposit into either the Aggregator Yield Vaults or Single-Strategy Vaults.
You can learn more about the incentive vault offering here.
What is Sector Finance?
Sector Finance is a product protocol designed to scale the DeFi ecosystem sustainably through diverse yields and unparalleled risk transparency. The protocol is developing risk management tools and investment products to assist the next generation of DeFi users. Sector will run on Arbitrum, and the strategies will work with a variety of ecosystems, including Ethereum Mainnet, Moonriver, and Optimism.
Where to find Sector Finance:
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Blockchain News
DeFi Dominance: A Quick Guide to Ethereum Protocol Forks
March 20, 2023
The top DeFi protocols on Ethereum have captured billions of TVL and generated offspring that have captured billions more.
Uniswap, Compound, Olympus DAO, Aave
“Imitation is the sincerest form of flattery that mediocrity can pay to greatness.” – Oscar Wilde
Snarkiness aside, any good developer understands it’s far less efficient to build from scratch, than to identify existing good code and to adapt it to their purposes. The world of crypto is filled with Decentralized Finance (DeFi) protocols that are based on forks of predecessors.
Unsurprisingly, Ethereum protocols are the most popular models for other platforms to follow. In many cases, the Total Value Locked (TVL) of the offspring exceeds the parents!
Let’s check out the top 4 Ethereum protocols, in terms of the adoption of their forks, and then also look at one wild-card protocol: Uniswap, Compound, Olympus DAO, AAVE and Solidly.
(All data sourced from DefiLlama.)
1. Uniswap
Name: Uniswap
Category: DEX
TVL: $3.78 billion
Most Popular Forks: PancakeSwap (BNB etc.), SushiSwap (ETH etc.), BiSwap (BNB), VVS Finance (Cronos), Quickswap DEX (Polygon), Camelot (Arbitrum), SpookySwap (Fantom)
Total TVL of Forks: $6.92 billion
2. Compound Finance
Name: Compound Finance
Category: Lending
TVL: $2.67 billion
Most Popular Forks: Venus (BNB), Tectonic (Cronos), Benqui Lending (Avalanche), Sonne Finance (Optimism), Mare Finance (Kava)
Total TVL of Forks: $4.56 billion
3. Olympus DAO
Name: Olympus DAO
Category: Reserve Currency
TVL: $253 million
Most Popular Forks: Wonderland (Avalanche, ETH), Klima DAO (Polygon)
Total TVL of Forks: $1.51 billion
4. AAVE
Name: AAVE
Category: Lending
TVL: $8.53 billion
Most Popular Forks: UwU Lend (ETH), Geist Finance (Fantom), Radiant (Arbitrum)
Total TVL of Forks: $830 million
The only DeFi protocol in the top 5 that was not originally on Ethereum is Solidly, which was launched by famed DeFi developer Andre Cronje on Fantom. Solidly’s TVL on Fantom experienced a meteoric rise and equally meteoric fall, but the protocol has spun off several massively popular protocols on other blockchains.
Solidly
Name: Solidly
Category: DEX
TVL: $1.5 million
Most Popular Forks: Velodrome (Optimism), Solidly V2 (ETH), Thena (BNB), Ramses Exchange (Arbitrum), Equalizer Exchange (Fantom), Solid Lizard (Arbitrum), Equilibre (Kava)
Total TVL of Forks: $863 million
What is Ethereum:
Ethereum is an open-source, distributed computing platform based on blockchain technology that can execute smart contracts - that is, the terms written in the contract will be executed transparently, automatically when the previous conditions are satisfied, and no one can interfere. At the same time, Ethereum also allows developers to build decentralized applications (DApps) and decentralized autonomous organizations (DAO).
Find more about Ethereum here:
Website | Twitter | Documentation | Whitepaper | Reddit | Discord | Youtube | GitHub | Ethereum Foundation Blog |
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PROMO
CoinBook P2P DEX to Hold IDO for $BOOK on Core Chain
March 20, 2023
The most anticipated IDO event on Core DAO, CoinBook’s $BOOK token IDO is set to take place.
The world’s first decentralized peer-to-peer orderbook exchange, CoinBook, is holding an Initial DEX Offering (IDO) for $BOOK token.
What is CoinBook?
CoinBook is the world’s first decentralized P2P protocol on the Core chain allowing traders to exchange tokens peer-to-peer without the need for a Centralized or Swap Exchange.
This innovative DEX is igniting the P2P movement of crypto with its unique smart contract technology that circumvents the need for a Centralized or Swap Exchange with many advantages such as:
- Guaranteed Privacy (No KYC)
- Lower fees compared to CEX
- No slippage
- No market price impact
- No front-running bots
- You can keep full custodian
What is $BOOK?
$BOOK is the native platform token of CoinBook which will begin its IDO sale on March 22, 2023 at 12 PM UTC.
There are three major utilities of $BOOK:
Stake $BOOK, Build Your Portfolio
100% of the DEX transaction fees collected from trades will be donated to the holders who stake $BOOK in the Library Staking Pools. Users will be able to choose which Library pools to stake in to earn free tokens such as $BOW, $LFG, $AICORE, and much more!
Monthly Platform Rewards
CoinBook will reward its users monthly in $BOOK. The trading volume a user generates each month will determine how many $BOOK rewards they will earn.
Marketplace Governance
To further decentralize the CoinBook platform, the holders of $BOOK will participate in governance voting on important platform decisions. The more $BOOK you hold, the more voting power you have on proposals.
$BOOK IDO Details
Private Sale (Whitelisted Wallets) will first participate in the sale on March 22, 2023, from 12:00 UTC until 14:00 UTC. All Season 1 airdrop participants with completed tasks are whitelisted.
Public Sale (All Wallets) will start participating on March 22 2023, from 14:00 UTC until 14:00 UTC the next day (March 23, 2023).
The $BOOK IDO will take place on CoinBook’s platform. You can find out more details about CoinBook and $BOOK token on the CoinBook Doc.
Join CoinBook’s movement today and stay updated with the latest info!
Twitter | Telegram Community | Medium | Youtube
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Blockchain News
Synthetix Smashes Records: Reaches $490 Million in Daily Trading Volume
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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Web3Go Daily Data: BNB Chain Overview of March 20
March 20, 2023
The daily Web3Go Data report specializing in blockchain data on BNB Chain. Here is the report for March 24, 2023.
Web3Go Daily Data: BNB Chain
What is Web3Go:
Web3Go is an open data platform that focuses on the formatting, visualization, sharing, and collaborative analysis of the on-chain data generated in the Polkadot and BNB Chain ecosystems.
Where to find Web3Go:
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