MakerMaker MKR STO news

Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the U.S. Dollar.
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MakerDAO Upgrade: Multi-Collateral Dai and Interest on Deposits

MakerDAO is set to introduce multi-collateral Dai update in 10 days. The new version will allow for Basic Attention Token to be used as collateral in addition to Ethereum ahead of other tokens. The upgrade will also introduce interest on locked-up deposits. The multi-collateral Dai update is more comprehensive than the name would suggest. Alongside a line up of new features it phases out the ‘old’ single asset Dai as Sai, requiring all users to migrate to the new token within a few months. The update will introduce interest on deposits, and “collateralized debt positions,” or CDPs, were renamed as “Vaults.” Community votes to drive the processes MakerDAO makes many of its critical governance decision via community vote. In addition to governance decisions, holders of the platform’s coin, Maker, benefit from dividends from the platform but also assume additional risk as insurers in cases of system failure. An example of one of these decisions is today’s vote for lowering the ‘stability fee,’ equivalent to the interest rate on a loan. Announced Thursday and locked in today, the proposal lowered the fee by half a percent down to five percent. The vote also increased the maximum Dai supply to $120 million. The community will be required to vote for the specific assets to be used in multi-collateral Dai. The decision follows a vote from this summer that identified Ethereum, Augur, Basic Attention Token, and 0x as assets prioritized for inclusion. The lead time to the decision was used to conduct additional research on each of these assets to proactively identify potential issues. One such complicating factor turned out to be Augur’s expected v2 update, which would phase out the existing REP token and potentially break Maker’s smart contracts. Additional platform improvements The Dai savings rate will be the other core feature of the upgrade. It will allow Dai holders to lock up their tokens and earn ‘interest’ in Dai itself, potentially reducing their exposure to market volatility.  The exact interest percentage will be decided by the community in an upcoming vote. Although Cyrus Younessi, risk management lead at the Maker Foundation, suggested that “… a DSR of 2% is likely to be competitive with the broader DeFi ecosystem, which currently offers a ~6% (and dropping) savings rate on Sai.” The post MakerDAO Upgrade: Multi-Collateral Dai and Interest on Deposits appeared first on Crypto Briefing.
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MKR Token Gears For DAI Protocol Upgrade, Rises 14% in 24 Hours

Maker prices are up by nearly 14%. At press time, the coin is trading at $673.19 and has recorded a volume of $73,74,514 in the past 24 hours. The reasons for the price rise could be attributed to its native token DAI hitting $100 million debt ceiling.  Protocol Upgrade Effect in Play Maker (MKR) is used to govern the Maker platform, and  has a volatile price which is determined by market supply and demand. Whereas,  DAI is a stablecoin, with its value tied to the U.S. dollar, and it is suitable for making payments or as a collateral or savings instrument. Both are native tokens of Maker DAO, an Ethereum based decentralized lending protocol behind DAI, a stablecoin that is pegged 1:1 against the USD. Unlike, True USD and Tether(USDT), the stablecoin is backed by Ether(ETH). In order to automate the lending of DAI, MakerDAO leverages Ethereum smart contracts. Presently, there are 1,716,042 ETH, or 1.58 percent of the total supply, locked in the DAI smart contracts. Source- CoinMarketCap To keep prices stable, MakerDAO usually issue out new DAI tokens while simultaneously increasing stability fee. The sudden price surge in MKR token  can be attributed to DAI stablecoin hitting its 100 million token debt ceiling. This implies that currently 100 million DAI tokens have issued in loans and no more DAI can be issued until the debt limit is raised higher. However, plans to do the same are already underway. Per a tweet by Maker on its official Twitter handle, the Maker Foundation Interim Risk Team has placed an Executive Vote proposal into the voting system to lowering the DAI Stability Fee and increasing the debt limit to $120 MM. The Maker Foundation Interim Risk Team has placed an Executive Vote proposal into the voting system to lower the #Dai Stability Fee to 5% AND raise the debt ceiling to 120 million. The Executive Vote is now live at https://t.co/g9vSgxm089 — Maker (@MakerDAO) November 7, 2019 Interestingly,  total value locked in Maker just hit a 90-day high yesterday. Source- Defi Pulse On Oct. 9, Rune Christensen, the CEO of the Maker Foundation announced that they would release a multi-collateral DAI (MCD). It is slated for release on the 18th of November. Subsequently, DAI stablecoin will undergo a collateral protocol upgrade. This will allow users to stake multiple assets as collateral. Furthermore, CDPs for different assets will be known as vaults. This implies that cryptos will be stored in different vaults. Initially, the system will support only the Basic Attention Token (BAT). Maker DAO Reduces Stability Fee Furthermore, on the 28th of October, the stability fee was reduced from to 5.5 percent by one large MKR whale who had placed a single vote pushing the number of submitted votes from 2,489 to 44,539 votes. Previously, in order to keep up with market forces and the continuous readjustments by MakerDAO’s protocol, the stability fee had risen up to 19.5%. This, in turn, sparked outrage from borrowers and holders of Maker (MKR) tokens. Will MKR token manage to keep up with the price rise? Let us know, what you think in the comments below! The post MKR Token Gears For DAI Protocol Upgrade, Rises 14% in 24 Hours appeared first on Coingape.
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MakerDAO whale with 94% voting power reduces Dai stability fee by 4%

A MakerDAO token holder almost single-handedly decreased the stability fee on the Dai stablecoin by 4 percent, as he held 94 percent of the voting power for the proposition. The vote for the 5.5 percent stability fee was executed on Oct. 28 with over 44,000 MKR in support of the decision. Single user votes to decrease stability fee on MakerDAO Less than two weeks after it was reduced from 10.5 to 9.5, the stability fee on MakerDAO has dropped once again. (Source: Mkr.tools) However, the Oct. 28 drop wasn’t a result of a community consensus, but rather a governance takeover by a single user. According to Daniel Onggunhao, a software engineer at Binance, the decision to introduce a 4 percent decrease in the stability fee on the network was made by a single user, who is said to hold around 7 percent of the total circulating supply of MKR. The user put in 44,538 MKR in support of decreasing the stability fee from 9.5 to 5.5 per year. (Source: Twitter) Community has mixed reactions to MakerDAO’s easily centralized governance The crypto community had mixed reactions to the news, with some shrugging it off saying a certain amount of centralization is always expected in proof-of-stake systems. Others, including Binance CEO Changpeng Zhao, criticized MakerDAO’s “decentralization,” saying that concentrating governance in the hands of a few large whales goes against the foundations of crypto. One of the most popular services in decentralized finance (DeFi), the collateralized debt positions (CDPs) offered by MakerDAO have now become significantly cheaper. MakerDAO’s CDPs are a way for traders to leverage their exposure to Ethereum up to 150 percent. But, in order to withdraw the ether from their positions, users have to pay a stability fee, which acts as a counterweight to balance fluctuations in the supply and demand of Dai. The stability fee also maintains Dai’s peg to the U.S. dollar, decreasing the volatility of the ecosystem. The post MakerDAO whale with 94% voting power reduces Dai stability fee by 4% appeared first on CryptoSlate.
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DeFi Update – MakerDAO’s DAI Loans’ Stability Fee Slashed by Over 40% by a Whale Voter

Token holders of MakerDAO, have, through an executive vote, agreed to reduce the stability fee (interest rates) of all DAI loans to 5.5 percent. MakerDAO is an Ethereum based decentralized lending protocol behind DAI, a stablecoin that is pegged 1:1 against the USD. Uniquely, and unlike other issuers of TrueUSD or Tether (USDT), the stablecoin is backed by Ether (ETH). To automate lending of DAI, MakerDAO leverages Ethereum smart contracts. Presently, there are 1,716,042 ETH, or 1.58 percent of the total supply, locked in the DAI smart contracts and over $319 million worth of DAI loans have so far being issued out. DAI Loans Because of ETH backing, the price of DAI tends to fluctuate depending on supply and demand dynamics. Therefore, to keep the value of DAI at equilibrium, MakerDAO usually issue out new DAI tokens while simultaneously increasing stability fee (interest rate) of DAI loans to increase the price of DAI to parity with the greenback. Like a normal loan, DAI loans issued from MakerDAO are with interest. However, due to market forces and the continuous readjustments by MakerDAO’s protocol to keep DAI at 1:1 against the USD, the stability fee has been on an unexpected upward trajectory, peaking at 19.5 percent and sparking outrage from borrowers and holders of Maker (MKR) tokens. MakerDAO Stability Fee Voting The Oct 25 voting saw the reduction of Stability Fee from 9.5 to 5.5 percent in an announcement that was confirmed by the Maker Foundation Interim Risk Team and executed on Oct 28. Here, as dictated by MakerDAO governance model, holders of MKR token would vote “on changes to the Risk Parameters within the Dai Credit System” by staking their MKR tokens in the Maker Voting Contract. Ideally, voting is supposed to be open, collaborative and for transparency, done on-chain through the Governance Dashboard. But in the last voting, an anomaly was observed where one large MKR whale placed a single vote pushing the number of submitted votes from 2,489 to 44,539 votes, drawing criticism on MakerDAO’s governance. Wow. The @MakerDAO stability fee (interest rate) has dropped to 5.5%. A single whale (with 97% of voting power) made the decision. Went from 2,489 votes a few hours ago, to 44,539 votes. pic.twitter.com/BpLqeN6ALY — Daniel Onggunhao (@onggunhao) October 28, 2019 An analysis by one twitter user found that the voter staked 41,900 MKR from the 75,516 MKR under his/her control meaning the person/entity had a 94.7% control of MakerDAO voting power. This voter has moved 41,900 MKR to vote. They own 75,516 MKR (7.5% of total supply ; $40M). They received 108,956 MKR in Aug-2018. This is more than a16z (6%). Actually the biggest MKR holder. At the end day, that is governance and they have significant skin in the game! — Julien Thevenard (@JulienThevenard) October 28, 2019   Changpeng Zhao, the CEO of Binance, a cryptocurrency exchange that recently launched a staking platform, chimed in, saying “welcome to “decentralization”, where anything is possible, and not under anyone’s control, even some re-centralization.” A blip, this occurrence has nothing to do with centralization but with governance. Argument is, unlike proof-of work consensus algorithm where a miner has to pay for Capex and Opex, in proof-of-stake systems, coin staking allows whale to centralize and influence voting outcomes. Feature Image Courtesy of Got Credit. The post DeFi Update – MakerDAO’s DAI Loans’ Stability Fee Slashed by Over 40% by a Whale Voter appeared first on Coingape.
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Visa-backed Crypto Custodian Anchorage to Introduce Governance Platform with Voting Rights

Coinspeaker Visa-backed Crypto Custodian Anchorage to Introduce Governance Platform with Voting RightsIn what seems to be forward-thinking move, the premier cryptocurrency and digital asset custodian Anchorage backed by Visa has introduced a governance platform that has on-chain voting rights. The first cryptocurrency token to be supported in this regard is the Maker DAO’s Maker (MKR) token.The platform referred to as Anchorage Governance will enable all the custodian’s clients which hold the MKR token to be able to vote at the Multi-Collateral Dai (MCD) vote which takes place on November 15th and at future events as well.Sources indicate that the new platform took quite some time to build amidst rigorous alpha and beta testing. Based on the new development, several partners of Anchorage include a16z, Polychain and Paradigm. These partners will be able to vote on all mission-critical issues. These issues include matters such as stability fee, daily savings rate, portfolio collateral types among others.It also appears that the guys at MakerDAO are also excited about the new development. Rune Christensen, founder of MakerDAO said:“It’s important to the success of MakerDAO that Anchorage clients who hold MKR can vote easily and securely, and we look forward to increased asset holder participation as a result,”The holders of the maker token haven’t been left out in the positive responses as well. Kevin Yedid-Botton, principal at ParaFi Capital, who are clients of Anchorage and also have stakes in Maker indicated:“It is our duty to participate in governance decisions that affect the DeFi [decentralized finance] ecosystem and digital credit markets,”That said, it is already obvious Anchorage clients have more than sufficient stakes in Maker to warrant the custodian developing a governance model. While numbers don’t lie when it comes to voting at any event, it may not be translated to effective decision making in any sense as the majority democratic principle trumps sound decisions either by fiat or by democracy itself.Also, Anchorage isn’t the only digital asset custodian that has premier status. Popular cryptocurrency Coinbase also has Coinbase custody which operates using proxy smart contracts and assets moved from cold storage to hot storage for the execution of instructions. Anchorage operates quite differently.Anchorage’s decision-making process occurs at different strata with approval strictly defined by internal processes and procedures. On a broad spectrum, the voting platform occurs in a manner that reflects the wishes of the organization rather than an individual client or group of clients.The emergence of this new voting platform is indicative of a new trend in the blockchain industry globally. With voting systems in other blockchain systems such as EOS, Dash, Tezos and more, it is interesting to see Anchorage take on the voting model which hopefully will support other tokens soon.Unveiled in January this year as a new kind of custodian, Anchorage has the backing of investors which cut across the payments, financial and fintech spheres. They include Visa, a16z and Blockchain Capital. They were part of the Series A funding round of the custodian in July which raised $40 million. The total investment amount raised by Anchorage so far is about $57 million.Visa-backed Crypto Custodian Anchorage to Introduce Governance Platform with Voting Rights
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Visa-Affiliated Anchorage Launches New MakerDAO Governance Voting Platform

MakerDAO’s Maker (MKR) is the first cryptocurrency to get inclusion into the newly released governance voting platform by Anchorage cryptocurrency custody provider. Anchorage, an institutional custody provider, is working to increase voter turnout for the Maker platform. In doing so, they have launched a new on-chain governance platform for the MKR token holders, which was […]
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Visa-backed crypto custodian Anchorage launches governance voting platform for Maker holders; support for more coins coming

Institutional cryptocurrency custody provider Anchorage has launched an on-chain governance voting platform for MakerDAO’s Maker (MKR) token holders, in an attempt to increase voter turnout. Announcing the news on Thursday, Anchorage said the voting platform, dubbed Anchorage Governance, will help its clients who hold MKR to participate in the upcoming Multi-Collateral Dai (MCD) vote on Nov. 15, as well as all subsequent executive votes. The platform took “several months” to build and is for executive votes only and not polling, Diogo Monica, co-founder and president of Anchorage, told The Block. With the platform, Anchorage’s clients, which include some big-name investment firms such as a16z, Polychain and Paradigm, can now participate in voting for governance decisions like adjustments to the Stability Fee, Daily Savings Rate, and portfolio collateral types.  “It's important to the success of MakerDAO that Anchorage clients who hold MKR can vote easily and securely, and we look forward to increased asset holder participation as a result,” said Rune Christensen, founder of MakerDAO. “It is our duty to participate in governance decisions that affect the DeFi [decentralized finance] ecosystem and digital credit markets,” added Kevin Yedid-Botton, principal at ParaFi Capital, which is Anchorage’s client and a Maker holder. 'Significant' MKR holdings Anchorage said that its clients have “significant” Maker holdings, and therefore, it expects the governance voting platform to have a “meaningful” impact on future voter turnout. However, The Block research analyst Matteo Leibowitz, recently noted that there is “no guaranteed correlation between high voter turnout and objectively correct decision making.” To that, Monica told The Block: “We are agnostic on which way our clients vote on any given issue;" however, institutional investors are “strongly incentivized to make the best decisions for the health of the networks they invest in because they have so much at stake.” Any different? Anchorage is not the only platform to provide a governance voting platform for MKR holders. Coinbase Custody already does that. When asked how Anchorage’s platform differs from Coinbase Custody’s, Monica told The Block that "Coinbase’s model involves moving assets from a cold storage key into a proxy smart contract, which is controlled by a hot wallet...and is more exposed to risk,” while “our model does not use hot wallets or cold storage, and therefore we do not need to use a proxy smart contract.” Anchorage further said that it uses a multi-user approval system for its voting platform to ensure that a given vote reflects an organization’s wishes and not just the whims of an individual employee. More assets With on-chain governance becoming “increasingly common" with protocols like Tezos, EOS, Dash and others, Anchorage said it will support “many more” crypto assets in the future. When asked for specific details, Monica told The Block: “Right now we’re highly focused on supporting several major new projects that are yet to launch, so that our clients will be supported on day one.” Anchorage is backed by notable investors, including Visa, a16z and Blockchain Capital, all three participating in its $40 million Series A in July. The total funding raised by Anchorage to date is $57 million, Monica told The Block. There are now 50 employees working for Anchorage; that number was around 25 last year, and Monica said the firm is currently hiring for over 15 more roles.
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The Ethereum Ecosystem: Still Relevant After All These Years

Ethereum first went live in 2015, and since then, it’s become one of the market’s top coins. And while four years may not be a lot in most markets, in crypto it’s a lifetime. For Ethereum, it has been quite a ride. With a market cap of $19 billion, Ethereum is the second largest cryptocurrency in existence, and recent reports show that it provides a benchmark for the market. Of course, there’s much more to its success: the Ethereum ecosystem is thriving in its own right. In short, Ethereum is one of the most extensible blockchains. It offers developers the opportunity to create tokens, dApps, collectibles, financial applications, and more. Plus, Ethereum itself will soon be better than ever. Here’s what the Ethereum community is up to right now—and what the Ethereum ecosystem has to offer. Dominance Over dApps and Tokens Ethereum currently leads the dApp market with its sheer number of listings. Right now, it has a total of 2000 dApps—four times more than TRON or EOS, its closest competitors. Ethereum also closely matches those blockchains in terms of dApp volume—each platform handles about $10 million of crypto through its apps in a typical day.   Daily dApp transaction volumes in dollars, via DAppReview   To be fair, EOS and TRON dominate in terms of dApp users and transactions (although many of these are simple gambling apps). Still, Ethereum has a few notable apps in those measures: MakerDAO attracted 2200 users on Monday, making it the third largest dApp by user count. Meanwhile, dYdX, a derivatives platform, handled $371,000 on Monday—making it the 9th largest app by that metric. Ethereum’s token standards are also incredibly influential. Of the top 50 cryptocurrencies by market cap, at least 20 are based on Ethereum’s ERC-20 token standard—including big names like BAT and LINK. Plus, Ethereum’s non-fungible ERC-721 standard has begat collectible items like Decentraland properties and CryptoKitties. New Opportunities For Investment As Ethereum matures, there might be new ways to invest. Recently, the CFTC declared that Ethereum is a commodity, meaning that ETH futures may become an option for institutional investors in the future. It’s conceivable that Bakkt might add ETH futures alongside its BTC futures—though it hasn’t said so explicitly. Additionally, there are some retail platforms that already trade Ethereum futures, such as BitMEX and Kraken. These options attract speculative investors who might not trade on the crypto market itself. Even though futures don’t affect Ethereum’s value directly, they bring value into the crypto ecosystem and facilitate price discovery. There are other investment opportunities as well. MakerDAO, for example, allows you to lock up your Ether as collateral and create Dai stablecoins in return. Meanwhile, peer lending platforms like ETHLend allow you to earn interest by lending out Ether. Suffice to say, there’s a lot you can do with your Ether holdings. Preparing For Ethereum 2.0 Ethereum’s next big milestone will be Ethereum 2.0, which will introduce staking, which allows coinholders to earn rewards. It will also improve scalability through features like sharding, which will allow the blockchain to handle many more transactions. Though Ethereum 2.0 is a multi-year effort, staking should be available in the next few months. At the moment, different Ethereum development groups are running separate testnets. These became interoperable in early September, and according to Ethereum’s creator, Vitalik Buterin, a public network is rapidly approaching. This will be the “last major milestone [before] the network,” Buterin stated during a recent event in Hong Kong. Buterin has also suggested that the upgrade will be seamless. In a post on Ethresear.ch, Buterin suggested that app developers will need to migrate, but coinholders won’t need to do anything at all: “You may want to move your funds into [an ETH2] wallet eventually, but you do not strictly have to and there is no time limit,” he wrote. Can Ethereum Stay Relevant? Of course, not everyone is happy with Ethereum. Some dApps, such as Ethermon, have moved to blockchains like Zilliqa due to the promise of faster transaction speeds. Meanwhile, some projects with ERC-20 tokens have migrated to other platforms like Binance Chain. Finally, some critics believe that sharding is not secure. But despite criticism, Ethereum probably won’t go away. Its brand, market standing, its dominance over dApps, and its ability to drive hype for version 2.0 seem to be a winning combination. Though it has many competitors, Ethereum has first mover advantage and the biggest developer community in crypto —giving it a head start and making it the favorite to continue to tower over the competition.     The post The Ethereum Ecosystem: Still Relevant After All These Years appeared first on Crypto Briefing.
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80% of Crypto Trade Volume Tracked by Blockchain Surveillance

Ever since governments worldwide started showing adversity toward cryptocurrencies like bitcoin, a few startups have dedicated their business model to blockchain surveillance. Two weeks ago, Chainalysis revealed the company is monitoring 21 different tokens that stem from Ethereum. On Tuesday, the firm Ciphertrace announced that it’s now tracking 700 cryptocurrencies providing “visibility into 87% of the global trading volume.” Also read: Berlusconi Admins Disappear — Darknet Users Rush to Find Alternatives Chainalysis Now Tracks 21 Popular ERC20 Tokens Blockchain surveillance teams have been ramping up operations in order to appease governments and law enforcement agencies worldwide. On October 3, blockchain forensics firm Chainalysis told the public that the company was now tracking ERC20 tokens like maker (MKR), dai (DAI), and Basic Attention Token (BAT). Chainalysis’ cofounder Jonathan Levin said that regulators and investigators were interested in monitoring these tokens since they started being used in illicit and fraudulent activities. For instance, in September 2017, the ERC20 exchange Etherdelta was hacked for thousands of dollars when a hacker used a malicious code injection attack and drained ERC20 tokens from people’s wallets. Two years later, burglars robbed the trading platform Cryptopia’s ETH and ERC20 tokens stealing more than $16 million. Chainalysis stressed that lots of businesses have been showing interest in investigating the ERC20 landscape, so the company built ERC20 support in a “matter of weeks.” The firm detailed that over 130 customers in 35 countries use the company’s system to monitor digital currency transactions. The ERC20 support added 21 well known tokens to the Chainalysis framework. By the end of the year, the company says it will be tracking a total of “39 ERC20 tokens in addition to nine other cryptocurrencies — covering 90% of the market by trading volume.” Chainalysis emphasized that the ERC20 support is also available for Chainalysis Reactor, the company’s investigation product. “[Chainalysis Reactor] is already being used by law enforcement to investigate hacks and other illicit activity across blockchains,” the firm explained in a blog post. Ciphertrace Combs 700 Blockchains, Accounting for 87% of the Cryptoconomy’s Global Trade Volume The blockchain surveillance company, Ciphertrace, has also increased its monitoring and the business now tracks 700 different cryptocurrencies. Ciphertrace believes it is one of the world’s “most comprehensive” cryptocurrency intelligence teams out there and the latest update was considered a “giant leap.” Digital assets being monitored include LTC, USDT, BCH, ETH, BTC, and ERC20 tokens as well. “[The infrastructure] provides visibility into 87% of global trading volume with hundreds of millions of attribution data points,” Ciphertrace disclosed. The company’s announcement added: The Ciphertrace platform maintains the industry’s most accurate pool of attribution data. This includes 522 million attribution data points — such as account type, account holders, contract types, contract owners and other metadata — on cryptocurrency addresses. Various government agencies worldwide have been utilizing Blockchain forensics for quite some time and the business model has become very profitable. In the U.S. alone, the IRS, DEA, ICE, FBI, and other three-letter agencies continue to hire firms like Chainalysis, Elliptic, and Ciphertrace. All of these crypto surveillance companies believe the software deployed has powerful de-anonymizing capabilities that can help financial institutions and government agents discover illicit behavior. Ciphertrace divulges that the company leverages monitoring schemes like advanced APIs, interactive visualization, a graph database, and pattern recognition in order to de-anonymize digital currency transactions. What do you think about Chainalysis tracking ERC20s and Ciphertrace monitoring 700 cryptocurrencies? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Chainalysis, Ciphertrace, Fair Use, and Pixabay. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post 80% of Crypto Trade Volume Tracked by Blockchain Surveillance appeared first on Bitcoin News.
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DeFi applications Contributed More Than 2.275 million ETH in Q3: Report

While the second quarter of Ethereum application users was not such an active one, the wave of DeFi (Decentralized Finance) has brought in more than 310,000 new users. MakerDao and Nest Are The Leading Defi Apps DeFi applications have contributed more than 2.275 million Ethers in the third quarter. Also, these applications account for more than 58% of all Ethereum applications. The former’s revenue has exceeded more than $525 million in the quarter, with decentralized financial applications in Ethereum accounting for total financial transactions. Leading DeFi apps on Ethereum include MakerDao and Nest.  MakerDAO is a decentralized credit platform on Ethereum that supports Dai, a stablecoin pegged to USD.  As of March 2019, only ETH can be used as collateral. A planned upgrade to Multi-Collateral Dai is likely to add support for other assets.  Source- DeFi Pulse Whereas the Nest dApp supports mutual mortgage lending between mainstream Ethereum assets such as Ethereum(ETH), Tether(USDT), Maker Dao(MKR), DAI, Basic Attention Token (BAT), Omise Go(OMG), and the LOOM token.  Source- dapp.com   Q3 Witnessed More than 500,000 New Users Also, Q3 saw more than 500,000 new users who started using decentralized applications. Of which more than 138,000 (27.6%) of them started using financial services applications, and 170,000 ( 34%) of them still entered the application field due to gambling applications. Drop-in dApp Transaction Volume Also, a recent report by decentralized app platform dapp.com released a few days back found that dapp transaction volume has dropped on major blockchain ecosystems by almost 40 percent compared to last quarter. The figures have plummeted from $3.28 billion to $2.03 billion, despite huge growth in the decentralized finance (DeFi) industry.  The report analyzed six major blockchains. These included Ethereum, EOS, TRON, Steem, TomoChain, and IOST. Reportedly, these blockchains have the most active users in the market.  The report revealed that 150 dApps were launched in Q3 which is far less than the average amount of dApps released every month during the first half of the year- 165 apps per month. Will DeFi continue to have the same success in Q4? Let us know, what you think in the comments below!  The post DeFi applications Contributed More Than 2.275 million ETH in Q3: Report appeared first on Coingape.
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Coinbase Custody Now Supports Maker (MKR) and MakerDAO’s Governance

Coinbase Custody keeps adding new options for its clients. Around six months after letting the clients use a crypto staking service for the assets that were being held by the company, Coinbase Custody has recently announced staking support for MKR tokens as well. MRK the native token of the MakerDAO network, famous for its DAI […]
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Crypto Adoption: Royal Bank of Canada Might Soon Launch A Crypto Trading Platform

Canada’s largest bank, The Royal Bank of Canada having over $965 billion in total assets could soon launch a crypto trading platform. Will RBC Soon offer Crypto Accounts? As per reports, by leading media, The Logic, RBC has applied for four patents in Canada and the US – a hint enough to decude that the bank might integrate cryptos into its operations. When questioned RBC spokesperson Jean Francois Thibault told  The Logic that similar to other organizations, patent applications, and concepts are protected and declined to comment on the platform launch. “To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge. In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices,” reads the patent. The report further mentions that the bank could offer its customers cryptocurrency accounts. As a matter of fact, RBC has published a minimum of 27-blockchain-related patents in the past three years. These include credit scores, vehicle records, digital rewards and loan offerings. Rising Crypto & Blockchain Adoption in Canada A study by Bank of Canada in early October revealed that 5% of Canadians own bitcoin. Furthermore, the nation has been well-positioned in attracting mining businesses due to its colder climate and low energy costs. Not only is the national interest in cryptocurrencies rising, a survey by Deloitte in 2018 revealed that fifty-one percent of Canadian companies were investing in blockchain. Yesterday, Canada launched its second stablecoin, CUSD. Interestingly, the stablecoin is backed by the US Dollar and not the Canadian Dollar. CUSD similar to its forerunner CADT, (backed by the Canadian Dollar) has been developed by Blockchain Venture Captial Inc., a Canadian blockchain-based company. Will Royal Bank of Canada roll out its own crypto exchange? Let us know, what you think in the comments below!   The post Crypto Adoption: Royal Bank of Canada Might Soon Launch A Crypto Trading Platform appeared first on Coingape.
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Celebrity-Founded Pac Token IEO Campaign To Launch On GCOX

The Initial Exchange Offering (IEO) of a celebrity coin called PAC Token (PAC) has gained the attention of the crypto community. However, this is a token for a “select few” due to the distribution strategy that has been put in place. It is an IEO where a first-come-first-served basis will not apply, but rather, an electronic ballot system will determine who gets the coin. What’s more, PAC is backed by a celebrity, and given how past cryptocurrency ventures launched by stars ended in shambles, a lot of fingers are crossed. Will PAC be a huge success and possibly the next big thing? Or will it like others before its time leave investors holding a bag of worthless tokens? Who knows! What is Pac Token? PAC Token (PAC) is an ERC-20 token that rides on the popularity of Manny Pacquiao, a Senator in the Philippines, and a professional boxer. The cryptocurrency was launched on September 1, 2019, at “A Concert For Champions” held in Manila, Philippines. These tokens are aimed at bringing the Filipino boxer closer to his fans by giving his sizable followers access to fan-celebrity programs powered by Singapore’s GCOX exchange. In the same vein, fans can connect with the pro-fighter on social media. The crypto asset can also be used to redeem products such as Pacquiao’s autographed glove or exclusive VIP box seats at boxing matches. It can be donated to Pacquiao to support his cause. On the other hand, England soccer star Michael Owen and Sheikh Khaled bin Zayed al-Nahyan, a member of Abu Dhabi’s ruling family, are reportedly private investors of PAC. Who is Manny Pacquiao? Emmanuel Dapidran Pacquiao, popularly known as Manny Pacquiao, is a man of many interests. He is a politician who has been a serving Senator in the Philippines since 2016. Likewise, the 40-year-old is a renowned boxer who has several accolades to his name. According to Wikipedia, he is “one of the greatest professional boxers of all time.” The Boxing Writers Association of America (BWAA) also named Pacquiao, “Fighter of the Decade 2000”. Forbes, on the other hand, ranked him as the second-highest-paid athlete in the world as of 2015. Despite Pacquiao’s interest in politics and sports, he is now dabbling with blockchain technology, which has led to the launch of his cryptocurrency, Pac Token. Pac Token IEO Campaign on GCOX Exchange The Pac Token (PAC) will be distributed in an Initial Exchange Offering (IEO), instead of an Initial Coin Offering (ICO) since it is offered through an exchange. PAC’s IEO has been scheduled to take place on GCOX Sparkle, the IEO platform on GCOX (Global Crypto Offering Exchange). The IEO will start on November 12, 2019, at 9 pm (GMT+8), to end on November 14, 2019. Three rounds of sales have been slated, and each round will last for three hours. Also, 700,000 PAC tokens will be offered, and each token will cost $0.30 USD. Token Balloting System to Aid in Acquiring PAC During IEO The fact that a renowned celebrity backs PAC has earned it much attention, which means there will be more people willing to buy despite the fact that there are just a few tokens to go round. A system has, therefore, been devised to allocate tokens during the campaign. That being the case, it won’t be on a first-come, first-served basis. Instead, GCOX has chosen to use a Token Balloting system to determine who can acquire PAC during then IEO. According to the exchange, each account on the GCOX Sparkle is limited to one subscription as well as a minimum and maximum subscription amount of $30 and $1,200, respectively. At the completion of the IEO, an electronic ballot will allocate tokens to individuals. However, these tokens will be credited to the wallets of participants on November 19, 2019, by 6 pm (GMT+8). Deducing from this logic, not very many people are going to get their hands on this token, given the policy that has been put in place. Nonetheless, it may increase the token’s demand from Pacquiao’s fan base and potentially impact on its price positively. About GCOX GCOX is a decentralized exchange owned by GCOX Group, a group of companies in different industries, including entertainment, finance, and technology. The exchange was founded in 2017, and it became the first cryptocurrency exchange to collaborate with LaLiga, a Spanish football division. GCOX is focused on promoting celebrities and brands using its ACCLAIM blockchain. Stars can develop their popularity, raise funds, etc. using GCOX. As such, it does not come as a surprise that this exchange is chosen for the PAC IEO. However, PAC will be the first celebrity token IEO to launch on the GCOX Sparkle platform. Other celebrities like American singer Jason Derulo, Tennis ace Caroline Wozniacki, and English soccer star Michael Owen are rumored to plan to launch their crypto tokens on GCOX soon. Conclusion PAC Token is the first celebrity coin to go on sale on the GCOX cryptocurrency exchange. It is backed by Manny Pacquiao, a politician, and boxer who has garnered a sizable number of fans that can increase PAC’s demand. And despite the failed attempts of other crypto ventures by celebrities, PAC Token is likely to come out strong. Website: https://pactoken.io/ Telegram: https://t.me/pactoken Facebook: https://www.facebook.com/pactoken.io/ YouTube: https://www.youtube.com/c/GCOXOfficial Twitter: https://twitter.com/GCOX_official Instagram: https://www.instagram.com/gcox_official/ IEO Page of GCOX Exchange: https://gcox.com/cms/detail/218801924428791808 Disclosure/Disclaimer: This article is sponsored and produced by a third-party source and should not be viewed as an endorsement by ZyCrypto. Readers are urged to do their own research before investing or having anything to do with the company, goods and/or services mentioned in the above article. The post Celebrity-Founded Pac Token IEO Campaign To Launch On GCOX appeared first on ZyCrypto.
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Chinese E-Commerce Giant Alibaba Offers Free Bitcoin to US Shoppers

Yes, you did read that right. The company that refused to let its Chinese users buy bitcoin with Alipay has now teamed up with a New York-based BTC app to offer it for free on ‘Singles Day’. Get Free Bitcoin on Singles Day As part of a drive to motivate shoppers on China’s ‘Singles Day’ yesterday, e-commerce giant Alibaba has partnered will the bitcoin shopping app, Lolli. The unofficial holiday which falls on 11/11 is the Chinese equivalent of America’s Black Friday. According to a company blog post Lolli users were able to earn 5% in bitcoin when they shop with partner Alibaba. The day is massively popular in China where its burgeoning younger generation and nouveau riche want to splash the cash to celebrate their solo status. Lolli’s partnership with Alibaba, which recently warned against crypto payments in China, would allow US-based users who purchase on the Chinese platform to earn a cut in BTC. CEO and co-founder of Lolli, Alex Adelman, stated; “I’m excited to partner with Alibaba on Singles Day and offer the opportunity to earn bitcoin back to its shoppers. This is a milestone partnership for Lolli as Alibaba is the largest retailer and e-commerce company in the world, launching on Single’s Day, the world’s largest shopping day of the year.” The app works through a browser extension that notifies users when they’re browsing a partner’s online retail outlet. Lolli works with over 500 partners including big names such as Walmart, Groupon, Toms, Hilton, GAP, and Hotels.com. The official website claims that they are ‘on a mission to spread bitcoin to billions of people all around the world with the click of a button.’ Records Smashed in Shopping Frenzy It is clear that Chinese and US-based platforms are trying to capitalize on one of the biggest shopping days in the year. According to CNBC Alibaba broke the Singles Day record with more than $38 billion in sales yesterday. At the end of the 24-hour event, the gross merchandise value stood at 268.4 billion yuan, just under a 26% rise from the figure posted last year. Alibaba offered huge discounts on its global outlets but naturally, shoppers in China were not entitled to earn any bitcoin, even though state media has been trying to educate them on it. Smartphones from Apple and Huawei were some of the top-selling items as online personalities took to the stage to tout their brands. There was a concern in China that sentiment for US brands may have fallen following the ongoing trade war but this was clearly not the case. Maybe free bitcoin for Chinese users would have resulted in an even larger profit margin for Alibaba. Did you go shopping on Singles Day? Add your comments below. Image via Shutterstock The post Chinese E-Commerce Giant Alibaba Offers Free Bitcoin to US Shoppers appeared first on Bitcoinist.com.
Bitcoinist

Singapore: MAS Partners JP Morgan to Develop Blockchain-Enabled Payments Network

Singapore’s financial regulator, the Monetary Authority of Singapore (MAS) has entered into a partnership with Wall Street titan JP Morgan Chase and Temasek to develop a distributed ledger technology-powered (DLT) multi-currency payments network. This, according to a report by Finance Magnets, November 11, 2019. Part of Project Ubin In a bid to propel the useRead MoreRead More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

Omise To Offer PayNow Payment Options In Singapore; Faster And More Secure Transactions

Asia-focused Payment Gateway, Omise announced that it will be offering PayNow to customers in Singapore reports Finance Magnates. Customers, namely small and medium-sized e-commerce businesses can expect this addition to take place sometime next month. PayNow was created by DBS, Development Bank of Singapore. Their foundation involves leveraging digital technologies to ensure that customers are […]
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