Staking is the process of locking a participant's assets for a specific purpose. Currently, DeffZone is supporting participants to receive additional DEFF token profits from the staking platform.
DeffZone Staking is developed by the team in a completely new direction, focusing on maximizing investors' interests when they can be proactive with the desired assets and profits. A pre-established DEFF token generation mechanism based on a fair formula for all members. Profit will be calculated based on total lock time and previous amount of DEFF token put in, there is no limit to the number of DEFF token received. The team wants to create a platform that promotes contributions from members towards the sustainable value and long-term roadmap of the project.
Metaverse - the digital universe is emerging as a method helping people connect with friends, work, travel, buy service goods and participate in events. With exploited potential, the digital universe can become a million USD industry in the near future. By connecting Mataverse and NFT, the whole real world can be demonstrated and interact through the digital world. All experiences are also numbered to NFT, express individuality, and turn them into commodity transactions on the market and integrate into Blockchain space.
Deffect is preparing for the future based on Metaverse, optimally experienced through NFT, and expanding the social network. This will be realized in the next NFT update in the upcoming time.
In the context that the Covid pandemic still no sign of decline, being able to meet and interact with others has become a "luxury", now a new topic is being mentioned not only in the Crypto community but also in many other fields it is the Metaverse - the digital universe. In this world, communities can connect to build a virtual reality society simulated by NFTs. Participants will experience authenticity and can feed themselves like some NFT games are operating, people can trade NFT items or keep them as a form of collectible without having to worry about their value, which will be guaranteed even to increase over time by uniqueness and scarcity.
This is also one of the long-term orientations when developing the NFT of Deffect. Deffect will simulate a real-world with Metaverse concept, players will still have rich social experiences, adventure, and spend their whole lives on Blockchain.
President Bukele confirms that Chivo has reported 24,076 remittance requests, which has added up to $3,069,761.05 in one day.
El Salvador’s mainstream Bitcoin (BTC) adoption gains momentum during the ongoing bull run as citizens increasingly exchange their United States dollar savings for Bitcoin.
President Nayib Bukele shared this new development on Twitter based on the data acquired from El Salvador’s in-house wallet service, Chivo. President Bukele said:
“People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs.”
He also urged media outlets to independently confirm the above information by visiting the ATMs. President Bukele further stated that Chivo has reported 24,076 remittance requests “adding up to $3,069,761.05 in one day.”
The increase in USD to Bitcoin conversions within the jurisdiction reflects a change in investor sentiment, which initially faced resistance during adoption from the general public. Moreover, the Salvadorean government offers various subsidies for using Bitcoin such as fuel subsidies and tax exemptions
El Salvador has installed over 200 ATMs after adopting Bitcoin as a legal tender, making it the third-largest network of crypto ATMs after the United States and Canada.
A Cointelegraph report shows that El Salvador exceeded United Kingdom’s crypto ATM count after deploying 205 crypto ATMs, mainly to facilitate local Bitcoin transactions and Bitcoin to U.S. dollars conversions.
Recently, the Salvadorean government announced to build a $4 million veterinary hospital using the profits attained during the Bitcoin bull market. According to President Bukele, the veterinary hospital will host four operating rooms, four emergency clinics, 19 offices, and a rehabilitation area: “We decided to invest a part of that money in this: a veterinary hospital for our furry friends.”
On the back of the incredible crypto market recovery and the boom in NFT markets, the DeFi market has grown 18% in October.
As September ended, the cryptocurrency markets recovered from the so-called “September curse” handsomely to hit a market capitalization of $2.32 trillion. The decentralized finance (DeFi) market has been an integral part of this growth. The total value locked (TVL) in DeFi protocols grew more than 20%, from $113.5 billion on Sept. 28 to hit $137 billion on Oct. 6, as per data from Dappradar.
Even the Bank of America (BoA) — a global banking giant — has revealed its bullish outlook on DeFi and nonfungible tokens (NFTs). In an Oct. 4 report by BofA Securities — a subsidiary of BoA — the firm evaluated the scope of crypto assets beyond “just bitcoin.”
(Bitcoin’s strength) can execute automated programs (smart“Tokens such as Ether, Cardano, Solana, and others with blockchains that can do more than securely record payments contracts) such as making a payment after an event. his is Decentralized Finance (DeFi) where smart contracts automate manual processes of traditional finance”, the report states.
It also compared tokenization to the early days of the internet and spoke of the decentralization and tokenization of many aspects of finance as it currently exists.
Cointelegraph discussed the rapid expansion of the DeFi markets with Johnny Kyu, the CEO of crypto exchange KuCoin. He explained:
“The popularity of the DeFi market is growing as more people are starting to understand that a smart contract can be a worthy alternative to a traditional loan or bank deposit. The amount of funds locked in DeFi reflects market adoption among private investors who are moving their money from the traditional financial system to the decentralized industry.”
While the DeFi sector's TVL has seen a bump from the massive price increase of various projects' native tokens, Kyu also attributes the growth to the attractive rates offered by DeFi platforms.
A recent report by Dappradar revealed that the TVL in the industry gained 53.45% quarter-on-quarter in Q3 2021. In September, the unique active wallets (UAW) linked to any decentralized application hit a daily average of 1.7 million. The quarterly average UAW is 1.54 million.
Martinelli said that greater institutional involvement is driving up the TVLs in well-established “safe” protocols. Furthermore, the large yields offered by DeFi platforms are shifting retail investors from centralized platforms into the DeFi space. This rising adoption across various categories of investors is enabling DeFi to move to the next phase of its growth.
The next generation
The continued popularity of NFTs is also a significant driver of this growth. The aforementioned report by Dappradar mentioned that the NFT space has seen exponential growth as well. In Q3, the market generated over $10.67 billion in trading volumes, thus entailing a 704% increase from the second quarter and a massive 38,060% increase year-on-year.
While earlier in the year, most of the major NFT sales were on the Ethereum blockchain, now blockchains like Binance Smart Chain, Solana, Polygon, Avalanche and Tezos are beginning to catch up. Recently, an NFT from the biggest collection in the Solana ecosystem, Solana Monkey Business, sold for 13,027 Solana (SOL), currently worth more than $2.1 million, breaking the platform’s previous NFT record.
The total value locked in DeFi protocols has surged 936% over the past 12 months.
New research by analytics platform DappRadar has revealed the extent to which decentralized finance (DeFi) and nonfungible token (NFT) markets have grown this year.
In its Thursday “Value Flow Report,” DappRadar reported that recent trends have seen sizable growth in NFTs and blockchain gaming but that DeFi is also still generating substantial value.
“Although the value flows to some extent from DeFi to NFTs, it appears that both categories are generating value independently.”
The research delved into Ethereum-based DeFi, which is still the dominant force in the sector despite the emergence of rival networks such as Binance Smart Chain (BSC), Solana and Avalanche. Value has continued to flow in with wrapped Ether (wETH) up 400% since July 2020 and stablecoins Tether (USDT) and Dai increasing by 1,300% and 500% over the same period, respectively.
DappRadar currently reports a total value locked of $114.8 billion, which is an increase of 936% since the same time last year. The report added that the industry’s total value locked (TVL) grew 75% between July 23 and Sept. 5, reaching a peak of $195 billion across all chains.
DappRadar did suggest that using TVL was not a good way to measure the movement of value.
“Whilst TVL is one of the most important metrics to assess the current state of Decentralized Finance, it is not a metric to understand value flow movement. The TVL is completely dependent on the underlying asset, thus, providing a false optic from the value perspective.”
At the time of compiling the research, 68% of all of the collateral locked in DeFi was based on Ethereum. BSC is the second-largest blockchain in terms of TVL, with $17.8 billion currently locked, or 15.5% of the total. Decentralized exchange PancakeSwap dominates DeFi on BSC with $8.7 billion in TVL. The third-largest chain in terms of DeFi collateral on DappRadar is Polygon with $2.7 billion locked. However, the report did not include data for Solana, which has $9.5 billion locked, according to alternative analytics website Defi Llama.
The report noted that NFTs saw record volumes in August, with a total of $5.2 billion worth traded. Ethereum is also the dominant network in the NFT scene with 90% of all the volume on its blockchain.
NFT marketplace OpenSea is the market leader, and 99.7% of its trades happen on Ethereum despite the platform offering USD Coin (USDC), Dai and Polygon (MATIC) options for sellers. The report concluded that NFT growth has been organic and has not leached a lot of liquidity from DeFi protocols.
“All in all, it appears that the value in DeFi is growing constantly, whilst NFTs were able to generate a major value flow in August.”
On Tuesday, SEC Chair Gary Gensler re-confirmed his plan to crack down on cryptocurrencies, and traders’ regulatory concerns are confirmed by this key Bitcoin futures and options indicator.
After 46 consecutive days of trading above $42,000, Bitcoin (BTC) price started to show weakness on Sept. 21. Over the last three days, the 13% accumulated loss was enough to erase the hard-earned gains added since Aug. 6. Historicals also show that the previous bearish cycle took 79 days to regain the all-important $42,000 level.
Traders' attention turned to the start of the U.S. Federal Reserve's monetary meeting, where the financial authority is expected to indicate whether it will curtail the $120 billion monthly asset repurchase stimulus program. Curiously, as all this takes place, China's equity markets, as measured by the iShares MSCI China ETF ($MCHI), rebounded 1% on Sept. 21.
Is China really the root of the recent correction?
The apparent disconnection between Bitcoin's performance and the global markets' slight recovery caused investors to question whether cryptocurrency regulation is playing a role in the current bearish scenario.
Today U.S. Securities and Commission (SEC) Chair Gary Gensler spoke to the Washington Post, and during the interview, he called stablecoins instruments for use at the "casino gaming tables."
As noted by the attorney Grant Gulovsen, the looming shadow of regulation is expected to have a short-term bearish impact, and investors in any market hate uncertainties regarding what products and services will be allowed.
Notice how the $42,000 level was crucial in determining the end of the mini-bear cycle that was supposedly initiated by Elon Musk's remarks on Bitcoin mining energy use on May 12.
Options markets confirm investors' lack of conviction
To exclude externalities specific to this options instrument, one should also analyze the perpetual futures markets.
Unlike regular monthly contracts, perpetual futures prices are very similar to those at regular spot exchanges. This feature makes retail traders' lives a lot easier because they no longer need to calculate the futures premium or manually roll over positions near expiry.
The funding rate was introduced to balance the exchange's exposure and it is charged from longs (buyers) when they are demanding more leverage. However, when the situation is reversed and shorts (sellers) are over-leveraged, the funding rate goes negative, so they become the ones paying the fee.
Following Mark Zuckerberg's statement about orienting Facebook from a "Social Media company" to a "Metaverse company", along with Epic Games (the company behind the Fortnite game) raising $1B with the ambition of bringing this game became Metaverse, now Metaverse has become a very hot keyword and is interested in by many people.Besides, with the trend of NFT and Gaming in the Crypto market emerging as a phenomenon, Metaverse is gaining popularity. expected as the next trend after Play to Earn.
Metaverse is a virtual world created from the Internet and augmented reality tools (such as VR, AR or other devices), to help users get the most realistic experiences. Metaverse as a world that exists parallel to the real world. In this world, through the tools or features developers provide, all barriers to creativity are almost eliminated.
Some of the features of Metaverse include:
- Sustainability: The ability to maintain and continuously improve services or ecosystems within them.
- Immersion: The level of realism of Metaverse, this feature answers the question of how much our experience in Metaverse achieves compared to reality.
- Openness: Openness, which means that Metaverse allows participants to connect or disconnect at any time. At the same time it must be an open space that allows creativity to become limitless.
- Economic System: An economic system parallel to reality. In it, participants can move their assets between the real world and the Metaverse easily, as well as being able to rely on groundbreaking innovative innovations in the metaverse to accumulate and increase assets. for yourself.
In fact, Metaverse can be built on a variety of technologies. However, in a world that promotes unlimited creativity, interaction, and decentralized freedom like Metaverse, it seems that Blockchain will be one of the key technologies of this world.
It can be seen that today, the Metaverse industry is having the participation of many technology companies, including hardware, software, blockchain, gaming, etc. It is no coincidence that Metaverse has such great potential. . In addition to solving the needs in real life, it must also attract the attention of the big guys - organizations with abundant resources to realize such a giant vision. The first name that can be mentioned is Mark Zuckerberg - Founder & CEO of Facebook.
Although information technology has been developing very strongly, at present Metaverse is still just a concept of the future, and this is not the time to explode. Metaverse is a promising industry for the future. Along with the strong investment participation from technology giants, a virtual world parallel to reality will be a near future.
Under an open future of Metaverse, Blockchain is expected as one of the key technologies. However, at the moment this is still a fairly new concept and needs more time and infrastructure to really explode in the future.