The developers said the proposal is part of a broader move to position this altcoin as a serious DeFi project. cryptocoin.com We have compiled the last minute developments for these altcoins for you.
Burn proposal submitted for this altcoin
The developers behind the Shiba Inu dog breed-themed project, Floki Inu, have submitted a management proposal to burn approximately $55 million in FLOKI tokens of the same name and reduce the tax charged on each transaction.
Burning tokens is a way of reducing supply and adds value to each token afterwards as long as the demand level remains the same. The Floki team hopes to position the project as a serious decentralized finance (DeFi) competitor. “Floki’s recent DAO vote makes it clear that Floki is more than just a memecoin,” said one of the Floki core team members.
The proposal also cited security risks associated with bridges as another justification. Over $2 billion has been lost or stolen from cross-chain bridges in the past year alone. If this bid passes, approximately 4.97 trillion FLOKI tokens on the Floki bridge will be burned and the self-imposed trading tax on each transaction will be reduced to 0.3%.
The bridge will also be permanently disabled. An overwhelming 99% of all voters supported the newly put forward proposal, the governance forum showed. Bridges refers to a blockchain-based tool that allows users to transfer tokens between different networks.
Shibarium received great support
Non-custodial crypto wallet Atomic Wallet has announced the addition of support for Shibarium, a Layer-2 protocol from the Shiba Inu team. The wallet was one of the first to announce its support for the innovation for this altcoin. Atomic Wallet’s current user base is more than five million users, according to its own claims.
The support from a major non-custodial wallet is a definite boost for Shibarium, given the rarity of key ecosystem tokens excluding SHIB on major crypto platforms.
The Layer-2 protocol works with four tokens. These are SHIB, BONE, LEASH and the newest is TREAT. It will be paid as a reward and will encourage pools on the local Shiba Inu decentralized exchange, ShibaSwap.
Atomic Wallet’s announcement of support for Shibarium comes on the eve of the imminent launch of Layer-2 blockchain beta testing. The exact date is still unknown, but the media space is filling up and becoming more active. According to Shiba Inu lead developer Shytoshi Kusama, the long-awaited launch may indeed happen soon.
Chainlink completes milestone
According to a recent report from Chainlink, a record amount of transactions on various blockchains have been made possible by the network recently. According to the report, Chainlink Oracle has reached a milestone in the process by enabling this transaction on 12 separate blockchains. The report claims that Chainlink has exceeded $7 trillion in activated transaction value (TVE).
Chainlink is a decentralized oracle network that connects blockchain-based smart contracts to external data sources, APIs, and payment systems. It enables smart contracts to securely access off-chain data streams, online APIs, and traditional bank payments.
This makes it possible to build more sophisticated, data-driven decentralized applications and allows smart contracts to communicate with the outside world. Node operators are charged for providing these oracle services using the Chainlink token (LINK).
A look at LINK’s price history reveals that there has not yet been a commendable increase in price in response to important news. This can be interpreted as the token value increasing naturally over time. Chainlink’s expanding service offerings could position this altcoin for even more benefits and even an increase in value.
An exaggerated thread from the Cardano community
The stablecoin of the upcoming Djed protocol djed and the Shen governance token will be listed on Cardano-based DEXs MuesliSwap and MinSwap after launch next week, according to tweets from the two DEXs. According to DeFiLlama, MinSwap is currently the largest Cardano DEX, locking $30 million in tokens, while MuesliSwap locks a relatively smaller $6.5 million in liquidity.
The highly anticipated djed stablecoin was co-developed by Cardano codekeeper IOG and Coti, a Layer-1 blockchain. Djed will be backed by other tokens and requires sending more than 400% of the collateral value before it can be issued to a user. DEXs rely on smart contracts to match transactions between users anonymously and without third parties. These users provide liquidity to their trading pools and earn rewards in the form of tokens.
This over-collateralized mechanism will allow the value of djed to remain stable during market stress and prevent a repeat of the notorious Luna-linked stablecoin TerraUSD, which fell over 99% in May. Shen, the backup token intended to support djed’s stability, would receive extra rewards when cryptocurrency holders for Cardano’s altcoin stake their coins to mint djed stablecoins that could increase liquidity for the startup ecosystem.
Alongside the annual return rewards offered by DEXs, djed tokens are expected to attract liquidity and interest from investors due to their over-collateralized mechanisms that could benefit Cardano’s $72 million decentralized finance (DeFi) market overall.
New collaboration from Tezos
The California Department of Motor Vehicles collaborates with Tezos and Oxhead Alpha. According to Ajay Gupta, the agency’s chief digital transformation officer, the CA Department of Motor Vehicles (DMV) is expected to develop consumer-facing applications such as digital wallets and vehicle name NFTs later this year.
According to an Oxhead statement, the state has chosen to work with Tezos and crypto software provider Oxhead Alpha to adopt California’s crypto adoption roadmap. Oxhead Alpha built a series of smart contracts on Tezos to test e-books, enabling electronic exchange of title information in a move that could reduce processing time for documentation. California had more than 30 million registered vehicles as of 2020.
Oxhead Alpha built a series of smart contracts on Tezos to test e-books, enabling electronic exchange of title information in a move that could reduce processing time for documentation. California had more than 30 million registered vehicles as of 2020. Gupta told Fortune that he hopes plans to implement the header database on blockchain will bear fruit in the next three months.
This collaboration comes after California Governor Gavin Newsom signed an executive order last year directing government agencies to distinguish between ways they can use blockchain technology and digital assets. The use of blockchain-based projects has evolved in use cases, pushing developers to create more decentralized applications. Various governments and business organizations continue its adoption across industries including capital markets, healthcare, insurance and digital identities.
This altcoin bought millions
DeFi Aave (AAVE) has cleared nearly 3 million Curve (CRV) debt resulting from a transaction made in November by Mango Markets exploiter Avraham Eisenberg. However, Aave’s integration lead, Marc Zeller, announced in a new post on Jan. 26 that the firm has purchased 2.7 million Curves, which will clear “remaining bad debt” in a dozen transactions over the next 15 hours.
Eisenberg called his transactions at that time a “profitable trading strategy”. He also earned $117 million from Mango as a result of which he returned $64 million.
Accompanied by Eisenberg, several whales have drawn a $30 million CRV loan from Aave with a USDC commitment of approximately $52 million, and it is said that with the CRV loan they have drawn, they plan to make a profit by selling short and taking a short position at the same time. At that time, there was a decrease of approximately 30%, followed by an increase of approximately 80%, accompanied by whale operations.
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