submitted by Joe-M-4 to CryptoCurrency [link] [comments]
EXPERIMENT - Tracking Top 10 Cryptos of 2019 - Month Twenty-Two - UP +66%
Like crypto and numbers? Or want to detox from the first meme weekend? Welcome!
\Note - price snapshots are always taken on the 1st of each month, so numbers below are before crypto spiked in early Nov.**
See the full blog post with all the tables here.
Month Twenty Two – UP 66%2019 Top Ten Snapshot for October
The 2019 Portfolio had a solid month, and was the best performer of the Top Ten Crypto Index Fund Experiments. Most of the cryptos ended October in positive or neutral territory, while the losses of the worst performers were no biggie (at least for crypto).
Question of the month:
In early October, the US Commodity Futures Trading Commission (CFTC) charged this crypto exchange with illegally operating an unregistered trading platform.A) Bittrex
D) That other crypto exchange that starts with the letter “B”
Scroll down for the answer.
Ranking and October Winners and Losers2019 Top Ten Ranking - 40% dropout rate
After losing quite a bit of ground in the rankings in September, the 2019 Top Ten rebounded a bit in October. Only BSV finished down on the month, down two places (from #9 to #11) and dropping out of the Top Ten. The rest either held or climbed: EOS, Tron and Stellar each advanced one position each and Litecoin picked up four places and was able to rejoin the Top Ten.
It’s good to have LTC back in the familiar confines of the Top Ten, as last month it found itself on the outside looking in, for the first time since the Experiments started back in January 2018.
40% of the crypotos that were in the Top Ten on January 1st, 2019 have dropped out: Tron, Stellar, BSV, and EOS have been replaced by BNB, DOT, ADA, and LINK.
October Winners – Big Poppa BTC had a great month, finishing up +25%. Second place goes to LTC, up +17% in October, followed by BCH, up +14%.
October Losers – The losses were moderate this month, but the L for October goes to BSV, which lost -7% and fell out of the Top Ten. EOS was second worst performing, down -5%.
For overly competitive nerds, here is a tally of which coins have the most monthly wins and losses during the first 22 months of the 2019 Top Ten Experiment:
Because it's the default winner in down months, Tether is still far ahead in terms of monthly victories (7). That’s more than twice as much as second place BSV, BTC, and ETH. And although BSV is up 74% since January 2019, it dominates the monthly loss count: it has now finished last in nine out of twenty-two months (paying attention, swing traders?). And XRP is still the only crypto that has yet to notch a monthly win.
Overall update – BTC’s lead increases, XRP back to the basement, 2019 Top Ten pulls ahead of other Experiments.BTC extended the lead it carved out last month over second place ETH in October. The top two are up +262% and +191% respectively, followed distantly by Litecoin, which is up +79% since January 2019. The initial $100 investment in BTC is currently worth $369.
For the first time since April 2019, BSV has dropped out of the Top Ten.
Twenty-two months into the 2019 Top Ten Index Fund Experiment, 70% of the 2019 Top Ten cryptos are either flat or in the green. After barely escaping the basement last month, XRP has once again sunk to the bottom of the pack, down -33% since January 2019.
At +66%, the 2019 Top Ten Portfolio has pulled ahead of the 2020 Top Ten Portfolio’s +61% gain and both are far, far ahead of the 2018 group , which is down -74% (more on that below).
Total Market Cap for the entire cryptocurrency sector:Total market cap since Jan 2019 is +215%
Since January 2019, the total market cap for crypto is up +215%. The overall market gained about $50B in October, ending the month just over the psychologically important $400B mark. This is now the highest month-end level since the 2019 Top Ten Experiment began 22 months ago.
Bitcoin dominance:Are you into BitDom?
After spending much of the year locked in the 65% range, BitDom took a short break in the summer to dip it low, but then has picked it up slow, and has now popped back up to 63%. As always, a high Bitcoin dominance signals less of an appetite for altcoins. Zooming out, the BitDom range since the beginning of the experiment in January 2019 has been between 50%-70%.
Overall return on investment since January 1st, 2019:The 2019 Group gained $122 in October, so after the initial $1000 investment, the 2019 Top Ten Crypto Portfolio is worth $1,660.
2019 Top Ten Index Fund Experiment ROI
For some context, here’s a look at the ROI over the life of the first 22 months of the 2019 Top Ten Index Fund experiment, month by month:
2019 Top Ten ROI summary
Unlike the completely red table you’ll see in the 2018 Top Ten Experiment, the 2019 crypto table is almost all green. The first month was the lowest point (-9%), and the highest point (+114%) was May 2019.
At +66%, the 2019 Top Ten Portfolio is now the best performing out of the three Experiments but not by much: the 2020 Top Ten Portfolio is up +61%.
Speaking of the other Experiments, let’s take a look at how the 2019 Top Ten Index Fund Portfolio compare to the parallel projects:
After a $3000 investment in the 2018, 2019, and 2020 Top Ten Cryptocurrencies, my combined portfolios are worth $3,537 ($264+ $1,660 +$1,613).
That’s up about +18% for the three combined portfolios, compared to +11% last month.
Here’s a table to help visualize the progress of the combined portfolios:
2018, 2019, 2020 Top Tens combined ROI
To sum up: +18% gain by dropping $1k once a year on whichever cryptos happened to be in the Top Ten on January 1st, 2018, 2019, and 2020.
But what if I’d gone all in on only one Top Ten crypto for the past three years? While many have come and gone over the life of the experiment, only five cryptos have started in Top Ten for all three years: BTC, ETH, XRP, BCH, and LTC. Let’s take a look at those five:
A tie: BTC catches up to ETH this month for leader of the Three Year Club
Up until this month, Ethereum would have been your best bet. As of the end of October, it’s basically a tie between BTC and ETH. Both are up +121%, (although BTC is technically $21 ahead of ETH).
On the other hand, if I had followed this world’s slowest dollar cost averaging approach with XRP, I’d be down -32%.
With BCH I would have just about broken even.
Alright, that’s crypto. How does crypto compare to the stock market?
Comparison to S&P 500:I’m also tracking the S&P 500 as part of the experiments to have a comparison point with traditional markets. The S&P continued to fall from an all time high in the summer, and is now up +30% since January 2019.
S&P since Jan 2019? +30%
The initial $1k investment I put into crypto 22 months ago would be worth $1,300 had it been redirected to the S&P 500 in January 2019. +30% is not a bad return at all. But the 2019 Top Ten Portfolio is up more than double (+66)% over the same time period.
That’s 2019. But what if I took the same world’s-slowest-dollar-cost-averaging $1,000-per-year-on-January-1st crypto approach with the S&P 500? It would yield the following:
After three $1,000 investments into an S&P 500 index fund in January 2018, 2019, and 2020, my portfolio would be worth $3,530.
That is up +17.6% since January 2018. Compared to a +17.9% gain of the combined Top Ten Crypto Experiment Portfolios. You can also compare against five individual coins (BTC, ETH, XRP, BCH, and LTC) by using the table above if you want.
It’s small, but that tiny 0.3% difference in favor of crypto. That’s now seven monthly victories for the S&P vs. three monthly victories for crypto, all clustered in the second half of the year.
Crypto re-takes the lead in October....barely
Conclusion:Thanks mainly to Bitcoin, October was a good month for crypto and a good month for the 2019 Top Ten Portfolio. As traditional markets have struggled over the last few months, crypto seems to be headed in the opposite direction. I’m looking forward to seeing if those trends hold in the last few months of a crazy year.
Take care of each other out there, stay safe.
Thanks for reading and for supporting the experiment. I hope you’ve found it helpful. I continue to be committed to seeing this process through and reporting along the way. Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for the original 2018 Top Ten Crypto Index Fund Experiment and the 2020 Top Ten Experiment.
And the Answer is…C) Bitmex
In October, the Commodity Futures Trading Commission filed money-laundering and other charges against BitMEX for illegally operating in the US.
submitted by YFDAIFinance to u/YFDAIFinance [link] [comments]
Over the course of mere months, the DeFi space has grown to the tune of billions in 2020. While DeFi has earned its title as the next hottest crypto trend, its popularity has shown to be a double-edged sword. Reports of scams and “rug pulls” have volleyed into crypto news outlets, social media, and discussion groups, damaging the reputation of the DeFi space.
DeFi is unique in that the tenets of trust and decentralization has normalized the practice of anonymity to the point where nearly every single DeFi team launches anonymously. While the freedom to create DeFi tools does support the notion that anyone should be able to create an honest financial protocol for the goodwill of the people, the opposite effect often occurs. If the past few months has proven anything, it’s that the normalization of anonymity has acted as both the greatest weapon and the greatest defence for fraudulent actors and dishonest entities. Because of this, DeFi is often seen as a free-for-all minefield as countless exit scams and “rugpulls” have become the norm. Having this as an accepted vice of DeFi shouldn’t mean investors should normalize risk of losses. It should inspire projects to set a higher standard in the DeFi space.
We are excited to announce that the YFDAI team has taken the tenets of decentralized finance and expanded on them. As a DeFi protocol, we champion decentralization and the collective action of the community to pave the road towards true transparency and security for all. After countless hours of legal counseling, we’re proud to announce that we will be among the very few DeFi projects to go public and among the first to set a new precedent for the DeFi space.
Say hello to the YFDAI team.
Meet Pritha Paul (Olivia) — Chief Strategic — Volunteer
Olivia is both a software engineer and a Businesswoman. Having been an avid fan of blockchain and trader of cryptocurrencies, Olivia felt the need to contribute her expertise to the cryptocurrency space. This desire prompted her to create YFDAI, one of DeFi’s most secure and trusted protocols. Seeing the cryptocurrency space as a professional programmer, Olivia knows the importance of making a clean and secure DeFi protocol.
With the rate of fraudulent projects ascending contemporaneously with the rise of DeFi, Olivia knew it was crucial to have a trusted and well-secured protocol that can guide as an example for other projects to follow. Along with this idea, Olivia felt that for DeFi to reach its highest potential, there needed to be an ecosystem that protects investors and supports DeFi projects looking to bring real value to the space. With this in mind, Olivia came up with YFDAI’s signature SafeSwap and LaunchPad platforms.
Olivia has a number of qualifications and holds a bachelor’s in Computer Applications. Some of her advanced programming languages include: C, C++, JAVA, Python, Oracle.
Meet Tapas Paul (Rocky) — Lead Dev — Volunteer
Doubling as a software developer and website designer, Tapas carries ample experience in web development and design. Having been familiar with cryptocurrencies for years, his initial descent into the space came in the golden year of 2017. Since then, Tapas has been engaged in crypto and felt the need to create a truly honest and secure DeFi platform together with Pritha. Tapas’s vast expertise in web development and blockchain gives YFDAI an edge in becoming one of the top DeFi protocols in the space.
Tapas has a diverse range of tech experience that range from creating web applications and front-end designs for various startups to working as a senior blockchain developer for distributed solidity systems for complicated DAPPs. Since then, Tapas has provided Ethereum and TRON consulting to multiple blockchain startups entering the space.
Meet Ankit Ruthala (Thore) — Chief Business Development — Volunteer
Thore carries a Bachelor’s in Mechanical Engineering with fundamental engineering and dynamics experience. He has extensive background experience in both engineering and blockchain development. With the ever-increasing level of innovation that is occurring in the blockchain and cryptocurrency space, Thore felt the need to contribute his own knowledge and expertise to the field. Thore’s extensive experience in the field is projected into the YFDAI project with the end-user in mind. Being proficient in both blockchain literacy and technical analyses, Thore understands the cryptocurrency space from both a developer and investor perspective.
Meet Wesley — Security Consultant — Volunteer
Wesley specializes in Infrastructure and security management with a background in economics. Having been involved in the cryptocurrency scene for over three years, Wesley has had ample exposure to the world of blockchain and cryptocurrencies. Since 2017, Wesley has worked as an agent for BTC Direct and in Binance community management.
Meet Cristian- Graphic Designer — Volunteer
Despite his previous work experience as a computer programmer, Cristian found his niche excelling in graphic design and maximizing brand identity. After winning over 400 graphic design competitions, Cristian now works as a dedicated graphic designer. Living by the mantra of “every profession is an act of service”, Cristian’s passion is manifested through his works in design, brand awareness, and customer satisfaction.
Meet Cris Content Writer — Volunteer
Cris first began his cryptocurrency journey in the summer of 2017. Since then, he has been obsessed with everything cryptocurrency and blockchain related. After being featured on a series of cryptocurrency publications on Medium, Cris found his way into writing and managing a variety of cryptocurrency startups. Cris now continues pursuing his passion in cryptocurrency while balancing life as a university student.
Meet Christof Waton — Business Development Consultant — Volunteer
Christof currently holds a bachelor’s in data communication and is currently completing his masters in Digital Currencies. His initial descent into cryptocurrencies came when he first bought Bitcoin in 2014. Since then, Christof has led his professional career in a variety of fields in and out of the crypto space. Within the crypto space, Christof has held positions as chief business development officer for both ExMarkets and CoinMargin. Outside of the crypto space Christof led as a consultant for both Dubai Hills Fund and Verifo, an e-money institution. After years of experience in both the financial and crypto industry, Christof has experienced cryptocurrency through the lens of a professional, investor, and an enthusiast.
Meet Philip Dow — Head Advisor — Volunteer
Phil operates as a strategic executive with a high-level background in project management, business development, and marketing. Phil first brought his expertise to the cryptocurrency field in 2016. Phil carries a wealth of knowledge as his years in crypto garnered him key connections with a variety of different cryptocurrency partners ranging from, developers, project CEOs, and marketing.
For the past 4 years Phil has brought coverage to a multitude of different blockchain companies, each offering unique expertise and applications in a wide variety of fields.
Now that the team identities have been released this dispels the “Elephant in the room”. The fact that the team chose to become non-anon opens up many doors that would otherwise be closed. The specifics of those opportunities will be made clear in the upcoming whitepaper and future announcements.
Even though the names and faces of the founders behind the project have been revealed, please note that there are many people who are working on the YFDAI project on a contractual basis and volunteer basis who have not been included in the disclosure. There are experts and advisors in the fields of business development, economics, law, and other areas vital to any business that play a major role in the success of YFDAI and who share the vision of the founders to clean up the DeFi space and offer a safe, reliable, and secure suite of DeFi products to the public.
While the team behind a crypto project is vital, the ultimate success of any DeFi project relies on the technology, the code, and the community. YFDAI’s technology and code have been designed to be bulletproof in order to maximize the safety and security for the end user. In the not too distant future, YFDAI’s business model envisions the everyday decisions to ultimately be made by you, the community, by way of the DAO as governance is turned over to the token holders.
To ensure we are operating as securely and compliantly as possible YFDAI has been incorporated as a Technology business in Singapore:
Company Name — Tejster Technologies PTE. LTD. Registration No — 202031933C Address — 50,Raffles Place,#37–00,Singapore Land Tower, Singapore (048623)
To finalise the compliance aspect YFDAI is in the process of obtaining full Financial Services regulation by means of receiving compliance and registration in the Republic of Estonia.
This will be a two stage process with an initial Virtual Currency Exchange and E-Wallet licence currently being sought. YDFAI’s legal representatives have moved this to an advanced stage and expect this to be finalized in Q4 2020. It is at this point that the team shall resume their full job titles and the term “Volunteer” will no longer be required.
The licenses will open up a plethora of opportunities which will be fully detailed in our soon to be released whitepaper and will also provide YFDAI with a level of accreditation that will provide users with full peace of mind.
Once YFDAI secures the Financial Services accreditation listed above, YFDAI will have full insurance coverage of the project’s financial holdings and transactions, including project wallets and user funds.
Thank you for your support and we look forward to setting a new standard of self regulation that will revolutionize the DeFI arena and level the playing field for all participants while minimizing the fraud and desecration of the bad actors who have infiltrated the DeFi space.
- YFDAI Team
Visit us on our website and chat with us on Telegram!
Telegram Community: https://t.me/yfdaifinance
Telegram Announcements: https://t.me/yfdai
You have probably read dozens of articles dedicated to this subject before, and likely skipped even more. So why write another one, let alone read it? The short answer is times have changed. Well, times always change. Still, the point is that we may be amidst a paradigm shift in the cryptocurrency space right now even if we don’t feel it yet.submitted by Stealthex_io to StealthEX [link] [comments]
Such a fundamental change is possible due to a confluence of several factors. Some of these factors are external and therefore not related to crypto. Others are internal and represent the value-oriented nature of cryptocurrencies. It just happened that all of them got activated under specific conditions at a certain point in time, which is today, give or take.
Economic woes in a post-Covid-19 WorldYou wouldn’t be far from the truth if you claimed that we haven’t yet pulled through the pandemic, to begin with. Unfortunately, it only makes matters worse unless you are a cryptocurrency investor and don’t care for the rest of humanity. Anyway, the damage has been done, and nothing can change that. We are now entering the phase that is technically called “competitive devaluations” and colloquially known as currency wars.
You could also argue that if it didn’t happen at the peak of the coronavirus pandemic, it is not going to happen now. The sad truth is that we are only starting to feel the real pain. Even the deadly coronavirus doesn’t take over the body instantly, while it takes some time on the scale of a few months up to a couple years for the economic disease to spread through the fabric of society, evolve, and then erupt with inflation rates shooting through the roof, among many other nasty things. Please take your seat.
The world reserve fiat, the American dollar, is sinking like Titanic, slowly but surely. We can’t say the same about less lucky currencies, though. We won’t dwell on the Venezuelan bolivar and Zimbabwean dollar as they are altogether beyond redemption, but fiats like the Brazilian real and Russian ruble are also balancing on the brink of another landslide devaluation, which they have seen many in the past. Sharp minds in the cryptocurrency space have been telling us about this development for ages. It all looked like a remote possibility in some distant future that as we felt deep down wouldn’t have a chance to come up in our lifetime.
As it stands, we were wrong, and the events described are now starting to unfold right before our own eyes. In a strange twist of fate, large-scale cryptocurrency adoption is about to occur along with them, but not through some technical breakthroughs and innovation, or even the much-hyped DeFi, but primarily through the failure of conventional financial systems based on fiat currencies. Rest assured, the top dogs in the cryptocurrency pit are well aware of this dynamic, and they are not going to wait any longer.
Grayscale Investments, a multi-billion dollar company behind a host of cryptocurrency trust funds, started to frenziedly buy up bitcoins a couple weeks ago. All in all, it acquired over 17,000 BTC adding to its already quite impressive stash of Bitcoin, now totalling almost 450,000 coins under its management. Love it or leave it, but it amounts to 2.4% of all bitcoins mined to date, including lost, burned, or left for dead as dust in Bitcoin wallets. In essence, it means that their effective share is way higher.
But while Grayscale definitely sits at the top of the cryptocurrency investment chain, it is not the only company that went on a buying spree lately. MicroStrategy, a company largely unknown to the wider public, suddenly got religion and swapped over $400 million of its capital into 38,250 BTC. Even Barry Silbert, CEO of Grayscale, commented on this feat in his tweet.
Twitter, by StealthEX
So whenever there is a hint at price correction, someone comes out of the shadows and picks up a handful of bitcoins from the market propping up the price.
Why are they doing this? You already know the answer.
Paradigm shiftIn different words, all that cryptocurrencies had to do was to last long enough until fiat started to fall apart. It does now, and paradoxically such times are also times of great opportunity, Baron Rothschild’s way. The world’s largest cryptocurrency exchange, Binance, has been pushing its cryptocurrency payment card since April when it acquired Swipe, a firm focused on crypto-to-fiat payment cards. At the time of the acquisition Swipe already supported 20 cryptocurrencies and fiat transactions in major currencies.
Binance.com, by StaelthEX
For European users the Binance card was officially made available in August, and the exchange plans to enter the US market soon. Given its dominance in the crypto arena, it wouldn’t be unreasonable to expect the surge in the cryptocurrency use as a means of payment thanks to this. It is unlikely that people would spend their precious bitcoins, but the packmaster is not the only member of the pack that Binance handles. Cryptos like Litecoin or Bitcoin Cash can easily become currencies of choice to use with Binance debit cards.
But what truly makes it a game-changer is the current turmoil in the global economic affairs which may turn out to be a once-in-a-lifetime chance for crypto to pick up where fiat currencies leave, or fail, to be exact. On the other hand, it may be a natural development after all, set in stone by the very first Bitcoin transaction and cemented for good when it got confirmed. Now things start to arrange themselves to fit their preordained layout. We have taken our time.
As cryptocurrencies are not internally linked to, or tied by, the lunatic policies of monetary authorities, that is to say, no central bank can ask or force miners to mine more bitcoins, we have the first element in place in the layout for the cryptocurrency mass adoption to occur at the most basic level. In fact, it has always been there, so we just had to wait until the two other elements arrived, even though it took longer than most of us were ready to wait.
The second required element in the grand picture of cryptocurrency adoption is the change in attitude toward wealth evaluation. So far the vast majority of people involved in crypto, including its most die-hard supporters, valued their cryptocurrency holdings in fiat terms. Without doubt, it was the US dollar, regardless of your home currency. But when fiat collapses or enters a long period of runaway inflation, people will be ready for a dramatic change in their approaches toward capital assessment as well as spending habits.
And here comes the most important part where Binance hits the nail on the head. If you are unable to effortlessly spend crypto in your everyday life, the first two components cannot trigger this change in attitude on their own. We need this third element to make use of what has existed and take advantage of what has come around. In a way, what Binance did, and what its competitors are no doubt going to do as well if they don’t want to miss out on the opportunity, appears to be the part that snugly snaps into place when we finally get there.
With Binance payment card, you can “buy the things you love with crypto”. So now the ball is in your court to support the full-scale cryptocurrency adoption coming up. Kidding aside, with fiat turning into trash by leaps and bounds all over the globe, this looks like a very enticing payment option for both the crypto purists and the unbanked. We have seen quite a few such cards in the past, but Binance seems to be adamant on making its variety really popular and actually usable. And then you can ride volatility waves to your financial benefit.
If Binance succeeds, that may herald a new era of cryptocurrency adoption, a breakthrough of sorts after so many years of stagnation in this department.
Repercussions and ramificationsIt is not like only we, traders and investors alike, see these trends. Governments are also taking notice and paying close attention. They can’t remove cryptocurrencies and they can’t help inflating their national currencies. However, they can still crack down massively on this and similar endeavors, trying to nip them in the bud. We don’t know yet what Uncle Sam is going to say but some muslim countries have been quite vocal in this regard.
For example, Egypt has issued a fetva which prohibits bitcoin transactions as being against Sharia, an Islamic religious law. Another mostly Islamic country, Indonesia, has banned the use of cryptocurrencies as a means of payment. Russia, although not Islamic yet, is hellbent on effectively outlawing most cryptocurrency operations despite passing earlier a law on digital assets which is essentially neutral to crypto.
To conclude, we must be aware that once things get serious and governments see that their monetary supremacy is being threatened, that they can no longer play their favorite game of inflation tax, they will leave no stone unturned to prevent mass use of crypto as an alternative means of payment. And cryptocurrency payment cards are hands down one of the best tools available for this use on a down-to-earth level, groceries and whatnot.
Now you know what their target will be.
And don’t forget if you need to exchange your coins StealthEX is here for you. We provide a selection of more than 300 coins and constantly updating the cryptocurrency list so that our customers will find a suitable option. Our service does not require registration and allows you to remain anonymous. Why don’t you check it out? Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example BTC to ETH.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins.
Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [email protected].
The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Original article was posted on https://stealthex.io/blog/2020/10/06/cryptocurrency-adoption-a-breakthrough/
Author: Gamals Ahmed, CoinEx Business Ambassadorsubmitted by CoinEx_Institution to kybernetwork [link] [comments]
ABSTRACTIn this research report, we present a study on Kyber Network. Kyber Network is a decentralized, on-chain liquidity protocol designed to make trading tokens simple, efficient, robust and secure.
Kyber design allows any party to contribute to an aggregated pool of liquidity within each blockchain while providing a single endpoint for takers to execute trades using the best rates available. We envision a connected liquidity network that facilitates seamless, decentralized cross-chain token swaps across Kyber based networks on different chains.
Kyber is a fully on-chain liquidity protocol that enables decentralized exchange of cryptocurrencies in any application. Liquidity providers (Reserves) are integrated into one single endpoint for takers and users. When a user requests a trade, the protocol will scan the entire network to find the reserve with the best price and take liquidity from that particular reserve.
1.INTRODUCTIONDeFi applications all need access to good liquidity sources, which is a critical component to provide good services. Currently, decentralized liquidity is comprised of various sources including DEXes (Uniswap, OasisDEX, Bancor), decentralized funds and other financial apps. The more scattered the sources, the harder it becomes for anyone to either find the best rate for their trade or to even find enough liquidity for their need.
Kyber is a blockchain-based liquidity protocol that aggregates liquidity from a wide range of reserves, powering instant and secure token exchange in any decentralized application.
The protocol allows for a wide range of implementation possibilities for liquidity providers, allowing a wide range of entities to contribute liquidity, including end users, decentralized exchanges and other decentralized protocols. On the taker side, end users, cryptocurrency wallets, and smart contracts are able to perform instant and trustless token trades at the best rates available amongst the sources.
The Kyber Network is project based on the Ethereum protocol that seeks to completely decentralize the exchange of crypto currencies and make exchange trustless by keeping everything on the blockchain.
Through the Kyber Network, users should be able to instantly convert or exchange any crypto currency.
1.1 OVERVIEW ABOUT KYBER NETWORK PROTOCOLThe Kyber Network is a decentralized way to exchange ETH and different ERC20 tokens instantly — no waiting and no registration needed.
Using this protocol, developers can build innovative payment flows and applications, including instant token swap services, ERC20 payments, and financial DApps — helping to build a world where any token is usable anywhere.
Kyber’s fully on-chain design allows for full transparency and verifiability in the matching engine, as well as seamless composability with DApps, not all of which are possible with off-chain or hybrid approaches. The integration of a large variety of liquidity providers also makes Kyber uniquely capable of supporting sophisticated schemes and catering to the needs of DeFi DApps and financial institutions. Hence, many developers leverage Kyber’s liquidity pool to build innovative financial applications, and not surprisingly, Kyber is the most used DeFi protocol in the world.
The Kyber Network is quite an established project that is trying to change the way we think of decentralised crypto currency exchange.
The Kyber Network has seen very rapid development. After being announced in May 2017 the testnet for the Kyber Network went live in August 2017. An ICO followed in September 2017, with the company raising 200,000 ETH valued at $60 million in just one day.
The live main net was released in February 2018 to whitelisted participants, and on March 19, 2018, the Kyber Network opened the main net as a public beta. Since then the network has seen increasing growth, with network volumes growing more than 500% in the first half of 2019.
Although there was a modest decrease in August 2019 that can be attributed to the price of ETH dropping by 50%, impacting the overall total volumes being traded and processed globally.
They are developing a decentralised exchange protocol that will allow developers to build payment flows and financial apps. This is indeed quite a competitive market as a number of other such protocols have been launched.
In Brief - Kyber Network is a tool that allows anyone to swap tokens instantly without having to use exchanges. - It allows vendors to accept different types of cryptocurrency while still being paid in their preferred crypto of choice. - It’s built primarily for Ethereum, but any smart-contract based blockchain can incorporate it.
At its core, Kyber is a decentralized way to exchange ETH and different ERC20 tokens instantly–no waiting and no registration needed. To do this Kyber uses a diverse set of liquidity pools, or pools of different crypto assets called “reserves” that any project can tap into or integrate with.
A typical use case would be if a vendor allowed customers to pay in whatever currency they wish, but receive the payment in their preferred token. Another example would be for Dapp users. At present, if you are not a token holder of a certain Dapp you can’t use it. With Kyber, you could use your existing tokens, instantly swap them for the Dapp specific token and away you go.
All this swapping happens directly on the Ethereum blockchain, meaning every transaction is completely transparent.
1.1.1 WHY BUILD THE KYBER NETWORK?While crypto currencies were built to be decentralized, many of the exchanges for trading crypto currencies have become centralized affairs. This has led to security vulnerabilities, with many exchanges becoming the victims of hacking and theft.
It has also led to increased fees and costs, and the centralized exchanges often come with slow transfer times as well. In some cases, wallets have been locked and users are unable to withdraw their coins.
Decentralized exchanges have popped up recently to address the flaws in the centralized exchanges, but they have their own flaws, most notably a lack of liquidity, and often times high costs to modify trades in their on-chain order books.
Some of the Integrations with Kyber Protocol
The Kyber Network was formed to provide users with a decentralized exchange that keeps everything right on the blockchain, and uses a reserve system rather than an order book to provide high liquidity at all times. This will allow for the exchange and transfer of any cryptocurrency, even cross exchanges, and costs will be kept at a minimum as well.
The Kyber Network has three guiding design philosophies since the start:
1.1.2 WHO INVENTED KYBER?Kyber’s founders are Loi Luu, Victor Tran, Yaron Velner — CEO, CTO, and advisor to the Kyber Network.
1.1.3 WHAT DISTINGUISHES KYBER?Kyber’s mission has always been to integrate with other protocols so they’ve focused on being developer-friendly by providing architecture to allow anyone to incorporate the technology onto any smart-contract powered blockchain. As a result, a variety of different dapps, vendors, and wallets use Kyber’s infrastructure including Set Protocol, bZx, InstaDApp, and Coinbase wallet.
Besides, dapps, vendors, and wallets, Kyber also integrates with other exchanges such as Uniswap — sharing liquidity pools between the two protocols.
A typical use case would be if a vendor allowed customers to pay in whatever currency they wish, but receive the payment in their preferred token. Another example would be for Dapp users. At present, if you are not a token holder of a certain Dapp you can’t use it. With Kyber, you could use your existing tokens, instantly swap them for the Dapp specific token and away you go.
Limit orders on Kyber allow users to set a specific price in which they would like to exchange a token instead of accepting whatever price currently exists at the time of trading. However, unlike with other exchanges, users never lose custody of their crypto assets during limit orders on Kyber.
The Kyber protocol works by using pools of crypto funds called “reserves”, which currently support over 70 different ERC20 tokens. Reserves are essentially smart contracts with a pool of funds. Different parties with different prices and levels of funding control all reserves. Instead of using order books to match buyers and sellers to return the best price, the Kyber protocol looks at all the reserves and returns the best price among the different reserves. Reserves make money on the “spread” or differences between the buying and selling prices. The Kyber wants any token holder to easily convert one token to another with a minimum of fuss.
1.2 KYBER PROTOCOLThe protocol smart contracts offer a single interface for the best available token exchange rates to be taken from an aggregated liquidity pool across diverse sources. ● Aggregated liquidity pool. The protocol aggregates various liquidity sources into one liquidity pool, making it easy for takers to find the best rates offered with one function call. ● Diverse sources of liquidity. The protocol allows different types of liquidity sources to be plugged into. Liquidity providers may employ different strategies and different implementations to contribute liquidity to the protocol. ● Permissionless. The protocol is designed to be permissionless where any developer can set up various types of reserves, and any end user can contribute liquidity. Implementations need to take into consideration various security vectors, such as reserve spamming, but can be mitigated through a staking mechanism. We can expect implementations to be permissioned initially until the maintainers are confident about these considerations.
The core feature that the Kyber protocol facilitates is the token swap between taker and liquidity sources. The protocol aims to provide the following properties for token trades: ● Instant Settlement. Takers do not have to wait for their orders to be fulfilled, since trade matching and settlement occurs in a single blockchain transaction. This enables trades to be part of a series of actions happening in a single smart contract function. ● Atomicity. When takers make a trade request, their trade either gets fully executed, or is reverted. This “all or nothing” aspect means that takers are not exposed to the risk of partial trade execution. ● Public rate verification. Anyone can verify the rates that are being offered by reserves and have their trades instantly settled just by querying from the smart contracts. ● Ease of integration. Trustless and atomic token trades can be directly and easily integrated into other smart contracts, thereby enabling multiple trades to be performed in a smart contract function.
How each actor works is specified in Section Network Actors. 1. Takers refer to anyone who can directly call the smart contract functions to trade tokens, such as end-users, DApps, and wallets. 2. Reserves refer to anyone who wishes to provide liquidity. They have to implement the smart contract functions defined in the reserve interface in order to be registered and have their token pairs listed. 3. Registered reserves refer to those that will be cycled through for matching taker requests. 4. Maintainers refer to anyone who has permission to access the functions for the adding/removing of reserves and token pairs, such as a DAO or the team behind the protocol implementation. 5. In all, they comprise of the network, which refers to all the actors involved in any given implementation of the protocol.
The protocol implementation needs to have the following: 1. Functions for takers to check rates and execute the trades 2. Functions for the maintainers to registeremove reserves and token pairs 3. Reserve interface that defines the functions reserves needs to implement
1.3 KYBER CORE SMART CONTRACTSKyber Core smart contracts is an implementation of the protocol that has major protocol functions to allow actors to join and interact with the network. For example, the Kyber Core smart contracts provide functions for the listing and delisting of reserves and trading pairs by having clear interfaces for the reserves to comply to be able to register to the network and adding support for new trading pairs. In addition, the Kyber Core smart contracts also provide a function for takers to query the best rate among all the registered reserves, and perform the trades with the corresponding rate and reserve. A trading pair consists of a quote token and any other token that the reserve wishes to support. The quote token is the token that is either traded from or to for all trades. For example, the Ethereum implementation of the Kyber protocol uses Ether as the quote token.
In order to search for the best rate, all reserves supporting the requested token pair will be iterated through. Hence, the Kyber Core smart contracts need to have this search algorithm implemented.
The key functions implemented in the Kyber Core Smart Contracts are listed in Figure 2 below. We will visit and explain the implementation details and security considerations of each function in the Specification Section.
1.4 HOW KYBER’S ON-CHAIN PROTOCOL WORKS?Kyber is the liquidity infrastructure for decentralized finance. Kyber aggregates liquidity from diverse sources into a pool, which provides the best rates for takers such as DApps, Wallets, DEXs, and End users.
1.4.1 PROVIDING LIQUIDITY AS A RESERVEAnyone can operate a Kyber Reserve to market make for profit and make their tokens available for DApps in the ecosystem. Through an open reserve architecture, individuals, token teams and professional market makers can contribute token assets to Kyber’s liquidity pool and earn from the spread in every trade. These tokens become available at the best rates across DApps that tap into the network, making them instantly more liquid and useful.
MAIN RESERVE TYPES Kyber currently has over 45 reserves in its network providing liquidity. There are 3 main types of reserves that allow different liquidity contribution options to suit the unique needs of different providers. 1. Automated Price Reserves (APR) — Allows token teams and users with large token holdings to have an automated yet customized pricing system with low maintenance costs. Synthetix and Melon are examples of teams that run APRs. 2. Fed Price Reserves (FPR) — Operated by professional market makers that require custom and advanced pricing strategies tailored to their specific needs. Kyber alongside reserves such as OneBit, runs FPRs. 3. Bridge Reserves (BR) — These are specialized reserves meant to bring liquidity from other on-chain liquidity providers like Uniswap, Oasis, DutchX, and Bancor into the network.
1.5 KYBER NETWORK ROLESThere Kyber Network functions through coordination between several different roles and functions as explained below: - Users — This entity uses the Kyber Network to send and receive tokens. A user can be an individual, a merchant, and even a smart contract account. - Reserve Entities — This role is used to add liquidity to the platform through the dynamic reserve pool. Some reserve entities are internal to the Kyber Network, but others may be registered third parties. Reserve entities may be public if the public contributes to the reserves they hold, otherwise they are considered private. By allowing third parties as reserve entities the network adds diversity, which prevents monopolization and keeps exchange rates competitive. Allowing third party reserve entities also allows for the listing of less popular coins with lower volumes. - Reserve Contributors — Where reserve entities are classified as public, the reserve contributor is the entity providing reserve funds. Their incentive for doing so is a profit share from the reserve. - The Reserve Manager — Maintains the reserve, calculates exchange rates and enters them into the network. The reserve manager profits from exchange spreads set by them on their reserves. They can also benefit from increasing volume by accessing the entire Kyber Network. - The Kyber Network Operator — Currently the Kyber Network team is filling the role of the network operator, which has a function to adds/remove Reserve Entities as well as controlling the listing of tokens. Eventually, this role will revert to a proper decentralized governance.
1.6 BASIC TOKEN TRADEA basic token trade is one that has the quote token as either the source or destination token of the trade request. The execution flow of a basic token trade is depicted in the diagram below, where a taker would like to exchange BAT tokens for ETH as an example. The trade happens in a single blockchain transaction. 1. Taker sends 1 ETH to the protocol contract, and would like to receive BAT in return. 2. Protocol contract queries the first reserve for its ETH to BAT exchange rate. 3. Reserve 1 offers an exchange rate of 1 ETH for 800 BAT. 4. Protocol contract queries the second reserve for its ETH to BAT exchange rate. 5. Reserve 2 offers an exchange rate of 1 ETH for 820 BAT. 6. This process goes on for the other reserves. After the iteration, reserve 2 is discovered to have offered the best ETH to BAT exchange rate. 7. Protocol contract sends 1 ETH to reserve 2. 8. The reserve sends 820 BAT to the taker.
1.7 TOKEN-TO-TOKEN TRADEA token-to-token trade is one where the quote token is neither the source nor the destination token of the trade request. The exchange flow of a token to token trade is depicted in the diagram below, where a taker would like to exchange BAT tokens for DAI as an example. The trade happens in a single blockchain transaction. 1. Taker sends 50 BAT to the protocol contract, and would like to receive DAI in return. 2. Protocol contract sends 50 BAT to the reserve offering the best BAT to ETH rate. 3. Protocol contract receives 1 ETH in return. 4. Protocol contract sends 1 ETH to the reserve offering the best ETH to DAI rate. 5. Protocol contract receives 30 DAI in return. 6. Protocol contract sends 30 DAI to the user.
2.KYBER NETWORK CRYSTAL (KNC) TOKENKyber Network Crystal (KNC) is an ERC-20 utility token and an integral part of Kyber Network.
KNC is the first deflationary staking token where staking rewards and token burns are generated from actual network usage and growth in DeFi.
The Kyber Network Crystal (KNC) is the backbone of the Kyber Network. It works to connect liquidity providers and those who need liquidity and serves three distinct purposes. The first of these is to collect transaction fees, and a portion of every fee collected is burned, which keeps KNC deflationary. Kyber Network Crystals (KNC), are named after the crystals in Star Wars used to power light sabers.
The KNC also ensures the smooth operation of the reserve system in the Kyber liquidity since entities must use third-party tokens to buy the KNC that pays for their operations in the network.
KNC allows token holders to play a critical role in determining the incentive system, building a wide base of stakeholders, and facilitating economic flow in the network. A small fee is charged each time a token exchange happens on the network, and KNC holders get to vote on this fee model and distribution, as well as other important decisions. Over time, as more trades are executed, additional fees will be generated for staking rewards and reserve rebates, while more KNC will be burned. - Participation rewards — KNC holders can stake KNC in the KyberDAO and vote on key parameters. Voters will earn staking rewards (in ETH) - Burning — Some of the network fees will be burned to reduce KNC supply permanently, providing long-term value accrual from decreasing supply. - Reserve incentives — KNC holders determine the portion of network fees that are used as rebates for selected liquidity providers (reserves) based on their volume performance.
Finally, the KNC token is the connection between the Kyber Network and the exchanges, wallets, and dApps that leverage the liquidity network. This is a virtuous system since entities are rewarded with referral fees for directing more users to the Kyber Network, which helps increase adoption for Kyber and for the entities using the Network.
And of course there will soon be a fourth and fifth uses for the KNC, which will be as a staking token used to generate passive income, as well as a governance token used to vote on key parameters of the network.
The Kyber Network Crystal (KNC) was released in a September 2017 ICO at a price around $1. There were 226,000,000 KNC minted for the ICO, with 61% sold to the public. The remaining 39% are controlled 50/50 by the company and the founders/advisors, with a 1 year lockup period and 2 year vesting period.
Currently, just over 180 million coins are in circulation, and the total supply has been reduced to 210.94 million after the company burned 1 millionth KNC token in May 2019 and then its second millionth KNC token just three months later.
That means that while it took 15 months to burn the first million KNC, it took just 10 weeks to burn the second million KNC. That shows how rapidly adoption has been growing recently for Kyber, with July 2019 USD trading volumes on the Kyber Network nearly reaching $60 million. This volume has continued growing, and on march 13, 2020 the network experienced its highest daily trading activity of $33.7 million in a 24-hour period.
Currently KNC is required by Reserve Managers to operate on the network, which ensures a minimum amount of demand for the token. Combined with future plans for burning coins, price is expected to maintain an upward bias, although it has suffered along with the broader market in 2018 and more recently during the summer of 2019.
It was unfortunate in 2020 that a beginning rally was cut short by the coronavirus pandemic, although the token has stabilized as of April 2020, and there are hopes the rally could resume in the summer of 2020.
2.1 HOW ARE KNC TOKENS PRODUCED?The native token of Kyber is called Kyber Network Crystals (KNC). All reserves are required to pay fees in KNC for the right to manage reserves. The KNC collected as fees are either burned and taken out of the total supply or awarded to integrated dapps as an incentive to help them grow.
2.2 HOW DO YOU GET HOLD OF KNC TOKENS?Kyber Swap can be used to buy ETH directly using a credit card, which can then be used to swap for KNC. Besides Kyber itself, exchanges such as Binance, Huobi, and OKex trade KNC.
2.3 WHAT CAN YOU DO WITH KYBER?The most direct and basic function of Kyber is for instantly swapping tokens without registering an account, which anyone can do using an Etheruem wallet such as MetaMask. Users can also create their own reserves and contribute funds to a reserve, but that process is still fairly technical one–something Kyber is working on making easier for users in the future.
2.4 THE GOAL OF KYBER THE FUTUREThe goal of Kyber in the coming years is to solidify its position as a one-stop solution for powering liquidity and token swapping on Ethereum. Kyber plans on a major protocol upgrade called Katalyst, which will create new incentives and growth opportunities for all stakeholders in their ecosystem, especially KNC holders. The upgrade will mean more use cases for KNC including to use KNC to vote on governance decisions through a decentralized organization (DAO) called the KyberDAO.
With our upcoming Katalyst protocol upgrade and new KNC model, Kyber will provide even more benefits for stakeholders. For instance, reserves will no longer need to hold a KNC balance for fees, removing a major friction point, and there will be rebates for top performing reserves. KNC holders can also stake their KNC to participate in governance and receive rewards.
2.5 BUYING & STORING KNCThose interested in buying KNC tokens can do so at a number of exchanges. Perhaps your best bet between the complete list is the likes of Coinbase Pro and Binance. The former is based in the USA whereas the latter is an offshore exchange.
The trading volume is well spread out at these exchanges, which means that the liquidity is not concentrated and dependent on any one exchange. You also have decent liquidity on each of the exchange books. For example, the Binance BTC / KNC books are wide and there is decent turnover. This means easier order execution.
KNC is an ERC20 token and can be stored in any wallet with ERC20 support, such as MyEtherWallet or MetaMask. One interesting alternative is the KyberSwap Android mobile app that was released in August 2019.
It allows for instant swapping of tokens and has support for over 70 different altcoins. It also allows users to set price alerts and limit orders and works as a full-featured Ethereum wallet.
2.6 KYBER KATALYST UPGRADEKyber has announced their intention to become the de facto liquidity layer for the Decentralized Finance space, aiming to have Kyber as the single on-chain endpoint used by the majority of liquidity providers and dApp developers. In order to achieve this goal the Kyber Network team is looking to create an open ecosystem that garners trust from the decentralized finance space. They believe this is the path that will lead the majority of projects, developers, and users to choose Kyber for liquidity needs. With that in mind they have recently announced the launch of a protocol upgrade to Kyber which is being called Katalyst.
The Katalyst upgrade will create a stronger ecosystem by creating strong alignments towards a common goal, while also strengthening the incentives for stakeholders to participate in the ecosystem.
The primary beneficiaries of the Katalyst upgrade will be the three major Kyber stakeholders: 1. Reserve managers who provide network liquidity; 2. dApps that connect takers to Kyber; 3. KNC holders.
These stakeholders can expect to see benefits as highlighted below: Reserve Managers will see two new benefits to providing liquidity for the network. The first of these benefits will be incentives for providing reserves. Once Katalyst is implemented part of the fees collected will go to the reserve managers as an incentive for providing liquidity.
This mechanism is similar to rebates in traditional finance, and is expected to drive the creation of additional reserves and market making, which in turn will lead to greater liquidity and platform reach.
Katalyst will also do away with the need for reserve managers to maintain a KNC balance for use as network fees. Instead fees will be automatically collected and used as incentives or burned as appropriate. This should remove a great deal of friction for reserves to connect with Kyber without affecting the competitive exchange rates that takers in the system enjoy. dApp Integrators will now be able to set their own spread, which will give them full control over their own business model. This means the current fee sharing program that shares 30% of the 0.25% fee with dApp developers will go away and developers will determine their own spread. It’s believed this will increase dApp development within Kyber as developers will now be in control of fees.
KNC Holders, often thought of as the core of the Kyber Network, will be able to take advantage of a new staking mechanism that will allow them to receive a portion of network fees by staking their KNC and participating in the KyberDAO.
2.7 COMING KYBERDAOWith the implementation of the Katalyst protocol the KNC holders will be put right at the heart of Kyber. Holders of KNC tokens will now have a critical role to play in determining the future economic flow of the network, including its incentive systems.
The primary way this will be achieved is through KyberDAO, a way in which on-chain and off-chain governance will align to streamline cooperation between the Kyber team, KNC holders, and market participants.
The Kyber Network team has identified 3 key areas of consideration for the KyberDAO: 1. Broad representation, transparent governance and network stability 2. Strong incentives for KNC holders to maintain their stake and be highly involved in governance 3. Maximizing participation with a wide range of options for voting delegation
Interaction between KNC Holders & Kyber
This means KNC holders have been empowered to determine the network fee and how to allocate the fees to ensure maximum network growth. KNC holders will now have three fee allocation options to vote on: - Voting Rewards: Immediate value creation. Holders who stake and participate in the KyberDAO get their share of the fees designated for rewards. - Burning: Long term value accrual. The decreasing supply of KNC will improve the token appreciation over time and benefit those who did not participate. - Reserve Incentives:Value creation via network growth. By rewarding Kyber reserve managers based on their performance, it helps to drive greater volume, value, and network fees.
2.8 TRANSPARENCY AND STABILITYThe design of the KyberDAO is meant to allow for the greatest network stability, as well as maximum transparency and the ability to quickly recover in emergency situations. Initally the Kyber team will remain as maintainers of the KyberDAO. The system is being developed to be as verifiable as possible, while still maintaining maximum transparency regarding the role of the maintainer in the DAO.
Part of this transparency means that all data and processes are stored on-chain if feasible. Voting regarding network fees and allocations will be done on-chain and will be immutable. In situations where on-chain storage or execution is not feasible there will be a set of off-chain governance processes developed to ensure all decisions are followed through on.
2.9 KNC STAKING AND DELEGATIONStaking will be a new addition and both staking and voting will be done in fixed periods of times called “epochs”. These epochs will be measured in Ethereum block times, and each KyberDAO epoch will last roughly 2 weeks.
This is a relatively rapid epoch and it is beneficial in that it gives more rapid DAO conclusion and decision-making, while also conferring faster reward distribution. On the downside it means there needs to be a new voting campaign every two weeks, which requires more frequent participation from KNC stakeholders, as well as more work from the Kyber team.
Delegation will be part of the protocol, allowing stakers to delegate their voting rights to third-party pools or other entities. The pools receiving the delegation rights will be free to determine their own fee structure and voting decisions. Because the pools will share in rewards, and because their voting decisions will be clearly visible on-chain, it is expected that they will continue to work to the benefit of the network.
3. TRADINGAfter the September 2017 ICO, KNC settled into a trading price that hovered around $1.00 (decreasing in BTC value) until December. The token has followed the trend of most other altcoins — rising in price through December and sharply declining toward the beginning of January 2018.
The KNC price fell throughout all of 2018 with one exception during April. From April 6th to April 28th, the price rose over 200 percent. This run-up coincided with a blog post outlining plans to bring Bitcoin to the Ethereum blockchain. Since then, however, the price has steadily fallen, currently resting on what looks like a $0.15 (~0.000045 BTC) floor.
With the number of partners using the Kyber Network, the price may rise as they begin to fully use the network. The development team has consistently hit the milestones they’ve set out to achieve, so make note of any release announcements on the horizon.
4. COMPETITIONThe 0x project is the biggest competitor to Kyber Network. Both teams are attempting to enter the decentralized exchange market. The primary difference between the two is that Kyber performs the entire exchange process on-chain while 0x keeps the order book and matching off-chain.
As a crypto swap exchange, the platform also competes with ShapeShift and Changelly.
5.KYBER MILESTONES• June 2020: Digifox, an all-in-one finance application by popular crypto trader and Youtuber Nicholas Merten a.k.a DataDash (340K subs), integrated Kyber to enable users to easily swap between cryptocurrencies without having to leave the application. • June 2020: Stake Capital partnered with Kyber to provide convenient KNC staking and delegation services, and also took a KNC position to participate in governance. • June 2020: Outlined the benefits of the Fed Price Reserve (FPR) for professional market makers and advanced developers. • May 2020: Kyber crossed US$1 Billion in total trading volume and 1 Million transactions, performed entirely on-chain on Ethereum. • May 2020: StakeWith.Us partnered Kyber Network as a KyberDAO Pool Master. • May 2020: 2Key, a popular blockchain referral solution using smart links, integrated Kyber’s on-chain liquidity protocol for seamless token swaps • May 2020: Blockchain game League of Kingdoms integrated Kyber to accept Token Payments for Land NFTs. • May 2020: Joined the Zcash Developer Alliance , an invite-only working group to advance Zcash development and interoperability. • May 2020: Joined the Chicago DeFi Alliance to help accelerate on-chain market making for professionals and developers. • March 2020: Set a new record of USD $33.7M in 24H fully on-chain trading volume, and $190M in 30 day on-chain trading volume. • March 2020: Integrated by Rarible, Bullionix, and Unstoppable Domains, with the KyberWidget deployed on IPFS, which allows anyone to swap tokens through Kyber without being blocked. • February 2020: Popular Ethereum blockchain game Axie Infinity integrated Kyber to accept ERC20 payments for NFT game items. • February 2020: Kyber’s protocol was integrated by Gelato Finance, Idle Finance, rTrees, Sablier, and 0x API for their liquidity needs. • January 2020: Kyber Network was found to be the most used protocol in the whole decentralized finance (DeFi) space in 2019, according to a DeFi research report by Binance. • December 2019: Switcheo integrated Kyber’s protocol for enhanced liquidity on their own DEX. • December 2019: DeFi Wallet Eidoo integrated Kyber for seamless in-wallet token swaps. • December 2019: Announced the development of the Katalyst Protocol Upgrade and new KNC token model. • July 2019: Developed the Waterloo Bridge , a Decentralized Practical Cross-chain Bridge between EOS and Ethereum, successfully demonstrating a token swap between Ethereum to EOS. • July 2019: Trust Wallet, the official Binance wallet, integrated Kyber as part of its decentralized token exchange service, allowing even more seamless in-wallet token swaps for thousands of users around the world. • May 2019: HTC, the large consumer electronics company with more than 20 years of innovation, integrated Kyber into its Zion Vault Wallet on EXODUS 1 , the first native web 3.0 blockchain phone, allowing users to easily swap between cryptocurrencies in a decentralized manner without leaving the wallet. • January 2019: Introduced the Automated Price Reserve (APR) , a capital efficient way for token teams and individuals to market make with low slippage. • January 2019: The popular Enjin Wallet, a default blockchain DApp on the Samsung S10 and S20 mobile phones, integrated Kyber to enable in-wallet token swaps. • October 2018: Kyber was a founding member of the WBTC (Wrapped Bitcoin) Initiative and DAO. • October 2018: Developed the KyberWidget for ERC20 token swaps on any website, with CoinGecko being the first major project to use it on their popular site.
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Cryptocurrency technical analysis: cryptocurrency assets began the rally
Top crypto assets have been in an uptrend this week. One of the reasons for the growth was the positive dynamics in the US stock market. This was facilitated by the decision of the US Federal Reserve to continue the asset repurchase program in current volumes until March 2021. In addition, a number of news has influenced the digital asset market. So, on July 25, Chief Justice of the District Court of the District of Columbia Beryl Howell recognized bitcoin as a form of money and stated that the asset falls under the money laundering law. This decision was made during the $311 million laundering case, where the head of the Coin Ninja crypto project Larry Dean Harmon is the defendant.
Also since the beginning of the week, Bitcoin futures trading volumes have shown impressive growth, and the regulated crypto exchange Bakkt has reported closing of record high trading sessions. Also, significant support for the growth of the first cryptocurrency was provided by the massive closing of short positions, which were liquidated on July 28 for more than $500 million. And on July 29 it became known that the Central Bank of the Philippines is now participating in the race to launch the first national cryptocurrency. For this, a special committee will be created that will study the issue of launching the CBDC and the legal norms necessary for its work.
BitcoinAfter a rebound from support at $9150, bitcoin quotes easily overcame the $9500 level, which now also acts as support. The 200-day simple moving average (SMA) line passes in this area, as well as the boundaries of the technical analysis “Triangle” (they are marked in pink on the chart below). This allowed Bitcoin to reach the first goal in the form of cluster boundaries of $9,900- $10,000 and $10,400- $10,500.
Now the movement is taking place within the consolidation of $10,800- $11,300. In the coming weeks, maintaining the upward momentum will allow BTC quotes to rush to the following targets — $11,580 and $12,000. divergences ”between the highs on the chart and the MACD oscillator. If this scenario is realized, the targets will be the levels of $10,400 and $10,000. Further downward movement looks unlikely, but may lead to a retest of the $9,500- $9,600 area, where whales will most likely prefer to gain new positions in bitcoin.
BTC / USD chart, four-hour timeframe
On the daily chart of Bitcoin, you can see that there was a breakthrough of the boundaries of the technical analysis model “Triangle” (in the chart below they are marked in orange). From the point of view of technical analysis, a retest of the upper border of this figure should follow in the near future. This can lead to a decrease in the price from the current resistances of $11,000 and the cluster $11,200- $11,300 back to the supports at $10,500 and $10,000. If this scenario is implemented, there is also a chance of Bitcoin falling to the important cluster of $8900 (50% retracement at Fibonacci levels) — $9580.
The presence of divergence between the BTC price and the MACD oscillator indicates a high probability of a correction. But at what levels this reversal will occur is not yet known. But until the end of this year, the first cryptocurrency is ready to maintain its growth trend, which can lead to reaching $11,800, $12,500, a cluster of $13,100- $13,350 and $14,000.
BTC / USD chart, daily timeframe
EthereumAltcoins went up after bitcoin. The ether also shows good growth, the quotes of which continue to confidently rise from the support at $233, below which the 200-day SMA line is located. After overcoming the first target at $280, the ether rushed to the next targets located at the resistance levels of $300 and $320.
Now the ETH quotes have returned to the framework of the “Flag” graphical model, which can reduce the volatility of the asset. At the same time, a correctional decline below $320 will allow big capital to gain positions. The support levels will be $300, $280 and $251. The targets for the development of a long-term upward movement are $363.80, $400 and $420.
ETH / USD chart, daily timeframe
LitecoinOn the daily chart, Litecoin confidently maintains a positive momentum, which led to a breakout of the boundaries of the Descending Triangle technical analysis model. The upward breakout of the $47.45 level, just above which the 200-day moving average (MA) line is located, allowed LTC to go to the targets of $51.50 (38.2% correction level along the Fibonacci lines) and $56.80.
In the medium term, further upward movement may develop to $60.80, $65, $70 and even $83. However, in the event of a correction from the current levels, the whales are likely to gain positions only at the previously tested levels of $50 and $51.50.
LTC / USD chart, daily timeframe
Bitcoin CashBitcoin Cash, as expected, soared from the borders of the “Triangle” price model (on the chart below the borders are marked with pink lines) to the resistance located at the upper border of the “Horizontal Channel” $200- $272. Then the altcoin continued its way to the $305 area.
A correction may develop towards the 200-day SMA line, which is located in the $272 area. But in the long run of the coming months, we can expect a breakout of the $305 level, which will allow Bitcoin Cash to go up to the $356- $368 cluster and further to $400.
BCH / USDT chart, daily timeframe
XRPXRP also took advantage of an influx of liquidity, which led to the breakout of the boundaries of the Descending Triangle model. This allowed the asset to break through the boundaries of the “horizontal channel” of $0.18- $0.2050, in the area of which the 200-day MA line passes. As a result, XRP reached its first targets at $0.2360 and $0.2540.
In the long term, the bulls will be able to take profits at $0.27, $0.2860 and $0.3080. At the same time, the levels of $0.2040, $0.2360 and $0.2540 in the event of a correction can act as supports for the current XRP quotes.
XRP / USD chart, daily timeframe
Binance CoinBinance Coin also did not fail to take advantage of the market situation to break through the resistance in the form of the upper boundary of the “Ascending Triangle” and the level of $18.14. This allowed us to start the long-awaited growth towards the first target in the form of a powerful $19.36– $20 cluster. Maintaining this momentum in the months ahead will lead to the achievement of targets at $21.30, $23.50, $25.80 and $28.20.
But before that, the asset may wait for a correction to the levels of $19.36 and $18, where the 200-day SMA line is located.
BNB / USDT chart, daily timeframe
At the end of this week, we can confidently say that another rally has begun among crypto assets. Moreover, it occurs before the start of the correctional decline on the world stock markets, which some investors warn about. Thus, the cryptocurrency market is becoming a new safe haven for whales, which have preferred to accumulate positions since March. We will not be surprised if this upward movement will last more than one month.
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TradingView. Sign In. Ticker Trading Ideas Educational Ideas Scripts People Binance cryptocurrency exchange - We operate the worlds biggest bitcoin exchange and altcoin crypto exchange in the world by volume BTC/USDT Binance price chart in real-time. Stats on multiple timeframes, order book, news and trollbox. Coinalyze. Futures Data. Individual Charts; Global Charts; Technical Analysis. Bitcoin Ethereum Ripple Bitcoin Cash Chainlink Binance Coin Litecoin Cardano Bitcoin SV EOS Monero Tron Stellar Lumens Crypto.com Coin Tezos UNUS SED LEO NEO NEM Cosmos Iota VeChain Dash THETA ZCash Ethereum ... Binance Coin (), the digital asset created to be used on the Binance ecosystem and crypto exchange, has been in a bullish trend during the last few months.The virtual currency has been growing since November when it dropped with all the crypto market after the Bitcoin Cash contentious hard fork.Analysts are now wondering how far this digital asset can grow in the future. After just having their own ICO this past May Binance has become the largest growing cryptocurrency exchange. With less verification, lower fees, and high withdrawl limits it's easy to see why. With less verification, lower fees, and high withdrawl limits it's easy to see why. Absent volume and any other signal for a (medium term) trend change, a slow grind downwards (medium term trend continuation) seems like a higher probability outcome. Binance Saw Maximum BTC Inflows in July And August. According to a cumulative daily bitcoin inflow chart prepared by Delphi Digital, 42% of the total volume went to Binance. Der Bitcoin - Euro Chart zeigt die Entwicklung des Bitcoin - Euro in grafischer Form und erlaubt somit einen schnellen Überblick über Kursverlauf, Höchst- und Tiefststände. Hello? Dear traders, nice to meet you. "Like" is a huge force for me. By "following" you can always get new information quickly. Thank you for always supporting me. ----- ----- It remains to be seen if it can break through the 13970.00 point recorded on June 26, 2019 and the 13147.08 point recorded on July 10, 2019. Binance Leveraged Tokens (BLVTs) erlauben, Bitcoin mit Hebelwirkung zu traden, ohne sich um die Sicherheiten oder das Risiko einer Liquidation zu kümmern. @cz_binance: To me, this shows the #Binance ecosystem teams are not driven by money, but by mission. @vikmeup is not poor, but nowhere near having FU money, yet. And yet, he was not deterred the slightest by this amount of money. He led it the whole way, no fan flare, just business as usual
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