Bumper Finance’s Public Token Sale Gives Users a Solution to Crypto Price Volatility

Registration for the BUMP Public Token Sale opened on December 2nd

Although Wall St has long been invested in the cryptocurrency markets, the two are still very different when it comes to market volatility; the wild price swings of crypto assets are enough to chill even the most successful Forex trading professionals to the bone. As the blockchain and crypto industries continue to balloon in both innovation and valuation, protection from untamed price action is still largely unavailable for most, and has no doubt impacted the world’s view on the market as a whole.

In recent years, various advances have been made in the areas of cryptocurrency options and automated trading, but these products are often complex and expensive meaning they are out of reach for most “everyday” traders and investors. Bumper Finance looks to fill a gap in the market with the introduction of a price protection protocol, one that benefits both the user purchasing price protection at a premium and those providing stablecoins into the protocol’s liquidity reserve.

The BUMP Public Token Sale

With over $17.5 million already invested in Bumper Finance’s mission, the BUMP Pre-Sale was heavily subscribed and the Bumper team also declined over $32 million in institutional investment in order to give more investment opportunities to their community. The Bumper team opened registrations to the public on December 2nd and encourages them to become a central part of the Bumper ecosystem, which will in the future adopt a DAO structure, and enable the BUMP token holders to vote for changes to the protocol, utilize its core protection function and act as a critical element to the balancing mechanisms. Token holders will also be able to stake their tokens in the protocol as a core module and in return for generous rewards.

The Bumper Finance Public Token Sale begins on December 9th, 2021, with the price for BUMP tokens set at $1.50 but is reduced to $1.25 for buyers willing to stake their tokens for 3 months; with the popularity of previous BUMP token sales, the team is expecting high levels of involvement and direct would-be buyers to discover more information on the project website to ensure they get a spot in the sale.

Turning On Crypto “God Mode”

Bumper Finance introduces “God Mode” into the crypto and DeFi markets, giving users the opportunity to minimize losses on downwards price action, and also enabling them to ride the wave back up should their assets recover after a drop in price. This type of functionality is yet to be seen within a protocol and presents significant upside potential for participants holding BUMP tokens, which must be held by the user as an access token that is bonded to the protocol in order to take out a position.

Holding BUMP tokens allows users to lock in a price floor for their assets, hedging against volatility for a small premium and giving them peace of mind that they will receive a particular stablecoin amount for their assets should the price decrease, without them being forced to leave their assets on a centralized exchange in the hopes they will find an exit to minimize their loss. The user can also then freely utilize those assets to take out a DeFi loan or to farm with. The crypto ‘Power-Up’ functionality within Bumper also exposes token holders to rewards from fees earned by Liquidity Providers providing stablecoin liquidity to the protocol.

The Bumper Public Sale starts on December 9th. Follow the Bumper Twitter for updates and visit the project’s Medium page for detailed sale information.

 

SEC Boss Acknowledges That Bitcoin Is A Competitor For U.S. Banking System

Bitcoin has proven to be a long-term play which means nations can no longer ignore the impact of the cryptocurrency on the economy. One way that nations have responded to this has been through regulations. While some countries have implemented favorable laws for bitcoin, others have gone the route of trying to stop the digital asset. The United States skews towards the latter.

The SEC has made several attempts to try to regulate the crypto industry, with SEC boss Gary Gensler commenting on what the regulatory body is doing to regulate the asset on several occasions. A growing concern now is the role BTC plays in the economy.

Bitcoin And The Economy

SEC chairman Gary Gensler has raised some concerns regarding bitcoin and the U.S. economy. According to the SEC boss, BTC is now a competitor to the U.S. banking system. Gensler said this on Wednesday when speaking to former SEC chairman Jay Clayton at the DACOM Summit 2021 about the role of cryptocurrencies, Bitcoin, and ETFs in the economy.

Related Reading | Canada Marks Launch Of First Bitcoin, Ethereum ETFs With Monthly Payouts

Gensler, during this summit, said that Bitcoin had been created as a reaction to sanctions and regimes that went into place across the globe. He referred to BTC as “an off-the-grid type of approach”.

“In 2008, Satoshi Nakamoto wrote this paper in part as a reaction, an off-the-grid type of approach. It’s not surprising that there’s some competition that you and I don’t support but that’s trying to undermine that worldwide consensus.”

This refers to the completely decentralized nature of BTC. Satoshi Nakamoto, the creator of Bitcoin, had structured the asset in a way that it couldn’t be replicated or controlled by a single entity.

BTC price trading at $57K | Source: BTCUSD on TradingView.com
Why BTC Is Becoming Mainstream

The deflationary nature of Bitcoin has been one of the most important things for investors who bought the asset. Coupled with its impressive returns on investment, the asset had made for a perfect hedge against inflation. Thus becoming a more popular investment avenue in the financial world.

Related Reading | Croatia’s Largest Supermarket Chain Rolls Out Bitcoin Payments

Another has to do with the decentralization of the cryptocurrency. It puts the holder of the coins in complete control of their assets, free from interference from any entity or governmental body. Basically helping people become their own banks.

However, the same reasons that make Bitcoin such an attractive investment for investors are the same ones that make governments see the digital asset as a threat. Although not all governments see the crypto as a threat. One such example is El Salvador which has adopted Bitcoin as a legal tender in the country.

Featured image from CNBC, chart from TradingView.com

“The United States Is Already Mining” Bitcoin… “Maybe,” Says Compass Mining CEO

Does the Compass Mining CEO know something we don’t? Is The United States mining Bitcoin? Whit Gibbs was a guest in a recent episode of Anthony Pompliano’s “The Best Business Show” and spilled the beans… or did he? The host cleverly disguised his question by talking about other countries following El Salvador’s footsteps and starting mining Bitcoin. He also mentioned Venezuela and other not-friendly to the U.S. countries already doing it. Then, he asked point-blank, what would it take for their country to start mining?

Related Reading | Will Bitcoin Mining Backed Volcano Bonds Be Enough To Ward Off The IMF?

“The United States is already mining,” Gibbs answered. And then softened the blow with a “Maybe.” If true, this is huge. And the implications are even greater. “They might have like 10 or 20 watts running somewhere in the midwest to test it out. Maybe. It’s hypothetically speaking. But, it’s a matter of national security.” Was that hypothetical? Or was the Compass Mining CEO giving us inside information? That’s what we’ll try to figure out.

But first, here’s the video: 

What Does The Compass Mining CEO Know?

Well, for starters, he knows Bitcoin is the hardest asset ever created. “When it comes to mining, when you’re talking about what Bitcoin is, whether it’s a store of value, it’s a medium of exchange. It’s the future financial instrument that many, many things are going to be built on top of. Nations would have to be absolutely out of their mind to not be getting some exposure to the underlying infrastructure which supports it.” 

So, it’s safe to say that the Compass Mining CEO is bullish on Bitcoin. Why do we think he might know something the rest of the world doesn’t, though? Gibbs continues, “So, the US I think is on the front foot. We’ve had a lot of conversations with the government in DC, state governments, to help educate them, but they are very forward-thinking when it comes to supporting this.”

So, does the Compass Mining CEO know something we don’t? Is The United States mining Bitcoin already?

Gibbs completes the idea by saying that El Salvador is showing the way to countries that are not at the forefront and, historically, have been hurt by the current system. They now know that being early to Bitcoin can make a huge impact and “get them there.”

BTC price chart for 12/03/2021 on FTX | Source: BTC/USD on TradingView.com
Other Countries That Are Already Mining Bitcoin

Story Time With Pomp And Gibbs. The host senses that the guest knows something and tries to get it out of him. Pompliano shares a story with him: he knows that in 2012-2013 a Federal law enforcement agency was mining Bitcoin. The rationale was that they couldn’t get a budget approved to buy Bitcoin at exchanges to fund black/ undercover operations. So, they filled papers to get computers instead and started mining. The Bitcoin they got was untraceable, it had no history. And they used it to run operations.

Then, it was Gibbs’ turn. “So, this is how you get in trouble,” the Compass Mining CEO answered. Cleverly, he shifted the focus from the U.S. to other countries. According to Gibbs, a North African country that’s a hotspot for the United States is getting into Bitcoin Mining. This is happening at the presidential level.

Related Reading | Bitcoin Mining In The U.S.: 4 States Attract The Most Miners

Also, he lives in Latvia. A very close neighbor of Latvia, “that may have stopped a plane no too long ago, to remove a journalist,” is already mining Bitcoin with nuclear power. The Compass Mining CEO closes his stellar presentation with, “I don’t believe that they’re mining Bitcoin to skirt sanctions. I believe that they’re mining Bitcoin because they see it as the future, and they want to boost their economy, they want to grow.”

You read it here first, Bitcoin is the future and many world leaders know it.  

Featured Image by Christopher Skor on Unsplash – Charts by TradingView

How Crypto Champions can help you increase the rarity of your NFT

The last few years have been exceptional for NFTs. Our idea of digital assets and their ownership has experienced (and is still experiencing) rapid evolution. Very few people would have boldly predicted a public tweet selling for $2.5 million or a there-for-all-to-see clip of Lebron James dunking selling for $200,000. But, as we’ve all figured out, the creation, sales, and ownership of digital assets are well within the possibility realm.

Several other digital assets have been sold as NFTs in a very short time. Every passing day suggests that the NFT train or “NFT craze” will not disappear anytime soon. So, if you’re still thinking about joining the NFT movement, stop thinking and start acting.

As far as actions relating to NFTs go, there’s one action that anyone— NFT expert or NFT newbie — should be taking right now.

What’s that?

Signing up to be a part of the hottest NFT project right now — Crypto Champions!

Value, Inclusion, NFTs, and Crypto Champions

Crypto Champions is, first, a community-led NFT project. More than NFTs, the Champions Community’s goal is to build a strong network of competent and highly successful people using the powers of Web 3.0 ( NFT, Cryptocurrency, Metaverse, and Crypto Gaming).

The Champions Community is strongly focused on building and sustaining an enabling environment for its members to grow to be the best they can be. Everything from timely investment opportunities, networking with top-notch professionals, and publicly trackable $1 million gift are all accessible for high-performing community members.

The Champions Community also has a community fund powered by DAO (Decentralized Autonomous Organization) technology to support member-led project initiatives. You don’t have to worry about being left out because it is all about getting everyone to where they want to be in the Champions Community.

… and we’ve not even gotten to the NFT part!

The NFT Angle

The Champions Collection consists of 8,888 unique NFTs only accessible through an exclusive Web 3.0. Champion NFTs are a collection of high-quality human 3D models divided into two factions — Privileged and Rebels.

In their separate factions, each of the NFTs has at least 136 combined unique traits, expressions, weapons, uniforms, and gears. When you successfully mint a Crypto Champion NFT, you become a Champion holder. “Fate” will decide whether the character you mint belongs to the Privileged or Rebels faction. With Crypto Champions, minting is fun — and valuable!

Unlike many other NFT projects, the Champions Community does not make it easy for anyone to mint a Champion and become a part of the community. Minting is specially reserved for community members devoted to helping the community grow and who have proved to be high-performing individuals.

The ultimate display of the power of the Champion NFTs reveals itself when the Rebels and Privileged factions lock heads and fight against each other in the Metawar.

Exponential Increase in NFT Value

Crypto Champions NFTs are not static in value; they are actually very dynamic. Champion holders who mint rare NFTs can make up to ten times the initial NFT market value.

Rare NFTs are great, but they are not the only way to amp up the market value of your Champions. Fortunately. Champions holders can up the market value of their NFTs by participating and competing in a short series of three easy-to-play games. Holders with higher scores gain access to rare weapons and accessories that sporadically boost the market value of their NFTs.

Your Best Way to NFT Nirvana

By offering Champions holders a way to amp up the original market value of their NFTs, Crypto Champions is hammering on the certainty of financial growth for its members. This is virtually impossible to find in any other sort of NFT-related project.

The Champions Community also offers its members a different kind of merch — dog tags. You’re given a pretty durable, distinctly customized dog tag when you sign up to be a part of the Crypto Champions project.

Dog tags are not just accessories because they represent something bigger and better, and dog tags represent meaningful displays of brotherhood and communal strength.

With Crypto Champions, you get a community of progressive people, the opportunity to accumulate more wealth while wearing very cool dog tags. It’s everything anyone and everyone wants from NFTs.

Ethereum Holds Key Support, What Could Spark A Fresh Rally

Ethereum is facing resistance near the $4,600 zone against the US Dollar. ETH must stay above $4,450 to start a steady increase in the near term.

  • Ethereum is consolidating above the key $4,450 support zone.
  • The price is now trading above $4,500 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $4,600 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh rally as long as it is above the $4,450 level and the 100 hourly SMA.

Ethereum Price Attempts Fresh Increase

Ethereum declined below the $4,500 support, but the bulls defended the $4,450 zone. ETH seems to be forming a base above the $4,450 support level and is slowly rising.

There was a break above the $4,500 level and the 100 hourly simple moving average. The price cleared the 23.6% Fib retracement level of the recent drop from the $4,780 swing high to $4,455 low. It is now consolidating above the $4,520 level.

An initial resistance on the upside is near the $4,600 level. There is also a major bearish trend line forming with resistance near $4,600 on the hourly chart of ETH/USD.

The first major resistance is near the $4,620 level. It is near the 50% Fib retracement level of the recent drop from the $4,780 swing high to $4,455 low. A clear move above the $4,600 and $4,620 levels could send the price further higher.

Source: ETHUSD on TradingView.com

The next major resistance is near the $4,705 level. Any more gains could lift the price towards the $4,800 resistance zone in the near term.

Fresh Drop in ETH?

If ethereum fails to start a fresh increase above the $4,620 level, it could start another decline. An initial support on the downside is near the $4,500 level.

The first key support is now forming near the $4,450 level. A downside break below the $4,450 support zone and the recent low might spark a major decline. In the stated case, the price may perhaps decline towards the $4,320 level. The next major breakdown support is $4,250, below which the price could decline towards $4,000.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 50 level.

Major Support Level – $4,450

Major Resistance Level – $4,620

Hololoot Is Redefining The Metaverse Using Augmented Reality

The metaverse is a blossoming industry and as with any growing body, it needs nourishment. This nourishment has come in the form of new technologies being introduced to the space, integrating novel technologies with AR/VR to deliver an immersive experience for metaverse users.

Granted, a lot of these projects will most likely not survive the next few years as the industry evolves. Nevertheless, some projects have shown the markings of promising futures and one of those is Hololoot.

Hololoot Cloud has torn down the barriers to entry for users in the metaverse space by providing a product that everyone can use no matter their skill or expertise level. For Hololoot, the metaverse isn’t just games and virtual lands but innovation at every level. Hololoot combines the innovation of the blockchain space with AR (Augmented Reality) to deliver one of the most sought-after solutions in the space.

Augmenting The Metaverse

As innovative as the metaverse has been, growing from a barely noticed industry to one worth billions of dollars, creators and developers in the space have mostly limited themselves to specific niches. None have explored much beyond Play-to-Earn (P2E) games and the clamor to own real estate in virtual reality spaces. As such, Hololoot has taken on the mission to create new spheres of the metaverse.

One way that Hololoot is doing this is through AR. Instead of going the route of VR (Virtual Reality) as so many others have done, Hololoot is using AR to integrate into the blockchain metaverse. This completely eliminates the limitations and bottlenecks of VR like the prohibitively expensive VR glasses and headgear required to get an immersive experience.

Integrating NFTs And AR

One of Hololoot’s key selling points is the ability to create AR assets and bring them into the metaverse. Users are able to add and remove digital assets permissionlessly within the app without possessing any sort of technical knowledge. Hololoot offers a no-code product in which users are free to create whatever they want.

Using Hololoot Cloud, users can quickly generate AR-enabled NFT assets within the app by uploading a 3D model to the platform. These could range from animated models to game assets. Whatever the case may be, users can quickly create AR NFTs using these 3D models and save themselves a lot of time. It’s a self-service model that is controlled by the user.

Hololoot’s users are also not subjected to any restrictions when they create their NFTs. Location and geography are no issues since location-based AR assets have already been identified as an incredible development in the space, and Hololoot provides a quick, simple, and efficient way to mint NFTs and create location-based AR assets.

Hololoot Gearing Up For The Future

Hololoot’s project has been positively received by the metaverse community. The project raised a whopping $2.75 million in its pre-sale round, which has helped expand its team to better position them for success. The project secured three launchpads – Enjinstarter, Synapse.network, and Seedify – and is in talks with various gaming projects including Nakamoto Games, Bloktopia, Age of Rust, and more. Hololoot has also partnered with Enjin for its marketplace and ScottyBeam for NFT teleportation.

The future is looking bright for the project as it continues its efforts in combining Cloud computing with AR and Machine Learning, alongside 3D animations, QA testing, and performance testing. It is expanding its team and has a marketing roadmap that rivals the best in the space.

 

Behind the Masks: Actor Jordi Mollà to Launch New NFT Collection on December 08

Fresh off the sale of his “I will flood you with my flowers” NFT, artist and actor Jordi Mollà is renewing his affiliation with Raini and Krew Studios.

Mollà, whose on-screen credits include Jack Ryan, Blow and Bad Boys II, is joining forces with the NFT platform and creative studio to conduct an NFT drop called Masks. The collection features a range of unique digital masks based on a collection meticulously hand-painted by the self-taught Spanish artist, with the drop scheduled for December 8.

Demystifying Mollà’s Masks

As an actor, Mollà has worn many faces and the collection was influenced by the personas and characters we all inhabit in our daily interactions with the world. Some 10,000 masks have been 3D-rendered, animated and tokenized, with a percentage receiving physical as well as digital redemption rights. The mint will go live for a two-hour presale window on Wednesday, December 8 at 8 pm UTC, with a public sale following from 10 pm UTC.

The winner of Mollà’s previous work automatically gained five whitelist spots for the latest collection, as well as an invite to a swish NFT event that is being hosted by Krew Studios on December 4. The Art Basel show in Miami Beach, which is part of the city’s annual Art Week, will educate attendees on the various ways in which Augmented and Virtual Reality (AR/VR) tech are being integrated into the upcoming drop.

An emerging NFT launchpad, Krew Studios is currently pursuing a raft of exclusive artist and gallery partnerships as it seeks to bridge the gap between physical and digital art. Ahead of the Masks drop, the Studio has distributed 50 Members Only whitelist passes to community members, entitling holders to access to upcoming Krew drops and events (including the Masks party), community voting, and airdrops.

As well as 50 such golden tickets, 1,000 of the Studio’s Discord members have also been whitelisted for the Masks NFT sale. The Krew team has thrown down the gauntlet to the wider public by encouraging them to join Discord and acquire their own whitelist privileges.

Raini, whose products include yield farming, a play-to-earn trading card game, and a curated NFT launchpad and marketplace, is also furnishing its token stakers with special access to the sale: some 500 mask NFTs will be made available to those who supply liquidity or stake $RAINI via the platform’s Unicorn and Rainbow pools.

Disrupting the Art World

Synergies between the worlds of art and NFTs continue to form, with commentators now wondering whether Quarter 3 trade volume ($10.7 billion) will be surpassed in Q4.

Blockchain’s disruptive influence on the traditional art market has been one of the year’s biggest stories, bringing works to the attention of a broader demographic of buyers while providing a tangible use case for distributed ledger technology (DLT).

Back in March, digital creator Beeple became the third richest living artist after selling his tokenized work The First 5,000 Days for $69 million at Christie’s. The event aroused unprecedented interest in the NFT market from millionaire art collectors and consortiums, as well as artists seeking to bring their creative talents to the blockchain.

 

 

Hotbit Users Can Earn Up to 60% APY With BixBcoin

BixBcoin holders can now earn 60.60% APY on their holdings on Hotbit. The digital asset which had been listed on the exchange was added to the Hotbit Investment Panel. Users who sign up for this Incentive Plan can earn high interest on their holdings for 90 days. It is one of the many earning events that BixBcoin has participated in to bring good returns to its investors.

The token is hosted on its own blockchain, BIXB blockchain, which serves as the basis of the project’s strong structure. Being hosted on its own blockchain gives the token a unique edge over thousands of tokens in the market. This makes BixBcoin one of the most promising projects in the crypto market.

BixBcoin also offers a variety of features for its users ranging from wallets, the exchange, and decentralized finance (DeFi) services. The multi-platform financial service helps to facilitate fast and safe transactions without interference or restrictions from any government.

BixBcoin Token

The BixBcoin token has been a high performer for its investors after it launched. There are a total of 3 million BIXB tokens and transactions are recorded using a distributed ledger. The token launched in 2020 at a price of $25, a low price considering the promise of the project. It didn’t take too long for the market to catch up and push the price of the token towards an all-time high of $260.

BixBcoin also provides a secure wallet for holders of the token known as ‘BIXB WALLET’, available for download on Android, Windows, Web, and Linux. It features some of the lowest transaction fees across BixBcoin wallets, exchange, and all other supported platforms.

Perks of BixBcoin

BixBcoin allows holders to earn through a variety of ways. One of these is through providing computational power for confirming transactions on the blockchain. Every miner earns up to 0.1 BixBcoin for helping to solve complicated mathematical calculations by allocating computing power to the mining pool.

In addition, investors are also able to take advantage of the Loanypto lending protocol that operates on the blockchain. Loanypto features a creative and user-friendly interface that allows for easy accessibility to the platform. With Loanypto, BixBcoin holders can secure low-interest loans. Furthermore, holders can earn up to 5% APY on their collateral, while a bump in price helps to increase the borrower’s profit.

BixBcoin tokens are also available to trade on BixBcoin’s own exchange, BIXB EXCHANGE, where they have access to USDT, BTC, and FIAT trading pairs. Also available to trade on Coinsbit and Hotbit exchanges with the same trading pairs.

Is BixBcoin Legit?

BixBcoin is listed on some of the most reputable websites in the crypto space. These websites feature a rigorous vetting process which includes the provision of evidential documents with transparent and accurate information about the team members to be reviewed by experts and auditors on each site. BixBcoin has gone through this process and has been listed on sites such as CoinMarketCap, CoinGecko, CryptoCompare, etc.

BixBcoin’s source code is also available for all to see via its GitHub repository. The open-source project has guaranteed and maintained a high level of transparency and stability since its launch.

Since BixBcoin token supply is capped at 3 million, it is a valuable asset due to this scarcity. The project has one of the lowest supplies in the market, an important criterion for valuing a crypto project, placing it among the most unique and precious digital assets.

To learn more about BixBcoin, visit https://bixbcoin.com/.

 

Boost the Ecological Value: What can aelf’s Node Election Bring to its Participants

With a total of 4,593,284 valid tickets (which equates to more than 4.5 M ELF tokens/ $2.34M) locked on the mainnet governance system, aelf blockchain opened its globalized node election on Nov. 18th, 2021. Candidates will join the governance system equally, being selected or voted with locked tokens as tickets. The publication enabled the listing of well-prepared candidate nodes immediately. The listed candidates include blockchain heavyweights like Huobi Pool, 8BTC, bountyblok, and RockX.

So why is this important? How could the elected nodes contribute to the construction and development of aelf’s networking? In this article, we will walk you through why this event has attracted qualified candidates; how the community could benefit from democratic voting; and we will take a glimpse into aelf’s promising ecological future.

aelf Motivates Ecology Constructors with Bountiful Profits

Thanks to the aelf Economic and Governance Whitepaper, aelf mainnet is capable of locking a significant amount of assets while embracing powerful node partners by providing considerable rewards.

On one hand, there is a low threshold with high APY to become an aelf production node. aelf nodes run on cloud service centers, the costs of which are lower than the traditional physical format. Candidate nodes are required to stake 100,000 ELF tokens to participate in the election. Once elected, production nodes on aelf mainnet could receive the income with the APY at more than 95.6%. The triple features make aelf a more alluring choice for nodes in comparison to others in the market.

On the other hand, there is a very profitable incentive mechanism on aelf mainnet. ELF holders can receive a weekly Citizen Welfare by staking their token assets to vote for the candidate nodes. The Citizen Welfare scales 75% of the main chain dividend pool.

“aelf voting session is a zero barrier to entry free system, connecting voters who are looking to support quality Block Producers (BPs) while being rewarded with a percentage of the additional BP income,” said Haobo Ma, CEO of aelf.

The Constructors’ Feedback to the Network with Integrated Capabilities

Similar to the proof-of-stake (PoS) consensus, aelf deployed its own AE-styled delegated PoS consensus, where validators are voted for by the rest of the token holders on the network.

According to aelf, 17 elected BPs will participate in confirming the transactions of the network. Once elected, the BPs will then be tasked with upholding the integrity and accuracy of the network by coming to a majority consensus on data or transaction blocks that must be added to the network. Other than the pure stake of ELF tokens, BPs also invest in the network in the form of infrastructure, community support, development, and many more.

Shortly, BPs will join mainnet aelf’s inaugural Top of OASIS hackathon as judges. Later this year, they will also function as the decision-makers in the sidechain auctions and many more. The collective actions can have a real impact on the future of the gradually opening aelf ecological network.

More information will be subject to aelf team on Twitter and Telegram.

 

Crypto Scams Are Always There. Avoid Getting Rug-pulled With These Tips

Cryptocurrency has captured the world’s attention after the pandemic, and notorious scammers have taken notice too. With the rising popularity of altcoins and meme tokens, there will be an upsurge of new crypto scams taking place on Telegram.

What is a Scam?

Scam, rug pull, you name it. They’re everywhere: Telegram chats, groups, fake communities. But what exactly is a rug pull? The next level.

They happen when developers create a token paired with a valuable cryptocurrency, list the token on decentralized exchanges (DEXs), and then pull out all the funds.

In simple words, a crypto rug pull occurs when the developers abandon a project after cashing out investors’ capital.

Consider the recent “Squid Game” scam where the developers created a ‘Play-to-earn’ SQUID token, drew in buyers, inflated the prices and made off with $3.38 million, according to Gizmodo.

How to spot a Rug Pull?

Though seasoned scammers create the Rug pulls, it is easy to spot them if the investor pays close attention to the following signs.

Low Liquidity

Low liquidity means it is difficult to convert the tokens to cash as the developer had limited funds to create the token. It is easier for the developer to manipulate the token’s price when the liquidity is lower. The best way to check liquidity is by looking at 24hr trading volume, which should be at least 20% to 40% of the coin’s total market cap.

Low TVL(Total Value Locked)

TVL refers to the total amount invested in a particular project and is a reliable metric to check the project’s authenticity. A legitimate project will have a few billion invested, whereas a scam project might have a few hundred dollars.

How to avoid a Rug Pull?

Here are some tips to avoid Rug pulls and exit scams

Read the Documentation

Every project should typically have a whitepaper, which provides investors with information like the concept, purpose and technology behind the project. A well-drafted whitepaper provides legitimacy and a professional outlook to the project. A poorly written or copied whitepaper is repulsive and considered a red flag.

Follow Social Media Channels

A scam token might usually have an essential, low-traffic website and social media channels that were created recently. At the same time, the most successful projects will have an active presence, investor outreach and community engagement. There will be active updates on platforms like Twitter, Telegram and Discord channels.

For Instance, CrypTalk is an encrypted messenger that verifies projects legitimacy and keeps investors in a safe place with access to KYC, charts, audits, reports, market cap, and bring exposure to valuable projects.

Using Tools

There are online tools that can detect a rug pull, like Token Sniffer and RugDoc. For a high level of scam detection, Etherscan or Binance Smart Chain explorer can help users evaluate the project’s legitimacy. However, navigating through different apps is time-consuming and information is always limited.

Closing Thoughts

With the Crypto industry growing bigger and garnering a lot of attention, rug pulls have become prevalent in DeFi and, to some extent, in NFTs. Most of these scams are well planned, marketed intensively and executed brilliantly.

By following the tips, conducting due diligence and conceptual research analysis on prospective projects, you can decrease the chances of being Rug pulled. Be an intelligent investor, not a greedy one!