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Is VeChain on the cusp of a parabolic rally? This analyst responds

In a poll conducted via Real Vision’s Twitter handle, an overwhelming majority has voted that VeChain (VET) is the most undervalued cryptocurrency on the market. With 140,000 users participating and 65.8% of the votes in favor, VET prevailed over Hedera Hashgraph (HBAR) and Ravencoin (RVN).

An analyst called “VeChain Justin” added the poll results to his bullish case on this cryptocurrency. VeChain’s community is in the process of voting to modify or maintain transaction fees on the blockchain VeChainThor.

The analyst believes that the results of this vote will favor fee reduction, cost optimization for corporations operating on the blockchain and consequently, there will be an increase in VET adoption during 2021. VeChain Justin said:

I am extremely bullish on VeChain. More than ever before because of the vote to reduce base gas price. Understand or get left behind. Because the bulls are repeating on deaf ears. All paths point to mass adoption. We moon in 2021. 100%. Zero doubt.

VeChain Foundation has made an update on the voting process that will conclude in a few days. So far, more than 800 nodes have voted on the VeVote platform. With 525 votes and 73.39%, the majority favoring the reduction of fees to 1% of the current price, 1e13 wei.

VeChain tracking Cardano’s (ADA) price?

VET is currently trading at $0.09 with gains of 3.9% on the weekly chart. In the last week, VET’s price has seen a 15% increase and an impressive 112% on the monthly chart. Over the year, the cryptocurrency is up over 2,800%.

VeChain VET
VET with moderate gains in the 24-hour chart. Source: VETUSDT Tradingview

Looking at VET’s price action, VeChain Justin stated that the intraday chart has created a bull flag formation. Therefore, the trader expects:

Price action on the cusp of breaking and going parabolic. Circled area of importance (…). Looking for a bounce on line or flag breakout to go parabolic. 2.618 Fib @ 24 cents. Bless us crypto gods.

VeChain VET
Source: VeChain Justin

Comparing VET’s chart to Cardano’s native token, ADA, the trader stated that they are “too similar to ignore.” A year ago, ADA’s price was trading below $0.10 and, since then, it has had a bull-run with 3,804% gains reaching $1.21, at the time of publication. The analyst stated:

The resemblance to ADA chart is too close to ignore. Imagine it follows through and we do go parabolic. Extrapolated measurements show a price target of $0.77 around first week of July! Can you imagine? #VeFam deserves it. Please make them all rich.

In its most recent report, VeChain Justin stated that the weekly time frames are approaching his target. The analyst is looking at a breakout for VET to reach $0,10 and then continue pushing into unknown territory. He added: “Moon is around the corner”.

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Kraken Boss Expects Crypto Firms to Replace Banks Within The Decade

Jesse Powell, the Kraken CEO, said crypto companies pose a real threat to traditional finance. While some legacy businesses are making moves into the crypto space, Powell said those who stay sidelined would be replaced.

“we’ve seen the tremendous traction that Cash App has had. PayPal, fortunately for them, they’ve been on the ball. I think you’re going to see more of that, and people who aren’t keeping up with that, I think their days are numbered.”

Are The Valuation of Crypto Firms Justified?

Following a delayed Nasdaq listing, which was initially scheduled in March, it looks like the Coinbase IPO will now take place on April 14.

Reports vary widely on the firm’s valuation. But some sources claim the company’s pre-IPO price could be worth up to $100bn. This would make Coinbase more valuable than many notable banking institutions, including Santander at $59bn and Barclays at $44bn.

Kraken has plans of its own to go public in 2022. Powell stressed that this would only happen at the right price. It’s reported that he sees the firm’s valuation around the $20bn mark.

When asked his opinion on these figures, Powell implied they are justified. He expanded by saying Kraken was built from the ground up because nothing like it existed ten years ago.

“We’ve built the whole stack from custody to settlement to matching to clearing to payments. So, we’ve had to build the whole stack because nothing was there ten years ago when we got started with this.”

He added that crypto companies are the future and have a shot at replacing the entire system. More so, taking over from legacy firms that have not “done the work” as far as crypto is concerned.

“Most of these guys haven’t done the work these last ten years to make sure they are current with the crypto technology. So I think there’s a very real risk that over the next ten years, for those legacy businesses to be simply replaced.”

Banks Are Offering Crypto Services

Grayscale reported more than half of 2020’s total inflows came in the final quarter of the year. This period is widely regarded as the penny drop moment for corporate crypto acceptance.

“Grayscale experienced increased investor demand, with approximately $3.3 billion of inflows. Investment into the Grayscale family of products surpassed $5.7 billion during 2020, more than four times the $1.2 billion cumulative inflow into the products from 2013-2019.”

Evidence of this trend continues into 2021 as more and more companies announce the integration of crypto services, banks included.

Earlier this week, Goldman Sachs said they would offer “the full spectrum” of crypto investment services to select clients. Mary Rich, the bank’s Global Head of Digital Assets, said this was due to a contingent number of customers asking for inflationary hedge assets.

It’s also likely, as Powell alluded to, the banks are scrambling to stay relevant.

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Up 138% in one week, is Filecoin bound for a crash?

After a rough start, Filecoin has managed to break into the top 10 leading cryptocurrencies by market capitalization. After overtaking Chainlink (LINK) and Theta Network (THETA), with a rally of 138% in one week and 418% in one month, FIL took over the tenth position.

Founded by Juan Benet, creator of the InterPlanetary Files System (IPFS), and developed by Protocol Labs after receiving $257 million in its Initial Coin Offering, the platform has managed to attract a lot of attention in China, as journalist Colin Wu reports.

Data shared by Wu indicates that FIL has seen a 30% increase in its trading volume for the last 24 hours on Huobi’s platform. The cryptocurrency has managed to reach a new all-time high based on increased buying pressure and demand for the cryptocurrency.

The daily trading volume stood at $24.2 billion. In contrast, the daily trading volume for Ethereum stood at $8.8 billion and $7.8 billion for Bitcoin. The rapid increase in price has had negative consequences for investors with short positions, as Wu notes:

FILDOWN, a short-selling leveraged token in Binance FIL, plummeted by 53%, with a turnover of US$3.4 billion, indicating a large number of short FIL liquidation in Binance.

Increase in institutional demand for Filecoin

Additionally, Wu recorded an increase in transactions for the FIL/USD pair on Coinbase’s Pro trading service. After FIL’s price surpassed the $180 barrier, “transactions with high credibility were recorded on Coinbase,” according to the journalist. Wu added:

Distributed storage has become popular. Filecoin continues to climb to 136U, HOT has risen by nearly 40% and 2500% year-to-date, its market value is close to that of HT, the token of China’s largest exchange.

FIL’s price appears to have increased following the launch of Grayscale’s Trust based on this and other cryptocurrencies to expand its product suite. In addition, the teams behind platforms Filecoin and Livepeer have announced a “co-mining” program. According to an official release:

Livepeer is launching a co-mining pilot with Filecoin to enable Filecoin miners to become Livepeer video miners while continuing to mine on the Filecoin network by storing transcoded video data.

Thus, miners of these cryptocurrencies will be able to obtain higher profits and “additional economic opportunities”. Filecoin’s mining mechanism requires miners to obtain token FIL to make a “bid/initial response”. The latter has contributed to the increase in buying pressure for the token.

Demand from companies and start-ups to use Filecoin’s platform also seems to be accelerating, as indicated by a recent report from its team.

Trader Fiskantes believes the coin is “massively overvalued” and could see a 90% drop. This is mainly based on FIL’s increase supply that will double in the next 3.5 years. However, the high number of partnerships and interest from China could contribute to the prolongation of this token’s rally. At the time of writing, FIL is trading $190 with gains of 3.8% in the last 24 hours.

Filecoin FIL
FIL showing small gains in the 24-hour chart. Source: FILUSDT Tradingview
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Why Morgan Stanley is gaining exposure to Bitcoin (BTC)?

In yet another bullish announcement for Bitcoin this week, banking giant Morgan Stanley has filed a document with the Securities and Exchange Commission (SEC) to gain exposure to BTC. Per the document, 12 of Morgan Stanley’s investment funds will allocate capital in BTC financial products.

Morgan Stanley’s investment funds eligible to gain indirect exposure to Bitcoin include Counterpoint Global Portfolio, managed by Dennis Lynch, Asia Opportunity Portfolio, Growth Portfolio, Inception Portfolio, International Advantage Portfolio, among others.

The funds will be able to invest in Bitcoin futures contracts settled in cash or Grayscale Bitcoin Trust (GBTC) shares of the Grayscale firm. Investment in BTC will not have to be ongoing and will be made through a subsidiary that will operate as an exempted company governed by the laws of the Cayman Islands.

The document states that investment in Bitcoin futures may change if regulations on the underlying asset change. In addition, Morgan Stanley states that these financial derivatives have a relatively small trade with other futures and may be subject to manipulation.

On its possible GBTC holding, Morgan Stanley rates fluctuations in the fund’s premium as one of its potential investment risks. It has “historically” traded at a premium or discount to the price of BTC. In fact, during the entire month of March, the GBTC premium turned negative and reached a low of approximately -10%, as research firm Skew registers. Morgan Stanley’s document claims:

To the extent GBTC trades at a discount to NAV, the value of a Fund’s investment in GBTC would typically decrease, even if the value of GBTC’s underlying holdings in bitcoin does not decrease.

A few weeks ago, Morgan Staley revealed that it would give exposure to Bitcoin to its wealthiest clients via 3 funds created in cooperation with Galaxy Digital and FS Investments, and NYDIG. The bank’s decision was taken after receiving pressure from its clients.

Bitcoin BTC
Source: Skew

Investor migrating into Bitcoin

The series of announcements from giants such as Goldman Sachs, Morgan Stanley, PayPal, and BlackRock making an expansion of their bet on Bitcoin or an entry into the crypto market seems to be rooted in the current macroeconomics conditions.

BlackRock CIO Rick Rieder recently said that investors have been forced to seek assets that offer yield and appreciation in an inflationary economic environment.

Along those lines, Senior Commodity Strategist for Bloomberg, Mike McGlone, stated that there is a “Commodity supercycle happening in Bitcoin.” This is due to the trend towards digitalization that exists in the world which has been exacerbated by the Covid-19 pandemic.

McGlone highlighted that BTC as a store of value is a solution that, for the first time in history, allows people to store, trade, transport, and transmit wealth with ease all year round. The analyst believes that the world has entered a “paradigm shift” and a situation of “falling dominoes.” McGlone added:

Any investor on the planet who has 100 units of any type of asset knows now that if they don’t allocate at least 1 or 2 of those units to Bitcoin, they are at greater of this digital global reserve asset just continue to do what’s been doing becoming the world’s benchmark digital global reserve asset (and missing it).

BTC is trading at $58,297 and has been moving sideways in the 24-hour chart. On the weekly chart, the benchmark cryptocurrency has gains of 11.4% and 17.5% in the monthly chart.

Bitcoin BTC BTCUSD
BTC showing sideways movement in the 24-hour chart. Source: BTCUSD Tradingview
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How Litecoin went on a rally after fake renaming to Bitcoin Lite

Aprils Fools was almost over, but there was still a joke in store in the crypto space. Litecoin creator Charlie Lee made a fake announcement via Twitter claiming that Litecoin would be rebranded to BitcoinLite, “as Satoshi Nakamoto intended.”

Lee posted a version of Bitcoin’s whitepaper highlighting the letters LITE and a link to Litecoin Foundation’s official website renamed BitcoinLite Foundation. The home page reads “Just Like Bitcoin. But ‘Lite’er!”, adding that Bitcoinlite is “4 times more scalable than Bitcoin” with higher transaction fees and a supply of only 84 million coins. It even offered users a BitcoinLite Wallet. The website contained the following message:

After several hard-fought, intense back and forth discussions within the Litecoin community, it was decided that Litecoin will undergo a rejuvenating marketing campaign — Litecoin will be rebranding itself to “BitcoinLite”.

The reason behind the rebranding was a supposed opportunity to capture new investors “confused” by the different forks of BTC (Bitcoin Cash, Bitcoin SV, Bitcoin Gold). These investors think that each of these versions is the “real BTC”. Therefore the “Bitcoinlite Foundation” could gain new followers that “we’d previously been missing”.

The page outlines a fake roadmap that begins with the “takeover” of the Bitcoin domain and changing the information related to this cryptocurrency to BitcoinLite information. However, the publication makes some “true” observations about Litecoin and highlights some of its features in what some members of the crypto community later called a publicity stunt. The website claimed:

Community donations will be much appreciated to help achieve this task, as Litecoin unfortunately did not have an ICO launch to help pay for everything (…). It’s been a wild ride getting here, but we’re so glad to finally have reached this point (…) April 1st marks the beginning of a fresh, brand-new quarter and so far, we’re starting it off with a kick.

LTC on the rise

After Charlie Lee’s fake announcement, LTC went on a 5.3% rally, at the time of writing, and is one of the top gaining coins in the 24-hour chart after Filecoin (27%) and UNI (6.3%). LTC is trading and $203 with 14.9% gains over the last week.

LTC on a rally in the 24-hour chart. Source: LTCUSDT Tradingview

Recently, MimbleWimble via Extended Block code was completed by lead developer David Burkett. The protocol is intended to bring additional privacy and scalability features to the blockchain. However, LTC’s price has not benefited from the news.

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Snoop Dogg Will Auction His First NFT Collection, is The Top in?

Snoop Dogg will auction his first NFT collection, titled “A Journey with the Dogg,” via Crypto.com. In recent times, a slew of musicians and celebrities have jumped on board the NFT bandwagon. Should this be taken as an indicator of sustained growth? Or are they looking to cash in while the going’s good?

Snoop’s on Board With The Digital Era

Snoop Dogg was one of the few artists that emerged from the early-90s G-funk era that’s still around today. His whole persona has transformed in that time, but he remains a notable figure in the public eye.

In conjunction with Crypto.com, Snoop Dogg will be holding a sale this Friday, April 2nd, at 16:00 PT for 24 hours only. Up for grabs are eight pieces in limited quantities that bring together Snoop Dogg’s early years memories. An original track is also for sale.

Some of the proceeds will go towards emerging artists in the crypto space, as well as Snoop Dogg’s Youth Football League. Commented on the sale, Snoop Dogg said this represents a way to connect with fans. He praised the innovative aspect of NFTs, saying he’s on board with the tech.

“I’ve seen the game change over the years from analog to digital and I’m always happier when the technology lets the fans get to connect with the artists. NFT’s are an amazing innovation and it is an honor to do my first drop with Crypto.com/NFT.”

Crypto.com is primarily known as a payment and exchange platform. Last week, the firm launched its foray into NFTs delivering unique content from famous artists, musicians, athletes, and sports personalities.

Bubble Warning Over NFT Mania

Snoop Dogg isn’t the only A-list musician selling NFTs. The Weeknd also announced an NFT sale this weekend as well. For sale are visual artworks available for a limited time and a 24-hour auction for a one-of-a-kind piece that also features an unreleased track.

Commenting on the event, The Weeknd said the technology is democratizing the music industry. He added that NFTs in music would soon become an integral part of how things are done in the industry.

“Blockchain is democratising an industry that has historically been kept shut by the gatekeepers.

I intend to contribute to this movement and can see that very soon it will be weaved into the music industry’s mechanics.”

Despite the positivity coming from both Snoop and The Weeknd, overpriced NFT artwork has caught its fair share of flak recently. Mike Winkelmann, who sold the First 5000 Days for a staggering $69.3mn, warned that crypto artwork is caught in a bubble. Not mixing his words, Winkelmann said the mania is out of control.

“There’s going to be a moment where we realize we got a little crazy and assigned insane value to crap.”

He predicts most pieces will eventually go to zero.

Ethereum daily chart: NFT

Source: ETHUSD on TradingView.com
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BlackRock is trading Bitcoin futures, how much BTC is held by institutions?

Per a Coindesk report and a regulatory filing with the Securities and Exchange Commission (SEC), investment firm BlackRock has begun trading in Bitcoin futures.  BlackRock has reportedly allocated a small part of its portfolio in BTC on the Chicago Mercantile Exchange financial derivatives platform.

With $8.6 trillion in assets under management (AUM), BlackRock is one of the largest investment firms in the world. In an interview for CNBC, BlackRock CIO Rick Rieder stated in February they had “started to dabble” in Bitcoin.

According to the document, BlackRock invested $6.5 million in 37 futures contracts on the CME BTC-based derivatives. At the time of the allocation, BlackRock’s position was estimated to roughly represent far less than 1% of the firm’s investment fund. The firm claims gains of $360,000 on its initial investment. There is speculation that the contracts expired on March 26.

In the interview, Rieder stated that the current macroeconomic environment has forced investors to look for storehouses of value. Assets such as BTC offer appreciation and hedge against inflation, Rieder added:

My sense is the technology has evolved and the regulation has evolved to the point where a number of people find it should be part of the portfolio, so that’s what’s driving the price up (…). I wouldn’t put a number on the percentage allocation one should have, depends on what the rest of your portfolio looks like.

6% of Bitcoin supply held by institutions

At the time of writing, Bitcoin is trading at $58,722 with gains of 0.7% on the 24-hour chart. On the weekly and monthly chart, BTC posts gains of 8% and 31.1% respectively with a market cap of $1.09 trillion.

Bitcoin BTC
BTC on the rise in the 24-hour chart. Source: BTCUSD Tradingview

Earlier, Goldman Sachs announced the launch of its Bitcoin offering for its wealthiest clients. Comprised of a selection of products including Bitcoin futures and direct exposure to the cryptocurrency, the banking institution stated that they received pressure from their clients.

Something similar claimed Morgan Stanley a few weeks ago when it announced the rollout of 3 funds that will give exposure to BTC for its clients with accounts of more than $5 million. In recent days, cases of institutional adoption of BTC have been on the rise. Many represent a radical change in the institutions’ stance.

Data from Bitcoin Treasuries indicates that institutions that have purchased BTC are in possession of about 6.54% of its total supply or $79,494,670,635. MicroStrategy holds the largest amount with 0.4% of the supply or 91,326 BTC, followed by Tesla with 48,000 BTC and 0.2% of the supply.

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$500 B in ADA delegated for this purpose, Community takes over Cardano

Driven by a community initiative, US$500,000,000 has been raised in ADA to be given to charity through so-called “mission-driven stake pools”. Via a post on the Cardano forum written by Elliot Hill, part of the Cardano Foundation team, platform users were informed of the following:

The rewards from these pools, generated by the collective power of you, our Cardano community, are being donated to more than 100 charitable organizations worldwide.

Mission-driven stake pools, according to the post, are those that have committed a portion of their block rewards to charity. This initiative is part of a new donation system that Cardano’s community is aiming to put in place.

Because stake pool operators also receive part of the rewards, charities, non-profit organizations and specific cause-oriented projects can be supported on Cardano in a sustainable fashion. The official post states:

The rewards generated from a mission-driven pool are similar to those generated by purely for-profit stake pools, which means delegators can drive social good while also meeting their personal crypto goals.

Organizations that are supported by the Cardano community include regular donations to Save The Children, a project created to maintain the health of children around the world within the United States and in conflict zones; The Water Project, an initiative to provide access to clean water to communities in the Sub-Saharan African region; SolarAid, a project created in 2006 to combat poverty and climate change, among many others. The official post affirms:

Together, more than 10,000 individual delegators—ada holders like you—have pledged a proportion of their personal ada holdings to more than 60 mission-driven stake pools on Cardano.

With improvements and new proposals in development, Cardano’s community is working to make it easier for donations to be delivered. In the near term, there are plans to introduce third-party payment gateways and a fully transparent auditing method created with metadata on Cardano’s blockchain. Hill said:

(…) reaching US$500,000,000 of ada staked to mission-driven stake pools is a significant milestone for the Cardano ecosystem, proving that serious use-cases focused on social good and financial inclusion are already emerging from the Cardano community.

Cardano’s D-Day is upon us

Tomorrow, Cardano will officially enter a new age of full decentralization. As reported a few days ago, the stake pool operators will take over the start production of all the platform’s block. Therefore, the D parameter will drop to 0.

This event will take place in approximately 3 hours, at the time of writing, according to the most recent update from Input Output Hong Kong, developer of Cardano. Marketing & Communications Director for IOHK, Tim Harrison, recently highlighted that decentralization is one of “Cardano’s core values.”Adding that this milestone will “advance” the platform governance model, Harrison said:

Ultimately, it will result in the creation of a platform wholly and democratically operated and controlled through its global community of SPOs, developers and users.

ADA is trading at $1,19 with small losses of 2.3% in the 24-hour chart. In the weekly chart, ADA has 5.5% gains.

Cardano ADA
ADA moving sideways in the 24-hour chart. Source: ADAUSDT Tradingview
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At the dawn of a new Internet, is Bitcoin on path to replace Gold?

After high demand from its customers, banking giant Goldman Sachs has made a 180-degree turn on its position towards Bitcoin. In the second quarter of this year, it will offer its wealthiest customers access to the cryptocurrency.

In March last year, the banking institution denied that BTC is an asset class. Now, Global Head of Digital Assets Mary Rich endorsed one of the narratives that has favored the cryptocurrency the most over the course of the year in an interview with CNBC: Bitcoin is a hedge against inflation.  Rich said:

(…) we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space.

Bitcoin as sustitute for gold

Galaxy Digital CEO and Bitcoin bull Mike Novogratz also gave an interview to CNBC and stated that his firm is “excited” to work with Goldman Sachs and other institutions. Novogratz believes that the market has matured enough for institutions “as big” as this one to enter the crypto market.

However, he believes the crypto financial ecosystem is in “its first inning” and expects to see more BTC integrations into the traditional market during the year. Comparing the performance between Bitcoin to that of gold and silver, Novogratz determined that the “adoption story” has been BTC’s biggest tailwind and the reason the precious metals are underperforming.

Tesla, MicroStrategy, Morgan Stanley, Goldman Sachs and other institutions’ stake in BTC strengthens it politically, Galaxy Digital’s CEO added, asserting that there are enough Bitcoin users in the U.S. to claim that “we have crossed the Rubicon.”

Taking actions that hurt the cryptocurrency industry could be too unpopular. In response to a question about the “true” value of 1 BTC, Novogratz confessed that his original price for the cryptocurrency was $60,000 because it would reach 10% of gold’s market cap. However, Novogratz thinks it could go further:

Bitcoin is on an inevitable path to have the same market cap then a higher market cap as gold. It’s just how fast adoption happens. Adoption is happening faster than I had predicted. It’s shocking to me how people are moving into the system and how short people are. Once you decide it’s an asset class, if you are not long, you are short.

Bitcoin is trading at $59,014 with minor gains of 0.1% and 8% in the last week. Upon Goldman Sachs announcement, BTC has seen a bullish momentum after a drop in the 24-hour chart.

Bitcoin BTC Goldman Sachs
BTC closes on its ATH in the 24-hour chart. Source: BTCUSD Tradingview

With Glassnode data, analyst William Clement claims BTC’s capital inflows are on the rise setting a price floor at $54,800. The analyst added:

A lot of distribution in the current range we’re sitting in as well, don’t expect price to stay at these levels for long.

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Trekkies Rejoice, Real World Shatner NFTs Now Available to Buy

Best known for playing Captain James T. Kirk in the iconic Star Trek franchise, William Shatner is selling signed and authenticated NFTs. In conjunction with Mattereum, Shatner is auctioning real-world asset non-fungible tokens (rwaNFTs) via the OpenSea marketplace.

Real World NFTs From Star Trek and Boston Legal up For Grabs

The word NFTs conjures up thoughts of digital artwork for most people. But, NFTs can encompass a variety of other use cases, including event tickets, identity documentation, and gaming items.

Off the back of several high-profile sales, most notably Beeple’s First 5000 Days, it’s the NFT art market that has garnered the most attention in recent times. However, despite bringing art to a whole new audience, some art purists say there’s no substitute for physical art.

But that argument becomes void when it comes to the tokenization of real-world assets. Shatner’s rwaNFTs represent memorabilia and props from his roles as Captain Kirk of Star Trek and Denny Crane from Boston Legal.

The rwaNFTs are blockchain tokens that give digital ownership of a physical good recorded on the Ethereum blockchain. Third Millennia are responsible for ensuring items meet the expectations of collectors. At the same time, Mattereum has handled the asset passports, vaulting, and insurance.

The holder of the rwaNFT can exchange the token for the physical item and have it shipped to them. It’s assumed the rwaNFT is burned once exchanged. Alternatively, they can choose to keep the NFT and trade it with others.

Shatner commented that this collaboration is a prime example of bridging the digital and physical world. He called this the future of consumer products, where blockchain technology assures authenticity for buyers.

“I am thrilled that the first authenticated products from my new company, Third Millennia, are coming to auction. These figures, pieces and props represent a bold step into the future of consumer products where, using crypto technology, consumers can be assured of what they purchased. This is the future everybody.“

Tokenization Will Revolutionize Capital Markets

In the case of Shatner NFTs, the primary benefit of tokenization comes down to the authentication of collectibles. However, asset tokenization has the potential to transform and modernize the entire global economy.

This is because many real-world assets are considered illiquid. Things such as land and gemstones are somewhat difficult to turn into cash at short notice.

But tokenizing physical assets unlocks their potential by providing a framework with which to trade these assets in a manner much more efficient than the current convention.

“Unlocking the capital market’s potential means enabling individuals to trade with any valuable asset, anywhere and anytime in a reliable and swift manner.”

The crypto economy is just beginning to inroads into the real world. It won’t be long before blockchain is an integral part of everyday life.

Ethereum daily chart. NFTs.

Source: ETHUSD on TradingView.com
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Chainlink’s Hackathon offers $125K in bounties, LINK going to $100?

With a start date of March 15th, The Spring 2021 Chainlink Virtual Hackathon records more than 3,500 participants. According to an official post, the participants are “building the next generation of smart contracts”.

The event will end on April 11th. However, those who wish to claim the $125,000 will have until today to register and qualified for the $125,000 bounties. The post claims:

The three-week event is an opportunity for developers throughout the Chainlink ecosystem to connect, collaborate, build and showcase innovations in DeFi, NFTs, gaming and universally connected smart contracts using Chainlink’s blockchain-agnostic oracle network and leading web3 technologies.

The prizes will be divided into $3,000 NFT and gaming, a $5,000 award for “social impact”. The latter has been made possible with a parentship with UNESCO Global Education Coalition. And a Chainlink grant that will go to the project accomplishes the following:

(…) the hackathon project that integrates Chainlink with the highest potential to deliver meaningful social impact in education.

At the event, there are projects like “dynamic NFTs powered by Chainlink VRF that incentivize and gamify education to reduce school dropout rates and support lifelong learning”. This could become the next step for this technology, according to Mickey Graham, Head of Growth at Chainlink Labs, so that NFT can be able to interact with oracles. Graham said:

Over time, I believe we’ll see NFTs evolve and transition into more dynamic assets, where external data and events that happen off-chain power upgrades or changes in NFTs.A great example of this, and one we’d love to see built during the Spring 2021 Hackathon, would be an NFT-powered learning badge for a skills-based course that is upgraded or powered up as off-chain modules are completed and recorded on-chain.

Is LINK going to a $100?

LINK is currently trading at $27,93 with 0.1% gains in the 24-hour chart. In the past weeks, LINK records 2.4% gains and 6.2% in the past month.

Chainlink LINK
LINK showing small gains in the 24-hour chart. Source: LINKUSDT Tradingview

Highly bullish on LINK’s performance, trader Michaël van de Popper predicts a possible bull-run towards $100. Claiming LINK’s price is close to “bottoming out”, he recommended investors keep an eye on the $19,5 to $20,75.

The trader considers the above range to be acting as support and could be a good opportunity for investors looking for a good entry into the cryptocurrency if it retraces to those levels. The trader also set $34 as LINK’s next target before going towards a new all-time high.

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The SEC got it wrong? Like Ripple, accuses LBRY for token sales

The U.S. Securities and Exchange Commission’s (SEC) new target is LBRY, Inc. Like it did with Ripple, the regulator accuses the company of “failing to register a security offering,” according to a document filed in the court district of New Hampshire.

According to the complaint filed by the SEC, LBRY has sold “millions” in securities called LBRY Credits (LBC) to fund its business and product development. The company allegedly received Bitcoin, U.S. dollars, and “non-cash compensation” in exchange for the tokens. Investors in LBC expected returns on the capital they put into LBRY.

The SEC estimates that over 13 million LBCs have been sold from 2016 through 2020 for $5 million received in BTC. The SEC aims the “disgorgement” of the funds received by the company for “unlawful conduct” and to prevent LBRY from participating in “any unregistered digital asset securities offering”.

How LBRY wants to save crypto

At the end of 2020, the Commission introduced a similar complaint against Ripple Labs, as mentioned above, and some of its executives for the alleged unregistered sale of XRP. Ripple is in legal proceedings with the regulator.

LBRY will be represented by law firm Perkins Coie and attorneys Keith Miller and Adam Schuman. In addition, the company has launched a website called “Help LBRY save crypto”. There, they offer their side of the story and claim that the SEC’s allegations are “a tremendous threat to the entire crypto industry.”

Making a distinction between LBRY Inc and the LBRY network they assure users that their platform is decentralized and separate from the company’s future. They add that the LBRY protocol will remain active and that holders’ funds will remain safe. The company said:

This case is about overregulation. The SEC is not alleging fraud and is not charging any individuals.

The company then makes a counterargument against the charges brought by the Commission. They deny that the token LBC is a security and that its use case is speculation, based on “the facts and experience” they have had on the platform.

Users of the LBRY network utilize the token for multiple applications, according to the company’s argument, including creating an identity, tipping creators, publishing, purchasing, or boosting content “in a decentralized way.” They add that these use cases have been active long before the sale of LBC.

Just like Ripple, LBRY claims that its attempts to reach a settlement with the SEC were unsuccessful, the regulator’s terms involved putting LBC out of circulation. LBRY claims:

We were willing to give them a pound of flesh, but they were only interested in our head.

Furthermore, the company claims to have asked the SEC for instructions to “operate legally”. The regulator was unable to provide a response, according to LBRY.

The company believes that the regulator’s actions may be a risk for the entire blockchain technology and companies operating in this sector if their development has been funded by a token directly or indirectly. Legal expert Gabriel Shapiro commented the following on this case:

Offering no viable path, and continuing to sue creators, was understandable at first while the SEC worked to figure out the space, but it is now inexcusable, unethical and violates core American jurisprudential principles of predictability and economic freedom.

XRP is trading at $0.56 with gains of 4.1% in the last week and slight returns on the 24-hour chart. In the past month, XRP registers 28.4% gains.

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XRP with minor gains in the 24-hour chart. Source: XRPUSDT Tradingview

The community has been calling for the re-listing of the token over the past few days. In response, the Japanese exchange OKCoin recently announced that they will allow XRP trading on their platform after April this year.

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Bakkt and CME launch new products, Bitcoin’s price reacts accordingly

Two key entities that affect the crypto market dynamics have announced the launch of new Bitcoin products on the same day. The Chicago Mercantile Exchange (CME) and Bakkt appear to be pursuing a common goal, the evolution of their crypto-based services to attract new investors.

The CME financial derivatives platform announced that it will offer micro-Bitcoin futures contracts. This new product will be rolled out on May 5, pending regulatory review, and will be worth one-tenth of a Bitcoin.

Backed with fiat money, the micro futures contracts are intended to give a new “tool to hedge against the price of Bitcoin” and its fluctuations in the spot market, according to an official statement.

The statement claims that this new type of futures contract was demanded by a large portion of the CME’s clients. Something similar was revealed by Morgan Stanley when it announced the launch of 3 funds to give access to Bitcoin: a massive demand from its customers.

The derivatives platform stated that its products have seen steady growth in the level of liquidity since its launch in 2017. Institutions represent the sector that has shown the most interest in this asset class, according to Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products.

In parallel, Intercontinental Exchange (ICE) subsidiary Bakkt Holdings has launched a new Bitcoin wallet to “change the game.” Called Bakkt App it will allow its users to hold their funds in multiple cryptocurrencies under one platform.

The product will allow funds to be converted into fiat and will give users rewards in gift cards, loyalty points, and others. Users can download the app from the Google Play Store and the App Store. Bakkt CEO Gavin Michael said:

The average consumer holds a wealth of digital assets – from gift cards to loyalty points to bitcoin – but lacks the tools to adequately track and utilize their value. We’re thrilled to bring the Bakkt App to the public as a step along our journey to expand digital asset access to all.

PayPal made a similar announcement. The payment processor will allow its U.S. customers to use their cryptocurrency funds in a new checkout service. It is expected that in the coming months, the company will allow all its users globally to have access to this service.

Bitcoin’s performance after recent announcements

Bitcoin price has reacted positively and shows gains of 1.5% on the last day’s chart. Trading at $58, 880, the cryptocurrency records gains of 8.3% on the 7-day chart, after two weeks moving sideways.

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BTC showing strong bullish momentum in the 24-hour chart. Source: BTCUSD Tradingview

Data from the firm Glassnode indicates that over the past 6 months, more than 9.51% of the Bitcoin supply has “matured” to the 6 million age range. In other words, these coins have gone that period without being spent. Glassnode indicates that these coins were acquired during last year’s bull market.

Firm Santiment records an increase in the funding rate for BitMex. According to the firm, this indicates an increase in investors’ “greed”.

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Former SEC Head Jay Clayton joins One River’s crypto Council

In a press release, One River Digital Asset Management, and its partner One River Asset Management announced the addition of Jay Clayton to its Academic and Regulatory Advisory Council. Clayton is a former chairman of the U.S. Securities and Exchange Commission (SEC) and is considered a detractor of cryptocurrencies.

At least in practice and under his administration (2017-2020), all requests made to approve a Bitcoin-based Exchange Traded Fund were denied on several occasions. Clayton will begin his duties immediately alongside Jon Orszag and Kevin Hasset.

Helping to shape a new industry?

Clayton’s last decision as head of the SEC was to introduce a lawsuit against Ripple Labs, Brad Garlinghouse, and others for allegedly illegally selling a security, the XRP token. For the time being, the parties have been unable to settle and are in the early stages of the legal process. The former SEC chairman stated the following about joining the firm in a joint statement:

We were impressed by Eric’s willingness to hear our varying views on the digitization of our monetary, banking and capital markets ecosystem and One River’s commitment to transparency. We look forward to working with One River as the effects of digitization on our markets play out across the globe

River Asset Management founder, CEO, and CIO Eric Peters had this to say about Clayton and the new additions to the firm’s team:

We are excited to have brought together such a distinguished group with deep and varying regulatory and policy experience and will continue to broaden the council to include thought leaders with diverse backgrounds and expertise.

Peters added that the council formed by Clayton is an entity created to examine crypto investment opportunities and how they can coexist with current policies. Despite Clayton’s track record, Peters believes that his involvement will help them to

think through how to advance these frameworks in ways that ensure the US continues to lead the world in financial innovation and asset management.

Bitcoin is trading at $57,494 with 4.5% gains on the 1-hour chart, presenting sideways movement on the 7-day chart.

BTC with minors gains in the 24-hour chart. Source: BTCUSD Tradingview
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This is why all companies should buy Bitcoin, says Square’s CFO

In an interview for Fortune, Square CFO Amrita Ahuja made the corporate case for Bitcoin adoption. In Michael Saylor, CEO of Microstrategy, style Ahuja asserted that the cryptocurrency is part of an evolution of financial services globally.

Square, led by Jack Dorsey, and the Saylor-led company were among the first publicly traded companies in the U.S. to add BTC to their treasuries. Their adoption thesis, to protect the value of their companies in the midst of an inflationary macroeconomic environment. Ahuja told Fortune:

There’s absolutely a case for every balance sheet to have Bitcoin on it. The investment that we made on our balance sheet for Bitcoin represents about 5% of our cash; we intend to hold for the long term.

The executive stated that the company’s long-term plan is to maintain its investment in Bitcoin, following the strategy proposed by MicroStrategy and Tesla CEO Elon Musk. Recently, this company revealed the details for accepting BTC to purchase its products and, via Twitter, Musk stated that they would keep the funds in BTC.

Purchases of BTC by Square, MicroStrategy, Tesla, and others set off a domino effect that has propelled institutional participation to unprecedented levels. In Canada, 3 financial products were approved to give investors BTC exposure and, as analyst Lex Moskovski shows, their performance has exceeded any expectations.

Bitcoin usage in Cash App accelerates

The Covid-19 pandemic has accelerated the adoption of digital payment methods and cryptocurrencies. In support of this claim, Square’s CFO said that in January of this year alone 1 million new consumers used Cash App to buy Bitcoin. In 2020, at least 3 million people used Square’s product to trade with the cryptocurrency.

The executive revealed that in support of Bitcoin adoption, they have eliminated transaction fees within Cash App for users of the cryptocurrency. In parallel, the company will continue to hand out grants to Bitcoin developers to support the growth of the ecosystem and its protocol.

Via Twitter, Square’s Crypto department announced that its scholarship recipients will be able to choose how they want to receive their funds. Scholarship recipients will be able to choose between BTC or fiat currency.

Bitcoin is trading at $57,675 with gains of 4.9% in the last 24 hours. In the last week, the cryptocurrency has moved sideways (0.2%) but holds its gains at 23.9% for the last month.

BTC with moderate gains in the 24-hour chart. Source: BTCUSD Tradingview
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Up 130% this month Ethereum based Akropolis ready to take more profits

While the last few weeks have been sideways moving for major cryptocurrencies, Akropolis (AKRO) had a 22.5% rally. In one year, the Ethereum-based protocol’s native token has seen gains of 5,868%, and its latest updates point to more potential.

With $27.99 million in total value locked, investors can review up to 38.73% in annual staking rewards. This has caused the protocol to achieve percentage gains in less than a year. In addition, Akropolis has fundamentals that support its rally.

In November 2020, the team behind Akropolis decided to reduce its product offering to the yield generator and aggregator product suite. It is currently in beta for Akropolis version 1.1.5 to generate a new revenue stream for AKRO token holders.

The team’s priorities in the short term are the update of their landing page and the next iteration of the user interface. In addition, they are in the final stages of a new version of the LEDA swap to offer vested rewards swaps. In their latest progress update, the Akropolis team stated:

We will be integrating yearn affiliate tokens for revenue-sharing between our protocols. Yearn vaults can earn up to a 50% profit share from their contributed TVL.

Akropolis expands throughout the DeFi sector

The cooperation with Yearn Finance started in November last year and allowed to expand the strategy offering so that Akropolis users can maximize their profits. Through the integration, investors gain access to Pickle, CREAM, and can receive more profits by complementing the products of the 4 protocols.

 

Akropolis also has integrations with Curve, Aave, Compound, OZ, and its users have several options to obtain stablecoins or crypto. The protocol team announced:

We are still working on expanding vault deposits to multiple stablecoins and iterating on DCA functionality.

AKRO trades at $0.06 with a market capitalization of $187 million. Despite its cooperation and development, the protocol is not yet in the top 10 of the DeFi sector and aims for further growth. Silver Bullet trader expects the “real pump” to start when the cryptocurrency is above its resistance level in the AKRO/BTC pair.

At the time of publication, ETH is trading at $1,824 with gains of 8.1% in the last 24 hours. The cryptocurrency has experienced a rally following the announcement by payment processor Visa to begin settling transactions on Ethereum’s network.

ETH on a rally in the 24-hour chart. Source: ETHUSD Tradingview
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BNY Mellon values Bitcoin on par with gold, what’s their price target?

In February, one of the oldest financial institutions in the United States, Bank of New York Mellon, announced the launch of a custody service for Bitcoin and other cryptocurrencies. Claiming that BTC has become a widely accepted asset, the institution opted to get ahead in innovation.

Now, BNY Mellon has published a valuation on Bitcoin comparing the characteristics of gold to the cryptocurrency in an attempt to give tools to determine its value. The BNY Mellon analysts recognize the unique properties of BTC and how difficult it can be to calculate its value when using metrics applied to national currencies. The analysts claimed:

it should be considered as part of the valuation mosaic. At the beginning of May 2020, a single Bitcoin was worth roughly $8,8001 and the total market value of all Bitcoin was worth $160 billion2, accounting for 0.4% of total global currencies. At current rates, if Bitcoin replaced 5% of the world’s currency it would yield over $100,000/Bitcoin.

When comparing Bitcoin’s and gold valuation, BNY Mellon analysts referred to the Stock-to-Flow (S2F and S2FX) model created by Plan B. While acknowledging this model has flaws, they also referred to it as “elegant” with a “much more established gold market framework”. The analysts added:

The implication from this model is that as Bitcoin gains more mainstream momentum and is viewed more like gold, the scarcity value (as measured by S2F) and subsequent halving will ultimately drive prices to the gold dot cluster and implied total market value

However, the report claims valuation is “more art than science” and therefore emphasizes that all models have to reach Bitcoin’s “fair” price will be a “constantly” evolving work.

Bitcoin’s price in the short and long term

Bitcoin is trading at $54,420, at the time of writing, retaking this important support zone. In the 24-hour chart, BTC is moving sideways but still is on a bullish trend in the 30-day chart with 17.8% gains. In recent weeks, Bitcoin’s price action was determined by large investors.

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Bitcoin with losses in the 24-hour chart. Source: BTCUSD Tradingview

As indicated by analyst Lex Moskovski, the number of Bitcoin whales holding around 1,000 BTC has dropped to the trend line after peaking on February 21 when a massive sell-off began. Moskovski stated:

However, the price has risen since the start of the dump. This is bullish and also benefits decentralization. Text-book consolidation.

Co-founders of research firm Glassnode, Yan Allemann, and Jan Happel, noted that the cryptocurrency’s near-term performance will be correlated with the level of retail investor spending. BTC’s price could rise if a portion of the recipients of the stimulus package approved by Biden decides to invest in the cryptocurrency.

In the long term, Bitcoin’s supply shock will play an important role as crypto exchanges continue to register high levels of BTC outflow. This supply is turning illiquid, as analyst William Clemente noted. Predicting a rise in BTC’s price for Q3-Q4 this year, Clemente said:

the increase of negative-yielding bonds will leave fixed-income investors desperately searching for yield. With everything being manipulated in the fiat world, all roads lead to the free and open Bitcoin market.

 

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How Decentraland offers multiple ways for profit with digital real estate

After a 20.3% rise in the last 24 hours, 314.7% in a month, and 4336.6% in a year, it is undeniable that Decentraland (MANA) is in a bull-run with a high probability of prolonging. An extension of the NFT craze, this platform applies a similar approach, but to digital real estate.

Based on the Ethereum blockchain, Decentraland allows users to buy, trade, and build apps or digital parcels. Thereby, they acquire ownership of a digital space under the non-fungible ERC-721 standard, purchased with MANA, a token that uses the ERC-20 standard.

Prices per parcel in Decentraland have shown massive growth over the last year. Accelerated by the confluence of two factors – confinement due to the Covid-19 pandemic and the adoption of new generations – a virtual piece of land on the platform has tripled in price in less than 12 months.

To leverage the expansion in this sector, real estate firm Republic Real Estate will launch the “Realm” fund to convert plots on Decentraland and similar platforms into hotels, advertising spaces, and more. The head of this firm, Janine Yorio, compared current Decentraland investors to landowners in 18th century Manhattan. Yorio said:

There is massive growth ahead, and now is the time to get in on the ground floor (…). Real-world real estate is very uncertain now. Housing prices are at an all-time high. Meanwhile, offices are empty, hotels are empty. This feels insulated from a lot of those real-world risks.

How to make money with Decentraland?

On the various possibilities for investors to profit from these digital properties, Yorio explained in an interview that Decentraland could be part of a future billion-dollar industry. The Republic director added:

Companies are starting to advertise to them (users) where they are. Virtual Real estate is the way for those companies to buy the land, the pixels, the parcels, inside those games. Put ads up, put stores up, put communities inside there where they can market directly to customer.

In short, investors can profit by taking advantage of the increase in prices due to the demand for these digital properties, renting the parcels, or selling advertising space. Yorio added:

Land in Decentraland was selling for about 500 dollars a parcel in 2019, today those same parcels are trading for about 7,800 dollars. So, strictly from a capital appreciation standpoint we see a more than 10x return in under two years (…). There is really no end to the things you can do.

At the time of writing, MANA is trading at $1,06. In the 24-hour chart, the token is showing important gains with 20.6%, as mentioned above. MANA reached an inflection point when it reclaimed the $1,00 area, right after investment firm Grayscale launch their Trust based on this token.

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MANA with important gains all across the board. Source: MANAUSDT Tradingview
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Elon Musk and Beeple comment on SNL latest NFT segment

The latest “crypto trend” has been parodied by the comedy show Saturday Night Live, Non-Fungible Tokens (NFTs). In a segment explaining these tokens, U.S. Treasury Secretary Janet Yellen, played by Kate McKinnon and Eminem, parodied by Pete Davidson come together to answer the question everyone seems to be asking, what are NFTs?

With a running time of almost 2 minutes, the segment uses a cover of the popular rap song, “Without Me,” performed by Davidson’s character. Throughout the song, various characters explain the characteristics of NFTs and emphasize at what price some of these digital works have been sold.

At the moment, SNL’s Twitter post has almost 900,000 views and 17,800 likes. In total, the segment has been shared by more than 6,000 users and has received comments from various personalities within and outside the crypto space. Some consider that the market may have ” topped out”.

NFTs’ popularity, a top signal?

Highly active on this platform, Tesla’s CEO Elon Musk was quick to respond, along with one of those responsible for starting the “NFTs craze”, Mike “beeple” Winkelmann. This artist was the first to participate in an auction of one of his works with Christie’s and managed to sell it for $69 million, which he received in ETH. News of the event has been endlessly replicated in the traditional media.

However, NFT investor and collector Aftab Hossain stated on Twitter that NFTs entry into the mainstream does not necessarily point to future depression in the crypto market. Via his Twitter account, Hossain stated:

remember not every sign of adoption is a top signal recalibrate your “top-detector” for a world where crypto is increasingly being *used* by the mainstream and #NFTs as a use case (once issued) don’t rely on ICO project teams to create apps, etc. They just exist as assets

Drawing a distinction between “speculative trends” and the potential of the technology behind NFTs, the investor did not rule out that some projects based on the latter could lose value. Despite that, Hossain believes that NFTs are part of a technology capable of delivering value and utility to the crypto ecosystem. The investor added:

 (as we saw with 2017 ICO hopes and almost no useful apps then) so far, the utility of NFTs is not to be a high quantity game- especially when it comes to art, but L2s like Immutable X will allow for far greater quantity, which will especially be useful for creating in-game items/economies

Ethereum is trading at $1,707 with gains of 1.1% on the 24-hour chart. After a week of losses (-6.0%), ETH seems to be showing signs of recovery.

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ETH reclaiming support in the 24-hour chart. Source: ETHUSD Tradingview
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This is why billion-dollar companies are building on VeChain

VeChain has been among the best performers in the crypto market on almost every chart. VET has posted an increase of over 2,800% in one year. Part of the reason for its rally has been the numerous partnerships that it has consolidated and VeChain’s team continues to advertise.

The Strategic Advisor of VeChain, Jackson Fu, has tallied up all the partnerships in an attempt to explain what has motivated these billion-dollar companies to join the platform. Geared towards corporate implementation, VeChain has managed to deliver strategies and solutions that according to, Fu, allows its partners to run businesses at scale. Fu adds:

VeChainThor public blockchain is already looking like the number 1 choice for businesses building real world products. VeChain has consistently managed to solve mass adoption hurdles, such as preventing unstable transaction fees with its VET-VTHO two-token model and eliminating the threat of congestion with its scalable network that proactively adjusts itself in response to network usage.

Fu believes that the Blockchain-as-a-Service (BaaS) platform offered by VeChain to its customers, ToolChain, allows them to build and deploy “highly customizable” solutions.  In addition, VeChain has deployed new protocols that reduce problems suffered by other blockchain, for example, fee delegation.

This allows an entity to cover the gas fee costs for several users, decreasing congestion on the network. Thus, VeChain has expanded its adoption cases. Fu said:

allowing dApp owners and businesses to pay the gas fees of their users and opening up dApps to the masses. VeChain excels at identifying and addressing business needs. This proficiency is reflected by the calibre of channel partners and companies they do business with.

Different sectors implement VeChain solutions

Some of the partnerships VeChain has been able to secure include that formed with FoodGates, ASI and DNV for an International Food and Beverage Trade Platform; the partnership with Walmart China and Sam’s Club for a Food Traceability Platform; the construction of the C-Secure platform with the giant Bayer to manage clinical trials, among many others. Fu adds:

This list is by no means exhaustive, the above represent just a few of the varied scenarios in which the VeChainThor blockchain can be utilized. As demand for public blockchain picks up pace this year and beyond, VeChain’s proven technology and successful business applications will surely see it becoming the world’s first mass adopted public-blockchain.

VET trades at $0,09 with important gains of 113% over the past month. In the weekly chart, VET registers 12.9% gains and 4.8% in the 24-hour chart.

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VET with impressive gains over the past year. Source: VETUSDT Tradingview