DeFi Yield Platform Unreal Finance Attracts Investment from Major Backers

Cryptocurrency Futures

 

Unreal Finance is the decentralized yield futures protocol that has been turning heads in recent months. Interest in the project has been off the charts. As an example, Unreal attracted over 137,000 applications for a place in their pre-IDO with Genesis Shards, with extremely limited available slots. It’s therefore safe to assume that plenty of appetite for their upcoming public sale exists!

It should come as no surprise then that as the Unreal team recently announced the closure of their funding rounds (see here) with an impressive $2.7 million raised, the DeFi community waited in anticipation to see the sorts of backers and advisors who would be supporting this project.

It is important for well-researched, intelligent investors to complete their own due diligence and research to determine their own risk/reward profile. Part of that due diligence is understanding which established crypto-funds and venture capitalists are supporting the project. Simply put, if a project has few or poor quality investors and backers, it’s likely to be deemed suspicious, badly run, or otherwise unlikely to succeed. Unreal Finance has no such issues, with an abundance of high quality support from industry heavyweight advisors and seasoned VCs.

Advisors

You can often tell a lot about a project’s future by looking at those who are helping to shape it. So when it comes to advisors, Unreal’s future looks bright indeed. The platform’s many strategic advisors include:

– Chandresh Aharwar: Chandresh is the founder & CEO of Unilend. UniLend is a permission-less decentralized protocol that combines spot trading services and money markets with lending and borrowing services through smart contracts. He’s also the former VP of marketing at the world renowned Layer 2 solution, Polygon (previously known as Matic Network).

– Ravindra Kumar: Ravindra has had a successful career as the Chief Technology Officer of Woodstock fund and founded Frontier in 2020. Frontier is a chain-agnostic DeFi aggregation layer with added support on Ethereum, Binance Smart Chain, BandChain, Kava, and Harmony.

– Lester Lim: Lester is a veteran digital marketing entrepreneur and a leader in start-up incubation. He has operated multiple million-dollar digital marketing and ecommerce businesses and is a founder of X-21. Lester is one of the most sought after incubators to lead the funding rounds for blockchain start-ups.

As you can see, in terms of Advisors, Unreal is looking like it will be in an amazing position to push forward and make waves in the world of decentralized finance.

Backers & Investors:

Quality investors from recognized investment firms are equally as important as a project’s advisors. In this regard, Unreal also seems to have come out on top. Below is their list of backers:

As you can see, Unreal has an unreal selection of quality funds from which to draw their investment. It is likely that Unreal turned away many potential investors to ensure they exclusively picked investors of a high caliber.

This level of investor interest and advisor support along with other early signs, such as their core use cases outlined in their litepaper shows great potential in the Unreal team. Unreal has clearly captured the imagination of the DeFi community and the interest of high quality backers. The important thing now is that Ishan and his team work day and night to bring their innovative concept to market because if they deliver, this project could be truly revolutionary!

Cryptocurrency Pre-IDOs are Quickly Becoming the Next Big Thing

Cryptocurrency Pre-IDO

 

Cryptocurrency IDOs are one of the most popular methods for new projects in the cryptocurrency space to gain starting capital and some market recognition. The first cryptocurrency IDOs only started happening a couple years ago and now they are one of the most popular fundraising methods in the space.

With the rising popularity of IDOs, a new platform, Genesis Shards, created a novel fundraising method that perfectly complements IDOs: Pre-IDOs. Similar to IDOs, Pre-IDOs are also rapidly gaining in popularity. Genesis Shard’s recent Pre-IDO was for the upcoming project Unreal Finance and it received immense attention from the DeFi community.

What are Pre-IDOs

A Pre-IDO is a fundraising method that allows projects to sell some tokens before their IDO happens to prospective investors. Genesis Shards does this by creating options styled NFTs, and each of these NFTs is backed by a certain amount of tokens from an underlying project.

These NFT styled options are called cards by the Genesis Shard project. These pre-IDO cards are accessible to everyone but they are scarce and sometimes the demand for these cards can greatly exceed the supply. For example, a recent pre-IDO held on Genesis Shards was Unreal Finance, and even though they offered a relatively generous pre-IDO allocation it was overwhelmed by the extreme demand.

Pre-IDO Popularity

Genesis Shards’ Pre-IDO for Unreal Finance’s ERC-20 based $UGT tokens received over 176,000 entries to participate. With only around 350 NFTs on offer, it’s fair to say the $UGT Pre-IDO was overwhelmingly oversubscribed and definitely garnered a lot of attention. Especially when you consider that there are 1.25 million active users on Ethereum right now.

Even more interestingly, Unreal Finance is a DeFi-focused project and DeFi sits at a little over 1 million users. This number could be slightly inflated though since taking proper user metrics is difficult to do in decentralized finance. However, even taking the inflated number of DeFi users into consideration the Unreal Finance Pre-IDO managed to garner attention from potentially over 17.6% of the entire DeFi user base.

Unreal Finance

Unreal Finance is a very interesting project looking to revolutionize decentralized lending, which probably played a role in the immense popularity their Pre-IDO received. Unreal Finance is working towards allowing anyone to tokenize their yield on any platform like AAVE, Compound, dydx and realize its value in the present.

Unreal Finance allows people to realize the future value of their yield by tokenizing that yield and converting it into a tradeable currency. This tokenization of unrealized potential future yields opens up many avenues in DeFi such as fixed interest rate returns/loans and a decentralized interest market.

Exciting New Possibilities

The world is rapidly changing and no community in the world is more accustomed to change and growth than the crypto community. IDOs were an integral stepping stone that eventually allowed the entire DeFi industry to bloom and bring forth a new paradigm – the emergence of completely decentralized financial markets.

Pre-IDOs could drive this new paradigm of finance into mainstream adoption by giving innovative new projects like Unreal Finance the capital and recognition they need at a very early stage.

$25,000 USD Terra StakeDrop From Persistence ONE Has Begun!

LUNA Staking

 

On December 19, 2020, the Persistence One team launched a StakeDrop campaign for people who stake LUNA tokens. By participating in this StakeDrop you can earn XPRT tokens, which are the native tokens of the Persistence platform. On top of the XPRT tokens you can also get additional token rewards in the form of LUNA and MIR tokens. Given all the rewards available in this Persistence StakeDrop campaign, it should prove to be a very lucrative opportunity for holders of LUNA tokens if they chose to stake them.

The team behind Persistence One have stated the total pool of XPRT tokens reserved for this stakedrop are 100,000 XPRT, which is equivalent to $25,000 USD based on current estimates provided by their team. As mentioned earlier the XPRT tokens are an additional benefit on top of all the LUNA and MIR tokens you stand to gain by participating in this StakeDrop.

Important Timelines

Persistence One’s LUNA StakeDrop campaign already began back on December 19th, and it will continue to run until January 13th. The entire duration of this StakeDrop campaign is 25 days. There are roughly still 16 days left until this StakeDrop campaign ends.

Even though the LUNA StakeDrop program has already begun, people can still continue to join in. You can also add more LUNA into the staking pool whenever you want, so that you can earn more rewards. However, it is important to join in earlier as that way you can yield more rewards.

According to the Persistence One website there are still 65,613 XPRT tokens available for this particular StakeDrop campaign. Considering that the total amount of XPRT tokens reserved for this entire campaign were 100,000, and over 65,000 still remain unclaimed, it means that 65% of the total rewards are still available. Just keep in mind that each unique participating wallet can only earn upto a maximum of 5000 XPRT tokens.

How to Participate

To begin staking you will need to get any non-custodial wallet that supports LUNA tokens and allows on-chain staking. A great example of a non-custodial wallet that supports LUNA tokens and allows on-chain staking is the Terra Station Wallet. It is very important to note that anyone who stakes their tokens from an exchange will not be able to participate in any of the Persistence stakedrops, and will be excluded from all the XPRT token rewards.

You will have to complete two small tasks before you can begin participating in the LUNA StakeDrop. The first task involves getting started with staking on the LUNA network in general. The second task is required to start earning XPRT tokens on top of all the LUNA and MIR tokens you will be getting by staking on the LUNA network.

The first task just requires you to begin staking your LUNA tokens, and if you are already staking your LUNA then you can move on to the second task right away. If you have not yet started staking your LUNA tokens, you can find 4 simple steps that will help you get started with staking on the LUNA network here.

Completing the second task will let you earn XPRT tokens on top of all the LUNA and MIR tokens you will be getting by staking your LUNA. For the second task you will have to send a small transaction of 0.001 LUNA to the Persistence One LUNA address. You can find the Persistence One LUNA address on their website under LUNA StakeDrop in the StakeDrop section of the site.

Note that before sending this transaction make sure you put one of your ERC-20 addresses in the memo field of the transaction. The XPRT tokens from this StakeDrop will be transferred to the address you put down in the memo section. If you require a more thorough guide on the second task, you can find it here.

$25,000 USD KAVA StakeDrop From Persistence ONE is Nearly Over

KAVA staking

 

On November 27, 2020, the team behind Persistence launched their second highly anticipated stakedrop campaign for KAVA staker. Participants of this staking program will be rewarded in $XPRT tokens, which are the native tokens of the Persistence platform. The Persistence stakedrop campaign should prove to be a very lucrative opportunity for holders of KAVA tokens if they chose to stake them. The team behind Persistence have stated the total pool of $XPRT tokens reserved for this stakedrop are 100,000 $XPRT, which is equivalent to $25,000 USD based on current estimates.

If you are new to staking, you should know that there are many additional benefits to staking as well. Apart from all the $XPRT tokens you stand to gain, by staking you can also get many other additional valuable tokens. The best part is you can get all these additional valuable tokens on top of all the $XPRT tokens you earn.

Important Timelines

The Persistence One KAVA stakedrop has already begun, it went live back on November 27th. As mentioned by the team at Persistence this stakedrop campaign will only last a total of 3 weeks, which means there is less than a week left until it reaches completion.

If you did not get the chance to participate in the KAVA stakedrop event yet, it’s still not too late because you can join late. Just make sure to get into this stakedrop campaign before December 16th, and you should still be able to participate and earn some free $XPRT tokens.

According to the Persistence One website there are still 39,295 $XPRT tokens available for this particular stakedrop campaign. Considering that the total amount of $XPRT tokens reserved for this entire campaign were 100,000, and over 39,000 still remain unclaimed, it means that 39% of the total rewards are still available. To top it off the rate of rewards for Persistence stakedrop campaigns increases at a linearly rising slope, so the amount of $XPRT tokens being rewarded to stakers has actually increased. Just keep in mind that each unique participating wallet can only earn upto a maximum of 5000 $XPRT tokens.

How to Participate

To begin staking you will need to get any non-custodial that supports KAVA tokens and allows on-chain staking. Some great examples of non-custodial wallets that support KAVA tokens and allow on-chain staking are the Cosmostation wallet, Keplr, and Trust Wallet. It is very important to note that anyone who stakes KAVA tokens from an exchange will not be able to participate in any of the Persistence stakedrops, and will be excluded from all the $XPRT token rewards.

The Persistence One team mentions steps two small tasks that you will have to complete to begin participating in their KAVA stakedrop. The first task is to help you get started with staking on the KAVA network in general. The second task is required to start earning $XPRT tokens on top of all the other rewards you get from staking.

For the first task you simply have to begin staking your KAVA tokens, which if you are already doing then you can move on to the second task right away. In case you are not yet staking your KAVA tokens you can find all the steps the Persistence one team laid out here. If you plan on staking with Trust Wallet instead, you can find the guide for it here.

The second task will let you earn $XPRT tokens on top of all the other staking rewards. For the second task you will have to send a small transaction of 0.001 KAVA to the Persistence One address, which you will be able to find here on their website. Before sending this transaction make sure to put one of your ERC-20 addresses in the memo field, and then you can send the transaction. If you require the full guide on the second task, you can find it here. This is the same guide linked above, because steps for both tasks are laid out in the Persistence One blog post.

Are Stakedrops a Good Way to Gain Adoption for Your Cryptocurrency?

Cryptocurrency Staking

 

Many recent and new projects are utilizing stakedrops to widely distribute the native tokens of their platforms among people in the cryptocurrency market. For example, Persistence One, an upcoming project in the DeFi space is utilizing 1% of their total token supply, which is equivalent to 1,000,000 $XPRT tokens, for seven different stakedrop campaigns. Based on their team’s current valuations of their token, the entire Persistence One stakedrop is worth around $250,000 USD.

The team behind Persistence is not the only one that places such a large emphasis on stakedrops. There are many other recent, and new projects that are or have utilized stakedrops as well. A likely reason for so many projects to utilize a stakedrop mechanism to distribute their tokens is to attract new users for their projects. This article aims to take a look at stakedrops, and figure out why so many new projects are utilizing this method to distribute their tokens.

Stakers Defined

Before the article gets into why a stakedrop might be a good idea for your platform, it is important to define certain words that are commonly used jargon in the world of crypto. These words are staker, stakedrop, and staking.

A staker is anyone who takes part in a stakedrop campaign by staking their tokens on certain well known networks. A stakedrop is just the name of the method used to distribute tokens among these stakers. Staking is the process of staking your tokens on any of the well known networks in this industry by using a validator. These well known networks are Cosmos, Kava, Terra, IRIS, Matic, Polkadot, and Tezos.

Stakedrops are inherently unique because they target stakers. The important thing about stakers is that most of them tend to be somewhat experienced and well versed in the cryptocurrency market. This makes stakers an ideal demographic to target with your tokens or any other free trial in the crypto market, because they will not have such a hard time figuring out whether your project is right for them or not.

The Psychology Behind Stakedrops

The truth is that even though stakedrops might be new, the core idea behind the tactic itself has actually been used for decades, maybe even centuries. Stakedrops are really just a way for projects to give people a little sample or free trial of what they have to offer. Companies in the traditional world have been giving out samples or free trials for their products and services for a very long time now.

Cryptocurrency Staking

According to Forbes free trials are a great way to increase customer satisfaction. The reasoning is quite simple really, if a user has already tried the service they will most likely know what they are getting themselves into when they actually end up paying to use it. Increased user satisfaction generally means less negative reviews and more positive reviews. Satisfied users are also more likely to promote a service via word of mouth, or now a days text.

Another extremely important aspect of free trials is that it makes acquiring new users a lot easier. Think of it this way, people are generally averse to trying out new platforms, because they are afraid if they don’t like it they will end up wasting their time. If that person has to pay to use this new platform, they are most likely going to be even more averse to trying it out, because now they are worried that apart from losing out on their time they will also be losing some of their money. Losing money and time are a daunting thought for most people.

A great method to reduce people’s aversion to the risk of losing their time and money on new platforms are free trials. With a free trial the person knows that if they like the service they have nothing to lose. However, if they like the service they stand only to gain.

Why Crypto Companies Do it

Not many cryptocurrency companies have given an adamant reason as to why they utilize stakedrops, but one did. The team at Persistence One give a reasoning as to why they utilized a stakedrop campaign. From what the team at Persistence described there seems to be two primary reasons as to why they chose to hold stakedrop campaigns. The first reason was to get their tokens into the hands of a wider audience, and second to ensure community governance is done properly.

The first reason, which is getting their tokens into a large number of users seems very similar to the age old method of giving out your product or service as a free trial. This is a tried and tested method that generally has shown positive results.

The second method is in regard to community governance. Community governance is a term that is more colloquial to the crypto world. It essentially means that individuals from the community get to decide on the direction of the platform based on how many tokens they stake. In the crypto world we call these community driven platforms, Decentralized Autonomous Organizations, or DAOs for short.

25% APR Staking Rewards For Chromia Stakers

Cryptocurrency Staking

On November 9, 2020, the team behind Chromia launched their highly anticipated staking program for Chromia stakers. Participants of this staking program will be rewarded in CHR tokens, which are the native tokens of the Chromia blockchain. The Chromia staking program could prove to be a very lucrative opportunity for holders of Chromia tokens if they choose to stake them. The team behind Chromia have stated the potential return for stakers of their staking program will be as high as 25% APR. It is important to keep in mind that staking rewards are not automatically compounded.

The Chromia team have stated that staking chromia will have additional rewards in the future as well. The additional rewards will be in various formats but two most likely will be gaining early access to applications which are developed on Chromia, and entering into various promotional events.

Important Timelines

It seems like the Chromia Staking program will have two phases. This article will only focus on the first phase of the staking program as it is the most relevant right now. The first phase has already begun and will end at the end of this year. The staking program began on Chromia Network on November 9th, 3 PM UTC. You can learn more about the Chromia staking program and the second phase here. However, keep in mind that the second phase will not be rolled out until the beginning of 2021.

Even though the Chromia staking program has already begun, people can still continue to join in or add more stake into the pool whenever they want, so that they can earn more rewards. However, it is important to join in earlier as that way you can yield more rewards. The rewards from the staking program will be given every 30 days. Since the staking program began on November 9th at 3PM UTC, it is very likely that the first staking rewards will be given out on December 9th, 3PM UTC.

How to Participate

To begin staking you will need to get an ERC-20 non-custodial wallet that supports Chromia tokens. A great example of a non-custodial wallet that supports Chromia and can be used for staking is Metamask. Once you have your metamask wallet with Chromia tokens setup all you have to do is go to the Chromia Website to find the Staking dashboard. You can also use the link here to directly go to the Chromia Staking dashboard.

There are four simple steps you can use to participate in the Chromia Staking program. All four steps are listed below:

1. Once you have all the desired CHR tokens in your metamask, simply go to the Chromia website and find the header that says “Do You Hold CHR? Now you can Stake them!”, and click on the underlined section.

Stake cryptocurrency

2. Once you click on the underlined section you will be redirected to the taking dashboard, it has an option called approve, click on it.

3. Your metamask should automatically open and provide you with a prompt to accept the transaction. You will have to accept this transaction so that you can transfer funds into the Chromia staking program. The transaction fee is very low, it was around $0.4 USD when we tried.

4. Once the transaction is processed the dashboard’s user interface will display some new options. The new options allow you to choose the desired amount you want to stake. Once you have chosen how much Chromia you want to stake, simply click stake and you are done!

Cryptocurrency Stake

Important Details

There are some important details regarding the Chromia staking program regarding lock up periods, and minimum amount required to participate. The Chromia staking program has a 2 week lock up period, which means any funds transferred into the program cannot be withdrawn until after at least 2 weeks have passed. There is also a minimum 1000 CHR requirement to participate in the staking program. However, there is no maximum amount or limit that can be deposited into the Chromia staking program.

Cryptocurrency Money Market Financial Performance

Lend Cryptocurrency

 

Money markets are one of the biggest sectors in traditional finance, and now they are quickly gaining traction in decentralized finance (DeFi) as well. The demand for cryptocurrency money markets is gradually increasing as more people are willing to borrow and lend cryptocurrencies. Borrowing and lending cryptocurrencies is considered to be the first venture most people take in the world of decentralized finance.

This article will look at the financial performance of three different cryptocurrency money markets’ underlying tokens and compare them. The three money markets and their respective tokens are Aave (AAVE), Compound (COMP), and Unilend (UFT). Aave and Compound are two of the most popular cryptocurrency money markets, whereas Unilend is a recently introduced entrant that has been rapidly gaining popularity. The aim behind comparing the recent financial performance of 2 established cryptocurrency money markets with a new arrival is to just see if there’s anything interesting going on in the market. Also, the comparison of these cryptocurrency money markets is not meant to be financial advice. This is merely to analyze how the 3 DeFi money markets have performed thus far.

Unilend has only been listed for less than a month, therefore the financial data collected for all three platforms is just from the 19 days between Oct 15, 2020 and November 2, 2020. All data was collected from coingecko, and you can find it here. This comparison is not financial advice, please remember to do your own research.

The Methods of Analysis

For the sake of this article two different methods will be used to evaluate the financial performance of the 3 platforms. The two methods are simple average daily return and historic volatility. It is true that average daily returns and volatility are generally conducted on a monthly or annual basis, but one of the tokens was listed very recently, so the amount of data available for all three tokens only permitted a 19 day analysis. A short term analysis can cause results to be slightly skewed, so it is advised to conduct your own research.

The simple average daily return is just meant to give everyone an overview of how a certain asset has been performing in a certain time range based on its price fluctuations. The method of finding the average daily return is really simple, it just involves finding the daily returns of a certain asset based on its day-day price movements, and taking an aggregate average of all those returns. Even though the average daily return is a really simple tactic to apply, it still provides valuable information about the financial performance of the underlying asset(s).

Historic volatility is the second method that will be utilized to evaluate the financial performance of the three tokens. Volatility is essentially meant to show how unpredictable the price of a certain asset is. Prices for higher volatility assets tend to be very unpredictable, whereas lower volatility assets are much more predictable.

Volatility can also show by how much, or to what extent the price of a certain asset tends to fluctuate. Historic volatility can be very advantageous because it shows the risk-reward dynamic of an asset. Higher volatility shows high risk and high reward, whilst low volatility shows low risk and low reward.

AAVE

Aave’s native token, AAVE’s price depreciated at an average rate of -2% everyday during the 19 day period. A -2% average decrease in token price might scare many people, especially those that are new to the cryptocurrency markets, but it is not something uncommon in these markets.

Aave’s market cap dropped to $344 million USD from $479.1 million USD at the end of the 19 day period. This decline in market cap can be attributed to the decline in the token’s price.

In the 19 days AAVE scored 7% in regard to its daily volatility, and 111% annual volatility. An asset with 7% daily volatility can be considered extremely high especially when compared with blue chip stocks. However, it is not very rare to find such high volatilities in the cryptocurrency market. Cryptocurrency markets are still in their infancy, and even the more established platforms have only been in the market for 2 or 3 years. Therefore, most of these platforms can be considered startups, and as such have very high volatilities.

COMP

COMP, the native token of Compound depreciated at an average daily rate of -1% in the recent 19 day period. Even though COMP tokens were depreciating they still managed to outperform AAVE by depreciating at a slower rate than them.

An interesting note about Compound is that its market cap increased even though its token’s price decreased. Compound’s market cap went from $358.4 million USD up to $365.3 million USD. It is likely that an increase in the circulating supply of COMP caused the tokens’ price to plummet, whilst its market cap rose.

During the 19 day period COMP tokens had lower volatility in comparison to both AAVE and UFT tokens. COMP tokens scored an daily historic volatility of 5%, and annual historic volatility of 72%.

UFT

Unilend Finance’s native UFT tokens are the only tokens in this analysis that were appreciating in value. UFT tokens earned an average daily return of 3% in the recent 19 day period. By earning an average 3% daily return UFT tokens managed to outperform AAVE, and COMP tokens.

Unilend is a much newer project compared to COMP and AAVE, therefore its market cap is significantly smaller. UFT tokens started the recent 19 day period with a market cap of just $2.1 million USD. However, it went up by a very decent amount at the end of the 19 day period. A 3% increase in the average daily value of UFT tokens resulted in its market cap rising to $3.8 million USD.

UFT tokens were more volatile in comparison to both COMP and AAVE tokens during the 19 day period. The daily historic volatility for UFT tokens came out as 15%, and the annual volatility was 233%.

200,000 $XPRT Cosmos StakeDrop from Persistence One has Begun!

Cosmos Stakedrop

 

On October 26, 2020, the team behind Persistence One launched their highly anticipated stakedrop for Cosmos stakers. Participants of this stakedrop will be rewarded in XPRT tokens from a total pool of 200,000 $XPRT. The Persistence One Cosmos stakedrop could prove to be a very lucrative opportunity for holders of Cosmos tokens if they choose to stake them. The team behind Persistence One has stated the potential return for the participants of their liquidity mining program can be as high as an estimated $50,000 USD. It is important to keep in mind that this estimated return is based on the current valuation of the tokens and they could be even higher depending on the market.

The 200,000 $XPRT stakedrop might seem good enough on its own, but the Persistence One team have announced that this is just the first of many more stakedrops to come. The team has stated that they have delegated 1% of their total supply of 100,000,000 $XPRT tokens towards stakedrops. After today, there will be six other stakedrops for stakers on some of the largest networks in this space. The six other stakedrops will be for Terra, Kava Labs, IRISnet, Polkadot, Matic Network, and Tezos.

Important Timelines

The Persistence One Cosmos staking program is already live. The staking program began on Cosmos Network at 12:00 am PDT on October 26th, and it will last for one month. This means that the Cosmos stakedrop will end around November 26th, 2020.

Even though the Cosmos stakedrop has already begun, people can still continue to join in or add more stake into the pool even after it has already begun all the way until it ends. However, it is important to join in earlier as that way you can yield more rewards. The rewards from the stakedrop pool will be given once the one month period is over when you unstake, and it is important to keep in mind that the maximum reward size will not exceed 5000 $XPRT tokens. The team mentioned the reason they capped the total reward pool to 5000 $XPRT tokens is to maintain a fair and even distribution.

How to Participate

To begin staking you will need to get any non-custodial that supports Cosmos and allows on-chain staking. A great example of a non-custodial wallet that supports Cosmos and allows on-chain staking is the Cosmostation wallet. It is very important to note that anyone who stakes Cosmos tokens (ATOMS) on an exchange wallet will not be able to participate in the Persistence stakedrop, hence they will not get any rewards.

The Persistence One team mentions steps for two small tasks that you will have to complete to begin participating in the Persistence stakedrop. The first task is to just start staking your Cosmos tokens, which is not exclusive to Persistence. If you ever want to participate in any of the stakedrops happening on the Cosmos network you will have to stake your Cosmos tokens (ATOMS). For the first task you simply have to begin staking your ATOMS, which if you are already doing then you can move on to the second task right away. If you are not yet staking your ATOMS you can find all the steps the Persistence one team laid out here. It is important to note that once you have staked your ATOMS you don’t have to do it over and over again for future campaigns.

The second task requires sending a magic transaction to the Persistence One address so that you can register your address for the Persistence One stakedrop. The purpose of registering your address is to let the team know which address you want to be receiving your share of the $XPRT tokens on. The Persistence One team mentioned six small steps on how people can register their address and you can find them here.

Chromia and Hedget Announce Collaborative Liquidity Mining with APY up to 200%

Chromia Staking

 

On October 22, 2020, the team behind Chromia (CHR) and Hedget (HGET) announced a collaborative liquidity mining program. Participants of this liquidity mining program will be rewarded both CHR and HGET tokens from a pool of 700,000 Chromia and 7,500 HGET. The Chromia/Hedget liquidity mining program could prove to be a very lucrative opportunity for Holders of these tokens if they choose to stake them. The teams behind these projects have stated the potential return for the participants of their liquidity mining program can be as high as an estimated 200% or 120% APY. It is important to keep in mind that the APY of this program is dynamic, but even the lower end of the spectrum is 120% APY.

Some people might be curious as to why Chromia is collaborating with Hedget for this liquidity mining program. There is no absolute reason given, but there is ample reason to believe that the platforms are mutually beneficial for each other. Hedget is built on Chromia’s Rell blockchain, therefore the success of Hedget can be translated into being good for Chromia. For example, if Hedget succeeds to gain traction and adoption, the fees generated from Hedget should benefit the Chromia community as well. There are also a plethora of other reasons as to how the success of Dapps on Chromia or any blockchain can be great for the entire blockchain’s ecosystem.

Important Timelines

The Chromia and Hedget liquidity mining program has not yet begun. The liquidity mining program is expected to start on October 26th, 2020, and it will last for two weeks. This means that the liquidity mining program will end around November 8, 2020.

Even though the liquidity mining program will begin on October 26th, 2020, people can still continue to join in or add more stake into the pool even after it has already begun all the way until it ends. The rewards from the incentive pool will be given once the 2 week lock up period is over when you unstake.

How to Participate

The Chromia and Hedget team will be utilizing the popular platform Uniswap to facilitate their liquidity mining program. The teams will also be utilizing a Hedget/Chromia liquidity mining interface which will be made available before the liquidity mining begins.

The Hedget team mentioned four steps on how people can participate in their liquidity mining program which will be listed below or you can find them here. For those of you who are unfamiliar with the Uniswap protocol, you can find a complete guide on how to use it here.

To begin liquidity mining you will have to simply add HGET/Chromia tokens to the HGET/Chromia pool on Uniswap. Once you have added tokens to the pool, you will automatically receive UNI-V2 (HGET/CHR) LP Tokens. Take the UNI-V2 (HGET/CHR) LP tokens to the HGET/Chromia liquidity mining interface when it is available. The last step is to just wait until the staking period ends, and enjoy your rewards.

Amid DeFi Boom Layer 2 Decentralized Exchanges are Beginning to Emerge

Quickswap

 

QuickSwap is the latest decentralized exchange to make an appearance in the DeFi space. QuickSwap is essentially a fork of Uniswap built on the Matic Network, which makes it a layer 2 decentralized exchange. Decentralized exchanges have many unique features that traders in the cryptocurrency market appreciate. Layer 2 decentralized exchanges have all the features of a regular DEX, and a few additional features which will be covered in this article.

Decentralized Exchange Features

Quickswap is a decentralized exchange so users will be able to use it without having to create an account or go through any KYC procedures. Not having to create an account or doing any KYC is thought to be beneficial by many traders because it allows them to maintain their anonymity and trade with privacy.

Another interesting feature of QuickSwap and all other decentralized exchanges are non-custodial wallets. A non-custodial wallet is your personal hardware or software wallet that you can connect to an exchange whenever you want to make a trade. Non-custodial wallets are believed by many traders to be a more secure way to trade because it allows them to keep all their assets in their wallets while they are trading. There are many benefits of using non-custodial wallets but the most popular one is that the exchange does not have access to your funds and therefore cannot freeze them. Keep in mind that there are also downsides to using non-custodial wallets such as the entire security of your funds is in your hands, so you have to be careful when using them.

Permissionless listing is a popular feature among many decentralized exchanges including QuickSwap. Even though most decentralized exchanges offer permissionless listings, there are some that do not have this feature such as Bancor and IDEX. Permissionless listing just means that any cryptocurrency can be listed on the exchange by anyone who wants to list there. For example, if someone wanted to list some new coin that is not already listed on QuickSwap, they are free to do so.

Layer 2 Decentralized Exchange Features

As one of the very few layer 2 decentralized exchanges in existence QuickSwap has some unique features that are not available on other DEXes. Since Quickswap is built on Matic Network it has the ability to perform transactions at lightning speeds. According to the team behind QuickSwap transactions made on the platform will generally take only a second to be completed, which when compared to the 2 minutes it will take for an average transaction on most decentralized exchanges is literally 120 times faster.

Another feature unique to layer 2 exchanges such as QuickSwap are the significantly lower gas fees. As of writing this the gas fees on Ethereum are sitting at 96 Gwei for an average transaction, which roughly translates into $0.8 USD. Most people would agree that 80 cents is a very modest and fair fee, but according to the team behind QuickSwap the fees on their platform are even lower than that. From a report on QuickSwap’s official Medium the gas fees on their platform are just $0.000002 USD.