ETH price loses ground, but network metrics say DeFi season not over yet

Ether has dropped around 30% from its 2020 high of $482 on Sept. 1 to $340 in five days. The drop in the price of Ether (ETH) and Bitcoin (BTC) was largely due to the rising dollar, which has stopped Bitcoin’s bull run in its tracks. Ether is still sitting at around $340, failing to recover its price ranges of August. As the price of Ether dropped significantly from the start of the month, several fundamental factors on the Ethereum network itself have changed. These include the movements and positions…

Polkadot treasury established to fund projects ‘that give traction to the network’

Blockchain platform Polkadot (DOT) is the latest to invest back into its developer community with the launch of the Polkadot treasury. Run by community-elected council members, the pool will fund as many new community projects as possible. The treasury has already received multiple proposals related to infrastructure development, operations projects, and software development, by teams from Redspot, Centrifuge, Polkascan, and Encointer. The proposals to receive Treasury funding can be submitted by any holders of Polkadot’s native token DOT and will be approved based on their ability to “give traction to…

Avalanche blockchain network to launch full mainnet

Avalanche, a new blockchain protocol and cryptocurrency backed by Cornell University’s Emin Gün Sirer, will finally go live in a few days. According to an announcement, Avalanche will roll out the full mainnet on Monday. With the mainnet launch, the Avalanche (AVAX) token — the platform’s native token — can be listed on crypto exchanges, although Ava Labs did not specify which ones.  As previously reported, the AVAX token will serve as a tool to secure the Avalanche network through staking, pay for operational fees, transfer value peer-to-peer and create…

China’s Blockchain Service Network integrates three more public chains

China’s Blockchain-based Service Network (BSN), a cross-cloud, cross-portal, and cross-framework global public infrastructure network, is adding three more well-known public blockchains into its ecosystem.  He Yifan, CEO of Red Date Technology, the private company behind the BSN, told Cointelegraph that the network is at its second stage of integrating more public chains. This time it will include Algorand, ShareRing and Solana. Earlier last month, the network said it already onboarded Ethereum, EOSIO, Tezos, Neo, Nervos, and IrisNet.   He told Cointelegraph that the public chains the network selects to integrate are…

Blockchain gaming project seeks to go mainstream with new Matic Network migration

IGGalaxy is migrating away from Tron and onto the Matic Network. They hope that this move will allow their platform to go mainstream, while simultaneously avoiding what they referred to as “performance constraints of the Ethereum mainchain.” IGGalaxy’s incentive-based economy offers tokens to players in exchange for their participation in video games, video content, and eSports. Naeem Shabir, co-founder of IGGalaxy, explained that the move to Matic’s network will hopefully provide a more “seamless” user experience, and help the company to gain greater mainstream traction: “Leveraging Matic’s high throughput and…

The Blockchain Service Network will stimulate China’s CBDC plans

From the Chinese government’s perspective, cryptocurrencies are not considered legal tender; instead, they are categorized under a type of “virtual commodity,” but some industry players believe the Blockchain Service Network (BSN) infrastructure can stimulate the development of virtual currencies like a CBDC.  During an interview with Cointelegraph, Eden Dhaliwal, Global Managing Director at Conflux Network, a layer-1 blockchain protocol and the only state-endorsed public blockchain project in China, stated that the government of China is highly motivated to launch a CBDC to “dominate the digital commerce landscape and make the…

Acala Network, Polkadot’s MakerDAO, Comes to Ethereum

Key Takeaways Acala Network’s parachain is now fully compatible with Ethereum. Polkadot’s DeFi projects recognize the need to feed off of Ethereum’s liquidity to bootstrap adoption. Cosmos’ DeFi is taking a completely different approach, avoiding Ethereum altogether Share this article Acala Network, one of the first few DeFi projects on Polkadot, revealed it’s blockchain now supports the Ethereum Virtual Machine (EVM). With this integration, assets on Acala will be freely interoperable with the second most liquid blockchain in crypto. Polkadot’s Pursuit of DeFi No blockchain can currently match the extent…

BTC locked in DeFi increased by 20X the entire Lightning Network this week

The amount of BTC locked in decentralized finance projects increased by more than 30% in the past week, despite falls in the price of Bitcoin (BTC) and Ethereum (ETH). The total USD value locked (TVL) can go up and down with markets, even in the absence of a change in the number of tokens locked. In the past week, the TVL dropped from the ATH of $9.6 billion on Sep 2 to $6.11 billion on Sep 10 before climbing back to $7.82 billion. According to DeFi tracking platform DefiPulse, the…

IRS Wants to Break Privacy on Monero and Bitcoin’s Lightning Network

Key Takeaways The IRS is seeking contractors to provide a tool for tracing Monero and Lightning transactions The IRS is offering $1 million in total to potential contractors who can break the privacy on these two protocols The news comes just weeks after the Department of Homeland Security obtained a Monero tracing tool from analytics firm CipherTrace Share this article The Internal Revenue Service is seeking a tool that can be used to trace privacy coins like Monero, according to a request for proposals published by the U.S. agency last…

DeFi Effect: Ethereum Network Grows 25% In 2020, Most Addresses Profitable

Ethereum has had a remarkable year thanks to the DeFi explosion. Not since the ICO boom has the crypto asset seen this much demand, development, and network activity. And despite the recent plunge in Ethereum price, addresses have only grown, reaching a new all-time high and growing over 25% in 2020 alone. Here’s why Ethereum has experienced such unstoppable growth, and why it is likely sustainable for the long-term, unlike the fallout from the initial coin offering fundraising phase. Ethereum Takes 2020 By Storm, Tops Crypto Market In YTD Returns…