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12 03, 2024

Bybit Web3 Teams Up with Kamino for Solana Ecosystem Growth

By |2024-03-12T22:13:26+02:00March 12, 2024|Forex News|0 Comments


A leading blockchain platform, Bybit Web3, has revealed a strategic partnership with Kamino Finance, a quickly expanding decentralized finance (DeFi) network on Solana. The goal of this partnership is to further Bybit Web3’s vision of an equal, straightforward, and open future for the Web3 ecosystem.

Bybit Web3 is committed to building a decentralized environment that promotes openness and cooperation. Through this collaboration with Kamino Finance, Bybit users will have the chance to investigate and interact with the growing Solana ecosystem.

Bybit users will have access to Kamino Finance’s top DeFi services—lending, leverage, and liquidity, thanks to this partnership.

Since its founding in 2022, Kamino Finance, which is well-known for its exceptional performance, has enabled over $5 billion in trading volume and exceeded $800 million in Total Value Locked (TVL). Because of this, Kamino Finance has a significant role in the Solana DeFi market.

The unique access to Kamino tokens ($KMNO) that our cooperation gives Bybit Web3 users before their general release is a standout feature. The Solana Fiesta campaign will be hosted by Bybit’s Airdrop Arcade, giving players the chance to win $KMNO tokens when the Token Generation Event (TGE) takes place.

As the only participating DApp that hasn’t released its token yet, Kamino Finance offers a special chance for Solana Fiesta attendees to get involved with the company.

Bybit’s co-founder and CEO, Ben Zhou, showed enthusiasm about the collaboration by saying, “We are thrilled to join forces with Kamino Finance, a true trailblazer in the DeFi arena. Bybit Web3 is committed to offering users access to cutting-edge DeFi products and services, and Kamino Finance perfectly aligns with this vision.”

He added, “This partnership will play a pivotal role in revolutionizing traditional finance and empowering users to engage in the future of DeFi.”

Marky, a co-leader of Kamino Finance, emphasized how Bybit Web3 helps the Web3 community make DeFi available to more people. 

Marky said, “This collaboration presents an exciting opportunity for our supporters to connect and explore the innovative features Kamino has to offer. It aligns perfectly with our mission of prioritizing user experience and fostering a thriving DeFi ecosystem.”

Also Read: Bybit Web3 & Solana Ecosystem Revolution 2024



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12 03, 2024

The light US economic calendar will continue on Wednesday

By |2024-03-12T21:37:39+02:00March 12, 2024|Forex News|0 Comments


If it feels quiet, that’s because the Fed is in the blackout window ahead of the March 20 FOMC decision. That’s shaping up to be an important one, not because of a potential rate move, but because the new dot plot could show less than 75 basis points in easing.

Until then, we will have to pick through the economic data. Today’s CPI report added some volatility but surprisingly little follow-through. That will leave the market searching for a theme. Today that theme is ‘buy AI and megacap tech’ and that’s a tough trend to argue against.

Tomorrow we will get UK GDP but for the US, it’s a barren landscape. The only market movers will be the a 30-year bond auction and the weekly oil inventories report but I’d be surprised if those are notable events in FX.



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12 03, 2024

Italy Plans To Launch a 1 Billion Euros AI Investment Fund LeapRate

By |2024-03-12T20:51:25+02:00March 12, 2024|Forex News|0 Comments


Italy is embarking on an ambitious plan to establish a substantial investment fund to advance Artificial Intelligence (AI) projects within the country, announced Prime Minister Giorgia Meloni on Tuesday. This initiative is set to begin with an initial funding of 1 billion euros ($1.09 billion), creating a robust foundation for promoting and developing AI technologies.

The fund is supported by CDP Venture Capital, which operates under Cassa Depositi e Prestiti (CDP), Italy’s state-backed financial institution known for its investment in innovative and strategic sectors for the country’s economic growth.

During a conference on AI held in Rome, which brought together experts, policymakers, and industry leaders to discuss the future of AI and its implications, Agostino Scornajenchi, CEO of CDP Venture Capital, revealed the potential for the fund to attract an additional 2 billion euros from private sector contributions.

This ambitious goal underscores Italy’s commitment to becoming a key player in the global AI landscape by leveraging public and private investments. Under its presidency of the Group of Seven (G7), the world’s major democracies, Italy is keen to steer international dialogue towards understanding AI’s impact on labour markets and social equality.

The country aims to harness this influential platform to foster discussions on establishing ethical standards and protective measures that ensure responsible development and application of AI technologies.

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In a video message delivered at the conference, Prime Minister Meloni expressed Italy’s resolve to find a unique approach to integrating artificial intelligence into society and the economy. “We are convinced that there can and must be an Italian way to artificial intelligence,” she stated, emphasising the government’s dedication to shaping a future where AI is developed and utilised in a manner that aligns with Italy’s values and social fabric.

In line with this vision, the Italian government is focusing on the financial aspects of fostering AI development and creating a regulatory framework that ensures the technology’s ethical use.

Meloni mentioned that the government is actively working on legislation regulating the AI sector within Italy. This upcoming bill, to be presented in the forthcoming weeks, signifies Italy’s proactive stance in navigating the complexities and challenges posed by AI.

Adding to the government’s comprehensive approach, Cabinet Undersecretary Alessio Butti disclosed plans to create a new agency. This body will play a critical supervisory and supportive role in the rollout of Italy’s national AI strategy.



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12 03, 2024

Elevating DeFi On The Scroll Blockchain

By |2024-03-12T20:42:22+02:00March 12, 2024|Forex News|0 Comments


Introduction: Riding the Airdrop Wave

In the midst of a surging bull market, the cryptocurrency market is abuzz with excitement, particularly among traders hunting for lucrative airdrops. Recent success stories include the Manta Layer2 and Wormhole airdrops, which have left many airdrop hunters eager for more opportunities.

Amidst this frenzy, the emergence of Scroll, a promising layer 2 blockchain, has captured the attention of the crypto community. While speculation runs high about potential airdrops on Scroll, another project on the platform has been quietly making strides – Skydrome.

Skydrome: Pioneering DeFi on Scroll

At the forefront of Scroll’s DeFi ecosystem, Skydrome is a decentralized exchange (DEX) that aims to revolutionize liquidity provision through its innovative ve(3,3) tokenomics design. Despite its relatively recent inception, Skydrome has quickly established itself as a leading player on the Scroll blockchain.

With its native token, $SKY, boasting a current valuation of approximately $1.7 million, Skydrome is on a trajectory to become the premier ve(3,3) exchange on Scroll, following in the footsteps of successful projects like Velodrome and Aerodrome on other blockchains.

A Journey of Innovation: Skydrome’s Rise to Prominence

Since its launch on the Scroll Mainnet in October, Skydrome has been operational, serving as a cornerstone of the Scroll ecosystem.

As the first project to deploy smart contracts on the blockchain, Skydrome has earned recognition as the official ecosystem partner of Scroll, receiving a Quintic Builders NFT from the Scroll team in appreciation of its contribution.

With over 400,000 transactions processed and 4,000 holders to date, Skydrome has demonstrated its resilience and appeal within the crypto community.

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Strategic Partnerships and Future Prospects

Strategic partnerships with influential entities such as rhino have further accelerated Skydrome’s ascent to Layer Bank, OKX, Axelar Network, Kyberswap, and Fox Wallet, among others. These partnerships have not only expanded Skydrome’s ecosystem but also solidified its position within the industry.

With rigorous audits by Solidproof and Defimoon ensuring security and reliability, Skydrome offers users a safe and transparent trading environment. As rumors circulate about a potential listing on a centralized exchange (CEX), Skydrome’s accessibility and appeal are poised to soar to new heights.

Skydrome: A Beacon of Opportunity in DeFi

In conclusion, as anticipation builds for the launch of Scroll’s native token and the activation of ve(3,3) features, Skydrome stands as a beacon of opportunity in the rapidly evolving world of decentralized finance.

With its pioneering ve(3,3) tokenomics design, strategic partnerships, and unwavering commitment to security and transparency, Skydrome is primed to capitalize on the growing market opportunities presented by Scroll.

As traders and investors alike eagerly await the next chapter in Scroll’s journey, Skydrome offers a compelling investment proposition for those seeking to participate in the future of DeFi on the Scroll blockchain.

With its promising trajectory and strategic positioning within the Scroll ecosystem, Skydrome is set to redefine the market of decentralized finance, offering users unparalleled opportunities for growth and prosperity.

As the crypto community eagerly anticipates the next phase of Scroll’s development, Skydrome remains a steadfast pillar of innovation and progress, embodying the spirit of decentralization and financial empowerment.

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12 03, 2024

US CFTC to publish rule on vertically integrated models by summer, says chair By Reuters

By |2024-03-12T20:05:28+02:00March 12, 2024|Forex News|0 Comments


© Reuters. Signage is seen outside of the US Commodity Futures Trading Commission (CFTC) in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly

By Carolina Mandl and Hannah Lang

BOCA RATON, Florida/WASHINGTON (Reuters) -The U.S. Commodity Futures Trading Commission plans to publish a draft rule by summer for comments about vertically integrated models in which a broker, a clearinghouse and an exchange are housed under a holding company, its chairman said Tuesday.

The rule should address “the opportunity for there to be a vertically integrated stack, but also have sufficient amount of conditions that you would have the entity walled off from other entities,” Chairman Rostin Behnam told journalists at the Futures International Association conference in Boca Raton, Florida.

In December, the CFTC voted to approve a plan from the Chicago cryptocurrency derivatives exchange and brokerage Bitnomial to also act as its own registered clearinghouse.

It marked the first time the commodities regulator had voted to allow a vertically integrated market structure.

Behnam said integrated structures have become more common, so much so that the CFTC plans to publish a draft rule by summer, open for comments and then finalize it by this time next year.

“It’s changed from being a one-off to a trend. And when it became a trend, I made the decision, ‘OK, this is going to demand or require a policy,'” the CFTC chairman said.



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12 03, 2024

Gold, Silver, Platinum Forecasts – Gold Retreats As Traders Worry About Hawkish Fed

By |2024-03-12T19:19:27+02:00March 12, 2024|Forex News|0 Comments


Important DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party’s services, and does not assume responsibility for your use of any such third party’s website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.Risk DisclaimersThis website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.



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12 03, 2024

Ethereum’s Dencun upgrade will make DeFi a lot cheaper to use – DL News

By |2024-03-12T19:09:54+02:00March 12, 2024|Forex News|0 Comments


GM, Tim here.

Here’s what caught my DeFi-eye recently:

  • Lower Ethereum transaction fees are almost here.
  • MakerDAO ups borrowing rates to over 15%.
  • Jito takes steps to stop Solana MEV bots.

Dencun to lower Ethereum layer 2 fees

It’s about to get a lot cheaper to transact on Ethereum thanks to a new upgrade set to go live this week.

Cancun-Deneb, or “Dencun” for short, contains nine different EIPs, or Ethereum Improvement Proposals.

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Among them, EIP-4844 is the most highly anticipated. It promises to dramatically cut the costs of interacting on layer 2 blockchains like Arbitrum and Optimism.

Layer 2 fees will drop by a factor of 10 after the upgrade. That means swapping tokens on decentralised exchanges, which currently costs $1-2, should fall to around 20 cents, and could even go as low as a single cent on some layer 2 networks like Base.

EIP-4844 will not, however, lower transaction costs on the Ethereum mainnet.

By reducing transaction fees, Dencun may also unlock new use cases, such as onchain gaming, generative art, and artificial intelligence, which were previously not practical due to high transaction costs.

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EIP-4844 ushers in Ethereum’s “Surge” phase, as Ethereum co-founder Vitalik Buterin specified in his updated network roadmap in December.

The end goal during this phase is to hit 100,000 transactions per second.

After Dencun, Ethereum developers can start looking towards other improvements, such as letting users run Ethereum nodes on mobile phones.

MakerDAO almost runs out of USDC

Crypto cooperative MakerDAO is making urgent changes to its borrowing rates after the protocol’s peg-stability mechanism, or PSM, almost ran out of funds last week.

The PSM lets holders of MakerDAO’s DAI stablecoin redeem it for $1 worth of other stablecoins, most prominently Circle’s USDC. The PSM’s main function is helping to keep DAI pegged to a dollar.

Because Maker offered low borrowing rates compared to the market, DeFi users locked up assets like Ether and Wrapped Bitcoin to borrow DAI. But due to Maker locking the yield on DAI at 5%, borrowers exchanged it for USDC through the PSM, which they could use to earn much higher yields in other protocols.

In response, MakerDAO pushed through a proposal to increase lending and borrowing rates for DAI to bring them inline with the broader market.

According to PaperImperium, a MakerDAO community member and governance liaison for GFX Labs, the higher rates will encourage borrowers to repay their loans, preferably by swapping USDC to get the DAI for repayment.

Higher yields on DAI should also encourage DeFi users to move funds into DAI, hopefully using the PSM.

Jito suspends mempool after MEV bots fleece memecoin traders

Jito Labs, a company creating Solana staking and MEV software, has just suspended its mempool — a waiting room for transactions before they are added to a blockchain.

Jito Labs said in an X post that it had made the decision due to “negative externalities” impacting users on Solana.

The move makes it more difficult for those running MEV bots to hit unsuspecting traders with sandwich attacks — placing transactions before and after a trade in order to extract value from price movements.

Sandwich attacks cost traders millions every year. They make it so traders get worse prices on their trades than they otherwise would. The effect of sandwich attacks is much more prominent in assets with low liquidity, such as memecoins.

Memecoin trading volume on Solana soared last week, hitting $2 billion in 24 hours.

Data of the week

Blockchain data platform Metrika has created a dashboard to track Ethereum’s Dencun upgrade.

It allows users to monitor the upgrade as validators switch over to the new version of the network. It also provides an estimate of the time until the upgrade is set to take place.

69% of Ethereum validators are running client versions that are ready for Dencun. (Metrika)

This week in DeFi governance

VOTE: Aave to add GMX’s gmETH to its Arbitrum liquidity pool

VOTE: Jupiter DAO concludes vote on LFG launchpad candidates

VOTE: Arbitrum votes on new $4 million grants programme

Post of the week

Ethereum co-founder Vitalik Buterin slaps back at an X user complaining about high transaction fees.

What we’re watching

Demand for US dollar leverage in DeFi is surging.

Lending protocol Compound’s $478 million USDC pool is over 99% utilized — meaning borrowers have taken out USDC loans close to the total amount available.

Got a tip about DeFi? Reach out at tim@dlnews.com.





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12 03, 2024

February 2024 CPI Surges 0.4%, Core Inflation Jumps 3.8% Year-Over-Year

By |2024-03-12T18:33:02+02:00March 12, 2024|Forex News|0 Comments


Food and Energy Sector Analysis

Contrasting movements were seen in the food and energy sectors. The food index remained static, with no change in February, showing a balance between rising and falling food group indexes. Meanwhile, the energy index surged by 2.3%, a stark contrast to its 0.9% decline in January. Gasoline, natural gas, and fuel oil all posted notable increases.

Core CPI Movements

Stripping out food and energy, the core CPI (all items less food and energy) also climbed by 0.4%. Significant increases were noted in shelter, airline fares, and motor vehicle insurance. In contrast, medical care remained unchanged, and personal care experienced a decrease.

12-Month Sector Performance

Analyzing the 12-month period ending February, the all items index increased by 3.2%, with the core CPI index rising by 3.8%. Energy recorded a 1.9% decrease over this span, a stark difference from the food index’s 2.2% rise.

Sector-Specific Highlights

The shelter index, a critical component of the CPI, showed a 5.7% increase over the past year. Other notable increases were observed in motor vehicle insurance, medical care, and recreation. However, food at home and food away from home displayed divergent trends, with the former showing a modest rise and the latter significantly higher at 4.5%.

Market Forecast

Considering these figures, the market outlook appears mixed. The rise in core CPI, coupled with steady increases in shelter and insurance costs, suggests underlying inflationary pressures that could lean toward a more hawkish stance by policymakers. Conversely, the energy sector’s volatility and the static food index could offer some cushion. Short-term, the market is expected to exhibit cautious optimism, leaning towards a slightly bullish outlook as investors digest the mixed signals from various economic sectors. This cautious approach is likely to dominate trading behavior in the immediate future.



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12 03, 2024

Solana (SOL) Price Prediction for March 12

By |2024-03-12T17:46:21+02:00March 12, 2024|Forex News|0 Comments


Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The prices of some coins keep rising, while others have entered a correction phase, according to CoinMarketCap.

Top coins by CoinMarketCap

SOL/USD

The rate of Solana (SOL) has increased by 0.45% over the last 24 hours.

Image by TradingView

Despite today’s rise, the price of SOL is looking bearish on the hourly chart. The rate is coming back to the local support level of $147.9. If the daily closure happens near it, there is a chance to see a breakout, followed by a move to the $145 zone.

Image by TradingView

On the bigger time frame, the rate of SOL has made a false breakout of the $152.64 level. At the moment, one should pay attention to how far the daily bar closes from that mark. 

If it happens below yesterday’s peak, bears may locally seize the initiative, which can lead to a correction.

Image by TradingView

From the midterm point of view, it is too early to make any distant predictions as a few days remain until the weekly bar closes. However, if it happens above $153, the upward move is likely to continue to the $160 zone.

SOL is trading at $149 at press time.



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12 03, 2024

How to Earn Interest on Cryptocurrency in 2024

By |2024-03-12T17:38:46+02:00March 12, 2024|Forex News|0 Comments


How to Earn Interest on Cryptocurrency in 2024One avenue that has gained significant traction is earning interest on cryptocurrency holdings

As the world of cryptocurrency continues to evolve, investors are constantly seeking ways to maximize their holdings beyond mere price speculation. One avenue that has gained significant traction is earning interest on cryptocurrency holdings. In 2024, with the maturation of decentralized finance (DeFi) platforms and innovative financial products, earning interest on cryptocurrency has become increasingly accessible and lucrative. This article will explore the various methods and platforms available for individuals to earn interest on their cryptocurrency holdings in 2024.

Understanding the Landscape:

Before delving into the methods of earning interest, it’s crucial to understand the underlying mechanisms and platforms driving this burgeoning sector. In recent years, DeFi has emerged as a disruptive force, enabling individuals to access financial services without traditional intermediaries. DeFi protocols, built on blockchain technology, facilitate lending, borrowing, trading, and yield farming, all while ensuring transparency and security.

Methods of Earning Interest on Cryptocurrency:

Staking:

Staking involves participating in the proof-of-stake (PoS) consensus mechanism, where validators are chosen to create and validate new blocks based on the number of coins they hold and are willing to “stake” as collateral. By staking cryptocurrency, individuals contribute to the network’s security and, in return, earn staking rewards, typically paid out in the form of additional tokens.

Yield Farming:

Yield farming, also known as liquidity mining, entails providing liquidity to decentralized exchanges (DEXs) or liquidity pools in exchange for rewards. Users deposit their cryptocurrency assets into smart contracts, allowing others to trade against them. In return, they receive rewards in the form of additional tokens or a portion of the trading fees generated by the platform.

Decentralized Lending and Borrowing:

Decentralized lending and borrowing platforms enable users to lend out their cryptocurrency assets to borrowers in exchange for interest payments. Conversely, borrowers can collateralize their assets and borrow other cryptocurrencies or stablecoins, paying interest on the borrowed amount. Platforms such as Compound, Aave, and MakerDAO facilitate these lending and borrowing activities, providing users with opportunities to earn interest on their idle assets.

Savings Accounts and Crypto Interest Accounts:

Several centralized and decentralized platforms offer cryptocurrency savings accounts or interest-bearing accounts. Users can deposit their cryptocurrency holdings into these accounts and earn interest over time. While centralized platforms may offer higher interest rates, decentralized alternatives prioritize security and user control over their funds.

Choosing the Right Platform:

When selecting a platform to earn interest on cryptocurrency, several factors should be considered:

Security: Prioritize platforms with robust security measures and a proven track record of safeguarding users’ funds.

Interest Rates: Compare interest rates offered by different platforms to maximize earnings on cryptocurrency holdings.

Reputation: Research the reputation and credibility of the platform within the cryptocurrency community to ensure reliability and trustworthiness.

Liquidity: Consider the liquidity of the platform and the ease of depositing and withdrawing funds whenever needed.

In 2024, earning interest on cryptocurrency has evolved from a niche concept to a mainstream investment strategy, thanks to the proliferation of DeFi platforms and innovative financial products. By leveraging staking, yield farming, decentralized lending, borrowing, and crypto interest accounts, investors can earn passive income on their cryptocurrency holdings while actively participating in the decentralized economy. As the cryptocurrency landscape continues to mature, individuals must conduct thorough research and exercise caution when exploring these earning opportunities.

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