Ethereum ‘Killer’ Solana Adds USDC Stablecoin in DeFi Push

Last summer, Solana raised $20 million in a funding round led by Austin-based Multicoin Capital. In April, the blockchain began adding stablecoins to …

In brief

  • The USDC stablecoin will be available on the Solana blockchain.
  • Solana sees USDC integration as an important step in building DeFi on the network.
  • It’s also hosting a hackathon focused on Wormhole, its bridge to Ethereum.

The Centre Consortium, which was founded by payments platform Circle and cryptocurrency exchange Coinbase, announced today that it’s making Solana an official blockchain for its USDC stablecoin.

That means that USDC—already integrated with Ethereum and Algorand (and about to be integrated with Stellar)—is coming to Solana, a blockchain interested in attracting decentralized finance users looking for a network with higher speeds and lower costs than the second-largest crypto network by market cap, Ethereum. It’s one of the reasons that Solana, among many other blockchain networks, has earned the moniker of potential Ethereum “killer.”

To make the most of the USDC-Solana integration, Circle is partnering with crypto trading firm Alameda Research, crypto derivatives exchange FTX, and Solana-based decentralized exchange Project Serum to help put the USDC-SPL token in traders’ hands at the jump.

“It’s the fastest, cheapest stablecoin in the world, and will help bring that power to Serum,” said FTX founder and CEO Sam Bankman-Fried, referring to USDC. “Both FTX and FTX US will be supporting USDC-SPL through exchange deposits and withdrawals and their OTC desks, with Alameda committing to provide deep liquidity in it.”

Solana is a blockchain network that touts its inherent scalability, claiming to be able to handle up to 50,000 transactions per second compared to Ethereum’s 15 or so. Last summer, Solana raised $20 million in a funding round led by Austin-based Multicoin Capital. In April, the blockchain began adding stablecoins to its network, including the largest stablecoin by market cap Tether, and has made several moves since to better position itself to take on Ethereum in the DeFi sector.

Circle Chairman and CEO Jeremy Allaire thinks the Solana blockchain is a good fit with USDC, referring to it as a decentralized solution with “throughput that rivals most centralized financial market infrastructure.”

Solana co-founder Anatoly Yakovenko concurred, seeing the integration as a way to further reach into the decentralized finance sector, which allows crypto users to access loans and earn interest on holdings.

And while it first started making stablecoins available earlier this year, Solana clearly had its sights on USDC. Centre introduced USDC, a stablecoin pegged to the US dollar, in 2018. It’s now the second-largest stablecoin in reported market cap, at $2.7 billion, behind only Tether. That represents over 500% growth in the last year—moving in tandem with what is now a $10+ billion market for decentralized finance products.

“USDC is the lifeblood of the DeFi ecosystem and we couldn’t be more excited to welcome USDC to the Solana community,” said Yakovenko. “We’ve seen a flurry of inbound interest from teams looking to build DeFi products on Solana recently, and a trusted stablecoin like USDC is a critical building block for many of them.”

In addition to the obvious—people can easily use the USDC stablecoin on the Solana blockchain—the partnership will bring other benefits in the form of APIs so that other products—wallets, exchanges, and custodians, for example—can “support nearly instant cross-chain swaps of USDC.”

It’s not the first DeFi play for Solana, which recently launched Wormhole, a bridge to Ethereum that allows projects to jump onto Solana if/when Ethereum becomes too congested or costly.

It’s holding a hackathon for Wormhole development on October 28, with $250,000 in winnings at stake. The judges and speakers include not only Yakovenko and Fried, but also Aave founder Stani Kulechov, Compound founder Robert Leshner, and Multicoin Capital co-founder Kyle Samani.

CorionX Partners Fuse to Increase Stablecoin, DeFi Adoption

In its continuous effort to increase users’ participation and adoption of stablecoins and decentralized finance (DeFi), Corion Foundation, a non-profit …
CorionX Partners Fuse to Increase Stablecoin, DeFi Adoption

In its continuous effort to increase users’ participation and adoption of stablecoins and decentralized finance (DeFi), Corion Foundation, a non-profit organization, has announced a partnership with Fuse.

Corion Foundation made the announcement via an official blog post. The foundation noted that the partnership arose due to both firms’ similar vision to enable access to quick, safe, and cheap open finance solutions globally.

We are pleased to announce our partnership with @CorionPlatform! Using the Fuse product stack, Corion aims to launch a stablecoin wallet to reinforce the Corion stablecoin ecosystem. More details below! 🔥

🔍 Medium: https://t.co/LkkviGcMhv#DeFi#ERC20

— Fuse (@Fuse_network) October 16, 2020

According to the announcement, the Corion Foundation and Fuse will organize campaigns to create awareness and educate people through AMAs, seminars, webinars, training sessions, and several other means. Also, the blog post noted that both firms would partner on marketing and other business ventures.

Expressing his excitement with the partnership, Fuse CEO Mark Smargon stated that the partnership would increase cryptocurrency and DeFi adoption. He also said the partnership would enable more users to participate and embrace the digital economy with ease.

Both groups “believe in the future of programmable money, which is running on blockchain.” This future will be responsible for creating “more advantageous economies for merchants and individual users.”

Additionally, the announcement disclosed that the partnership would enable Fuse, an Ethereum sidechain, to tackle the biggest issues (scalability and cost) new digital assets face in the Ethereum network. Fuse will also take on current issues like interoperability, education/awareness, and easy onboarding of mainstream users.

Notably, Fuse will be hosting the first round of its network’s token public liquidity. This first round begins on the Mesa decentralized exchange on Thursday, October 22.

Stablecoin and DeFi mass adoption

Advocating the same idea as the Fuse CEO, Corion Foundation board member Miklos Denkler stated that the partnership would enable both firms to achieve their vision of global adoption of stablecoins and DeFi. Not to mention also allowing millions of people in local economies to use their services worldwide.

Additionally, both groups are working on launching the Fuse Chain & Ethereum Bridge. This initiative is a solution that is based on POA’s bridge implementation and is used to transfer ERC20 tokens between the Ethereum network and the Fuse chain.

Running on the Fuse and Ethereum chains, the Fuse Studio dApp allows users to store a “wide array of different currencies and tokens both crypto and traditional fiat currencies” to help support CorionX (CORX), Corion’s ERC20 token and other Ethereum-based DeFi tokens and stablecoins.

The announcement noted that the CorionX wallet would provide fast verification and frictionless onboarding. In addition, the CorionX wallet will increase stablecoin transactions and solve the micropayments issue.

CorionX, Syscoin partnership

Similarly, it’s worth noting that in its drive to increase the adoption of stablecoins, DeFi, and CBDCs globally, the Corion Foundation recently entered into a strategic partnership with Syscoin Foundation.

The alliance would leverage Syscoin’s technology to establish a solution that would increase the adoption of stablecoins and an open financial ecosystem. According to Jag Sidhu, Syscoin Foundation chairman, the partnership will create a more efficient and beneficial ecosystem.

He notes, “Our combined focus will include specific stablecoins, DeFi, and helping the unbanked and over-banked. Together we will drive wider adoption of blockchain technology,”

For more cryptocurrency news, check out the Altcoin BuzzYouTube channel.

IOST to Lead the Digital Currency Transformation

It has been reported that the majority of central banks are likely to issue their own Central Bank Digital Currency (CBDC) in the next 6 years.

Once identified as a transitory phenomenon, digital currency looks like it inevitably will lead the world out of the current financial system and into the next. As countries around the world crank up their printing presses, central banks are experimenting with digital currency to enable the construction of a new system of finance to allow fast, inexpensive transactions without intermediaries, such a MasterCard or Visa. It has been reported that the majority of central banks are likely to issue their own Central Bank Digital Currency (CBDC) in the next 6 years. In particular, the Central Bank of China has launched and begun testing its Digital Currency Electronic Payment (DCEP) system in the cities of Shenzhen, Suzhou, Chengdu and Xunan. Four state-owned banks will be involved in the issuing of this digital asset: Agricultural Bank of China, Industrial and Commercial Bank of China, Bank of China and China Construction Bank.

This is a far cry from just two years ago, where crypto currencies were described by one US Senator (Brad Sherman) as a “crock”, who went on to say “it allowed a few dozen men to sit in their pyjamas on the couch all day and tell their wives they’re going to be millionaires,” and cryptocurrencies “help terrorists, criminals and tax evaders”. Or, Warren Buffet’s likening of cryptocurrencies to “rat poison”. The COVID-19 pandemic has changed the world forever and accelerated the necessity of a new system. Digital and Cryptocurrency in 2020 has been firmly cemented in the consciousness of the world population, and one thing is for sure, the financial world will never be the same again.


With adoption of CBDC by world banks, it is expected that leading crypto and blockchain protocols will benefit from their introduction, none more so than the Internet of Service Token (IOST). IOST is a highly scalable, smart contract blockchain network and ecosystem with a full array of systems for the new financial world. It encompasses easy to use accounts and wallets, decentralised applications (dApps), staking, Non-Fungible Tokens (NFT) and Decentralised Finance (DeFi) systems. It is a developer’s dream, compatible with JavaScript, a coding language used almost exclusively today in web page development. IOST utilises a novel consensus algorithm known as Proof-of-Believability (PoB). PoB is a consensus algorithm developed by IOST, which enables high scalability throughput speeds (tested at up to 8000 tps) while ensuring nodes stay compliant.

IOST can be simply described as:

An ultra-fast, decentralised blockchain network based on the next-generation consensus algorithm “Proof of Believability” (PoB).

One gets the feeling it is just a matter of time for this technologically advanced blockchain to be recognised as the industry leader. It is already a seasoned blockchain who’s main net (Olympus, now at V.3.3.6) launched in quarter 1, 2018, demonstrating a bullet proof protocol, that has now been tried and tested safely with over 100M transactions. It’s team of proven founders, highly educated from prestigious universities such as Princeton University and combining real world experience in companies like Microsoft and Uber, ensures its technology is on the cutting edge.

IOST displays an unwavering sense that it will succeed in it is mission to be the “underlying architecture for online services that meets the security and scalability needs of a decentralised economy”, due to the exceptional team and it’s secure funding, being backed by world-class investors, such as:

IOST Investors

Due to the strong private funding from the above investors in 2017, IOST has avoided any government non-compliance, it didn’t have the need to raise funds in a public Initial Coin Offering (ICO). Blockchains that were funded through ICOs have come under major scrutiny recently from regulators such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The “DAO Report” from the SEC on the 25th of July 2017, determined that DAO was an unregistered security, leading to a precedent for ICO’s thereafter. Due to this, many popular blockchains in existence today still have an uncertain future, who’s investors risk making hefty losses, IOST however, is not one of them.

Rather than avoid regulators, IOST has chosen to invest in compliance and regulation, a move that is likely to see major benefits in the near future. A recent benefit has been the listing on the largest compliant exchange in Japan, CoinCheck. IOST was already listed on all major exchanges, having major liquidity for traders, but CoinCheck was a particularly important listing.

This is due to the stringent government compliance requirements for Japanese exchanges. The listing made IOST the 14th compliant token on CoinCheck and the 29th compliant token in the Japanese market. While this was a significant achievement, it pales in comparison to the unique opportunities that exist for IOST, particularly in China and Asia in general.

IOST was first given a unique opportunity in China on the 21st of December 2019. IOST’s Chief Technical Officer Terry Wang, was invited to speak at the inaugural BlockchainForum, in China’s Great Hall of the people. The Blockchain Forum included China’s state leaders, mayors, trade reps, national strategists and over 400 state-owned and private companies. This led to further invitations by the Chinese government. On the 19th of June 2020, again Terry was invited by the

Chinese Government. This time, the National Archives Administration invited him to lecture on blockchain technology development. The attendees totalled in excess of 350 government staff including Chen Shiju, deputy director of the Central Office and members of the leadership team of the Chinese government’s National Archives Bureau. This was another significant event, given IOST was the first blockchain project invited to lecture to the Chinese Government in this manner.

Heavy scrutiny has been implemented on public decentralized blockchains by the Chinese Government in recent years due to the threat of cryptocurrencies to the monetary sovereignty of the Chinese currency. IOST’s exemplary record in compliance was proven again, by being selected to be included on the Chinese Government’s Blockchain-based Service Network (BSN).

The BSN is a Chinese standardized services provider for decentralized applications. IOST has become a public permissioned consortium chain and paves the way for the people of China to utilize IOST, just one of 24 public chains to be accepted.

Other notable IOST involvement with the Chinese Government are as follows:

  • On the 23rd of June 2020, the BSN officially selected IOST’s charity information publicity platform as its officially designated application;
  • IOST along with Alipay, was selected as the Outstanding Blockchain Program contributing to the fight against the COVID-19 pandemic by the Chinese Mobile Communications Association; and
  • Currently IOST is ranked third overall in China’s Centre for Information and Industry Development (CCID) cryptocurrency project.


DeFi or decentralised finance is a new buzz word in the Crypto space, and adoption is growing rapidly. The goal of DeFi is to reconstruct the financial system using digital assets. Even though DeFi is growing quite rapidly, the traditional finance sector is a behemoth that is controlled by centrally governed banks and other financial institutions, which is unlikely to change anytime soon. For cryptocurrencies to be successful in the mainstream it is expected that good compliance will be essential. DeFi competes with traditional financial markets by offering benefits when compared to the current system in the following ways:

  • Inclusive access globally to financial services;
  • Efficient Cross-border payments that are affordable;
  • Improved privacy and security;
  • Censorship-resistant transactions; and
  • Frictionless Transactions.


IOST has many benefits when compared to its competitors. IOST has an ease of use in its design with simple account names and transactions that are exceptionally fast, fractions of second fast. This coupled with free transactions based on its intelligent resource system including igas and iram, makes it a formidable contender in the DeFi space. In 2020, IOST is making its inroads in

the nascent DeFi space and cultivating the growth of its robust DeFi ecosystem through deepened co-operations with emerging DeFi projects, and comprehensive incubation support for potential DeFi products. IOST has created the Noah Oracle Fund bringing the total investment into DeFi, to USD 7 million.

Additionally, IOST provides technical support and recommendation letters to support listings on the finest crypto exchanges in the industry. There is a Utopian notion by Cryptocurrency entrepreneurs that crypto DeFi can re-create traditional financial architecture, outside of regulation by governments and without intermediaries. However, the protection of national interests will always be paramount. The control of money and finance is extremely important to a country, particularly in places like China. It is unlikely that the winner and hence the controller of the new financial system will unlikely be a private cryptocurrency, however there are many opportunities for blockchains who are willing to play ball and comply with government requirements. Like it or not, a new liberal and decentralised financial system is on the horizon, how it plays out depends on many moving parts. IOST’s regulatory prowess and unique relationship with the governments, cannot be understated. IOST certainly has positioned itself to minimise the risk and spread the potential benefits through this brave new world of digital currency transformation.


Article written by: Braddozack

Neo News: Week in Review – October 12th – October 18th

The perpetual contract exchange, Perp, was initially scheduled for release after Flamingo’s FUSD stablecoin minting module. However, Flamingo …
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NEO

October 17th, 2020, was the fourth anniversary of the Neo MainNet launch. To celebrate, the Neo Foundationreleased an open letter to the community highlighting Neo’s successes and challenges moving forward. The NF noted recent progress in joining the InterWork Alliance, partnering with Blockchain-based Service Network, forming the Poly Network interoperability protocol alliance, and launching the Flamingo Finance DeFi protocol.

It also discussed the upcoming launch of Neo3, outlining the new features of the full-stack blockchain solution. As the Neo3 release nears closer, the NF is preparing an early adopter and migration plan, developer grants program, and a post-launch hackathon.

Neo Global Development released its monthly report for September 2020. The report noted September’s launch of Flamingo Finance as the highlight of the month, and also outlined recent protocol development progress towards Neo3 Preview4.

The Flamingo Finance team announced it will launch its automated market maker-based perpetual contract exchange earlier than expected. The perpetual contract exchange, Perp, was initially scheduled for release after Flamingo’s FUSD stablecoin minting module. However, Flamingo reasons it already has a “relatively large amount” of stablecoin volume suitable for the DeFi platform’s needs. Flamingo currently maintains a stable liquidity provision of approximately US $200 million in the Swap module, with approximately one-fifth of that liquidity being the USDT stablecoin.

Additionally, the Flamingo Finance team launched a trading router that automatically searches for an optimal trading route to execute trades between liquidity pools.

NNT Catch Up

Neo News Todayhosted NGD Ecosystem Growth director, John Wang, on episode 42 of the NNT podcast. In this episode, topics of discussion included the day to day work of the Ecosystem Growth team, the types of projects it seeks to collaborate with, differences in building relationships with Chinese versus international projects, interoperability, Neo3, DeFi, Flamingo Finance, and much more.

Developer Groups

O3 Labsupdated its mobile wallet version to 1.0.6, adding a risk asset reminder.

Ecosystem

October 12th, NeoEconomy released an unofficial Switcheo TradeHub explorer.

October 12th, Binanceannounced a week-long NEO deposit incentive and NEO trading competition to promote and “celebrate the successful launch” of Flamingo Finance. The exchange also added leveraged trading to its highest-volume Flamingo markets: FLM/BTC and FLM/USDT.

October 13th, Red Pulse and APEXannounced a merger. The new entity will be known as Phoenix Global, and NEP-5 CPX token holders will be able to convert their tokens to PHB tokens at a 1 PHB:2.5 CPX ratio. The joint venture plans to build a new DeFi platform called “Horizon.”

October 14th, NEOsupport was integrated into the Spatium’s new mobile wallet, a keyless non-custodial solution for managing digital assets.

October 14th, TranslateMereported that more than 1,000 users have registered on its beta Marketplace within the first two weeks.

October 14th, Nashlaunched its Nash Link payments platform. Nash Link aims to make it seamless to accept cryptocurrency payments while avoiding the usual volatility risks or fees associated with traditional transactions.

October 15th, Nash released an abridged weekly update that included dynamic fee calculation for NEO/GAS transfers, additional token support in its wallet, plus more.

October 15th, Nashreleased a new episode of its Beyond the Blockchain podcast, with guest Scott Melker to discuss crypto markets, responsible investment, and more.

October 15th, Switcheo was listed on Staking Rewards, a data aggregator website that features projects offering staking rewards.

October 15th, Switcheo put the first TradeHub Improvement Proposal to vote on its recently launched governance portal. Switcheo is building toward becoming a fully decentralized trading platform, and the launch of its decentralized governance structure marks a “significant milestone.”

October 17th, Nashconcluded a swag design contest for the upcoming launch of its merch store, announcing the winning designs.

October 18th, QLC Chainparticipated in a community AMA, where the team noted future collaboration with the Flamingo Finance protocol is possible.

Token Listings

Binance listed isolated margin trading for the Flamingo Finance token.

Tags: BSN, FLM, IWA, NEO, Nex, O3, PHB, QLC, SWTH, TMN

Asset manager: Activist investors may save Ethereum DeFi token Curve (CRV) as token price hits …

Curve is by far one of the most popular platforms used for stablecoin swaps, cross-chain interoperability, and synthetic assets. Despite being a brilliant …

Curve is by far one of the most popular platforms used for stablecoin swaps, cross-chain interoperability, and synthetic assets.

Despite being a brilliant idea and widely used, the CRV governance token has been one of the worst-performing post-launch governance tokens seen by any major platform, with its price diving to fresh all-time lows today.

The relentless downturn that has pushed Curve’s price to fresh lows hasn’t come about due to the weakness in the aggregated market, nor any fundamental flaw with the Curve platform itself.

Rather, the supply schedule and CRV inflation caused it to launch at an immensely overvalued price, with the value created by the Curve platform not exceeding the cost of its steep inflation parabola.

One fund manager is now noting that the strength underpinning the Curve platform could make CRV an ideal target for activist investors who want to change the economic flaws that have been forcing its price lower.

Curve token sees relentless downtrend; Hits fresh all-time lows

Earlier today, the Curve token hit fresh all-time lows of $0.43, marking a massive descent from its post-listing highs of roughly $4.50.

This decline far exceeds that seen by most governance tokens and started while the aggregated DeFi space was still caught within the throes of an intense bull trend.

Andrew Kang – an investor at Mechanism Capital – explained that CRV is a great example of a digital asset that is both a great investment and not investable.

“CRV is by far the most extreme juxtaposition of being both an amazing investment with huge addressable markets and not being investable at the same time.”

On the one hand, Curve as a platform has significant utility and a bright future, as the growing demand for synthetic assets and stablecoins will likely continue driving liquidity and usage to the platform.

Meanwhile, the token economics of CRV essentially makes its price guaranteed to continue declining until a governance proposal shifts its supply and inflation schedule.

Here’s why CRV may be an ideal investment for activist investors

Kang later stated that the platform’s potential utility down the road might make CRV an ideal investment for activist investors who can sway its governance in a way that shifts its token economics.

“Unfortunately, the supply schedule & heavy inflation of CRV makes it a short biased asset (dumpamentals). The cost of inflation is greater than the value created for Curve. Fortunately, this makes Curve a great potential target for activist investors. Whose up for a change?”

Because the Curve platform does have wide utilization and holds much promise, activist investors who are vested in CRV’s future could shift its immense downturn and improve its attractiveness as an investable asset.

Posted In: Analysis

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