How do I use USDT in Coinbase? - cyptoranking.com

2024-04-30

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An altcoin is a combination of the terms “alt,” referring to “alternative,” and “coin,” associated with “cryptocurrency.” This means that all tokens other than Bitcoin (BTC) are altcoins. Bitcoin was the first cryptocurrency that introduced blockchain technology to the world and revamped the world of finance. Consensus techniques are the backbone of DLTs. These mechanisms, as mentioned earlier, control how distributed ledger network nodes validate transactions. Some of the main consensus algorithms include “Proof-of-Work,” “Proof-of-Stake,” “Delegated Proof-of-Stake,” and “Byzantine Fault Tolerant-Based. How do I use USDT in Coinbase?How to Calculate if My Investment FRAX is in the process of deploying a raft of “Frax v3” products, and today is launching sFRAX, or “staked FRAX,” alongside a bond product that converts to FRAX’s stablecoin on maturity. Frax founder Sam Kazemian told Blockworks that starting Monday, users will be able to deposit sFRAX and receive 10% yield — which would then shrink to around 5.4%, the Fed’s current IORB rate.

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The Producer Price Index reflects input prices for producers and manufacturers. It measures the costs of producing consumer goods, which directly affects retail pricing. Therefore, it is viewed as a good pre-indicator of inflationary pressures. Completeness: It is stated that if the input is valid, the zero-knowledge protocol will always return as “true.” 2023 Long-Term Capital Market AssumptionsSource / Sam Cooling x Olimpov ArtAs leading Gamefi project Gala Games (GALA) continues to tumble in the fallout of a major legal dispute between co-founders Eric Schiermeyer and Wright Thurston - with the future of GALA at risk, bag-holders are asking 'is GALA going to zero'?This comes amid allegations of theft amounting to $130 million in Gala tokens and corporate mismanagement by Thurston, alongside his investment firm True North United InvestmentsWhile Thurston's counter-claim alleges Schiermeyer lent Gala's funds to himself for personal use, and even purportedly created Gala-related entities in Switzerland and Dubai, positioning himself as the controlling shareholder to pursue his own business interests.Yet, despite the dramatic legal dispute, there are signs of life in the GALA ecosystem as top game developer, Peter Molyneux, announced a launch date for a new GameFi business simulator in conjunction with Gala Games.The blockchain-based ‘Legacy’ title will launch on October 26, and feature Land NFTS and in-game earning mechanisms.GALA Price Analysis: Can Legacy Launch Save Gala Games from Going to Zero?As price action enters localised retracement, Gala Games is currently trading at a market price of $0.014 (representing a 24-hour change of +0.69%).This comes following a brief recovery by GALA following a break back above the 20DMA on September 29, in a +23% move that saw GALA recover almost a month of lost value.TradingView / GALA USDTPrice action is now fighting to consolidate above the 20DMA at the $0.0145 level.Meanwhile, the 200DMA remains descendant but high up at $0.0267 - a level untouched for 154 days since May 5.Despite the impressive upside recovery, the RSI has remained at low bullish divergence - indicating the potential for a strong rally from the potential foothold of support developing above the 20DMA.While the MACD has also flipped to a bullish signal at 0.00031 - signalling the appetite and buy pressure at this level is strong.Overall then, Gala Games faces an interesting duality here - with technical structure appearing incredibly poised for a break-out rally, but trading against a background of significant risk stemming from the founder's legal dispute.TradingView / GALA USDTTo the upside, a bounce here would target higher support at $0.02 (a potential +37.65%).While downside risk remains significant, with a potential tumble back down to lower trendline support at $0.012 (a possible -17.4%).This leaves Gala Games with a risk: reward of 2.16 - a strong entry with upside potential, but risking serious downside stemming from the founders legal dispute.But while GameFi enthusiasts are balancing the potentially catastrophic legal battle against a moderate +37.65% gain, smart money are betting big on an emerging meme coin project aiming to capitalize on inter-community tribalism.Meet Meme Kombat: Community Battles Meme Coin Races to +$350k RaisedSource / Meme KombatMeet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there's no shortage of action, and Season 2 is already on the horizon for December 2023.The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable - every battle is a new experience, ensuring players stay engaged.Meme Kombat Aims to Revolutionize GameFi with Gamified Staking RewardsThe project isn't just about excitement; it's built on a foundation of trust - Meme Kombat's commitment to transparency is evident through initiatives like the impending security audit of their smart contract.The findings of this audit will soon be public, a move that many projects shy away from.The founder and project lead, Matt Whiteman, isn't an unknown entity in the crypto space.His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.When so many projects hide behind the veil of anonymity, Whiteman's open profile and the project's physical address in Amsterdam offer an extra layer of trustworthiness.Source / Meme KombatThe tokenomics of Meme Kombat is also an appealing factor for potential investors - Stake the Meme Kombat ($MK) token, priced attractively at $1.667, and dive into a rewarding ecosystem.With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena - this dual functionality – earning while gaming – sets Meme Kombat apart.Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss - so, don't be left behind (stay tuned with the MK Telegram).Embrace the future of meme-based gaming and betting with Meme Kombat.Buy Meme Kombat HereDisclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.NiceHash Review 2023 Pumpkin Spiced Latte drop. Source: Nifty Gateway

Like Arad, veteran cryptocurrency traders and reputable industry watchers have always warned people that when engaging with this digital asset, it’s important to remember that high opportunity comes with an equal amount of risks. High returns never come risk-free. Source: DogeCoin Twitter Cryptocurrency Exchange DevelopmentCryptocurrency-backed stablecoins are coins backed by other cryptocurrencies. The most popular variant by market capitalization is Wrapped Bitcoin (WBTC), a token similar to Bitcoin but issued on the Ethereum blockchain. Wrapped Bitcoin reserves are held in vaults operated by guardians. Other crypto-backed stablecoins, such as renBTC, are held in vaults managed by encrypted smart contracts. Token unlocks can temporarily depress crypto prices, but when liquidity freed represents over 100% of daily volume, prices rebound briefly before falling further within two weeks, according to research by The Tie previously reported by CoinDesk.

Here’s How Bitcoin (BTC) Price Could React to the Middle East Crisis Read more: PayPal Refuses to Service Palestinians: Is Bitcoin the Solution? The Only Crypto Story You Need, by Matt LevineArdana’s rise and fallArdana was first announced in the summer of 2021, and by October 2021, it had raised $10 million from venture capital firms CFund, Three Arrows Capital (3AC) and Ascensive Assets. Thanks to its successful fundraise and the prominence of its backers, some investors came to believe that Ardana’s upcoming token, DANA, would deliver outsized market gains.The following month, Ardana announced that it was also partnering with Near Protocol to create an asset bridge between Cardano and Near.However, no Ardana stablecoin platform or bridge was ever launched, and the protocol closed down in November 2022 without a functioning product. The development team stated that the closure was due to “funding and project timeline uncertainty.” The closure happened amid the collapse of FTX, which had made it difficult for many projects to raise funds. One of Ardana’s backers, 3AC, had also gone bankrupt a few months earlier. Given this background, many didn’t question the official story.However, blockchain data and analysis by Xerberus show that Ardana’s failure may have had less to do with a lack of funding and more to do with risky asset management practices by Ardana Labs’ officers. A trail of questionable money Xerberus co-founders Simon Peters and Noah Detwiler told Cointelegraph they identified the Ethereum wallet Ardana Labs used to collect funds from the DANA initial coin offering (ICO) in November 2021. They stated that links to the address were included in the ICO platform Tokensoft’s web pages relating to the token. In addition, they claim to have identified a $1 million transaction from 3AC into this address at a time when 3AC had announced its Ardana investment.According to blockchain data, the first transaction to this account occurred on Sept. 2, 2021, when approximately 0.46 Ether (ETH) ($1,747 at the time) was sent into it. This was approximately two weeks after the Aug. 15 start date for the first round of Ardana fundraising. Beginning on Sept. 15, the account received multiple USD Coin (USDC) transfers that eventually added up to millions of dollars worth of stablecoins.Caption: USDC transfers into alleged Ardana fundraising wallet. Source: Etherscan.Once the funds were raised, they were moved into other wallets through a series of intermediate steps, Xerberus claims.As told by Peters and Detwiler, approximately $3.2 million worth of stablecoins was moved from the fundraiser wallet to a “Target Wallet” through two intermediate addresses. This amount is approximately 30% of the total funds raised. First, the fundraiser account sent the funds to what they refer to as “Proxy Wallet 1.”Diagram of Ardana fund flows. Source: XerberusAfter receiving the funds, Proxy Wallet 1 swapped all of the stablecoins for CVX, a utility token used to receive fees from the Convex Finance platform. Blockchain data shows that decentralized exchange (DEX) SushiSwap was used to make this swap.From there, the funds were sent to what the Xerberus founders claim is an old personal wallet (“Old Address”) of Ardana founder Motovu. According to them, Motovu declared that he made money in the previous bull market of 2017. They found that “between $200,000 and $400,000” was in this wallet before the Ardana ICO, but the bulk of the funds it later held were from Ardana.“When this project went under and when it failed, [Motovu] went onto a live Space and said, ‘A lot of my personal money that I had earned over the previous bull market in 2017’ […] is the money he made out of this old wallet,” Detwiler explained. “It sums up to something around $200,000 to $400,000, nothing more.”Blockchain data shows that approximately four minutes after the CVX tokens were sent to the Old Address, it transferred them to the Target Wallet. It is this wallet that they claim was used to purchase a variety of cryptocurrencies, ultimately causing Ardana’s funds to be lost in bad investments.CeFi exchanges join the trailIn addition to the amount moved on-chain to the Target Wallet, another $4 million was sent through centralized exchanges first, then transferred to the Target Wallet, according to the Xerberus co-founders.They claim to have identified the Kraken, Coinbase and Gate.io deposit addresses used by the Ardana team. To find these, they looked for addresses that received funds from the fundraising wallet and sent funds to a known exchange address. For example, one address in particular received funds from the fundraising wallet and only sent funds to the Coinbase 6 and Coinbase: Miscellaneous wallet addresses.Once funds were sent to a centralized exchange, determining what happened to them became more difficult. However, the team used a variety of techniques to determine with a degree of certainty where the funds went.In some cases, the team was able to identify funds that were sent to Kraken and then immediately sent out to another address, as Kraken often uses the same address to send and receive funds for each user, especially if the time between transactions is short. In other cases, Kraken sent the deposited funds to another of its wallets, making it no longer obvious what the user did with the funds. Deposits sent to Coinbase and Gate.io are always sent to other wallets and pooled with other users’ tokens. So, with transactions involving these exchanges, the team could not determine what happened as easily.However, they analyzed all outgoing transactions made by each exchange within an hour of the fundraising wallet depositing to it. They found that many outgoing transactions were for the exact same amount as the deposits. For example, the fundraising wallet would deposit $220,000 worth of Tether (USDT) to Gate.io. Then, 40 minutes later, the exchange would send exactly $220,000 in USDT out to a different wallet. Ultimately, much of these funds ended up in the Target Wallet, providing what Xerberus sees as solid evidence that the same user made the outgoing transactions.Peters and Detwiler cautioned that this process does not prove with certainty that the transactions were made by Motovu or a member of the Ardana team. “This is not a UTXO [unspent transaction output] trail or a ledger trail. This is not a blockchain exact trail. […] However, the time frames and amounts do correlate with each other,” Detwiler stated. According to them, a total of $4 million was sent to the Target Wallet through these methods, bringing the total amount of funds sent into it to $7.2 million.Some funds remain, while some were spent on developmentResearch conducted by the Xerberus team shows that approximately $1.82 million worth of Ardana’s funds were spent on development costs associated with the project, including team member’s salaries. They contacted a person they referred to as “the main contractor for the project,” who gave Xerberus their wallet address. This address showed payments totaling $1.82 million, which is approximately 20% of the funds raised.In addition, they claim that approximately $1.4 million worth of USDC has not been lost and still remains in the possession of the project in a wallet they refer to as the “Treasure Chest” account. This account’s first transaction was an incoming transfer of 0.3 ETH, worth $562.29 at the time, which was sent to it from the Target Wallet.Related: Multichain victims search for answers in $1.5B exploit as new evidence emergesNearly $4 million lost in bad tradesAccording to Xerberus’ Sept. 6 report on Ardana, nearly $4 million of the Target Wallet’s token balance was lost through bad trades. The wallet owner transferred most of the funds to two Safe (formerly Gnosis Safe) multisignature accounts. These funds were used to make trades on DEXs PancakeSwap, Uniswap, SushiSwap and GMX, resulting in near-total losses. The Target Wallet also made its own losing trades.Blockchain data shows that the Target Wallet made over 1,000 transactions, most of which were interactions with DEX contracts.Transactions of the account identified as “target wallet” by Xerberus. Source: Etherscan.Ardana’s liquidation and closureXerberus claims that the on-chain behavior of the Ardana team began to change in March 2022, when the team’s wallets began “dumping” their assets onto DEXs. They continued to sell all remaining assets until November 2022, at which point the project officially announced it was closing. The funds obtained from these sales still remain in the treasury wallet.The firm says it created an early warning system that can help alert investors when a project is engaging in risky behavior that may lead to a closure. Xerberus calls this “Blockchain Native Risk Ratings based on verifiable mathematics,” and it says investigations like the Ardana one are used to “fine-tune” its risk model, which it expects to “transform crypto markets, making them the safe alternative to traditional financial markets.”Cointelegraph attempted to contact Ardana’s Motovu through LinkedIn, hoping to receive his side of the story. A reply was not received within the two weeks leading up to publication.Many Ardana investors were firm believers in the Cardano ecosystem. They expected Ardana to be the project that would finally get Cardano the attention they felt it deserved. Instead, over $10 million in capital was sucked out of the Cardano community, with virtually nothing left to show for it in the end.The Ardana story is a sober reminder of the risks of investing in new Web3 startups with no functioning product. Although these projects can lead to outsized gains, they can also lead to catastrophic losses. Investors may want to take a close look at a project’s on-chain behavior when considering whether to invest in these types of projects.Cointelegraph editor Zhiyuan Sun contributed to this story. Related: Binance’s indecision to freeze wallets drew controversy in this $11M rug pull Market intelligent platform for on-chain and social metrics, Santiment tweeted that the XRP ledger has seen less activity compared to 2021 and 2022. However, this has not stopped the Whales and the Sharks from accumulating XRP. Wallets with 100K-100M $XRP hold $7.89B in coins at present while a year ago it was $7.16B. As such, wallets holding 100K -100M XRP have 26.7% of the supply of XRP.

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