archeoswap

The WTF token airdrop got off to a wild launch

The WTF token airdrop got off to a wild launch. Users reportedly lost thousands of dollars, while one bot disappeared with 58 ETH.

Fees.wtf is a simple service that shows Ether (ETH) users their lifetime spending amount on Ethereum blockchain transactions by measuring gas. You plug in your wallet address on its website, and it tells you how much gas you spent.
The project released its WTF token in an airdrop Friday. Essentially, users were able to claim WTF tokens as well as a “Rekt” nonfungible token (NFT) for 0.01 ETH. The Rekt NFT grants lifetime access to the pro version of Fees.wtf.

Discord announcement

According to its Discord announcement, the initial launch planned to offer 100 million WTF, and the “circulating supply will be the main attraction in the tokenomics.” However, it didn’t quite go as planned.
Following frantic trading behavior between bots in the opening hours of the airdrop, one bot ran off with a reported 58 ETH, or $180,000. According to Etherscan, 58 ETH was drained from the Wrapped ETH (wETH) and WTF liquidity pool.

Social media respond

Social media channels were quick to respond because many airdrop participants lamented losing thousands of dollars in ETH. The WTF team chimed in two hours after the airdrop to calm their ranks:
“Immediately on launch there was only a tiny bit of liquidity and there were ape bots that were chucking in 100s of ETH into a pool with an ETH or two of liquidity. They also had high slippage and ended up being sandwiched by the other bots which essentially drained all their ETH.”

liquidity pool

Basically, within five minutes of the token launch, poor liquidity pool management from the WTF developers left the liquidity pool exposed. As there was low liquidity, bots were able to manipulate the price of WTF to then sell for wETH.
The bots battled it out until one winner took home the pot. In effect, the bot stole from users who provided liquidity to the pool, trying to claim their WTF tokens and Rekt NFT. The victor managed to send an “ultra-fast transaction at 3,000 Gwei,” making a 6x return on their initial investment.

The WTF team

The WTF team sent out another Discord update two hours after the airdrop, stating, “The core contracts are all fine, this was a war on Uniswap.” The team added, “We hope no one was affected by it.” However, as has become a common occurrence in airdrops of late, many users lost a lot of money.
The price graph of the token since launch paints a thousand words. The initial spike shows the bot activity swiftly followed by a 10x loss in value.
The official WTF Discord group is brimming with users sharing stories of losing money. Some are “shaking” with rage, while death threats and lawsuit claims are rife.

Etherscan transaction

One Etherscan transaction points to one user losing 42 ETH, or $135,000, for 0.000044170848308398 WTF, effectively $0.01.
As daylight dawns on the project, some Twitter users have called out the project as a Ponzi scheme. The referral element to the project is spurious. Referrers of the WTF project claim 50% on fees “to make wtf go viral,” while the WTF team earns 4% from each transfer. In total, the WTF team claimed almost half a million United States dollars in token transfer fees in a little over eight hours.
Twitter user Lefteris Karapetsas didn’t mince his words:


The WTF project states merely that the supply of tokens is “deflationary” and that 40 million WTF tokens will go to its treasury. There is not a great deal of detail regarding the token distribution. Twitter user Meows.ETH concluded their Twitter thread with a zen approach to the controversial project launch:
“If you were fortunate enough to claim a big amount of $WTF and cash it out for a profit, be happy. Unless you’re attempting to bot the initial liquidity, don’t FOMO into buying a newly launched altcoin with high slippage.”
Source of this news: cointelegraph.com
Defi News on our Site
Our Last Defi Project: Panther Protocol.io
Last News on Defi: Near Protocol collects $150M to develop Web3 adoption

Near Protocol collects $150M to develop Web3 adoption

Web3 Adoption

Ethereum competitor Near Protocol raised funds for Web3 adoption, with Three Arrows Capital and Andreessen Horowitz supporting the PoS blockchain.

Proof-of-stake blockchain Near Protocol has raised $150 million in seed investments to accelerate the adoption of Web3 technologies. The team announced that the fund would be used to develop regional hubs and raise awareness for blockchain and decentralized tech.

Near Protocol Goal

Near Protocol aims to use the fresh funds to foster the adoption of Web3. According to the announcement, the funding will be used to “help billions of people learn and use blockchain.” With this, projects building on the Near blockchain will have the opportunity to connect with new audiences.
The investment round was led by hedge fund Three Arrows Capital, with additional participation from Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, Zee Prime, Folius, Amber Group, 6th Man Ventures, and Circle Ventures. MetaWeb.VC, Near’s ecosystem fund, also participated in the seed round. Additionally, angels Alan Howard, Santiago Santos, and Aave founder Stani Kulechov joined the funding.
“We are excited to support the NEAR team and ecosystem as they scale blockchain applications,” said Kyle Davies, co-founder, and chairman of Three Arrows Capital.

Near Protocol’s Technologies

Meanwhile, Amos Zhang, founder of MetaWeb.VC expressed his support by saying that Near Protocol’s technologies are great for fostering blockchain adoption. “NEAR is best suited for empowering blockchain applications for mainstream adoption,” said Zhang.
Back in 2021, Near protocol allotted $800 million for new initiatives to fund the acceleration of decentralized finance while noting evidence that the decentralized finance market is still in its early stages. The move aims to encourage developers by adding incentives to build on the Near blockchain.

Cardano-based stablecoin hub Ardana

Late last year, Near also partnered with Cardano-based stablecoin hub Ardana. The collaboration aims to create a bridge infrastructure that will allow users to transfer assets from the Near Protocol to fellow proof-of-stake blockchain Cardano. With this, Near tokens will also serve as collateral on the Ardana platform to mint stablecoins.
Source of this news: cointelegraph.com
Defi News on our Site
Our Last Defi Project: Panther Protocol.io

Even amid crypto’s early-2022 jitters, some analysts still think Bitcoin at $100,000 is in reach

Bitcoin’s getting a drubbing this week as the Federal Reserve readies a removal of stimulus, but bulls are feeling as emboldened as ever.

The largest cryptocurrency by market value has shed about $80 billion since the start of the year amid a slump that’s brought it to its lowest levels since its early-December flash crash. But out have come predictions it can still reach the vaunted $100,000 level at some point this year.
It would have to more than double from current levels around $42,900 to arrive at that milestone. Analysts say it’s not that it can’t—it’s posted plenty of triple-digit annual returns over the past decade—but that the road ahead might be more difficult for cryptocurrencies with a more hawkish Fed.
“Cryptocurrencies benefited from the Fed’s massive liquidity injections since 2020,” said Matt Maley, chief market strategist for Miller Tabak + Co. “It pushed these assets too far, too fast.”
In conjunction with riskier assets like U.S. equities, Bitcoin and other digital assets tumbled Wednesday after minutes from a recent Fed meeting showed officials were willing to withdraw stimulus sooner than many had previously expected.
The release pointed to earlier and faster rate hikes by the central bank, which would increase the cost of capital throughout the economy. That has the potential to keep investors away from cryptocurrencies, many of which posted huge gains over the last two years amid amped-up stimulus.
But not everyone agrees that this environment is lousy for crypto. Bitcoin is a risk asset that’s evolving into a digital-reserve asset in a world going that way—and that has positive implications for its price, according to Bloomberg Intelligence’s Mike McGlone.
He wrote in a note that the coin is “heading toward $100,000,” he wrote in a note. “Cryptos are tops among the risky and speculative. If risk assets decline, it helps the Fed’s inflation fight. Becoming a global reserve asset, Bitcoin may be a primary beneficiary in that scenario.”
Still, that hasn’t stopped other industry participants such as Messari Inc. co-founder Ryan Selkis from poking fun at the basis of some of the sky-high predictions.

And earlier this week, Goldman Sachs analyst Zach Pandl wrote that Bitcoin could hit $100,000 if it continues to take market share from gold.
Bitcoin has, as of late, singing the tune of the stock market, with the 100-day correlation coefficient of the coin and the S&P 500 now standing at 0.44. That’s the highest such reading since the fourth quarter of 2020. A coefficient of 1 means the assets are moving in lockstep, while minus-1 would show they’re moving in opposite directions.
“Now that this stimulus is going to become less plentiful more quickly than the markets had been thinking, it makes sense that these assets are falling in tandem,” said Maley.
Lindsey Bell, chief markets and money strategist at Ally says investors were already jittery entering the year thanks to uncertainty over the Fed’s policy path.
“People are reassessing the risk they want to take,” she said by phone. It doesn’t help that the dollar has also strengthened, which serves as a reminder to crypto investors that it is “still the currency of the world and it remains very strong and it’s not going anywhere, and so you don’t need to hide your money under your mattress or in cryptocurrencies.”
Greg Bassuk, chief executive of AXS Investments, an asset manager that focuses on alternative investments, says Bitcoin should comprise a portion of an investor’s portfolio.
“We are very bullish on Bitcoin and digital assets cutting through all the noise, day today,” he said in an interview. “Digital assets will be treated longer-term like commodities, equities and bonds, and real estate, and other more traditional asset classes in the years to come.”
Our articles:

What is a Pyramid scheme and how is it different from a Ponzi scheme?

Are you planning to get a loan from Defi? Here are 3 threats that you need to know

 

Ethereum’s DeFi Dominance at Risk

Appearing a Big Risk at Ethereum’s Defi Dominance

Ethereum’s defi dominance in one of the hottest corners of cryptocurrency is at risk of being further eroded as competitors push deeper into decentralized finance, according to JPMorgan Chase & Co.
Until the final phase of Sharding, which JPMorgan described as the “most critical” development for scaling the Ethereum network, arrives in 2023, the network’s 70% market share in DeFi could continue to drop, analysts led by Nikolaos Panigirtzoglou wrote in a note Wednesday.

The “optimistic view about Ethereum’s dominance is at risk,” Panigirtzoglou wrote. Scaling, “which is necessary for the Ethereum network to maintain its dominance, might arrive too late.”

Ethereum has been a dominant force

Ethereum has been a dominant force in crypto for several years now, and its Ether token is the No.2 cryptocurrency behind Bitcoin by market value. But its share of total value locked in DeFi, which was nearly 100% at the beginning of 2021, fell to around 70% over the course of year, JPMorgan said.

Waning enthusiasm for the Ethereum blockchain could dent the price of Ether, which has more than doubled in the past year.

Ethereum’s losing market

Panigirtzoglou added that a “rather problematic” aspect of the situation for Ethereum is that it’s losing market share mostly to other independent Blockchains, rather than those that rely on Ethereum’s own Layer 1 network for their security.

Ethereum competitors that are gaining the most market share, like Terra, Binance Smart Chain, Avalanche and Solana, have been receiving large amounts of funding and using incentives to boost usage in their own ecosystems, JPMorgan said. So it’s possible that competitors’ ecosystems will have grown so much that activity won’t return en masse to the Ethereum network after its scaling is completed.

Ethereum’s Price

“In other words, Ethereum is currently in an intense race to maintain its dominance in the application space with the outcome of that race far from given, in our opinion,” according to the note.

Ether’s price has risen about 220% in the past year, while Solana is up 7,000%. And Avalanche 2,200%, according to pricing from CoinGecko. While far outpaced by its smaller rivals, Ether has still comfortably outperformed Bitcoin.

The Source of this News
Read More on Our Website:
The Latest Defi Projects
The Latest Article
 

Shiba Inu Is Launching a DAO

According to a new blog post, the development team behind Shiba Inu (SHIB) has announced that it will launch a DAO.

Shiba Inu is getting a DAO.

Shiba Inu’s DAO will collectively make governance decisions regarding the project’s ShibaSwap exchange. Users who have staked Shiba Inu’s reward token $BONE to receive $tBONE will be able to vote.

In the beta version of the DAO, called DAO 1, users will decide how token rewards are distributed between various liquidity pools.

The team explains that this gives power to its community of users. “Rewarded liquidity pools will be decided fully by the users….this avoids the Developers from making those very choices,” it wrote.

Users will also be able to stake tokens to vote for other cryptocurrency listings and pairs, a feature that is intended to attract liquidity deposits for those assets. This will occur on a cyclical basis, with a minimum of 30 pairs being showcased every 14 days.

Later, a new DAO called DAO 2 will allow users to make general proposals around the development of the project.

Shiba Inu was launched in August 2020 as one of several Ethereum-based tokens aiming to capitalize on the popularity of Dogecoin.

Though many other similar tokens fell through the ranks, Shiba Inu maintained its popularity. It is now the 13th largest cryptocurrency overall, with a market capitalization of $18.4 billion.

The news comes approximately one week after Dogecoin announced a massive roadmap that will include several new features.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.

Elon Musk : Bitcoin is useless!

In a podcast interview with Lex Friedman, Elon Musk reiterated in response to recent rumors that he was not Satoshi Nakamoto.
However, he believes that computer scientist and cryptographer Nick Szabo is more responsible for presenting the ideas that led to the creation of the world’s first cryptocurrency. Of course, Sabo has denied such a claim. “Mask,” he said.
He claims he is not Nakamoto, but I’m not so sure. In my opinion, he is most responsible for presenting the ideas that led to the creation of Bitcoin.

Bitcoin speed is low!

Because bitcoin is so long overdue, Musk believes that bitcoin’s cryptocurrency is a store of value for money and useless for daily payments. Musk went on to say that Dodge Quinn has a much higher trading capacity than the king of cryptocurrencies in the world, and at a lower cost.
Currently, if you want to make a transaction on the Bitcoin platform, the price will be very high, so it can not be used in purchases or other applications. Scalability and trading volume are not suitable for this either.
Due to poor internet infrastructure, low blockchain volume, and slow blockchain production in 2008, this was normal, but the current bitcoin speed is “ridiculously” slow.
When asked about the Dodge coin’s arrival on Mars from Mask, he said the Red Planet would have to use another coin because it would be difficult to sync transactions because of the speed of light.
The famous billionaire, who has a deep understanding of the concept of money because of his experience in creating PayPal, believes that the current financial system is very old. We are in 2021, but banks are still buying CPUs and running the very old COBOL code.
He added that the government is responsible for editing the money database, which allows them to print more money whenever they want. He believes that central banks can manipulate the value of money for different purposes, noting that cryptocurrencies can solve such problems.
Finally, the CEOs of Tesla and SpaceX introduce money as a database for proper allocation:
If you are on a remote island and do not have food to eat, all Bitcoins in the world can’t stop your hunger.

The NFT Metaverse: Building A Blockchain World

Robert Napoli is a nationally recognized business strategist who writes about cybersecurity and digital transformation. this article is about the NFT Metaverse blockchain world
During the first week of November 2021, thousands of attendees, speakers, and vendors gathered in Midtown Manhattan for the third annual NFT.NYC conference. The eclectic group of investors, gamers, artists, programmers, and crypto enthusiasts attended panel discussions, speeches, and after-parties, all centered on the burgeoning and lucrative new trend in the blockchain world: the NFT, or non-fungible token.
Still a relatively new blockchain phenomenon, NFT technology establishes ownership of digital assets and has most famously (or infamously) been applied to digital art. But this year’s conference had a new spin: There was a palpable emphasis on the future of NFTs, which many believe lies in their use as building blocks in the next iteration of the internet, referred to as Web 3.0 or “Web3.” Ultimately, the convergence of this platform with NFTs is expected to give rise to a massive, decentralized virtual world called the “metaverse.”
An NFT is a unique and non-interchangeable unit of data stored on the blockchain that can track a unique digital asset’s transfer, ownership, and properties. The term non-fungible distinguishes NFTs from other blockchain entities like cryptocurrencies, which are equal in value and mutually interchangeable or fungible.
For example, if two people each have a U.S. one-dollar bill in their pocket, they could exchange those two bills with each other, and neither would be richer or poorer for it because those two bills are fungible. But if those same two parties were holding the Mona Lisa and the deed to their home, respectively, they’d each have ownership of something with unique utility and value.
In the crypto world, currency units are similarly fungible and interchangeable, but not all digital assets are. That’s where NFTs come in. The digitization of media — including art, music, videos, books, and even news or blog posts — has confounded the nature of ownership, copyrights, and intellectual property. This is largely due to the ease with which digital media can be copied and reproduced. Nevertheless, NFTs provide a means for owners of different types of digital content to sell and trade their property using the advantages provided by the decentralized crypto space.

A 12-year-old in the UK made nearly $400,000 this summer coding some digital NFT art (a low-resolution cartoon whale). An NFT representing ownership of a single square pixel went at auction for over $1 million. If those prices seem a bit jarring, consider the $69 million paid for a much more detailed, albeit still digital, NFT work by an American graphic designer.
It’s not unusual to hear about extravagant expenditures in the art world — but millions of dollars for a computer file you can easily copy? What’s going on? The application of NFT technology to the ownership of digital art can be thought of as a dress rehearsal for the expansion of NFTs into other types of assets.
For example, companies like McDonald’s and Burger King are beginning to exploit the growing popularity of NFTs by experimenting with digital “collectibles.” But the sector that might serve as the biggest launching pad for NFTs is gaming.
Online gaming is already big business, recently surpassing movies, music, and sports in popularity. Many games even already implement blockchain, including NFTs, into their play. Games like Axie Infinity allow players to create digital NFT creatures with unique characteristics that can be traded for real cryptocurrency to other players. In the property-trading game Upland, users participate in a virtual real estate market where NFTs represent parcels mapped to real-world locations.
These games serve as proving grounds for how NFTs could represent assets in a larger-scale, a more dynamic virtual environment like a metaverse.

But what is a metaverse?

In the 1992 science fiction novel Snow Crash, author Neal Stephenson described a virtual world he called the Metaverse — an internet-connected, immersive construct that served as an alternate shared reality for its users. As the internet grew, the metaverse reference gradually made its way into the tech lexicon to describe any large-scale, persistent virtual environment in the online space.
The idea of a metaverse has manifested itself in the gaming world, especially with the recent rise of multiplayer online games and the emergence of affordable virtual reality technology. But these primordial metaverses are limited in scope and self-contained. The vision of the “metaverse of the future” is much more ambitious.
The notion of a metaverse recently hit the news cycle when Facebook CEO Mark Zuckerberg announced his ambitious intention to transform the social media giant into a massive metaverse experience for its users – even going so far as to change the name of Facebook’s parent company to Meta.
Zuckerberg and others see a virtual world that exists in parallel to our own, where people work, buy, sell and interact. In Snow Crash, Stephenson describes the main thoroughfare, called the “Street” off which the inhabitants can build their neighborhoods, streets, buildings, and other features. This prescient description may as well be describing many of the emerging uses of NFTs as well as their potential value in a Web3 metaverse.
Although NFTs have a promising future, they’re not without their challenges. Most NFTs are currently built on the Ethereum blockchain, although this gap is shrinking as competitors like the much faster Solana gain in popularity. Ethereum has scalability, cost, and speed problems. Although these will be addressed in the full Ethereum 2.0 upgrade currently anticipated sometime in 2022, this is subject to change given the past delays.
Many of the technologies that will form the basis of the metaverse — including the underlying Web3 network, cryptocurrencies, and NFTs — will likely have to grow and evolve together in stages, much like the backbone of the internet in the 1990s.

Axie Infinity; A platform to play and earn money in the metaverse

How to buy land in Metaverse; How to have virtual land?

 

What was the most popular cryptocurrency in Russia in 2021?

the most popular cryptocurrency in Russia:
The Russian central bank allegedly said it wants to ban investments in cryptocurrencies in the country, seeing risks to financial stability in the rising number of crypto transactions.

The country’s financial kingpin did give digital currencies legal status in 2020, but it prohibited using them as a means of payment.
However, the chairman of the Duma Committee on Financial Markets, Anatoly Aksakov, said there was a very tough approach to the complete prohibition of cryptocurrencies, such as acquisition or ownership.

“There exists an approach where there must be appropriate crypto exchanges, where everything is legalized, transparent, and understandable to regulatory bodies,” he said.
“It would be easier for the Federal Tax Service of Russia to tax such exchange transactions.”
For now, Russian authorities prioritize the launching of a CBDC ruble and have enacted tough crackdowns on the private crypto sector, including banning mutual funds from investing in Bitcoin (BTC).
Most recent figures, however, suggest that Russians transact about $5bn each year in cryptocurrencies and that cryptocurrencies are a hedge for 46% of Russian retail investors.
According to a survey, cryptocurrency is the primary source of income for 12% of Russian-speaking crypto users, and more than 90% of the respondents expressed their desire to use digital coins as a means of payment.
Russia can boast many prominent names in the crypto world, including Vitalik Buterin and Igor Barinov.
Some of the other names associated are Aleksander Ivanov, founder of the Waves Platform; Sergei Chekriy and Yury Mukhin the two Russian entrepreneurs behind I-chain, while Alex Fork is the CEO of Fintech firm Humaniq.
Some of the most popular Russian cryptocurrencies, which need not be originated from Russia are:

Bitcoin

Bitcoin is being widely used in Russia – 40% of the participants view cryptos like Bitcoin as a good long-term investment. People already can pay with Bitcoin for some hotels and restaurants and also cars and furniture, meaning it is being used as a payment medium.
According to a study by big data platform Brand Analytics, Bitcoin was the most popular cryptocurrency in Russia in 2021, outpacing coins such as Tether (USDT) and Litecoin (LTC) in terms of social media mentions.
Cryptocurrencies have been growing increasingly popular among Russian investors in recent years, with 77% of Russian investors preferring Bitcoin to gold in a survey last year.

Ethereum

Ethereum is the creation of Russian-born Vitalik Buterin and is one of the esteemed cryptocurrencies in the country.
Russia also introduced Ethereum blockchain in the voting system to make it more transparent.

Golos

Golos is a Russian cryptocurrency, which is the Russian version of STEEM coin, which is the most popular blockchain-based social network.
It was conceived and developed by Cyber Fund, a renowned Russian cryptocurrency organisation in late 2016.

Litecoin

Litecoin also is a part of the list, which has been extensively used in Russia.
According to analysts, people who cannot afford Bitcoins, get easily converted to buying Litecoins, as both are having similar properties.

Dogecoin

Dogecoin became quite popular in 2018 when Russia allowed it as a payment option during the World Cup.
However, with the constant upgrading by Elon Musk, Dogecoin adoption kept rising in the country.

Axie Infinity; A platform to play and earn money in the metaverse

How to buy land in Metaverse; How to have virtual land?

Binance Gains Bahrain Approval to Become Crypto Asset Service Provider

The “in principle” approval still requires the crypto exchange to complete the application process for a license from Bahrain’s central bank.

Bahrain has become the first Middle East-North Africa country to give Binance approval in principle to establish itself as a crypto-asset service provider.

Iran halts authorized crypto mining to save energy for winter

Iran previously put a temporary blanket ban on crypto mining amid historically peak periods for power demand in summer.
Amid Iran’s energy consumption increasing during the winter, local energy authorities have decided to halt operations of authorized cryptocurrency mining centers.
Mostafa Rajabi Mashhadi, chairman of the board and managing director of Iran Grid Management Company (Tavanir), announced that Iran is shutting down crypto mining centers again to reduce liquid fuel consumption in power plants amid decreasing temperatures.
Mashhadi said that Iranian authorities took this action to reduce energy consumption last month, The Islamic Republic of Iran Broadcasting (IRIB) reported on Dec. 25.
“The Energy Ministry has been implementing measures since last month to reduce the use of liquid fuels in power plants, including cutting licensed crypto farms’ power supply, turning off lampposts in less risky areas, and stringent supervision of consumption,” he said.
The executive emphasized the importance of saving energy in the country, calling on citizens to reduce their electricity and gas consumption as much as possible as well. According to local reports, 70% of the fuel consumed in Iran is used for heating buildings. The new energy-saving measures are reportedly expected to cut energy consumption by at least 40%.
While enforcing restrictions on authorized crypto mining operators, the Iranian government has also been working to combat illegal crypto miners. In late November, local energy authorities announced that they had in total seized 222,000 mining devices used for illicit mining crypto since the industry regulations were established.
Iran is one of the world’s biggest crypto mining countries, accounting for an estimated 4.5% to 7% of the global Bitcoin (BTC) hash rate. The country previously put a temporary blanket ban on crypto mining in summer, citing historically peak periods for power demand due to hot temperatures. The ban was subsequently lifted in September as the Iranian power grid became more stable.

Axie Infinity; A platform to play and earn money in the metaverse

How to buy land in Metaverse; How to have virtual land?