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Three Long-Term Cryptocurrencies To Consider In The Ongoing Bear Market – Polkadot, Chainlink and Big Eyes Coin

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2022 has been a year of ups and downs for the cryptocurrency industry. The ongoing bear market is just the latest in a long line of bizarre events and situations that the industry has been forced to tackle. Beginning in the summer after crypto markets crashed alongside global financial markets, the ongoing bear market has ravished the industry, leaving a trail of crypto losses in its wake. With no end in sight to the bear market, the industry is finding innovative ways to cope with the situation. 

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Three Long-Term Cryptocurrencies To Consider In The Ongoing Bear Market - Polkadot, Chainlink and Big Eyes Coin 4

One strategy that has yielded positive rewards is a focus on long-term cryptocurrency investments on favourable altcoins. This strategy promises bountiful rewards in the long term, but only if an investor chooses the right coin to invest in. With many options on the market, this could be a challenging task, one that requires hours of market research. Luckily, this piece will help to bypass such a tedious process by suggesting three altcoins that could yield massive profits in the ongoing bear market. Here’s everything you need to know about Polkadot (DOT), Chainlink (LINK) and Big Eyes Coin (BIG).

One

Polkadot (DOT) is a blockchain-based platform that connects and secures a network of specialized blockchains, facilitating the cross-chain transfer of any data or asset types, not just tokens. By operating in this manner, Polkadot (DOT) allows blockchain networks to be interoperable. Polkadot (DOT) is a blockchain network that exists to provide a foundation for a decentralized internet of blockchains, also known as Web3.

As a layer-0 metaprotocol, Polkadot (DOT) can connect public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through its Relay Chain. Its native cryptocurrency, DOT, is integral to its operation and ecosystem. DOT facilitates several activities, such as staking for operations and security, network governance, and bonding tokens to connect parachains. The token is available on several top crypto platforms, such as Binance, OKEx, Coinbase, Huobi and Kucoin. 

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Three Long-Term Cryptocurrencies To Consider In The Ongoing Bear Market - Polkadot, Chainlink and Big Eyes Coin 5

Two

Chainlink (LINK) is one of a few blockchain-based platforms providing solutions to the interoperability problem within the cryptocurrency industry. Chainlink (LINK) enables universally connected smart contracts to function through a decentralized oracle network and allows blockchain networks to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement. 

In the years following its launch, Chainlink (LINK) has become one of the major players in the data processing field due to its integration of off-chain data. Its native cryptocurrency, LINK, facilitates several operations and is a key part of its system. LINK is available on several top crypto platforms, including Huobi Global, Coinbase Pro, Gate.io and Kraken.

Three

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Three Long-Term Cryptocurrencies To Consider In The Ongoing Bear Market - Polkadot, Chainlink and Big Eyes Coin 6

Big Eyes Coin (BIG) is the native cryptocurrency of the upcoming crypto project, Big Eyes. Big Eyes Coin (BIG) stands at the centre of all operations on the project and is a crucial tenet within its ecosystem. The token is attracting a lot of attention from major crypto players within the industry for several reasons and has been dubbed the next big coin since Solana (SOL). 

Already in its presale stage, big Eyes Coin (BIG) has raised over $1 million and looks very likely to surpass the $20 million mark set by its founders. The token seems likely to become a valuable asset in the ongoing bear market and is not one to miss out on. See more information on the BIG token and the Big Eyes project here.

Website: https://bigeyes.space/ 

Telegram: https://t.me/BIGEYESOFFICIAL 

Twitter: https://twitter.com/BigEyesCoin 

PugglitInu Is Offering Blockchain Solutions Alongside Solana and Chainlink

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Cryptocurrency resides on blockchain technology, and the growing power of these two industries has reached places that once ignored the importance of cryptocurrency and the unavoidable adoption that is taking over globally. 

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PugglitInu Is Offering Blockchain Solutions Alongside Solana and Chainlink 12

With both feet planted in decentralisation, many expectations are hinged on how well the crypto industry performs. Sadly, there has been a slew of shortcomings attached to stable and new crypto projects that need to be addressed. 

Pugglit Inu (PUGT) is a blockchain solution-dedicated platform. The platform will relieve users of lax customer service, comparatively lower transaction fees, high security, and advanced tools embedded in trading activities. 

What Is Pugglit Inu (PUGT)?

Not a funny name or some silly made-up idea- Pugglit Inu (PUGT) is a portmanteau of puggle and piglet. The coin is modelled after the best qualities of both animals- community-friendliness, keen attention to security and safety, and environmental conscientiousness. 

The Pugglit Inu (PUGT) platform offers crypto users a better place for trading with a charting tool, an aggregator, and updated network statistics. It also has trading bots that relieve the on-hand job trading has forced crypto traders to have if they intend to stay on top of prevailing trends. 

Additionally, the Pugglit Inu (PUGT) protocol is built on the Binance Smart Chain network (BSC), inheriting a system designed to maximise the user’s profits in both short and long-term usage. Building on BSC also gives Pugglit Inu (PUGT) room to grow in DeFi and run smart contract-based applications along the line. 

Not only those, but Pugglit Inu (PUGT) will embrace interoperability for cross-chain communication between other chains. As a critical solution for scalability, it is expected that achieving scalability as the number of transactions increases will be an easy feat to pull. 

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Pugglit (PUGT) DAO 

Decentralised Autonomous Organisations (DAO) are a highly needed phenomenon in the crypto industry as they imply that members and not a central body control governance. 

Pugglit Inu (PUGT) states that its DAO will be to “bring governance to the community members of the platform and empower its holders.” The DAO will operate on a system optimised for growth and wealth creation. With protocol-controlled liquidity and high-staking reward, the DAO will regulate and control supply expansion.  

Essentially, Pugglit Inu (PUGT) will work for users and the project’s growth through a flattened hierarchy and structuring for Pugglit user incentivization. 

Pugglit Inu (PUGT) Blockchain Solution 

As mentioned, Pugglit Inu (PUGT) intends to bring solutions to blockchain issues that still plague crypto projects. The main problems are the blockchain trilemma- scalability, security, and decentralisation. 

Scalability will come with interoperability as Pugglit Inu (PUGT) will allow the exchange of assets and data across several chains. The whitepaper explains it as follows, “launching Pugglit Inu on BSC ensures dual chain interoperability, allowing cross-chain communication and selling high-performance dApps to yield a fast transaction rate and smooth user experience.”

High security will be on the part of Pugglit Inu (PUGT) to safeguard users’ data and funds, aided by Binance Smart Chain’s (BSC) impressive security system. BSC uses a proof-of-stake relay chain that maintains the network’s integrity and will be a valuable addition to Pugglit Inu (PUGT). 

Decentralisation in Pugglit Inu (PUGT) begins with DAO governance, giving holders a say in policies to be implemented on the platform. After all, the idea of being a DeFi token and a meme utility is for the community. 

Pugglit Inu (PUGT) solutions do not stop with the blockchain trilemma, going beyond to better its ecosystem. The platform employs a unique proof-of-work algorithm to secure transactions and reduce fees. And where everything happens- the mobile wallet- will be optimised for easy access and use. 

Pugglit Inu (PUGT) Presale Offering 

Pugglit Inu (PUGT) offers a bonus offering system that allows buyers to enjoy an additional percentage of PUGT when they become holders. 

Buying PUGT with either Ethereum (ETH) or Binance coin on Binance Smart Chain (BNB) will give up to 20% extra on whatever amount of tokens you have purchased. Each of the three presale stages has bonuses, and you also get a 65% bonus on  PUGT tokens for your second purchase. 

You can buy PUGT via the website, using the options of Ethereum (ETH), Bitcoin (BTC), Binance coin (BNB), and Tether on both TRON and Ethereum networks. 

Step 1

Get a PUGT-friendly wallet that is also compatible with your purchase option. 

Step 2

Configure (connect) your wallet to prepare it for some

PUGT. 

Step 3

Buy yourself some PUGT tokens, and you’re good to go. 

What Is Solana (SOL)? 

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Solana (SOL) is an open, programmable blockchain for smart contract applications. Solana (SOL) is one of the thriving blockchains in the cryptosphere, with solutions needed to combat rampant problems. It is ranked one of the best according to market capitalization. 

While Ethereum (ETH) is the central hub for decentralised applications, NFTs, and DeFi, the cost of engaging in transactional operations is heavy- monetary and speed-wise. Developers and users have found Solana’s (SOL) alternative of higher throughput and lower fees as the incentive to switch chains. 

Solana (SOL) provides scalability using its method of rivalling speed without giving up decentralisation and censorship resistance. It is worth noting that the architecture of Solana (SOL) is founded on eight key technologies that keep evolving to produce optimal performance. 

As a result, it has become a lightning-fast blockchain with over 50,000 TPS that keeps going without getting hindered by the nodes migrating to its base. 

SOL, the cryptocurrency on the network, is used to pay transaction fees and stake. It is also listed on exchanges like Binance and Coinbase for compatibility with any wallet. 

Enter Presale: https://pugglitinu.com/

Explore Blockchain Technology with Chainlink (LINK) 

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Chainlink (LINK) provides real-world information to smart contracts on blockchains, allowing them to interpret agreements and securely interact with off-chain data accurately. The oracle network was launched in 2017, by the for-profit company- SmartContract. 

The introduction of smart contracts brought transparency, speed, and cost reduction to crypto-related activities. This removed the need for external agents and intermediary fees. 

The problem is that while smart contracts are codes that inspire a trustless system, they cannot read real-time data due to blockchain restrictions. As a decentralised oracle network, Chainlink (LINK) bridges the gap and feeds them the needed data. 

Due to its fall from the top twenty cryptocurrencies and heavy loss in value, Chainlink (LINK) has remained undervalued for its contribution to blockchain solutions and price potential. However, its level of adoption remains higher than many cryptocurrencies in the market, and there is a high chance for longevity. 

LINK might not make a good investment for the price, but the underlying technology is something worth paying attention to. The network’s invaluable work on securing smart contracts for chains to remain stable has no limitations. 

Conclusion

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Without solving issues, the cryptocurrency industry cannot reach the heights it intends to attain. Thankfully, these blockchain platforms have taken it upon themselves to fill these loopholes- and have done well so far. 

They will be ahead of whatever lies in the positive future of crypto, and so will holders within their ecosystem. You can find more information here.

Look Out As Big Eyes Coin is Set to Join Chainlink and Uniswap In Taking Over The Crypto Market

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It is well known within the crypto industry how important it is that a project has the full backing and support of its community. Many of these crypto projects require the community to make reasonable input and contributions, from voting and governance to adoption and purchase. Many projects are almost exclusively pushed by community activity. This means that crypto projects always try to make innovative additions that appeal to the community they serve. This, in turn, cements the community’s loyalty and the project’s market dominance and longevity. 

Big Eyes Coin (BIG), Chainlink (LINK), and Uniswap (UNI) are three massive and potentially profitable blockchains fully committed to community growth and support. They have ensured a steady community following by implementing attractive and innovative updates and adaptations to serve the community better and foster adoption.

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Look Out As Big Eyes Coin is Set to Join Chainlink and Uniswap In Taking Over The Crypto Market 20

What is Big Eyes Coin (BIG)?

The Big Eyes Coin (BIG) project is an ecosystem that prioritizes community above all else. It is a fully community-driven DeFi protocol that has improved wealth creation, scalability, and asset security. These features propel Big Eyes Coin to a position where it could be one of the leading DeFi protocols shortly. Big Eyes Coin protects users’ interests and purchase decisions by harnessing leading DeFi solutions to build a self-propelled Blockchain that improves financial growth using DeFi and NFT technology to cater to fully and grant access to more content and services within the ecosystem. 

The Impact of the Big Eyes Coin Community

Big Eyes Coin (BIG) has implemented various activities and ideas to foster community growth. These ideas push DeFi and Blockchain availability and access while harnessing this technology to improve the community and bring lasting change. The most notable feature is the Big Eyes Coin’s involvement with the Save the Oceans Campaign, a charity dedicated to protecting aquatic life and preserving fragile marine ecosystems. This campaign would significantly make the waters safe for both human and marine life and ensure food security for humans and animals. It would also do a lot to undo the damage caused by unchecked human activity. 

Apart from this charity project, the Big Eyes ecosystem is developing a platform called the Big Eyes Swap. This platform would facilitate ease of transactions, exchange, and trading within the ecosystem. It would also feature the Big Eyes NFT; a collection of creative, beautiful, and valuable virtual assets that would funnel more wealth into the ecosystem and potentially create more profits for users who purchase and hodl or flip these assets.

Governance within the Big Eyes Coin (BIG) Ecosystem

As a community-driven protocol, Big Eyes Coin (BIG) utilizes the proof of stake consensus mechanism to validate transactions and implement changes. This means users can stake BIG tokens to earn voting privileges. Users can also delegate their privileges to other users. This makes the ecosystem run more smoothly, and it greatly improves scalability.

Big Eyes Coin Tokenomics and Distribution

The native token of the Big Eyes protocol, the Big Eyes Coin (BIG), is the utility and governance token within the ecosystem. With a max supply of 200 billion coins, It serves many purposes like paying trading fees, staking to earn governance privileges and staking rewards, liquidity provision, and access to the NFT collection.

With the coin set to launch pretty soon, the coin distribution has been arranged to go in this way:

  • 90% of the coin would be available on launch day. 
  • 70% would go to the public presale event, while 20% would go to the exchange (Big Eyes Swap)
  • Of the remaining 10%, 5% would be delegated towards marketing initiatives, media campaigns, and programs. The rest of the coins would be donated to the charity for saving the oceans and protecting wildlife. Trading with Big Eyes Coin, users are promised zero fees, zero tax, and zero hassles. 

Roadmap

The Big Eyes Coin roadmap is divided into 4 phases; Crouch, Leap, Run, and Catwalk. These 4 phases embody the mascot of the project, a wide-eyed cat. As a cat is devoted to grace and to groom, the Big Eyes Coin (BIG) ecosystem is committed to constant improvement within the ecosystem, as well as community growth and development. 

Phase I: Crouch

  • Token audit
  • Presale website launch
  • Presale event
  • Media campaign

Phase II: Leap

  • Uniswap DEX launch
  • Blockchain bridge
  • Charity event
  • Influencer campaign
  • NFT sneak peek
  • Big Eyes swap launch
  • Merch distribution

Phase III: Run

  • NFT launch
  • NFT purchase event
  • Charity event
  • Influencer campaign

Phase IV: Catwalk

  • Community development
  • More cross-chain bridges
  • Charity event
  • NFT evolution 

More information on the Big Eyes Coin (BIG) project is available on their website. 

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Look Out As Big Eyes Coin is Set to Join Chainlink and Uniswap In Taking Over The Crypto Market 21

Chainlink’s (LINK) Key Features

A major issue plaguing the crypto and Blockchain industry was how to source accurate and reliable data from off-chain sources to use within the Blockchain easily. Other methods proved to be time-consuming and unreliable. This led Sergei Nazarov and Steve Ellis, founders of smartcontract.com, to launch Chainlink (LINK) in 2017. Chainlink (LINK) is a decentralized Blockchain network that incentivizes data providers (Oracles) to source truthful, reliable, accurate, and timely data from off-chain sources to a blockchain. 

Oracles are essentially software programs that act as a middleman or intermediary between smart contracts and the real world. Chainlink (LINK) is an ecosystem of oracles that provides useful data from outside the Blockchain to the Blockchain and vice versa to facilitate the access of smart contracts to real-world data. This data is essential for the execution of many smart contract commands. 

How does Chainlink (LINK) work?

Chainlink (LINK) uses node operators (or stakers) to source information and regulate the oracle network. When a transaction is sent for validation, it is transcribed into a requesting contract which the smart contracts register as an event. The requesting contract is then sent to node operators, who are incentivized to be trustworthy by staking rewards and by the fact that they have their assets staked within the ecosystem. 

These node operators then pass the requesting contract through three stages:

  1.  Reputation contract: this is a smart contract that validates the credibility of oracles by checking their activity log and history. Credible oracles are selected, and the transaction goes to the next phase.
  2. Order matching contract: this contract sends requests to trusted nodes that have been vetted by the reputation contract and sorts through their bids. 
  3. Aggregating contract: this contract collates and validates data from single and multiple sources. It also settles disputes in data differences by simply choosing the data set provided by more nodes. Then an average is taken, which is adopted as the correct data. 

With this simple process, Chainlink makes real-world data available on the Blockchain for smart contract execution. 

Tokenomics

The native token of the Chainlink (LINK) ecosystem is the LINK coin. It is an Ethereum-based token that uses the proof-of-stake consensus mechanism. Within the ecosystem, the coin provides utility and governance. LINK is capped at a max supply of 1 billion tokens. 

The LINK token is used to fund the project’s growth primarily. It is a deflationary token with a circulating supply of just over 464 million tokens. 

Uniswap (UNI) – The Popular Cross-Chain Platform

As more and more Ethereum-based projects kept launching, there emerged a need for the facilitation of safe, timely, cost-effective, and secure transactions, exchange, and storage of these digital assets. This led to the creation of the Uniswap (UNI) exchange. Uniswap (UNI) is an Ethereum-based decentralized exchange platform that embodies true DeFi solutions to drive the safety and ease of crypto transactions. It was founded in 2018 by Hayden Adams and is a pioneer DEX platform running on the Ethereum Blockchain. 

Uniswap (UNI) ensures the easy trading and exchange of Ethereum-based tokens and tokens built on other chains with the aid of smart contracts. It enables cross-chain communication with no additional costs to users. 

The Uniswap DAO

Uniswap (UNI) is a solid community-driven project. This means that the protocol’s developers have the community as the top priority. Any major change to the Uniswap framework is made to serve the community better. 

The Uniswap (UNI) Decentralized Autonomous Organisation (DAO) retains governance for the Uniswap ecosystem. It also serves to vote on changes, make suggestions, and submit proposals to the developers as to where the project should go. Governance of the Uniswap ecosystem is achieved through staking UNI tokens. 

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Look Out As Big Eyes Coin is Set to Join Chainlink and Uniswap In Taking Over The Crypto Market 22

The Uniswap (UNI) Token

The Uniswap token (UNI) is the native token of the Uniswap ecosystem. It primarily serves a governance purpose and is used by the Uniswap DAO to effect change within the ecosystem. The coin was initially airdropped to users who had previously used Uniswap to make token exchanges. Many users sold their coins shortly after, while some staked theirs for voting rights. 

Uniswap has a strong liquidity pool powered by the strength and security of the Ethereum Blockchain. It is a project that has market dominance, as well as longevity. 

By observing Uniswap (UNI), Big Eyes Coin (BIG), and Chainlink (LINK), it is clear to see that crypto projects are nothing without a community. These projects, especially the Big Eyes Coin, are particularly devoted to community development and strength and have the potential to create wealth and value within their community. You can also find out more information about the community and program here.

Floki Inu and Chainlink collaborate to enhance protocol

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The integration of Chainlink Keepers service with Floki Inu’s token-locking system, FlokiFi Locker, has been announced. The most recent innovation is an extension of Floki Inu’s dedication to enhancing the effectiveness of its services and growing its user base. The process of users locking tokens through FlokiFi Locker should become quicker, more efficient, and more safe thanks to Chainlink Keepers, a decentralised service created to manage duties on behalf of smart contracts.

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Source: Twitter

This is not the first time the two cryptocurrency startups have worked together. Chainlink and Floki Inu previously collaborated on integrating the Chainlink Price Feeds service into FlokiFi Locker. The FlokiFi Locker now offers the accurate price display for token locking in many networks as a result of that invention.

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Source: Twitter

In addition to having a thriving community, Floki Inu has partnerships and synergies that have advanced the project’s storyline. In reality, Floki Inu revealed publicly on Twitter on December 3 that Chainlink had been integrated into the platform as part of a calculated attempt to enter the DeFi market.

This connection could provide Floki with access to the tamper-proof price feeds required to read an accurate on-chain pricing and play a critical role in facilitating the smooth operation of Floki’s P2E NFT game. According to the platform, the change will also make HODLing tokens simpler while enabling users to stake, lend, and borrow in the future.

In addition, Floki teamed with Bayer 04 Leverkusen, a dominant force in the Bundesliga and a German professional football club. This increased the altcoin’s visibility. Thus, the query: Why does the coin still have a market cap ranking of 2800 while having a respectable number of partnerships and integrations?

Courageous Floki Inu community

The vast majority of cryptocurrency assets struggled to build value and are now worthless. The potential for growth of these assets has been taken into consideration by the community, however some residents have expressed concern regarding price stagnation. A significant member of the Floki Inu team decided to resolve the problem at a recent AMA that took place in July 2022.

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Source: Twitter

The bear market has caused extreme difficulty for the market as a whole. The impact of FLOKI was one of them. Over the last three months, there has been a dramatic fall in the meme currency.

Terra-Chainlink Suspension Causes $11M in Losses for Venus Protocol

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Venus, a decentralized finance (DeFi) protocol, has been added to the growing list of those affected by the Terra ecosystem’s collapse this week.

The decrease in LUNA token values has had a significant impact on the Venus Protocol. On May 13, the DeFi platform said that a price disparity on the platform had resulted in a multi-million dollar loss due to an exploit. Venus is a BNB Chain-based decentralized algorithmic money market protocol.

The protocol derives its pricing information from Chainlink oracles, which is where the issues started. Due to the LUNA token’s severe market circumstances, Chainlink has paused the price feed.

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The LUNA price on Venus was last reported at around $0.107. However, the market price at the time was closer to $0.01. “The protocol was suspended using PauseGuardian through multisig to de-risk this circumstance,” it said.

Terra fell, bringing Venus alongside

According to Venus, an inquiry revealed two substantial deposits of Terra’s LUNA at the incorrect price, which were utilized to borrow assets on the platform.

Chainlink’s suspension of LUNA pricing updates cost the protocol $11.2 million, according to industry expert Colin Wu.

Venus halted the process and said that it had a “Risk Fund” that would be used to make up for the shortfall caused by the occurrence.

It also stated that a proposal to restart the system had been submitted and that it would begin operations in 48 hours. It stated that all liquidity is still held inside the protocol and that no liquidations will take place during this time.

Venus Protocol is the second-largest platform on the Binance Chain, according to DefiLlama, with roughly $1 billion in total value locked. Due to the event, TVL has dropped by 28% in the last 24 hours; however, further withdrawals have been halted.

The protocol’s native token, XVS, has risen 26 percent in the last 24 hours, contrary to forecasts. According to CoinGecko, XVS was trading at $4.17 at the time of publication.

XVS, on the other hand, has lost 45 percent in the last week due to the larger crypto market crash. The token was currently down 97 percent from its all-time high of $147 in May 2021.

Meanwhile, Terra’s LUNA has plummeted to zero, making it one of the few crypto-assets to have seen a complete loss.

Ethereum’s Lido Finance scores support of Chainlink Price Feeds

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Ethereum’s [ETH] staking platform Lido Finance announced its support of Chainlink Price Feeds to expand stETH adoption across decentralized finance or DeFi protocols. For the uninitiated, stETH is a token that represents the staked ETH in Lido, combining the initial deposit value with rewards. Thus, the token enables users to earn DeFi yield rewards.

According to the blog, with the stETH/USD Price Feed launched on Ethereum mainnet, DeFi projects would be able to cite this oracle contract at any given time to get the latest price of stETH when executing on-chain functions. As a matter of fact, the stETH/USD Chainlink Price Feed is already being collectively used and sponsored by a decentralized community of users, which includes several DeFi projects like Aave, Compound, and Enzyme.

Lido Finance is a leading liquid staking protocol that allows users to stake Ethereum [ETH], Solana [SOL], and Terra [LUNA] and receive staked liquidity tokens in return at a 1-to-1 ratio. It is fully DAO-operated and currently supports staking for ETH, LUNA, and SOL.

Chainlink’s data reliabilty

As per the blog, the reason for the integration with Chainlink is to expand ‘the utility of stETH, as users can earn the normal staking rewards from Lido while also deploying stETH as collateral in DeFi’. Apart from that, It would also enable new DeFi protocols to add support for stETH and have immediate access to a secure and reliable oracle solution. Reading along the same lines, Lido added,

“We selected Chainlink as it’s the most time-tested decentralized oracle network in the industry, demonstrating verifiable reliability across multiple blockchains during the most extreme network congestion and market volatility. Not only do Chainlink Price Feeds supply real-time price data with wide market coverage, but it’s a blockchain agnostic oracle solution, which will be critical to aiding in our multi-chain expansion.”

The staking platform is further planning to expand support of Chainlink Price Feeds in the future for its multiple platform initiatives, such as decentralized price oracles for bLUNA, stSOL, and the assets of blockchains that Lido plans to onboard that includes Polkadot [DOT], Avalanche [AVAX], and Polygon [MATIC].

Ethereum’s Vitalik Buterin: Uniswap’s Native [UNI] Should Become Oracle Token

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Ethereum’s Vitalik Buterin is making a strong case for Uniswap’s native, UNI token.

While talking about the importance of a highly secure price oracle in the success story of the decentralized finance realm, Ethereum Founder Vitalik Buterin went on to point that DeFi protocol, Uniswap’s native token ‘UNI’ is in an “excellent position” to be a token for an oracle.

The Ethereum executive called for the need of a robust token-based decentralized oracle for a deFi project on the Uniswap Governance Forum today. He mentioned that it should be based on a token with a large market capitalization.

Uniswap – Highly Secure Oracle System?

While talking about the importance of efficiency of an oracle, Buterin stated,

“An inefficient oracle can always be augmented with a game where one party claims a value and only if another party disagrees is the oracle actually called. Cost of attack, on the other hand, is absolutely essential to maximize, and thus market cap is key. “

The founder then doubled down on two of the high market cap tokens on Ethereum which are Chainlink [LINK] and Uniswap [UNI].

Buterin asserted that the supporting oracles would not just be an act of “altruism” for Uniswap but would also benefit the decentralized exchange with a stablecoin ecosystem that is strong.

Chainlink has dominated the oracle realm for some time now. However, there is a need for a “simple alternative specialized for high-value”, according to the exec.

Meanwhile, Uniswap v3 has been touted as heavily optimized toward ultra-high capital efficiency for stablecoin, hence, it is likely to draw very high amounts of fee revenue from these trades. He also went on to add that if the volume picks up and the robust synthetic assets surface on-chain, then this would be a more bring about more valuable prospects for Uniswap.

Buterin also stated that while the base layer of Ethereum needs to remain governance-minimalist, layer 2, on the other hand, should be more ambitious and that Uniswap, which happens to be one of the largest decentralized exchange on the Ethereum ecosystem, could also take on more responsibilities which includes price oracle offerings.

According to Buterin, this could be a potential step towards Ethereum’s objective of not just a decentralized finance ecosystem and also an increasingly decentralized governance [DeGov] ecosystem.

DeFi Platform Cream Finance Announces Integration of Chainlink Price Feeds

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Peer to peer lending and exchange platform, Cream Finance announced the integration of Chainlink Price Feeds on the Ethereum mainnet as its primary oracle solution throughout all Cream markets.

According to the official release, the Chainlink network will be providing pricing data on the Ethereum mainnet to C.R.E.A.M for the ETH-denominated markets such as LINK, COMP, YFI, BUSD, USDT, USDC, UNI, and AAVE.

Announcing the same, Cream Finance stated,

“We are pleased to now use Chainlink’s market-leading decentralized network of price oracles to leverage high-quality off-chain pricing data for calculating the current volume-adjusted market prices of assets.”

Utilizing Chainlink, Cream will be able to leverage Sybil which is a decentralized network of independent resistant oracle networks to derive market prices for many leading cryptos. The blog post further mentioned that each Chainlink oracle node sources price data for multiple premium off-chain data aggregators.

This is to verify that the data source itself indicates a volume adjusted average aggregated from across both CEXs and DEXs. Following which, the responses of the individual nodes’ are then aggregated to construct a weight-adjusted on-chain price that Cream Finance’s smart contracts can reference when making loans or receiving deposits.

In return, Chainlink will guarantee that Cream Finance has access to robust and accurate price data to support a safe and reliable liquidation process, even during irregularities and anomalies be it flash loans, high gas prices, periods of network congestion, and centralized infrastructure outages.

Furthermore, Cream Finance has also confirmed that LINK holders will be able to use their tokens as collateral on its platform following the integration.

TWJ had earlier reported crucial collaboration of Cream Finance according to which Yearn Founder Andre Cronje revealed that the developers of both Yearn and Cream have teamed up to launch Cream v2. The main objective of this merger was to focus on lending and leverage products. Additionally, Cream v2 would enable earning yield with leverage and was slated to be a launchpad for future collaborative lending products of the two DeFi platforms.

Chainlink’s Oracle Network Adds Another Feather To Its Cap With Integration Into Beam

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Chainlink’s oracle network has been integrated into several platforms. Over 315 projects, including, 74 blockchains, 98 DeFi, 23 data providers, 44 nodes, and several others have integrated oracle. The crypto-verse has been steering towards DeFi. A “Confidential DeFi platform”, Beam is all set to incorporate Chainlink’s oracle network.

Beam Joins The Chainlink Oracle Family

Back in June, Beam steered towards confidential assets specifically during its third hard fork during the EE 5.0 release. Now the platform intends to employ Chainlink’s Oracle network for its confidential stablecoin protocol and its ERC-20 bridge for transferring assets between BeamX and Ethereum. A recent blog post, penned down by Beam, pointed out the need for accurate and secure price data that would aid in the execution of smart contract protocols in the DeFi dApps sector. Beam revealed that it intended to go with Chainlink following the billions of dollars that it has secured in on-chain value.

Detailing the execution of the project the post further read,

“Beam will implement the Price Feed workflow by providing a Chainlink External Adapter that allows Chainlink nodes to write information directly into the Aggregator Contracts. These Aggregator Contracts will run on the BeamX blockchain and be consumed by application-specific smart contracts.”

Elaborating on the selection of Chainlink’s oracle network, Beam further revealed that apart from providing premium data and decentralized security, the network was trusted by many. The Chainlink oracles have stood as a substantial barrier against Sybil attacks as well as congestion of networks. Furthermore, Chainlink has reportedly provided the developers of Beam with live, time tested decentralized price oracles that secure large funds in on-chain value.

Guy Corem, the Board Director at the Beam Foundation pointed out the importance of privacy and confidentiality. He added,

“A core part of building confidential DeFi applications is highly available and tamperproof price feeds, with market coverage across all trading environments as opposed to a single exchange.”

Ethereum, Chainlink, Bitcoin Cash Technical Analysis on 27th September 2020

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As we near the end of Q3 2020, market volatility remains at its peak with major altcoins exhibiting extreme sideways movement over the past month. While the last 24-hours were rather timid, price action has been active all week, with several coins picturing positive moves on their short-term chart. We analyzed the markets of Ethereum, Chainlink, and Bitcoin Cash to attain more clarity on what the short-term future holds.

Ethereum hourly chart

LINK 6 e1601206157255

For Ethereum, the past 48-hours or so has been positive with the price slowing rising within the trendlines of an ascending channel. At press time Ethereum was valued at $351 and over the course of August and September, ETH has traded the most between $350-$360, strengthening this particular range as a bottom. With a market cap of $39 billion, Ethereum maintained its comfortable 2nd spot in the rankings, and the altcoin represented a trading volume of $9 billion over the past day.

Market Indicators remained neutral at the moment but hinting towards a reversal. Awesome Oscillator suggested that the bearish momentum is all but dismissed in the charts but Chaikin Money Flow indicated that outflows continued to dominate inflows in Ethereum’s market.

Chainlink hourly chart

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Chainlink has fallen a little from grace over the course of September, sliding down to 7th in the rankings. While the altcoin was valued over $10 at the moment, its market cap held a valuation under $4 billion, at $3.59 billion. The last day witnessed at an uptick of 3.77% which was backed by a high trading volume of $1.08 billion.

However, when you talk about chaotic market movement, Chainlink is a prime example and it is largely due to the fact that the asset has not traded in this price range before the last couple of months. At the moment, its valuation is exhibiting a symmetrical triangle, which is a clear sign of uncertainty as the price may go up or down.

The Bollinger Bands were observed to be parallel which suggested a reduction in market volatility but the Relative Strength Index or RSI suggested improving buying pressure. The asset will possibly re-test $11.5 if a bullish breakout takes place.

Bitcoin Cash hourly chart

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Lastly, Bitcoin Cash managed to reclaim a position in the top 5 cryptocurrencies. The past 24-hours were a little turbulent with the price rising by 4% at first then dropping by 2.5% around 6 hours later. The volatility was observed in the market indicators as well.

While MACD suggested a bearish trend with the signal line hovering over the blue line, Stochastic RSI suggested that BCH is going to overturn the current trend and undergo a bullish period.

With an average trading volume of $662 million, Bitcoin Cash had a market capitalization of 4.05 billion, while being valued under $220 at press time.