ProsNo daily or deposit limitsNo minimum depositConvenient, hassle-free crypto purchaseMultiple trading partnersConsNot available to US residentsDoes not offer lending servicesLower liquidity compared to alternative platformsDemands withdrawal fees for most cryptosThe cryptocurrency market is booming, and the world of blockchain technology continues to expand rapidly. Experts believe the cryptocurrency space is just beginning to see widespread adoption. There are plenty of opportunities for savvy investors to get in on the ground floor of new projects.The last year has seen an explosion of new cryptocurrencies hitting the market, and smart investors are taking notice. New projects are seeing record-breaking amounts of funding and support from users. In this Phemex review, we’ll be going over everything you need to know about this new exchange. Keep reading to learn more!What is Phemex?Phemex is an innovative digital asset exchange founded by Jack Tao and other ex-Morgan Stanley executives in 2019. Its headquarters is in Singapore, supported in many countries, such as Austria, Finland, Hungary, and India.The platform offers users fast, secure, and user-friendly trading services. It allows everyone to trade profitably without running any massive risk. They move forward to become the top cryptocurrency platform on the market and provide wise investing guidance.Users can begin using Phemex without having their KYC completed. It enables fee-free spot exchange. Phemex has a customer service team available around-the-clock to assist users in transactions quickly.It is an excellent platform for those still learning about digital currencies. It offers free Phemex Academy access, practice accounts, and readily-available blogs and articles that teach trading and cryptocurrency. However, as of the moment, the platform has yet to release its native token. But, it caters to popular cryptocurrencies, like BTC, ETH, and UDST.Trading OptionsPhemex allows users to buy and sell various virtual coins quickly and efficiently. What’s even unique about this platform is that it keeps expanding and improving over the years. So, if you’re looking to trade Phemex, take a closer look at the trading options they have for you.Spot TradingSimilar to other cryptocurrency exchanges, the site uses the incredibly popular and potent TradingView charting interface and adheres to the usual modular design approach for the trading screen.Crypto Spot Trading is a primary type of investment, which includes buying digital currencies–such as Bitcoin and Ethereum–and holding them until their value rises. It also covers the trading tactic of purchasing alternative currencies that investors anticipate will appreciate.The BTC/USDT spot trading pair is one of the spot markets in Phemex. A Spot Market is where financial items like commodities, currencies, and securities are traded for rapid delivery. Simply put, it is the market where digital currencies are exchanged.Below are the trade orders available:Market OrdersLimit OrdersConditional OrdersContract TradingContract Trading is another trading option offered by Phemex. Also known as Margin Trading, this option requires a trader and an exchange to enter into a legal contract to purchase and sell contracts for an asset like Bitcoin (BTC).As mentioned, parties involved need to enter a legal contract, following these terms:Traders: Accept the risk of putting up collateral and losing cryptocurrency assets if the trade goes the other way. They also have the responsibility to select margins for trading contract options.Exchanges: In the event that the trader’s investment turns out to be profitable, the parties agree to pay a higher amount of money in proportion to that amount.Margin TradingBuying securities, such as stocks and bonds, through Margin Trading essentially involves borrowing funds to do so. If you’re interested in this option, the vital thing to remember is that you just need to have a portion of the money required to complete the purchase in your account. A “margin” can cover the remainder.Some various terms and concepts are related to Margin Training.Margin Account: The condition indicates that you cannot simply use a conventional brokerage (cash) account to engage in margin trading; you must have a separate margin account. Just think about why your credit and debit cards are separated to answer why this is done.Initial Margin: The term indicates the sum of money you must have on hand to make a purchase. The margin has a 50% minimum of the total value of purchase, as indicated by the Financial Industry Regulatory Authority (FINRA).Maintenance Margin: This refers to the minimum amount needed of your funds that must be accessible in your margin account following a transaction. The Maintenance Margin is also called “maintenance requirement” or “minimum maintenance.”Margin Calls: This refers to the call that serves as a reminder to add money to the account to raise the balance to the maintenance margin. This happens when the funds in your margin account are less than the maintenance margin.Copy TradingPhemex permits all users to utilize and participate in Copy Trading. For many customers, copy trading fills the gap in their trading experience. It enables users to automatically duplicate the trading positions of the platform’s top expert traders and lets users observe the trading tactics such traders use.Order TypePhemex is one of the most reputable and hassle-free crypto trading and investment platforms where users may turn their cryptocurrency fortune into income. The idea for Phemex was born from the founders’ observations of the absence of professionalism, credibility, and customer service in the cryptocurrency trade.Below are the Order Types accommodated by the Phemex platform:Market OrdersMarket Orders are performed immediately at current market prices. This order type is recommended for purchasing or selling a stock at the market’s most competitive price. This option is preferable for users who have urgent orders.Limit OrdersPhemex offers limit orders indicating the highest or lowest price you are willing to buy or sell. This order style lowers trading expenses. Limit orders do not, however, ensure execution. If your order is placed outside of the market, there is a chance it won’t be filled.Conditional OrderWhen a particular criterion is satisfied, Conditional Orders are automatically submitted. You must indicate a trigger price (TP) based on the Last Traded Price, the Index Price, or the Mark Price in order to activate orders. This option is recommended for traders who already have extensive experience and advanced strategies.Stop Loss OrdersA Stop Loss Order refers to orders that permit you to indicate a specific minimum price for when your orders will execute and close. Its purpose is to help you decrease the potential maximum amount of loss you may experience. Phemex recommends this order type as a game plan becauseIt can be used as a risk-management technique to prevent further losses on existing positionsIt can be used as an automatic tool to access the marketplace at the specified entry point without the need to manually wait for the market to place your orderTake Profit OrdersTake Profit Order and Stop Loss Order is similar in a way that both have predetermined or preset prices. However, when the price advances favorably, the order for the former executes rather than when the price goes against the position. Take Profit is recommended to increase the likelihood of closing a position.Phemex also offers order features that can be used if and only if used in conjunction with the order types mentioned above. These advanced order functions arePost Only OrdersA Post Only Order is a Limit Order but is only accepted if an order is not executed right away. Post-Only Orders never use liquidity; therefore, this order type exists. Post-only orders are frequently used to submit only passive orders that qualify for Maker rebates. By selecting the “Post-Only” checkbox, this order type can be accessible from the Limit Order, Stop Loss Order, or Take Profit Order section.Close-On Trigger OrdersClose-on trigger orders are ones that can be used along with most of the Take Profit and Stop Loss orders. This additional order type can be activated by selecting the “Close On Trigger” checkbox.These order types are regarded as “high-priority.” If a sufficient margin is not available to complete, there’s a huge tendency that any open orders for the same trading pair will be canceled automatically.Currencies & Payment MethodsPhemex operates across various industries and has recently started to focus on blockchain and crypto-based solutions as an alternative to traditional payment methods. Because of this, Phemex now offers its customers flexible options for paying with cryptocurrencies and tokens and standard cash or card payments. That being said, various currencies and payment methods are being offered on the platform.CurrenciesIn 2020, Phemex announced its partnership with Simplex Traders to purchase digital currencies. They offer support for currencies such asUSDEURJPYCADAUDThe cryptocurrencies the platform supports are:BTCBCHETHXRPLTCTRONUSDTPayment MethodsPhemex accepts payments via VISA, MasterCard, POLi, and UnionPay to buy bitcoin. However, today, countries such as the USA, Cambodia, Korea, and Ghana are not supported by Phemex.FeesBelow are the details you need to know about Phemex fees:Deposit FeesPhemex does not charge fees for users who want to make deposits.Withdrawal FeesPresently, the highest Phemex withdrawal fee for makers/takers on the platform is 0.1%. This could be subject to change. That’s why we recommend you keep an eye on their fee rate, especially since the Phemex fees are released every 8 hours.The fees for cryptocurrency withdrawals vary significantly on the selected asset and network. You can buy your crypto by making an OTC Account.You may also purchase with the help of third-party payment providers through your debit or credit card. Some of the popular third-party partners of Phemex are Advcash, Simplex, and Coinify.Phemex offers bank transfers $30 fee. If you want to avoid paying fees, it is usually advised to use bank transfers. Look for an exchange like Binance that provides fee-free bank transfers.Transaction FeesPhemex charges fees for trades. Makers have to pay a 0.01% fee, while takers are charged a 0.06% fee.LimitThe minimum deposit and withdrawal fee on Phemex varies depending on the chosen digital currency. A withdrawal fee and a Google two-factor authentication are required before you may be allowed to withdraw.If you’re planning to withdraw your BTC, the minimum withdrawal limit is set at 0.001 BTC, while the withdrawal fee you’ll need to pay is 0.00057 BTC. For other currencies, the platform made a Fees and Condition page for users to scan before proceeding with their transactions.SecurityIt’s normal for people new to the crypto world to ask questions such as “Is Phemex Legit?” or “Is Phemex safe?”The platform’s security has ensured to provide the maximum safety it can offer. They have Wallet Security, System Security, User Account Security, and Trading Engine Safety. Let’s briefly discuss them.Wallet SecurityPhemex developed a Hierarchical Deterministic Cold Wallet System that gives each user their own unique cold wallet deposit address. The company uses the offline signature to compile all the deposits into its multi-signature cold wallet periodically.For maximum safety, they process withdrawal requests three times daily, and both operators and founders thoroughly review each request. Phemex’s Wall Street risk management expertise enabled them to identify any harmful activity and take swift action to safeguard the platform’s and our users’ assets. They use their offline signatures to process qualified withdrawal requests, ensuring that all assets are kept entirely offline and in a cold wallet system.System SecurityPhemex uses the Amazon Web Service (AWS) Cloud to deploy and safeguard its systems and machines. They also use firewalls to separate machines that are used for different purposes. System restrictions are also applied to ensure that the platform is safe from potential hacking.User Account SecurityAll user accounts are secured by Phemex using a two-factor authentication method and a double-entry bookkeeping system similar to those used by banks. The system automatically initiates two-factor authentication whenever a user completes any important actions, such as logging in, funding, or changing their password. Meanwhile, double-entry bookkeeping refers to the balance of assets and equity used as the basis for accounting.Trading Engine SafetyThe CrossEngine and the TradingEngine are the two fundamental structural elements of the Phemex trading platform. The CrossEngine carefully matches customer orders according to time and price priorities. Meanwhile, TradingEngine is in charge of monitoring a comprehensive set of risk checks, including expenses, charges, computing, and more.Customer ServicePhemex offers a help center that allows users to share their support, give product feedback, report issues and bugs, and detail complaints. They can be contacted via live chat, help center support, and mail.Alternative ExchangesThere are other exchanges that can be considered other than Phemex. To help you decide which platform would provide you with the best trading experience, take a look at the comparison between Phemex, BitMEX, and BitFinex.PLATFORMPhemexBitMEXBitFinexMobile AppYesNoYesLeverageUp to 100xUp to 100xUp to 100xTP and SL FunctionTake Profit and Stop Loss ordersTake Profit or Stop Loss ordersTake Profit or Stop Loss ordersMarginUSD and BTC settlingBTC settlingUSD settlingCross MarginYesYesYesDeposit OptionsFiat, Bitcoin, AltcoinsBitcoinFiat, Bitcoin, AltcoinsHow to Open an AccountOpening an account on Phemex is quite easy. So, if you’re interested, follow these three steps:Step 1: Visit the Phemex website and tap Register, located in the page’s top right corner.Step 2: Enter the required information, such as your email address, password, and invitation code before clicking continue.The platform requires passwords to be more than 8 characters, an upper-case, lower-case, and a number.Step 3: You will receive a verification email and code that you can enter in the next window. Once you’re done, you have the account and may start trading.FAQsIs Phemex legit and safe?Phemex is a reliable and secure cryptocurrency exchange. They are authorized to conduct business since they are registered with FinCEN as a Money Services Business.Is Phemex legal in the US?Phemex services are subject to laws and regulations that vary for every country. One of the countries that their OTC Service support is the United States, along with over a hundred more. Phemex US customers can enjoy the benefits of the platform, too.Can you use Phemex in the US?Yes, US residents can use the platform. However, we advise Phemex US customers to check their state’s regulations before using it.Does Phemex require KYC?Phemex KYC is not mandated to their users, but it is highly recommended so you can fully enjoy the services they offer.
In light of the current unfavorable market conditions, an increasing number of businesses are beginning to lay off significant numbers of their employees.News in a Glimpse:Coinbase formally announced plans for a second round of layoffs that will affect about 60 employees, five months after beginning their first round of layoffs.The aforementioned layoff primarily focused on the institutional onboarding and recruiting teams for the company.According to Coinbase CEO Brian Armstrong, the company “overhired,” making staff reductions necessary.Like any other business, Coinbase was seen to have been impacted by and struggling as a result of the bear market.Despite a number of drawbacks to their company, the CEO of Coinbase is optimistic because they are unrelated to FTX, a failing business, or even Alameda Research.Since last June, 18% of Coinbase’s employees have left the company, and just yesterday, on November 11, Coinbase formally announced plans for another round of layoffs that will affect about 60 employees. According to reports, the company’s institutional onboarding and recruiting teams were the main targets of the aforementioned layoff.Elliott Suthers, the organization’s director of corporate and international communications, claims that two teams took isolated and focused actions to improve Coinbase’s efficiency. The stock of the relevant company was reportedly seen to have increased by more than 10% yesterday afternoon, according to the report.The Reason Behind the Lay OffFive months after initiating their first round of layoffs, cryptocurrency exchange platform Coinbase has formally announced that they are firing 60 more employees from their hiring and institutional onboarding departments.Compared to Meta’s recent layoff of 11,000 employees, this round’s number of layoffs was small. This action was reportedly motivated by the exchange platform’s desire to reduce costs in the midst of the ongoing bear market.Brian Armstrong, the CEO of Coinbase, claims that the company “overhired,” necessitating the need to reduce staff. It is recalled that the company frozen its hiring process and revoked job offers it had already made to candidates back in June, which caused the corresponding candidate to become irate and vent online.The Possible EffectCoinbase was seen to have been impacted and struggling as a result of the bear market, just like any other business. In reality, the trading volume on the exchange platform fell by 27% in the third quarter of the year and by 28% on a quarterly basis. The company’s stock is also estimated to be down nearly 80% this year and 27.4% just this month.Surojit Chatterjee, the well-known cryptocurrency exchange’s Chief Product Officer, left Google three years ago for an enormous $646 million compensation package, in addition to the significant downturns. He will reportedly take a break but will continue to be Armstrong’s advisor at least until February 2023.The CEO of Coinbase is upbeat despite a number of negative aspects of their business, as they have no connection to FTX, a struggling company, or even Alameda Research, a sister company. Another positive is that despite Coinbase’s stock price decline this year, Cathie Wood’s Ark Invest seems to be interested in the company.Twitter Lays Off EmployeesDays prior to Coinbase’s announcement of its second round of layoffs this week, Twitter had already said goodbye to nearly all of the staff members at its Ghana office, which served as the company’s sole location in Africa.According to the BBC, Twitter informed its staff via email that they were reorganizing their operations and would therefore need to cut expenses. The aforementioned layoff was reportedly a part of the global staff purge that new boss Elon Musk had instituted.According to a worker who asked to remain anonymous, they would continue to receive their regular pay until the beginning of the following month, when their contract would expire. The employees were “offered 3 months of severance,” according to a tweet from the new owner of the business, Elon Musk.The employees further argued that what happened was insulting, citing the mail, the letter’s tone, and even the lack of follow-up actions, which was described as “ridiculously insulting” by an anonymous employee.The employees of Twitter Ghana received an email through their personal accounts informing them that their contracts would expire on December 4 of this year. After being denied access to work emails, the employees claimed to have received the emails.Meta Bids Goodbye to its EmployeesAlong with Coinbase and Twitter, Meta, a company known for creating a buzz in the metaverse, has also said goodbye to 13%, or 11,000, of its staff, as confirmed in the CEO’s letter to his staff, written by Mark Zuckerberg.He said that they have chosen to reduce the size of our team by roughly 13%, calling it one of the most difficult changes they’ve ever made for Meta. He added that the business is making further efforts to become leaner and more productive by reducing discretionary spending and extending their hiring freeze through Q1.
The collapse of FTX, a well-known crypto exchange platform, is just one of several unfortunate events that have occurred in the cryptocurrency industry over the past couple of days and shocked many people in the sector. The user’s funds were still frozen in the platform up until this point, but withdrawals from another well-known platform were suddenly stopped.News in a Glimpse:Due to the failure of FTX, withdrawals from BlockFi, a well-known cryptocurrency lending platform, have been halted.The company stated that they were forced to stop client withdrawals due to the “lack of clarity” surrounding FTX’s current situation.Two days prior to the business’s aforementioned confirmation tweet, BlockFi’s founder and COO tweeted to their users to reassure them that all of their products are operational.She continued by saying that BlockFi remained a distinct organization at least until July of the following year.Withdrawals have been halted, and federal and state investigations are currently concentrating on the FT.Although FTX US is still running smoothly, Sam Bankman-Fried warned that it might stop trading at any moment.Withdrawals from BlockFi, a well-known cryptocurrency lending platform, have been suspended as a result of the collapse of FTX, a well-known cryptocurrency exchange platform. According to a tweet from the lending platform, they learned of the news through Twitter just like everyone else and were simultaneously shocked and appalled by it.In which they further stated that until “clarity” is provided, the lending platform would temporarily limit their platform activity, including but not limited to halting client withdrawals, because they would not be able to fully operate their business due to that “lack of clarity” regarding FTX and Alameda.BlockFi, a cryptocurrency lending platform, has already advised users not to make deposits into BlockFi Wallets or Interest Accounts at the moment. They also advised their users that they would be communicating with them “less frequently,” but they also promised to release more information “as soon as possible.”Back in June, BlockFi was in a similar situation to FTX today, but at the time, FTX offered a $250 million bailout to BlockFi to keep it afloat in the cryptocurrency space. Sadly, this week’s liquidity crisis caused FTX to collapse, and the company now faces a possible $8 billion shortfall.The HaltAs was already mentioned, BlockFi wouldn’t be able to conduct business as usual and would be restricting their activities as a result of the FTX’s unexpected collapse. The company went on to discuss this further, claiming that the “lack of clarity” surrounding FTX’s current situation has compelled them to stop accepting client withdrawals.The company’s aforementioned confirmation tweet came two days after Flori Marquez, the founder and COO of BlockFi, tweeted to their users to reassure them that all of their products are up and running. She went on to say that BlockFi was a separate entity until at least July of the following year.You may recall that in July of last year, FTX acquired BlockFi as part of a deal whereby FTX US would grant BlockFi a $400 million credit facility. The price of the aforementioned acquisition was subject to a number of conditions.The TermsIncluded in the aforementioned requirement is BlockFi receiving U.S. approval. To run a yield-generating service in the US, one must be registered with the Securities and Exchange Commission. By the time FTX US exercised its option, BlockFi should have accrued at least $10 billion in client assets, and BlockFi should have generated revenue each year by that point.The report claims that FTX US could have purchased BlockFi for up to $240 million if this condition had been met, but if it hadn’t, BlockFi might have been sold for as little as $15 million. According to her tweet, BlockFi’s founder and COO was referring to this transaction when she said that the lender had a deal with FTX US, not FTX international, and that BlockFi is a “independent business entity.”In addition to the terms not being agreed upon, the deal also appeared to have been abandoned after FTX discovered a $10 billion hole in its financial records. Withdrawals have been suspended and the cryptocurrency exchange platform is currently the focus of state and federal investigations. FTX US is still operating satisfactorily, but Sam Bankman-Fried issued a warning that it might stop trading soon and urged its customers to stop making deposits.
The crypto and NFT markets have been impacted by the current liquidity crisis and alleged mismanagement problems that the FTX is presently experiencing.News in a Glimpse:A collection of highly sought-after NFTs is owned by Alameda Research, the FTX’s financial sibling, and is reportedly worth millions of dollars.The NFT collection consists of 31 rare NFT from the Bored Ape Yacht Club collection in addition to 26 Otherdeed for Otherside tokens.The impact of the aforementioned problem spread to the NFT market, where Bored Ape Yacht Club is allegedly falling as a result of owners selling their NFT in a panic and a drop in the price of ETH.In addition to the current market environment, BendDAO is another factor that is thought to have had an impact on the price of the blue-chip NFT collection.Sam Bankman-FTX Fried’s is in danger of failing after many potential investors withdrew from an acquisition plan after reading the company’s financial reports. A collection of highly prized NFTs owned by Alameda Research, which is said to be worth millions of dollars, is one possible source of funding for the company, according to a report.The aforementioned NFT collection includes 26 Otherdeed for Otherside tokens, and 31 rare NFT from the prestigious Bored Ape Yacht Club collection. Yuga Labs, a renowned NFT powerhouse, is the creator of both of the aforementioned NFT collections.The $450 million funding round that Yuga Labs received last March was led by FTX Ventures, the $2 billion venture capital arm of the crypto empire. According to a recent report by a representative of the FTX, Alameda Research, the financial sibling of the FTX, was in charge of the wallet and had previously traded bored apes as part of its NFT trading strategy.Nikolai Yakovenko, the creator of the NFT valuation website DeepNFTValue, claims that the value of the aforementioned blue-chip NFT collection is estimated to be between 4,000 and 5,000 ETH, which appeared to be sufficient to support FTX.Three of the Bored Apes with gold fur, a trait with a 1,000 ETH floor price, are among the most uncommon collectibles in Alameda Research’s wallet. Despite the fact that the last Bored Ape with gold fur was only sold for 800 ETH in the event of liquidation, a professional forecasts that it could sell for as little as 500 ETH given the current market circumstances.The wallet of Alameda Research also contains four “trippy fur” Bored Apes, which, according to the OpenSea, have a floor price of 599 ETH. The said wallet’s most recent Bored Ape activity, according to the records, occurred three months ago.Effects of FTX Being on the Verge of CollapseThis week’s top news stories focused on the liquidity crisis at FTX and the alleged mismanagement of customer funds, which has had a significant impact on cryptocurrency prices. The aforementioned effect also extends to the NFT market, where the value of the well-known Ethereum project and blue-chip NFT Bored Ape Yacht Club is allegedly falling as a result of panicked NFT sales by owners and a decline in ETH price.The cheapest Bored Ape Yacht Club NFT on the market as of this writing is priced at 57.5 ETH, which is roughly $76,40. This represents a 7% decrease in price over the course of a day when expressed in ETH, but a 24% decrease when expressed in USD due to the 13% decline in the value of ETH. According to the report, the price of the Bored Ape fell by 82% since peaking in April at 152 ETH, or almost half a million dollars.Other Factors Affecting the Price FallNumerous factors that might have had an impact on or influenced the price of the high-end NFT collection Bored Ape have been noted. One of them is the most obvious one; it is the current state of the cryptocurrency market, which has gotten worse over the past few days as a result of the FTX problem. This situation may have caused some investors to sell their “blue chip” NFT assets during the downturn. On-chain evidence has been used to support this assertion.According to data collected by Flipside Crypto and shared by the Proof Director of Research, Bored Ape Punk9059 was observed to have a notable increase in trades on the top marketplace OpenSea last Wednesday using warped Ethereum rather than the standard one. It is well known that this week saw a 50% increase in the share price of traded Ethereum.This is important because warped Ethereum is needed to bid on an NFT in a marketplace like OpenSea, which means that as more warped Ethereum are created, more bids will be accepted for the NFT owner’s assets. Since the bids are typically below an NFT’s market value, it can be assumed that the owner of the NFT is taking lowball offers in order to quickly liquidate their NFTs in the midst of the market chaos.The decline in the cryptocurrency market, particularly as it relates to the lending protocol BendDAO, which allowed users to obtain cryptocurrency loans by pledging valuable NFTs as collateral, is another factor that might have had an impact on the price of the Bord Ape NFT collection. In the interim, it appears that BendDAO has been auctioning 14 Bored Ape NFTs from liquidated loans. These NFTs currently have a bid that is below their market value, indicating a soft demand for the assets.
Last week, Vitalik Buterin added censorship resistance and decentralization milestones to the Ethereum technical roadmap. Here is a recap of the Ethereum Weekly Ecosystem.Key takeawaysEthereum & Layer-2s On-chain Data HighlightsVitalik releases updated Ethereum roadmap diagramMean Finance is now on ArbitrumBeefy is now on EthereumEcosystem UpdatesCrypto market is very bearish at the moment, what do we need to do to secure our portfolio and keep sentiment stable?Ethereum & Layer-2s On-chain Data HighlightsThe crypto market in the past few days has been affected a lot after FTT became insolvent and the battle between CZ Binance and SBF. So, in terms of on-chain data in Ethereum and Layer-2s, there is a sharp drop in Total Value Locked and Transactions on the ZK Rollup technology side after the recent zkSync Alpha Mainnet. Whether the crypto market bull or bear, the whole Ethereum and Layer-2s Ecosystems keep building.Weekly Highlight NewsEthereum NewsVitalik releases updated Ethereum roadmap diagramStakefish introduces Ethereum Validator NFTsBeefy is now on EthereumMean Finance is now on ArbitrumzkSync announces the zkSync 2.0 BootloaderVitalik releases updated Ethereum roadmap diagramAfter the Merge, the following phases are Surge, Scourge, Verge, Purge, and Splurge. The Ethereum roadmap now includes a new phase named “The Scourge,” which focuses on assuring trustworthy and credible transaction inclusion. It also aims to address the issues of centralization and censorship that arose during the Merge by switching to proof-of-stake.MEV issues on Ethereum involve using bots to exploit network transactions, leading to congestion and high fees. Another update is to the fourth section, the Verge. It will now focus on verification and not just “Verkle trees.” Buterin explained that the endgame of the section is fully SNARKed Ethereum.Mean Finance is now on ArbitrumMean Finance is the state-of-the-art DCA open protocol. Their protocol enables users to Dollar Cost Average (DCA) any ERC20 into any ERC20 with their preferred period frequencyAnd to fulfill that mission, they need to get to as many DeFi users as possible. And that’s why they are launching to Arbitrum today. We know that Arbinauts are crazy loyal and supportive, and we couldn’t wait to be a part of this amazing community.Beefy is now on EthereumBeefy is the 29th largest DeFi protocol and the most popular yield optimizer. Beefy is a Decentralized, Multichain Yield Optimizer that allows its users to earn compound interest on their crypto holdings. Beefy earns you the highest APYs with safety and efficiency in mind.Launching on Ethereum with a bunch of Aura Finance vaults has been an absolute blast!Additional Notable EventsNotable Threads of the weekAdditional Ethereum NewsFollow us for more updates on everything in the Ethereum ecosystem! Website | Twitter | Telegram
A week of chaos but nothing affects Polygon. Let’s take a look at the highlights of this week.KEY TAKEAWAYSDeFi dApps on Polygon had an incredible week, with 17 of the Top 20 dApps closing significant gains.Price Performance of Bitcoin Ethereum and Polygon in October 2022How to Buy NFT on Polygon Using MastercardThe Growth of the Number of Unique Addresses in October 2022Meta to Let Users Mint and Sell Polygon Powered NFTs on InstagramECOSYSTEM UPDATESHola readers! J.P.Morgan and Singapore’s regulatory authority made their first live trade in DeFi which was #PoweredByPolygon; Franklin, a service that empowers businesses and organizations with blockchain-based payment instruments, launched its open beta version for testing on the Polygon; and Liminal, wallet operations infrastructure platform, announced support for Polygon’s blockchain.Let’s dive in..Polygon On-Chain Data HighlightsNetwork AnalysisDeFi dApps on Polygon had an incredible week, with 17 of the Top 20 dApps closing significant gains. Best performing DeFi dApps by users were: Uniswap V3 (41k, +35%), Quickswap (25k, +28%), Stargate (22k, +146%), and Aave (21k, +282%). As per CoinGecko, Polygon’s average weekly market cap increased for the third consecutive week, reaching a whopping $9 Bn+ in the past week.dApps SpotlightNFT HighlightsPrice Performance of Bitcoin Ethereum and Polygon in October 2022On-Chain AnalysisUTXO Realized Price Age Distribution (Actual time holding BTC) shows that investors over the last 2 years have an average purchase price of 40.9K while short-term investors from 1 week to 3 months have a purchase price in the range of 19.6K – 20.6K.More details: hereThe Macroeconomic ContextOn November 2, the Fed continued to raise interest rates by 75 basis points to the range of 3.75% – 4%. This is the fourth time the Fed has raised 75 basis points, making it the fastest rate hike cycle in 35 years.More details: hereHow to Buy NFT on Polygon Using MastercardMore details: hereThe Growth of the Number of Unique Addresses in October 2022Polygon’s number of unique addresses grew by 55% in October compared to Q3 and totaled 185M addresses.An unbelievable number shows that Polygon is growing despite the crypto winter.The end of this year is expected to continue to be a record quarter for Polygon. when there are more than 53K dApps and the number of unique addresses will soon surpass BNB Chain and Ethereum.Meta to Let Users Mint and Sell Polygon Powered NFTs on InstagramInstagram users will soon be able to use the site to mint, showcase, and sell digital collectionsCreators will soon be able to use digital collectibles to directly engage with their fans & monetize their creation on Instagram, the most popular social media platform with a community of ~1.4 billion users 👀~50 million people worldwide recognize themselves as creators and now they need more than showcasing their creations.Advertising 👉 Influencing 👉 OwnershipPolygon is proud to provide a robust infrastructure for Meta to launch this ground-breaking tool.More details: hereFollow us to stay updated on everything in the Polygon Ecosystem!Website | Twitter | Telegram
BNB Chain is moving forward daily, and we hope you guys do not miss any news in the last 7 days. Here is your BNB Chain Weekly recap.KEY TAKEAWAYSDaily Transaction and Address Growth continue to gain momentum despite strong market volatilityNew Milestone: The Implementation of Parallel EVM 2.0BNB Chain Builder Grant Crowns First WinnerszkBNB Part 2 – Under the HoodDappBay: Red Alarm dApp Risk-List (Oct. 28th – Oct. 4th)Technology Update of BNB Chain in Oct 2022ECOSYSTEM UPDATESDespite the market volatility, transactions and users on the BNB Chain ecosystem still show positive signs. Especially 3 arrays including DeFi, GameFi and Web3.These are anticipated to be the locations in the future that draw numerous users and investments.BNB Chain On-Chain Data HighlightsContent of the Week – Remarkable BNB CHAIN Projects in OctoberBNB Chain has updated many notable events last month. We can spot some new Dapps in DeFi, Metaverse, GameFi & Web3. Besides, NFT Marketplace in October had impressive indicators such as trading volume and daily users.New Milestone: The Implementation of Parallel EVM 2.0Source NoderealFor many years, parallel computing has been a topic of active research and application. In the current blockchain sector, Parallel Execution on EVM is emerging as a new paradigm.On October 17th, 2022, NodeReal released a feature that is based on the most recent BNB Chain release, v1.1.16: Parallel EVM 2.0. You can refer to the node-real repository’s comprehensive release note.Read more details hereBNB Chain Builder Grant Crowns First WinnersSource BNBChain BlogBNB Chain Builder Grant, launched in early October, is actively working toward helping Web3 projects reach the next level.October Grant WinnersPuffverseHummingbotDmailXDAONovember Applications OpenWhy wait around? BNB Chain is actively looking for innovators and teams intent on growth. Fill out the simple and easy application form today and help your project reach the next level.To learn more about the topic, please visit here.zkBNB Part 2 – Under the HoodSource BNB ChainThe use of Zero Knowledge (ZK) Proofs is one of the newest and most popular approaches that have been suggested to accomplish this. The third largest smart contract network in the world, BNB Chain, has jumped on board to offer ground-breaking solutions based on ZK-Proofs.Zero-Knowledge Rollups (ZkRollups) are Layer-2 (L2) blockchain scalability solutions based on ZK-Proofs. They essentially scale the main blockchain network, i.e., Layer-1(L1), by performing computations, bundling transactions and moving the transaction data off the main chain.Read more about zkBNB Part 2DappBay: Red Alarm dApp Risk-List (Oct. 28th – Oct. 4th)Source BNBChain BlogThe Red Alarm list highlights risky dApps on BNB Chain. The dApps on the Red Alarm list are assigned a significant or high-risk level and range from rug pulls to scams.The list of Red Alarm dApps and risk details for Friday 4th November 2022 feature 23 dApps and fake tokensRead more about the eventAdditional Notable Events• P12 reached officially 1 million soulbound users• BabyDogeCoin Surpassed $30M Total Value Locked in less than 1 month• Binance Partnership with Ledger• BSC Daily x BNB Chain Glory Pass Giveaway• Radio Caca Partnership with MagpieFollow us to stay updated on everything in the BNB Chain ecosystem!Website | Twitter | Telegram
The Fantom ecosystem is always growing and moving forward. To help you not miss any news & movements of the ecosystem in the last 7 days, here is your Fantom Weekly Recap Week 45.Key TakeawaysA Week on Fantom ReviewFantom On-chain Data HighlightsThe Return of Andre CronjeARC Reactor is deploying GMX to FantomFantom Ecosystem Spotlight: KanpekiFantom’s Total Unique Addresses have reached 10M+Ecosystem UpdateThe bullish trend continued on the Fantom ecosystem last 7 days. Much huge news was announced with the spotlight: the return of Andre Cronje. However, the bulls are expected to stop after the announcement of the collapse of FTX – Sam Bankman-Fried.A Week on Fantom ReviewLast week was a bullish week for the whole Fantom ecosystem. All critical metrics have skyrocketed, especially the Social Metrics as the community was excited about the return of Andre Cronje.Leading in both TVL & Price gainers is Based Finance while the most influential project of the week is Floki Inu.However, with the collapse of FTX & Sam Bankman-Fried this week, we cannot expect a bullish trend like this in the next few days.Fantom On-chain Data HighlightsAll key On-chain Metric of Fantom have risen significantly over the last 7 days, especially on the Unique Addresses metric, with an increase of nearly double compared to the previous week. Fantom has also maintained a low gas fee & a stable level in Daily transactions while keeping burning FTM tokens.The Return of Andre CronjeAndre Cronje – The “Godfather of DeFi” has officially returned to Fantom Foundation. He is now the Vice President of Meme at Fantom.In the past, Andre Cronje was a DeFi Architect & Technical Advisor of Fantom. The DeFi heritage that Andre left for the Fantom ecosystem & the crypto market was huge: Yearn Finance, Keep3r Network, Cream V2 & Solidly – the name that created a booming on Fantom in Q1 2022. Now returning as Vice President of Meme, can Andre make Meme Coin, GameFi, or Metaverse the next trend on Fantom? ARC Reactor is deploying GMX to FantomARC Reactor – a Web3 collaborative visual developer studio, is fully integrated into Fantom. ARC Reactor can instantly visualize & audit code, change smart contract functionality & redeploy any functionality cross-chain to Fantom.The first mission of ARC Reactor on Fantom is to pull GMX code from Avalanche to Fantom, or in other words, porting GMX to Fantom.GMX is the leading Decentralized Perpetual Exchange that was famous as the pioneer of the “real yield” trend. GMX is currently also the no.1 project in Arbitrum in terms of TVL.For more information, click here.Fantom Ecosystem Spotlight: Kanpeki(Source: Fantom Foundation)Fantom Foundation is honored to introduce the new member of Fantom Ecosystem Spotlight: Kanpeki Finance.Kanpeki is an incentivized, non-custodial, individualized, fixed-rate borrowing and lending platform. On Kanpeki, lenders and borrowers decide what amounts they wish to lend/borrow and at what interest rate. The protocol individualizes lending and borrowing by matching both sides, but borrowers are heavily incentivized with KAE to accept higher interest rates. For more information, click here.Fantom has reached 12M+ Unique AddressesThe Total number of Fantom’s Unique Addresses has reached a new all-time high: 12M Total Unique Addresses. Surprisingly, Fantom achieved this new milestone just a week after reaching 6M, which means the Total Unique Addresses on Fantom are doubled in just 7 days! The skyrocketing of Unique Addresses, as we have explained in the previous newsletter, came from the appearance of XEN Crypto – a project that allows users to free mint tokens. The news of Andre Cronje’s return last week also pushed this metric to an even higher level.Hope this rally can continue in the next few days despite the harsh market situation.Additional Highlight EventsFollow us to stay updated on everything in the Fantom ecosystem! Website | Twitter | Telegram
Following their success on Cronos, Phenix Finance is expanding their ecosystem by launching on Polygon. The presale will begin on November 11, 2022. Continue reading to learn more about this potential project.Phenix Finance is set to launch on PolygonThe Polygon Chain will be the first to expand into a multiple chain. Polygon Chain Investors will have access to all facets of their ecosystem following the launch of the Polygon Token. The presale will be soon started on 11th Nov. Also, the Flaming Phenix NFT has arrived on Polygon. Make sure you don’t pass up this opportunity to get the unique high-reward staking limited for Polygon investors.What can you do with Phenix Finance Ecosystem?Exciting Released FeaturesManage and track your payouts with compact, user-friendly, and one-of-a-kind multi-functional interface Phenix Dashboard Dapp. Test your luck with Phenix Lotto Pool. To participate in the Phenix Lotto Pool (PLP), you must put tokens into the pool in return for tickets. As long as your tokens are in the pool, you are eligible to win a huge prize created during the lotto time.The Phenix NFT Series (Flaming Phenix Club) is a CRONOS-based ecosystem-based non-fungible token collection that intends to deliver tremendous utility within the Phenix Finance Ecosystem. The Phenix NFT Series will depict a powerful collection of 6,666 strikingly gorgeous, fiery, and distinct creatures that will make their imprint within the CRONOS NFT Space, in addition to being extremely gratifying and valuable assets in the Phenix Finance Exosystem. All functionalities will be available for Polygon Investors.Boost your digital assets with Phenix Mystery Boxes. This new, fascinating and profitable is an addition to the Phenix Finance Ecosystem, which includes both the PHNX token and the Flaming Phenix Club NFT Collection.Creating your multi-signature wallet with up to ten unique owners and access to the feature-rich and comprehensive Phenix Vault MaaS User interface, which will allow you and your team to manage your assets safely and quickly.As trust and transparency are among their priority, Phenix Finance introduced their KYC Services to enable projects to demonstrate a level of trust between their owners and their community without (publicly) disclosing personal information or jeopardizing the safety of those participating in the KYC process. Your data will be kept secure using multi-layered file encryption. Furthermore, ‘KYC by Phenix’ projects are eligible to join Phenix Syndicate. Phenix Syndicate includes collaboration with other KYC projects by Phenix Projects as well as support from the Phenix Finance core-team.Potential Scheduled FeaturesThe Phenix Vault will function as a decentralized application, providing a wide range of services to various projects in order to guarantee a high level of protection to assets and contracts. These capabilities will provide everything from fully customized Token Vesting to blockchain monitoring for suspicious behaviour. The Phenix Vault will be a much-needed resource in the current nasty, dangerous, and mysterious DeFi world. The Phenix Payroll System will be a groundbreaking, multi-chain, and secure decentralized program that will allow business and project owners to handle their payroll using the world of DeFi. The Phenix Finance Core team sees the likelihood of cryptocurrency encroaching on many facets of our lives in the future years. As the launch date approaches, the current perks for Flaming Phenix Club NFT members will be implemented on Polygon. As utilities, the Phenix NFTs will be critical in continuously expanding their ecosystem. As a Phenix NFT holder, you are provided with a one-of-a-kind PFP Style Phenix NFT that can provide rewards in PHNX Token via their Premium NFT Staking Pool, free weekly access to Flaming Phenix Mystery Boxes, multiplying your chances in the Phenix Lotto Pool, decreasing fees on dApps, early access to future releases, and much more!Features that make Phenix Finance Stand outRX3 Auto-Staking Protocol: Earn huge returns just by keeping PHNX Token in your wallet! It’s really that simple. The RX3 Protocol pays out more than 1.8% of its assets every day. Unique Defi functionalities in their growing ecosystem.Security Audit + KYC Verified: Phenix Finance finished their smart contract audit with Solidity Finance and KYC with Assure DeFi to verify that any money in their ecosystem are free of malicious activity or violations.Trust and Transparency: To ensure Phenix Finance are known and verified in the crypto industry, lead developers and team members have either doxxed or engaged in a project-related KYC Service.Ever-expanding Ecosystem: Individual investors and project owners will benefit from the resources and utilities provided by Phenix Finance.What to expect from Phenix Finance in the near futureThe ecosystem will continue to grow with new decentralized applications and services that make project and business operations easier for everyone who uses them. They want to release the Phenix Vault and Phenix Payroll Management System as two programs that will let businesses on DeFi manage their assets safely and correctly organize and track their employee payroll with advanced statistics that have not previously been seen in the industry. Besides, They want to offer DeFi services and apps initially on the CRONOS chain, then over several chains to provide a white array of utility to various portions of DeFi.Cross chain internal bridge between Phenix Token on Cronos and Phenix Token on Polygon made simple for everyone to use and gathered the ecosystem all in one place.DEX is also scheduled to be launched on Cronos and Polygon (Q1 2023)A groundbreaking, multi-chain, and secure decentralized payroll system application is on its way.What is Phenix Finance?The Phenix Finance project is headed by a group of motivated, experienced, and community-driven individuals with a strong focus on providing simple methods of incentives and DeFi services to project and business owners in the crypto-space.The Phenix Finance team has collaborated to present a vision based on their core principles and beliefs. As a new generation enters the crypto realm, the team places a strong emphasis on community, security, and education.Learn MoreTwitter: https://twitter.com/phenixfinanceTelegram: https://t.me/phenixfinanceDiscord: https://discord.gg/4tbsFf5e5vDisclaimerOpinions stated on CoinWire.com do not constitute investment advice. Before making any high-risk investments in cryptocurrency, or digital assets, investors should conduct extensive research. Please be aware that any transfers and transactions are entirely at your own risk, and any losses you may experience are entirely your own. CoinWire.com does not encourage the purchase or sale of any cryptocurrencies or digital assets, and it is not an investment advisor. Please be aware that CoinWire.com engages in affiliate marketing.