• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Wednesday, September 27, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

First Mover: Tron’s Play for WBTC Shows Competition to Relieve Ethereum Congestion

25 September 2020
in Market
Reading Time: 8 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT


Compared with the traditional financial system, the cryptocurrency industry is evolving fast. Technologists are experimenting with the vast-reaching potential of blockchain. And regulation is typically immature, inconsistent and unevenly applied across international borders, allowing entrepreneurs to move fast and break things, as it were. 

But there’s also no shortage of competition. The latest example comes from CoinDesk’s Ian Allison, who reported Thursday that Tron, the three-year-old blockchain headed by Justin Sun (the crypto executive who paid $4.5 million to have a meal with Warren Buffett), has entered into a strategic alliance with custody specialist BitGo to accommodate wrapped bitcoin (WBTC) tokens.

Wrapped bitcoin is a tokenized version of the largest cryptocurrency, reformatted so it can move easily on a non-Bitcoin blockchain. It’s become popular among users of the Ethereum blockchain partly because traders can deposit the tokens in various decentralized finance or “DeFi” applications to receive juicy interest rates. Bitcoin doesn’t pay interest or dividends, a fact that sometimes draws comparisons to a “pet rock.” So DeFi is one of the main places that holders of bitcoin can go to make money off their holdings, aside from the usual speculative price gains.

As documented recently by CoinDesk’s Will Foxley and Zack Voell, tokenized versions of bitcoin, including WBTC, now total more than $1.1 billion. Just Thursday, the cryptocurrency fund Three Arrows minted some 2,316 WBTC tokens, the largest-ever single issuance, for use on the Ethereum blockchain, Voell reported. Later in the day, Sam Bankman-Fried, CEO of the crypto fund Alameda, tweeted an Ethererum blockchain data scan suggesting that a new transaction had occurred to break that record. 

The past few months’ explosion in DeFi, with the debut of automated trading platforms like Uniswap and copycat SushiSwap, has jammed the Ethereum network with congestion, driving up transaction fee rates and prompting rival blockchains to offer competing venues for developing new applications. 

Now Tron apparently wants a piece of the thriving DeFi business. “Our new strategic alliance with Tron creates even greater opportunities for users to expand to other chains and tokenize their BTC,” BitGo CEO Mike Belshe said in a statement. That means “transacting at a lower cost and faster speed.” 

There is so much more development and activity taking place on Ethereum that DeFi traders are unlikely to decamp en masse to Tron. But it’s good for the industry that they have the option.  

Supply of bitcoins tokenized on Ethereum has exploded since January to more than $1 billion.
Source: Dune Analytics

Bitcoin Watch

unnamed-3-11

Bitcoin implied volatility.
Source: Skew.

Bitcoin’s 5% gain on Thursday confirmed its biggest single-day percentage gain since July 27. 

While the recovery from weekly lows near $10,200 has been impressive, the immediate bias remains neutral. That’s because the cryptocurrency has yet to violate the three-week trading range of $10,000 to $11,000.

A big move could happen soon, since the one-month implied volatility has declined to 44%, the lowest level in nearly two years, according to data source Skew. In the past, an implied volatility of 50% or below has consistently paved the way for violent price action. 

The gauge is now closing on the record low of 35% seen just ahead of the big crash from $6,000 to $4,500 seen in the second half of November 2018. 

Token Watch

Ether (ETH): Traders might be using options market to hedge price risks of ether locked in DeFi liquidity pools.  

Bitcoin (BTC): Options open interest hits record $2.1B with notional value of $1B set to expire Friday, potentially triggering volatility. 

Wrapped Bitcoin (WBTC): Three Arrows Capital mints 2,316 of the Ethereum-ready tokens, single largest issuance.    

Avalanche (AVAX): Tokens in smart-contract platform (and Ethereum competitor) shoot up to $4 each, providing fast paper profit for investors who bought in just two months ago at 85 cents each in a $42M fundraise, Messari says.

Uniswap (UNI): Users claim 78% of existing UNI supply in first week, though Glassnode Insights op-ed argues that transition toward token-based governance via the UNI token falls far short of true decentralization. 

What’s Hot

Related articles

U.S. Department of Justice Opposes Sam Bankman-Fried's Latest Move for 'Temporary Release'

U.S. Department of Justice Opposes Sam Bankman-Fried's Latest Move for 'Temporary Release'

27 September 2023
FTX Founder Sam Bankman-Fried Can Use an ‘Air-Gapped’ Laptop in Court, Judge Rules

FTX Founder Sam Bankman-Fried Can Use an ‘Air-Gapped’ Laptop in Court, Judge Rules

27 September 2023

China Central Television publishes three-minue news clip highlighting that “cryptocurrency has undoubtedly become the top performing investment” among global assets (CoinDesk)

U.S. Internal Revenue Service makes it harder for taxpayers to avoid declaring cryptocurrency assets — by putting a question front and center on 1040 form (CoinDesk)

European Commission proposes to turn cryptocurrencies into regulated financial instruments, while warning that stablecoins will be subject to stringent checks (CoinDesk)

New U.S. bill would bring crypto exchanges under single federal framework, treat digital currencies similar to commodities (CoinDesk)

Paul Brodsky leaves Pantera to start hedge funds aimed at volatility plays, says bitcoin too energy-intensive to offer massive investor upside. (CoinDesk)

Russia’s Ministry of Finance wants citizens to report their crypto wallet details, news source RBK reports (CoinDesk)

First crypto exchange with no trading fees launches in Middle East (CoinDesk)

OCC guidance on stablecoins might not accelerate “slow burn” of adoption (CoinDesk)

Analogs

[crypto-donation-box]

The latest on the economy and traditional finance

Cryptohopper
ADVERTISEMENT

U.S. jobless claims unexpectedly increase to 870K as Pantheon says “labor market is stalling” (CNBC/Pantheon)

Racial inequality cut U.S. GDP by $16T over past two decades due to discrimination (CNBC)

ECB hands banks $203B in cheap cash to boost lending (Bloomberg)

Federal Reserve governor Lael Brainard said to be Biden’s choice for Treasury secretary, Bloomberg says (CoinDesk)

Tweet of the Day

coindesk_newsletters_1200x400_24

Sign up to receive First Mover in your inbox, every weekday.



Source link

Tags: competitionCongestionEthereumMoverPlayRelieveshowsTronsWBTC
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

New XRP Ledger Foundation gets $6.5 million in donations from Ripple and others

Next Post

XRP Sales on Halt – Crypto Daily™

Related Posts

U.S. Department of Justice Opposes Sam Bankman-Fried's Latest Move for 'Temporary Release'

U.S. Department of Justice Opposes Sam Bankman-Fried's Latest Move for 'Temporary Release'

27 September 2023
0

The U.S. Department of Justice said in a Wednesday court filing that Sam Bankman-Fried's latest move for a temporary release...

FTX Founder Sam Bankman-Fried Can Use an ‘Air-Gapped’ Laptop in Court, Judge Rules

FTX Founder Sam Bankman-Fried Can Use an ‘Air-Gapped’ Laptop in Court, Judge Rules

27 September 2023
0

The defense team has already lost two bids to have Bankman-Fried temporarily released since he was remanded, but has made...

ETH Staking Has a Bright Future, Despite Regulatory Uncertainty

ETH Staking Has a Bright Future, Despite Regulatory Uncertainty

27 September 2023
0

CoinDesk Indices in partnership with Coin Fund has created the Composite ETH Staking Rate (CESR), a benchmark for investors to...

Ending the Staking Trade-Off Can Save DeFi Communities

Ending the Staking Trade-Off Can Save DeFi Communities

27 September 2023
0

Ending the Staking Trade-Off Can Save DeFi Communities Source link

Binance Hails Turkey as a Crypto Hub

Binance Hails Turkey as a Crypto Hub

27 September 2023
0

Speaking to Serdar Turan, the Editor-in-Chief of CoinDesk Türkiye, in the lead up to Binance Blockchain Week in early November,...

Load More
Next Post

XRP Sales on Halt - Crypto Daily™

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • U.S. Department of Justice Opposes Sam Bankman-Fried's Latest Move for 'Temporary Release'
  • Looking Glass Labs Announces Share Consolidation
  • Growing Complexity in Bitcoin Mining Landscape Amidst Centralization Risks: Coin Metrics

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$26,296.000.42%
  • ethereumEthereum(ETH)$1,595.820.38%
  • tetherTether(USDT)$1.00-0.02%
  • binancecoinBNB(BNB)$211.64-0.01%
  • rippleXRP(XRP)$0.499970-0.30%
  • usd-coinUSDC(USDC)$1.000.00%
  • staked-etherLido Staked Ether(STETH)$1,595.930.40%
  • cardanoCardano(ADA)$0.244838-0.05%
  • dogecoinDogecoin(DOGE)$0.060379-0.14%
  • solanaSolana(SOL)$19.000.02%
  • tronTRON(TRX)$0.0852670.97%
  • ToncoinToncoin(TON)$2.162.39%
  • Wrapped stETHWrapped stETH(WSTETH)$1,864.880.36%
  • polkadotPolkadot(DOT)$3.98-0.74%
  • litecoinLitecoin(LTC)$63.40-0.35%
  • matic-networkPolygon(MATIC)$0.50-1.55%
  • bitcoin-cashBitcoin Cash(BCH)$229.216.70%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,208.000.05%
  • chainlinkChainlink(LINK)$7.643.82%
  • shiba-inuShiba Inu(SHIB)$0.000007-0.43%
  • daiDai(DAI)$1.000.15%
  • true-usdTrueUSD(TUSD)$1.00-0.02%
  • leo-tokenLEO Token(LEO)$3.690.86%
  • uniswapUniswap(UNI)$4.23-0.22%
  • avalanche-2Avalanche(AVAX)$8.91-1.06%
  • stellarStellar(XLM)$0.111533-0.17%
  • moneroMonero(XMR)$146.341.29%
  • okbOKB(OKB)$42.84-0.47%
  • binance-usdBUSD(BUSD)$1.00-0.05%
  • ethereum-classicEthereum Classic(ETC)$15.361.95%
  • cosmosCosmos Hub(ATOM)$6.96-0.14%
  • hedera-hashgraphHedera(HBAR)$0.0493170.04%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • filecoinFilecoin(FIL)$3.190.84%
  • makerMaker(MKR)$1,486.544.87%
  • crypto-com-chainCronos(CRO)$0.049974-0.17%
  • lido-daoLido DAO(LDO)$1.460.21%
  • internet-computerInternet Computer(ICP)$2.92-0.93%
  • quant-networkQuant(QNT)$88.421.22%
  • MantleMantle(MNT)$0.386762-0.67%
  • AptosAptos(APT)$5.26-0.40%
  • vechainVeChain(VET)$0.016389-0.49%
  • ArbitrumArbitrum(ARB)$0.82-1.00%
  • nearNEAR Protocol(NEAR)$1.08-0.26%
  • optimismOptimism(OP)$1.26-1.03%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • KaspaKaspa(KAS)$0.046576-0.70%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,733.720.66%
  • BSCEXBSCEX(BSCX)$237.190.34%
  • aaveAave(AAVE)$60.28-1.25%