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DeFi lending protocol created by ex-QuadrigaCX co-founder surpassed $50M in TVL

Posted on: September 27, 2022, in Cointelegraph

Michael Patryn was doxed earlier this year for being the co-founder behind the DeFi project Wonderland, which collapsed shortly after.
According to DeFi Llama, UwU Lend, a decentralized finance, or DeFi, protocol that acts as a money market on the Ethereum blockchain, has surpassed $50 million in total value locked (TVL). The non-custodial protocol was created by Michael Patryn, known by the pseudonym “Sifu,” who was the co-founder of defunct cryptocurrency exchange QuadrigaCX.UwU Lend allows users to earn interest on deposits and pay interest to borrow funds on its platform. Outstanding loans on UwU lend are overcollateralized, with more collateral backing them than debt. A small amount of fees from each transaction goes into the UwU treasury. Borrowers do not have a repayment schedule and there is no limit on loan duration.The protocol also features its native token, UwU. The tokens can be used to participate in revenue share by staking in the liquidity provider pool. The max supply of UwU is 16 million, of which 50% are for community emissions, 25% are for investors and 25% for the team.Michael Patryn was previously known as Omar Dhanani before two name changes in 2003 and 2008. He has been convicted of various financial crimes in the United States. After founding QuadrigaCX with co-founder Gerald Cotten in 2013, Patryn left the firm in 2016, citing a disagreement with its listing processes. Cotten died in 2018 of Crohn’s disease and took the private keys to the firm’s crypto to his grave — leading to the permanent loss of over $145 million of customers’ funds. Earlier this year, DeFi detective zachxbt uncovered that Patryn was running DeFi protocol Wonderland as its co-founder and under the pseudonym Sifu. After heavy community backlash resulting from the dox, the beleaguered DeFi project wound down operations. The price of Wonderland tokens collapsed as a result. https://t.co/Rkin96Ccdbhttps://t.co/A9UQ22X2gH pic.twitter.com/hnvOPeLO16— 0xsifu (@0xSifu) September 21, 2022

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Terra Luna Classic Enjoys Hefty Uptick As Binance Introduces Incredible LUNC Burn Mechanism

Posted on: September 27, 2022, in ZyCrypto

Luna Classic (LUNC), the renamed native token of the Terra network that infamously crashed to virtually zero in May, is rising in value today as traders bet that the new burn update by Binance could breathe some new life into the much-berated crypto.

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Tachyon Domination Poised To Deliver A Widely Adopted Blockchain Game

Posted on: September 27, 2022, in ZyCrypto

Tachyon Domination’s entry into the market for video games promises a free-to-play (F2P) experience that might finally achieve the goal of mass adoption of a blockchain-based video game. In contrast to other blockchain games, Tachyon Domination is approaching the market from a different angle, focusing on making its game accessible right out of the gate […]

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Hyperchain X: World’s First Community-Driven Gaming Debuts Gaming NFT Marketplace

Posted on: September 27, 2022, in ZyCrypto

Hyperchain X, the world’s first community-driven token in gaming, has announced that it will launch its first product next month. This includes the gaming NFT marketplace and NFT mystery boxes Launchpad. Per the announcement, Hyperchain X’s NFT marketplace is fully dedicated to the gaming industry and has been scheduled to launch on the 1st of […]

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British Pound Taps All-Time Low Against US Dollar Following BOE’s 50bps Rate Hike

Posted on: September 27, 2022, in Bitcoin.com

The world’s oldest fiat currency, the British pound sterling, slid to an all-time low against the U.S. dollar at a little after 1 a.m. (ET) Monday morning. At the time, the pound tapped 1.0327 nominal U.S. dollars per unit, but rebounded against the greenback to 1.0775 by 11 a.m. Monday morning. Pound Sinks Against Greenback […]

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Traders brace for Bitcoin price volatility as DXY 2022 gains near 20%

Posted on: September 27, 2022, in Cointelegraph

It’s still all about the U.S. dollar this week as the monthly close and options expiry loom for Bitcoin.
Bitcoin (BTC) volatility edged higher during Sept. 26 as the Wall Street open avoided significant losses.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewMonthly close tipped to shake up BTC priceData from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $19,000 on the day, with hourly candles of 1.5%–2% not uncommon.The pair was expected to break out of its narrow trading range in the short term, having consolidated since Sept. 22.For Michaël van de Poppe, founder and CEO of trading firm Eight, a tap of the area at the top of the range should signal acontinuation higher.“Theory still stands for Bitcoin,” he told Twitter followers on the day. “Crucial area at $18.6K holds for support, which we’ve been testing multiple times. Another test of the $19.4K–19.5K area (which we’ll be doing soon) is, most likely, giving a breakout to the upside. I’m targeting $20K and $22.5K.”On-chain analytics resource Material Indicators agreed on volatility returning.“BTC is trading in a tight range. Volatility will increase as the week progresses toward the Monthly Close, which coincides with Monthly and Quarterly Options expiry,” it wrote in a Twitter thread on the current state of the market. “If bulls can manage a green M close above $20k, technical resistance is at the key MAs.”Eyeing a longer-term range, meanwhile, fellow trader and analyst Josh Rager suggested that an optimistic scenario could see BTC/USD echo its growth from the first half of 2019. “Uncertain if a bottom is in for Bitcoin but if $BTC price starts making its way back up to $24k+, I’ll certainly be paying attention,” he tweeted. “Not saying that history will repeat but April ’19 took most people by surprise.”Rager acknowledged that the macroeconomic environment this year was “different” from 2019.BTC/USD monthly returns chart (screenshot). Source: CoinglassDollar strength sees best ever yearOn the macro topic, United States equities stabilized at the Sept. 26 Wall Street open, helping highly-correlated crypto to avoid downside volatility. Related: ‘The bond market bubble has burst’ — 5 things to know in Bitcoin this weekThe S&P 500 and Nasdaq Composite Index were down 0.35% and 0.65% on the day, respectively.The U.S. dollar index (DXY) nonetheless looked primed to attack its latest twenty-year highs, having retraced only modestly after reaching 114.52 — its highest since May that year.2022 has marked the best year ever for DXY, now up over 18% since Jan. 1.“The 52-week percent change (lower-bound) is +21.3%, the highest rate of change since Q2 2015,” Caleb Franzen, senior market analyst at Cubic Analytics, noted in part of a tweet on the day. U.S. dollar index (DXY) 1-month candle chart. Source: TradingView“The trend will stabilize & the RoC will normalize, but that doesn’t necessitate a decline in the $DXY.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Pro-centralization Russian president grants citizenship to Edward Snowden: Report

Posted on: September 27, 2022, in Cointelegraph

The views of the NSA whistleblower, who has been in Russia since 2013, seemingly clash with those of President Vladimir Putin, who has often worked against promoting decentralization.
Russian President Vladimir Putin reportedly granted citizenship to United States National Security Agency whistleblower Edward Snowden, who had been residing in the country since 2013.According to a Monday report from Reuters, Putin signed a decree effectively changing Snowden’s legal status in Russia from permanent resident to citizen. The NSA whistleblower has been in exile from the United States following his leak of thousands of classified documents to journalists but continued to speak on issues including national security in addition to cryptocurrencies and blockchain technology.While Putin has taken legislative action in Russia that seems to curtail the use of crypto — including banning the use of digital assets as payments in a July law — Snowden has frequently spoken on the benefits of cryptocurrencies like Bitcoin (BTC). The whistleblower and now Russian citizen revealed in 2019 that he used BTC to pay for the servers from which he released the infamous documents of the NSA leak, and said in April he played a pivotal role in creating the privacy token Zcash (ZEC).Related: Bitcoin got stronger despite government crackdowns, says Edward Snowden“I don’t care if you’re in the United States, I don’t care if you’re in Germany, and I don’t care if you’re in Russia, I don’t care if you’re in China — it is a global trend where we see government doing more,” said Snowden in DeData Salon fireside chat from Sept. 23. “They have greater capability because of technology acting as a magnifier of pre-existing power. It allows them to increase their leverage, right? They’re leveraging their influence to try to sort of act and compete not just within their own borders but globally and now we have those levers starting to press on each other and it’s causing sort of problems and conflicts all over the world.”This story is developing and will be updated.

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Unix Gaming & Delysium Are Decentralising Games in Surprising New Ways

Posted on: September 27, 2022, in Bitcoin.com

One of the core principles of web3 gaming is the idea of decentralisation–more specifically, decentralised ownership of assets. But, the teams at Unix Gaming & Delysium believe that by limiting decentralisation to assets, developers have also been limiting themselves. What started as a desire to create a genuinely next-gen open-world title, even attracting investment from […]

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Start Earning From YouTube Influencer

Posted on: September 27, 2022, in Medium

A YouTube influencer is someone who has cultivated a massive audience in their niche, industry, or field.Continue reading on Medium »

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Biggest Movers: LUNC up 40% on Monday, as Do Kwon Faces Possible Arrest

Posted on: September 26, 2022, in Bitcoin.com

Terra classic rose by over 40% on Monday, as markets reacted to the news that founder Do Kwon was wanted by Interpol. Cosmos also traded higher, rebounding from recent declines. Terra Classic (LUNC) Terra classic was one of Monday’s most notable movers, as the token rose by over 40% to start the week. Following a […]

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