The NBA’s Cleveland Cavaliers to Collaborate With Blockchain Firm Socios.com

The NBA’s Cleveland Cavaliers to Collaborate With Blockchain Firm Socios.com

Following the announcement from the National Basketball Association’s (NBA) Boston Celtics, the Cleveland Cavaliers has officially partnered with the blockchain firm Socios.com. The partnership is aimed at increasing the Socios brand and awareness via the Cavaliers’ global asset platform. Socios Partners With the Cavs On July 26, Socios.com and the NBA team, the Cleveland Cavaliers, revealed a new partnership. The Socios company is a blockchain project that allows fans to become “superfans” by letting them influence “club-specific decisions, trade digital items, and access VIP experiences.” Socios says that currently the “team-based fan engagement elements and activations” tethered to the Cavaliers is still under review. However, Socios will leverage the Cavaliers global asset platform to boost brand awareness. For instance, in the upcoming 2021-22 NBA season, the Socios.com logo will be featured on the Cavs’ practice jersey just below the player’s number. Socios will also have access to offering brand presence using the in-venue with broadcast-visible LED courtside signage. Socios says the company is the Cavaliers’ first partner to “to leverage this unique branding opportunity.” “This partnership with Socios.com is another significant step forward as part of our ongoing exploration into blockchain technology and how it can be utilized within our business to grow and enhance fan engagement,” Mike Conley, the Cavaliers’ chief information officer said. “We share with Socios.com a mutual passion and drive for innovation and we are excited about the opportunities this relationship will bring as it continues to evolve into the future,” he added. The news concerning the partnership between Socios and the Cavaliers follows the recent collaboration announcement between Socios and the Boston Celtics. Socios revealed a partnership with the Boston basketball team during the first week of July. The partnership with the Celtics also gives Socios marketing rights like becoming the Celtic’s presenting partner of the team’s website. The deal between the Cavaliers and Socios is part of the company’s growth expansion in the United States. The announcement emphasizes that Socios is planning to increase the company’s presence in Europe, Asia, and South America in order to collaborate with the “world’s leading sporting properties. What do you think about the partnership between Socios and the Cavaliers? Let us know what you think about this subject in the comments section below.…

Here’s why DinoSwap’s (DINO) TVL rose above $330M a week after launch

Here’s why DinoSwap’s (DINO) TVL rose above $330M a week after launch

Decentralized finance (DeFi) remains one of the fastest-growing subsectors of the cryptocurrency ecosystem and newly launched platforms looking to grow their userbase and attract liquidity typically offer high-interest staking pools for the first few weeks after launching. One new project that has steadily gained traction in terms of user growth and total value locked (TVL) since farming went live is DinoSwap (DINO), a Polygon network-based cross-chain protocol that rivals the likes of PancakeSwap and other automated market makers. DINO/USD 1-hour chart. Source: CoinGeckoData from CoinGecko shows DINO that saw its price trade as high as $4.28 upon launch and a surprise flash crash pushed the price to $2.30 on July 25. The price has since recovered to trade above $3. Related: DeFi industry draws in commercial banks? Siam bets with $110M fundVC backing gives users extra conficenceDeFi’s success has been a boon for the crypto ecosystem, but its rapid rise has also brought numerous scam projects and rug pulls such as Polywhale Finance, which was a leading yield farm on the Polygon network before the developers of the project performed a “soft rug.”Unlike projects with anonymous developers, DinoSwap has received more than $4.7 million in funding from venture capital funds and this could boost the confidence of investors who fear a rug pull.The @DinoSwapHQ team is thrilled to announce that we have successfully secured investment backing from our anchor fund @hashed_official and @DeFianceCapital pic.twitter.com/kDbpjPOvi4— DinoSwap (@DinoSwapHQ) June 28, 2021 This helped provide momentum ahead of the official launch of the DinoSwap protocol on July 17, which quickly amassed a total value locked of more than $300 million by July 18 according to data from DeFi Llama. DinoSwap total value locked. Source: Defi LlamaYield opportunities attract depositsThe rapid rise in TVL on the platform is due in large part to attractive yield opportunities offered by the protocol. Did you know $XMARK is a non-rebasing representation of staked $MARK tokens, which rebase and have an elastic supply governed by a @chainlink integrated #VXX index? Well, you do now! So go farm some $DINO with the $XMARK – $USDC LP pair and enjoy 426.2% APR with $4.55M in TVL pic.twitter.com/ixD7IWliW1— DinoSwap (@DinoSwapHQ) July 21, 2021 Users can deposit liquidity provider tokens into the ‘Fossil Farms’ section of the protocol which offers…

October 2020 Déjà vu? Bitcoin pullback at $38K has traders at odds over next move

October 2020 Déjà vu? Bitcoin pullback at $38K has traders at odds over next move

The wider cryptocurrency market entered a period of consolidation on July 27 following Bitcoin’s (BTC) brief spike above $40,000 the day before that helped ignite a rally across the market and brought a renewed sense of optimism to the market. Data from Cointelegraph Markets Pro and TradingView shows that a mid-day attempt by bulls to lift the price of BTC back above the $40,000 level was rejected resulting in a price pullback to $37,500.BTC/USDT 4-hour chart. Source: TradingViewWhile Tuesday’s price pullback may suggest that Monday’s rally was simply a short squeeze, others point to the rising Grayscale Bitcoin Trust (GBTC) premium, which is now at the highest levels in months at -5.88%, suggesting that institutions are once again betting on more BTC price upside. Bitcoin bulls battle to reestablish uptrendRumors that Amazon would begin accepting cryptocurrency payments in 2021 helped ignite the market-wide rally seen on Monday, though officially denied by the company later on. However, as pointed out by pseudonymous independent market analyst Rekt Capital, Bitcoin’s price chart shows a fractal pattern that is similar to the price-performance in October 2020, just before BTC price began its run to a new all-time high.When was the last time #BTC broke beyond the 50-day EMA resistance?Back in October 2020This is when $BTC formed a very similar fractal of Bitcoin’s current price action#Crypto #Bitcoin pic.twitter.com/2acUC9KoeV— Rekt Capital (@rektcapital) July 27, 2021If a similar pattern plays out in the current market, Bitcoin’s price will see a continuation of the uptrend that the Amazon rumors initiated.Not all of the available suggests a continuation of the upward momentum, however, as was pointed out by Jarvis Labs analyst and co-founder, Ben Lilly, who has been monitoring on-chain data to gain deeper insight into the most recent pump, particularly with Ethereum’s London hard fork slated for Aug. 4.Lilly said,“Onchain activity and demand hasn’t showed up. Pair this up with Amazon news as fake and shorts getting rekt, I wouldn’t be surprised to see low $30ks be4 1559.”An example of bearish bias, however, was provided by the pseudonymous Twitter user Bear Wolf, who saw Monday’s developments as nothing more than a short squeeze amid a wider bear market.”19K is still my target for the end of the bear market,” he wrote. “Dead Cat Bounce to 46K (Short Squeeze).…

Stacks AMM Revealed, Native Bitcoin Swaps Executed With Proof-of-Transfer Protocol

Stacks AMM Revealed, Native Bitcoin Swaps Executed With Proof-of-Transfer Protocol

According to a recent report, the first trust-less swap between the Bitcoin blockchain and Stacks protocol has been executed. The co-founder of the Stacks protocol, Muneeb Ali tweeted about the native bitcoin swap and said the progress is a big deal. Trust-less Native Bitcoin Swap Executed With an NFT Called ‘Boombox’ On July 23, a trust-less swap using the Stacks protocol and the Bitcoin (BTC) blockchain was settled onchain. The swap dubbed the “Catamaran Swap between BTC and STX” was discussed on the Reddit forum r/stacks. “The first trustless swap between [the] Bitcoin [blockchain] and Stacks chain is happening,” a user wrote on the forum. “It is similar to a submarine swap. However, I would call it catamaran swap because we have two chains on top of the water,” the individual added. Further into the Reddit thread, the individual notes that the swap was “successfully completed.” Native Bitcoin swaps are now live! Why is this a big deal? Tweet thread👇 — muneeb.btc (@muneeb) July 26, 2021 People can see the swap conditions as defined on the Stacks chain and then the bitcoin transfer and the verification. According to the description, the asset swapped was a non-fungible token (NFT) asset called “Boombox (b-12).” The creator of the Reddit post wrote that the “swap demonstrates that you can trigger trustless actions like asset transfers by sending bitcoins from one address to another.” The individual added that the feature gives Bitcoin a “new dimension” because “transfers can be inspected and validated by smart contracts on the Stacks blockchain.” The Stacks project is considered a Layer-1 blockchain that leverages the Bitcoin (BTC) blockchain as the base layer. Validation is provided by proof-of-transfer between both networks and similar to Ethereum’s Solidity programming language, Stacks has a programming language called Clarity. The co-founder of Stacks, Muneeb Ali, tweeted about the milestone on Monday, as he wholeheartedly believes it’s a watershed moment. “Users can do trustless BTC swaps to stablecoins, derivatives, perpetuals, and other crypto assets,” Ali stressed in his Tweet. “All by pure bitcoin transactions on the main BTC chain. Users can purchase any digital assets (like NFTs and decentralized domains).” Ali further remarked that it was a big deal and stated: “Bitcoin has established itself as digital gold, but you…

Goldman Sachs Files Defi ETF Application

Goldman Sachs Files Defi ETF Application

Goldman Sachs, one of the biggest banking institutions in the world, has filed an application to offer an Exchange Traded Fund (ETF) linked to the performance of decentralized finance (defi) companies. The instrument, if approved, would help institutions and retail investors gain exposure to defi assets with the help of a regulated bank like Goldman Sachs. Goldman Sachs Proposes Defi ETF Goldman Sachs, one of leading commercial banks in the world, has introduced an application to the SEC to offer a defi-linked ETF. The defined ETF is called “Goldman Sachs Innovate Defi and Blockchain Equity ETF,” and it would seek to provide exposure to these technologies for regulated institutions. The performance of the fund would be linked to the Solactive Blockchain Technology Performance-Index. This index follows a portfolio of tech industries that are invested in blockchain technologies. The index includes companies like Nokia, Alphabet, IBM, Microsoft, and Overstock. This would be the first ETF that aims to capitalize on the popularity that the defi sector has experienced this year. As Bitcoin.com News reported in June, Goldman Sachs has been courting the cryptocurrency sector recently, having partnered with Galaxy Digital to provide bitcoin futures products. Big Banks Go for Crypto Domination This filing is just another piece of evidence that indicates big banks are now interested in bringing their services and structures to the cryptocurrency market. While many of these disregarded cryptocurrency in the beginning, they are now focused on integrating investment products that are designed to bring traditional investors to the crypto sphere. Goldman Sachs released a note on the state of the cryptocurrency market earlier this month when it stated that Ether could surpass Bitcoin as the most important crypto because the former has the “highest real use potential.” This view of the crypto ecosystem could have fueled the ETF application made by the investment bank, focused on following defi and blockchain-based companies. A recent survey made by the bank also concluded that high net worth families are turning to crypto as an investment vehicle, due to several factors. These include “higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.” The survey points out there is a real audience expecting cryptocurrency investment products coming…

Powers On… Why the fear of ICO enforcement and liability is coming to an end

Powers On… Why the fear of ICO enforcement and liability is coming to an end

Powers On… is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor at Florida International University College of Law, where he teaches a course on “Blockchain, Crypto and Regulatory Considerations.”Well, well, well. It seems that some of those class-action law firms that ferret out possible securities claims in search of fees and recovery for investors, sometimes wrapped self-righteously in the flag of investor harm and rights, are properly receiving a cold shoulder from the federal courts in the Southern District of New York (SDNY). That is very good news for the nascent blockchain industry and for investors who own tokens in legitimate blockchain businesses like Bancor, Status and Quantstamp. It is important to highlight these court decisions, even though these decisions came down several months ago.The overhang of class actions, just like when the United States Securities and Exchange Commission brings its own independent lawsuits, can be severe for both the individual founders named as defendants and the companies they built. They have caused financial and reputational damage from specious claims. It is thus gratifying to see that when two judges in the SDNY were faced with 190-plus page complaints in these lawsuits, they have so far independently determined that the complaints should be dismissed.As discussed below, shortly following these two defeats — with their apparent tails between their legs — the plaintiffs voluntarily agreed to dismiss five of the other actions. So far, the only recovery obtained by the plaintiffs is a settlement, in one of the 11 lawsuits, against EOSIO developer Block.one. But that was likely because Block.one had previously settled with the SEC, which accused it of similar claims, and had $4 billion in the bank from its initial coin offering (ICO). Motions to dismiss in lawsuits against Binance and Tron are pending. For Tron at least, the plaintiffs will undoubtedly suffer the same fate as the other lawsuits and be properly dismissed by the judge assigned to that case. In the only other remaining action, against KuCoin, there was never an appearance by the exchange or its principals.Related: The Crypto Industry’s ‘Bloody Friday’ Lawsuits:…

Brazilian Burger King Customers Can Now Purchase Meat-Flavored Dog Biscuits With Dogecoin

Brazilian Burger King Customers Can Now Purchase Meat-Flavored Dog Biscuits With Dogecoin

According to regional reports, the Burger King franchise in Brazil has introduced a new type of food specifically made for canines called the “Dogeppr.” The new product is a dog biscuit that canine owners can purchase for their pets and the company is accepting dogecoin crypto payments for Dogeppr purchases. Burger King Brazil Introduces the Dogeppr — Company Accepts Dogecoin for Meat-Flavored Biscuits At a number of select locations, the Burger King franchise in Brazil has announced that the firm is accepting dogecoin (DOGE) payments for a new dog biscuit the company recently introduced. “Now you can buy Dogepper with dogecoin, take advantage of it,” the Burger King Brazil advertisement reads. “What is the best way to pay for a product aimed at dogs? Obviously, Dogecoins,” the restaurant chain’s advertisement adds. Customers can get a Dogepper added to their value meals as well. In order to purchase a Dogepper, a customer needs to check the availability and then choose the selected amount of dog biscuits they want to purchase. A Dogepper costs three dogecoins according to the website and there are value meals that include the dog treat. After filling out the registration form, the customer transfers the DOGE to Burger King (BK) Brazil’s wallet. The Dogepper can be delivered by the BK Delivery, Ifood, Rappi, Uber Eats, and 99 Food mobile applications depending on availability. If the customer doesn’t have DOGE, they can still buy the biscuit with Brazilian real (BRL). The advertisement states: The biscuits, which carry the characteristic of the famous grilled meat BK flavor, can be purchased for the value of three dogecoins in a simple transaction: the transfer of DOGE from the consumer wallet directly to the DOGE wallet of Burger King. Dogecoin Proceeds From Dogepper Sales Will Go to Animal Protection NGOs According to BK Brazil, the company will be using a portion of Dogepper proceeds to help animal protection non-governmental organizations (NGOs). BK Brazil’s dogecoin announcement explains the franchise has partnered with an animal protection NGO called Petlove. The Dogepper will only be marketed and available for a limited time in the South American country. “We know that enjoying a Whopper in peace, in the comfort of your home, is not an easy task for a mother or…

Kirobo’s P2P Swap Button Enables Crypto Market’s First Slippage-Free, Direct Token Swaps

Kirobo’s P2P Swap Button Enables Crypto Market’s First Slippage-Free, Direct Token Swaps

press release PRESS RELEASE. Tel Aviv – July 27, 2021 – Kirobo, a blockchain technology company, has launched its ‘P2P Swap Button‘, a decentralized tool allowing cryptocurrency users to execute token swaps without having to use an exchange or custodial third party. By taking the swap off-exchange, the tool allows users to decide their own prices for their tokens and transact directly with peers. As a result, slippage is avoided completely. Asaf Naim, co-founder and CEO of Kirobo, said: “Until now, it wasn’t possible to execute a swap without losing money, because exchange algorithms adjust token prices according to the amounts put up for sale. We’re allowing people to trade without an exchange and to set their own prices, with complete security, for the first time ever.” Kirobo’s safe transfer platform secures transactions with an authentication key, the component parts of which are divided between the first party, the smart contract, and the Kirobo server. There’s no single point of failure, and Kirobo does not hold users’ funds at any point. Token swaps are a key feature of the cryptocurrency ecosystem, allowing people to diversify their portfolios and support new DeFi projects. Previously, users had no choice but to go through an exchange or custodial OTC party to avoid the inevitable complications caused by two-way cryptocurrency transfers. However, exchanges will raise and lower prices according to market demand, ultimately forcing sellers to sell at a “discount”. The P2P Swap Button is designed to solve this issue. An extension of Kirobo’s groundbreaking Undo Button, it protects the initiator of the transaction with a passcode created by that person. The second party has to input the correct passcode on their end in order to execute the transfer. With the P2P Swap Button, the second party must also sign off on the transaction, and the transfer itself is executed simultaneously by smart contract. In other words, the two swappers have to agree on a price before the swap is completed. As a result, neither lose money on the trade, and they can also choose an off-peak time to execute the deal, avoiding high gas fees. The P2P Swap Button is compatible with ETH and ERC-20 tokens. Kirobo is not charging a fee for use of the service, stating…

Inside El Salvador’s Bitcoin experiment: Cointelegraph video report

Inside El Salvador’s Bitcoin experiment: Cointelegraph video report

Last month, Bitcoin was adopted as legal tender in El Salvador, joining the U.S. dollar.The country’s new Bitcoin Law, which will be enforced starting Sept. 7, will allow Salvadorans to use Bitcoin (BTC) as a currency to purchase goods and services, as well as to pay taxes and debt. El Salvador’s president, Nayib Bukele, has stated that Bitcoin adoption will hugely benefit the 70% of the local population that lacks access to banking services. He also believes that it will attract investments and create new jobs. However, the Bitcoin Law has raised multiple concerns. Skeptics say the cryptocurrency’s high volatility could pose a threat to the country’s financial stability. A very low internet penetration rate, along with a lack of education about Bitcoin and cryptocurrency within the country, could also prevent Bitcoin from reaching widespread adoption in El Salvador.To boost Bitcoin adoption, President Bukele has promised to build the necessary infrastructure. This includes 1,500 Bitcoin ATMs and a government wallet meant to guarantee instant conversions of Bitcoin into dollars. Will that be enough for Bukele’s monetary experiment to succeed? To answer this question, Cointelegraph talked with the people of El Salvador, as well as with critics and supporters of the Bitcoin Law. Check out the full report from El Salvador on Cointelegraph’s YouTube channel, and don’t forget to subscribe!

Bitcoin Mining Difficulty Parameter Set to Increase for the First Time in 8 Weeks

Bitcoin Mining Difficulty Parameter Set to Increase for the First Time in 8 Weeks

Bitcoin’s hashrate has slowly crept back up between 85 exahash per second (EH/s) to 125 EH/s on July 14. The increase in hashpower has made it so the next mining difficulty change will increase for the first time in eight weeks. The four consecutive difficulty drops turned out to be the largest slide in Bitcoin’s lifetime, and that’s seemingly coming to an end in four days. Bitcoin’s Hashrate Moves Northbound The price of bitcoin (BTC) dropped for a few consecutive weeks, and during the same time frame, China’s crackdown on bitcoin miners was also happening. On May 15, bitcoin’s price began sliding from just above the $50K handle to end up just above the $30K zone on May 19. A price drop essentially removes revenue from bitcoin miners and when BTC started sliding on May 15, the mining difficulty had jumped two days earlier, up 21.53% higher than the adjustment before. Because it was over 21% more difficult for miners to find a block, the next two weeks were grueling. Bitcoin hashrate (90-day chart) on July 27, 2021. On top of this, what followed was the Chinese government — in various provinces — cracking down on bitcoin miners and banning the act within specific areas. Miners taken by surprise were told they needed to shut down facilities by a certain date. Prior to June 9, and two small dips to 137 EH/s, the hashrate managed to remain above 150 EH/s with the difficulty 21% higher. However, China’s actions had impacted Chinese bitcoin miners a great deal and on June 28, the hashrate was only 66 EH/s. Luckily, bitcoin miners got the first downward difficulty adjustment on May 29 when it slid 15.97%. As the price of BTC got worse, making it harder for miners to profit, the entities that help secure the blockchain benefitted from three more downward difficulty drops. Difficulty Expected to Increase 3-5% All four consecutive mining difficulty drops made it 54% easier to find BTC blocks over the last two weeks, in comparison to the difficulty height prior to May 13. The consecutive downward adjustments will likely change in four days with a possible increase of around 3-5%. Bitcoin difficulty on July 27, 2021, shows a possible increase of around 4.4% in…