AscendEX loses $80M following ERC-20, BSC, Polygon hot wallet compromise
Out of the lot, around $ 60 million worth of tokens were transferred over the Ethereum blockchain alone. Tokens stolen from BSC and Polygon are worth $ 9.2 million and $ 8.5 million respectively.
Fan token market cap surged over 60% since June: Data
All fan tokens across Socios and Chiliz’s fan token ecosystem have sold for $ 250 million so far, founder and CEO said.
Shanghai Man: Bitmart’s $150M theft, ‘Metaverse’ trending, Hong Kong mogul builds in The Sandbox
Bitcoin dips below $50K as Evergrande defaults on US dollar debt
Fresh panic over Evergrande appears to have a limited impact on cryptocurrency markets.
House memo details Congress’ priorities ahead of crypto CEO hearing
The hearing on digital assets will involve discussions around four key aspects: crypto exchanges, stablecoin offerings, regulatory concerns in digital assets and federal regulatory responses.
Gibraltar’s government plans to bridge the gap between public and private sectors with blockchain
Officials have already started digitizing government services on the smart contract network RSK, but plan to step up work on the integration in early 2022.
The NFT – Faith Connexion
Over the years, Faith Connexion has been a trendsetter in fashion, creating thousands of street-wear garments seen on a number of A-List celebrities. With a style described as chic rock, edgy glamour or street couture, the brand’s clothing is sought by celebrities and trendsetters alike. This is because Faith Connexion stands out from the mainstream, representing an eclectic yet practical wardrobe for people who seek to showcase their individuality.
It was only a matter of time that a brand as innovative and creative as Faith Connexion launches its own NFT, under the name Faith Tribe. Iconic brands like Louis Vuitton and Balenciaga have jumped onto the NFT hype over the past year. But why the hype and what even is an NFT? NFTs are non-fungible tokens of digital content linked to the blockchain. To get one, you need a cryptocurrency wallet, through which you can purchase NFTs on an NFT marketplace. Since NFTs are non-fungible, they are exclusive and not mutually exchangeable, unlike fungible assets (such as Bitcoin). A brand can either release exclusive NFTs, where there is only one copy of the digital work or an exclusive NFT with multiple copies.
At the Art Basel Fair in Miami Beach, Faith Tribe launched its very own NFT initiative and token. However, its NFT release will come with a special spin, unseen from any other brand. Faith Tribe will be launching ten NFT collectibles that will be paired with the brand’s most iconic garments. The garments will be displayed and then sold in Faith Tribe’s showroom during the Art Basel Fair, with the garments embedded with NFT tags that prove ownership upon scanning.
Faith Tribes’ NFTs at Art Basel were complemented with designer sketches and related media. The brand will also potentially invite NFT owners to exclusive virtual and live events. So buyers of Faith Tribe’s NFTs at the Art Basel Fair will not only be purchasing an iconic garment from the brand but will also be purchasing the garment’s story, with the sketches revealing how the garment came to life. They’ll be purchasing a part of Faith Connexion’s history, as the NFTs will be the first of likely many that the brand will introduce. They will also be buying access to the brand’s future, through exclusive invitations to brand events. We want in on this and you should too. Buying one of Faith Tribe’s NFTs doesn’t just mean ownership of a piece of digital work. It means an exclusive, multifaceted and memorable experience, and that’s what the brand’s about. Individuality, excitement and uniqueness.
Faith Tribe’s initiative at Art Basel will be the prelude to the launch of its own token, and its own online marketplace and open-source creative platform, “Faith Tribe”. Faith Tribe will enable users to select a clothing template from more than 10,000 Faith Connexion garments in its archive as a base for their own garment design. Users can then upload their own designs and even set prices, auctions and royalty fees. Faith Tribe’s exclusive token will be used to mint the NFT, with designers and users being able to sell and buy designs on the Faith Tribe marketplace. Designs can be bought and sold with their token. Behind the idea of Faith Tribe, is Faith Connexion’s innate desire to democratize fashion and enable everyone to showcase and profit from their talent, true to its modus operandi of thinking outside of the box.
The Art Basel Fair in Miami will take place in early December for those — rightfully — seeking to get their hands on Faith Tribe’s NFTs.
Introducing White Whale’s IDO: THE BOOTSWAP
Over the last few months, there have been several token launches on Terra. What has been noted, is that there have been two major challenges that continue to occur. First, the initial liquidity pools are just not deep enough. This causes an outrageous manufactured initial price pump, making all the insiders feel really good, but is quite unfortunate for the retail buyer as they are not part of that initial purchase. The second issue is that as soon as the token goes live, all the liquidity at the initial list price is sniped by bots in the first seconds, again forcing the retail buyer to buy in at higher levels.
White Whale has designed an initial token launch model that addresses both of these issues while at the same time bootstrapping our own protocol owned liquidity efforts… it is called “THE BOOTSWAP”
So what is a BOOTSWAP?
Here’s how it works, White Whale is utilizing the latest, freshly audited, open-sourced LBP code graciously provided to the community by the Astroport team. An LBP, or Liquidity Bootstrapping Pool, is a mechanism for launching tokens originally utilized by Balancer that is designed to defer bot activity by starting the token price high and allowing it to float down to price discovery over a pre-set period of time, say 72 hours. LBP’s are also utilized as fundraising tools as the team provides the initial liquidity at a disproportionate ratio, say (98/2 token/stablecoin) and as the tokens are sold the ratio eventually balances out to whatever target ratio is set by the team in the parameters (i.e. 20/80 token/stablecoin), allowing them to claim the stablecoins and so raise capital from the difference.
This is how it generally works, however at White Whale they are taking a slightly different approach. The team from White Whale has been signaling their intention to pursue Protocol Owned Liquidity for some time now, with that said, unlike most other LBP events, White Whale’s BOOTSWAP event will not be a token sale or fundraiser in any way. Absolutely none of the profits from the event will go to the White Whale team or incubating entities. The team funds will be deposited into the LBP pool (along with WHALE tokens) initially, and at the end of the LBP event, when the liquidity pool balances at our predetermined ratio of 50/50 UST/WHALE, same as your standard LP token… all of that liquidity will migrate straight to TerraSwap and will serve as the perpetual trading liquidity for the UST/WHALE pair. All of the corresponding LP tokens will be deposited into the White Whale War Chest and be owned by the protocol.
So what does this mean?
- From its inception, White Whale should own the lion’s share of its own liquidity. That’s right… POL right from the start, and
- It means that because this is not a sale or raise and all of the funds are going straight into the community-owned treasury, there will be no KYC requirements or trading restrictions for this event!
Questions that are commonly asked are: how does this benefit the regular retail buyer if the price already starts high? What if it stays high and never comes down? White Whale has thought this through and developed a solution for this scenario. Their goal is to distribute WHALE tokens at fair and honest levels to retail buyers. In order to do so, rather than being another project who under-fills the initial pools to manufacture a pump, the plan is to overshoot demand with our initial pool size. They will be depositing 100 million WHALE tokens into the LBP to start. Their reason for this is arguably refreshing – “Because F#&% The Bots, that’s why. They believe this will give everyone who wants to buy liquid WHALE tokens on the first days of trading an opportunity to do so at good levels without all the juicy initial liquidity being stolen by the bots. The starting price will be $ 1.00, so if bots want to snipe, that’s the price they will be sniping at. It will then float down to price discovery over a period of 72 hours, or until the target ratio is met
El Salvador stacks 150 Bitcoin after BTC price crashes below $50k
With this purchase, El Salvador’s Bitcoin reserve now amounts to 1,270 BTC, which is worth nearly $ 60.3 million at the time of writing.
