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Crypto News Updates

Phemex Dogecoin Listing Celebration Giveaway Distributes 4 Million In Much Wow To Its Users

Beginning in March, Phemex, the fastest cryptocurrency trading platform introduced DOGE/USD contracts with up to 20x leverage for the first time, and to celebrate, kicked off a giveaway campaign offering 1,000,000 DOGE to the first 5,000 new users.


From there, the floodgates opened, and more than 46,000 new users signed up within the first half of the entry phase. In the end, Phemex generously distributed four times the originally intended amount of DOGE, shocking its rapidly expanding user base in the process.

What’s Behind The Dogecoin Trend That Even Celebs and CEOs Can’t Ignore? 

During the recent bull market, few coins have been as hot and trending as Bitcoin, Ethereum, or Dogecoin. In fact, Dogecoin might have even surpassed the top two coins in terms of overall interest and buzz.

The coin created based on the Shibu Inu meme that says phrases such as “much wow” has recently been tending everywhere from TikTok to Twitter and has been the talk of mainstream media ever since the coin began soaring. The altcoin has even caught the attention of the celebrity world, ranging from Snoop Dog to Tesla CEO Elon Musk, who has been affectionally dubbed the “CEO of DOGE.” 

Phemex Lists DOGE Contracts, 1,000,000 DOGE Giveaway To Celebrate 

The soaring interest and recurring requests from users prompted Phemex to respond by listing DOGE/USD contracts with up to 20x leverage at the start of March. A DOGE/USDT spot trading pair was also added later in the month.

The plan was to launch a giveaway coinciding with the debut of the contract, offering an impressive 1,000,000 DOGE to the first 5,000 new users to register to the Phemex advanced trading platform between March 1 and March 15.

Dogecoin Demand Becomes Overwhelming, Phemex Responds By Upping The Ante

The demand for new accounts on Phemex was overwhelming, reaching a total of 46,000 new users by the halfway point on March 8. Phemex was forced to close the campaign early; however, it generously raised the maximum prizing of DOGE to a staggering 4,000,000 coins.

Phemex began a painstaking process of eliminating duplicate IPs and ensuring all participants strictly adhered to the contest rules and completed all necessary tasks. Phemex then selected a grand total of 20,080 new registered accounts that fully qualified for the promotion and awarded the 4,000,000 Dogecoin accordingly.

A Full 4,000,000 DOGE Distributed To More Than 20,000 Phemex Users

A blog post from Phemex shared transparent details regarding the entire distribution of the prize. In the end, more than 20,000 users received a share of 4,000,000 DOGE, valued today at approximately $200,000 USD.

The incredible demand for both Phemex combined with the soaring interest in Dogecoin and crypto, in general, caused an unprecedented wave of new users flooding the platform like never before.

As each cryptocurrency gets its time in the spotlight, traders can take advantage of the various trading tools on Phemex to increase their chances for success, manage risk, and more.


Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

 

Source: Bitcoinist News

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Crypto News Updates

CryptoLocally And Serum Announce Mutual Listing Of Tokens

After already having collaborated in the past, CryptoLocally, a peer-to-peer (P2P) cryptocurrency trading platform, and Serum, which is an ultra-scalable decentralized exchange (DEX) for cryptocurrencies and derivatives, have now announced the mutual listing of SRM and GIV tokens on CryptoLocally’s decentralized P2P exchange as well as Serum’s DEX. 


For CryptoLocally users, this means that buying and selling SRM on CryptoLocally’s exchange is now simplified. Instead of having to buy Bitcoin or Ethereum to be able to buy or sell SRM, users now have access to over 40 local and international payment options and are protected by CryptoLocally’s smart contract-enhanced escrow service.

Serum, which is backed by FTX, is the leading crypto derivatives exchange platform, and SRM is the native Solana Program Library (SPL) token of its DEX. Serum’s DEX was designed with speed and low transaction costs in mind and is built on the Solana blockchain to provide fast, scalable, as well as cost-effective trades.

Some of the features the Serum DEX provides to its users are sub-second trading/settlement, on-chain order books, as well as very low transaction fees, costing 1/1,000th of a cent. With a total supply of 10 billion tokens, SRM is mainly used to reduce fees on Serum’s DEX as well as stake rewards. However, the SRM token also empowers holders with specific on-chain governance powers.

With the listing of CryptoLocally’s GIV token on the Serum DEX, Solana is the third blockchain to support CryptoLocally’s native token that enables users to participate in the shared governance model of its platform. Like SRM, GIV is currently cross-listed as an ERC20 token, but thanks to the partnership, it will also be issued as an SPL token on the Solana blockchain.

GIV primarily serves as a governance token through the GIVernance program, a shared governance model created by CryptoLocally, but it is also an integral part of CryptoLocally’s decentralized finance (DeFi) program.

Next steps in the partnership

After Serum and CryptoLocally initially partnered up in September 2020, the next step was for Solana’s digital currency, called SOL, to be listed on CryptoLocally’s exchange. This happened in February 2021, which now makes SRM the second Solana-based cryptocurrency to be featured on the CryptoLocally P2P exchange.

To provide the best user experience and strengthen its position, the next step for CryptoLocally is the integration of Serum’s DeFi features. It is currently working on integrating Serum’s DeFi features into its finance wallet, so users will soon be able to leverage Serum DeFi.

The listing of SRM is part of CryptoLocally’s plan to support the Solana blockchain and will enhance the rapidly growing DeFi ecosystem of its platform. Further, by integrating Serum into CryptoLocally’s Finance wallet for DeFi features, listing Solana as well as supporting its SPL token conversion, and running its own Serum node, CryptoLocally will reinforce its position as the only truly decentralized P2P marketplace with DeFi integration.


Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

 

Source: Bitcoinist News

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Crypto News Updates

Big Tech Player About to Acquire PrimeBit Exchange

According to our sources PrimeBit – a P2P crypto contract trading platform competing directly with BitMEX, Kraken, Deribit, and others – is in the final stages of negotiating a deal with a fintech company operating in the cryptocurrency markets. The name of the investor is to be revealed when the deal is finalized. 


How much is PrimeBit worth? The market leaders BitMEX and Kraken are valued at from $2 billion to $4 billion each. Although PrimeBit is a younger product it has already grown to 40k registered traders. The users can exchange simple linear contracts on bitcoin, ethereum, and litecoin, trading with BTC or USDT accounts. 

An innovative auto-deleveraging system and liquidity solutions allow the platform to offer the market-leading 1:200 maximum leverage on all trading pairs. The majority of traders use PrimeBit WebTrader, while native iOS and Android apps, as well as MetaTrader 5 desktop client, are also popular.

PrimeBit has recently experienced an increase in trading volume thanks to the current cryptocurrency bull market driving bitcoin price up by 45% in less than a month. Additionally, PrimeBit has just concluded a huge promo event Demo Contest, which got substantial traction in the crypto trading community. 

The competition gave PrimeBit also an inspiring proof of concept as the best traders achieved over 15,000% return on investment over four weeks of trading. New traders can learn from the best competitors following their best deals on PrimeBit’s Blog.

The PrimeBit insiders told us that several fintech and crypto companies, as well as venture capital funds, have been interested in buying the platform. One offer is on the verge of being accepted by both sides. 


Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

 

 

Source: Bitcoinist News

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Crypto News Updates

Kylin Launches Oracles to Protect DeFi Against Financial Data Manipulation

Kylin Network, a platform developing a cross-chain data infrastructure and the Data Economy 3.0, announced the release of decentralized oracles as part of the first applications of its technology for providing the DeFi market with an accurate, reliable, and cost-effective source of external information. 


The oracles developed by the Kylin Network can remove the risks of cryptocurrency price manipulations or inaccurate data by directly connecting to several reliable sources at once, verifying the information received and feeding to DeFi smart contracts on a real-time basis.

This, according to the project’s developers, will protect DeFi smart contracts, which are very dependent on financial data, against price and data manipulations, adding further security and integrity to the foundations of what some are calling the next financial revolution. 

With Kylin’s solution powered by Polkadot, DeFi smart contracts can now read and analyze information from external sources and make accurate decisions based on the data received. For example, correcting prices, issuing loans, or suspending operations.

Kylin Network can be also used by lending services for collecting financial data from different sources like social media and calculating credit scores and loan rates. This, in turn, will enable the creation of a decentralized governance model and risk control mechanism to promote an equally beneficial relationship between borrowers, creditors, and guarantors.

“A smart contract is not smart unless you get the input right. Therefore, the right source data becomes the most critical infrastructure piece before DeFi can grow from an experiment to compete and eat the traditional finance world”, as stated by Kevin Hsu, the former data scientist in Credit Suisse and the Chief Advisor at Kylin. 

Dylan Dewdney, the CEO, continues, “ultimately, our aim is to build Data Economy 3.0; a validated, decentralized data economy that will have far-reaching implications beyond DeFi, we hope. In contrast to data economies like Google or Facebook, there is no centrality, and through game theory and tokenomics we can compel good actors and info rather than the other way around. Powering DeFi is just the first step. We feel we have moved beyond the oracle to an entirely new business model that nonetheless will include oracle-type services”.

While the majority of existing oracles are centralized, and some popular oracles, such as ChainLink and MakerDAO, have noticeable attack surfaces, as they are tightly controlled by insiders, the Kylin Oracle’s fully decentralized solution can be a breakthrough in the decentralized data market.

A system integrating a data economy 3.0 of fully independent oracles makes it impossible to be used by insiders or manipulators and can, therefore, be a perfect data infrastructure for flourishing DeFi Dapps and apps.

The company also says that by building the network of oracles on Polkadot, it managed to make the cost of the use of validated data feeds the lowest in the market, which is essential for driving real usage. 

Kylin is currently integrating partners within the Polkadot universe to help them build oracle features of their parachains and Dapps. The project plans to launch a full-scale DeFi data infrastructure next year, soon after completing a series of smart contract audits and security tests later this year. Over the two-year period, Kylin aims to create a mature data economy and marketplace where DeFi builders and users can easily and effectively coordinate and manage their data needs for a very competitive fee in addition to other use cases.

Source: Bitcoinist News