Bitwise CIO Matt Hougan has predicted that spot ether-based exchange-traded products (ETPs) will have a favorable performance in financial markets when finally trading. Hougan estimates that these products will have net flows of billion during their first 18 months of trading, taking into account the size of the ether ETP market in other regions […]
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Notcoin: Stake BNB and FDUSD to Farm $NOT Tokens
Notcoin, a viral Telegram-based game, has successfully onboarded millions of users into the world of Web3.
This straightforward gameplay resonated with users, leading to a peak of six million daily active users and a total player base of 35 million.
This article delves into what Notcoin is, how it works, and the exciting opportunities it offers, including staking BNB and FDUSD to farm Notcoin tokens ($NOT).
In Notcoin, players earn in-game currency by tapping on a gold coin within the Telegram app. The energy required to tap the coin depletes and refills over time, preventing continuous gameplay without breaks. Players can invite friends to join the game, enhancing their experience and potentially increasing their earnings. The game features a global leaderboard, divided into tiers from Silver to Diamond, where players can see how they rank against others worldwide.
Boosts and Power-ups
To increase their earning potential, players can use various boosts or power-ups. These include daily refreshable boosts like “Full Energy” and “Turbo” boosts, as well as permanent boosts purchasable with Notcoin. These power-ups allow players to earn more coins per tap and extend their energy capacity. An Auto-Tap bot is also available, collecting coins on behalf of the player even when they are not actively playing.
Cosmetic Upgrades
Players can spend their earned Notcoin on cosmetic upgrades, changing the appearance of the game’s background or the coin they are tapping. These customizations add a fun and personalized element to the game.
The NOT Token
The excitement around Notcoin isn’t just about the game itself but also the upcoming launch of the $NOT token. The NOT token will be listed on The Open Network (TON), which was originally founded by Telegram. The total supply of $NOT is 102,719,221,714, with the entire supply expected to be in circulation upon listing.
Token Distribution and Fairness
One of the unique aspects of Notcoin is its approach to token distribution. All $NOT tokens will be awarded to players who earned Notcoin through the tap-to-earn game.
This method ensures a fair distribution, avoiding the creation of early whales typically seen in other cryptocurrency projects. While 100% circulation upon listing is planned, not all tokens will immediately enter trading, as some may remain unclaimed or locked in allocations.
Ecosystem Contributions
Notcoin encourages community participation and contribution. Players can earn $NOT by exploring Web3 products, playing new games, and adding value to the ecosystem. Additionally, Web3 builders can offer their products to the community through Notcoin campaigns, fostering a collaborative and growth-oriented environment.
Staking BNB and FDUSD to Farm $NOT
Binance has announced the listing of $NOT on its platform, providing users with the opportunity to stake BNB and FDUSD to farm Notcoin tokens. This initiative is part of Binance’s 54th Launchpool project, allowing users to earn rewards by participating in the staking pools.
Staking Details
- Farming Period: 2024-05-13 00:00 (UTC) to 2024-05-15 23:59 (UTC)
- Listing Date: 2024-05-16 12:00 (UTC)
- Trading Pairs: NOT/BTC, NOT/USDT, NOT/BNB, NOT/FDUSD, and NOT/TRY
Staking Pools and Rewards
- Stake BNB: 2,619,340,153 NOT in rewards (85%)
- Stake FDUSD: 462,236,497 NOT in rewards (15%)
Users can stake their BNB and FDUSD into separate pools to farm NOT tokens over three days. The webpage for staking will be available 24 hours before the Launchpool starts.
To participate in the Notcoin airdrop and staking, visit Binance and stake your BNB or FDUSD. Remember to do your research and ensure the safety of your funds.
- Regster on Binance
- Project Announcement: Notcoin on Binance Launchpool
- Binance Research: Notcoin Project
Binance Megadrop
In addition to staking BNB and FDUSD to earn $NOT tokens, users can also participate in Binance’s new Megadrop concept. The Binance Megadrop is designed to reward loyal BNB stakers with tokens from future projects listed on Binance Launchpool.
By staking BNB for extended periods, preferably 120+ days, users enhance their eligibility for these airdrops, gaining early access to promising new tokens and maximizing their potential rewards.
Lockup Duration (Days) | BNB Staked | Score |
---|---|---|
30 | 1 BNB | 100 |
60 | 1 BNB | 110 |
90 | 1 BNB | 120 |
120 | 1 BNB | 130 |
What is Binance Megadrop?
The Binance Megadrop allows users to stake BNB for extended periods to increase their chances of receiving airdrops from future projects. This innovative concept is aimed at rewarding loyal Binance users and providing them with early access to new tokens.
Increasing Your Chances with Binance Megadrop
By staking BNB, users not only earn $NOT tokens but also increase their chances in the Binance Megadrop. This approach allows users to benefit from both immediate rewards and long-term potential through future airdrops.
Personal Opinions and Predictions
Given the innovative nature of Notcoin and its fair distribution model, the $NOT token has significant potential. The project’s engagement strategy and large user base provide a solid foundation for future growth.
Binance will be the first platform to list the $NOT token, with trading starting on May 16, 2024. Players who earned Notcoin in the game will receive an airdrop of the real $NOT token, creating an exciting bridge between the virtual and real-world value.
Pre-market Vouchers
Before the airdrop, Notcoin introduced an NFT voucher program, allowing players with over 10 million Notcoin to convert their earnings into NFT vouchers. These vouchers can be bought, sold, or traded before the $NOT token launch, providing a speculative market for early adopters.
The Future of Notcoin
With the mining phase of the game ending on April 1, Notcoin is poised for a significant evolution. The game will return after the token launch with new gameplay mechanics and reduced rewards. Companies looking to gain exposure to Notcoin’s large audience will need to buy $NOT on the open market and use it to activate features within the game.
Potential Additions and Changes
Open Builders, the creators of Notcoin, plan to enhance the game with additional features, such as a trading bot for buying and selling crypto tokens via Telegram. The goal is to create a more visual and user-friendly interface compared to existing text-based trading bots.
Community and Ecosystem Growth
Notcoin’s model emphasizes community involvement and ecosystem growth. By allowing users to earn $NOT through various activities and encouraging Web3 builders to engage with the community, Notcoin aims to create a vibrant and sustainable ecosystem.
Opinions and Predictions
Given the innovative nature of Notcoin and its fair distribution model, the $NOT token has significant potential. The project’s engagement strategy and large user base provide a solid foundation for future growth.
Price Predictions:
- Listing ATH Price: .002 – .003
- Market Cap: 0M – 0M
As the ecosystem develops and more use cases for $NOT emerge, the token could see substantial appreciation in value.
‘Not a Store of Value’ — Vanguard CEO Labels Bitcoin Too Speculative for Long-Term Portfolios
After the U.S. investment advisor Vanguard chose not to offer spot bitcoin exchange-traded funds (ETFs), its CEO Tim Buckley, in a recent discussion, described bitcoin as a speculative asset, unfit for inclusion in long-term investment portfolios. Vanguard’s CEO Confirms: No Change in Bitcoin ETF Policy, Cites Speculation Concerns Reaffirming Vanguard’s perspective on bitcoin during a […]
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Crypto Analyst Says It’s “Not Too Late” To Buy Ethereum, Here’s Why
A crypto analyst has explained how the range around ,000 could become a major Ethereum support base for years, making it not too late to buy ETH right now.
43.8 Million Ethereum Was Acquired Between ,900 And ,100
In a new post on X, analyst Ali has discussed about why Ethereum could still be worth getting into at this point. The analyst has cited data from the market intelligence platform IntoTheBlock to explain this, referring to the on-chain acquisition distribution of the cryptocurrency.
In the above graph, the dots represent the number of investors or addresses who bought their coins within the corresponding price range. Naturally, the larger the size of the dot, the more is the density of holders who bought inside the range.
It appears that out of all the price ranges that ETH has visited in its entire history, the ,900 to ,100 one hosts the cost basis of the largest number of holders.
ETH was just recently consolidating inside this range, and as trading occurred inside it, the investors slowly gained their cost basis there, which is why the range has now swelled so large.
Now, what relevance does this range have for Ethereum? To understand this, how investor psychology works must first be known. To any investor, their cost basis is a particular price level, as their profit-loss situation can flip when the asset’s spot price retests it.
Because of this reason, the holder might be more likely to show some kind of move when this retest takes place. If the investor had last been in profits, they might expect the same level to be profitable again, so they may just buy more.
A few investors doing such buying won’t make the market budge at all, but if a large number of investors bought inside the same tight range, the levels might just end up providing support to Ethereum should it make a retest.
The ,900 to ,100 buyers are obviously in profits, so this range, which hosts the cost basis of 5.85 million addresses who acquired 43.8 million ETH there, could show a major buying reaction if ETH dips towards it. Ali explains, “this range could become a significant support level for years ahead. So, it’s not too late to get in on ETH!”
In another post yesterday, the same analyst had posted the Ethereum weekly chart, noting that if ETH could secure a sustained candle close above the ,150 mark, the asset could be set for some exciting uptrend.
As is visible from the chart, the ETH weekly price could be breaking above an ascending triangle pattern. “Targets in sight? We could be looking at ETH marching towards ,600, and possibly even soaring to ,500!” says Ali.
ETH Price
Ethereum has enjoyed some fresh bullish momentum during the past few days as it has now soared above the ,200 mark.
US Judge Rules XRP ‘Not Necessarily a Security on Its Face,’ Sending XRP Supporters Into Celebration
According to a recent ruling handed down by U.S. judge Analisa Torres the crypto asset XRP is not “necessarily a security on its face.” In the ruling, both parties, the U.S. Securities and Exchange Commission (SEC) and Ripple Labs’ motions for summary judgment were granted in part and denied in part. The order states that the court cannot conclude that XRP is a security as a matter of law.
Uncertainty Remains: Judge Grants Partial Summary Judgment in XRP Security Case
The judge presiding over the SEC lawsuit against Ripple Labs and executives Chris Larsen and Brad Garlinghouse has detailed that the court cannot classify XRP as a security.
The order details that the plain words of the Howey test make it clear, but as for XRP the “subject of a contract, transaction, or scheme is not necessarily a security on its face.” The judge also granted in part and denied in part the SEC and Ripple Labs’ summary judgments.
“Accordingly, the SEC’s motion for summary judgment on the aiding and abetting claim against Larsen and Garlinghouse is denied,” the order from judge Torres details. The order states that the court cannot conclude that XRP is a security as a matter of law, and that there are genuine disputes of material fact regarding whether XRP is a security.
The court also noted that the Howey test must be applied to the specific context of XRP transactions, and that the parties have presented conflicting evidence on the relevant factors. The judge acknowledged the distinction between programmatic sales and institutional sales.
“Since 2017, Ripple’s Programmatic Sales represented less than 1% of the global XRP trading volume,” the order states. “Therefore, the vast majority of individuals who purchased XRP from digital asset exchanges did not invest their money in Ripple at all. An Institutional Buyer knowingly purchased XRP directly from Ripple pursuant to a contract, but the economic reality is that a Programmatic Buyer stood in the same shoes as a secondary market purchaser who did not know to whom or what it was paying its money.”
Torres’s order added:
Therefore, having considered the economic reality and totality of circumstances, the court concludes that Ripple’s Programmatic Sales of XRP did not constitute the offer and sale of investment contracts.
Following the court’s judgement, XRP supporters celebrated the decision and XRP’s price jumped nearly 30% higher against the U.S. dollar after the announcement. While Torres judgement was celebrated, the court granted and denied the parties’ cross-motions for summary judgment because there were genuine disputes of material fact regarding whether XRP is a security.
The court announced that it will issue a separate order at a later date to set a trial date and related pre-trial deadlines. While XRP supporters celebrate, this case is likely to continue.
What are your thoughts on the judge’s ruling regarding XRP’s security classification? Share your thoughts and opinions about this subject in the comments section below.
‘Not the Right Time to Stop’ Rate Hikes, ECB Chief Economist Says
Current indicators suggest the European Central Bank (ECB) should raise the interest rate in May, the monetary authority’s chief economist said. Future increases will depend on the economic data but this is still not the right time to stop, according to Philip Lane who believes the bank has to bring inflation back to the 2% target “in a timely manner.”
Leaving Interest Rate at Current Level Would Be ‘Inappropriate’ Despite Falling Inflation, Lane Says
Inflation in the euro area has dropped significantly between October, when it peaked at 10.6%, and March’s 6.9%. Nevertheless, the most important goal for its central bank is to make sure that it gets closer to 2%, Chief Economist of the ECB Philip Lane told Le Monde in a recent interview published by the bank on Tuesday.
While easing in some sectors, such as energy, inflationary pressures persist in others, like food, the top official noted, warning there’s a risk of “sticky” inflation. This is why it’s important that the ECB raises its interest rates again to ensure inflation returns to the target “in a timely manner,” he emphasized.
Inflation has been too high for almost two years, Lane admitted, attributing it to bottlenecks created by the pandemic and the energy shock resulting from Russia’s invasion of Ukraine. To deal with it, the ECB increased interest rates by 3.5 percentage points, from -0.5% to 3%, which is unprecedented for the eurozone.
“For our next Governing Council meeting on May 4, the current data are indicating that we should raise rates again,” said Philip Lane who sits on the bank’s Executive Board. He added that the analysis suggests it would be “inappropriate” to leave the deposit rate at the current 3% level and stressed:
This is still not the right time to stop. Beyond that, I don’t have a crystal ball, it will depend on the economic data.
The most important task is to bring inflation closer to 2% “within a reasonable time period,” ECB’s chief economist reiterated. The longer it stays too high, the greater the risk that people lose faith in the bank’s ability to return to its long-term target, he reasoned.
Lane’s statements for the French press come after several central bank governors, members of the ECB’s Governing Council, indicated in the past few weeks that a new rate hike is to be expected from the upcoming meeting next month.
By how much do you think the ECB will increase interest rates in May? Share your predictions in the comments section below.
‘Not Related to a Digital Currency’ — US Central Bank Addresses Concerns Over Fednow Payment Network
The U.S. Central Bank has issued an update regarding the Federal Reserve’s Fednow project, which is scheduled to commence in July. The Fed has responded to recent criticism of the Fednow service and asserts that the Fednow payment network is “neither a form of currency nor a step toward eliminating any form of payment, including cash.”
Fednow Won’t Replace Cash, the U.S. Central Bank Insists
When the U.S. Federal Reserve announced the launch of the Fednow service in July, it sparked immediate opposition and led many to believe it is one of the initial stages of an American central bank digital currency (CBDC). Several prominent economists and politicians have cautioned that a CBDC would bring about greater surveillance of Americans’ financial transactions.
In order to quell fears, the Fed issued an update on April 7, 2023, in which it raised the questions, “Is Fednow replacing cash?” and “Is it a central bank digital currency?” The central bank maintains that Fednow accomplishes neither of these objectives and emphasizes that the project is solely focused on “instant payments.” The Fed’s update unequivocally states: “Fednow is not related to a digital currency.” The U.S. central bank’s notice adds:
Fednow is a payments service the Federal Reserve is making available for banks and credit unions to transfer funds. It is like other Federal Reserve payment services, such as Fedwire and [Fed ACH]. The Fednow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash.
In a recent interview, economist Richard Werner expressed concern about the timing of the Fednow project, describing it as “suspicious.” Werner linked the initiative to a central bank digital currency (CBDC), a sentiment shared by Georgia Representative Marjorie Taylor Greene, who criticized Fednow on April 5. In recent times, several U.S. lawmakers have proposed legislation that would prohibit CBDC initiatives.
According to the Fed’s update, the central bank “has not made a decision on whether to issue a central bank digital currency (CBDC),” and it will not do so without the authorization of the executive branch and congressional members. The Fed further emphasizes that “a CBDC would not replace cash or other payment options.”
Conversely, the White House’s recent “Economic Report of the President” noted the possibility that Fednow and CBDC initiatives “have the potential to realize many of the benefits that crypto asset developers have promised.” With regards to a U.S. CBDC, the general public is currently aware of two distinct Federal Reserve projects.
The first project is an experiment called “Project Cedar,” a pilot designed by the Federal Reserve Bank of New York. The Project Cedar protocol employs a wholesale digital dollar to enhance financial transactions. The second CBDC initiative by the Fed is “Project Hamilton,” a joint effort of the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (MIT). While the Fed maintains that Fednow is not related to a digital currency, it seems to be a matter of semantics.
The Fed asserts that the Fednow service is not a digital currency or a step toward eliminating any form of payment, including cash, but instead, a digital payment system designed to facilitate instant payments. However, some critics contend that the system is, in fact, a form of digital currency, and that the Fed’s characterization of the project is misleading. Ultimately, the exact nature of the Fednow service and its relationship to a potential CBDC remains a topic of debate.
Will the Fednow project pave the way for a central bank digital currency, or is it simply a digital payment system designed to facilitate instant payments? Share your thoughts in the comments section below.
Yellen Says US ‘Not Willing to Allow Contagious Bank Runs,’ Calls OPEC Oil Production Cut ‘Unconstructive’
Roughly 26 days ago and in the following days, the U.S. witnessed two significant bank failures when Silicon Valley Bank and Signature Bank collapsed. After speaking at an event on Monday at Yale University, Janet Yellen, the current U.S. Treasury secretary, told reporters that she was closely monitoring the banking industry. Yellen insisted that “matters are stabilizing” and the Treasury was “not willing to allow contagious [bank] runs to develop” in the United States.
Treasury Secretary Yellen Addresses Recent Bank Failures and Emphasizes Stability in the U.S. Banking System
U.S. Treasury secretary Janet Yellen recently spoke at Yale University, and following the event, she made statements to reporters. Yellen discussed the recent issues within the U.S. banking industry and touched on the decision made over the weekend by Saudi Arabia and OPEC to cut oil production.
Reporters asked Yellen about the impact the decision might have on oil prices. “I think it’s regrettable that OPEC decided to take this action,” Yellen said. “I’m not sure yet what the price impact will be. I think we need to wait a little longer to assess that.”
Yellen also spoke about the stress on the U.S. banking system in recent times following the collapse of a few major banks after the first week of March. Yellen emphasized to reporters that the Treasury was closely monitoring the situation and that the U.S. government was “not willing to allow contagious [bank] runs to develop” in the country.
Yellen expressed her opinion that the actions taken by the Federal Reserve, Treasury, and Federal Deposit Insurance Corporation (FDIC) had helped address the issues.
“My read is that outflows from smaller and medium-sized banks are diminishing, and matters are stabilizing, but it’s a situation we’re watching very closely,” Yellen stated. The Treasury secretary seemed intent on the government focusing more attention on climate change.
“We’ve addressed a range of issues, including financial risks, but we haven’t put enough focus on climate risks. I don’t think there’s a fundamental problem with the banking system,” Yellen opined. According to her latest statements, the Treasury Secretary has been prioritizing efforts to combat climate change.
“The Inflation Reduction Act is, at its core, about turning the climate crisis into an economic opportunity,” Yellen said about the Biden administration’s legislation.
What do you think about Yellen’s recent statements about OPEC’s decision to cut oil, the U.S. banking system, and climate change? Share your thoughts in the comments section below.
Steve Hanke Blasts Bitcoin: It Is ‘Not a Currency’ and Has a ‘Fundamental Value of Zero’
Steve Hanke, professor of applied economics at Johns Hopkins University, has criticized bitcoin, stating it is not a currency. The economist, known for his vocal opinions about crypto and for the promotion of dollarization initiatives in Latam, blasted bitcoin, saying it has a “fundamental value of zero,” and that it is a “highly speculative asset.”
Steve Hanke Criticizes Bitcoin’s Function and Value
Steve Hanke, professor of applied economics at Johns Hopkins, has criticized bitcoin and its value in one of his latest tweets. The economist, known to be very vocal about the negative effect that crypto can have on world economies, contested bitcoin’s utility, stating:
Bitcoin is not a currency. It’s just a highly speculative asset with a fundamental value of zero.
Hanke illustrated his opinion with a cartoon drawn by Robert Rich, as part of his work for Hedgeye Risk Management, where he compares other main fiat currencies including the dollar, the yen, and the euro, with bitcoin.
Bitcoin Community Responds
Responses from the bitcoin community to Hanke’s opinions came quickly. Digital artist Lucho Poletti, known for his bitcoin-focused work, tweeted a similar cartoon that depicted bitcoin as a better form of money than the fiat currencies that appeared in Robert Rich’s cartoon.
Others criticized Hanke’s opinion in writing, like Dr. Julian Hosp, CEO of decentralized finance app Cake Defi, who countered Hanke’s view, declaring:
Bitcoin has utility. We can argue how much, but it is definitely >0. There are undoubtedly some people who want its utility. Lastly, it is provably rare. Hence, your statement that bitcoin has zero value is 100% incorrect.
Hanke, as a promoter of currency boards and dollarization as a solution for inflation and devaluation problems in countries like Argentina, has criticized the adoption and function of bitcoin several times.
In June 2021, Hanke blasted the adoption of bitcoin in El Salvador as legal tender, saying it could cause the collapse of the country’s economy. At the time, he stated that all the dollars in El Salvador could be “vacuumed out” of the country, leaving citizens with only bitcoin.
This criticism intensified in October 2021, when he stated that Nayib Bukele, the president of El Salvador, was “playing fast and [loose] with El Salvador’s tax dollars again,” when he announced buying the bitcoin dip while purchasing 150 bitcoin.
What do you think about Steve Hanke and his criticism of bitcoin adoption and its fundamental value? Tell us in the comments section below.
Buterin Says “Ethereum Is Neutral, But I Am Not” In Condemnation Of Russia’s Attack
Minutes after Russia announced a “special military operation” in Ukraine, effectively declaring war on the Eastern European country, Vitalik Buterin, a Russian-Canadian cofounder of the Ethethereum B blockchain, criticized Russian President Vladimir Putin on Twitter.
Buterin Speaks Out
Buterin said on Wednesday evening that he was “very upset” by Putin’s choice to start a war instead of finding a peaceful solution to Russia’s issue with Ukraine.
Vitalik wrote in Russian on Twitter:
“Very upset by Putin’s decision to abandon the possibility of a peaceful solution to the dispute with Ukraine and go to war instead. This is a crime against the Ukrainian and Russian people.”
“I want to wish everyone security, although I know that there will be no security,” the Russian-Canadian crypto co-founder wrote, concluding his statement with “Glory to Ukraine”.
Reminder: Ethereum is neutral, but I am not.
— vitalik.eth (@VitalikButerin) February 24, 2022
On Wednesday evening, CNN reported a “constant stream of explosions” in multiple Ukrainian towns, including Kyiv, the country’s capital, and Kharkiv, the country’s second-largest city. “Subways are packed, streets are also, people [are gathering] with loved ones and [trying] to flee,” Oleksiy Sorokin, a correspondent for the Ukrainian outlet Kyiv Independent, tweeted. The Ukrainian State Air Traffic Services Enterprise declared on its website that Ukraine has also closed its airspace to civilian planes, citing the considerable threats to aviation safety in the current situation.
Buterin has spoken out on a number of occasions about philosophy, geopolitics, and the use of blockchain technology for “public goods” such as scientific research, news dissemination, and the reduction of various hazards to humanity.
Related Reading | Ruby on Rails Creator Backtracks As He Expresses Support For Crypto
Crypto Market Tumbles
Following Putin’s announcement, cryptocurrency prices plummeted. Bitcoin prices declined 3.8% to ,031.86 on Thursday morning, while Ethereum prices plummeted 5.2 percent to ,388.98. Over the past week, Bitcoin has dropped roughly 20%, while Ethereum has dropped 22%, undermining the premise that cryptocurrency values can withstand geopolitical crises that wreak havoc on traditional financial markets.
Stablecoins such as USDT, BUSD, and USDC, on the other hand, saw their values rise somewhat on the day. Stablecoin trading volumes have been soaring as demand for safe haven assets has risen.
ETH/USD trades at .5k. Source: TradingView
Apart from the cryptocurrency sector, the stock market has also plummeted, while oil prices have risen. The Russian stock market has plummeted to its lowest point since 2016. The price of oil has climbed from to above 0 per barrel.
Geopolitical concerns are likely to persist for some time, putting downward pressure on these higher-correlation digital coins. As a result, investors should include heightened volatility in their calculations before considering Ethereum at this time.
Related Reading | Crypto Winter or Not, Here’s Why Index Trading Can Help Spread the Risk
Featured image from Unsplash, chart from TradingView.com
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