Blockchain
Avana Wallet Announces In-App Solana Liquid Staking Powered by Marinade
Miami, Florida–(Newsfile Corp. – June 23, 2022) – Avana Wallet, a Solana blockchain non-custodial crypto wallet, announced the in-app integration of Solana liquid staking using Marinade Finance. Avana Wallet users can now exchange their Solana SOL for Marinade mSOL and begin accruing staking rewards in seconds with just a few clicks.
Marinade is a non-custodial liquid staking protocol built on the Solana blockchain. Marinade enables users to stake SOL tokens using automated staking strategies and receive “marinated SOL” tokens (mSOL) that accrue staking rewards continuously. The price of mSOL appreciates gradually relative to Solana SOL as staking rewards earned by Solana validators are distributed to mSOL token holders. The current staking reward APY of Marinade mSOL is 5.8%.
Avana Wallet syncs with Marinade’s on-chain smart contracts and off-chain API to provide users real-time data including the current staking reward APY, total value locked, the number of Solana validators participating in the program, liquidity pool funding, and unstaking fees. Users interact directly with Marinade smart contracts when they swap their SOL for mSOL using Avana Wallet.
“We are strong advocates of the win-win solution that Marinade’s liquid staking program offers to the Solana ecosystem. Marinade makes it easy for Avana Wallet users to swap their SOL for mSOL and begin accruing staking rewards in a matter of seconds,” said Patrick McGlynn, CEO and Founder of Avana Wallet. “Marinade’s broad allocation to over 400 medium- and small-sized validators helps further decentralize Solana and strengthen overall network security. Diversifying the pool of validators is a critical step in achieving the Solana bull case.”
“Integrating Marinade liquid staking directly into Avana Wallet makes it incredibly easy for Solana users to enjoy unlocked staking yields and access to Solana DeFi through mSOL,” said Michael Repetny, a Marinade contributor. “This integration also contributes to the long-term censorship resistance of Solana and supports the growing independent validator community. Thank you to Avana Wallet for supporting mSOL and the Solana ecosystem.”
Solana SOL Liquid Staking Powered by Marinade Using Avana Wallet
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Solana users staking with Marinade benefit from portfolio diversification and staking liquidity. Traditional staking on Solana requires users to wait up to three days to unlock staked SOL. Marinade’s mSOL can be unstaked or swapped for other Solana SPL tokens at any time using Avana Wallet.
In addition, a growing number of DeFi applications now accept mSOL as deposit collateral. Over 30 Solana DeFi protocols accept mSOL, including Mango Markets, Orca, Saber, Raydium, and more.
The Solana SOL staked with Marinade is distributed to more than 400 medium- and small-sized validators. These validators are chosen by Marinade’s transparent and permissionless formula that is automatically rebalanced at regular intervals. Marinade charges 2% of staking rewards as a fee, which is the lowest among liquid staking protocols. Avana Wallet does not charge a fee when its users stake with Marinade.
“Today liquid staking represents about 2% of Solana SOL staked. We are very optimistic on the growth potential of Solana liquid staking protocols in coming years. Marinade has helped simplify the liquid staking process by providing transparent and accessible on-chain solutions,” said Patrick McGlynn. “Users can achieve fast and easy staking portfolio diversification in a single transaction when they stake with Marinade.”
About Avana Wallet
Avana Wallet is a Solana blockchain non-custodial wallet that enables users to connect with Web3 decentralized applications (dapps), DeFi, NFT marketplaces, blockchain gaming and more. Avana Wallet users can send, swap, stake, and receive crypto using the Solana network. Most transactions processed on the Solana network clear in a matter of seconds for less than a penny. Avana Wallet is available in more than 30 languages. More information on Solana liquid staking. Download Avana Wallet for Chrome, Edge, Brave, and Firefox web browsers.
About Marinade
Marinade is built and governed by its community members through the Marinade DAO. The DAO is an on-chain system designed to provide transparency and fairness to the governance of Marinade. Marinade’s program currently has $259 million in total value locked allocated to 442 Solana validators.
Contact:
[email protected]
Avana Wallet
777 Brickell Ave
Miami, FL 33131
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128718
Blockchain
Halving weakness sees $206 million exit crypto funds, Bitcoin miners pivot to AI
Leading up to Friday’s Bitcoin (BTC) halving, investors opted to remain on the sidelines rather than increase their exposure to cryptocurrencies. CoinShares’ latest report on digital asset fund flows reveals that crypto funds experienced $206 million in outflows last week, while trading volumes for Exchange-Traded Products (ETPs) dropped to $18 billion.
James Butterfill, head of research at CoinShares, noted, “These volumes represent a lower percentage of total Bitcoin volumes (which continue to rise) at 28%, compared to 55% a month ago.” He attributed this decline in investor appetite to expectations that the Federal Reserve would maintain interest rates at elevated levels for a longer duration.
In terms of regional flows, the United States led the outflows with $244 million exiting incumbent ETFs by the week ending April 19. Butterfill highlighted that newly issued ETFs still received inflows, albeit at lower levels compared to previous weeks. Germany and Sweden saw outflows of $8.3 million and $6.7 million, respectively, while Canada experienced inflows of $29.9 million. Switzerland, Brazil, and Australia also witnessed inflows of $7.8 million, $5.5 million, and $2.2 million, respectively.
Butterfill observed that although Bitcoin saw outflows of $192 million, there were minimal flows into short-Bitcoin positions. Ethereum (ETH) experienced outflows of $34 million for the sixth consecutive week. However, multi-asset funds saw improved sentiment, attracting $8.6 million in inflows. Additionally, Litecoin (LTC) and Chainlink (LINK) received inflows of $3.2 million and $1.7 million, respectively.
The report highlighted that blockchain equities sustained their 11th consecutive week of outflows, totaling $9 million, as investors remained concerned about the halving’s impact on mining companies.
In a separate analysis of the post-halving crypto mining industry, CoinShares analysts suggested that many miners might transition to serving the artificial intelligence (AI) sector, which has become more lucrative. They anticipated a shift towards AI in energy-secure locations, potentially leading to Bitcoin mining operations relocating to stranded energy sites.
The analysts projected a 10% decline in the Bitcoin network’s hash rate after the halving as miners deactivate unprofitable ASICs. However, they expected the hash rate to reach 700 exahash (EH/s) by 2025. As of the current data, the Bitcoin hash rate stands at 596.22 EH/s.
The report also noted that substantial cost increases are anticipated due to the halving, with electricity and production costs nearly doubling. Mitigation strategies include optimizing energy costs, enhancing mining efficiency, and securing favorable hardware procurement terms. Miners are actively managing financial liabilities, with some utilizing excess cash to significantly reduce debt.
Source: kitco.com
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Blockchain
NYSE gauges interest in 24/7 stock trading like crypto
According to reports, the New York Stock Exchange (NYSE) is exploring the possibility of introducing round-the-clock trading, a model akin to that of cryptocurrency markets. In a bid to gauge market sentiment, NYSE’s data analytics team has circulated a survey among market participants. The survey seeks feedback on whether there is support for 24/7 or extended weekday trading hours and, if so, what measures should be implemented to safeguard traders against overnight price fluctuations. As of now, NYSE, alongside Nasdaq and the Chicago Board Options Exchange, operates from Monday to Friday, spanning from 9:30 am to 4:00 pm Eastern Time.
In the United States, assets like cryptocurrencies, United States Treasurys, foreign exchange, and major stock index futures are already tradable 24/7. Certain brokerages, such as Robinhood and Interactive Brokers, provide access to U.S. stocks throughout the week via a “dark pool” trading venue, catering to international retail investors during their local trading hours.
However, recent reports indicated that Robinhood suspended its 24-hour trading services amidst heightened tensions between Israel and Iran, prompting concerns among investors regarding the sustainability of continuous trading.
Effectively managing liquidity in a 24/7 trading environment has proven challenging for trading platforms within the cryptocurrency industry.
According to cryptocurrency research firm Kaiko, there’s often a mismatch between the operating hours of traditional financial institutions and the needs of major crypto traders and market makers. Traders frequently find themselves losing sleep during periods of extreme market volatility.
While the results of NYSE’s survey haven’t been revealed, Tom Hearden, a senior trader at Skylands Capital, conducted his own poll among his 19,300 followers, asking if they would support NYSE transitioning to 24/7 trading hours. Interestingly, over 70% of the 1,459 respondents voted “No.”
NYSE’s survey coincides with the efforts of startup firm 24X National Exchange, which is seeking approval from the Securities and Exchange Commission (SEC) to launch the first exchange in the country operating round-the-clock.
The FT said, citing two persons familiar with the subject, that the SEC has “months” to study the proposed rule change, and other relevant issues, such who should shoulder expenses and the function of clearing houses, are already being considered by other stakeholders.
“How loud they will be playing in the middle of the night is unknown to me. However, the decision of whether something is commercially feasible or not actually shouldn’t be made by the SEC, James Angel, a Georgetown University finance professor, told FT.
“I support letting the market make the decision. We’re all better off if it succeeds, and the exchange’s stockholders lose out if it fails.
After the company withdrew an application in March 2023, alleging operational and technological concerns, it is the second attempt to receive SEC clearance.
Source: cointelegraph.com
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