Blockchain
Swarm Markets expands licensed DeFi to Polygon Network
Swarm Markets GmbH, the first licensed decentralized finance (DeFi) platform, announces its decentralized exchange (DEX) is now available on the Polygon Network. Trading on Polygon is a lower-cost option for users of the BaFin-regulated DEX and its existing Ethereum-based products. Swarm Markets is the first licensed automated market maker (AMM) protocol available on the layer 2 solution.
The Polygon implementation effectively removes network fees from consideration for users because it costs just a few cents per transaction, as opposed to Ethereum fees, which regularly top $100 USD per transaction. Transacting on Polygon will allow investors to swap in and out of positions more actively to better respond to market volatility.
Swarm Markets joins an industry trend to offer alternatives to Ethereum’s rising network fee, alongside DEX Uniswap, NFT platform OpenSea, and metaverse market leader Decentraland who all added support for layer 2 solutions within the last year.
Philipp Pieper, co-founder of Swarm Markets, said: “Access to DeFi needs to be at a price point that isn’t cost prohibitive to Main Street investors, which is why expanding our licensed AMM to layer 2 solutions is crucial. Web3 is coming for financial markets and we’re building trustless infrastructure that gives people autonomy to build wealth while retaining control of their assets at all times.”
Swarm Markets’ native token SMT has already been ported to the Polygon blockchain, extending the DeFi platform’s incentive and reward system onto the new chain. Users will get discounts on platform fees if they pay with SMT as well as earn rewards for trading and providing liquidity to swap pools.
MATIC, Polygon’s native token, is among the new assets added to Swarm Markets along with a MATIC faucet, where verified users will receive a one-time transfer of enough MATIC to pay for 5-6 transactions directly from Swarm Markets. A blockchain bridge within the platform UI will help investors move assets seamlessly from Ethereum to Polygon to take advantage of the low-fee pools.
“DeFi promises to drive innovation that simply isn’t possible in traditional finance, bring services to the unbanked and give regular people access to wealth management tools currently only available to elite institutions,” said Sandeep Naiwal, Polygon’s co-founder. He added, “As part of that mission, we are very excited to support Swarm Markets in their scaling efforts.”
Swarm Markets’ newly announced SX1411 token standard is also compatible with Polygon, along with other EVM-compatible blockchains. SX1411 is a highly adaptable framework for managing asset tokens. The new standard allows Swarm Markets to support tokens backed by underlying assets whether “off-chain,” such as certain regulated securities, or “on-chain,” like NFTs.
Timo Lehes, co-founder of Swarm Markets, said: “We’re creating infrastructure, products and services that preserve the innovation of DeFi combined with the reassurance of regulation. We are driving growth of the entire DeFi ecosystem by implementing low-fee layer 2 solutions and bringing traditional financial products on-chain, like securities, to better serve consumers.”
Last month, Swarm Markets announced a partnership with German bank Volksbank Mittweida to digitize bonds on the Polygon blockchain. The registered bonds are some of the first regulated securities to be issued on Polygon.
The anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to stir anxiety within the cryptocurrency market. This significant influx of Bitcoin, which has been tied up since the collapse of the Mt. Gox exchange in 2014, raises questions about its potential impact on market dynamics and investor sentiment.
The return of these long-dormant Bitcoin holdings may lead to increased volatility and uncertainty in the cryptocurrency market. Market participants are likely to closely monitor the movement of these funds and assess their potential impact on Bitcoin prices and overall market stability.
Additionally, the large-scale return of Bitcoin from the Mt. Gox era may trigger concerns about potential selling pressure and its effect on market liquidity. Investors may anticipate fluctuations in Bitcoin prices as these funds are reintroduced into the market and traded.
Furthermore, the return of these Bitcoin holdings highlights the ongoing legal and regulatory challenges associated with the Mt. Gox saga. The resolution of this long-standing issue could have far-reaching implications for investor confidence and the perception of security within the cryptocurrency ecosystem.
Overall, the anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to evoke anxiety among market participants and prompt heightened scrutiny of market dynamics. As the cryptocurrency market braces for this significant development, it remains to be seen how it will navigate the potential challenges and opportunities presented by the return of these funds.
Source: blockchain.news
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Blockchain
Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration
Binance is currently embroiled in a legal dispute in Canada over allegations of selling cryptocurrency derivative products without proper registration. This lawsuit underscores the regulatory challenges facing the cryptocurrency exchange in various jurisdictions.
The lawsuit accuses Binance of offering crypto derivative products to Canadian investors without obtaining the necessary registration from Canadian securities regulators. This legal action highlights the importance of compliance with regulatory requirements in the cryptocurrency industry, particularly concerning the sale of derivative products.
Binance’s legal woes in Canada reflect broader concerns about regulatory compliance and investor protection within the cryptocurrency sector. As authorities worldwide increase scrutiny of cryptocurrency exchanges and trading platforms, companies like Binance face mounting legal and regulatory challenges.
The outcome of this lawsuit could have significant implications for Binance and the broader cryptocurrency industry in Canada. Depending on the court’s ruling, it could lead to increased regulatory oversight and stricter enforcement measures for cryptocurrency exchanges operating in the country.
In response to the lawsuit, Binance has stated that it is committed to compliance with all applicable laws and regulations in the jurisdictions where it operates. However, the outcome of this legal dispute will likely shape the regulatory landscape for cryptocurrency exchanges in Canada and influence their future operations and compliance efforts.
Source: blockchain.news
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The Cardano Foundation has announced the launch of Pragma, marking a significant milestone in open-source blockchain development. Pragma aims to revolutionize Cardano by enhancing its infrastructure through innovative open-source projects.
Pragma represents a new chapter in the evolution of Cardano, focusing on improving its underlying infrastructure and expanding its capabilities. The initiative underscores the Cardano Foundation’s commitment to fostering innovation and driving progress within the blockchain ecosystem.
By leveraging open-source projects, Pragma seeks to enhance Cardano’s functionality and scalability, paving the way for broader adoption and increased utility. These efforts are expected to unlock new opportunities for developers and users alike, further cementing Cardano’s position as a leading blockchain platform.
Pragma’s launch highlights the ongoing evolution of Cardano and its commitment to pushing the boundaries of blockchain technology. Through collaborative open-source development, Pragma aims to address key challenges and drive continuous improvement within the Cardano ecosystem.
The Cardano Foundation’s announcement of Pragma signals a significant step forward in its mission to build a decentralized and sustainable blockchain infrastructure. With Pragma, Cardano is poised to embark on a new era of innovation and growth, setting the stage for a future of unprecedented possibilities in blockchain development.
Source: cryptonews.com
The post Cardano Foundation Launches PRAGMA: A New Chapter in Open-Source Blockchain Development appeared first on HIPTHER Alerts.
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