by Renu Sharma | Jan 25, 2023 | Market, Market News
WazirX’s Background
WazirX is the largest cryptocurrency exchange in India. WazirX, which was founded in 2018, has risen to become the most reputable exchange in the Indian crypto sector.
It is a subsidiary of the Binance Group, which operates the world’s largest cryptocurrency exchange, with customers in 180 countries. WazirX and Binance recently established a $50 million Blockchain India Fund to support their ambition of making cryptocurrency accessible to Indians.
WazirX is experiencing a significant increase in the number of new users as well as trading activity, with a monthly volume of $5.4 billion and expanding at an exponential rate. WazirX’s expansion has just just begun, with 6 million registered users. WazirX and Nischal Shetty, the founders of the #IndiaWantsCrypto movement, has over 5 million followers on social media.
WazirX publishes reserve evidence.
Following the crypto industry’s fear and upheaval generated by the FTX liquidity and bankruptcy incident, leading digital-asset service providers began disclosing their reserve money. WazirX, a cryptocurrency exchange, has issued its proof of reserves report, revealing that the total value of customer assets held is $286 million.
WazirX’s reserves-to-liabilities ratio remains more than one, signalling adequate liquidity for consumers in the case of a withdrawal, according to the company. WazirX displayed their proof of reserves using Coin Gabbar, a third-party crypto asset tracking software. At the time of writing, WazirX had around $285 million in total user assets stored in Tether.
The statement claims that 90% of WazirX customer funds are housed in Binance-based wallets, with the remaining 10% maintained in both hot and cold storage wallets. This equates to around $256.5 million and $28.5 million. This comes at a time when crypto exchanges are attempting to soothe nervous clients who have requested disclosures. Investors are suspicious of exchange operations following the recent FTX catastrophe in the crypto market.
“We are dedicated to establishing India’s leading crypto exchange ethically and safely, and complete transparency is a vital component of that promise,” said Rajagopal Menon, Vice President of WazirX. We intend to give our users with the trust and security they deserve by making our wallet addresses, exchange list, and independent Proof of Reserves report public.”
User resources
The bulk of WazirX user assets are housed in Binance-based wallets, with the remainder in both hot and cold storage wallets. Shiba Inu tokens are the exchange’s largest holding, accounting for 19% of total reserves. WazirX is the owner of 6.09 trillion SHIB tokens worth $53.8 million. The next two are Ethereum and Bitcoin.
The exchange now owns 1,248.76 Bitcoin worth $21.7 million and 19,832.17 Ethereum coins worth $26.43 million. WazirX is a crypto exchange platform located in India that allows users to buy, sell, and trade various crypto assets such as Bitcoin, Ether, Litecoin, and others. WazirX now has over 15 million users.
Despite being India’s largest exchange, WazirX has previously been in trouble with local authorities for money laundering. During the investigation, monies on the exchange were frozen for a little more than a month. During this period, Binance openly distanced itself from the exchange with a tweet from CEO Changpeng Zhao, who stated that Binance does not own the exchange.
Furthermore, throughout the inquiry time, Binance sided with local authorities by halting off-chain financial transactions using WazirX. Binance was the first exchange to reveal its proof of reserve plan following the FTX debacle, prompting a chain reaction of other exchanges to follow suit.
by Renu Sharma | Jan 25, 2023 | News, NFTs
What is NFT Inspect?
NFT Inspect is a web3 aggregation and social analytics application that allows makers and collectors of non-fungible tokens (NFTs) to obtain real-time data from Twitter through profile images (pfps). It offers a web-based platform and a Chrome extension to provide you with many ways to acquire key social information that might aid in trading decisions.
This tool assesses the present condition of projects by measuring the reach and involvement levels of NFT communities. Furthermore, NFT Inspect may produce critical data such as collection rankings based on public opinion, total volume traded, tweet interactions, and other metrics.
The tool may also help you identify accounts with a large following on Crypto Twitter, which can help you narrow down your search if you are looking to network or recruit individuals of power for your business. These individuals already have a huge and engaged audience, which gives them some clout in the space.
Indeed, tweets and [Twitter] Space conversations are among the most potent marketing tools in web3.
NFT Inspect can be used in two ways:
1.As a browser add-on
2.As a medium,
Both perform somewhat distinct functions, as you’ll see in the following two sections.
NFT Inspect, an NFT research tool, is closing down.
The decision comes as non-fungible token sales and trade volumes decline.
According to a tweet from the project, NFT Inspect, a popular research tool for determining the worth of an NFT (non-fungible token) and the strength of its community, will switch off its virtual lights on January 17.
The team tweeted that they have reached the painful decision that they cannot maintain Inspect moving forward after months of working and revising.
“We want to appreciate each and every one of you for your support during the previous year’s rollercoaster.” NFT Inspect allows users on Crypto Twitter to track the NFTs used in the profile images of the most frequent tweeters. It allows a researcher to observe which NFT projects are popular on Crypto Twitter and highlight changes.
The decision to suspend the project comes as market interest in NFTs has dropped. According to a recent NonFungible analysis, the global trading volume of NFTs decreased 77% from the second quarter to $1.7 billion in the third quarter last year and resale profit decreased by 84% throughout the period.
According to CryptoSlam data, around $650 million in NFTs were sold in December, compared to $2.6 billion in December 2021.
NFT Examine Browser Extension Functions
NFT Inspect is a free Chrome extension AI tool that enhances Ethereum and Solana NFT aficionados’ Crypto Twitter experience. The AI tool can recognise NFTs being used as pfps by individuals on your Twitter timeline, allowing you to obtain rich NFT data from many collections with a single click. It can also tell you whether or not a certain project is a complete hoax, safeguarding you from potential losses.
Once linked, NFT Inspect will ‘brand’ any Ethereum and Solana NFTs in your Twitter feed, including profile pictures and tweets, with the blockchain logos. As seen above, Inspect was able to discover two Just Apes, one Taiyo NFT, and one MAYC.
Furthermore, by clicking on the blockchain logo, you may learn more about the specific NFT. After clicking the logo, I can now get more detailed information such as:
- Rarity ranking
- The wallet address of the owner
- Other members of the community
- Official social media profiles for the collection
- The market in which it is (or is not) listed
- Its current HODL tenure
- It has characteristics.
The relevance of these bits of information depends on you, but if you’re trading Ethereum or Solana NFTs, you’ll probably find them valuable.
It’s at the very least free and improves your Twitter experience. Once you download the extension, you may view all of this information while browsing Twitter on your desktop. However, if you want to go a step further and obtain even more detailed information, you may use the Inspect platform itself, which is a different website application.
by Renu Sharma | Jan 25, 2023 | Ethereum, News
What exactly is ethereum?
Ethereum is a decentralised blockchain technology that establishes a peer-to-peer network for securely executing and validating smart contracts. Smart contracts allow parties to do business without the requirement for a trusted central authority.
Transaction records are immutable, verifiable, and disseminated securely via the network, giving participants total ownership and visibility over transaction data. User-created Ethereum accounts send and receive transactions. A sender must sign transactions and spend Ether, Ethereum’s native coin, as a cost of performing transactions on the network.
The advantages of building on Ethereum
Ethereum provides an incredibly versatile framework for developing decentralised apps utilising the native Solidity programming language and the Ethereum Virtual Machine. Decentralised application developers who use Ethereum to create smart contracts benefit from the vast ecosystem of developer tooling and documented best practices that has come with the protocol’s maturity.
Also Read: How and should you buy Ethereum?
This maturity extends to the quality of the user experience for regular Ethereum app users, with wallets like MetaMask, Argent, Rainbow, and others providing simple interfaces for dealing with the Ethereum blockchain and smart contracts deployed there.
The vast user base of Ethereum encourages developers to put their services on the network, thus cementing Ethereum as the preferred home for decentralised applications such as DeFi and NFTs. The Ethereum 2.0 protocol, which is currently in development, will enable a more scalable network on which to construct decentralised applications that require higher transaction throughput in the future.
What became of it?
The bear market has resulted in numerous losses for individuals and even large corporations, and according to new statistics published by crypto analytics site Dune analytics, the majority of all ETH stakers are in the red, with only a few remaining in the black.
The rationale for more losses than profits is due to market conditions from 2021, when the Ethereum Beacon chain was released, until the present. ETH had set a new all-time high (ATH), but it had also dropped by more than 50% since the ATH.
Weekly Staked ETH Drops to New Lows as Only 20% of Staked ETH Is In Money
According to data provided on January 4, 80% of ETH staked is now losing money. Those that staked ETH at lower prices than the current levels are among the 20% who are still in the black.
According to the data, a large portion of ETH was staked when the price of ETH was still around $600 — this dates back to December 2020, when the Beacon Chain was created.
Despite the fact that ETH has since grown to a position where it is now 50% higher than the 2020 price level, 80% of the currently staked ETH was staked at or above $1,200. Following the enormous losses in staked ETH, the amount of weekly staked ETH has dropped dramatically, with fewer ETH staked since the fourth quarter of 2022.
Only 25,000 ETH has been staked over the last week. Prior to the harsh market conditions, approximately 150,000 ETH was staked per week. If ETH continues to fall in value, significant withdrawals from ETH staking contracts are likely when a withdrawal mechanism is implemented later this year.
Considering the Long-Term Prospects
Another story to examine is the long-term perspective. Given that most investors have already decided to keep their ETH for the long term, they may as well ignore the present Ethereum price levels.
Furthermore, staking ETH directly or through an exchange usually has a two-year lockup period. According to Dune statistics, 15.9 million ETH is now staked, or 13.2% of the total supply.
Nonetheless, despite the seemingly interminable drop, Ethereum and other altcoins remain hopeful. As of this writing, ETH has gained more than 3% in the last 24 hours, with a trading volume of $5.2 billion over the same timeframe. Furthermore, given the rapid upward movements in what appears to be a false rise, a reversal is likely.
Latest News:
TeraExchange, a centralised cryptocurrency exchange, has now listed Shiba Inu
Ethereum Whales Sold 880K ETH: Is there a Silver Lining?
by Renu Sharma | Jan 25, 2023 | Market, Top 10 Cryptocurrencies
One of the most popular topics, both online and offline, is cryptocurrency. Many people concur that buying cryptocurrencies can be a great way to gain money, but there is disagreement over which ones. Many individuals believe that investing in the most well-known ones, like Bitcoin, Ethereum, or Ripple, is the wisest course of action. Finding other options might be a good idea because most individuals won’t be able to benefit from increased costs with this kind of technique.
One factor, the performance of the whole cryptocurrency market, can always be taken into account. The strength of the cryptocurrency market is significantly influenced by both national and global monetary conditions. When there is political and economic unrest, the worth of digital coins is most likely to increase. Following a number of political, social, and financial developments, the cryptocurrency market experienced a significant increase in its values and a rise in its market capitalization.
1. Top Bitcoin Replacements in Cryptocurrency:
There are several coins that consumers should take into account as the crypto industry expands. For the majority of cryptocurrency investors, comparing their performance to Bitcoin’s performance is one of the most crucial considerations. It is critical to understand whether the currency you are investing in will keep up with Bitcoin’s growth and emerge as a serious challenger or if it will eventually be supplanted by another coin.
Litecoin is one of the most significant alternative currencies that has persevered and kept up with Bitcoin’s growth. Since its launch, this coin’s price has climbed substantially, and its market value has now reached $4 billion. Another example is Ripple, which was able to expand by 700% and attain a capitalization of $9 billion thanks to recent market movements.
2. Ethereum Is Developing Into an Asymmetric Bet:
Ethereum is a platform that enables the creation of DApps and smart contracts. Many people utilise this platform because it makes it possible for decentralised applications to be created. The currency that drives the Ethereum network is called ether, and it may also be mined via a Proof of Work mechanism. Ether (ETH) is increasingly being viewed as an asymmetric wager in the present day due to its sharp price rise.
Even though buying Ether on an exchange is the most practical option, it is still feasible to mine it. Ether is more than simply a cryptocurrency to invest in because it offers a number of unique characteristics that have the potential to become the norm for cryptocurrencies. For instance, it is possible to create decentralised applications that are accessible to everyone and let users pay for services with ether rather than having to take payment in fiat money.
3. NFTs and Gamefi Gaining in Influence:
There are many crypto coins with distinctive properties of their own, but the most intriguing ones are those based on alternate uses. This is an area where the world of crypto does not lack, and it is one that is bringing a lot of benefits to the currencies. Since its launch, Gamefi, a token that aids in the development of online games, has seen its capitalization climb by more than ten times. Because it is a form of cash intended for use in gaming, it has managed to establish itself as a very significant method of payment for both players and game producers.
Other coins that are competing for market share have implemented NFTs, or Non-Fungible Tokens, which have helped them perform better. Due to the manner they are formed, these tokens produce distinctive collections of digital assets that can be used in many contexts. These coins are interesting because they are special, and as time passes, their value rises.
4. Authorities are looking into more exchanges:
The regulatory environment for the cryptocurrency business is deteriorating each time. While it wasn’t all that different earlier, there were many restrictions and institutions trying to change how they approached the market. Businesses were attempting to modify their goods to the new regulatory landscape, but it now appears that more regulation is escalating. Authorities are looking into exchanges, and many nations are attempting to enact new laws and restrictions for those who use cryptocurrencies. Since the beginning of 2018, the majority of these currencies have managed to gain in value, but one has experienced a dramatic change in performance that most people would not anticipate.
by Renu Sharma | Jan 25, 2023 | Altcoin News, News
Shiba Inu is officially listed on TeraExchange, a controlled cryptocurrency market, according to a Twitter tweet today. The company’s delight over one of the most popular meme coins now being available for trade on the centralised platform was underlined in the post.
According to the statement, SHIB will be available for trading against the Tether (USDT) stablecoin on January 7. Furthermore, the initiative represents one of TeraExchange’s first meme-coin investment prospects.
What Exactly Is a Shiba Inu (SHIB)?
Shiba Inu (SHIBUSD) is an Ethereum-based altcoin (an alternative cryptocurrency to Bitcoin) using the Shiba Inu—a Japanese breed of hunting dog—as its mascot. Shiba Inu is largely recognised as a potential Dogecoin replacement. It is dubbed “the Dogecoin killer” by Shiba Inu supporters.
Shiba Inu and Dogecoin are meme coins, which are cryptocurrencies linked to a theme—in the case of Shiba Inu and Dogecoin, the Shiba Inu dog—but are often produced as a parody or inside joke rather than as a digital commodity with genuine utility. Shiba Inu was founded in August 2020 by an unidentified individual or group, whereas Dogecoin was launched in December 2013.
It is impossible to overestimate how devoted and strong the Shiba Inu community is.
The SHIB Army, as the meme coin is known, is a group of fervent believers who try to promote the token to its greatest applicative value.
Shiba Inu has been listed on the controlled cryptocurrency market TeraExchange, which is a significant step forward in their efforts. Additionally, the acquisition of SHIB expands its portfolio of spot trading assets, which already includes Bitcoin, XRP, Cardano, Ethereum, and several altcoins.
TeraExchange is a project that is being developed within the Terareum ecosystem. This also contains the Terareum blockchain, Terapay, and Terapool. In contrast, the announcement of the centralised exchange adopting SHIB follows one of Binance’s humorous coin pairing deletions. Due to claimed poor liquidity, the world’s largest cryptocurrency exchange by trade volume suspended its SHIB/GBP pair. There are, however, additional pairings for SHIB traders, as observed across numerous trading platforms in the market.
In contrast, the SHIB/USDT pairing on Binance continues to have one of the biggest trading volumes, with $30.5 million. Shiba Inu is also the 16th-largest cryptocurrency by market cap, with a valuation of almost $4.5 billion.
Who?
Coins.ph is regulated by the BSP as Asia’s first blockchain enterprise to be licenced as an Electronic Money Issuer and Virtual Currency Exchange (EMIVC). Coins.ph describes itself as “the most established crypto brand in the Philippines, having earned the trust of over 18 million consumers.” At The Asian Banker Philippine Awards 2019, Coins.ph was also named Best Blockchain or Distributed Ledger Technology or Platform.
The platform caters to its growing user base by opening the Philippines to more banks, money transfer operators, and payment providers through its infrastructure and strategic agreements with two major blockchain networks, Ripple and Stellar. Users can utilise the platform to pay bills, buy digital currencies, send money, and buy, sell, or perform transactions with bitcoin.
Effect on Shiba Inu
As a result of this listing, analysts evaluated the Shiba Inu price trend and predicted a rally to the positive target price of $0.0000140. The meme coin may recover its losses and begin a rally with a price target of $0.0000140 in mind. Shiba Inu is currently trading at $0.00001180, a 7.1% rise over the last seven days, according to Sunday’s Coingecko statistics.
However, this is not Shiba Inu’s first appearance, as the memecoin has just been listed on a number of prominent exchanges including Robinhood and Bitstamp.
