crypto - Kivo Daily

Bitcoin receives a 5% boost

Alice Blake on July 3, 2023

Bitcoin — Most cryptocurrencies have moved in an unexpected and less steady manner during the last year.

The failure of multiple stablecoins contributed significantly to the crypto market’s downturn, and the November collapse of FTX pulled the sector back from its sluggish comeback.

Since then, the crypto market has gained some stability, and this week has brought more good news.

On Monday, the price of Bitcoin surged as banking institutions validated the popular cryptocurrency.

Bitcoin increased by more than 5% to $28,0002.18 according to Coin Metrics.

The gain brought the cryptocurrency to its highest level since early May.

Sympathy for crypto

Since late last week, the response to cryptocurrencies has been overwhelmingly favorable.

Some of the feelings may be traced back to a BlackRock filing in which it applied for the first-ever spot Bitcoin ETF in the United States.

BlackRock is one of the leading suppliers of investment, advising, and risk management solutions, making it one of the most trustworthy businesses to invest in cryptocurrency.

The move comes after the Securities and Exchange Commission sued two prominent cryptocurrency exchanges, Binance and Coinbase.

As a result, many people are wondering about the timing of BlackRock’s decision, particularly because Coinbase is expected to be its crypto custody partner.

A new exchange

On Tuesday, Bitcoin received another boost.

EDX Markets, a new cryptocurrency exchange, said that it has been operational for many weeks, acting as an alternate trading platform for Bitcoin and Ether.

EDX is supported by financial behemoths Charles Schwab, Citadel Securities, and Fidelity Digital Assets.

CEO Jamil Nazarali made the announcement on LinkedIn, writing:

“I am proud to announce that EDX Markets (EDX) has successfully launched our digital asset market and completed an investment round with new equity partners.”

“EDX’s official launch allows our outstanding team to bring crypto the same values and standards of competition, transparency, fairness, and safety that investors in traditional assets expect and enjoy.”

EDX is an unusual platform in that it does not have custody of its clients’ digital assets.

To acquire and sell crypto assets, they must go via financial intermediaries, similar to trading on the Nasdaq or the New York Stock Exchange.

The strategy is preferred by regulators, according to Nazarali, since it emphasizes the separation of the broker transaction function and the exchange function.

“What we’re seeing is that increasingly, investors want to trade through their trusted intermediaries, and that’s especially true post-FTX, which was supposed to be the leader in the digital market. If you can’t trust them, who can you trust?”

“So people are falling back on the firms that have been around for a really long time and that have really stood the test of time, and that’s a really important tailwind for us.”

Because of the ambiguous restrictions in the United States, EDX now only provides four cryptocurrencies:

Bitcoin (BTC)
Ethereum (ETH)
Bitcoin (LITE)
Bitcoin (BCH)

“We have a limited set of tokens because until there is more regulatory clarity, we don’t want to trade something that’s potentially a security,” Nazarali explained.

“Regulators really like that we don’t take that risk.”

Other institutions

Fidelity has been keeping up with crypto developments since 2014.

To maintain its interest in the crypto area, the corporation took the following steps a few years ago:

Fidelity Crypto, a commission-free retail investing app, was launched.
Access to cryptocurrencies was made available to 401(k) holders.

Several financial institutions are keen to demonstrate their enthusiasm for blockchain technology, particularly how it may upgrade outdated financial infrastructure.

However, only a handful are as vociferous about their opinions on cryptocurrency investing.

However, with large companies such as BlackRock and Fidelity highlighting their crypto pledges, investors were more hopeful on Tuesday.

They were especially hoping that some of the negative perceptions of the crypto industry’s hazards would dissipate, as several investors thought they had encountered a mental hurdle while purchasing Bitcoin.

In the meanwhile, Bitcoin has struggled to break out of its current trading range.

Regardless, they have yet to fall far below $25,000.

Bitcoin’s monthly gains crossed into the green zone on Tuesday, increasing by 69% in 2023.

Silicon Valley Bank blame game commences

Jerry Cooper on March 16, 2023

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Silicon Valley Bank – The initial shock of the SVB collapse has faded away, and the blame game has begun as people look for the guilty.

The tech industry is blaming Silicon Valley Bank CEO Greg Becker.

Many blame Becker for allowing the company to become the second-largest US financial disaster in history.

According to an alleged SVB employee, Becker publicly disclosed the bank’s financial difficulties before discreetly putting up financial backing to weather the storm.

The actions created the environment for the fear that led to people withdrawing their funds.

“That was absolutely idiotic,” said the employee. “They were being very transparent.”

“It’s the exact opposite of what you’d normally see in a scandal. But their transparency and forthright-ness did them in.”

The buildup

Greg Becker and his leadership team said last Wednesday night that they anticipated to produce $2.25 billion in cash from $21 billion in asset sales, resulting in a $1.8 billion loss.

SVB has made no firm pledges despite its best efforts.

The news shook Silicon Valley, where the bank has been a major lender to technology innovators.

Numerous business owners were terrified.

According to California regulator papers, several corporations withdrew $42 billion on Thursday, while Silicon Valley Bank’s shares fell by 60%.

As Silicon Valley Bank closed that day, it had a negative cash position of around $958 million.

“People are just shocked at how stupid the CEO is,” said the SVB employee.

“You’re in business for 40 years and you are telling me you can’t raise $2 billion privately? Get on a jet and fly to Kuwait like everyone else and give them control of one-third of the bank.”

While Silicon Valley Bank has yet to comment, CEO Greg Becker is claimed to have apologized in a video statement to employees.

“It’s with an incredibly heavy heart that I’m here to deliver this message,” said Becker.

“I can’t imagine what was going through your head and wonder, you know, about your job, your future.”

Hysteria

Silicon Valley Bank officials, according to Jeff Sonnenfeld, CEO of Yale School of Management’s Chief Executive Leadership Institute (CELI), deserve to be admonished for their “tone-deaf, failed execution.”

In a joint statement, Sonnenfeld and CELI’s research director, Steven Lian, stated:

“Someone lit a match and the bank yelled, ‘Fire!’ – pulling the alarms in earnest out of genuine concern for transparency and honesty.”

Sonnenfeld and Tian said it was unnecessary to disclose the $2.25 billion unsubscribed capital offering on Wednesday night.

They noted that Silicon Valley Bank had sufficient capital in excess of regulatory requirements.

They also said that the $1.8 billion deficit was unnecessary to reveal.

The one-two blow, according to Sonnenfeld and Tian, sparked a massive frenzy, culminating in a rush to withdraw deposits.

They went on to suggest that the bank may have spaced the statements by at least one or two weeks, which would have lessened the impact.

On Sunday, President Joe Biden’s administration announced a rescue plan for Silicon Valley Bank depositors.

Biden also announced that the US government will undertake an extensive inquiry of all parties involved in the SVB catastrophe.

He released a statement saying:

“I am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again.”

The Fed’s involvement

According to Jeff Sonnenfeld and Steven Lian, Jerome Powell, the Chairman of the Federal Reserve and Biden’s choice to lead the Feds, and his colleagues bear some of the blame.

“There should be no mistaking that Silicon Valley Bank’s collapse was a direct result of the Fed’s persistent and excessive interest rate hike,” they wrote.

They stated that the Fed’s attempts to keep inflation under control affected two things:

The value of the bonds Silicon Valley Bank was relying on for capital
The value of the tech startups SVB catered

Silicon Valley Bank, on the other hand, had more than a year to prepare for and deal with the problems.

The anonymous SVB employee called the bank’s manipulation of its balance sheet “stupidity,” casting doubt on the CEO and CFO’s strategy.

But nevertheless, the employee, who is also a Wall Street veteran, believes the bank’s downfall was the result of mistakes and “naivety” rather than illegal activity.

“The saddest thing is that this place is Boy Scouts,” they said.

“They made mistakes, but these are not bad people.”

Crypto pressed by regulators in 2023

Alice Blake on February 16, 2023

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Crypto – The collapse of the cryptocurrency exchange platform FTX in November gave rise to what has been nicknamed the “Lehman moment” by many.

When one’s business expands to everyone, it is said to be having a Lehman moment.

It alludes to the 2008 collapse of Lehman Brothers, whose bankruptcy also created an issue for the entire world.

The crypto sector, meanwhile, may be considered to have experienced a contagion when FTX went bankrupt.

Public outcry was used to provide regulators who were reluctant to act on a more exact target and a more powerful reason.

Since then, the cryptocurrency industry seems to be following the Dodd-Frank Act’s guidelines, which may stop further risk-taking in an effort to avoid additional financial risks.

The market

Since the advent of cryptocurrencies, the sector has developed and grown into a trillion-dollar industry.

The market is being handled by an inexperienced regulatory infrastructure, and many people are wary of the idea that cryptocurrencies may replace traditional financial instruments in the future.

State and federal officials have stepped up their talk and attempts to control the growing business since the FTX bankruptcy.

Major crypto corporations, however, are not very pleased with the efforts.

The Senate Committee on Banking, Housing, and Urban Affairs convened a hearing on Tuesday to discuss the requirement for further financial protections.

Sherrod Brown, the committee’s chairman, opened the meeting by saying:

“While crypto contagion didn’t infect the broader financial system, we saw glimpses of the damage it could have done if crypto migrated into the banking system.”

“These crypto catastrophes have exposed what many of us already knew: digital assets – cryptocurrencies, stablecoins, and investment tokens – are speculative products run by reckless companies that put Amercians’ hard-earned money at risk.”

Stablecoins

The hearing was called after Paxos, a cryptocurrency business, was told to stop minting a significant stablecoin by New York’s top financial regulator.

The demand just made the crypto space more restricted.

Digital currencies called stablecoins maintain a 1:1 backing from fiat money.

Paxos said on Monday that the New York State Department of Financial Services was instructed to cease producing BUSD, a stablecoin related to Binance.

The order, according to New York officials, is the result of unresolved difficulties with Paxos’ control of its partnership with the cryptocurrency exchange.

The company said that they would stop issuing the stablecoin on February 21.

Customers will be able to redeem their stablecoin through February 2024, and BUSD circulation will be backed 1:1 by US dollar reserves.

They may also choose to redeem their money in US dollars or convert it to the Pax Dollar, a different stablecoin that the corporation issues.

The business also announced that it will end its partnership with Binance.

The SEC

According to the Securities and Exchange Commission, BUSD should have been registered with the SEC in accordance with federal securities regulations, and the SEC intends to prosecute Paxos.

Paxos “categorically disagrees” with the notion, claiming that the BUSD is not a security under federal securities regulations, in a statement released on Monday.

The company claims that it is prepared to discuss the matter with the SEC and will “vigorously litigate” if required.

Investors have been alarmed by the BUSD directive.

2019 saw the alliance between Binance and Paxos for the stablecoin’s introduction.

The cryptocurrency trading platform had one of its worst days on Monday.

Data supplier Nansen reports that Binance had withdrawals totaling $873 million in net outflows.

Increasing enforcement

The BUSD crackdown is the latest development in numbers exhibiting their authority in the previous several months.

Its actions generate confusion and discontent inside the crypto ecosystem as many proponents have long sought regulatory clarification.

Marcus Sotiriou, a market analyst for GlobalBlock, paid close attention to what was happening.

“Regulation by enforcement is puzzling for crypto enthusiasts,” he pointed out.

“People are desperately trying to figure out how to offer a product legally whilst getting zero guidance.”

Whack-a-mole enforcement tactics have been used by the SEC in recent weeks, drawing criticism for unfairly concentrating the nascent business.

For instance, the SEC and the cryptocurrency exchange Kraken reached a $30 million settlement, which required the business to stop using staking.

Investors can earn a passive dividend on their cryptocurrency assets by doing away with the staking method.

The resolution brought up issues with concurrent exchanges using staking services.

Staking is seen as crucial to ensure the stable intersection of several coins by cryptocurrency enthusiasts.

Regulators cautioned US banks earlier in January about a number of hazards the cryptocurrency market carries, including:

Fraud
Shoddy risk management
Volatility

“It is important that risks related to the crypto-asset sector that cannot be mitigated or controlled do not migrate to the banking system,” said the regulators.

FTX recover over $50 billion lost funds in latest hearing

Jeah Lorraine Adams on January 16, 2023

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FTX: On the FTX crypto exchange platform, futures trading was supported for a range of digital assets, including Bitcoin, Ethereum, and Litecoin.

The trading platform granted access to other investment products, including leveraged tokens and options.

Professional traders and institutional investors valued FTX because of its strong liquidity and quick execution times.

The platform failed to recover after plummeting in the latter half of last year.

However, the business recovered some of its liquid assets following the November collapse.

The news

On Wednesday, FTX recovered a total of $5 billion in cash, liquid assets, cryptocurrencies, and securities investments.

According to a lawyer for the company, it is still unclear how much money was lost.

With a $32 billion market value, FTX filed for Chapter 11 bankruptcy protection in November 2022.

Sam Bankman-Fried, the company’s creator, was accused of organizing an “epic” fraud that, when it crumbled, plundered billions of dollars from clients, investors, and lenders.

Recovery

According to the company’s lawyer Andy Dietderich, several assets were retrieved at the hearing on Wednesday.

“We have located over $5 billion of cash, liquid cryptocurrencies, and liquid securities,” Dietderich told US bankruptcy Judge John Dorsey.

According to Dietderich, the company plans to sell non-strategic investments for $4.6 billion in book value.

The legal team is still attempting to generate enough internal data, according to the attorney, who also noted that the precise size of the customer deficiency is still unknown.

The US Commodities Futures Trading Commission estimates that the amount of lost money is likely greater than $8 billion.

The $5 billion in assets recovered, according to Andy Dietderich, did not include those taken by the Securities Commission of the Bahamas, where SBF resided and FTX was based.

The confiscated assets were valued at $170 million by the FTX attorney as opposed to the Bahamian authorities’ estimate of $3.5 billion.

The company’s FTT token, which is highly volatile and hardly traded, made up the assets.

Affiliates sales

FTX may raise additional cash in the coming months to help customers after Dorsey granted their request\ to evaluate affiliates’ sales at the hearing on Wednesday.

Affiliates of the FTX group are separate legal entities with independent management and client accounts.

They include the following:

Embed
FTX Europe
FTX Japan
LedgerX

Although it had received unsolicited business bids, FTX emphasized that it had no plans to sell to any organizations.

Therefore, they intend to hold bids in February 2023.

Opposition and approval

The US Trustee Program of the federal government resisted selling the affiliates before the scope of the FTX fraud was comprehended.

FTX requested Dorsey’s permission to keep the 9 million FTX client identities a secret to maintain the company’s worth.

The company maintained that user privacy was crucial to preventing clients from being stolen by competitors.

It also respects privacy rules and prevents identity theft.

Although the business requested that the names be kept a secret for six months, Dorsey only consented to three.

He stated why he made this decision:

“The difficulty here is that I don’t know who’s a customer and who’s not.”

John Dorsey scheduled a hearing on January 20 to discuss how the company can distinguish its clients.

He said he wanted the company to return in three months to offer further details indicating the possibility of identity theft if the identities are made public.

In response, media businesses and the US Trustee Program asserted that creditor information exchange is required by US bankruptcy law to encourage fairness and transparency.

Other notes

The firm will sell its affiliates and end a 19-year, $135 million sponsorship agreement with the Miami Heat, according to a lawyer for the company.

A seven-year deal for over $89 million with the popular game League of Legends will also come to an end.

SBF

Sam Bankman-Fried was found guilty last month in federal court in Manhattan on two charges of wire fraud and six counts of conspiracy.

He is accused of defrauding client funds to satisfy financial obligations to hedge fund Alameda Research.

FTX’s founder also misguided investors about the sustainability of the company.

Bankman-Fried pleaded not guilty despite the weight of the evidence.

Sam Bankman-Fried acknowledged violating the company’s risk management policies but did not believe he was criminally liable.

Reference:

FTX recovers $5bn but extent of losses still unknown

Stablecoins: An Overview of the Entire System

Alice Blake on October 19, 2022

Since the introduction of the very first cryptocurrency, Bitcoin, in 2009 by Satoshi Nakamoto, there has been a flurry of activity in the cryptocurrency arena. Developers have been trying to create new coins with special inputs and features in an attempt to offer a better version of the original cryptocurrency. Though the Bitcoin frenzy has caught up in the last five years, even in its initial years when the response to the cryptocurrency was rather insipid, developers looked for ways and means to design a coin that had the answers to all the lacunae in Bitcoin. For more details click at this link https://bitindexai.top/

Alternative to Bitcoin

The first coin that was developed just two years after the introduction of Bitcoin was Namecoin and from then on, thousands of new coins have been introduced in the crypto market. While many have successfully created a niche for themselves as potential investment options, most of them have fizzled out without a trace. Today, a new coin is being created almost every day.

The need for a more stable cryptocurrency

However, one common drawback that was found in all the cryptocurrencies was that they are all highly volatile entities. The surges and the plunges in their prices are too frequent thus, making them unstable. Detractors of cryptocurrencies questioned their ability to survive in the long term. It is important for a currency that is also used as a medium of exchange to be comparatively stable and must not experience random and too-frequent swings. This is to ensure the seller who accepts the currency in exchange for goods and services that the purchasing power of the currency remains the same.

To address this major cause of concern among cryptocurrency users, a new type of crypto coin, a stablecoin was developed. As the name suggests, a stablecoin was designed to be pegged to a fiat currency or a commodity, mostly the U.S dollar that ensured that it maintains a fixed value and unlike the other crypto coins does not experience intense fluctuations. This makes it more viable to use as a medium of exchange.

What are stablecoins?

Stablecoins were created as a bridge between digital currency and fiat currency wherein their price was linked to a reserve asset to provide this cryptocurrency the much-needed stability. Hence, they are termed stablecoins. So, a stablecoin pegged to the U.S dollar will always be valued at $1. The price fluctuations which brings in volatility in the entire bitcoin trade market also gets removed from the system of the investor due to the fact that the price of stablecoins goes up with increasing rate of Dollar and goes down with the same, which is very rare. Thus, if you are afraid of the volatile nature of crypto trade market, then you can get your hands on the Stablecoins now.

Types of stablecoins

Based on the method the cryptocurrency employs to stabilize its value, stablecoins can be broadly classified into several types:

Fiat-collateral stablecoins

The most widely-accepted stablecoins are backed by a fiat currency in the ratio of 1:1. The fiat collateral remains in reserve with a centralized financial institution and must tally with the number of the coins that are in circulation in the crypto market. For example, if a stablecoin issuer has a reserve of $1 million of fiat currency, he is authorized to circulate the same number of coins as the fiat currency value, i.e., 1 million stablecoins in the market, and the value of each coin will be $1. Since these coins have fiat collateral and not another cryptocurrency as their underlying collateral, they are regarded as off-chain assets.

Crypto-collateralized stablecoins

Unlike fiat collateral, these coins have cryptocurrency as their collateral and hence are considered on-chain assets. Smart contracts are employed in the purchase of these stablecoins as you need to lock the crypto coins into a smart contract and will receive coins of the same value. Similarly, at the time of withdrawal of your collateral amount, you can use the same smart contract.

Algorithmic stablecoins

Instead of using traditional or digital currency as collateral, these stablecoins employ specialized algorithms and smart contracts that regulate the number of coins that are in circulation in the crypto market.

Popular stablecoins

In recent times, many stablecoins have been introduced in the crypto market but all of them do not fare well. So, you must know which coins have established themselves as the coins of the future with maximum potential. They are:

Tether
USDC
BNB
TUSD
PAX

Conclusion

If you are keen on investing in cryptocurrency but are wary of the rapid fluctuations in their value due to high volatility, the best option for you is the stablecoins that you can easily buy from a reputed crypto exchange or trading app such as Bitcoin Circuit app that has helped hundreds of investors. Stablecoins offer the benefits of digital currency while being relatively stable.

A Beginner’s Guide to Liquidity Mining

Dillon Kivo on May 6, 2022

There are three popular products and terms in the decentralised finance (DeFi) world that are receiving a lot of attention: yield farming, staking, and liquidity mining. These three trading strategies invite users to make use of their assets through various methods in order to maintain a decentralized protocol or app. However, the nature of these methods varies, and in this article we will explore the questions of what liquidity mining is and how to make profit on cryptocurrency arbitrage.

Liquidity Mining

In finance, the term “liquidity” means that an asset can be sold in a short period of time at a favourable price. The easier and faster you can sell it, the more liquid the product is considered to be. In the cryptocurrency world, coins with high liquidity can be easily exchanged for fiat money or other crypto assets. For this category, there is always a high demand from buyers and sellers and a relatively low spread between the purchase and sale prices.

A low spread means high coin volatility and unstable demand from market participants. For this reason, when buying a low-liquidity cryptocurrency, the probability of selling it at the same price is much lower. Put simply, if there is a large volume of trading in the market, and the prices for buying and selling do not differ much, then this is considered beneficial and reduces the risks when trading.

Why Is This Important?

High liquidity means that there is a demand for this asset from both the buyer and the seller. Amongst cryptocurrencies, Bitcoin is the most popular, which makes it easy to exchange it for other altcoins or fiat money. This can also be attributed to the rating coins included in the TOP-100 by capitalization.

What Generates Liquidity?

Liquidity is generated by counter offers for market orders in the order book. This creates a balance of supply and demand in the market. In order to avoid significant distortions at low trading volumes, exchanges attract so-called market makers and large companies. Their task is to constantly have orders in the order book at a price that does not differ from the current one by a given percentage. For this, they receive a reward and/or a reduced commission. They do not necessarily have to make transactions.

What is Liquidity Mining?

Liquidity mining crypto is an alternative way to make money on cryptocurrency. The user’s coins are blocked for some time and are used to provide liquidity for the project. For this, the user is rewarded. Working in this format has gained popularity in the DeFi market.

The term “mining”, which is used in the crypto market to refer to the process of mining cryptocurrency, in this context should be taken as “earnings” on the provision of liquidity.

Unlike cryptocurrency mining, a liquidity mining crypto user doesn’t need to invest in special equipment. In this case, all you need is a DeFi project and some cryptocurrency. You can start mining liquidity in a few simple steps:

Find a popular project that needs liquidity (assets that it can use for its operation).
By blocking coins for the needs of the project, the user becomes a so-called investor – a person who provides money at the right time.
In return for providing that “investment”, the developers will reward the user with tokens of their project.
The earned cryptocurrency can be immediately sold on the stock exchange, or you can wait for the growth in the value of the coins to increase profits.
The more investors come to the project, the higher its liquidity is. This attracts new users and contributes to the growth of the value of the project tokens.

Let’s say you have 1000 spare UST (the stable coin of the Terra ecosystem) and you want to invest it somewhere, but you don’t want to lose it. Using the otc cryptocurrency exchange you can invest them at a great rate of interest in different cryptocurrencies and you can be sure that you will get your investment back, plus interest in one or another crypto.

How to Earn From Crypto Arbitrage Opportunities

Traders use the difference in quotes on cryptocurrency exchanges for their own interests. This way of earning is called arbitrage, and its meaning is to buy an asset cheaper on one platform and sell it more expensive on another. In theory, the concept looks simple, but in practice there are a large number of nuances that can ultimately deprive a beginner of a deposit. In such transactions, everything is often decided in a split second, or even milliseconds, so earnings depend on the speed of reaction and simple luck. To provide more crypto arbitrage opportunities for beginners, crypto enthusiasts came up with an arbitrage scanning tool that makes the process a lot easier.

Closing Thoughts

Although we have covered the basics of liquidity mining and earning from crypto arbitrage, it’s very unlikely that you will get all the necessary information from one article. That’s why we are encouraging you to read more resources before engaging in these processes. This way, you will reduce the risks associated with mining liquidity and crypto arbitrage.

EcoFi: The Future Decentralized Finance

Alice Blake on October 29, 2020

EcoFi is an open-source, permissionless, and censorship-resistant protocol built to power safe and responsible innovation in the Decentralized Finance (DeFi) space.

The EcoFi team says the platform will fundamentally change the face of DeFi as we know it. “Blockchain makes it possible for technologically demonstrable scarcity in the form of digital assets. Standing at the forefront of this digital evolution is EcoFi, and at the center of DeFI innovation stands ECO, driving true value back to the participants who prop this industry up.”

The world of financial technology is rapidly undergoing a revolutionary change. Today, DeFi represents the next natural step in the evolution of the cryptocurrency ecosystem, serving a marketplace outside of centralized exchanges. However, it has created a boom and bust economy where projects surge with popularity only to fizzle out after uncertainty sets, or when development teams go dormant.DAO GovernanceDEX

EcoFi seeks to put an end to this cycle by creating a DeFi protocol built to reward community strength and participation.

Ecofi will be one of the few Defi protocols built to withstand the upcoming bull run’s volatility and flourish in the ensuing bear run. The EcoFi’s team has a dynamic roadmap that will include staking, yield farming, unique NFT’s, and DAO Governance of EcoFi development to ensure lasting value.

EcoFi’s unique economic model hinges on the principles of staking and DeFi yield farming paired with an exclusive NFT marketplace. EcoFi will deliver this via the platform’s utility token, $ECO, and farmable $SPRT tokens that will drive digital commerce.

EcoFi will host an exclusive marketplace of NFTs of various tiers, that can be acquired by way of ECO and SPRT tokens. For any ECO tokens spent on an NFT 50% will be burned while the other goes back to the EcoFi address to be distributed based on platform maintenance requirements.

“In a world full of Meme Coins and projects lacking legitimacy, EcoFi is engineering true utility with a long-term vision for platform growth, and value for holders of $ECO tokens.”

EcoFi is an open-source decentralized technology platform, built to facilitate the growth and evolution of the DeFi marketplace on the Ethereum blockchain. EcoFi’s unique and innovative use of NFT assets, physical, and digital rewards, as well as liquidity pairs and yield farming will help to transform the future of the financial ECOsystem.

Tag: crypto