Skip to main content

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment

3 reasons why DeFi users are bullish on Abracadabra, Magic Internet Money and SPELL

Investors have embraced Abracadabra Money’s truly decentralized approach to DeFi and the option to draw stablecoin loans off a growing list of assets appears to be backing SPELL’s rally to new highs.

Stablecoins and their use in decentralized finance (DeFi) have played a key role in the 2021 cryptocurrency bull market because allow investors to participate in the ever-growing number of protocols that offer high yield staking pools and they ease the process of transacting without needing to use a centralized exchange. 

One project that has seen a significant amount of adoption thanks to its focus on creating a truly decentralized ecosystem and asset-backed stablecoin is the Abracadabra.money DeFi protocol and its native SPELL token.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.0114 on Oct. 15, the price of SPELL rallied 178.55% to establish a new record high at $0.035 on Nov. 1 as its 24-hour trading volume spiked to $109.82 million.

SPELL/USD 4-hour chart. Source: TradingView

Three reasons why SPELL is attracting the attention of DeFi users are the growth of Magic Internet Money (MIM) as a fully decentralized, cross-chain capable stablecoin, numerous cross-chain integrations that have expanded the MIM and SPELL's reach throughout the ecosystem and the token's governance and tokenomic structure.

Decentralized stablecoin growth

One of the biggest factors attracting the attention of active DeFi users is Abracadabra's native Magic Internet Money stablecoin which is a fully collateralized and minted by depositing interest-bearing assets on the DeFi protocol.

The growing popularity and adoption of MIM can be seen by the increasing total value locked on Abracadabra, which reached a record $4.15 billion on Nov. 1 according to data from Defi Llama.

Total value locked on Abracadabra.money. Source: Defi Llama

There has also been steady growth MIM's circulating supply, which stands at $1.933 billion according to data from CoinMarketCap. The most recent expansion is in large part due to the expansion of assets that can be pledged as collateral to mint MIM, which now includes popular tokens like Shiba Inu (SHIB), FTX Token (FTT), wrapped Olympus (OHM) and Fantom (FTM).

Cross-chain integrations extend SPELL's reach

A second reason inv are taking a closer look at SPELL is its expanding ecosystem which has recently added cross-chain support for multiple blockchain networks including Fantom and the Binance Smart Chain (BSC).

BSC is the most recent addition to the Abracadabra ecosystem after the community voted to add support for the network in a vote that closed on Oct. 30.

Other blockchain protocols currently supported by Abracadabra include Ethereum (ETH), Arbitrum and Avalanche (AVAX), and the platform also benefits from multiple cross-protocol partnerships including integrations with Convex Finance (CVX), Yearn Finance (YFI), Curve Finance (CRV) and SushiSwap (SUSHI).

Related: Magic Internet Money races past $1B, sets sights on MakerDao

Favorable tokenomics and a decreasing circulating supply

Another factor catching the eye of DeFi investors is the tokenomic structure of SPELL which includes governance votes on emissions to control inflation.

The team behind SPELL regularly monitors the emission schedule across the various DeFi pools in its ecosystem to ensure that new tokens are being minted and utilized in the most beneficial way for the protocol and holders.

Due to increasing adoption and the uptick in price price, a large number of tokens originally set to be minted are no longer needed so the team decided to decrease the emission schedule by 20% beginning on Nov. 1. This effectively removed 8.7 billion SPELL tokens from the current circulating supply.

Going forward, the outlook for the project remains bullish and the team also has plans to further integrate SPELL and MIM to the Fantom ecosystem and also offer new staking opportunities in Arbitrum and Avalanche. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

https://ift.tt/3EVgjpT
Labels:

Comments

Post a Comment

Popular posts from this blog

Earn up to 50% APY by Staking $GLQ on GraphLinq App

PRESS RELEASE. The newest utility token to offer staking to its users/holders is GraphLinq Protocol’s $GLQ. As of this article, $GLQ has 4,500+ holders according to etherscan, excluding GLQ holders on CEX like Kucoin, MXC, Gate. This is a great step for the future of the project as it will further incentivize more users to hold. Explore more about GraphLinq, its staking mechanism & steps to stake. What Is GraphLinq? GraphLinq – The No Code protocol for automating actions on-chain & off-chain, launched in just March 2021, has come a long way bringing users in the crypto space a never seen model of integrating blockchain automation on any blockchain-related/non-related task. The goal of the GraphLinq protocol is to allow users to interact blockchains with any connected system as effortlessly as possible without any prior knowledge of coding. GraphLinq ecosystem currently consists of an engine, an integrated development environment ( IDE ) & an app to provide automated...
Post a Comment
Read more

Coinsquare launches Quick Trade mobile app with instant funding

One of Canada's largest crypto exchanges has launched a new mobile application designed to streamline the buying and selling of Bitcoin and Ethereum. Coinsquare , the Toronto-based digital currency platform, has announced a new mobile trading application designed to simplify the buying and selling of cryptocurrencies in Canada.  Quick Trade was officially unveiled Monday, allowing commission-free transactions of Bitcoin ( BTC ), Ethereum ( ETH ), Litecoin ( LTC ) and Bitcoin Cash ( BTC ). A total of 15 trading pairs are available at launch, with “many more digital assets to be onboarded over the coming months,” the company said. The app is available on Android and Apple devices alongside Coinsquare’s existing mobile application, which is an extension of its web-based trading platform. In addition to commission-free trades, the new app allows for instant account funding via Interac e-Transfer – a considerable upgrade from Coinsquare’s current funding window, which can take up t...
Post a Comment
Read more

Blockchain identity market to grow $3.58B by 2025, report claims

A new forecast for the global blockchain identity management market expects growth at a compound annual growth rate of almost 71% during 2021-25. A new report on the potential for blockchain identity management solutions to become integrated across sectors has forecast strong growth for its global market, at a compound annual rate of close to 71%. The report grounds its predictions on a study broken down into segments: by sector – e.g., government, healthcare, banking, financial services and insurance (BFSI) – geography, and applications. It was published by the Lyon-headquartered market research solution provider ReportLinker.  Drawing on an analysis of several existing blockchain identity management market vendors – Accenture, Amazon, Bitfury Group, Civic Technologies, and others – the report expects the total global market to grow by $3.58 billion between 2021 and 2025. Related:  The future of DeFi is spread across multiple blockchains The study’s baseline assumption...
Post a Comment
Read more