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

Bitcoin Legal Tender in 3 Days but Survey Shows 7 Out of 10 Salvadorans Want Bitcoin Law Repealed

Bitcoin is becoming legal tender in El Salvador in three days. However, a nationwide survey conducted by the University Institute of Public Opinion (Iudop) shows that seven out of 10 Salvadorans want the government to repeal the Bitcoin Law. El Salvador’s Bitcoin Law Goes Into Effect in 3 Days The University Institute of Public Opinion (Iudop) in El Salvador conducted a study between Aug. 13 and Aug. 20 of how the public views the country’s upcoming Bitcoin Law. The institute is a research center of the José Simeón Cañas Central American University (UCA). El Salvador’s Bitcoin Law is set to go into effect on Sept. 7 , when BTC will be legal tender in the country alongside the U.S. dollar. A total of 1,281 respondents ages 18 and over participated in this national survey that “represents the entire adult population residing in the country,” according to the institute. Out of all the respondents, 62.4% said they were aware of the approval of the Bitcoin Law by the deputies of the ...
Post a Comment
Read more

Blockchain Software Firm Consensys Acquires Mycrypto Ethereum Wallet

On February 1, the blockchain infrastructure firm Consensys has revealed it has acquired the Ethereum-based wallet Mycrypto and plans to merge the wallet into Metamask. The price Consensys paid for Mycrypto was not disclosed but the announcement notes that the acquisition will “further improve the security of all the products.” Consensys Obtains Mycrypto Ethereum Wallet, Plans to Merge With Metamask in the Future Consensys has acquired the Ethereum-based wallet Mycrypto for an undisclosed sum according to an announcement released on Tuesday. The deal aims to strengthen the company’s Ethereum wallet Metamask and “enhance Web3 experiences.” The eventual merger between the two Ethereum interfaces will “provide users with a heightened experience that is even more extensive and secure,” according to Consensys. Consensys is an Ethereum software company led by one of the Ethereum co-founders Joseph Lubin. The Web3 wallet Metamask, with 21 million monthly active users (MAUs) is owned by C...
Post a Comment
Read more

Bitcoin breaking new highs in Q4 will ‘temporarily turn alts to dust’ — Analyst

Things will get exciting in quarter four, but not before a convincing floor is put in across crypto, analysts say this week. Bitcoin ( BTC ) was busy losing its overnight gains on Sept. 27 as resistance continued to prove too much for bulls.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst on Bitcoin: “Right now, we’re stuck” Data from Cointelegraph Markets Pro and TradingView  showed BTC/USD dropping to around $1,000 below overnight highs of $44,400 on Bitstamp on Sept. 27.  The move constitutes a rejection at a “critical” zone to break, Cointelegraph contributor Michaël van de Poppe explained, with $42,000 now the key level to hold for a higher low. Bitcoin is acting in an increasingly narrow range, he summarized in his latest YouTube update. “Right now, we’re stuck,” he said, pointing to $47,000 as next should the $44,600 zone be reclaimed. On the downside, the zone between $38,000 and $40,000 remains valid for a bounce, while a co...
Post a Comment
Read more