Christian Nwobodo · 30 mins ago · 1 min read Friktion said it has disabled its frontend interface to prevent users from initiating new deposits.1 min read Updated: January 27, 2023 at 1:38 pm Cover art/illustration via CryptoSlate Solana-based DeFi platform Friktion has urged its users to withdraw their funds from the protocol, as it moves to suspend all frontend operations.The Friktion team said it made the tough decision to suspend its operations due to the worsening financial crisis resulting from the FTX collapse and Solana’s repeated outages.Specifically, the platform’s operating cost is said to be too expensive when compared to its profit and cash flow.As a result, Friktion announced on Jan.27 that it has disabled its frontend interface to prevent users from initiating new deposits.
However, the platform is in “withdrawal-only mode” to allow users to withdraw their Volt deposits.“In the meantime, we strongly encourage users to withdraw funds as the Friktion user platform begins the process of sunsetting,” the Friktion team said.Before the recent insolvency crisis, Friktion reached over $150 million in total-value-locked (TVL) on Solana and recorded about $3 billion in trading volume, DeFiLarma data shows.Hayden Adams, the founder of Uniswap, thinks people rooting to have crypto shut down are “incredibly cringe.” In a tweet on January 26, Hayden emphasized that no one has forced anybody to use crypto, buy coins, or keep up with the latest events in the industry.He also added that no one asks for the “dumb” global fiat system to be shut down.Instead of opposing technology and infringing on people’s rights, he recommends that opposers let people do what they want and chill.
People rooting for crypto to be shut down are incredibly cringe.Like no one is trying to shut down the dumb fiat system you use, no one is forcing you to buy crypto; no one is forcing you to read crypto news or follow crypto Twitter.Let people do what they want and chill.It is not immediately clear what triggered Hayden to vent his frustrations on Twitter.
However, what’s known is that no-coiners, individuals who are against crypto, hold no coin, or show no desire to participate, have been shooting down blockchain and crypto proponents.Tackling Nocoiners Over the years, crypto’s volatility has been called into question, with many regulators and heads of agencies slamming top cryptocurrencies like Bitcoin.
Billionaire Warren Buffet and economist Nouriel Roubini, nicknamed Dr.Doom, lead the pack.In the aftermath of the FTX collapse, while attending the Abu Dhabi Finance Week, Nouriel said Binance’s CEO, Changpeng Zhao, was a “ticking time bomb,” and he was surprised that Binance had been allowed to operate in the Gulf state.
He wants regulators across the world to “think carefully” about Bitcoin and cryptocurrencies.As of January 27, the price of Bitcoin was changing hands at around $23,000.Like Warren, Dr.Doom says cryptocurrencies, with which Hayden made a platform for easy trading, hold no intrinsic value.He always insists that crypto is the biggest scam in financial history.Nouriel mainly blames regulators in the United States for being “lenient”.Crypto is the biggest scam ever in financial history.
Their true value isn’t 0; it is rather negative, given their negative externalities.100s of celebrities handsomely profited by peddling criminal shit coins and crypto scams, shafting suckers.
The current fines are only a slap on the wrist.They should be prosecuted.Uniswap is a leading cryptocurrency exchange, allowing for the trustless exchange of various tokens and NFTs.Founded in late 2018, the exchange, under Hayden Adams, has grown to be one of the world’s largest DEXes, serving millions of users across the globe.DeFiLlama data shows that the DEX has a total value locked (TVL) of $3.8 billion as of January 27.Feature image from Canva, Chart from TradingView – The MakerDAO burn strategy was in one of its most active states.
– MKR’s momentum could eventually become bearish.Decentralized Finance protocol and builders of DAI, MakerDAO [MKR] have been involved in burning its tokens as part of its tokenomics strategy.This fascinating activity has been happening since 2018.And, in turn, has helped MKR holders increase their voting ability and decrease spending costs.
Realistic or not, here’s MKR’s market cap in BTC’s terms Burn in the system While the buyback and burn process may have not yielded notable results over the past months, its recent trend seems to have changed.According to Makerburn.com, about 5.8 billion MKR tokens had been burned at press time.This was an improvement from the levels of 2022.Hence, collateral under Maker Protocol increased supply with the increasing percentage in locked assets.This also implied that the DAI demand and supply would have got more balance.
Meanwhile, data from DeFiLlama showed that the MKR Total Value Locked (TVL) remained in second position despite its 1.79% increase in the last 24 hours.As of this writing, Lido Finance [LDO] was ahead of it with almost a $1 billion difference.Be that as it may, the increase meant that the overall health of the Maker Protocol was excellent while active users have been exceptionally robust.
With respect to the MKR price, CoinMarketCap showed that its 30-day performance was 22.43%.Per the development activity, Santiment revealed Maker had consistently improved to 17.02.
This could be attributed to the several proposals that have been approved in recent times.Hence the MakerDAO development team was at one of its highest stages of briskness.Additionally, its 24-hour active addresses had also improved to 292.This indicated that an excellent number of crowd interactions and speculation around the MKR token was relatively rampant.Read MakerDAO’s [MKR] Price Prediction 2023-2024 High volatility for MKR Per its price action, the daily chart showed that MKR’s volatility was way over the contraction of the first weekend in January.At press time, the Bollinger Bands (BB) showed that MKR was neither at an oversold nor in the overbought region.
This was because the MKR $665.12 price was off the upper and lower bands.In addition, indications from the Moving Average Convergence Divergence (MACD) showed that MKR’s momentum was mainly bullish.However, the MACD had a tendency to fall to the bears as the orange dynamic line approached a level to surpass the blue line.In a case like this, sellers would regain control of the market momentum.
So, there is a chance that the MKR price decreases from its current value.asynchronous Lido Protocol Reveals Plans For Withdrawal Feature Ahead Of Ethereum’s Shanghai Hard Fork While the Ethereum community prepares for the upcoming Shanghai hard fork in March, the development team for the liquid staking project Lido revealed plans to create an in-protocol withdrawal feature.Lido’s team is seeking community feedback on the proposal that would allow withdrawals after the Shanghai upgrade is completed.Lido Dominates Defi Economy With $7.9 Billion in Total Value Locked, Team Prepares for Shanghai Withdrawals As of the time of writing, the decentralized finance (defi) liquid staking protocol Lido is the most dominant defi protocol today, in terms of total value locked (TVL).
Statistics from defillama.com show that Lido’s $7.92 billion TVL dominates the $46.56 billion TVL held in defi today by approximately 17.01%.Lido is the largest holder of staked ethereum as the protocol commands around 29% of the staked ether supply.
Lido’s ethereum derivative token STETH is the 13th largest market valuation in the cryptocurrency economy with $7.73 billion.Furthermore, Lido has a governance token called lido dao (LDO), which has a market capitalization of around $1.96 billion on Jan.
25, 2023.The day prior, Lido’s development team published a proposal concerning withdrawals after the Shanghai upgrade.Ethereum developers are determined to make the Shanghai hard fork happen this March and the main focus is allowing staked withdrawals.“The design proposed by Lido on the Ethereum Protocol Engineering team addresses these challenges with the in-protocol withdrawal requests queue,” the Lido team explains in a summary of the withdrawals landscape via the Lido protocol.
“The process has to be asynchronous, due to the asynchronous nature of ethereum withdrawals,” the Lido developers add.The Lido developers explain there would be various modes of withdrawals including a “turbo” feature and a “bunker” feature.Further penalties and slashing would be codified for validators that break the rules.
The summary explains how slashings affect a user’s withdrawal request fulfillment.
“We are seeking the community’s feedback to make sure that our proposal takes all important considerations into account and to identify any potential improvements,” the Lido team details.“Your feedback is invaluable to create a proposal that is effective, efficient, and fair for all stakeholders.” Tags in this story asynchronous, community, community feedback, Cryptocurrency Economy, DeFi, defillama.com, Dominant Defi protocol, effective, efficient, Ethereum, Ethereum Developers, Ethereum withdrawals, fair, feedback, Focus, governance token, in-protocol withdrawal requests, LDO, Lido, lido Dao, Lido Defi, Lido Protocol, Lido Staking, Lido team, Liquid Staking, Market Capitalization, penalties, proposal, protocol, queue, Shanghai hard fork, slashing, staked Ethereum, stakeholders, STETH, total value locked, user’s withdrawal request fulfillment, Validators, withdrawal feature, Withdrawals What are your thoughts on Lido’s proposal for in-protocol withdrawal requests and the upcoming Shanghai hard fork? Do you think this feature will have a significant impact on the crypto and defi market? Share your opinions in the comments below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.
Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Top posts Companies2 hours ago Hive Ransomware Network Dismantled By American, European Law Enforcement Law enforcement authorities from over a dozen countries in Europe and North America have taken part in disrupting the activities…Alameda Research4 hours ago FTX Lawyers Attempt To Question Bankman-Fried’s Family And Inner Circle For Financial Insight According to court documents in the FTX bankruptcy case, the company’s attorneys seek to subpoena FTX co-founder Sam Bankman-Fried, his…Artificial Intelligence6 hours ago Under The Right Conditions, AI Can Improve Very Quickly The AI can improve very quickly under the right conditions INTRO Artificial Intelligence (AI) is a rapidly evolving field that…Uncategorized6 hours ago Crypto Asset Aptos Soars To All-Time High, Increasing 391% In 30 Days During the past 30 days, the layer one blockchain asset aptos (APT) has risen 391.8% against the U.S.dollar.
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