Author: Siana Marcellus

Siana is a UK-based Cryptocurrency enthusiast and freelance writer. She mainly writes about Cryptocurrency, Blockchain, and sometimes NFTs. When she doesn’t write or translate, she loves to dance or learn more about crypto while sipping a good chaï latte.

Categories
Uncategorized

OKX Exchange – One Stop Crypto Exchange

OKX is an online cryptocurrency exchange platform that permits traders to buy, sell, trade, mine, and even lend crypto currencies. 

OKX is an online cryptocurrency exchange platform that permits traders to buy, sell, trade, mine, and even lend crypto. 

The exchange was established in 2017 by Mingxing “Star” Xu as a spinoff of its sister company “OKcoin” which was forced to move its headquarters from Beijing to Hong Kong. 

OKX is based in the Republic of Seychelles, albeit unavailable for U.S. users. OKX has gained a reputation for catering to more advanced traders, and beginner investors may be better served elsewhere, given OKX’s focus on advanced trading tools and the breadth of cryptocurrencies provided. 

Currently, the exchange lists over 300 coins, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), along with the in-house token OKB, which provides specific discounts and perks to token holders.

Is OKX Exchange Limited to Expert Traders?

 At OKX, beginner traders feel overwhelmed by the breadth of trading options provided under the basic trading sections. 

OKX has gained a reputation for mainly catering to advanced traders relying on complex trading tools. 

The exchange is designed for traders who warrant access to margin, futures, and options trading both on the browser and through mobile trading; OKX provides its unique advanced features on all platforms and devices. 

OKX Pros & Cons

OKX Pros:

  • Huge selection of more than 300 cryptocurrencies to trade
  • Relatively low fees when compared to competitors ranging at and below 0.1%
  • In-house blockchain that provides opportunities for advanced traders
  • Multiple options available to buy cryptocurrency utilizing bank cards, bank accounts, or digital wallets
  • Industry-standard security practices, such as cold storage for user assets

OKX Cons:

  • Trading interface tends to be complicated for beginner traders
  • Complex and multi-tiered operational structure
  • Tilted towards the Chinese market, which pauses a regulatory risk
  • Some cryptocurrency pairs available face the problem of low liquidity and high slippage
  • Not available for users within the U.S.

Our Take on The OKX exchange

OKX has continuously proven to deserve its place amongst the leading cryptocurrency exchanges globally regarding trading volume, with a fair twist towards experienced users. 

Although not available for U.S. traders, OKX is an excellent cryptocurrency exchange with low fees and a vast selection of staking pools that long-term investors may benefit from. 

However, traders must be wary of mixed customer reviews claiming that OKX features poor customer service and claims that funds were lost in the past at OKX. 

To combat the infamous reputation, OKX has implemented a multi-faceted security system that builds on online and semi-offline risk management protocols, extensive data risk reduction systems, and multi-signature semi-offline clearance systems. 

The exchange provides services ranging from spot trading, margin trading, options, futures crypto mining services, decentralized finance services (DeFi), and perpetual swaps. 

However, one drawback to the amplitude of products and derivatives provided by OKX is that it may seem daunting to new users leading to wrong financial and trading decisions; thus, more educational material pushed by the exchange is warranted. 

Our take is that the OKX exchange is a fair first step into entering the world of cryptocurrency. However, users must take the highest levels of precaution when dealing with new products. 

It is always recommended to drive a shift towards decentralized exchanges that do not have a centralized authority over users’ funds and are often less susceptible to being hacked.

Categories
Uncategorized

Shiba Inu – Price Prediction 

Shiba Inu’s volatility, its reliance on hype for demand as well as current lack of significant functionality make price predictions of the coin rather challenging. 

Shiba Inu came to live in August 2020 as an Ethereum-based altcoin. Its name and main feature stems from the Japanese hunting dog Shiba Inu. 

Similar to Dogecoin, Shiba Inu is considered a meme coin and ranks as one of the top meme cryptocurrencies. 

The coin gained momentum shortly after Elon Musk’s tweet of his Shiba Inu breed puppy on October 3rd in 2021. Nonetheless, the Shiba Inu has seen a continuous downward trend since. 

Read more to find out about current price predictions for Shiba Inu for 2022. 

Insights into Shiba Inu 

In 2020, Shiba Inu’s founding group Ryoshi created the coin with a specific purpose in mind. They were looking to understand “What would happen if a cryptocurrency project was 100% run by its community?”. 

As is the case with many blockchain supporters, the group believed in the concept of collective decentralization to support and build a strong and powerful vision.

The Ryoshi Group decided to launch Shiba Inu on Ethereum rather than on a native blockchain. 

Thus, also allowing it to benefit from Ethereum’s developments. According to the coins Whitepaper, or Woof Paper in this case, the choice for Ethereum was made based on the reputation of the chain as being “secure and well-established”. 

While many other cryptocurrencies are utility token in their nature, most altcoins, for example Dogecoin, do not have any functionality that would provide value to holders. 

Nonetheless, Shiba Inu has built an ecosystem to offer utility opportunities such as liquidity providing, staking and exchanging of tokens on its native exchange ShibaSwap to investors.

Price History 

Shiba Inu experienced its first notable price increase in May 2021. Within a single month the coin’s price increased by approximately 300%. 

After dropping back to a more stable value in the following months, Elon Musk’s tweet in October 2021 caused a substantial price change. 

Though his Tweet managed to increase the price of Shiba Inu to an all-time high of $0.00008845 with a market cap of over $40 billion, Musk himself noted to not have owned any Shiba Inu at that time.

As Shiba Inu‘s supply circulation is considered rather large, the price is seen to be very low in comparison to its rival Dogecoin. 

Though, in 2021 Shiba Inu’s market capitalization overtook that of Dogecoin. 

Since its all-time high in October 2021, the coin has experienced an overall drop in value. 

Even though the coins price momentarily increased when Shiba Inu’s joined Robinhood in April of 2022, transaction volumes and the price itself have overall been declining. 

At the moment, Shiba Inu trades close to previous price levels prior to May 2021. 

Voices and Opinions 

Opinions and price predictions surrounding Shiba Inu are mixed. Wallet Investors uses artificial intelligence (AI) tools to forecast prices. 

Their forecasts initially showed a positive outlook for the coin with a target value of $0.000014 by September 2023. Though, the coins volatility proved them wrong as Shiba Inu already surpassed their predictions. 

While some voices advocate for the possibility of Shiba Inu to move beyond $0.007 or even $0.01, such hopes are rather slim due to the coins large market cap. 

Though, the overall sentiment among experts seems to support a long term increase in the coins price. 

In contrast, CEO of Block Journal, David Hsiao attributed the success of Shiba Inu merely on hype. Thus, extenuating the risk of the asset in the long run. 

Coupled with the current state of the cryptocurrency market, Shiba Inu could drop further. 

Nonetheless, Shiba Inu is working hard on increasing functionality of the coin to provide additional value to investors and drive the price up. 

For example, Shiba Inu’s planned entry into the metaverse with Shibverse could cause a noticeable upward trend in the tokens value. 

Additionally, Shiba Inu was enabled to be used as a source of payment in-store and online through BitPay at the end of 2021, further extending the coins use cases. 

Price Prediction 

At time of writing the price of Shiba Inu is at $0.000008587 with a market cap of $4,714,900,902, up 9.28%, and a trading volume of $488,931,531, down 0.95%. 

Shiba Inu’s volatility, its reliance on hype for demand as well as current lack of significant functionality make price predictions of the coin rather challenging. 

Nonetheless, forecasts by B2C (April 2022), CryptoNewsZ (June 2022) and Benzinga (June 2022) indicate possibilities for long-term price increases. 

Shiba Inu could be trading around $0.0001 by 2025, especially considering the current developments of the ecosystem. 

In the short run, the price of the coin is dependent on investors’ sentiment and the evolvement of the market. Thus, prediction indicate a price ranging between a low of $0.000003321 or high of $0.00005585 in 2022.  

Overall, while Shiba Inu’s volatility and reliance on hype do make it a risky asset, it certainly offers an interesting ecosystem and community with a promising outlook on development. 

Additionally, Shiba Inu’s performance can be considered better in comparison to other altcoins. Its focus on providing and building further utility serves as hope for investors in the coin’s future. 

If you want to find out more about the ecosystem, make sure to read through the whitepaper and do your research.

Categories
Uncategorized

Uncertainty amidst USDD depeg – Justin Sun grasping for collateral and withdrawals 

After Terra UST’s de-peg from the US dollar in May, new challenges seem to have risen. 

On Monday, June 13th, the Tron-based algorithmic stablecoin USDD, also Decentralized USD, lost its peg to the USD. The coin dropped about 9% to as low as 91 cents, further pushing investors’ concerns. 

The de-pegged followed crypto lender Celsius’ announcement to suspend withdrawals and transactions amid the current liquidity crisis within the cryptocurrency space. 

In addition to USDD, Tron’s native token TRX has also been down, losing over 5% in value since yesterday. 

The Issue with Algorithmic Stablecoins 

USDD was created and listed by Tron in April 2022 as a decentralized algorithmic stablecoin. 

As such, the coin should count as a stable investment with a one-to-one exchange rate bound to the US dollar. 

As the name suggests, algorithmic stablecoins use algorithms that regulate the price according to supply and demand to keep a consistent value of the coin. 

Nonetheless, the problem with these types of stablecoins lies in their reliance on demand. 

Broad selloffs caused by volatility, uncertainty, and lack of knowledge or information can lead to a crash of the system once the price reaches a certain threshold. 

This trend could not only be observed with TerraUSD but also for stablecoins Neutrino and Deus Finance’s DEI.

Preventing Sellouts to Restore the Peg

After TerraUSD’s crash in May, Tron’s founder Justin Sun had decided on a guaranteed collateral ratio amounting to 130% to avoid the same fate. 

Now, faced with a possible USDD downfall, Sun hoped to regulate demand by supplying TronDAO’s collateral of $2 billion. 

Nonetheless, this strategy is considered highly risky as it is dependent on the number of short bets on USDD. 

Should more funds be sold, the price of the stablecoin will continue to drop. At present, USDD’s value has only partly recovered to 97 cents and has thus not yet regained its peg. 

The current sentiment of financial markets, coupled with the volatility of various stablecoins has left investors uncertain. 

In a further attempt to recover USDD’s peg, Sun has withdrawn 2.5 billion of its native TRX tokens from the Binance exchange, amounting to approximately $125 million. 

Thus, TronDAO hopes to limit short positions against USDD “to safeguard the blockchain industry and crypto market.” 

While USDD has not regained its peg yet, the withdrawal does show a positive effect on the coins value, leading to an increase of approximately 2.8%. 

UST’s Fate as an Outlook on USDD’s Future? 

Some are taking to Twitter to compare the happenings of USDD to UST. 

The creators of both stablecoins called for “deploying more capital – steady lads” amidst their respective crises. This statement is regarded with mixed feelings from the community, mirroring UST’s downfall a little too closely. 

The biggest question that arises now is whether trust in algorithmic stablecoins can or should be restored. Either way, make sure to do your research and read the whitepapers available on our site. 

Categories
Uncategorized

The Limitations of the DeFi Protocol

The DeFi Landscape

As the world evolves toward digitalization, everyone recognizes the importance of the crypto sector in terms of startups and everything that surrounds them. It allows people to find more convenient ways to conduct business and connect with people worldwide.  

Everything is easier and more accessible as the world goes from the conventional way of completing day-to-day activities towards digitalization. People have become acclimated to the changes, which included the appearance of cryptocurrencies and the usage of digital money and transactions. Hence, movement into the crypto area is not a major problem.  

The most meaningful change was the shift to decentralized finance, which significantly impacted the way banks operate and shifted to a broader financial environment. But the fact is that many people have their own views on decentralized finance. Some people consider DeFi revolutionary, while others see it as an opportunity, and yet others do not believe in it.  

But, before we dive deeper into the world of DeFi, let’s get a better understanding to know more about it and its limitations.  

DeFi Protocol 

Many of the notable use cases for blockchain technology have been fueled by the decentralized finance system. In other words, the DeFi protocol enables a wide range of blockchain-based applications that provide peer-to-peer alternatives to traditional financial services and institutions.  

The DeFi system has grown in recent years as a result of the significant increase in capital volume. The protocol has as purpose to automate the financial business sector based on exponential blockchain technologies, removing counterparties, and shifting risk to technology. 

The main purpose of decentralized finance is to connect people directly to the company’s products and to use smart contracts to ensure that these agreements are met. It has more transaction autonomy; no permits are required for transactions, and deals can be formed without waiting.  

Transparency in transactions and fees is improved. Through the help of the protocol there is a greater faith in the technology regarding financial services rather than intermediaries such as banks.  

The Limitations

The trouble with the DeFi protocol is that it comes with its own set of limitations. At its root, the innovation is exciting, including new methods of doing things that can improve consumer and company efficiency and access.  

However, the protocol’s limitations make it tough to censor or eliminate scalability, instability in terms of DeFi projects and it necessitates some heavy-duty computing. There are still specific challenges and questions about the security and safety of the system.  

DeFi projects are unquestionably ideal for supporting financial inclusion. Still, they face significant challenges in the scalability of the host blockchain from a variety of angles. As transaction confirmations can take an excessively long time, and they may become unbelievably expensive during moments of congestion. 

However, there are still ways in which the DeFi protocol can overcome some of the limitations through the help of platforms like Exzocoin. Exzocoin limits risk by providing a completely decentralized multi-chain secure crypto wallet to keep cryptocurrency safe from hackers and scammers.  

With Exzocoin’s crypto voting platform, you can rapidly exchange, explore, and learn about the trading crypto and blockchain projects on the market. Users can have now complete control over crypto assets, with excellent privacy and security. Aside from that, the platform will use Web3 to interface with the Ethereum Blockchain, allowing for faster processing.  

Data will be networked in a decentralized method with the help of Web3, which will be an innovation in terms of data as it is now mostly held in centralized repositories. Besides that, there will be a more straightforward approach to user-machine interactions. 

DeFi, as a new and experimental technology, still has some flaws and challenges, particularly in terms of security. Developers and consumers of decentralized finance expect that these issues will be resolved in the future.  

Conclusion

Today, the DeFi protocol faces limitations. But this does not mean that it is not welcoming or easy to use. It still has its advantages, such as ensuring effortless funds transfer, immutability, transparency, and a slew of others that users can take advantage of.  

As a result, the DeFi system, has emerged as a viable alternative for changing traditional financial services. Through the help of the decentralized finance, people can now have the chance to shape the global financial system. Everyone can participate in DeFi protocol governance and have a seat at the table where the world of decentralized finance is being constructed. 

This guest post from the Exzocoin Team was edited by whitepaper.io. We hope this article provided a helpful overview of the strengths and weaknesses of the decentralized finance movement.