Skip to main content

StrongBlock launches DeFi protocol but token prices slump 70%

A new DeFi protocol has been launched rewarding node operators to improve public blockchain performance, but token prices have tanked

Just-launched DeFi protocol StrongBlock has announced the integration of Chainlink oracles — however its native token’s price tumbled 70% today. 

The platform, founded by former members of the original EOS core team, was launched on Sept. 29. StrongBlock says that low quality and insecure blockchain nodes can be unreliable and provide erratic market data, especially if they get out of synch. The protocol’s core concept is to shift the emphasis away from rewarding validators, to rewarding node security, as a way to improve public blockchain performance.

Bitcoin Cash evangelist, Roger Ver, gave the project a shout out:

Mining rewards are in the form of Ethereum and Chainlink tokens and StrongBlock announced Sept. 30 it had integrated Chainlink’s price oracles for LINK/ETH and ETH/USD to determine the prices of its own token called STRONG.

With a total supply of 10 million STRONG, around 4.89 million have been allocated to the shareholders, founders, and team. A third of this allocation was unlocked along with the DeFi protocol launch and it appears some are being dumped. Following an initial surge from $180 to $275, STRONG prices have tanked over 70% today to $66 according to Uniswap.info.

StrongBlock, launched its Blockchain-as-a-Service platform in February 2020, and selected the Ethereum network due to the network effects of the blockchain hosting the majority of DeFi platforms. The move has raised eyebrows however, as it was founded by members of the original EOS core team and Block.one company executives.

CEO and co-founder of StrongBlock, David Moss, acknowledged that Ethereum is the heart of DeFi at the moment, and that EOS does not have as much support at present. The protocol is looking for existing and new Ethereum full nodes to be listed in order to start earning mining rewards. A guide was published on September 24 to advise on the requirements of getting a node listed on the protocol.



from https://ift.tt/30kCSSL
https://ift.tt/347GGIo
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

DeFi isn’t dead, it just needs to fix these 3 critical problems

It’s been a rough year for DeFi, and it may not get any better until projects focus more on security, regulation and usability. The persistent challenges  decentralized finance  face have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by greed. UST/LUNA is just the latest in a string of bad developments: — Peter Yang (@petergyang) May 11, 2022 Let's take a look at what experts say DeFi needs to do in order to have another revival.  Improved usability To date, the promise of open and uncensored access to a global decentralized financial system has been largely hampered by the complicated interface, confusing multi-step staking processes and lack of clarity surrounding the yields on various tokens. What do you thi...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

National Futures Association adds rules for members handling digital assets

The CFTC-linked self-regulatory organization (SRO) has disclosure rules for members engaging in activities with BTC and ETH; now, standards of conduct are being added. The National Futures Association (NFA), the United States self-regulatory organization for derivatives markets, has issued a new compliance rule addressing members’ conduct. The new rule complements requirements issued in 2018. The NFA has “well over 100” members that engage in activities with digital asset commodities, but no way to address fraud or misconduct committed by those members, the organization explained to secretary of the Commodity Futures Trading Commission (CFTC) Christopher Kirkpatrick in a Feb. 28 letter as it submitted the proposed new rule for approval. The new rule is modelled on the NFA’s antifraud rules for exchange traded futures and swaps transaction and retail foreign exchange. The NFA is the only registered self-regulatory organization that has delegated authority from the CFTC, giving it a...
Post a Comment
Read more