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- 2022 has been fraught with a myriad of speedbumps and crashes within the crypto industry. From the Ronin bridge exploit in March that saw up to $620 million being stolen from the protocol to the toppling of giants with the likes of Celsius, Terraform Labs, and Three Arrows Capital, it is no wonder that levels of fear, uncertainty, and doubt (FUD) have since reached all-time highs. Positions were closed and funds have been withdrawn across the board, resulting in the market dropping to $800 billion after hitting record highs of $2.9 trillion in late 2021. The collapse of centralised exchange FTX added further fuel to the fire recently as well, leading many to speculate that the crypto industry is invariably on its last legs.
Yet one may argue that the premise for these shocks lie away from the heart of crypto however. As Scott Kominers and Shai Bernstein write for the Harvard Business Review: “They reflect a specific segment of the market that was driven by opaque, centralised institutions that made it difficult for their customers to understand the risks they were taking.”
Indeed, billions of dollars have fled from centralised to decentralised exchanges in the wake of FTX’s collapse. Data from analytics platform DefiLlama indicates that trading volumes on decentralised exchanges have sprung 11% over the past month, an echo of Vitalik’s own sentiment on the issue: “centralised anything is by default suspect”. Transactions on decentralised exchanges such as dYdX hit 97%, and users on lending protocol Aave also shot up 68% as well.
Truly, an industrial migration towards decentralised platforms seems to be underway. To find out more about the differences between centralised and decentralised exchanges, we speak with Imran Mohamad, the Head of Marketing at Kyber Network, whose core product KyberSwap serves as a decentralised exchange and aggregator.
“It’s now very clear that prices are depressed, and there’s a lot of loss in user confidence and interest.” he muses. “People are actually looking for safe havens.”
While centralised exchanges with the likes of FTX and Robinhood often bear with them an uncanny resemblance to most Web2.0 exchanges that many might feel familiar with, in so doing they also bring along similar traits of obscurity and opacity.
“The benefits of participating in a centralised exchange is that you don’t have to think about custody too much,” Imran explains. “There are less steps because it is a familiar technology for users and developers. But they require users to trust that the platforms are holding your assets securely.”
This trust however, has been shaken in the wake of the collapse of centralised institutions such as FTX and Celsius. Clearly, it has become simply difficult to grant default levels of trust to these centralised entities, even if they do seem to promise greater ease of onboarding. Imran argues further that decentralised exchanges on the other hand, offer up greater levels of transparency and opportunities for participation.
“The whole point of a decentralised exchange is to provide users with privacy and self-custody in a transparent and permissionless way so that you can hold on to your own assets without needing to trust in an external party” he says.
- Paving the Way for the Future of DeFi
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- All you have to do is go to our login page and select “Continue with Binance” to create your connected account. In the future, CoinMarketCap will continue expanding our Exchange Login program, where any eligible exchange will also allow their users to sign into CoinMarketCap with their existing login
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- Currently, Fewcha Wallet is available as a Chrome extension, and soon we can expect the iOS application of it.
Install Fewcha Wallet Extension. ...
Click “Create a new wallet” ...
Set a New Password. ...
Backup and Verify the Recovery Phrase. ...
Use Fewcha Wallet
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- [Coinlive Talk] The Recipe For Success: What It Takes For a NFT Project to Take Flight
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[Coinlive Talk] The Recipe For Success: What It Takes For a NFT Project to Take Flight
Darren
2022/11/29 09:01
2380
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With a floor price of 0.59 ETH, the Imaginary Ones NFT series was a big hit amongst NFT enthusiasts both within Singapore and abroad
Clement, the Co-Founder of the hit series, tells us that his success is largely attributed to maintaining trust levels with the fan base and ensuring accountability at all times, while carefully building a strong community
Clement is also a believer in “no-grind” culture for NFT whitelists, citing novel and unique ways for users to mint his NFT series, ranging from taking 1km walks to learning magic tricks
The bear market has not been kind to the NFT industry. According to statistics released in October by Dune Analytics, a blockchain data tool for crypto analysts and investors, the trading volume for NFTs has declined by 97% since its peak in January this year, down to $470 million from a staggering $17 billion. Especially in the wake of FTX’s downfall this month, the market as a whole was shaken once again to its core, with Bitcoin and Ether falling to all-time lows. Yet doom and gloom were nigh present as we made our way into the office of Clement Chia, founder of Imaginary Ones, a 3D NFT collection with a supply of 8,888 unique characters.
Intricate art toys from the likes of Medicom and Kaws peppered the studio, and the walls hung with images of the bubbly and lovable NFT characters. Developers and artists alike stared unflinchingly at computer screens amassed with data, motion design graphic tools, and charts. A tense, yet determined atmosphere permeated all around.
“I felt like the entire NFT market was very male driven, such as with BAYC (Bored Apes Yacht Club) and Clone X. So, we wanted to create an NFT collection that was very inclusive to people of different genders and ages,” Clement tells us. “We started out with just five characters at the start, but overnight the series became viral.”
As a serial entrepreneur himself, Clement has founded three businesses to date, including Offset, a motion design agency. Yet even with such expertise, it was by no means an easy feat to manage the NFT series.
“We actually had to learn a lot in terms of how to manage a community, how to do giveaways, and build the brand in a positive way,” Clement says. “A lot of it actually came down to nurturing and building a community that was attentive and receptive to our products.”
With a mint date set in April this year, the collection was almost immediately completely minted out and currently holds a floor price of 0.59 ETH, or around SGD $951. At such a staggering value, it came to no surprise that many were vying to get access to the allow list. On this, Clement tells us that he took extra measures to try and change the game up once more.
“Back then we wanted to do something very different when it came to deciding who gets to be on the allow list,” Clement tells us. “For most NFT projects, you had to grind discord, twitter, and other social media platforms, which I felt was wrong. We wanted to create a ‘no-grind’ culture.”
Indeed, from taking one-kilometer strolls to learning magic tricks on the official discord channel, there seemed to be a myriad of different ways in which one could be gain permission to mint the coveted NFTs. Whereas other NFT allow lists were distributed to collectors only by completing certain tasks on social media such as making certain posts or interacting with other community members, Clement feels that there remains more room yet to explore on alternative ways to ‘grind’ for permission to mint NFTs.
But what actually goes into building a successful NFT project? The entrepreneur and founder had a few thoughts to share on this.
“I’m a strong advocate of having a doxed team,” he says. “Because that’s how you typically run businesses even in the real world. I need to know about you before I invest in you. Everyone can promise you the moon, but the question is can they really deliver on that promise? If you have never even worked on a product or company before, it’s definitely a huge red flag.”
Just as Clement says, having not only a capable team, but also a team whose information is made publicly available, helps to build a level of trust and accountability for their community. Across the market exist countless sham projects, or ‘rug-pull’ projects, that oftentimes overpromise or overhype their community prior to the initial mint, only to disappear completely soon after the cash has been handed over. Founders of the Frosties NFT series for instance, were arrested in March this year for making off with over null.1 million in such a scam.
“Make sure the founder of the project has actually built something in real life before,” Clement suggests.
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Deciding which piece of #art i'm going to release today 🎨
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- 🌿 **Rooting in Web3 — day 7 Introducing Orb**\
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**What is Orb?**
Orb is the best place to network with web3 working professionals! Decentralized professional social media app with an end-to-end on-chain credibility system; connecting companies, projects, and people; built with Lens protocol on the Polygon chain.\
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**Our opinion about Orb:** \
Undoubtedly, [Orb](https://twitter.com/orbwagmi) is going to revolutionize how recruiter going to hire and job seekers curate their "profile" to get hired in the future!\
It is an interesting angle from Orb, imagine we don't need a CV to find a job anymore in the future! 🤯\
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**Key features:**\
• Decentralized Professional Profile\
• Hangout with web3 community\
• Learn & get NFTs\
• Explore web3 Jobs\
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**Interested to know more about** [**Orb**](https://twitter.com/orbwagmi)**?** \
Recently they opened early access for users to use their dApp, do check them out more below: \
🌐 **Website**: <https://orb.ac> \
💬 **Discord**: <https://discord.com/invite/mpeFuy4Bh7>
- *Still very early.* \
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We are running ahead of time. Imagine yourself ten years ago and technology ten years ago, you did not even realize how far you were from the threshold of new opportunities. With the Lens profile, you've crossed that threshold. It's still very early. *Enjoy*