Beyond Finance, a decentralized platform for creating and trading synthetic financial products has announced a $7.5-million round of fundraising from leading blockchain funds, including Moonwhale Ventures, A195, DuckDAO, Cryptomeria Capital, Blocksync, X21 Digital, Rarestone Capital, Master Ventures, Consensus Capital, and more. The announcement comes after the company raised the funds simply by word of mouth over the past few weeks, without any advertising in the lead-up to its initial DEX offering scheduled for early April.
Dorji Rabten, head of operations at Beyond, said: “We are excited to share our vision of creating an easy-to-use and democratized synthetic product ecosystem with some of the best investors in the industry. Currently, accessing synthetic products can be challenging, and many offerings have critical flaws that create trust issues within various ecosystems. Beyond is looking to solve this by offering the same institutional-grade solutions and access for everyone.”
The team plans on using the funds raised to scale the platform, onboard new developers, and provide support for the upcoming BYN token launch, which will help incentivize and attract users to the platform. Beyond’s IDO is tentatively scheduled for early April, which will allow community members to participate in the company’s public token sale. More details will be released closer to the date on Beyond’s official channels.
ABOUT BEYOND FINANCE
These synthetic products are governed by the Beyond protocol and collateralized by BYN tokens. Deep liquidity is created for synthetic products through our automated market maker that is built on our protocol. Bid/ask orders can also be used on the trading interface for controlled trading orders. BYN token holders are incentivized to stake and provide liquidity to the synthetic products, as it allows the token holders to be rewarded with additional BYN tokens.
Whales hoarding NFTs? 80% of Ethereum NFTs bought by only 17% of Addresses
- Around 16 percent of addresses snatched up 80.98 percent of all NFTs on Ethereum between April and September.
- Moostream argues that there is still room in the NFT space for ‘small investors.’
Moonstream, the open-source blockchain analytics platform, has revealed that about 80 percent of all non-fungible tokens (NFTs) on the Ethereum blockchain between April 1 and September 25 were owned by a minority of wallets. According to the October 21 report, four-fifths of NFTs in that time period was owned by 17 percent of wallets.
The reported analysed data from 7,020,950 million NFT transactions on Ethereum in a period of close to six months. It revealed that a significant number (80.98 percent) of NFTs on the blockchain were owned by whales, NFT platforms and exchanges which make up 16.71 percent of all wallets. The rest were distributed amongst the remaining 83.29 percent. This trend seems to follow the Pareto Principle or 80/20 rule as pointed out by one Reddit user. This is a principle that asserts that 80 percent of consequences are as a result of 20 percent of the causes.
It is worth noting that the data used in the report is based exclusively on the Ethereum blockchain and not Layer 2 networks or centralised Application Programming Interfaces (APIs). The report explains this in it’s ‘Caveats’ section.
The Ethereum NFTs dataset is constructed purely from events on the Ethereum blockchain. It does not include any data from Layer 2 networks like Polygon. Nor does it include any data from centralized APIs like the OpenSea API. It does not account for events or data from any non-ERC721 smart contracts associated with these platforms on the Ethereum blockchain. This means that two parties could exchange a positive amount of funds for a transfer off-chain and conduct the transfer on-chain and we would not be able to distinguish the transfer from a gift. It is also possible for a single transaction to involve multiple NFT transfers.
Still early for ‘small-time’ investors and individuals?
While the unevenness in NFT distribution is glaringly obvious, Moonstream insists that there is still room for participation from small investors.
What this data shows us is that the Ethereum NFT market is open in the sense the vast majority of its participants are small-time purchasers who likely make their purchases manually. There are few barriers to entry for those who wish to participate in this market.
Contrary to what many may believe, purchasing and holding NFTs is relatively easy. Individuals can open a wallet on an NFT marketplace and fund it. After this, they can easily bid on available NFTs. Some popular NFT marketplaces are OpenSea, Rarible and Foundation.
Will Smith’s Son, Rapper and Actor Jaden Smith, Posts Mysterious “ETH” Tweet
Jaden Smith joins the crypto-celebrity list with two tweets in a row
The “Icon” author, rapper, Hollywood actor and mega-star, Will Smith’s son Jaden Smith, has posted a mysterious “ETH” tweet that followed a “Web3” publication shortly after.
The purpose behind the two tweets has not been disclosed, but it is most likely tied to the rising popularity of the two industries. Previously, Ethereum’s price has reached the new ATH, which might have caught the famous rapper’s attention.
ETH— Jaden (@jaden) October 22, 2021
Both crypto-related tweets have been warmly welcomed by the audience, collecting approximately 8,000 likes and more than 1,000 retweets on Twitter. In the comment section of the Web3 tweet, Jaden said that he actually owns an NFT just like his industry partner Snoop Dog.
With the rapid price increase of the Bitcoin, DeFi and NFT industries, more celebrities are exploring cryptocurrencies and blockchain technologies. In addition to giving significant investment returns, digital assets technologies may potentially change the banking, finance and art industries in the future.
Ripple CEO Says the SEC Helped Ethereum to Surpass XRP as No.2 Crypto
- Ripple CEO aired his opinion on the crypto market and regulations.
- Brad Garlinghouse said the US SEC granted Ethereum regulatory green light.
At the DC Fintech Week virtual conference on October 21, Ripple CEO Brad Garlinghounse aired his thoughts on the state of the crypto market and regulations. Besides, he holds a grudge over the financial regulator’s approach to Ethereum.
In addition, Garlinghouse declared that the US Security and Exchange Commission (SEC) granted Ethereum regulatory green light that enabled it to surpass his firm’s XRP token.
Likewise, the Ripple boss feels that his firm has been played out. But, at the same time, Ethereum’s subsequent success is at least in part down to more favorable treatment by the US SEC. Also, Garlinghouse stated that it is affecting its market. He said,
“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has exploded, and that clarity has helped.”
To clarify, XRP was the second-largest crypto asset by market cap in late December 2017. But, currently, it has dropped to seventh place while Ethereum has kept the second spot ever since.
Furthermore, the reason why XRP dropped is the US SEC pursuing Ripple over claims that XRP is unregistered security. In fact, in January, Ripple filed a Freedom of Information Act request with the US SEC demanding to know why it didn’t consider ETH security.
As a result, later in July, a district judge allowed the firm to depose a former official who declared in 2018 that ETH was not a security.