After making a daily high of $36,190, Bitcoin underwent a roughly 9% correction today and is trading at $33,670. Notably, if BTC is unable to sustain $30,000, then it could lead to critical support at the $28,000 and $25,000 regions. Meanwhile, the second-largest cryptocurrency, Ethereum, is trading close to $2,535.
Let’s find out some interesting crypto news for today.
Solana has announced the launch of an autonomous interest rate machine called Solend. As per the tweet, Solend helps users to gain interest or get a collateralized loan against their assets on Solana. Solend is built on Solana, thus incorporating all of its properties such as being incredibly fast, costing next to zero, and more. In addition, tokens integrated into Solend can be used to earn interest or used as collateral for a loan. Further, LP position tokens can unlock a huge amount of collateral. Currently, Solend is deployed to devnet, and the team has plans to launch its mainnet in the near future.
Decentralized exchange PancakeSwap has recorded over 1.1 million unique active wallets in the past seven days. PancakeSwap is a decentralized exchange for swapping BEP-20 tokens and uses an automated market maker (AMM) model. As per DappRadar, PancakeSwap becomes the top dApp after this wallet surge. In action to this, PancakeSwap also generated over $278 billion in volume over the last seven days. With this, it has surpassed major competitors, such as Uniswap and Sushiswap. Notably, PancakeSwap is the leading dApp of Binance Smart Chain (BSC), with roughly over 350,000 daily unique active wallets.
Equalizer Finance has declared it is creating the first multi-chain marketplace for flash lending, which will boost the DeFi space. Moreover, Equalizer is the first dedicated platform that balances decentralized markets. The native token of Equalizer is EQZ, which is an ERC-20 token used for its platform governance. Impressively, the team is also working to integrate the price feed oracles of Chainlink, and recently, its Equalizer Bridge became operational. Hence, this launch helps users to built several profitable trading strategies on top of Equalizer’s protocol.
Cryption Network has partnered with UniLend Finance to enhance its staking pool rewards. UniLend is a permissionless, decentralized protocol that utilizes smart contracts to connect spot trading services with lending and borrowing services. With this partnership, users can earn accrued interest by providing liquidity in Cryption staking pools. Besides this, UniLend Finance will empower the CNT token through its flash loans and staking.
UniLend Finance also has plans to list its UFT token on the upcoming PolyDEX to create a community pool for staking UFT. Additionally, Cryption Network will implement higher liquidity Dual Elastic Farms in the near future. Furthermore, the CNT IDOs were sold out on PAID Ignition (both Galaxy Pool and Moon Pool) and Poolz within a few hours of launch.
— Cryption.eth @ ETH India (@CryptionNetwork) June 8, 2021
In the last bit of crypto news for today, we have LuaSwap integrating its limit order instrument on the TomoChain network. Moreover, this limit order launch is scheduled to go live at 8:00 AM (UTC) on June 10, 2021. As stated, LuaSwap includes an automated market maker (AMM) model. This automatically adjusts the price of the tokens using the pool model without an order book.
Currently, LuaSwap is the fastest way to execute a trade, and tokens will be swapped immediately. Besides this, the advantage of this model is more liquidity and lower slippage. If we deep dive into LuaSwap AMM technicals, It consists of two major parts. These parts consist of the order book, which records limit orders from users, and the settlement, which helps to execute these orders by swapping them. With this integration, LuaSwap will solve the critical issue of limit orders on the TomoChain platform (slippage for larger orders and not enough liquidity) with a small fee and super-fast confirmation time.
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