At the time of press, Bitcoin is up by 3.5% and is trading at $34,603. The overall cryptocurrency market cap now holds at $1.47 trillion, and Bitcoin’s dominance rate is 44%. Meanwhile, cryptocurrency management fund Grayscale has included Cardano’s native token (ADA) in its large-cap fund.
Let’s go through some interesting crypto news in detail for today.
Firo has partnered with Flux to deploy its full nodes on the Flux network. As per the tweet, this will help Flux node operators to earn Firo while deploying Firo Nodes. The Flux ecosystem offers a massive decentralized computational network. It provides incentives for miners and FluxNode operators fueling transactions on its computational network named FluxOS. With this partnership, Firo nodes will be available on Nimbus and Stratus nodes globally.
Firo is a digital currency with a focus on setting privacy standards. Hence, Firo will leverage the decentralized Flux computational network to run its infrastructure. In turn, Fluxnode operators will be able to earn $FIRO with their Nimbus and Stratus nodes.
🚨The next #20in20 dapp!🚨 We are pleased to share we will be launching a partnership with @Firo. A privacy and a decentralized-focused project. The power of #Flux continues to grow every day! Read more about the partnership, and the overview here: https://t.co/Tix2QQfG8l
— Flux-Next Generation of Decentralized Computing (@RunOnFlux) July 2, 2021
Demodyfi has declared its launch on the Polygon chain (formerly Matic). As per the tweet, this integration helps Demodyfi to create a highly scalable, multi-chain AMM DEX. As stated, Demodyfi will implement a bridge from Moonbeam to Polygon using ChainBridge. With this bridge, users can transfer tokens between the two independent chains.
Demodyfi is an automated market maker platform that delivers decentralized financial services in a fully decentralized network. Meanwhile, Polygon offers an Ethereum scaling framework, which means that Demodyfi users can enjoy its low gas fees. Additionally, the team is also working on implementing Cross Chain Message Passing (XCMP) in the near future. Moreover, XCMP is Polkadot’s cross-chain message-passing protocol, which will allow one parachain to send messages to another parachain. Notably, this cross-chain messaging protocol will be integrated into a second, independent bridge.
📢 @Demodyfi is coming to Polygon with its ChainBridge!
Using Polygon's low-gas, high-speed infrastructure, Demodyfi's users will benefit from cheaper and faster transactions.
— Polygon Community Alerts (@0xPolygonTech) July 2, 2021
3 – Injective Protocol | Lithium Finance Collaboration to Launch Decentralized Pre-IPO Stock Derivatives
Injective Protocol has collaborated with Lithium Finance to launch decentralized pre-IPO stock derivatives. With this coalition, Injective users can utilize Lithium’s price oracle to create new derivatives markets for private companies. Lithium Finance is a collective-intelligence pricing oracle that offers timely pricing on private, illiquid assets. Hence, this integration will enhance the price discovery process for Injective users.
Collaboratively, the team will utilize Injective’s robust derivatives and Lithium’s unique on-chain pricing oracle to launch pre-IPO derivatives into the DeFi sector. Further, this will enhance the futures trading and perpetual for private market deals. Additionally, the team also has plans to bring unlimited markets into a fully decentralized ecosystem.
Injective is partnering with @LithiumFinance to launch decentralized Pre-IPO stock derivatives 🏹@injectivelabs users will be able to create new markets for private companies such as @SpaceX as we continue to bring access to unlimited markets.https://t.co/KJ5RzPs8SW
— Injective 🪐 (@InjectiveLabs) July 2, 2021
Umbrella Network has partnered with SafePal to integrate $UMB tokens in their wallets. With this coalition, SafePal will utilize Umbrella’s secure and reliable price feeds. This price feed support includes various cryptocurrency assets and tokenized stocks in the future.
Umbrella Network is a decentralized Layer 2 oracle platform that offers high-speed and reliable data service to the DeFi market at low costs. Hence, Umbrella’s staking portal would support the SafePal wallets. In turn, SafePal will support the $UMB token in both their hardware and software wallets. In addition, $UMB staking is now available across both ERC-20 and BEP-20 versions.
— Umbrella Network (@UmbNetwork) July 2, 2021
Our last bit of crypto news for today includes the IOI Game, which has announced it is building on the Polygon chain (Formerly Matic). The IOI Game named as Trade Race Manager is an NFT trading game. This game is centered around the play2earn model which is powered by decentralized finance. In addition, virtual crypto is used as a fuel for all gaming cars.
This coalition helps IOI Game to utilize Polygon’s scaling framework and utmost security with low gas fees. These Polygon features would help gamers to focus on their games, which will enhance the play-to-earn model. Notably, the IOI Game NFTs come with exclusive skills that can generate multiple incomes for their owners. Hence, this combination will entice more gamers and uplift the gaming industry.
1/3 🔦 Our sixth project on Project Spotlight is @IOI_game, a Trade Race manager and NFT trading game, with the most unique characters, cars and tracks – all as NFTs.
— Polygon (@0xPolygon) July 2, 2021
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