Inflation at 8900% Turns Venezuelans to Bitcoin In Record Volumes 185

Venezuela, the most hardline socialist country in the American continent, is in a steep crisis in recent years ever since oil prices fell below the $100 area in 2014 down to a third of the price in early 2016. The people are turning to Bitcoin as spiraling inflation destroys the economy.

Bitcoin Adoption Hits Record Highs In Venezuela As Inflation Looms

The Bolivarian Republic of Venezuela is home to one of the worst hyperinflation crisis in the world ever. President Nicolas Maduro blames external factors and U.S. sabotage for the chaos Venezuelans live in. Inflation has skyrocketed to 8900% in March 2018, according to tradingeconomics.com. As the value of the Venezuelan Bolívar plunges in the streets of Caracas, which lowers the purchasing power of the official minimum wage, the government keeps issuing more currency as it raises the nominal minimum wage.

Bitcoin is buoying an increasing number of Venezuelans that want out of the spiraling madness. Erik Voorhees, founder and CEO of cryptocurrency exchange ShapeShift.io, commented recent data provided by Coin.dance, which pointed to an exponential adoption of Bitcoin, switching from VEF (Venezuelan Bolívar Fuerte).

“Volume of person-to-person Bitcoin trading in #Venezuela hits record high last week… sadly as much a measure of BTC adoption as it is of #bolivar debasement”, wrote Erik Voorhees.

Volume of person-to-person Bitcoin trading in #Venezuela hits record high last week… sadly as much a measure of BTC adoption as it is of #bolivar debasement. https://t.co/mNAuT3KWb4

— Erik Voorhees (@ErikVoorhees) April 19, 2018

Shortly after the tweet, a Venezuelan Twitter follower explained the importance of cryptocurrency in the midst of such never-ending crisis.

“Thanks to crypto and trading I can live here in Venezuela without suffering what the most of people suffer everyday. But is heart breaking see people eating direct from garbage can (entire families) and see so much poverty”, he said.

“You say sadly, but isn’t this exactly what Bitcoin’s promise is? To provide sound money, that works, to those who no longer have it? You ought not be sad each time the next state money fails; as more and more currencies fail sound money finds its chance to prevail”, said another Twitter follower, before granting that it is sad that people are suffering.

The weekly LocalBitcoins volume for the week of 14 April 2018 was of 2,789,991,957,138 Venezuelan Bolívares. The previous week held a figure below two trillion VEF, at 1,744,669,576,098 Venezuelan Bolívares. Volumes were mostly below 1 trillion VEF before that.

As Erik Voorhees mentioned, most of this volume in Venezuelan Bolívares is a result of the hyperinflation taking over the country. Weekly trading volumes in Bitcoin show a different picture. The last two weeks saw 663 and 652 bitcoins exchanging hands. The all-time high was 805 Bitcoins in the week of 08 April 2017, a year ago. Bitcoin trading steadily decreased to as low as 157 coins in the week of 06 January 2018 before the newfound adoption.

 

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Galxe Rolls Out GAL Staking with $5M Rewards Pool, Unlocking Exclusive Rewards through Galxe Earn 8364

Galxe, the leading web3 infrastructure and digital credential network, today announced the launch of GAL Staking, a new feature that grants users the ability to unlock exclusive rewards through Galxe Earn, a platform transforming how airdrop campaigns are conducted by offering smarter, precision-targeted airdrops.

Through GAL Staking, users gain access to Galxe Earn, utilizing their staked GAL tokens to participate in unique airdrop campaigns. This integration creates a dynamic synergy between staking and reward mechanisms, offering over 18 million active participants a more engaging and directly beneficial way to interact with the ecosystem. Powered by Galxe Quest, Galxe Earn enables direct engagement between projects and stakeholders such as token holders, NFT collectors, and social media followers. It allows projects to offer exclusive rewards, including whitelist spots and gated access to airdrops, thus enhancing engagement and extending the ecosystem’s reach.

“GAL Staking is a long-awaited addition to the Galxe ecosystem, designed to enhance how our community interacts with and benefits from our platform,” said Harry Zhang, co-founder of Galxe. “By staking GAL, users unlock access to the rewards pool through Galxe Earn and may potentially gain crucial voting rights in our governance system. This empowers them to directly influence strategic decisions and actively shape the evolution of Galxe. Our commitment to integrating substantial user incentives with profound governance roles exemplifies our dedication to fostering a truly decentralized and user-driven ecosystem.”

Exclusive Rewards and Strategic Partnerships

The genesis rewards pool of Galxe Earn includes major collaborations with Arbitrum, Polyhedra, and Merlin, distributing rewards close to $5 million in total. This initiative enhances user engagement by providing access to whitelist spots and gated airdrops, further supported by Galxe Quest, the leading platform for building web3 communities.

Seamless Staking Experience

The GAL Staking interface on Galxe’s website offers a user-friendly dashboard that presents essential information such as the total GAL staked, individual wallet addresses, and detailed staking activities. This interface allows users to easily engage with the platform by staking or unstaking GAL tokens, ensuring a flexible and informed staking experience. The dashboard is designed for simplicity, enabling users to monitor and manage their staking history and current status effectively.

This intuitive staking experience enhances user engagement by simplifying the staking process and ensures that participants can make informed decisions based on comprehensive, real-time data, reinforcing Galxe’s commitment to transparency and user empowerment in the evolving web3 space. For detailed instructions on how to participate, visit our Step-by-Step: GAL Staking guide.

Decentralized Community Engagement & Governance Upgrade

In conjunction with GAL Staking, Galxe is proposing a significant enhancement to its governance model. This proposal, if approved, would transition voting rights exclusively to GAL stakers, further democratizing the platform’s decision-making process. This change aims to deepen community engagement by ensuring that those who are actively participating and staking GAL have a more substantial influence over the strategic direction of the platform.

The proposal for this governance upgrade is now live, and Galxe encourages all stakeholders to participate in the discussion and vote. Interested parties can find more information and join the governance discussions at the Galxe Governance Forum. This initiative highlights Galxe’s commitment to fostering a participatory environment where community input drives growth and innovation.

About Galxe

Galxe is the leading web3 infrastructure and digital credential network, empowering seamless web3 experiences through modular AI, digital identity, and blockchain technologies. Central to the ecosystem, the Galxe Identity Protocol provides a foundational layer for secure and self-sovereign digital identity management. Alongside the protocol, Galxe’s product suite–Galxe Quest, Galxe Passport, Galxe Score, and Galxe Compass–supports the development of the next generation of web3 applications. With a vibrant community of over 18 million active users and partnerships with 4,900 brands, Galxe has proven itself as a pioneer and leader in digital identity solutions, fostering community growth, and enhancing user engagement. Dedicated to making web3 accessible to all, Galxe serves end-users and developers worldwide.

Spotrade.net analysis: A Trusted Destination for Unbiased Insights into Crypto and Forex Trading 8684

The evaluation of Spotrade.net review demonstrates that under the guidance of Russel Hengton, it’s poised to become a leading authority in crypto and forex trading. Russel Hengton’s leadership has positioned Spotrade as a frontrunner in these markets, aiming to redefine the landscape of independent product evaluations and expert recommendations. It aspires to be the go-to online hub for consumers seeking genuine insights into a wide array of products and services related to crypto and forex trading.

In today’s overwhelming sea of options, Spotrade.net review stands out as a beacon of clarity. With a wealth of unbiased, meticulously researched insights, the site covers everything from cutting-edge technologies to innovative strategies, catering to diverse trader interests.

“Our vision with the launch of Spotrade.net review is to empower traders with accurate, comprehensive insights they can rely on,” said Russel Hengton, the CEO and Founder of Spotrade. “We’re dedicated to being a trusted ally in the trader decision-making process, providing insights that help users navigate the dynamic world of crypto and forex trading. Our commitment lies in delivering sincere, unbiased evaluations that stand out in today’s marketplace.”

The strength of Spotrade.net review lies in its rigorous evaluation methodology. Products undergo scrutiny by seasoned traders, focusing on essential aspects such as performance, reliability, and overall value. The platform’s unwavering commitment to honesty and transparency in every insight cements Spotrade.net review as a trusted name in the trading sector.

Beyond product assessments, Spotrade offers informative guides, educational articles, and the latest industry updates, ensuring traders are well-informed about market trends. Whether it’s new crypto technologies or forex trading strategies, Spotrade.net review provides comprehensive and candid insights users can rely on.

As the digital landscape evolves, Spotrade remains steadfast in providing trader guidance. With its user-friendly interface, extensive coverage, and dedication to impartial insights, Spotrade.net review is set to become the ultimate online destination for traders seeking reliable product insights and savvy trading advice.

Spotrade.net review is an innovative online platform committed to delivering unbiased, detailed insights into crypto and forex trading. Focused on quality and trustworthiness, Spotrade.net review is poised to become an indispensable tool for traders navigating the dynamic world of trading.

Website: https://Spotrade.net

SolBlock AI Announces Fair Launch on PinkSale for AI-Driven Community Token 8734

The SolBlock AI team recently unveiled the date for its token fair launch on PinkSale. From April 22, users will be able to become early investors in this AI-driven community token. The main idea behind SolBlock AI is to promote decentralization in a new way. The team aims to give users ownership over their data while providing innovative Web3 features.

Fair Launch – A Step Towards a Decentralized Future

SolBlock AI’s fair launch on PinkSale is a major step toward a decentralized future. From April 22 to April 25, users can participate in the launch on PinkSale’s Solana Launchpad. The platform utilizes $SolBlock as its versatile utility token that powers various decentralized finance (DeFi) applications and transactions. Its use of the Solana blockchain enables fast, secure, and scalable solutions for DeFi activities, including lending, trading, borrowing, and yield farming. The token utility doesn’t stop there. Other benefits for $SolBlock holders include:

  • Participating in SolBlock DAO governance by staking their tokens and earning rewards.
  • Receiving a portion of earnings through revenue sharing with SolBlock AI and its partners.
  • Being rewarded for creating and curating content on the platform.
  • Using $SolBlock for advertisements, tips, swaps, trades, unlocking a premium tier, gaming, and metaverse dapps within SolBlock AI.

Through its advanced utility, $SolBlock practically serves as the fuel of the SolBlock AI platform.

Innovating Web3 – Distinctive Features

Beyond its token, it is important to highlight that the SolBlock AI project has several distinctive features. For starters, the team behind this project has been in the crypto world since 2013. After over 10 years of experience, this is far from being the team’s first venture. In terms of main products, here is what crypto enthusiasts can expect from SolBlock AI:

  • Customizable community town squares that cater to different usage scenarios.
  • An AI-driven DeFi launchpad for improved project launches and investor matching.
  • Encrypted communications, including video, voice, and chat, on a decentralized platform.

Using the Internet Computer, Solana, and IPFS ensures the entire platform is Web3 native. Moreover, its use of AI-driven data perfectly aligns with the current AI hype and adds a new dimension to DeFi. SolBlock AI is a project positioned at the right place and time, promising users the best of both worlds.

About SolBlock AI

SolBlock AI is a new AI-driven platform on Solana for DeFi and community engagement. As mentioned, this project leverages Solana for its ledger and utility token, as well as IPFS for on-chain storage. The decentralized architecture of the Internet Computer also offers computing capabilities while eliminating the need for bridgeless multi-chain transactions. There are almost no limits to what this team may accomplish through partnerships with other crypto ecosystems and projects. The upcoming fair launch on PinkSale will soon give early investors a chance to invest in this project.

XVC Tech Announces Strategic Investment in TradeTogether to Enhance Web3 Wealth Management 8560

XVC Tech, has invested in TradeTogether, a leading Web3 wealth manager based in Singapore. The venture capital firm founded by the creators of the XDC Network blockchain.

XDC Network’s ecosystem includes RWA dApps focusing on Private Credit (TradeFinex), Trade Finance (XDC Trade Network), tokenized gold (Comtech Gold) and tokenized US Treasuries (Yieldteq powered by Tradeteq).

Ritesh Kakkad, co-founder of XVC Tech, noted, “TradeTogether approached XVC with a strong emphasis on compliance, which is key in sectors like private credit and trade finance. We believe this focus on compliance will attract more institutional adoption, leading to increased utilization of the XDC Network’s use cases.”

Added TradeTogether’s CEO Geoff Ira, “XDC Network is a robust Enterprise-grade Layer 1 blockchain with a strong focus on Real-World Assets (RWA). We eagerly anticipate collaborating with XDC and its ecosystem of dApps to develop top-tier Web3-centric funds, driving intelligent capital into RWAs and Web3, while adhering to regulatory compliance standards.”

TradeTogether introduces two innovative investment options

  1. Firstly, the TradeTogether Bitcoin Advantage Fund, allows clients to invest in Bitcoin with added protection against market downturns, offering a better experience than traditional ETFs.
  2. Additionally, TradeTogether provides high-net-worth individuals and financial institutions with transparent solutions in tokenized bonds and Web3 products for receivable financing, moving away from the DeFi platform model.

TradeTogether has prominent co-investors such as Orbit Startups, Tenity, Boleh Ventures and Leo Ventures. Other Angel investors who participated in TradeTogether’s funding round since it’s inception includes Samuel Rhee (Chairman of Endowus), Varun Mittal (Group Head Innovation Singlife), Reuben Lai (Former Senior MD Grab Financial Group), Mx Kuok (KUOK Family), E. BABA de Rothschild (EGR Partners), Chandrima Das (Ex bento founder acquired by Grab), Nicolas Gallet (Gallet Capital), David Bachelier (CEO Asia at Flowdesk).

About XVC Tech

Founded by the co-founders of XDC Network, Atul Khekade and Ritesh Kakkad, XVC Tech is a US $125mn Fund focussed on exploring investment opportunities in NextGen Technology Solutions. Portfolio companies include DeGaming, a decentralized i-gaming infrastructure protocol, Bolero, a platform fractionalizing IP of music assets via smart contracts or Truflation, an oracle for RWA, indexes and inflation.

Current areas of focus include RWA, Web3 infrastructure, AI, and DePIN. For Web3 startups looking to make an impact, new investment opportunities are actively being sought. Users interested in learning more can visit XVC Tech at XVC.Tech to get in touch.

About XDC Network

The XDC Network is an open-source, carbon-neutral, enterprise-grade, EVM-compatible, Layer 1 blockchain, operational since 2019 focusing on Enterprise use cases such as Trade Finance, Payment and RWA tokenization. More details at: Xinfin.org

About TradeTogether

TradeTogether Pte Ltd is a pioneering Web3 digital asset management company based in Singapore. Operating under a regulatory exemption since October 25, 2021, TradeTogether is at the forefront of innovative financial solutions in the digital asset space. Led by CEO Geoff Ira, who has a strong background in the financial and banking industry. For more information, users can visit TradeTogether.com

Multis Team Joins Safe to Build Cross-Chain Smart Wallet Infrastructure 9806

Safe, the leading smart wallet infrastructure, with more than $100 billion in value of digital assets secured, has welcomed the senior leadership team of Multis to the Safe Ecosystem Foundation and completed the strategic acquisition of the Multis source code; Multis is an all-in-one financial software designed for crypto businesses. At the same time, Thibaut Sahaghian, the former CEO of Multis, is set to take on the new role of Network Abstraction Lead as a core contributor within the Safe ecosystem, where he and his team will continue their work towards enabling businesses and individuals to adopt and easily use digital assets every day.

With this move, Safe embarks on the next phase of its mission to simplify, improve, and enhance Web3 user experience. Leveraging their unique collective expertise, the Safe and former Multis team members will collaborate to solve the complexities of cross-chain interaction through network abstraction, with the end goal of enabling users to manage assets across diverse blockchain networks effortlessly.

As crypto usage soars, the demand for faster and more cost-efficient transactions has led to the rise of Layer 2 networks built atop the Ethereum mainnet (Layer 1), aiming to enhance scalability. However, this growth has considerably fragmented the blockchain landscape, complicating the development of user-friendly, on-chain applications and wallets. Addressing this complexity through network abstraction, which simplifies asset management across various blockchains, is crucial for setting the stage for mainstream adoption—a vital goal for the Ethereum community.

“The demand for Safe’s services is skyrocketing, particularly from emerging L2 ecosystems seeking robust infrastructure support to help users manage their digital assets. As we expand, simplifying the cross-network experience becomes crucial,” noted Richard Meissner, co-founder of Safe. “The synergy between Multis and Safe will undoubtedly help us become a staple in these evolving networks and beyond.”

Thibaut added, “Joining Safe is a game-changer for us. We’ve already been harnessing Safe’s robust infrastructure for years, and this is a new journey for us. It empowers us to broaden our mission, tapping into Safe’s expansive platform and extensive user base. Together, we’re set on building an ecosystem where digital assets and applications interact seamlessly across multiple networks, easing the path to adoption and creating a more integrated blockchain world.”

This strategic acquisition marks a turning point for Safe. It aligns with Safe’s recent collaboration with Coinbase-incubated Base to make smart accounts the standard on Ethereum. This announcement furthers Safe’s commitment to providing a seamless and secure foundation for managing assets within exploding L2 ecosystems on Ethereum.

About Safe

Safe (previously Gnosis Safe) is an onchain asset custody protocol, securing ~$100 Billion in assets today. It is establishing a universal ‘smart account’ standard for secure custody of digital assets, data, and identity. With Safe{Wallet}, it’s flagship web and mobile wallet and Safe{Core} account abstraction infrastructure, Safe is on a mission to unlock digital ownership for everyone in web3 including DAOs, enterprises, retail and institutional users.

About Multis

Multis offers a comprehensive financial software solution, empowering DAOs and enterprises to seamlessly manage transactions with both USD and digital assets, across multiple networks. Historically backed by Sequoia Capital and Y Combinator, Multis has been a front-runner in enhancing the crypto business user experience, now set to amplify its impact with Safe.

AirDAO aims for the moon with ‘Star Fleet’ 10080

AirDAO, a community-governed layer-one blockchain ecosystem, is excited to reveal “Star Fleet,” an innovative marketing initiative to launch new products in 2024. The announcement comes in celebration of the fifth anniversary of the AirDAO blockchain, and Star Fleet marks a significant next chapter of growth and development.

The Star Fleet initiative is part of the AirDAO team’s long-term strategic plans to grow the AirDAO ecosystem this year. The initial DeFi products to launch with Star Fleet are a crypto bond market called ”Kosmos,” “Astra,” a decentralized exchange (DEX), and “Harbor,” a liquid staking product.

The AirDAO team’s marketing efforts will increase considerably over the next five months, prioritizing community & ecosystem growth and engagement. AirDAO’s $AMB token will be at the campaign’s center and act as the community’s ticket to join Star Fleet; AirDAO will give rewards in proportion to ecosystem participation.

The Star Fleet campaign will culminate in October 2024 with the single, synchronized launch of three tokens for the three new products. With a unified offering of all three tokens, venture capital funds and the community can get exposure to the next generation of the AirDAO ecosystem with a single investment. AirDAO is raising additional capital to expand the ecosystem and user base, with the end goal of a significant increase in network usage and total value locked (TVL).

AirDAO is a pioneering, community-led, layer-one blockchain ecosystem. The technical backbone of the ecosystem is the AirDAO blockchain. It’s an EVM-compatible layer one with 100% uptime since its launch. It also boasts high scalability, low fees, and rapid transaction times, making it the ideal platform for Web3 products. AirDAO isn’t just building a blockchain — it’s fostering a community where each member’s ideas shape the ecosystem.

Star Fleet is AirDAO’s latest achievement in what’s shaping up to be a pivotal year. It isn’t a small step forward; it’s a giant leap toward AirDAO’s north-star vision of becoming an industry-leading ecosystem.