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Forbes Unveils “12 Zombie Blockchains” as Hong Kong debuts Asia’s first spot Ether, Bitcoin ETFs

By
Paul Ugbede Godwin
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0

In the ever-evolving world of cryptocurrency, market capitalization has often been a misleading indicator of a blockchain’s success and utility. Forbes recently published a list that has sparked widespread discussion in the crypto community. This list identifies 20 blockchains that, despite their high market caps, exhibit a startling lack of traction or adoption, earning them the moniker “Zombie Blockchains.”

The term “Zombie Blockchains” has been making rounds in the cryptocurrency community, particularly after a recent Forbes article highlighted a list of 12 such blockchains. These are digital assets that, despite having high market valuations, show minimal real-world utility or user adoption. They are essentially projects that are alive in the sense that they are being traded, but they lack the vitality of functional use or a substantial user base.

The term “zombie” is used to describe these blockchains because they are akin to the walking dead of the crypto world—present, yet devoid of the life that comes from active use and development. Among these are well-known names such as Ripple’s XRP, Cardano (ADA), Stacks (STX), Flow (FLOW), Stellar (XLM), Bitcoin Cash, and Tezos (XTZ) among others.

Forbes’ scrutiny reveals a disconcerting trend: a significant number of these “zombie blockchains” are not fulfilling their intended purposes. Instead, they are primarily sustained by speculative trading, with little to no real-world application or user adoption. This raises critical questions about the valuation of cryptocurrencies and the long-term viability of projects that lack clear practical applications.

For instance, Ripple’s XRP, initially envisioned as a disruptor in global financial transfers, has struggled to move beyond its speculative image. Despite a daily trading volume of around $2 billion, its real-world utility remains questionable. Similarly, Ethereum Classic (ETC), with a market value of billions, generated a mere $41,000 in fees in 2023, highlighting a stark disparity between valuation and actual use.

Tezos and Cardano, once hailed as potential successors to Ethereum, face similar challenges. They boast advanced technology and high valuations but have yet to achieve widespread acceptance or demonstrate substantial real-world utility.

The Forbes report is a wake-up call to investors and users in the cryptocurrency space. It underscores the importance of due diligence and the need to look beyond market cap when evaluating the potential and progress of blockchain projects. The report also serves as a reminder that innovation and adoption are key drivers of value in the blockchain ecosystem.

It highlights the importance of due diligence and the need to look beyond market hype. The longevity and success of these platforms heavily rely on market sentiment rather than fundamental value, which is a precarious position for any financial asset.

As the crypto market continues to mature, it will be interesting to see how these “zombie blockchains” evolve. Will they find a way to breathe new life into their projects, or will they remain trapped in a state of undeath, sustained by nothing more than speculation? Only time will tell, but one thing is certain: the crypto world is watching closely.

Hong Kong debuts Asia’s first spot Ether, Bitcoin ETFs

In a landmark move for the Asian financial markets, Hong Kong has officially launched the first spot Bitcoin and Ether ETFs, marking a significant milestone in the integration of cryptocurrencies into mainstream financial instruments. This pioneering step not only positions Hong Kong as a leader in the cryptocurrency ETF space in Asia but also signals the region’s growing acceptance and institutionalization of digital assets.

The debut of these ETFs allows retail investors to trade cryptocurrencies at spot prices, a feature that was previously unavailable in the Asian markets. The introduction of six spot Bitcoin and Ether exchange-traded funds (ETFs) has been met with enthusiasm, reflecting the Asian investors’ appetite for cryptocurrencies. The three Bitcoin ETFs saw an early climb of more than 3% in their initial trading, showcasing the positive reception from the market.

This development comes just three months after the United States launched its first ETFs tracking spot Bitcoin prices, highlighting the rapid global evolution of cryptocurrency investment vehicles. However, the U.S. has yet to approve ETFs that track spot Ether prices, giving Hong Kong a competitive edge in this domain.

The ETFs in Hong Kong are unique in that they adopt an “in-kind” transaction mechanism, allowing investors to buy and sell ETF shares using the relevant crypto tokens instead of cash. This mechanism is particularly appealing to investors who own tokens and wish to hold them through the ETFs without incurring the cost of converting to fiat currency.

Despite the excitement, the Securities and Futures Commission (SFC) of Hong Kong has cautioned investors about the speculative and volatile nature of virtual assets. The SFC’s executive director, Christina Choi, reminded potential investors that such assets might not be suitable for everyone, underscoring the importance of risk awareness in these investments.

The management fees for these Hong Kong crypto spot ETFs range between 0.3% to 0.99%, which is higher than those listed in the U.S. This is attributed to the limited number of regulated service providers under Hong Kong’s strict legal framework. Currently, Hashkey and OSL are the only two approved trading platforms in the city.

The success of Hong Kong’s crypto ETFs will be closely monitored for indications of whether crypto flows could shift towards Asia from the U.S. Analysts anticipate that the initial inflow will primarily come from local retail investors due to cost considerations.

The launch of Asia’s first spot Bitcoin and Ether ETFs in Hong Kong is a testament to the city’s ambition to establish itself as a global digital asset hub. It also reflects the broader trend of cryptocurrency’s increasing legitimacy and adoption in the financial sector. As the market for these ETFs matures, it will be interesting to observe how they influence the dynamics of cryptocurrency investment on a global scale.

Best Crypto Presales 2024: BlockDAG Dominates with a $22 Million Presale as InQubeta Debut Faces Challenges on MEXC

By
TI Partners
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0

In the turbulent world of cryptos, BlockDAG has firmly established itself as a frontrunner, amassing a remarkable $22 million in its latest presale. This significant financial milestone coincided with InQubeta’s debut on the MEXC exchange, a launch that has unfortunately not lived up to investor expectations and has been overshadowed by BlockDAG’s success.

BlockDAG Sets Ambitious Future Goals

During a vibrant presentation at Shibuya Crossing, BlockDAG unveiled its bold prediction for the BDAG coin, forecasting a potential 30,000x increase in value by 2030. The recent presale, which raised $22 million, underscores the growing investor confidence in BlockDAG’s potential. With anticipation building for the next round of sales, BlockDAG is on a clear upward trajectory.

To support this growth, BlockDAG has introduced a vesting schedule to coincide with its market launch to promote market stability and long-term growth. This includes an initial 40% coin airdrop followed by monthly releases of 20%, backed by a robust $100 million in liquidity to ensure a smooth rollout and sustained market presence.

InQubeta Debut Stumbles After MEXC Launch

In contrast, InQubeta’s recent introduction to the MEXC exchange has encountered skepticism. The platform’s ambitious plan to meld AI technology with blockchain had promised a 35x growth in value shortly after launch. However, persistent doubts about the feasibility of its funding model for AI startups and its long-term growth capacity have dampened enthusiasm.

BlockDAG Innovates in NFT and Token Creation

BlockDAG is also making waves with its innovative NFT and token creation approach. Through its low-code/no-code platform, BlockDAG is making it easier for anyone to create and deploy NFTs, regardless of their technical expertise. This initiative is broadening access to blockchain technology, facilitating a diverse range of creators contributing to the growth of decentralized applications.

BlockDAG: A Reliable Investment in the Crypto Sector

Unlike InQubeta’s uncertain start, BlockDAG has proven itself to be a stable and promising investment opportunity. With strategic planning, significant financial backing, and cutting-edge technology, BlockDAG attracts a broad spectrum of investors and sets new industry standards for success and accessibility.

Final Thoughts

As the cryptocurrency sector continues to evolve, BlockDAG is leading the way with strategic planning and innovative solutions, securing a dominant position in the industry. While InQubeta’s debut struggles to gain traction following its launch on MEXC, BlockDAG’s clear vision and strong investment strategy ensure its place at the forefront of the crypto revolution, offering promising returns and a stable investment landscape for its backers.

 

Join BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

ETFSwap (ETFS) Emerges As The Best Crypto ETF Platform Ahead Of BlackRock

By
TI Partners
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0

Recent data from Farside, a crypto ETF analytics platform, suggests investors are turning away from the BlackRock Bitcoin ETF. For the first time this year, BlackRock iShares Bitcoin Trust (IBIT) recorded no daily inflows on April 24 and 25.

Notably, BlackRock’s Bitcoin ETF inflows approached the $500 million mark in the second week of April. While that was an impressive feat, the figures quickly dwindled. Last week, BlackRock iShares Bitcoin Trust could only manage a net inflow of $57.6 million, with a $0 inflow on Wednesday and Thursday.

This decline in daily inflows for BlackRock’s Bitcoin ETF could be due to the adoption of ETFSwap (ETFS), a decentralized crypto ETF platform with enhanced features.

Why Investors Are Turning To ETFSwap (ETFS) Over BlackRock

Although BlackRock plays a significant role as a crypto ETF platform, it has some limitations that ETFSwap (ETFS) has in checks. Firstly, BlackRock is much more centralized. While centralization is not entirely negative, modern investors prefer having total control of their funds. ETFSwap (ETFS) has created a platform to put investors in control of their assets by harnessing the power of blockchain technology.

Further, the ETFSwap (ETFS) platform is a smart contract-driven product. This ensures that users avoid paying management fees to intermediaries, thus saving costs in the long run. Users can also efficiently swap from cryptocurrencies to ETF products within the twinkling of an eye. This enhanced trading experience has contributed to the platform’s massive growth in the past few months.

Notably, while investors are still bullish on ETF products in 2024, retail and institutional traders place a higher value on decentralized platforms with greater flexibility. Currently, ETFSwap (ETFS) is the only decentralized crypto ETF platform, making it the best Exchange-Traded Funds (ETF) platform for Web3-inclined investors.

ETFSwap – The Best Crypto ETF Platform

ETFSwap (ETFS) has been recognized by many in the crypto community as the leading crypto ETF trading platform. Despite being relatively new compared to other centralized ETF platforms, ETFSwap (ETFS) has multiple features that make ETF investing seamless.

One notable feature that makes ETFSwap (ETFS) stand out is its fractionalized investing. One of the platform’s goals is to make cryptocurrencies and exchange-traded funds more accessible, enabling financial inclusion globally. ETFSwap (ETFS) is well on track to achieve this as retail and institutional investors with limited access to funds can gain exposure to ETFs.

Additionally, users have uninterrupted access to investment opportunities on the platform. While most ETF platforms enable investments only on working days, ETFSwap (ETFS) users can access the markets 24 hours any day, including weekends.

ETFSwap (ETFS) offers cryptocurrency spot and futures ETFs with real-time data, enabling users to monitor asset performance. Users also have access to leveraged ETFs, allowing investors to maximize their position sizes to earn higher returns. Further, the platform gives users access to commodity ETFs and fixed-income ETFs. Through tokenization, investors can seamlessly gain exposure to gold, silver, bonds, treasuries, and agricultural products.

ETFS Investors Anticipate 10-100X Gains From The First Presale

The native token of the ETFSwap (ETFS) platform is ETFS. Interestingly, the token’s utility and fundamental value have left investors rushing to buy into its presale. Around $200,000 has already been raised from the first presale stage, with over 32 million ETFS tokens sold.

With a solid team and community behind the project and a thriving blockchain ecosystem, investors have projected 10-100X gains in the coming months. It is also worth noting that ETFSwap (ETFS) hit its private fundraising target of $750,000 in just three days.

40% of the token’s supply has been reserved for the presale, 24% for the ecosystem, and 12% for liquidity and listing reserves. The presale is set to end in the next five days, and its available supply will steadily get exhausted as more investors accumulate the ETFS token.

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

“The biggest mess created was actually the devaluation of the naira from N460 to N1,400” – Aliko Dangote

By
Samuel Nwite
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9

During the annual general meeting of Dangote Sugar Refinery Plc held on Tuesday, Aliko Dangote, the renowned chairman of Dangote Industries Limited, delivered a discourse shedding light on the formidable obstacles encountered by the conglomerate in the tumultuous year of 2023. 

In his assessment, Dangote noted the profound ramifications of the naira devaluation, deeming it as the primary catalyst for significant disruptions across various sectors, particularly the food and beverages industry, within which his company operates.

“The biggest mess created was actually the devaluation of the naira from N460 to N1,400,” lamented Dangote, as he spoke on the widespread challenges faced by companies grappling with the adverse effects of currency fluctuations. 

Expressing concern regarding the dividend payouts for the ongoing fiscal year, Dangote said that many companies, particularly those in the food and beverage sector, were also impacted and would likely be unable to pay dividends.

 “You can see almost 97 percent of the companies, especially in food and beverages businesses, none of them will pay dividends this year for sure but, we will try and get out of it as soon as possible,” he said.

However, he reassured shareholders of the organization’s unwavering commitment to surmounting these challenges through proactive measures and strategic initiatives.

“We want to see that at the end of the day, no matter how small, we will be able to pay some dividends, especially if there is a rebound of the naira.

“We are doing whatever it takes to make sure that at the end of the day, we will be paying dividends because if you look at our dividends last year, it was almost 50 percent more so we will try and get out of the mess,” Dangote affirmed.

In 2023, Dangote Group, Nestle Nigeria, and MTN Nigeria, along with four of Nigeria’s most capitalized companies, collectively lost N1.7 trillion due to the depreciation of the naira. Dangote lost $3.61 billion in personal wealth following the devaluation, according to the Bloomberg Billionaires Index.

Dangote, Nascon proposed sugar production merger

Addressing the suspension of the proposed merger involving Dangote Sugar Refinery, Nascon Allied Industries Plc, and Dangote Rice Limited, Dangote attributed the regulatory delay to the operational status of Dangote Rice, a pivotal component of the consolidation. He assured stakeholders of the company’s intention to resubmit the merger proposal once the requisite conditions are met.

“We will reapply for the merger when the time is right,” Dangote assured, signaling the company’s unwavering commitment to strategic partnerships and expansion endeavors.

Furthermore, Dangote shed light on the ambitious trajectory of Dangote Sugar Refinery, outlining plans to revolutionize the sugar industry in Nigeria by eliminating sugar imports by 2028. Emphasizing the enormity of the company’s sugar master plan, Dangote reiterated the need for domestic sugar production and the adoption of backward integration strategies to enhance stability and mitigate currency exchange risks.

“The sugar master plan we are now taking is very, very serious,” Dangote asserted, underlining the pivotal role of backward integration in securing the company’s future prosperity.

“By the grace of God, in the next four years maximum, our company should be producing what we are selling currently, all domestic, 100 percent domestic,” Dangote declared, projecting a future characterized by self-sufficiency and sustainability.

However, Dangote clarified that any potential sugar imports would serve as a supplementary measure to bolster the company’s domestic production capacity, reaffirming its commitment to supporting local industries and fostering economic growth.

Amidst the challenges and uncertainties, shareholders expressed unwavering confidence in Dangote Sugar Refinery’s strategic vision and steadfast leadership, pledging their continued support as the company embarks on its transformative journey to reshape the landscape of the Nigerian sugar industry.

How Does the Crypto Fear & Greed Index Influence Market Sentiment

By
TI Partners
-
0

Making wise investing selections in the fast-paced world of bitcoin trading requires an awareness of market sentiment. The Crypto Fear & Greed Index is one instrument that has drawn a lot of attention for its ability to gauge market emotion. With the use of this multivariate sentiment research tool, investors may gain an understanding of the emotional climate around the bitcoin market and modify their approach based on whether fear or greed is driving the market.

What is the Crypto Fear and Greed Index?

Measured in terms of emotion inside the cryptocurrency market, the Crypto Fear & Greed Index is a useful tool. Offering important insights into the general emotion of the market, it gives a numerical depiction of the degree of fear or greed among investors.

The Fear & Greed Index Indicators

This index considers several variables, such as surveys, market momentum, social media activity, and volatility. The Fear & Greed Index is derived from these variables, which taken together influence the market’s general emotion. For instance, a high degree of volatility combined with a spike in social media engagement may be a sign of increased investor greed.

How Is the Crypto Fear and Greed Index Calculated?

A collection of these indicators, each weighted differently according to how important they are in gauging market sentiment, is used to produce the index. Since volatility directly affects investor behavior, it could be given more weight than social media activity. The index offers a thorough overview of the general attitude in the bitcoin market by combining several data.

Why is the fear and greed index important?

The Fear & Greed Index is significant because it offers insightful information about the market’s emotional condition. Traders can more accurately predict market fluctuations and modify their methods by determining whether investors are motivated by greed or fear. For example, in times of great anxiety, investors may choose to buy assets at a bargain, while excessive greed may indicate that the market is overheated and ready for correction.

What is the impact of fear and greed on the financial market?

Fear and greed are two strong emotions that have a big impact on market dynamics and investor behavior. While greed may rise to speculative bubbles and excessive exuberance, fear frequently causes panic selling and market downturns. Extreme asset price increases brought on by these feelings may hurt investor confidence and market stability.

What is the fear and greed index multifactorial crypto market sentiment analysis?

The Fear & Greed Index looks at several variables to assess the mood of the bitcoin market. In comparison to conventional sentiment research techniques, it offers a more thorough view of investor sentiment by taking into account a variety of indicators, including volatility, social media activity, and market momentum. By utilizing a multifactorial strategy, investors may evaluate the market from several perspectives, improving their capacity to make well-informed selections.

How Should Investors Use the Crypto Fear & Greed Index?

The Fear & Greed Index is a useful tool for investors to assess the current state of the market and spot possible trading opportunities. For instance, when the index shows widespread investor pessimism during times of severe anxiety, it may signify a purchasing opportunity since assets are probably undervalued. On the other hand, investors should proceed with care if the index displays extreme greed since this might suggest that the market is overpriced and vulnerable to a fall.

How Do Fear and Greed Affect the Decisions of Investors?

Investor decisions can be greatly influenced by fear and greed, which frequently result in illogical conduct. Fear may cause investors to panic and sell their assets at a loss, but greed can lead to FOMO (fear of missing out) purchases that push prices to unaffordable levels. Investors must comprehend these feelings and how they affect market sentiment to prevent rash choices and make better selections when navigating the unstable cryptocurrency markets.

Conclusion

To sum up, the Crypto Fear & Greed Index is a useful tool for gauging the mood of the cryptocurrency market. Investors may handle the volatile nature of cryptocurrency markets with more confidence and make better judgments by examining the current state of fear or greed. To create a thorough trading strategy, it’s crucial to keep in mind that, even if the index offers insightful information, it should be utilized in conjunction with other tools for fundamental and technical analysis. The Fear & Greed Index will be a useful tool for investors who want to better understand market sentiment and make more informed investment decisions as the bitcoin industry develops.

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