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American automobile manufacturer Ford Motor hits the goal of becoming the second best-selling Electric vehicle in the U.S. after recording an increase in sales.
Ford narrowly surpassed Hyundai/Kai to claim the second position of EV manufacturers in the U.S. The company recorded a 7.4% rise in its shares from 5.7% a year ago.
It also reported sales of 53,752 all-electric vehicles in the U.S. through November 2022.
Speaking on the increase in demand for its Electric vehicles, Ford CEO Jim Farley said, “The demand is so much higher than we expected. It’s a really new experience for this big company, trying to be agile. We had to approach it very differently than we’ve done capacity planning.”
However, there are speculations that Ford was able to surpass South Korean company Hyundai after the automaker lost incentives that gave buyers of its EVs tax credits of up to $7,500 under the Biden administration’s Inflation Reduction Act.
Despite its rise to the second position of EV manufacturers in the U.S., several analysts have disclosed that the gap between Ford and Tesla which occupies the first position is wide.
Ford’s recent position is no doubt giving the company a feeling of ecstasy after it disclosed plans a year ago to become the world’s second-largest electric vehicle manufacturer in the world.
The company also disclosed plans to increase its production capacity of electric vehicles to 600,000 units by 2023.
Ford is clearly not resting on its oars despite smashing its goal, as it plans to top Tesla in EV sales by Mid-Decade. Ford estimates that it will build 2 million electric vehicles worldwide by 2026.
Tesla on the other hand still dominates the EV sector in the U.S with a 65 per cent market share of new EV sales.
However, a recent report from S&P Global reveals that Tesla’s market dominance in the US electric vehicle sector is gradually waning, down from 79 percent in 2020 and could drop below 20 percent by 2025.
Tesla’s waning dominance is due to a slow rollout of EVs in a more accessible price range below $50,000 where the company currently does not compete. As newer and more affordable options arrive Tesla’s share of the overall market is set to dive.
A research author John Murphy believes that Tesla will lose its dominant position in the EV market because it is not expanding its portfolio quickly enough to keep up with both legacy automakers and new startups that are ramping up their EV lineups.
The analyst says “Tesla CEO Elon Musk has had a vacuum for the last 10 years in which to operate where there hasn’t been much competition, but “that vacuum is now being filled in a massive way over the next four years by very good product.”
Few analysts have predicted that both Ford And GM Will Overtake Tesla By 2025. Will the prediction be successful, or will Tesla continue to dominate the EV sector? time will tell.
As oil-based revenue dwindles, the federal government of Nigeria has been counting on the non-oil sector to replenish the shortfalls. Though the revenue generated from the non-oil sector has significantly fallen short of what is required to meet government’s financial needs, it has been lauded by the finance minister Zainab Ahmed.
On Thursday, while presenting the finance ministry’s scorecard of 2015-2023, Ahmed disclosed that the non-oil sector accounted for 73 percent of the government’s revenue.
This received the minister’s applause as it underlines a major boost to President Muhammadu Buhari’s economic diversification policies.
While appreciating the progress of the non-oil sector, Ahmed revealed that as part of its economic diversification plan, the federal government is ready to establish the Ministry of Finance Incorporated as an investment arm of the federal government.
“If the government is going to be in any business, the Ministry of Finance Incorporated is the investor standing on behalf of the government.
“Ministry of Finance Incorporated used to sit as a department in the treasury, but now we have the President’s approval to turn it into a world-class investment company. The Ministry of Finance Incorporated currently has 130 corporate entities and it has various investments in these entities,” she said.
This follows a similar move by the government to incorporate the country’s national petroleum company, the Nigerian National Petroleum Corporation (NNPC), as factored in the Petroleum Industry Act (PIA).
According to Ahmed, latest data shows that the non-oil sector had been contributing 30-35 percent to federal government revenue, but the figure had appreciated to 73 percent.
The federal government revenue shortfalls have been masterminded by the significant drop in oil revenue, which is as a result of oil theft and oil installation vandalism. But the minister said that crude oil production had moved up to 1.3 million barrels per day (mbpd), from a low of 800,000 bpd.
The minister also spoke about other fiscal policies geared toward economic growth, which include laws designed to enhance the current tax regime.
“We’ve introduced the annual finance acts which are the main fiscal instrument we use to carry out fiscal policy programmes and to amend fiscal laws that have either been problematic for businesses or unfair to businesses, or bring in more revenue to government.
“We’ve been able to enhance it among several tax laws and improve tax administration efficiency. We’ve also been able to increase taxes. For instance, the VAT increased from 5 per cent to 7.5 per cent. We’ve been able to reduce taxes for small businesses,” she said.
Before getting into the distinction between optimistic and zero-knowledge rollups, a refresher on what a rollup actually does will be helpful.
What Is the Purpose of Rollups?
Rollups are considered off-chain (or Layer 2) scaling solutions because they execute transactions outside of the core Layer 1 blockchain on which they are built. If this sentence does not fully make sense, I recommend reading the beginning sections of my Previous publication on zkEVMs.
How does moving transactions off-chain increase scalability? Think of it like this?—?if every transaction on a blockchain network were executed and processed on the Layer 1, unless that network is capable of supporting high transaction speeds (i.e., the amount of time needed to fully confirm a transaction) and throughput (high transactions per second), bottlenecks will occur.
Rollups help by alleviating the processing burden of Layer 1s. Rollups process transactions “offline” from the main network, bundle (or “rollup”) these transactions into a single block, and then send that block back to the Layer 1 for final publishing. In effect, by processing thousands of transactions off-chain and only submitting a single transaction to the main network, rollups can greatly increase the scalability and throughput of an underlying Layer 1 blockchain.
Whereas the current Ethereum network can process about 30 transactions per second (TPS), rollups have the potential to increase throughput to hundreds or even thousands of TPS.
For purposes of this article, we will be limiting scope to rollups within the Ethereum ecosystem. With that context, it should also be noted that by publishing transactions on-chain, rollups inherit the security of the main Ethereum network. This structure is in contrast to some other off-chain scaling solutions like sidechains, which derive their security separately from Mainnet.
As a result, rollups are generally considered safer scaling solutions than sidechains and other alternatives like, for example, validiums which do not store transaction data on the main network.
Now to the first of the two main types of rollups. Optimistic rollups derive their name from the way in which they post transaction data on-chain. They post this data in an “optimistic” way?—?i.e., when posting, they assume all off-chain transactions are valid.
Taking a step back, consider for a moment what is actually occurring when rollups post off-chain transaction data back on-chain. When transactions are initially executed off-chain on a rollup, the Layer 1 has yet to finalize and recognize their occurrence.
However, when these transactions are posted on-chain, the main network must account for them and transition its “state” (i.e., its historical record of transactions, almost like a balance sheet at a single point in time) accordingly. The challenge becomes how to prevent potentially fraudulent transactions that have occurred off-chain from making their way on-chain through this posting process.
As noted above, when posting, optimistic rollups assume all off-chain transactions are valid. How can optimistic rollups do this while also ensuring fraudulent transactions do not make their way through? There is a fraud-proving scheme in place to help here.
After a rollup batch is submitted to the main network, there is a time window (called a challenge period, lasting roughly seven days) during which anyone can challenge the results of a rollup transaction by computing a fraud proof.
Without getting too into the details, if a fraud proof succeeds for a particular transaction, the rollup re-executes the batch that was previously submitted so that the invalid block/fraud is excluded the next time around. Alternatively, if the rollup batch remains unchallenged after the time window has expired, all transactions in a batch are deemed valid and accepted on the main network. Fraud proofs therefore facilitate what is known as “trustless finality”?—?as long as a transaction is valid, it is guaranteed to eventually be confirmed.
However, one risk is that this security model requires at least one honest node executing rollup transactions and submitting fraud proofs to challenge results. Otherwise, malicious operators would be able to post invalid blocks and potentially steal funds without challenge or oversight.
What are some examples of optimistic rollups out there? As of writing, Arbitrum One and Optimism are the largest in terms of total value locked (TVL) ($2.41bn and $1.44bn, respectively).
At a high level, zero-knowledge (ZK) rollups are not all too different from optimistic rollups. Like optimistic rollups, transactions are executed off-chain and subsequently bundled into batches. However, instead of then posting all transaction data on-chain like optimistic rollups, ZK-rollups submit validity proofs to the main network in order to finalize.
There are a few main pros and cons that are worth noting when comparing optimistic and zero-knowledge rollups.
In terms of total value locked (TVL), optimistic roll-ups are currently much more popular than ZK-rollups. This state of affairs may seem counterintuitive given that ZK-rollups appear to offer clear benefits in terms of transaction finality, security, and scalability.
However, if we consider how complicated zero-knowledge technology is to build and the fact that ZK-rollups are yet to be EVM-compatible, things start to make more sense. As technology improves and EVM-compatible ZK-rollups start being introduced, developers will likely begin to leverage the scalability and security guarantees of zero-knowledge proofs more which will help close the gap.
A Stop-Loss (SL) level is the predetermined price of an asset, set below the current price, at which the position gets closed in order to limit an investor’s loss on this position. Conversely, a Take-Profit (TP) level is a preset price at which traders close a profitable position.
So as a Crypto trader on Kucoin, you setup your perfectly researched trade then place your stop loss and take profit.
After that, there is really nothing much to do but to step away from your computer and relax. You have done this several times before without any issues.
Two hours later, you come back to check your trade only to see that you have dropped way below your stop loss but it didn’t trigger. It skipped your stop loss. Imagine the nightmare if the Crypto Market crashes and just keeps dropping.
LOSES
This is a more common scenario than you think. There are complaints from cryptocurrency traders on various exchanges that stop loss gets skipped sometimes. Personally, I have experienced it too, It is not pretty.
Finally, there is a fix for that while trading on Kucoin Exchange. The solution is to use an OCO by placing a stop loss and a stop limit order where the stop limit order will tell the exchange like Kucoin that the stop loss is coming up.
While using an OCO, the Stop Limit order is the equivalent of ringing a bell before entering someone’s house.
Click here to go to kucoin.com
So what is OCO?
OCO stands for One Cancels the Other.
While trading on Kucoin using OCO to safeguard your trades, there are four parameters you need to know.
Price: This is the amount you WISH to sell your cryptocurrency at if the universe is in your favour.
Stop: This is the Stop-limit trigger that tells Kucoin exchange that your stop loss is coming up.
Note: Most traders place the stop trigger a little bit higher than the limit (stop-limit) called the cushion in crypto trading.
I, usually add an extra safety measure by setting alerts at the Stop-limit trigger price so I know when it triggers and i can check to be sure.
Limit: This the actual Stop-loss amount you are going to sell at.
Amount: This is the number of the crypto you want to sell. For instance, 0.01 BTC or 2 ETH.
Example; You place a buy trade on 0.005 BTC/USDT at the entry price of $1900. Then you put your take profit at $2200 and your stop loss (Limit) at $1800. That should be the end of it.
But, due to issues with stop loss not triggering, you decide to place an OCO order by making the stop limit (Stop) order $1850.
If the trade goes against you and hit $1850 which is your Stop, it sends a “message” to the cryptocurrency exchange like Kucoin that your actual stop loss (Limit) is about to hit.
Once the trade hits $1850 which is your stop loss (Limit), the trade automatically closes. A simple way to solve a modern problem.
How To Setup OCO in Kucoin?
Step 1: Go to your Kucoin trade terminal
On the lower right of your screen, select “limit order” as shown in the picture below.
Then choose OCO and your Price, Stop, Limit and Amount will be displayed as shown in the table below.