Why Filecoin’s hyped token launch was a multimillion “failure”BTC $11,445 (+1%) • ETH $375 (+2.4%) • XRP $0.24 (+0.8%)
Decentralized file-sharing project Filecoin launched last week after years of development and a jawdropping $200 million ICO. But critics and miners are calling it a failed launch. Its fees are turning out a pain point—data shows miner prices to use Filecoin network cost over $40,000 (with hosting and maintenance), in contrast to centralized alternatives like Amazon Web Services which charge a fraction of the amount. Miners using Filecoin’s “space race” testnet, essentially a bounty-like offering for miners to provide hashpower to the network (using their own expensive hardware) for testing also turned out a disappointing affair at launch, as some pointed out. 📈 Trending … DeFi Tokens • Oracle Tokens • Biggest Gainers • Stablecoins More news ⏬Cardano’s Ouroboros paper is the 2nd most cited academic paper about cryptocurrencies and blockchain“Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol” has made it to the topmost cited security papers list. Ethereum data: Top crypto investor Polychain has accumulated 330 Yearn.finance (YFI)Yearn.finance (YFI) has faced an extreme decline in recent weeks as the once-leading DeFi project has faced a series of shortcomings. Once popular SAFE/COVER token on Ethereum plunges 62% after community outrageThe COVER token, originally called SAFE, relaunched after an initial dispute among within founding team. Here’s why DeFi and decentralized exchanges could grow even moreDecentralized finance (DeFi) has seen parabolic growth since the start of 2020, with the total value locked in these contracts, largely based on Ethereum, rising from $1 billion to $12 billion now. Data firm: OKEx saw $113m in Bitcoin outflows just before suspending withdrawsThe crypto industry was struck with another unexpected development last night that sent shockwaves throughout the market and caused Bitcoin’s price to reel lower. Prominent Silicon Valley investor Naval doesn’t think Bitcoin goes to $3k againLegendary venture capitalist investor Naval Ravikant recently took to The Tim Ferris Show, an extremely popular podcast about business and self-betterment. 1,000,000 Ethereum would have been burned in the past year if EIP-1559 was liveEthereum users have faced extreme transaction fees over recent weeks and months. At one point, there were users paying $10-20 just to send ETH and ERC-20 tokens from address to address as the cost of gas spiked to 1,000 Gwei and beyond temporarily. Isle of Man authorities publish guidance on Bitcoin and crypto businessesThe Isle of Man Financial Services Authority (IOMFSA) has published guidance setting out its position regarding the applicability of financial regulatory requirements to cryptocurrencies and tokens issued using blockchain technology, as per a release shared with CryptoSlate. Here’s why Tether (USDT) could overtake Ethereum by 2021Tether (USDT), the world’s largest stablecoin by market cap, could reach a valuation higher than Ethereum in 2021, the latest issue of Bloomberg’s Crypto Market Outlook suggested in a report earlier this month. Featured event
Virtual Blockchain Conference BlockDown is back for a third edition this Halloween (Oct. 22-23) with a host of the blockchain world’s biggest and brightest stars lined up to deliver ground-breaking keynotes and spark informed and fierce debate on the industry. Whilst the virtual conference space has been saturated in recent months, BlockDown Conference has consistently delivered the best content and is a must for any avid crypto enthusiast. 🗞 Got a story tip? Email tips@cryptoslate.com Crypto market dataFor more pertinent market data, please see: Connect with usDisclaimer: None of the content in this newsletter is meant to be financial advice. Please do your own due diligence before taking any action related to content within this article.
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Why Filecoin’s hyped token launch was a multimillion “failure”