Crypto News Dec 21, 2021

  1.  The Morning After: Adidas’ first NFT drop made $23 million 

Over the weekend, Adidas’ first NFT effort made over $23 million in Ethereum, from a $15.5 million Early Access phase and $7.5 million in general sales. Non-fungible tokens areunique. (That’s what non-fungible means.) They’re sort of like a digital trading card in a lot of ways. It wasn’t entirely smooth sailing — Adidas had to halt early transactions due to a technical hitch. It did, however, prove there’s an audience for NFT collaborations, starting with this partnership with Bored Ape Yacht Club.

Diamante’s co-founder and Chief Operating Officer Chirag Jetani told the International Business Times in an exclusive interview that the auction house will feature products including rare natural diamonds, gems, jewellery and artefacts images. Fintech firm Diamante Blockchain’s first-of-its-kind Non-Fungible Token (NFT) based diamond auction house, which it plans to make live in February, is set to change the diamond market forever by leveraging the power of blockchain technology.  Investors will be able to purchase the NFTs using the company’s native token DIAM. Jetani said the price of the NFTs will depend on the auction value.

Grim Finance lost $30 million following this hack. The platform has already confirmed that it suffered from an “advanced attack.” The protocol stated that “the exploit was found in the vault contract, so all of the vaults and deposited funds are currently at risk.” Decentralized finance (DeFi) projects have been suffering from major hacks this year, and the total amount lost through these hacks is only increasing even as the year ends. The latest victim of these hacks is Grim Finance. The platform has already shared an audit of its vault contracts. The data shows that all deposits made into vaults on Grim Finance have been halted to ensure more funds are not stolen.

A successful entrepreneur with an eye for technology, Kevin  O’Leary has always been ahead of the curve in one way or another. Kevin O’Leary is best known as Mr. Wonderful on the ABC TV series Shark Tank. He famously founded SoftKey Software Products, which went on to complete a series acquisitions, before it was sold to Mattel for $4.2 billion. Nowadays, O’Leary is deeply focussed on the world of crypto. He’s openly discussed his interest in Bitcoin and DeFi, and more recently has been paying attention to NFTs as the technology has entered the mainstream. 

Cardano hasn’t been immune to criticism. For example, while its executives have maintained a transparent and optimistic view of where they see the project heading in the future, it has also been targeted by many for its “misleading” accounts of adoption. Cardano has been one of the industry’s better-performing projects over the last few years. ADA, especially, despite its recent downtrend, has come a long way on the price charts, with its steady stream of developments helping it along. According to the exec, it intends to play the long-term game regardless of what other competitors pursue in the shorter run. 

Cointelegraph is following the development of an entirely new blockchain from inception to mainnet and beyond through its series, Inside the Blockchain Developer’s Mind. The third consensus algorithm that was proposed about a year after proof-of-stake but, for reasons that should become clear, has never actually been implemented as a consensus algorithm on a general purpose blockchain. Instead of forcing block producers to sacrifice capital to acquire and run hardware in order to gain the ability to earn block rewards, in proof-of-stake, the token holders need only sacrifice the liquidity of their capital in order to earn block rewards.

While the broader market is starting to become cautious to save itself from any more price falls, AVAX is already close to recovering all the losses it suffered this month. Avalanche, as one of the biggest DeFi blockchains in the world, has driven a lot of investors towards it over the past few months. With over a hundred protocols, it is in competition with Solana for the #4 spot. Having risen by almost 43% this month, the network has been seeing a huge influx of money and participation – Something very unusual for the altcoin. 

Solana (SOL) has become a major contender in the smart contract industry and over the past year, the network’s total locked-down value (TVL) has grown by $ 660 million and spans over 40 decentralized applications to reach an all-time high of more than $ 11 billion. Analyzing the price trend of the last six months, there is an apparent decoupling from Terra (LUNA), Solana and Avalanche compared to other competitors of the smart contract platform. It is possible to buy, hold and sell Solana SOL tokens and the main cryptocurrencies on the market, directly from the world’s leading online investment platform eToro.

In 2009, Satoshi Nakamoto released Bitcoin unto the world, and with it, a technology with the potential to define the next century: blockchain. While blockchains are advantaged in this regard, the privacy they provide is not perfect. Sender and receiver wallet addresses, as well as transaction amounts, are stored permanently on blockchains for all to see. Further, most people enter the cryptocurrency market through centralized exchanges like Coinbase which require their members to pass KYC (Know Your Customer), a process used to verify the identities of individuals in accordance with regulations.  

  1.  Whale Alert-15,000,000 XRP Transferred from an Unknown Wallet 

An unnamed whale has sent an enormous amount of XRP crypto to Bithumb from an anonymous wallet. According to blockchain monitoring and research company Whale Alert, the transaction’s total value was highlighted as being $13,204,297 US dollars. When a transaction is made on any blockchain, Whale Alert keeps track of it all and maintains it in a single database in a traditional manner. With the help of humans and artificial intelligence, automated assistance is employed to maintain these databases up to date. Hundreds of millions of dollars of XRP have changed wallets by crypto whales in a single day. Massive crypto transfer networks were discovered by Whale Alert’s blockchain monitoring and research tool.