Crypto News Jan 10, 2022

  1.  What Is Phantom Wallet? How to Use DeFi & NFTs on Solana

The concept of crypto wallets integrating into web browsers is rather new, popularized by MetaMask for Ethereum. The Phantom Wallet is Solana’s answer to MetaMask, as a part of Web 3.0. Web 3.0 tries to bridge the decentralized nature of Web 1.0, where people and businesses had their own website, with the modern functionality and interactivity of Web 2.0. This is the essence of Web 3.0. Once you connect the DApp to your Phantom, you will be able to move crypto assets between the two freely. For instance, by playing certain blockchain games, you can earn tokens, which you can withdraw into your Phantom Wallet.

Fantom  is under the radar right now, but probably not for long. The crypto had an amazing run-up last year. The coin sold for $0.02 a year ago. Now it’s trading at $3 a coin. Fantom is a lot smaller with a market cap of $7 billion versus $43 billion for Solana. I think part of that discrepancy is because Solana, unlike Fantom, can be bought and sold on Coinbase , the biggest crypto exchange. Fantom is also rocking the total number of transactions on the blockchain. A year ago, Fantom averaged of 4,000 transactions a day. Now the network is averaging 750,000 a day.

Digital currency markets shed billions in value this past week and the leading crypto asset bitcoin (BTC) lost close to 10% during the last seven days. On Saturday, January 8, 2022, the price hit its lowest point since the end of September 2021, tapping a low of $40,517 per unit this afternoon. The CFGI score hasn’t been this low since the summer, on July 21, 2021, which was roughly 171 days ago. The score has changed a great deal since even yesterday, when the CFGI recorded the “extreme fear” sentiment score at 18. Last week the CFGI score was 21, and 30 days prior it was 29.

Solana (SOL) has become a major player in smart contracts and blockchain alternatives to Ethereum Over the past year, the network’s total blocked value (TVL) has grown by $ 660 million and spans over 40 applications decentralized. Nigel Green , CEO and founder of deVere Group, a leading consulting and fintech firm, expects both Ethereum and Bitcoin to overtake in 2022. The great strength of the Solana blockchain is its very high speed in transactions (50,000 transactions per second, compared to Ethereum’s 15-30, with costs of $ 0.00025 per transaction) which make it one of the most scalable and economical around.

JPMorgan has published a report in which it has ensured that 2022 could be the year of greater interoperability between Blockchain networks and financial tokenization. The JPMorgan report, according to Blockworks, was led by Kenneth Worthington and Reginald Smith, who, although they believe that 2022 will be a very important year for the crypto market, assure that it will depend on some factors. JPMorgan ensures that Bitcoin “particularly well designed as a modern store of value, and the solid design has contributed to increase its trust and value.”

In December 2021, crypto-analyst Spencer Noon opined that while Web3 enthusiasts might consider Solana to be the second-most used smart contracts platform, the ‘daily active users’ data revealed a different answer. This was none other than Polygon. Adding to Noon’s daily active user count, Nailwal also claimed that Polygon had 2,000-3,000 active developer teams while Solana has just 200-300 active developer teams. when the Solana wallet Phantom released its 2021 stats and boasted of having more than 1.8 million monthly active users, journalist Laura Shin made sure the wallet was talking about users – and not active addresses.

While most assets have suffered thanks to the bearish sentiment, outliers that have risen over the past week include Chainlink, Harmony, and the Cosmos-based decentralized exchange Osmosis. While this week has been rocky for most major crypto assets, it follows a prolonged slump across the market. Bitcoin is now down 39.2% from its $69,000 high recorded in early November, while Ethereum is 36.1% short of its peak. Many lower cap coins are down 50% or more. After this weekend’s shaky price action, the popular Crypto Fear & Greed Index has registered a score of 23, indicating that the market is in “extreme fear.”

Cryptocurrencies are a relatively new invention. In the past few years, they have gained tremendous traction thanks to mainstream popularity. It has also revolutionized numerous industries, especially the banking sector. For instance, crypto is now used for payment and cross-border remittances, filling a gap left by traditional banking systems. As a result, investors have found crypto to offer great investment opportunities. It is therefore imperative that you understand cryptocurrencies’ scope. The Value of Global Cryptocurrency Markets Increased by Almost 3000% Between 2020 to 2021 The total cryptocurrency market increased from $100 billion in early 2020 to $3 trillion in 2021. This represents a 3000% growth.

Shiba Inu and Dogecoin  both have been riding the popularity wave of cryptocurrencies with a dog as a mascot. Dogecoin also beats Shiba Inu by value of individual tokens. It’s worth about 15 cents while Shiba Inu trades for a fraction of a cent. Shiba Inu isn’t a blockchain itself and can’t host smart contracts. So, users can’t go to Shiba Inu for decentralized applications that allow them to buy insurance or manage their investments. Dogecoin has an unlimited supply overall. That limits gains. But right now, about 132 billion tokens are in circulation. That’s a lot fewer than the 549 trillion Shiba Inu coins in circulation.

  1.  Victims of $200 million hack of BitMart crypto exchange still waiting to get their money back

Cryptocurrency exchange BitMart promised a full reimbursement to the victims of the platform-wide $200 million hack, but some users still haven’t gotten their money back, according to a report from CNBC. Hackers made off with a variety of tokens on December 4th after using a stolen privacy key to gain access to one of BitMart’s hot wallets. Shortly after the incident, BitMart announced that it would use its own funding “to cover the incident and compensate affected users.” However, as CNBC reports, there are still several frustrated users who have yet to see their funds returned.