Binance is charged with mass wash trading in this lawsuit and were also accused of mass insider trading in the CFTC lawsuit . At one point, wash trading allegedly accounted for 30% of volume of a token on Binance to even 50% done by one entity with dozens of accounts. Allegations looks really ugly
Cardano set to release 1st ever FORMALLY VERIFIED crypto-backed algorithmic stablecoin contract that acts as an autonomous bank / up to 8x over-collateralized and can thus prevent a death spiral by blocking the burning and minting of coins / can tolerate ADA's instantaneous crash of 75%
tldr; A crypto trader is watching two low-cap altcoin projects, Venus (XVS) and Flux, as they have formed prime setups near resistance levels. The trader expects an explosive move through resistance for both coins. Additionally, the trader is also looking at COTI, a DAG protocol, and is already in a long position. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Not necessarily, OP mentions that he's already invested in a project - which we assume means he has some tokens. And they're airdropping a separate governance token. Quite a few projects do this, a separate token which has no value. COTI do this with gCoti.
$ADA Half this sub passionately hates it, but not one of them can describe why properly beyond that they hate Charles. Here's how it went: IOG: We have a new blockchain and cryptocurrency called Cardano. We're prioritizing security, decentralization, and scalability in that order. We're gonna be proof-of-stake eventually, but not at the beginning. Sub: $ADA is trash, no proof-of-stake IOG: OK, we have proof-of-stake now... Sub: Right, but $ADA is trash b/c it doesn't have smart contracts IOG: OK, we have working smart-contracts now... Sub: $ADA and its smart-contracts are trash... They need Haskell, and devs hate Haskell, which is why they have no projects like DEXes IOG: OK, we now have multiple DEXes, incl. SundaeSwap, MuesliSwap, Minswap, Wingriders, and ADAX... Not only that, we have a native oracle called Charli3 and stablecoins from COTI (Djed) and Indigo (iUSD)... We're also coming out soon with a sidechain (Midnight) that will let you use TypeScript, Rust, or any WASM-based language... Sub: $ADA is trash b/c Charles is a fat libertarian fuck who dared to point out that his chain has more features than the project of my biggest bags (ETH) TL;DR: Most of crypto, incl. this sub, is tribalist and only cares about shit when it's pumping... Nobody does DD, which is why half this sub lost money on Terra/Luna, Celsius, FTX, and so on... Someone who did their research should know that decentralization, open-source, and self-custody are king... IMO, the only "right" thing to do is buy either BTC, ADA, ALGO, or ERGO and store it on a Trezor, as those are some of the only coins that still care about decentralization
Well it's difficult to tell unless you get on board. However, from the utilities some projects offer it can give one a hint. Once global adoption and acceptance of crypto as a means of payment, crypto payment projects like CYMI, COTI, ZPAY will see best days.
tldr; Cardano's stablecoin DJED is facing challenges due to a decline in its reserve ratio. Users have encountered problems with depegging and unminting since DJED's release on the mainnet. The reserve ratio has fallen below the safe threshold, causing the stablecoin to depeg on all decentralized Cardano exchanges. COTI, the issuer of DJED, acknowledged the issue and stated that the stablecoin has failed to maintain the required reserve ratio. The Cardano community has expressed mixed reactions, with some criticizing COTI for insufficient liquidity and others defending DJED's performance. Measures to maintain the stablecoin's value have been suggested, including ceasing minting SHEN reserve tokens. This development comes after DJED was recently used for lending and borrowing on Liqwid. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Just found something on the SEC judging COTI to be a security - Per the COTI site, “COTI is regulation-ready, which is a base requirement for enterprises when entering Web3. COTI has performed Know Your Customer (KYC) and Anti-Money Laundering (AML) checks to all holders of COTI’s native coin in the COTI VIPER Wallet since inception and works in a prudent manner, making it ready for the challenges of tomorrow.” True to form, it seems the SEC is now putting COTI’s “regulation-ready” status to the test. And, per the commission’s filing, considers the token to be a security and that “information COTI publicly disseminated has led COTI holders reasonably to view COTI as an investment.”
LCX is an exchange token for the LCX exchange which also offers bonds and pNFTs (tokenisation) for diamonds. The only reason they are targeted by the SEC is because of Coinbase and insider trading involving roughly 8 different cryptos and LCX happened to be on the list. For COTI they offer payment infrastructure for businesses and are working with big game developers to implement this. But idk the SEC reasoning for calling it a security as they are fully Middle-Eastern based.
You haven't tried looking. From a recent top post on this subreddit [https://www.reddit.com/r/CryptoCurrency/comments/1448ltd/binance\_is\_charged\_with\_mass\_wash\_trading\_in\_this/](https://www.reddit.com/r/CryptoCurrency/comments/1448ltd/binance_is_charged_with_mass_wash_trading_in_this/) That shows periods in April 2022 where Sigma Chain wash trading alone was > 30% of [Binance.US](https://Binance.US)'s volume for COTI. From a paper, "[Crypto Wash Trading](https://www.nber.org/papers/w30783)," [Binance.com](https://Binance.com) is estimated to have > 50% of its BTC, LTC, ETH, and XRP volume to be wash trades in 2019.
Also worth noting that COTI was named by the SEC too - COTI literally bars like half the world from using its ecosystem. US users cannot even use their native wallet to access their staking rewards which is ironic because barring US users has been a big point of contention in the COTI community as the price continues to fall. Yet here we are, the chain that has tried the hardest to be proactive on regs gets nailed.
Also the SEC complaint identifies 10 tokens it deems to be unregistered crypto asset securities. The target list includes some of the biggest names in crypto: $SOL, $ADA, $MATIC, $FIL, $ATOM, $SAND, $MANA, $ALGO, $AXS, and $COTI. Be prepared.
In federal court documents, the SEC deemed the following tokens securities: SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS and COTI. The SEC refers to these ten tokens and others as “crypto asset securities” in its complaint.
>The SEC also alleged that a number of other tokens, including the native coins for the Solana (SOL), Cardano (ADA), Polygon (MATIC), Coti (COTI) and Algorand blockchains (ALGO), Filecoin network (FIL), Cosmos hub (ATOM), Sandbox platform (AXS), Axie infinity game and Decentraland (MANA) are securities There are some new ones there Every premine, ICO, VC coin are going to be classified securities. Coinbase was served a wells notice few weeks ago. It'll be interesting to see what comes out of that investigation.
Coin has to have good tech, good community. Good ethos. For me its: BTC, ADA, ERGO, ROSE, CKB, COTI. I'm stuck with a bunch of CRO due to the card but want to see if they make a comeback before I just dump it.
BTC, ERGO, ADA, & ROSE (At this point DCA'ing up on BTC and ROSE 😧) I've reached a good number on CRO, COTI, and CKB so done with them. CRO and CKB in Stake/DAO accumulating, COTI reminding me it sucks they don't allow sh*t in America..
tldr; The gCOTI Airdrop campaign for native COTI holders ended on April 24th. The second phase of the gCotI airdrop for ERC20-based tokens is now live. ChainGPT launched its first AI IDO on Seedify. Astar Network launched its second version of its smart contracts that support EVM and WASM. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Fingers crossed. Have my SOL, NEAR, MATIC, ARB all ready and primed. Made 30% on COTI pump so at least that has been something. Put a stop loss in as well to take profits. Trying to learn from my previous mistakes.
AGIX, World Mobile, COTI or Empowa are the first projects that come to mind. Cardano is quick and easy to use, fees are deterministic and not dynamic, giving me full control and predictability. Staking is actually easy so it's mainstream compatible.
>You might be taking my posts a bit too literally, it was just a joke about articles on Cardano now claiming it’s an EVM in response to the OP, but I left off the /s. Yeah, I highly doubt that was meant as a joke, and Cardano didn't claim anything. A single dev did, and some agreed to it. This isn't the first time you went for the "it was a joke". >We often have fairly constructive and useful conversations, I’ve got no gripes with you. [Ignoring me when I call you out for disinformation](https://np.reddit.com/r/CryptoCurrency/comments/11fbdfn/comment/jasbowe/?utm_source=share&utm_medium=web2x&context=3) isn't "fairly constructive and useful". [Posting erroneous articles about DJED](https://np.reddit.com/r/CryptoCurrency/comments/10v78i0/comment/j7geuad/?utm_source=share&utm_medium=web2x&context=3) isn't "fairly constructive and useful". [Lying about COTI taking all the fees for DJED](https://www.unddit.com/r/CryptoCurrency/comments/10pxepq/comment/j6munfc/?utm_source=share&utm_medium=web2x&context=3) isn't "fairly constructive and useful". [Falsely saying the MELD isn't releasing on Cardano because it is "dead on arrival"](https://www.unddit.com/r/CryptoCurrency/comments/10c6xwj/comment/j4f1goi/?utm_source=share&utm_medium=web2x&context=3) isn't "fairly constructive and useful". [Blocking me for asking you to explain yourself](https://www.unddit.com/r/CryptoCurrency/comments/wbi144/comment/ii6z584/?utm_source=share&utm_medium=web2x&context=3) isn't "fairly constructive and useful". [Calling Cardano a scam](https://www.unddit.com/r/CryptoCurrency/comments/vz5pnj/comment/ig8ag4f/?utm_source=share&utm_medium=web2x&context=3) (and going for the "iT wAs A jOkE") isn't "fairly constructive and useful". You never responding to what I say isn't "fairly constructive and useful". Point to one isn't "fairly constructive and useful" we've had, because I honest to God cannot find one. >As for misinformation, the original point which you’ve been going after me for some months now was my claim that the Meld CEO had implied that launching on Cardano mainnet was going to be difficult and that they were considering Avalanche as a Plan B. I was referring to you posting an article claiming DJED crashed to 13 cents was the misinformation I was talking about. As for MELD, I never once claimed you said that MELD launching on Cardano would be difficult (according to the CEO), so that's just a lie. Show me evidence saying otherwise, though you either going to: 1) Block me again. 2) Not respond at all. 3) Reply, but don't actually address what I'm saying. Also funny you don't deny your cultism. At least your honest about something.
tldr; COTI CEO Shahaf Bar Geffen said COTI had always planned for Djed to branch out from Cardano into other blockchains, but recent stablecoin turbulence has accelerated the move. He added that non-Cardano protocols had requested that Djed go multichain. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*
tldr; COTI CEO Shahaf Bar-Geffen explains why DJED didn’t lose its peg during this month’s market turbulence. He says DJED will migrate to other blockchains because all decentralized finance ecosystems could use a reliable stablecoin. COTI plans for DJED to be available on blockchains like ETH, Binance Smart Chain and more. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*
> Cardano has a very big VC arm called Emurgo and then there’s Charles’ VC arm called cfund as well. True, but Emurgo funds projects through cFund, I was talking about VC’s directly funding projects which usually manifest as large liquidity injections (in exchange for tokens). > DJED is run by a private company called COTI that is backed by the IOG VC: COTI is it’s own seperate entity with it’s own CEO > IOG contracted them to build the front end for Djed.xyz and administer the protocol because they are headquartered in Girbraltar and don’t directly allow US based customers to interact with their products. This was in anticipation of stablecoin regulations. > So it has a lot of VC involvement, it’s the organic non-VC growth that it’s struggling with. This was my point - to attract users, a lot of other projects will grease the skids with liquidity (often provided by investors) to make the project look attractive for other users, then slowly pull their money out as outside liquidity flows in. I’ve been invested in COTI and Cardano for years now, I’m just disappointed with how COTI handled the Djed launch/messaging surrounding the launch but at least it’s finally here!
Cardano has a very big VC arm called Emurgo and then there’s Charles’ VC arm called cfund as well. DJED is run by a private company called COTI that is backed by the IOG venture fund: https://iohk.io/en/blog/posts/2021/07/28/a-closer-look-at-the-cfund/
You’re correct. Djed is an over-collateralized stablecoin, it needs to have $10M locked in the treasury to mint 2.5M Djed. The incentive to mint the reserve coin won’t really be realized until the next big run so it just kinda sits there for now. COTI probably owns some of the reserve coin. But the USD value of the whole protocol is under $15M USD - Cardano doesn’t really do VC stuff and this is where it hurts.
yeah, of course, but a stable coin enables you to accumulate more BTC it's not needed but it's pretty damn useful i would never go all in a stable coin but it's very nice to offset/hedge some of you holdings as insurance for the market volatility a legit working decentralised algo stablecoin is exactly whats been missing from crypto cavet - DJED smart contracts controlled by the COTI group, so there is still some centralisation at this point, when the final version is released the smart contract contol will be released to a DAO - and if they don't do that then DJED will be replaced the tech has been battled tested throughout the bear and it's pegging like a champ i don't understand why other L1 chains havent copied the design yet, the research has been published for 2 years now!
> Sure, but let’s be honest here - how big is the commercial value of a depegging, expensive to operate, stable coin? Huge. Especially as it's never depegged and cheap in comparison to equivalent competitors. (DAI is 8.5% fee) > And is it really that decentralized? COTI is maintaining and developing it, controlling parameters etc. The commercial success will probably depend from their ADA/DJEDpay. Places where they are regulated don’t look too promising either. SigUSD is very decentralised. On ADA I think COTI are just taking the UI fee, you can still bypass them and interact with it on-chain. Or launch your own instance ;)
Sure, but let’s be honest here - how big is the commercial value of a depegging, expensive to operate, stable coin? And is it really that decentralized? COTI is maintaining and developing it, controlling parameters etc. The commercial success will probably depend from their ADA/DJEDpay. Places where they are regulated don’t look too promising either. Many risks and downsides in order to avoid one risk of freezable, asset backed stables.
It was all bleak, but comprehensible up until this point >COTI has suggested that DJED "has more holders than stablecoins with market capitalizations of hundreds of millions of dollars." The team added that they are "very pleased" with the current data. wdym ?
Did you even read the thread that you provided? You cant interact with the script policy because its only a hash. Everytime you interact with a smart contract you need to upload the script with the transaction. The smart contract is not available to the public, is controlled by COTI There are none smart contracta living on chain on cardano (cardano 101) If access to djed.xyz gets shutdown no one can mint or burn, is not possible :P Because script policy is linked to COTI wallet and no one owns the source code of the smart contract. There is no algorithm live controlling the supply, COTI has been lying badly, backed up by IOHK
> Charles cares immensely about crypto as a technology and wants nothing but the best for it Not really, he only likes money and loves to flex about it. He is milking ADA moon boys pitch selling technology he and his team "created" but are just recyclated ideas from other projects, hydra is just lighting network, to give an example, or sidechains, an idea from 2017 that no one is working on nowdays. Cardano is full of buzzwords of things that it supposed to do but on reality cant do before it gets clogged. DJED is one of those example, there is no smart contract running that you can interact with, its just COTI minting a native custom token that is backed up by the ADA and SHEN, there no is algorithm or AI controlling the supply
A week ago I bought 8 alt coins for 100dollar, today they are worth 810 dollar: AZERO -> 110 Get Protocol -> 107 COTI -> 107 DJED -> 101 Moons -> 100 LCX -> 96 MNW -> 96 HBAR -> 93 Do what you want with this information
DJED is blocked from US participants, but it’s not immune from the SEC since it’s owned and run by COTI (who take fees). It’s very centralised, but they’ve tried to mitigate the risk of the SEC going after them as much as possible by banning Americans. EOS tried similar and had to settle with the SEC, as it was deemed inadequate - so let’s see.
I have had similar experience with you and it's really sad man. I learnt to take profits the hard way. Now I'm DCA-ing into cryptopayment project like COTI, CYMI etc because it's already gaining adoption and trust me to take profits when necessary.
It's funny because DJED itself is as far from a CBDC as you can get. Unlike USDT, USDC etc. DJED is a native asset on the Cardano network, there is literally no scope for censorship or control by anyone, let alone a government or regulator. In another way though, it's pert of Cardano DNA to have many different companies building different parts of the ecosystem, if one of them also happens to want to build a CBDC, so be it. If I put my tinfoil hat on, I can imagine at some point COTI multi-DAG becomes a side-chain secured on Cardano L1, and then all bets will be off because Cardano will be securing government CBDCs too.
No idea what COTI is I'm afraid, but BAT itself is not yield generating In the case of ETH, the yield is determined at the protocol level. BAT has no such mechanism and so you are essentially just lending and borrowing. This type of yield is not only less sustainable, but leads to the rehypothecation of assets and overleverage. Basically means you have stuff like last May happen.
>However, the "as intended" means poor design of an over-collaterized algorithmic stable coin. DJED has some bad design choices, but none of them have to do with price swings. I can't think of any overcollateralized stablecoin that had some price swings, even the most popular overcollateralized stablecoin DAI (which once rose to $1.10). Price swings are due to huge buy/sell orders, especially when the stablecoin has low liquidity. >which is quite funny considering ADA was supposed to tackle high fees. The high fees made by COTI has nothing to do with Cardano. I could make a protocol with high fees on cheap blockchains like Algorand, for example. Point is, anyone can build anything on permissionless blockchains, even if it goes against the fundamentals of the blockchain. For example, Ethereum is a blockchain which aims for decentralization, but there are centralized protocols built up on it (which get a lot of usage). That's not Ethereum's fault, it's just the nature of permissionlessness. >which is quite meaningless at it is still entirely controlled by COTI, and any DJED address can be still be black listed. The only thing COTI could do is blacklist minting and burning DJED (which is still bad, don't get me wrong). They can't blacklist an address from sending and receiving addresses, however. Even if they did ban an address from interacting with the protocol directly, the "blacklisted" address could still just send the DJED to a different wallet (which costs \~0.2 ADA), or even just swap the DJED for ADA, and use another address to swap to get the DJED (4+ ADA in fees).
Poorly researched, since it isn't deppeging we see, it works as intended. However, the "as intended" means poor design of an over-collaterized algorithmic stable coin. Those -+5% price swings are gonna be normal, which might be ok in some crypto-degen use cases, but unacceptable for serious business. Many ADA fanboys are here also wrong that it is possible to burn DJED for 1$ - fees are gonna eat it up, and they use their own pricing, therefore it is unlikely to get entire 1$ in exchange. Unless on free market, which is again is volatile by design, and defeats the purpose of a stable coin to some extent. It doesn't have to fail, but it will be insanely expansive to run, which is quite funny considering ADA was supposed to tackle high fees. Sure, the upside is that it can't be frozen, which is quite meaningless at it is still entirely controlled by COTI, and any DJED address can be still be black listed. Another downsides is that it can't be used to micro payments, because of high fees.
Officially, SHEN is DJED's reserve currency, and you can redeem it for DJED, similarly as you could redeem LUNA for UST. Basically, instead of minting/burning DJED directly with ADA, they added a step between where you mint ADA>SHEN>DJED, or burn it the other way around. My guess is: they went for a model with a separate/independent reserve coin, because ADA wasn't designed as a reserve coin, and in order to avoid regulatory issues. In my opinion, SHEN looks like an extra step to get rewards from all the DJED minting and underlying ADA staked, fees for things like mint/burning/staking/LP goes to SHEN holders, DJED operating fees as rewards to COTI holders. They made also some last minute changes AFAIK, so it might be not 100% accurate. Technically, we speak about 4 coins here: ADA, DJED, SHEN, COTI. It is capital efficient in the sense that no rewards are wasted and distributed among holders. I just don't think it is gonna be capital efficient in the broader sense, with up to 800% collaterization. A lot of capital just lying around in order to secure the coin. Sure, it is gonna be staked, but still I don't consider it as active usage. I am also not entirely sure what is gonna happen with all those ADA-collateral staking rewards DJED gets a lot of critique from ADA community, since operating fees are leaving Cardano ecosystem, and go to COTI holders. The counter argument is often that COTI holders are also ADA holders, but I think this is short-sighted view. I see rather the bigger potential in ADApay and DJEDpay, if those platforms are gonna be successful, it would benefit the Cardano ecosystem. If they are not, we gonna probably see value extractions out of Cardano, if DJED is used, or people opting out for another stable coin. I see it as a quite complicated system which is expensive to run resulting in high fees, with centralized parts, and not particularly user friendly. The main upside, in comparison with USDC, is that it can not be censored, which is good, on the other hand I see the entire coin model and company behind it as more risky.
Correct. The protocol fees are converted to $COTI - stability and network fees are of course, separate (although it seems they’re taking 25% of delegation rewards as well?). That seems fairly extractive, but they built it, so fair play.
I don't know why you always spread disinformation. COTI is not taking "all the fees". I don't like the fee structure they but in place, but saying all of it will go to them is a lie (and you probably know that). Only the operational fees are going COTI; mint and burn fees still go the equity pool for SHEN holders, and network fees of course go to the SPOs and the treasury.