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Why Forbes Labeled Ripple, Cardano and Fantom as Zombie Tokens

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Ripple (XRP), Cardano (ADA), Fantom (FTM) Amongst Forbes’ Zombie Tokens List

In a recent Forbes article, cryptocurrencies such as Ripple (XRP), Cardano (ADA) and Ghost (FTM) have been highlighted as “zombie tokens”. These have multi-billion dollar valuations despite minimal practical utility.

These “good-for-nothing” blockchains rely heavily on speculation rather than functional demand, reflecting traits of a speculative bubble rather than technology-driven markets.

Ripple (XRP), Cardano (ADA), Fantom (FTM) are useless: Forbes

Despite RippleAmbitions to revolutionize bank transfers by competing directly with SWIFT have largely failed to achieve its goals. The network continues to operate, processing $583,000 in transaction fees last year, a tiny figure compared to its $36 billion market value.

In a new one relationshipForbes explains that this discrepancy indicates its speculative nature rather than actual financial utility.

Cardan AND Ghost tell a similar story. With lofty market valuations of $23 billion and significant sums tied up in the treasury, their real-world applications are lagging.

Despite its global development plans and the founder’s public commitments Charles Hoskinson, Cardano has yet to move beyond the pilot phases in many aspects. Meanwhile, Fantom, while less publicized, rides the same wave of high speculation with minimal transaction volume.

“It’s as if early-stage venture capital funds or companies raise too much money and don’t know how to deploy it properly. There is no way to return the treasure to investors,” said Matt Hougan, CIO of Bitwise Asset Management.

Forbes classifies over 20 cryptocurrencies as zombies due to their lack of substantial user bases or functional applications outside of trading platforms. This situation highlights a larger problem within the cryptocurrency market. Considerable capital is tied up in questionable projects futures and usefulness.

To know more: 11 Cryptocurrencies to Add to Your Portfolio Before Altcoin Season

Forbes list of good-for-nothing blockchainsForbes list of good-for-nothing blockchains. Source: Forbes

This scenario pushes investors and users to proceed with caution, as the longevity and success of these platforms depends largely on market sentiment rather than fundamental value.

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In compliance with Trust Project guidelines, BeInCrypto is committed to providing impartial and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on this content. Please note that our Terms and conditions, Privacy PolicyAND Disclaimer They have been updated.

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Binance Burns $971 Million in BNB! Cryptocurrency Explodes!

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Binance Burns $971 Million in BNB! Cryptocurrency Explodes!

Monday, July 22, 2024 ▪ 3 minute read ▪ by Eddy S.

Binance recently completed its 28th quarterly BNB token burn. This event saw the destruction of 1,643,698.8 BNB tokens, valued at approximately $971 million at the time of the burn. This strategic initiative is part of the cryptocurrency exchange’s ongoing efforts to reduce the total supply of BNB! This increases its scarcity and potentially its value.

Cryptocurrency Burns BNB Binance

Binance: BNB Skyrockets After Recent Crypto Burn!

The concept of crypto burning involves permanently removing a certain number of tokens from circulation. This is done by sending tokens to a burn address, a special wallet from which they can never be retrieved. By reducing the overall supply of BNB, Binance aims to create a deflationary effect, which can drive up the price of the remaining tokens. This practice is a key element of Binance’s long-term strategy to increase the value of BNB and reward its holders.

The recent burn has had a significant impact on the cryptocurrency market. Following the announcement, BNB price increased by 0.5% to $596 and trading volume jumped by 22%. This increase in price and trading activity indicates growing investor confidence in BNB and Binance’s overall strategy. Investors often view token burns as a positive sign, as they demonstrate the company’s commitment to maintaining the value of its native token.

A show of strength for Binance!

The success of these burns highlights Binance’s solid financial health and ability to generate significant profits. The funds used for the burns come from Binance’s profits, underscoring the crypto platform’s strong revenue streams and operational efficiency.

Binance’s latest BNB token burn not only reduced the total supply of BNB, but also boosted investor confidence and cryptocurrency market activity. As Binance continues to run its quarterly burns, the long-term outlook for BNB remains positive! This, with a potential price appreciation and increased investor interest.

Maximize your Cointribune experience with our Read to Earn program! Earn points for every article you read and access exclusive rewards. Sign up now and start earning rewards.

Click here to join “Read to Earn” and turn your passion for cryptocurrencies into rewards!

Eddy S.'s avatarEddy S.'s avatar

Eddy S.

The world is evolving and adapting is the best weapon to survive in this wavy universe. Originally a cryptocurrency community manager, I am interested in everything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, there is nothing better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.



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5 Million PUSH Circulating Supply Stolen in WazirX Hack, Token Drops 48%

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5 million of circulating PUSH supply stolen in WazirX hack, token falls 48%

The entire reserve of PUSH tokens held on WazirX was stolen following the recent security breachresulting in the theft of over $230 million in digital assets. The hack, which occurred on July 18, 2024, sent shockwaves through the crypto community and led to a significant drop in the value of the affected tokens.

For Push Protocol, the developer of the PUSH token, the exploitersold 100% of the PUSH token holdings belonging to WazirX users. This massive sell-off contributed to a 48% drop in the value of the PUSH token. The stolen PUSH tokens were traced to an Ethereum address identified by Push Protocol. At press time, PUSH has recovered as much as 23% to $0.099, resulting in a net decline of 34% since yesterday.

Harsh, the founder of Push Protocol, provided exclusive comment to CryptoSlate, stating, “We are currently communicating with the WazirX team to see what the action plan may be,” indicating that efforts are underway to address the situation and potentially mitigate the impact on affected users.

WazirX took immediate action in response to the hack, temporarily suspending all deposits and withdrawals to prevent further losses. The exchange also launched a reward program offering up to $23 million for information leading to the recovery of stolen funds.

ZachXBT has suggested that the cyberattack could be linked to North Korean perpetrators, based on similarities in the types of services used and transactional behaviors observed in previous attacks attributed to North Korean hackers.

Push Protocol has a circulating supply of 60 million tokens. Harsh commented,

“100% of the user reserves on the exploited exchange (Wazirx) have been sold. The remaining 55 million remain with the community and other exchanges, users, investors, etc.”

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Utility Tokens on the Rise: Why Investors Are Abandoning Doge, Shib, and Bonk for Rollblock!

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Utility Tokens on the Rise: Why Investors Are Abandoning Doge, Shib, and Bonk for Rollblock!

Memecoins are known to be the most unpredictable yet potentially profitable assets. Early investors in Dogecoin (DOGE), Shiba Inu (SHIB) and Bonk (BONK) have been able to enjoy huge net returns.

While some of these still have potential to recover in the next bull cycle, investors are also looking at new, brighter gems. One utility token that has successfully captured investors’ attention is Rolling block (RLBK). It has innovative technology, a unique platform to play and earn, and the potential to make huge profits by the end of 2024.

The Future Looks Uncertain for Dogecoin (DOGE)

Dogecoin (DOGE) has made an impressive comeback amid the long-awaited cryptocurrency market resurgence. It recently surpassed 90 million wallet addresses, reflecting a huge growth in Dogecoin’s user base. Analysts are even seeing the possibility of a super cycle for Dogecoin where it could enter the $1 to $1.50 range.

However, this forecast is very ambitious. Realistically, Dogecoin has only been in the green zone for the past 30 days. Although the memecoin has made a small dip, it seems to be in choppy waters. With an intraday gain of over 3.7%, the future looks very bright for Dogecoin, with some analysts predicting that Dogecoin could rise further in Q3.

Shiba Inu (SHIB) needs huge bullish momentum to keep pace with the market

Over the past 30 days, Shiba Inu (SHIB) has seen a small decline of 0.77%. Things have been tough for Shiba Inu lately, especially after the news of hackers stealing 5.4 trillion Shiba Inu tokens. According to Coinmarketcap, Shiba Inu is currently worth $0.00001783, down 81% from its all-time high.

Shiba Inu can recover now if buyers regain control. Market sentiment has changed positively and trading volume has remained strong. If Shiba Inu manages not to fall further, then the local trend could remain bullish. Unfortunately, analysts suggest that this bullish trend is a short-lived event.

Can Bonk (BONK) Rebound to the Top During This Rally?

Bonk is one of the best performing meme coins ever created. Investors reaped millions of dollars in profits when Bonk’s value soared as much as 7581% in a year. However, things haven’t been the same for Bonk since then.

According to Coinmarketcap, Bonk is currently trading at $0.00003076. This has increased by over 31% in seven days, leading investors to wonder if Bonk is making a comeback. However, with some analysts predicting a sharp decline in the coming weeks, investors should be cautious before committing their money to such a risky asset.

Rollblock (RBLK) Quickly Becomes the Next Big Token

With such uncertain market conditions for memecoins, investors are now shifting their attention to newer alternatives. One such token that is getting all the hype is Rolling block (RBLK). This GambleFi play-to-earn coin offers the best of both worlds to investors: they can safely trade cryptocurrencies while gambling and placing bets!

This highly profitable project introduces a DeFi casino with over 150 game modes. Using blockchain technology, the platform makes it impossible to change bets, giving investors complete peace of mind.

Players earn $RBLK as a reward for playing. Token holders will be granted a share of the platform’s profits, with Rollblock allocating up to 30% of its revenue to a buyback mechanism.

In Phase 4 of its presale alone, Rollblock has already raised as much as $1.2 million, reflecting the huge demand for the token. Compared to other tokens with uncertain growth trajectories, Rollblock is trading at a highly competitive price of $0.017. Before the presale ends, analysts predict that this value will increase by 800%, with a huge rally on the day of release!

Discover the exciting Rollblock (RBLK) pre-sale opportunities now!

Website: https://rollblockpresale.io/

Social: https://linktr.ee/rollblockcasino

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Definition, how it works with cryptocurrency trading

TokenTalk Staff

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Definition, how it works with cryptocurrency trading

What is an atomic swap?

An atomic swap is an exchange of cryptocurrencies from separate blockchains. The idea is to remove centralized intermediaries like exchanges and reduce the steps required to exchange tokens, but many exchanges and companies have created swap solutions to simplify the process.

The term atomic comes from the term “atomic state” where a state has no substates. This refers to a cryptocurrency transaction between two people using different blockchains that either happens or it doesn’t happen, there is no choice.

Most atomic swaps enabled wallets and blockchains use smart contracts. Smart contracts are programs within blockchains that execute when certain conditions are met. In this case, the conditions are that each party accepts the transaction before a timer expires. Using a smart contract in commerce prevents either party from stealing cryptocurrency from the other.

Atomic exchanges are also called Crossed chain atomic exchanges.

Key points

  • An atomic swap is a cryptocurrency exchange between two parties who wish to exchange tokens from different blockchains.
  • Atomic swaps are useful if you only have one cryptocurrency but need to use another in a transaction.
  • To make an atomic swap, special wallets or exchange services are needed, because the technique is still being developed and perfected.

Understanding Atomic Swaps

Each cryptocurrency is backed by a blockchain, which is designed only to accept transactions in specific tokens. For example, the Bitcoin and Ethereum blockchains each have a native token that cannot be transferred to the other. You must first convert them into fiat currency and then purchase the other using other cryptocurrencies and exchanges to get what you want. Depending on the cryptocurrency, this can take several transactions. Atomic swaps allow you to exchange tokens from different blockchains in one transaction.

Some decentralized exchanges can do atomic swaps for you. A decentralized exchange (DEX) has no central authority regulating it; it is a platform where you can trade without a third party. You can also choose from cross-chain swap providers, where you transfer your digital assets into another wallet, do the swap, and transfer them back out.

Atomic exchanges rely on each party providing proof via key cryptography and acceptance by both parties via the encrypted key.

History of Atomic Exchanges

The concept was conceived shortly after the materialization of altcoins, cryptocurrencies other than Bitcoin. The creation of altcoins caused some cryptocurrency holders to become interested in moving capital between coins. This type of token swap first appeared in September 2017, when an atomic swap was conducted between Decred and Litecoin.

Since then, startups and decentralized exchanges have created ways to facilitate swaps and have given users the same ability. For example, Lightning Labs, a startup that created the Lightning Network for Bitcoin transactions, has conducted off-chain swaps using the technology.

Special cryptocurrency wallets have also been developed that can perform cross-chain atomic swaps: Liquality has developed a wallet that allows you to trade Bitcoin, ETH and more, connecting to swap providers such as 1inch, Jupiter and Sovryn.

Atomic exchange process

In an atomic swap, two token holders agree to exchange their tokens. A smart contract is programmed to lock both token holders’ tokens and redeem them for the desired tokens. For example, if Alice wanted to exchange one bitcoin (BTC) for an equal amount of Bob’s monero (XMR), the smart contract would lock both amounts on their respective blockchains. Once Alice and Bob agree to the exchange, the smart contract would redeem Bob’s BTC on the Bitcoin network and Alice’s XMR on the Monero network.

Atomic exchanges use Hash Timelock Contracts (HTLC) to automate the exchange of tokens. As the name suggests, HTLC is a time-limited smart contract between parties that involves generating a cryptographic hash on each end.

A cryptographic hash function is an algorithm that converts variable-length data, such as a person’s wallet address and transaction information. It converts them into a hexadecimal number with a fixed length. In general, the number that is generated is called a hash.

HTLC requires both parties to acknowledge receipt of funds within a specified time frame. If one party fails to confirm the transaction within the time frame, the entire transaction is canceled and the funds are not transferred. This eliminates Counterparty riskor the risk that one party will accept the offered coins and refuse the transfer of their own coins.

How to do an atomic swap

Atomic Swaps sound complicated, but for most users they can be very simple. Atomic Swap enabled wallets or decentralized exchanges like Atomic Swap or Uniswap allow you to choose between your cryptocurrency to exchange for another token. The swap may be labeled “Exchange” or “Swap” in the wallet interface.

Once you have selected the appropriate action, choose the tokens you want to exchange; you will see the amount you will receive in the token you are exchanging. The interface should tell you the exchange rate and network fees, have you review the transaction, and give you a button to press to initiate the exchange.

Depending on the network, whether you are using an exchange or trading with another user, the swap may take several minutes to complete. For example, Atomic Wallet instructions state that a swap should take about 20 minutes, but other decentralized wallets or exchanges may take less or more time.

What is the atomic exchange mechanism?

Atomic swaps are typically initiated by users and executed by a smart contract. The smart contract can be programmed in many ways, but most tend to lock up the swapped tokens or burn them, then issue new tokens to the swappers.

What are the advantages of Atomic Swaps?

When two entities want to exchange tokens, they can use an atomic swap to ensure that no third parties are involved. This technique is faster and generally cheaper than going through exchanges or other token exchange service providers.

Is an atomic swap anonymous?

In most cases, the only information publicly available is token amounts and users’ public addresses. However, if other information is made available, these addresses can be traced back to their owners, so they are realistically pseudonymous.

The bottom line

The term atomic swap is used to refer to two users exchanging tokens from incompatible blockchains. Swaps are typically executed by smart contracts, which freeze or burn the original tokens and issue new ones on the corresponding blockchains.

The comments, opinions and analyses expressed on Investopedia are for informational purposes only. Read our warranty and disclaimer for more information.

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