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Buterin: How to create algo stablecoins that don’t turn into Ponzis or collapse

by Coy Buckley

“What we need is not stablecoin boosterism or stablecoin doomerism, but rather a return to principles-based thinking,” Vitalik Buterin emphasized.

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Buterin: How to create algo stablecoins that don’t turn into Ponzis or collapse

Ethereum co-founder Vitalik Buterin has shared two thought experiments on how to evaluate whether an algorithmic (algo) stablecoin is sustainable.

Buterin’s comments were sparked by the multi-billion dollar losses caused by the collapse of the Terra ecosystem and its algo stablecoin TerraUSD (UST).

In a Wednesday blog post, Buterin noted that the increased amount of scrutiny placed on crypto and decentralized finance (DeFi) since the Terra crash is “highly welcome,” but he warned against writing off all algo-stablecoins entirely.

“What we need is not stablecoin boosterism or stablecoin doomerism, but rather a return to principles-based thinking,” he said:

“While there are plenty of automated stablecoin designs that are fundamentally flawed and doomed to collapse eventually, and plenty more that can survive theoretically but are highly risky, there are also many stablecoins that are highly robust in theory, and have survived extreme tests of crypto market conditions in practice.”

His blog focused on Reflexer’s fully Ether (ETH)-collateralized RAI stablecoin in particular, which isn’t pegged to the value of fiat currency and relies on algorithms to automatically set an interest rate, proportionally opposing price movements and incentivizing users to return RAI to its target price range.

Buterin stated that it “exemplifies the pure ‘ideal type’ of a collateralized automated stablecoin,” and its structure also gives users an opportunity to extract their liquidity in ETH if faith in the stablecoin crumbles significantly.

The Ethereum co-founder offered two thought experiments to determine if an algorithmic stablecoin is “truly a stable one.”

1: Can the stablecoin ‘wind down’ to zero users?

In Buterin’s view, if the market activity for a stablecoin project “drops to near zero,” users should be able to extract the fair value of their liquidity out of the asset.

Buterin highlighted that UST doesn’t meet this parameter due to its structure in which LUNA, or what he calls a volume coin (volcoin), needs to maintain its price and user demand to keep its United States dollar peg. If the opposite happens, it then almost becomes impossible to avoid a collapse of both assets:

“First, the volcoin price drops. Then, the stablecoin starts to shake. The system attempts to shore up stablecoin demand by issuing more volcoins. With confidence in the system low, there are few buyers, so the volcoin price rapidly falls. Finally, once the volcoin price is near-zero, the stablecoin too collapses.”

In contrast, as RAI is backed by ETH, Buterin argued that declining confidence in the stablecoin would not cause a negative feedback loop between the two assets, resulting in less chance of a broader collapse. Meanwhile, users would also still be able to exchange RAI for the ETH locked in vaults which back the stablecoin and its lending mechanism.

2: Negative interest rates option required

Buterin also feels it is vital for an algo-stablecoin to be able to implement a negative interest rate when it is tracking “a basket of assets, a consumer price index, or some arbitrarily complex formula” that grows by 20% per year.

“Obviously, there is no genuine investment that can get anywhere close to 20% returns per year, and there is definitely no genuine investment that can keep increasing its return rate by 4% per year forever. But what happens if you try?” he said.

He stated that there are only two outcomes in this instance, either the project “charges some kind of negative interest rate on holders that equilibrates to basically cancel out the USD-denominated growth rate built into the index.”

Related: Ethereum price dips below the $1.8K support as bears prepare for Friday’s $1B options expiry

Or, “It turns into a Ponzi, giving stablecoin holders amazing returns for some time until one day it suddenly collapses with a bang.”

Buterin concluded by pointing out that just because an algo-stablecoin is able to handle the scenarios above, does not make it “safe:”

“It could still be fragile for other reasons (eg. insufficient collateral ratios), or have bugs or governance vulnerabilities. But steady-state and extreme-case soundness should always be one of the first things that we check for.”

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The crypto winter has emotions running high. Kraken CEO Jesse Powell came under fire for his defense of listing the new LUNA, also known as LUNA 2.0, which seeks to bring the original LUNA — now known as Luna Classic (LUNC) — and TerraUSD — now known as TerraUSD Classic (USTC) — back from the dead.

Respected names in the crypto industry such as Nic Carter of Castle Ventures spoke out against the decision, while in a separate tweet thread, Powell lashed out at short-seller Jim Chanos, who had built a large short against Coinbase, Kraken’s biggest competitor.

Carter simply tweeted “why” to the official Kraken Twitter account that announced the listing of the new LUNA.

Client demand. There’s a weird dynamic with exchanges. Switching cost is low and people tend to want to do everything all in one place for capital efficiency/synergies/convenience. Not supporting 1 coin people demand could cost you the entire account. Listing isn’t an endorsement

— Jesse Powell (@jespow) May 30, 2022 \n\n

The world’s fourth-largest crypto exchange, Kraken lists over 160 cryptocurrencies. The list grows every month, from Bitcoin (BTC) to Filecoin (FIL) to the second iteration of LUNA, which currently sits 164th on its price index.

The first Terra collapse wiped out circa $50 billion, causing suicide hotlines to be pinned to the Terra subreddit , while legal documents reveal Terraform Labs founder Do Kwon liquidated two branches and an entire company days before the crash.

Related: Exchanges back ‘Terra 2.0 revival plan’ via airdrops, listing, buyback and burning

The project was then hard-forked and relaunched with little to no recompense for impoverished investors. An airdrop, for example, did not go how the developers intended, as tokens were unevenly distributed. The new LUNA has since slid from highs of almost $20 to less than $8, despite a 90% spike in price driven by a Binance airdrop.

\\ Price chart for LUNA showing the Binance pump on May 30. Source: CoinMarketCap

Powell cites that “client demand” motivated the listing of LUNA. Rohan Grey, an assistant professor of law at Willamette University, called Powell out on the move, arguing that eBay does not allow fraudsters to remain on the e-commerce platform, so why should crypto exchanges allow Terra a seat at the table? The comment was a quip to Powell’s claim about Kraken:

“We’re a marketplace, like eBay. BTCBTC traders don’t pay the bills.\"

Powell has previously shown a decisive side to his operations, recently closing Kraken’s global headquarters because “San Francisco is not safe.” However, when it comes to money and Kraken, “We try to be as asset-agnostic as possible,” he tweeted.

“Fiat and most stocks are garbage but where's the outrage? Revenue from these other coins pays for all the security, pro-BTC lobbying and marketing.”

In a separate Twitter thread, Kraken defended the future of crypto exchanges. In a Crypto Critics Corner podcast, Chanos — an American investment manager — detailed the short he had built up against Coinbase, America’s largest crypto exchange. For Powell, there will be a “paradigm shift over the next 10 years,” and crypto exchanges will come out as winners. 

Legacy "fees" are still there, hidden or moved. Crypto brokerage is just one service that is powered by a gigantic stack of infrastructure that replaces like 20 other middlemen and ancillary businesses. Revenue diversity will grow with adoption, paradigm shift over next 10 years.

— Jesse Powell (@jespow) June 1, 2022 \n\n

Infighting and Twitter spats aside, for those seeking signal among the war of words, Powell shared his investment preferences for picking Bitcoin, investing in exchanges, or both:

Personally, I'd want to own both. Exchanges are sort of a bet on the whole space growing.

— Jesse Powell (@jespow) June 1, 2022 \n\n

Kraken did not immediately respond to Cointelegraph’s request for comment.

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Anti-crypto technology experts urged United States lawmakers to resist the influence of pro-crypto lobbying efforts. 

Bruce Schneier, a lecturer at Harvard, reportedly said that blockchain advocates’ claims are “not true.” He added that the technology is not secure and not really decentralized. According to Schneier, systems where you can “lose your life savings” when you forget your password is “not a safe system.”

Along with other computer scientists and academics, Schneier signed a letter criticizing crypto and blockchain and sent it to U.S. lawmakers in Washington. Software developer Stephen Diehl supports the idea and also signed the letter. Diehl noted that the letter is an effort for counter-lobbying since crypto supporters only “say what they want” to the politicians.

Within the letter, the signatories claimed that cryptocurrencies are “risky, flawed and unproven digital financial instruments.” The academics attempted to dissuade regulators from supporting the efforts of pro-crypto lobbyists to create a “regulatory safe haven” for crypto.

The efforts to combat crypto lobbying came amid the growth of lobbyists representing crypto from 2018 to 2021, according to data from Public Citizen. Apart from lobbyists, the budget spent on crypto lobbying also grew from $2.2 million to $9 million during those years.

Related: Bitcoin drops 1.5% on US market open amid warning miners may 'capitulate' in months

Just yesterday, the U.S. Federal Reserve published a study that examined the potential effects of central bank digital currencies (CBDC) on the implementation of U.S. monetary policies. The study highlighted scenarios that could happen in the event that a CBDC is implemented.

Meanwhile, analysts expressed varying opinions on the U.S. Federal Reserve’s quantitative tightening that’s scheduled to start Wednesday. Pav Hundal, an executive at Swyftx exchange, told Cointelegraph that this may have a negative impact on crypto markets. On the other hand, Nigel Green, CEO of deVere Group, thinks that it may have minimal impact.

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Capital Union, a Bahamas-based bank that reportedly holds a portion of reserves by the Tether (USDT) stablecoin issuer, has been actively involved in the cryptocurrency industry.

The banking institution has rolled out crypto trading and custody services to its professional clients as part of the bank's trading desk, a spokesperson for Capital Union told Cointelegraph on Tuesday.

“We work with a few selected trading venues and liquidity providers and a handful of custodians and technology providers, which allows us to support a large variety of digital assets as part of our trading and custody services,” the firm's representative said.

Capital Union’s crypto-related services still represent a “fairly small portion” of its business, which is mainly focused on providing traditional wealth management and investment services, the representative noted.

The spokesperson did not elaborate either on what cryptocurrencies are supported on Capital Union’s platform or when they were launched, stating:

“We do not have a directional view on crypto markets or on any specific coins but as a forward looking financial institution have chosen to enable our professional clients to trade in this new asset class should they desire to do so.”

According to the representative, Capital Union has also been working actively on developing “transactional blockchain related capabilities” as the bank expects this to be an area of “significant disruption for the financial industry.”

Capital Union’s latest crypto-related remarks follow a Monday report claiming that Tether held some of its reserves at the Capital Union bank. The company’s representative declined to confirm or deny the bank’s involvement in Tether's operations to Cointelegraph, citing confidentiality reasons. The only publicly available information from the bank is included in Capital Union’s annual reports, the person added.

Related: Stablecoin supplies and cash reserves in question amid crypto exodus

Founded in 2013, Capital Union managed $1 billion of assets by the end of 2020. The bank partnered with Chainalysis in April 2022 to ensure the safe and compliant rollout of its crypto solutions like trading and custody. According to the bank’s spokesperson, the Bahamas was one of the first nations to adopt a regulatory framework known as the DARE Act in 2020.

“As a locally regulated bank, this allows us to offer crypto-related services to our clients, which are financial institutions, financial intermediaries and professional investors,” Capital Union’s representative said.

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Goldman Sachs, one of the leading investment banks in the United States is reportedly trying to onboard some of its derivatives products into FTX.US crypto derivatives offerings.

Goldman Sachs has been in talks with FTX over regulatory and public listing help, and aims to expand into offering crypto derivatives by leveraging some of its own derivatives tools and services, reported Barron’s.

FTX.US, the U.S. subsidiary of global cryptocurrency exchange FTX is currently seeking to offer brokerage services for its derivatives offerings. This would allow the crypto exchange to handle the collateral and margin requirements internally rather than depending on “futures commission merchants” (FCMs). FTX.US president Brett Harrison said:

“We have multiple FCMs already committed to integrating technologically with the exchange. There are several large ones you can probably name.”

The U.S. Commodity Futures Trading Commission (CFTC) has sought public comments on the requested amendment from the crypto exchange. The chief regulatory body also believes that FTX’s proposal warrants scrutiny as it would lead to a monopoly by large investment banks such as Goldman.

Related: FTX executive Wetjen calls CFTC application an opportunity for the agency to innovate

According to people familiar with the matter, the integration of Goldman Sachs derivatives services would offer “trading futures directly, introducing clients and acting as an on-ramp to the exchange, or providing capital top-ups for clients.”

FTX has argued that an integrated brokerage model would help in making the market more stable and free. In a recent roundtable discussion with the CFTC, CEO Sam Bankman-Fried fielded several questions about crypto derivatives and FTX’s proposal to integrate its own FCM.

Crypto derivatives trading has been a topic of debate for quite some time, with many European countries and even the United States prohibiting most of the crypto exchanges from offering leveraged trading. Binance had to shut its derivatives offerings in several European countries post regulatory interventions.

On one hand, CFTC has called for greater scrutiny of FTX’s amendment demand. On the other, FTX argues that an integrated brokerage model would help them to calculate margin requirements every 30 seconds rather than waiting until the next day to liquidate positions.

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Cryptocurrency trading platform KuCoin has launched a new decentralized wallet platform as interest in Web3 continues to gather steam. 

KuCoin Wallet is now live for users, with the browser-based platform paving the way for a mobile application, which is still in development.

The platform plugs into the KuCoin ecosystem and features cross-blockchain integration. Users will be able to buy, sell, trade and send a variety of cryptocurrencies including Bitcoin (BTC), Ether (ETH) and Tether (USDT) in addition to other tokens.

The wallet is self-custodial, giving users full control and responsibility over their private keys.

As the cryptocurrency ecosystem continues to adopt and support decentralized finance (DeFi) and nonfungible token (NFT) functionality, KuCoin Wallet's roadmap will include the addition of DeFi, NFT and GameFi services.

KuCoin's proprietary NFT marketplace Windvane powers this functionality at launch, allowing users to trade and view NFTs in the KuCoin Wallet. Windvane unveiled a $100 million “Creators Fund” in April 2022 to help support and encourage early-stage NFT projects to build on the platform.

KuCoin netted $150 million of investment in a pre-series B round in 2022 — with the firm valued at $10 billion. The firm intends to use the proceeds of the latest fundraising round to continue developing Web3, DeFi and NFT services and offerings within its ecosystem. KuCoin Labs and KuCoin Ventures will spearhead these efforts — which have already come to fruition with the launch of KuCoin Wallet.

Related: GameStop unveils beta cryptocurrency wallet and upcoming NFT platform

A number of prominent cryptocurrency exchanges and service providers have recently launched non-custodial, multi-blockchain wallets in recent months to keep pace with interest in Web3 functionality.

Leading United States-based cryptocurrency exchange Coinbase integrated Web3 functionality with a wallet and browser for a select group of its mobile app clients in May 2022. Trading on NFT marketplaces was a big focus, while token swaps and other DeFi services were made available through exchanges like Uniswap and Opensea.

Robinhood promoted an upcoming non-custodial cryptocurrency wallet in May 2022 with cross-blockchain accessibility, which will also feature NFT storage and access to marketplaces. American brick-and-mortar gaming retailer GameStop followed suit with the launch of its own blockchain wallet, which will also feature NFT functionality.

",audio:"https://s3.cointelegraph.com/audio/87359.4f750ea7-f569-437c-a677-e3b13738ceb7.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:1129,shares:iH,tags:[{id:W,slug:iI,title:hQ,url:hI},{id:oi,slug:xV,title:xW,url:xX},{id:ll,slug:lm,title:iT,url:iU},{id:"9438",slug:"kucoin",title:"KuCoin",url:"/tags/kucoin"},{id:xY,slug:xZ,title:x_,url:x$}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87359regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:iN,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"binance-labs-500m-fund-to-catalyze-crypto-web3-blockchain-adoption",url:nP,absoluteUrl:ya,title:lg,youtubeVideoIdCover:d,cover:nQ,datePublished:ab,dateHuman:iS,humanDateTime:xR,dateISOFull:xS,publishedDateTimeObject:{year:E,month:y,day:s,hour:H,minute:e,second:e,millisecond:e},categorySlug:_,categoryUrl:$,categoryName:aa,authorName:oj,authorUrl:ok,authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/344bc441e79d201757e96fed1112b412.jpg",previewText:"Binance Labs plans to allocate the latest $500 million fund to projects across various stages — incubation, early-stage and late-stage growth.",twitterLeadText:"Cha-ching! Presenting Binance Labs' new $500 million plan to reinvigorate the #crypto, #web3 and #blockchain ecosystems.",badgeSlug:g,badgeName:ai,fullText:"

Binance Labs, the investment arm of crypto giant Binance, launched a $500 million fund in partnership with global investors including DST Global Partners and Breyer Capital to drive innovation across the crypto, Web3 and blockchain landscape.

Binance Labs plans to allocate the latest $500 million fund to projects across various stages — incubation, early-stage and late-stage growth.

Sharing his take on accelerating the adoption of the crypto ecosystem, Changpeng “CZ” Zhao, CEO of Binance, revealed the importance of a connection between values, people and economies:

“The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, metaverse, social, and more.”

Binance Labs was established in 2018 and has since invested in and incubated more than 100 projects globally. Some of the prominent companies in its portfolio include 1inch, Axie Infinity, Dune Analytics, Elrond, Polygon and The Sandbox.

Fun fact, Binance Labs had also invested $3 million in Terra’s layer-0 blockchain back in 2018.

Related: Binance gets approval to operate in Italy, will open office in Milan

Speaking to Cointelegraph, Binance Labs' executive director of investments and MA Ken Li said that there are 14 projects that are participating in the Season 4 of the Incubation Program and they will receive the first funding from the new fund.

The eligible startups are Grindery, NuLink Network, FilSwan and Starton from the infrastructure sector; CODA and OpenLeverage from the DeFi sector; CoralApp, AlterVerse Inc, ChapterX and Gamic Guild from the gaming and metaverse sector; Qwestive and Reveel from the SocialFi sector; Playbux (MyCashBack) and Ambrosia Finance from the crypto fintech sector.

Several former Binance executives led funding rounds in helping multi-strategy blockchain investment fund Old Fashion Research (OFR) invest in over 50 blockchain projects in just one year.

As Cointelegraph recently reported, the fund was founded by Ling Zhang, the former vice president of mergers and acquisitions and investments at Binance and Wayne Fu, former Binace head of corporate development.

\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87271.8b27d4ab-f438-4449-9504-4a3f9c691f0b.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:1046,shares:yb,tags:[{id:W,slug:iI,title:hQ,url:hI},{id:iQ,slug:jM,title:iR,url:hX},{id:"672",slug:"funding",title:"Funding",url:"/tags/funding"},{id:oe,slug:of,title:og,url:oh},{id:"7645",slug:"binance",title:"Binance",url:"/tags/binance"},{id:ll,slug:lm,title:iT,url:iU},{id:xY,slug:xZ,title:x_,url:x$}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87271regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:hT,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"eth-usd-trading-pair-attracts-more-traders-in-the-first-quarter-of-2022-report",url:xq,absoluteUrl:"https://cointelegraph.com/news/eth-usd-trading-pair-attracts-more-traders-in-the-first-quarter-of-2022-report",title:nR,youtubeVideoIdCover:d,cover:xr,datePublished:ab,dateHuman:yc,humanDateTime:"2022-06-01 09:42",dateISOFull:"2022-06-01T08:42:08+01:00",publishedDateTimeObject:{year:E,month:y,day:s,hour:aB,minute:yd,second:aB,millisecond:e},categorySlug:_,categoryUrl:$,categoryName:aa,authorName:xB,authorUrl:xC,authorAvatar:xD,previewText:"Crypto turnover in the first quarter of 2022 has skyrocketed by 93%, according to the quarterly report of Capital.com.",twitterLeadText:"Analyst David Jones mentioned that crypto traders are “herd creatures” who are driven by momentum. ",badgeSlug:g,badgeName:ai,fullText:"

The Ether (ETH) to the United States dollar (USD) pair has pulled the biggest number of traders from January to March 2022, according to trading platform Capital.com. 

In its quarterly report, Capital.com noted that in 2021, the most significant number of traders was held by the Dogecoin (DOGE) to USD pair. However, the ETH/USD pair has taken the spot for most traders within the trading platform for the first time.

The quarterly report noted that crypto turnover has gone up by 93% in the quarter. Despite the positive statistic, the report admits that the increase in revenue does not reflect the broader market trends because the number was reached because of a few single-day spikes in volume.

Capital.com has also highlighted that the broader market is currently in a state of disinterest. According to Capital.com’s chief analyst David Jones, the Bitcoin (BTC) downtrend from November to January has influenced retail traders’ interest in crypto. Additionally, the analyst mentioned that crypto traders are “herd creatures” driven by momentum.

After high investor participation in the month of January, the following months showed a decline. In February, digital asset traders on the platform went down by 16%. In the next month, the number dropped by another 10%.

Related: The more you know about Bitcoin, the more optimistic you are: Block survey

On Monday, ETH’s price moved closer to the $2,000 mark as BTC climbed above $30,900. However, analysts noted that despite the bounce, the prices’ uptrend may end up weaker than the 2021’s mid-year performance. On the other hand, some analysts also noted that there’s a possibility to bounce up to $2,700 over the summer.

Meanwhile, the Ropsten testnet on Ethereum is moving to the proof-of-stake (PoS) consensus. Ethereum’s developer Tim Beiko shared the news that on June 8, the Ropsten testnet will merge with a new Ropsten Beacon Chain that was launched on Monday. After the transition, two more testnets called Goerli and Spolia will move to PoS before the migration for the Ethereum mainnet begins.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87354.7c4bb437-af2c-4f84-945a-22393067b717.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:843,shares:iH,tags:[{id:K,slug:jK,title:ac,url:iO},{id:W,slug:iI,title:hQ,url:hI},{id:au,slug:ob,title:oc,url:od},{id:nx,slug:kZ,title:aj,url:jI},{id:"9390",slug:"data",title:"Data",url:"/tags/data"},{id:"9584",slug:"exchanges",title:"Exchanges",url:"/tags/exchanges"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87354regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:lh,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"defi-crypto-wallet-aims-to-decentralize-inheritance-of-crypto-and-nfts",url:xs,absoluteUrl:"https://cointelegraph.com/news/defi-crypto-wallet-aims-to-decentralize-inheritance-of-crypto-and-nfts",title:nS,youtubeVideoIdCover:d,cover:xt,datePublished:ab,dateHuman:"6 hours ago",humanDateTime:"2022-06-01 09:00",dateISOFull:"2022-06-01T08:00:00+01:00",publishedDateTimeObject:{year:E,month:y,day:s,hour:aB,minute:e,second:e,millisecond:e},categorySlug:_,categoryUrl:$,categoryName:aa,authorName:xJ,authorUrl:xK,authorAvatar:xL,previewText:"Kirobo’s new inheritance solution allows users to generate and execute an automated last will without the need for lawyers, government authorities, or any other centralized entity.",twitterLeadText:"The decentralized Liquid Vault wallet by @Kirobo is preparing to launch an inheritance feature allowing users to designate crypto wallets to inherit Ether and ERC-20 tokens.",badgeSlug:g,badgeName:ai,fullText:"

The concept of cryptocurrency inheritance continues to rapidly evolve as the decentralized finance (DeFi) industry spawns more ways to make a “crypto will.”

The Israeli crypto software provider Kirobo is moving to tackle a major void in the DeFi industry by providing crypto investors with an opportunity to pass private keys or transfer funds according to their last will.

The firm announced on May 31 the launch of an inheritance feature on its decentralized crypto wallet Liquid Vault, allowing users to designate crypto wallets to inherit their funds.

The new solution enables generation and execution of an automated last will and testament without the need for lawyers, government authorities, or any other centralized entity. Instead, users just need to select up to eight beneficiaries and choose a date for distributing the assets to the designated wallets.

Liquid Vault’s new inheritance mechanism is based on Kirobo’s unique “future conditional transactions” technology, similar to the wallet’s backup feature. The tool allows users to create future transactions or get a secondary access point to crypto based on various conditions.

“Future conditional transactions is a unique infrastructure, based on smart contracts. It allows users to sign future transactions and to condition them on almost anything,” Kirobo CEO Asaf Naim told Cointelegraph. “It also allows third parties to develop complex services on the blockchain without the need to develop smart contracts,” the CEO added.

Launched in Beta in late 2021, the Liquid Vault wallet supports Ether (ETH) and all ERC-20 tokens, including the Ethereum-based version of Bitcoin (BTC), Wrapped Bitcoin (WBTC), as well as ERC-721 nonfungible tokens (NFTs). At launch, Liquid Vault’s inheritance tool supports ETH and ERC-20 tokens, with Kirobo also planning to add support for inheritance of NFTs with future updates.

“There’s a growing trend of Web3 users holding significant sums in cryptocurrency, increasingly relying on these assets in investment portfolios and retirement nest-eggs,” Naim noted. According to the CEO, the new tool unlocks a simple and secure inheritance mechanism to pass digital wealth to future generations while “staying true to Web3’s values of decentralization and community ownership.”

Related: Crypto inheritance: Are HODLers doomed to rely on centralized options?

The issue of crypto inheritance is one of the most concerning questions for crypto owners as private cryptocurrencies like Bitcoin (BTC) don’t allow anyone but the owners to control their assets by design. As of 2020, as much as 4 million BTC, or about 20% of the total circulating BTC, was estimated to be lost forever due to lost access to BTC, with a large portion likely caused by death.

As previously reported by Cointelegraph, there are a wide number of ways to pass on crypto to the next generation, including using software inheritance services or simply sharing keys with trusted family members.

\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87351.9db47187-46e5-4fd6-aca6-743861b4801f.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:1032,shares:ye,tags:[{id:au,slug:ob,title:oc,url:od},{id:"327",slug:"israel",title:"Israel",url:"/tags/israel"},{id:oi,slug:xV,title:xW,url:xX},{id:nx,slug:kZ,title:aj,url:jI},{id:"8423",slug:"erc-20",title:"ERC-20",url:"/tags/erc-20"},{id:ll,slug:lm,title:iT,url:iU},{id:yf,slug:yg,title:yh,url:ln}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87351regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:fM,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"fed-money-printer-goes-into-reverse-what-does-it-mean-for-crypto",url:nT,absoluteUrl:yi,title:li,youtubeVideoIdCover:d,cover:nU,datePublished:ab,dateHuman:ol,humanDateTime:"2022-06-01 07:10",dateISOFull:"2022-06-01T06:10:39+01:00",publishedDateTimeObject:{year:E,month:y,day:s,hour:y,minute:H,second:lo,millisecond:e},categorySlug:_,categoryUrl:$,categoryName:aa,authorName:yj,authorUrl:yk,authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/f4ce29159b864bb2e7e7c879b5f9b721.jpg",previewText:"What will happen to the crypto markets when quantitative tightening takes full effect and the Federal Reserve shelves the money printer?",twitterLeadText:"Analysts have mixed thoughts about how crypto will fare during 2022 as the Fed has decided to execute a quantitative tightening strategy. Global markets could suffer at least in the short term, but most see a bright future for crypto.",badgeSlug:g,badgeName:ai,fullText:"

The United States Federal Reserve is starting the process of paring back its $9 trillion balance sheet that ballooned in recent years in a move called quantitative tightening (QT). 

Analysts from a crypto exchange and financial investment firm have conflicting opinions about whether QT, starting on Wednesday, will put an end to a decade of unprecedented growth across crypto markets.

The worst part about this is that I would imagine ~80% of Americans have no idea what QUANTITIVE TIGHTENING is

Why would we, this wasn’t taught in public school

The SEC should worry about educating Americans on these terms as I believe that’s part of “PROTECTING” us https://t.co/Z8RwUNPJwF

— WendyO.eth ✨ (@CryptoWendyO) May 31, 2022 \n\n

Laypeople can consider QT the opposite of quantitative easing (QE), or money printing, which the Fed has been engaged in since the start of the COVID-19 pandemic in 2020. Under QE conditions, more money is created and distributed while the Fed adds bonds and other treasury instruments to its balance sheet.

The Fed plans on shrinking its balance sheet by $47.5 billion per month for the next three months. In September of this year, it plans on a $95 billion reduction. It aims to see its balance sheet reduced by $7.6 trillion by the end of 2023.

Bitcoin has never once in its history been in a bull market while the Federal Reserve did quantitative tightening.

Smart whales spent the last 12+ months dumping their bags on dumb retail.

The mega crash is inevitable!

— CryptoWhale (@CryptoWhale) May 4, 2022 \n\n

Pav Hundal, manager at the Australian crypto exchange Swyftx, believes that QT could have a negative impact on markets. He told Cointelegraph on Wednesday that “it’s very possible thatyou might just see growth in market cap trimmed slightly:”

“The Fed is culling assets harder and faster than a lot of analysts had expected and it’s difficult to imagine that this won’t have some kind of impact on investor sentiment across markets.”

Initiated in March 2020, the impact of QE on the crypto market was dramatic. CoinGecko data shows that the crypto market cap languished through 2019 and early 2020, but a vibrant bull market began in late March 2020 as the money printer fired up. The total crypto market cap burst from $162 billion on March 23, 2020, to a peak of just over $3 trillion last November.

Over a similar time frame, the Fed balance sheet increased 2.1 fold from $4.17 trillion on January 1, 2020, to $8.95 trillion on June 1, 2022. That is the fastest rate of increase since the last global financial crisis starting in 2007.

Related: UN agency head sees 'massive opportunities' in crypto: WEF 2022

Financial advisory firm deVere Group CEO Nigel Green believes market reactions to QT will be minimal because “it’s already priced in.” Green said there may be a “knee-jerk reaction from the markets” because of the unexpected speed with which QT is being rolled out, but he sees it as a little more than a wobble:

“Furthermore, we expect a market bounce imminently, meaning investors should be positioning portfolios to capitalise on this.”

Wage increases among American workers, especially in the hospitality industry, have already been observed as labor demand remains high. Assuming wages remain high through QT, the U.S. may emerge from the economic downturn with lower income inequality. Crypto market analyst Economiser explained in a Tuesday tweet that if people wind up with more cash in their pockets from their higher wages, “the crypto market could ultimately benefit” from QT.

Wage equality:

Interestingly, the highest wage growth is in the hospitality retail sectors.

This could mean that the US comes out of this economic downturn with ↓ income inequality.

And if more people have disposable income, the crypto market could ultimately benefit. pic.twitter.com/J3DQ2DwnDZ

— Economiser (@economiserly) May 30, 2022 \n\n

Hundal added that while markets are experiencing increased volatility lately, Bitcoin (BTC) could benefit as it is now demonstrating its position as a bellwether asset. He noted that Bitcoin dominance is currently at about 47%, up by eight percentage points from the start of 2022. He said, “There are different ways to interpret this,” adding:

“It does suggest that market participants are seeking to park value in Bitcoin, meaning we could see weakness continue to trend across alt coin markets if current market conditions continue to play out.” \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87346.f4e00fdd-1073-4e6b-b5dc-c5d2cd4e5218.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:5592,shares:yl,tags:[{id:K,slug:jK,title:ac,url:iO},{id:om,slug:"federal-reserve",title:"Federal Reserve",url:"/tags/federal-reserve"},{id:iQ,slug:jM,title:iR,url:hX},{id:oe,slug:of,title:og,url:oh},{id:"2909",slug:"quantitative-easing",title:"Quantitative Easing",url:"/tags/quantitative-easing"},{id:"7165",slug:"policies",title:"Policies",url:"/tags/policies"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87346regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:nV,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"pooltogether-raises-471-eth-with-nfts-to-fund-legal-defense",url:xu,absoluteUrl:"https://cointelegraph.com/news/pooltogether-raises-471-eth-with-nfts-to-fund-legal-defense",title:nW,youtubeVideoIdCover:d,cover:xv,datePublished:ab,dateHuman:ol,humanDateTime:"2022-06-01 06:22",dateISOFull:"2022-06-01T05:22:50+01:00",publishedDateTimeObject:{year:E,month:y,day:s,hour:F,minute:iP,second:A,millisecond:e},categorySlug:_,categoryUrl:$,categoryName:aa,authorName:wV,authorUrl:wW,authorAvatar:wX,previewText:"The platform has already raised more than half of its target and still has another 21 days to go before the NFT funding campaign ends. ",twitterLeadText:"PoolTogether stated that “allegations lack merit but a thorough defense is still needed” as it works to raise 769 ETH to fight the class-action lawsuit led by Joseph Kent. ",badgeSlug:g,badgeName:ai,fullText:"

So-called “no-loss lottery” decentralized finance (DeFi) platform PoolTogether has raised 470.90 Ether (ETH) via nonfungible token (NFT) sales to fund its legal defense against a putative class action lawsuit.

That means PoolTogether is more than halfway to its goal to raise at least 769 ETH, worth roughly $1.5 million at the time of writing, to fight what it calls a lawsuit that has “no merit.” The platform has another 21 days to go before the NFT funding campaign ends. It noted on its NFT minting page that:

“PoolTogether Inc. is a defendant in a putative class action lawsuit. A person deposited the equivalent value of $12.00 into the protocol and is now suing PoolTogether Inc. and others for substantial damages.”

The class-action lawsuit is led by the former technology lead for Senator Elizabeth Warren’s 2020 presidential campaign, Joseph Kent. After depositing roughly $12 worth of stablecoins into the protocol, Ken took action against the project, its founder Leighton Cusack and several of its affiliated partners in January.

According to an amended complaint from February, Kent alleges that PoolTogether is operating an illegal lottery in New York and argues that the platform “may never offer a positive expected value” due to keeping as much as 50% of each weekly prize as a reserve.

Kent is seeking compensation worth double the value of funds he spent on purchasing lottery tickets in PoolTogether, and double the reasonable amount of attorney’s fees and costs of legal action.

PoolTogether claims to offer risk-free lotteries on stablecoin deposits in the platform by using ticket-buyers’ and liquidity providers’ capital to generate interest using DeFi lending protocols.

The winner of the lottery receives the lion’s share of the yield, while a handful of runner-ups receive a smaller share. All other participants receive a full refund. According to PoolTogether’s website, it currently offers $80,436 worth of weekly prizes across its v3 and v4 pools.

PoolTogether said the “allegations lack merit but a thorough defense is still needed” and pointed to an article from the Wall Street Journal in January, stating that the lawsuit seemingly appears “to be a deliberate effort to put some of the DeFi community’s core doctrines to the test.”

So far, the community has shown strong support for the campaign, with 2,416 NFTs being sold for a total of 470.90 ETH, worth $911,959 at the time of writing. If all NFTs are sold, the platform will have raised 1,076 ETH, or around $2.2 million.

The NFTs depict a purple animated avatar called Pooly and come in three types of rarity and pricing, with the supporter tier consisting of 10,000 NFTs going for 0.1 ETH apiece, the lawyer tier of 1000 NFTs for 1 ETH per token and the judge tier of 10 NFTs in total going for 75 ETH a pop.

Pooly NFTs: PoolTogether

Related: DeFi isn’t dead, it just needs to fix these 3 critical problems

Prominent figures in the space such as general partner of Andreessen Horowitz Chris Dixon have also supported the cause by purchasing one of the 75 ETH judge NFTs.

We just bought a 75 ETH Pooly Judge to support. https://t.co/MCxTMIJUI7 https://t.co/IhrpOR2WXT

— cdixon.eth (@cdixon) May 27, 2022 \n\n

Notably, the plaintiff also outlines a distaste for crypto as a whole, which may explain why the community has rallied behind PoolTogether. Kent is described as being “gravely concerned” that the crypto sector is “accelerating climate change and allowing people to evade financial regulations and scam consumers.”

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0,"default","USD","EUR","GBP","JPY","RUR","KRW","TRY","CNY","_self","0.00",null,1,4,3,1000000000,"1.00 b","Language",6,"en",50,"22","1","6",2022,5,"23",10,"EOS","NEO","4","19.08 m",100000000,"100.00 m","1.00","0.03","Note that all trading strategies are to be used at your own risk. Before trading, we recommend to make sure that you have a clear understanding of cryptocurrencies and how they are traded.","xxs","xs","sm","md","lg","11","fr","27","0.01","latest-news","/category/latest-news","Latest News","2022-06-01","Bitcoin","17",79,"52",138,"0.09","News","Ethereum","adbutler","19","54","39","36","64","0.40",48,"2","7","72","37","60","0.08","article","Terra","cointelegraph.com",8,"26","18","53","0.33","en.LanguageType.1","28","Tether","https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=7376af3992","https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=aad9f6b505",47,"nexo-button","/bitcoin-cash-price-index","/ltc-price-index","/xrp-price-index","/xmr-price-index","_blank",51,"21","55","41","35","57","58","61","62","68","0.05","4.80","ar","https://nexo.io/buy-crypto?utm_source=cointelegraphutm_medium=fixedutm_campaign=cointelegraph_button_buy_apr22","BTC","\n\n\n ","/bitcoin-price","ETH","\n\n\n\n\n\n\n\n ","/ethereum-price","3","LTC","Litecoin","\n\n\n ","15","BNB","Binance Coin","\n\n\n \n","/binance-coin-price-index","34","SOL","Solana","\n\n\n\n\n\n\n\n \n\n \n","/solana-price-index","XRP","Ripple","\n\n \n","BCH","Bitcoin Cash","\n\n\n ","XMR","Monero","\n\n\n\n \n","8","DASH","Dash","\n\n\n\n \n","/dash-price-index","9","\n\n\n \n","/eos-price-index","ZEC","Zcash","\n\n\n\n\n \n","/zec-price-index","12","ADA","Cardano","\n\n ","/ada-price-index","13","\n\n\n\n \n","/neo-price-index","14","TRX","TRON","\n\n\n \n","/tron-price-index","16","XLM","Stellar","\n\n\n\n \n","/stellar-price-index","USDT","\n\n\n \n","/tether-price-index","MIOTA","IOTA","\n\n \n","/iota-price-index","ONT","Ontology","\n\n\n \n","/ontology-price-index","20","MKR","Maker","\n\n\n \n","/maker-price-index","BSV","Bitcoin SV","\n\n\n \n","/bsv-price-index","DOGE","Dogecoin","\n\n\n \n","/doge-price-index","ETC","Ethereum Classic","\n\n\n\n\n\n\n\n\n\n\n\n\n \n","/etc-price-index","24","XTZ","Tezos","\n\n\n\n\n\n\n \n\n \n","/xtz-price-index","XEM","NEM","\n\n\n\n \n","/nem-price-index","USDC","USD Coin","\n\n\n ","/usdc-price-index","CRO","Cronos","\n\n\n\n ","/cronos-cro-price-index","29","ATOM","Cosmos","\n\n\n\n\n\n\n\n \n","/cosmos-price-index","30","LEO","UNUS SED LEO","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n \n","/leo-price-index","UNI","Uniswap","\n\n\n\n \n\n\n\n\n \n\n \n","/uniswap-price-index","YFI","Yearn.finance","\n\n\n\n\n \n","/yearn-finance-price-index","33","MATIC","Polygon","\n\n\n \n","/polygon-price-index","BAND","Band Protocol","\n\n\n \n","/band-protocol-price-index","38","LINK","Chainlink","\n\n\n \n","/chainlink-price-index","DOT","Polkadot","\n\n \n","/polkadot-price-index","COMP","Compound","\n\n\n \n","/compound-price-index","AAVE","Aave","\n\n\n\n\n\n\n \n\n \n","/aave-price-index","SUSHI","SushiSwap","\n\n\n \n\n\n\n\n\n \n\n\n\n\n\n \n\n \n","/sushiswap-price-index","SNX","Synthetix","\n\n\n \n","/synthetix-price-index","40","CAKE","PancakeSwap","\n\n\n\n \n\n\n\n\n \n\n \n","/pancakeswap-price-index","LUNA","\n\n\n\n\n \n","/terra-price-index","VET","VeChain","\n\n ","/vechain-price-index","AVAX","Avalanche","\n\n\n \n","/avalanche-price-index","SAND","The Sandbox","\n\n\n\n\n\n\n \n\n ","/the-sandbox-sand-price-index","MANA","Decentraland","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n ","/decentraland-mana-price-index","AXS","Axie Infinity","\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n \n\n ","/axie-infinity-axs-price-index","63","DAI","Dai","\n\n\n\n \n\n\n\n \n\n","/dai-price-index","65","FTT","FTX Token","\n\n\n\n\n\n\n ","/ftx-token-ftt-price-index","NEAR","Near Protocol","\n\n\n ","/near-protocol-price-index","FTM","Fantom","\n\n\n ","/fantom-ftm-price-index","69","ALGO","Algorand","\n\n\n ","/algorand-algo-price-index","67","HBAR","Hedera","\n\n\n ","/hedera-hbar-price-index","66","HT","Huobi Token","\n\n\n\n ","/huobi-token-ht-price-index","59","EGLD","Elrond","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n ","/elrond-egld-price-index","71","APE","ApeCoin","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n \n","/apecoin-ape-price-index","GMT","STEPN","\n\n\n\n\n\n\n\n\n \n\n ","/stepn-gmt-price-index","70","ICP","Internet Computer","\n\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n \n\n \n\n\n ","/internet-computer-icp-price-index","56","SHIB","Shiba Inu","\n\n\n\n\n\n\n\n\n\n \n","/shiba-inu-price-index","0.41","1.20 b","0.39","2.69 b","21.08 b","0.94","1.65","6.73","0.80","87346",11,9,95,19055418,"19.06 m",121008570.249,"121.01 m",70411608.23347135,"70.41 m",168137035.9,"168.14 m",522335024.6420095,"522.34 m",99989535142,"99.99 b",19078981.1466511,18128933.246754184,"18.13 m",10759646.2882126,"10.76 m",1056198547.5517,"1.06 b",12504597.26446437,"12.50 m",33395783222.674183,"33.40 b",99241947122,"99.24 b",50001787775.9989,"50.00 b",72538449554.04729,"72.54 b",2779530283.277761,"2.78 b",977631.0369508882,"977.63 k",19075039.14423905,134657496383.70525,"134.66 b",133731977.89572993,"133.73 m",918189362.885362,"918.19 m",8999999999,"9.00 b",54005590297.277214,"54.01 b",30263013692,"30.26 b",297218074.872282,"297.22 m",935790689.9,"935.79 m",36666,"36.67 k",10000000000,"10.00 b",1198512968.6311543,10000000,"10.00 m",16000000,"16.00 m",242495765.14773542,"242.50 m",266473982.1044486,"266.47 m",166043364.76349282,"166.04 m",-100,"-100.00%",6906654240487.759,"6.91 t",85985041177,"85.99 b",404840213.2311277,"404.84 m",3000000000,"3.00 b",2193656927.320146,"2.19 b",270000000,"270.00 m",6385800986.078858,"6.39 b",315809573.0859715,"315.81 m",702306682.9136832,"702.31 m",2693897224.94728,7272704478.94442,"7.27 b",21084620884.33474,207350657.2544121,"207.35 m",23762370,"23.76 m",5870299982.904996,"5.87 b",482192377.1248604,"482.19 m",589673051220759.2,"589.67 t","87103","/tags/blockchain","fr.cointelegraph.com","side",12,165,"11.80 m","+0.46%","0.32","Blockchain","en.LanguageType.6","87359","87354",15,"altcoin",25,"/tags/business",7,"/category/market-analysis","Market Analysis","kucoin-button","Large devices"," 1200px","Medium devices"," 992px","Small tablets"," 768px","Smartphones"," 480px","Extra small devices","

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