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Author: samwsimpson_lyjt8578

Every Big Bank Will Think About Crypto Trading, Says Ex-Citi CEO Pandit

Every major financial institution will be thinking about buying and selling crypto in the years to come, according to former Citigroup CEO Vikram Pandit.

  • In “one to three years, every large bank and, or securities firm is going to actively think about ‘shouldn’t I also be trading and selling cryptocurrency assets?’ “Pandit said at the Singapore Fintech Festival, according to a Bloomberg report on Monday.
  • While numerous big banks have shown signs of offering crypto exposure to clients through indirect investments, such as funds, none of them have yet offered direct exposure. Goldman Sachs’ crypto desk for example supports bitcoin futures trading.
  • Pandit resigned from Citi in 2012 and co-founded investment firm The Orogen Group in 2016.
  • In 2015, he also invested $75 million in the now Nasdaq-listed crypto exchange Coinbase, alongside the New York Stock Exchange and other investors.

Read more: Commonwealth Bank First in Australia to Offer Crypto Services

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Author: Jamie Crawley

Bitcoin Tops $66K, Resuming Uptrend as Real Bond Yields Slide

Bitcoin shot up on Monday, ending an almost three-week-long sideways churn that saw persistent demand around $60,000.

The cryptocurrency topped $66,000 during the European hours and appeared set to challenge the record high of $66,975 reached on Oct. 20, CoinDesk data shows. Ether, the native token of Ethereum’s blockchain, also broke its previous record early Monday; its price briefly passed $4,700 around 1:00 UTC, according to CoinDesk data. Bitcoin is the world’s largest cryptocurrency by market capitalization, whereas ether, is the second largest.

Yuya Hasegawa, crypto market analyst at Japan’s exchange bitbank, said sinking real or inflation-adjusted bond yield may be powering bitcoin higher. “Real yields sliding due to inflation fears may have caused the recent BTC rally,” Hasegawa told CoinDesk in an emailed statement. Data from U.S. Department of Treasury Shows the 10-year real yield dipped to -1.09% on Friday, the lowest since Aug. 30.

Bitcoin is widely perceived as a store of value asset like gold and while Federal Reserve’s Chairman Jerome Powell reiterated last week that price pressures may be transitory, fears of inflation running out of control persist.

“The inflation narrative still dominates the headlines and people are feeling the pinch globally,” Coinbase said in its weekly email on Friday. “Whether it’s gas prices in the U.S., energy prices in Europe or food prices in Latin America, the headwinds of supply chain constraints and a shrinking labor force has investors looking for a store of value.”

On-chain data also show bullish signs for bitcoin in the medium term, said Eddie Wang, senior analyst at OKLink research, crypto exchange OKEx’s on-chain data research arm. The network’s hashrate has been steadily increasing since July, the mining difficult has also increased eight times, and miners have accumulated over BTC 3,000 in their wallets since September, Wang said.

The number of unique wallets with a balance of more than zero has returned to 39 million, close to the record high of 39.28 million non-zero wallets in May, Wang said, citing the data as an indicator of a positive sentiment in the market.

An increase in bitcoin-pegged coins and stablecoins is also a sign of a bull market, Wang said. The analyst noted that 6,022 wrapped bitcoin (WBTC) were printed on Ethereum in the last seven days, and Tether printed 1 billion ERC-20 USDT on Nov. 5.

Data tracked by blockchain analytics firm Chainalysis shows renewed accumulation by large investors, i.e. whales. Investors holding at least 1,000 BTC snapped up 142,000 coins in the last week of October, taking the cumulative tally to nearly 200,000 BTC – the highest in 2021.

According to Daniel Kukan, senior cryptocurrency trader at Swiss-based Crypto Finance AG, bitcoin’s latest upside move appears to be spot-driven, as funding rates or cost of holding long positions in the perpetual futures market remains low.

Data provided by Coinglass.com shows the average funding rate was 0.0250% early Monday versus 0.0589% on Nov. 3. Exchanges calculate funding rates every eight hours. A very high funding rate is widely taken to represent excess bullish leverage. A combination of rising costs and sideways price action often forces traders to trim long positions, leading to a price pullback.

Kukan said the sideways action seen in the past couple of weeks was a typical bull market pause. “It was a healthy consolidation and the market has not tested the short term support of $58,000, which is a strong signal,” Kukan added. “I can see some interest to sell at slighlty above $70,000, [but, I] guess we are going to take out that level rather fast.”

The Japanese exchange bitbank expects bitcoin’s price to be as low as $58,000 and as high as $76,000 this week.

Bitcoin’s previous all time high was on the back of the approval of the first bitcoin futures-backed exchange-traded funds in the U.S.

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Author: Eliza Gkritsi, Omkar Godbole

Bitmain to launch new Bitcoin miner with a touted hash power of 150 TH/s

China-based Bitmain, the world’s largest Bitcoin mining equipment manufacturer, is set to launch a new, more efficient Bitcoin miner, a source familiar with the matter told The Block.

The miner is designed on the latest 5-nanometer (5-nm) chip technology, which is faster and takes less energy. It boasts a computing power of 150 terahashes per second (TH/s) with an energy consumption of 3.1 kilowatt-hours (kWh), the source said.

Colin Wu, a former communications manager at Bitmain who now operates the crypto media outlet Wu Blockchain, first tweeted about the new miner dubbed S19XP.

Bitmain will announce S19XP at its mining conference in Dubai this week, the source told The Block, adding that the company has already been pitching the latest machine to its VIP customers recently.

If launched with the touted specifications, the new miner will be the most powerful bitcoin mining equipment in the market.

Bitmain’s current most powerful equipment, S19 Pro, is designed on the 7-nm chip technology and has a hash power of 110 TH/s with a power consumption of also about 3.1 kWh. That means the new miner is boasted to be 36% stronger by using a similar amount of energy.

Bitmain reportedly started ordering 5-nm chips earlier this year from Taiwan Semiconductor Manufacturing Company (TSMC).

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Wolfie Zhao

First Mover Asia: Bitcoin Rises Amid Light Weekend Trading

Good morning, Here’s what’s happening:

  • Market Moves: Bitcoin rose over the past 24 hours, and the leading cryptocurrency by market capitalization experienced low volatility.
  • Technician’s Take: Bitcoin is holding support at 60K, and slowing momentum suggests a period of consolidation.
  • Watch CoinDesk TV for insightful interviews with crypto industry leaders and analysis.

Bitcoin (BTC): $62,877.06

Ether (ETH): 4,601.22

Market Moves:

Bitcoin continued to hover comfortably above $60,00. At the time of publication, it was $62,877.06, up 2.4% in the past 24 hours. The No. 1 cryptocurrency by market capitalization experienced low volatility over the weekend, as bitcoin’s trading volume was thin across centralized exchanges tracked by CoinDesk.

Ether, the second most valued cryptocurrency, also rose over the past 24 hours. However, the transaction fees on the Ethereum blockchain are soaring. Data from BitInfoCharts shows that the average transaction fee on Ethereum was $41.5 on Saturday, nearly triple from three months ago. A few notable winners outside bitcoin in the past 24 hours were XRP (XRP), internet computer (ICP) and cosmos (ATOM). Among the biggest losers were solana (SOL) and shiba inu (SHIB). At the time of publication the price of 15 of the top 20 cryptocurrencies as listed by CoinDesk had gained.

The market’s main narrative has shifted to altcoins (alternative cryptocurrencies), as bitcoin’s market dominance continues to drop. Entering the week, tokens associated with layer 1 blockchains, including avalanche (AVAX) and solana, continue to grab the market’s attention as ether’s transaction fees surge.

Technician’s Take:

Bitcoin Faces Resistance Near $64K, Support Between $55K-$60K

Bitcoin (BTC) continues to trade in a tight range, although buyers appear to be holding support above $60,000. Short-term indicators are neutral, although pullbacks could be limited given a series of price breakouts over the past month.

If buyers fail to hold $60,000, lower support around the 50-day moving average, currently near $55,000, could stabilize a pullback.

After remaining flat on Friday, Bitcoin rose to nearly $63,000 at the time of publication of First Mover Asia, rising almost 4% over the weekend.

For now, upside momentum is slowing, which suggests a period of consolidation could persist in the short term. Eventually, indicators suggest momentum could improve to support a breakout in BTC above $65,000 based on positive historical returns in the fourth quarter.

Important Events

Be on the lookout for the following today:

  • 05:00 UTC (01:00 p.m. Hong Kong):
    • Japan Leading Economic Index (September)
    • Japan Machine Tool Orders (October)
  • 09:30 UTC (5:30 Hong Kong):
    • Sentix Investor Confidence (Eurozone)

On CoinDesk TV

In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV:

Circle CEO and Founder Jeremy Allaire on White House Stablecoin Report

“First Mover” hosts spoke with stablecoin USDC issuer Circle CEO Jeremy Allaire as the company faces increasing scrutiny from regulators amid the Biden Administration’s stablecoin report. Voyager Digital CEO Steve Ehrlich shared insights into the multi-year partnership signed with Mark Cuban’s Dallas Mavericks. Plus, Blockchain Research Institute Co-founder and Executive Chairman Don Tapscott shared his take on big tech diving into the Metaverse.

Latest Headlines

House Sends Infrastructure Bill With Crypto Tax Provision to US President

Market Wrap: Bitcoin Could Break Out and Rise With Altcoins Next Week

Kazakhstan Passes Law to Monitor Crypto Services for Money Laundering, Terrorism Financing

Enter the Margaritaverse: My Week at NFT.NYC

For $200, You Can Trade Crypto With a Fake ID

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Author: Muyao Shen, Damanick Dantes

If Facebook Can’t Run a Global Currency, Who Could?

This episode is sponsored by Nexo.io.

A recent letter addressed to the social media giant from five democratic senators laid it out clearly; There’s simply no way Meta (formerly Facebook) will be allowed, much less trusted, to run a supra-national stablecoin. It’s a stance many agree with but it brings up a larger and much more controversial question. If one of the biggest, most successful consumer-facing companies in the world can’t do it, who could?

Join hosts Adam B. Levine, Stephanie Murphy, Jonathan Mohan and Andreas M. Antonopoulos for this wide-ranging conversation as they dig into the thorny issues of power, currency, trust and monetary policy.

Have any questions or comments? Send us an email at adam@speakingofbitcoin.show

Today’s show featured Andreas M. Antonopoulos, Jonathan Mohan, Stephanie Murphy and Adam B. Levine, with editing by Adam B. Levine and music by Gurtybeats.com. Our episode art is a photograph by Annie Spratt/Unsplash modified by Speaking of Bitcoin.

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Author: Adam B. Levine

What Bitcoin and Ether’s Options Tell Us About Their Maturity

In one of the most iconic scenes in American TV history, Jan Brady complains to her parents about all the attention her sister receives. “Marcia, Marcia, Marcia … I’m tired of being in Marcia’s shadow all the time,” Jan whines to her mom on season 3, episode 10 of “The Brady Bunch” in 1971.

One could almost hear ether (ETH) kvetch in much the same manner about bitcoin (BTC).

After all, ether is up around 500% since Jan. 1 while bitcoin has only doubled in that time. Yet it’s bitcoin that is legal tender in one country and has several futures-based exchange-traded funds (ETFs). And then some.

While they are in the same asset class, comparing bitcoin to ether is tantamount to comparing apples to oranges for those with more than a cursory understanding of crypto. It turns out the derivatives markets agree about the difference in at least one subtle way: the relative volume of ether options to the spot market compared to that of bitcoin.

That matters because higher options volume relative to spot is a sign of a mature market and can help with price discovery.

To be sure, both ether and bitcoin have shown astounding growth in both their spot and options markets over the past year.

Source: Skew, Bitstamp, Coinbase, FTX, Gemini, ItBit, Kraken, LMAX Digital.

In October 2020, ether spot trades averaged roughly $93 million per day combined for seven major exchanges; a year later, that daily average was $1.6 billion, according to figures compiled by data provider Skew. Meanwhile, options daily volumes jumped to $335 million from a mere $23 million the previous year.

[The seven bitcoin and ether spot exchanges tracked in this piece were Bitstamp, Coinbase, FTX, Gemini, ItBit, Kraken and LMAX Digital. While exchanges such as Binance were not included, one can still get a sense of the relative size of each spot market.]

Source: Skew, Bitstamp, Coinbase, FTX, Gemini, ItBit, Kraken, LMAX Digital.

Bitcoin’s market was even bigger to start. The October daily spot volume average in 2020 was $395 million while the options market was $206 million. Fast forward 12 months later and it was $2.2 billion and $989 million, respectively.

Still, when it comes to growth, ether was the more impressive of the two. Its spot market grew roughly 16x in one year and its options market nearly 15x. Bitcoin’s numbers gained “just” 5.7x and 4.8x, respectively. That’s a dream for any other market but small potatoes compared to ether.

It’s all relative

Yet when looking at those numbers, the relative size of each currency’s options market to its spot market stood out.

Again, the spot data we looked at are just from a handful of the exchanges where the assets trade. However, these were some of the biggest exchanges in the world, and their data is generally reliable. Therefore, they were helpful in giving a sense of what’s happening in the markets.

Going back to mid-June 2020 to now, bitcoin options volumes averaged 45% of spot while it was just 20% for ether. That isn’t to say it stayed at that level.

Source: Skew, Bitstamp, Coinbase, FTX, Gemini, ItBit, Kraken, LMAX Digital.

Just eyeballing it, you’ll see that bitcoin’s options volumes relative to spot have stayed within a range of 30% and 50% since June. The market, of course, had a massive spike in options in April, where it nearly rivaled the spot market, even surpassing it on April 8. Ether’s options market appears to have more modest ranges, generally staying between 15% and 25% over the past five months or so.

For those who care, the standard deviation for bitcoin’s ratio was 17% while it was a tighter 5% for ether since June 2020.

Of course, we’re still in the early stages of the crypto derivatives market. One exchange, Deribit, has the lion’s share of both bitcoin and ether’s options trades. “It’s still nascent,” Luuk Strijers, the exchange’s chief commercial officer, told CoinDesk, adding his prediction that growth will be fast as the market is still maturing.

Stephen Ehrlich, CEO of brokerage Voyager Digital, concurs, saying that crypto options are similar to where equity options were two decades ago but will eventually catch up. “I think it’s just a matter of time,” he told CoinDesk TV’s “First Mover” program on Friday. “As those products become more easily to obtain and to trade, you’ll see that volume grow. But we’re still a few years from that happening.”

And in that still-maturing market, it’s bitcoin which is the older sister. That brings us back to the Brady Bunch.

Growing pains

For those who haven’t memorized that episode, Jan hid Marcia’s trophies in the closet out of jealousy.

“Every time Marcia turns around, they hand her a blue ribbon or something,” Jan laments to her mother Carol. “All I hear all day long at school is how great Marcia is at this, or how wonderful Marcia did that.”

“Jan, you’re not in anybody’s shadow,” Carol consoles her second daughter. “Marcia’s three years older than you. She should have more to show for herself.”

Look, there’s a lot more to this episode, where Carol tells Jan to go out and do something special, and Jan writes some essay for a contest and brags about winning when she doesn’t and… That’s not the point.

The point is that bitcoin is Marcia here. It’s six years older than ether. It should have more to show for itself, including more options volume relative to its spot market than ether.

And all the other cryptocurrencies out there have their own thing going on, much like each of the Bradys – I’m not sure where Alice the housekeeper falls, but she may be XRP.

Eventually, they will mature. The oldest Brady kid is 67 and the youngest is now 60. That will happen in crypto and we can expect their options markets will grow, too. Just hope they don’t all do a three-part episode in Hawaii.

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Author: Lawrence Lewitinn

The End of the Super Bubble vs. WAGMI

This episode is sponsored by NYDIG.

Download this episode

On this week’s “Long Reads Sunday,” NLW looks at two very different takes on the economy in threads by Raoul Pal and Alex Good.

See also: NFTs Take Over NYC

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: VectorInspiration/DigitalVision Vectors/Getty Images, modified by CoinDesk.

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Author: Nathaniel Whittemore

Enter the Margaritaverse: My Week at NFT.NFC

Wandering through the damp, grey streets of Brooklyn this past Tuesday, I encountered a paper sign, haphazardly taped to a street pole. “Missing Cat,” it read. But there was something off about the image of the cat itself – a sort of Halloween-themed caricature, rendered whimsically in midnight black, with a stitched-up mouth and a button for an eye, a la “Coraline.”

Cautiously, I approached the sign. “After an experiment went awfully wrong, this Monsta Cat went missing from the Paw-X Lab on Wednesday, October 13th, 2021,” declared the fine-print. “She’s been generated from over 500 traits and her ID is #5502. Might look scary, but actually really shy.”

It was only when I saw the proposed “reward,” denominated in ETH, that whatever empathy I’d felt for the supposedly lost pet evaporated. This wasn’t a real cat, but an ad for a collection of animal-themed NFTs (non-fungible tokens) in the vein of the Bored Ape Yacht Club: 10,000 randomly generated icons living on the Ethereum blockchain.

For the past six days, New York City has played host to a conference called NFT.NYC, a showcase that bills itself as “the leading annual non‑fungible token event.” Sponsored by leading crypto exchange Coinbase and the Andreessen-backed NFT marketplace OpenSea, its reach has felt impossibly broad. Images of NFTs have been popping up across the city, from the street poles of tech-obsessed Williamsburg to the tallest screens of Times Square, where the bulk of the conference’s daytime presentations were concentrated.

Read more: NFTs Take Over NYC – Michael Casey

For a community so enamored with anonymity and decentralized infrastructure, there’s a surprising emphasis on the idea of actually showing up in person. Crypto people call this the “URL to IRL” pipeline. The Miami Bitcoin Conference is the biggest and brashest of these events, a sort of cult-like Davos for Joe Rogan types, but there are others, each with its own identity: Ethereal, Mainnet, Lisbon Blockchain Week, Kyiv’s Blockchain UA – the list goes on.

This year’s NFT.NYC came amid all-time highs for the cryptocurrencies Ethereum and Solana, which have facilitated most of the NFT action over the past year. Mercifully, nobody was talking about Bitcoin.

Wikipedia co-founder Jimmy Wales spoke, as did Reddit’s Alexis Ohanian and the rapper Busta Rhymes. Blockchain vets included Brantly Millegan of ENS Domains, Lesley Silverman, a top digital assets guru at United Talent Agency, and hundreds more. Quentin Tarantino was there, too, with an announcement about a new NFT project based around the original scripts for Pulp Fiction.

Many of these talks were light on substance – faux “thought leadership” at best, and pure marketing at worst. In a way, the moment felt like a progress report for the space. Animal-themed NFTs like Pudgy Penguins and Cool Cats are a brand new phenomenon, even if the tech is a few years old. Everyone knows there’s money here, but crypto is still very much transitioning from the financial to the cultural: what would the world of NFTs look like, even a few months down the line? Someone offered me a gold CryptoKitties t-shirt on my way out.

The daytime component of NFT.NYC was mostly a pretext for an array of glitzy afterparties.

Things kicked off on Halloween, with a “Yacht Party” hosted by the Bored Ape Yacht Club, one of today’s most coveted NFT collections. The tokens themselves currently start at $135,000, but some have sold for figures in the millions. Because attendance to Sunday’s event was “token-gated” (which is to say, restricted to NFT owners), $135,000 was essentially the price of admission. There was also a second Bored Ape event later in the week, with performances from the Strokes, Beck, and Lil Baby. Reader, I attended neither.

With Monday evening came the flagship event from the crypto-backed social club Friends with Benefits. The party’s lineup – the Russian art collective Pussy Riot, plus DJ sets from Caroline Polachek, Doss, and Channel Tres – felt like a self-conscious attempt to get away from the sort of “2012-core EDM bro” mentality permeating the rest of the conference. (That’s true of crypto more generally, too: musicians like Justin Blau, the Chainsmokers, and Steve Aoki, all of whom peaked with the brostep boom of the early 2010s, have helped define the cultural identity of crypto over the past few years.)

As with the Bored Ape party, the event was limited to token holders. You could pay $600 for five $FWB tokens, or you could bid on an NFT offering 12 drink tickets and admission for six guests. The NFT sold for 11 ETH, or around $50,000.

Of course, the $600 didn’t guarantee admission – the line to get into the venue (Good Room, in Greenpoint) was around three blocks long, and capacity was limited. Some token-holders ended up being turned away.

Because the drinks were $13 each, a contingent of early partygoers was camped out at the bar across the street. Just outside, the pseudonymous NFT artist Shl0ms was staging a performance art piece which involved pulverizing a toilet with a club. Shl0ms already issued digital toilet shards as NFTs, in a nod to Duchamp’s “Fountain,” but the physical ceremony felt more in line with the frenzied energy of the conference.

Later in the night, I encountered a non-crypto friend at the bar. “Are you in FWB?” I asked. “What the hell is FWB?” he replied. “Is that a crypto thing? Let’s toast to not being crypto losers, man.” Solemnly sipping my gin and tonic, I said nothing.

Going to every party would have been impossible. Audius hosted a party. Foundation hosted a party. OpenSea hosted a party. Andreessen Horowitz hosted a party. Playboy hosted a party. Sotheby’s hosted a party called “Enter the Mojitoverse” – Meek Mill was there, apparently.

Credit: Sam Ewen

Things began to blend together. At an event for the crypto-focused social startup Yat, guys with undercuts shilled their startups as tubs of sauteed mushrooms languished under fluorescents on a buffet table. Questlove had inexplicably been hired to DJ. The bartender offered me something called a “Hodl Toddy” – I didn’t ask questions. I told someone I liked their CryptoPunk t-shirt. “I own it,” he told me, proudly.

Early Wednesday morning, I found myself back in the heart of Times Square, staring down a mountain of glistening shrimp ceviche on the sixth floor of a Margaritaville – the newest location for Jimmy Buffet’s sort-of-campy, sort-of-horrifying chain of tropical-themed restaurants. It shares the space with a synagogue.

Attendees wandered around in a daze. The shrimp was free, and apparently endless. The coffee, I was told, wasn’t.

Also, they were out of coffee.

On Thursday afternoon I headed to Terminal 5, a much-maligned concert venue on the far west side of Manhattan, for a digital art show sponsored by the NFT fund Metapurse. After slinking through a strobe-lit tunnel, I arrived on the main floor, where the NFT artist Beeple was casually signing autographs and posing for pictures. The space was bathed in harsh green light; crypto’s nouveau riche pranced around in Guy Fawkes masks. The vibe was part Electric Daisy Carnival, part Gaspar Noé.

Upstairs, I encountered a grim hallway lined with TV monitors. Attendees wearing virtual reality headsets stood in front of the screens – feet planted, arms whirling – attempting to explore a digital art gallery in the metaverse.

A teenage attendant tried to get me situated in a headset, but couldn’t quite get the focus aligned, and so gave up. As he was removing it, another metaverse explorer wheeled into a nearby ledge, knocking over a perched drink.

On the way out I saw a book for sale, “Goodnight Moonlambo” – “Goodnight Moon” for the laser-eyes Bitcoin crowd. “20 bucks,” chirped the seller, humorlessly.

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Author: Will Gottsegen

[SPONSORED] The Path to Creation of Slot Auction Derivatives

What is Slot Auction ?

Slot Auction is a resource competition model unique to Polkadot. Polkadot is designed as a sharded network consisting of relay chains and parachains. The essence is that by letting the validator of the relay chain be responsible for verifying the blocks of the parachain, the shared security of the parachain is realized. The way of competition is to stake DOT to the relay chain. The more the stake amount, the more likely it is to obtain a slot. This process is called Slot Aution.

What Bifrost is trying to do is to unlock liquidity by issuing Slot Aution derivatives, allowing crowdloan participants to use the derivatives to trade at any time and avoid the opportunity costs associated with staking, while also allowing bidding project owners to attract more DOT holders who are not willing to lose opportunity costs and increase the success rate of bidding.

Bifrost SALP Solution

Bifrost has developed SALP (Slot Auction Liquidity Ptotocol) based on the idea of “decoupling” to solve these problems.

SALP will create two derivatives for Contributor, splitting the Non-fungibility and fungibility of the Slot Auction derivatives into two derivatives, vsDOT (Voucher Slot DOT ) and vsBond (Voucher SLot Bond).

vsDOT is a fully fungible pass that can be used to circulate on exchanges or used in DeFi.

vsBond is a semi-fungible pass-through, which is given to different projects and will create different derivatives due to different lease expiry dates. For example, if Parachain A participates in an auction and is awarded a lease for the slot 2022/1/20-2023/10/20, then SALP will create vsDOT for the participant and an equivalent amount of vsBond-2023/10/20. vsBond expresses a time that is not related to the start of the lease, but only to the end of the lease, because it can only be redeemed after the lease ends. This is because redemption is only possible after the end of the lease.

SALP Implementation

The core of the technical implementation of SALP is cross-chain, to implement the logic of Contribute-Mint and Burn-Retire through trusted cross-chain messaging.

Bifrost plans to bid for Polkadot’s Parachain slot and once it becomes a Parachain, the cross-chain logic can be implemented using Polkadot’s XCMP cross-chain messaging protocol. However, when Bifrost is not yet a Parachain, or when other constraints (e.g. XCMP is not yet stable) make it impossible to implement cross-chain messaging based on XCMP, Multi-signature plan will also be used to implement SALP first.

SALP Next Step

Bifrost’s SALP business has been implemented on the Kusama network and has already supported five projects including Bifrost’s own slot auction such as Basilisk,Altair,Picasso,Bit.Country and Quartz with 130,543 vsKSM and vsBond minted by November. Nonetheless, SALP, as the first version of Slot Auction liquidity solution we developed, is still in the experimental stage, and it will go through the test of liquidity construction and redemption scenarios in the future. Bifrost will continue to iterate and optimize based on feedback.

Learn more with the resources below: 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Sponsored

Switzerland’s marquee digital assets projects are finally coming together

Quick Take

  • SDX, the digital asset exchange developed by SIX Group, will launch before the end of the year, according to a Swiss central banker.
  • The Swiss National Bank itself has concluded yet more trials with CBDC, which could ultimately come to be used by SDX.

This feature story is available to
subscribers of The Block Daily.
You can continue reading
this Daily feature on The Block.

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Author: Ryan Weeks


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