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What is Raydium (RAY) token?

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underratedcrypto
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What is Raydium (RAY) token?


🧬 So, what is Raydium?

Raydium is an automated market maker (AMM) built on the Solana blockchain which leverages the central order book of the Serum decentralized exchange (DEX) to enable lightning-fast trades, shared liquidity and new features for earning yield.

👽 Why is Raydium different?

Other AMM DEXs and DeFi protocols are only able to access liquidity within their own pools and have no access to a central order book. Additionally, with the majority of platforms running on Ethereum, transactions are slow and gas fees are high.

Raydium offers a few key advantages:

  1. Faster and cheaper: We leverage the efficiency of the Solana blockchain to achieve transactions magnitudes faster than Ethereum and gas fees which are a fraction of the cost.
  2. A central order book for ecosystem-wide liquidity: Raydium provides on-chain liquidity to the central limit order book of the Serum DEX, meaning that Raydium allows access to the order flow and liquidity of the entire Serum ecosystem.
  3. Trading interface: For traders who want to be able to view TradingView charts, set limit orders and have more control over their trading.

🧐 What can I do on Raydium?

Trade and swap

Raydium’s swap feature allows two tokens to be exchanged quickly through Serum, while the DEX UI also allows for more advanced trading features such as limit orders. These make for a better trading experience for users.

Earn RAY

There are a number of ways to earn RAY tokens while farming liquidity pools and staking. More features are on the way!

Power your project with Raydium!

If you’re looking to launch your project on the Serum DEX or build out and supercharge features of your platform on Solana, Raydium can help and would love to talk partnership!

Raydium Token can reach up to $90 until the end of Q2!

Read more

Disclaimer: NOT FINANCIAL NOR INVESTMENT ADVICE. Only you are responsible for any capital-related decisions you make and only you are accountable for the results. Past performance is no guarantee of future results

Indonesia plans to tax crypto profits

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    underratedcrypto
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    Indonesia plans to tax crypto profits

    Indonesia is considering a plan to tax the trading of cryptocurrencies after a surge in popularity among local investors.

    Neilmaldrin Noor, a spokesperson for the Indonesian tax office, said the plan was still in the discussion phase. The office is considering taxing income on crypto profits.

    Neilmaldrin said:

    “It is important to know that… if there is a profit or capital gain generated from a transaction, the profit is an object of income tax. So the taxpayer who receives capital gain has to pay the tax and report it.”

    Indonesia considers cryptocurrency as a commodity for trading but has banned its use as a domestic payment instrument.

    Indonesia’s crypto taxation plan was first revealed last month when Teguh Kurniawan Harmanda, COO of local crypto exchange Tokocrypto, told CNBC Indonesia that industry players and key authorities Government, including the Trade Ministry’s Futures Exchange Supervisory Board (Bappebti), is discussing how to impose a tax on cryptocurrency transactions.

    Harmanda says the proposed income tax rate on crypto returns is 0.05%, which is less than the income tax imposed on stock trading, which is currently 0.1%.

    Southeast Asia’s biggest economy bans the use of cryptocurrencies as a payment instrument but allows them to be traded as a commodity. Indodax, a crypto exchange platform that claims to be the largest in Indonesia, said by April the number of active members on its platform hit three million as the price of Bitcoin and other crypto-assets reached record highs. The number of members at Indodax rose from around 2.3 million at the start of the year.

    Source: AZCoin News

    Coinbase reaches #1 on U.S. Apple App Store for first time since 2017

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      underratedcrypto
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      Coinbase reaches #1 on U.S. Apple App Store for first time since 2017

      On May 10, the Coinbase app topped the U.S. Apple App Store, a position the crypto exchange hadn’t been in since late 2017.

      Image Courtesy: The Block

      According to data compiled by The Block Research, Coinbase broke top 10 charts in mid-April before reaching the #2 slot on April 14. This was the same day the crypto exchange became a publicly traded company on NASDAQ. 

      The app dipped below the top 10 apps for a short period before climbing up on May 4, the same time the art auction house Sotheby’s partnered with Coinbase to accept bitcoin and ether for physical art payments.  

      Source: The Block

      Shiba Inu token holder turns $17 into $5.9 million

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        underratedcrypto
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        Shiba Inu token holder turns $17 into $5.9 million

        While dogecoin got name-dropped on Saturday Night Live last weekend, another dog-themed cryptocurrency is making waves this week.

        Like dogecoin, shiba inu tokens (SHIB) are themed around the shiba Inu breed of dog. They are also designed to be “fun tokens” that come with a “woofpaper” instead of a whitepaper. They have a total supply of one quadrillion tokens — compared with 129 billion total dogecoins — and each token is worth just a fraction of a cent.

        Since the start of May, shiba inu tokens have shot up in value. According to CoinGecko, the tokens have gone from $0.0000015 to their current value of $0.00003 — a 1,900% rise. This was helped by recent listings on crypto exchanges OKEx, Huobi, FTX and Poloniex and an upcoming listing on crypto exchange Binance.

        Image Courtesy: The Block

        This growth has put some early token holders into the money. One account purchased 200 billion tokens for just $17 in October 2020. Those tokens are now worth $6.5 million on paper, if you multiple by the number of tokens by the price. But, with current liquidity, they could actually be cashed out through decentralized exchange Uniswap for $5.9 million.

        Another big token holder is Ethereum co-founder Vitalik Buterin. According to the shiba inu token website, 50% of the total supply of tokens was locked in Uniswap to provide liquidity (and the keys supposedly thrown away). The other 50% was given to Buterin, with the intention of them being taken out of circulation and not to be sold.

        While the shiba inu tokens may seem friendly, they are causing havoc on the Ethereum blockchain. According to The Block Research’s Igor Igamberdiev, transactions involving the shiba inu tokens are now using up 10% of available gas, the token used to pay for Ethereum fees. According to Etherscan, this has helped raise fees to around $20 for a simple transaction and around $180 for a swap on Uniswap.

        Image Courtesy: The Block

        “SHIB mania, in many ways, repeats the events that took place earlier at [Binance Smart Chain] with meme tokens. However, the characteristic difference here is the potential lack of opportunity for rug pull,” he tweeted.

        Other meme coins have been popping in recent weeks too. Doge killer (LEASH), which is part of the shiba inu token ecosystem, shot up from $600 to $8,400 this month. A token called dogelon mars (ELON), which follows shiba inu’s distribution strategy, rose 640% in the last week, reaching a current market cap of $634 million.

        It’s worth noting that these types of tokens come with higher levels of risk. With no clear use case, these meme tokens may struggle to maintain traction in the long run. And as we saw with Dogecoin over the weekend, what goes up can quickly fall back down.

        Source: The Block

        Raze Network kicks off testnet phase with UI Community Voting

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          underratedcrypto
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          Raze Network kicks off testnet phase with UI Community Voting

          Raze Network, the first Polkadot-based privacy protocol, is bracing to engage community members with our first testnet. Early birds will be able to provide feedback on the quality, function, and overall experience of the Polkadot-based privacy protocol.

          This huge milestone clears the way for ‘Razers’ and collaborators to easily test drive the newest features and allows plenty of maturation time for these new features to be fully tested.

          Our team already started designing the user interface of the privacy protocol we promised to launch. However, we want to resort to the collective wisdom of our community on how to actually bring this to realization, thus launching this UI Community Voting Campaign. 

          The beta testnet marks the latest step forward in Raze Network’s overall mission to enable the broader community to contribute to the evolution of our trustless decentralized privacy protocol.

          Raze Network’s applications present the decentralized finance (DeFi) community with a cross-chain middleware solution on Polkadot for concealing transactions when operating on decentralized exchanges. 

          With a clear vision and solid use-case, the protocol-based solution leverages the Polkadot ecosystem to offer the required privacy layer for the crypto sphere. The privateness protocol aims to guard anonymity for all the DeFi stack on the Polkadot.

          To achieve higher participation during the testnet, Raze Network is organizing a number of events, competitions, and challenges to encourage participants to actively test critical components of our ecosystem. Specifically, we will airdrop 1,000 $RAZE tokens to 10 lucky voters based on how many entries they generated to vote for the best UI style.

          $RAZE is set be the lifeblood of the Raze Network, designed as a utility token to represent participation in the ecosystem. 

          The launch of Raze Network’s UI testnet comes on the heels of several other recent milestones, including a robust set of developer resources and partnerships that continues to expand.

          Just in April, we announced the strategic listing of Raze token on the popular DeFI platform, Uniswap. This listing closely follows our completed triple IDO event on three launchpads. 

          Interestingly, apart from going live on DEX exchanges, $RAZE tokens will also soon be listed on several tier-1 centralized exchanges.

          This networked testnet release allows Raze to continue working with our partners towards the mass adoption of decentralized applications and smart contracts. 

          Since inception, Raze Network sought to develop an infrastructure that is easy to understand and smooth to navigate. One where even new users can reap the benefits of a cross-chain middleware solution for anonymous transactions, payments trading, and mining.

          Although the token launch is done, the real work starts. Most recently, we have completed the development of mint, transfer and redeem contracts in Solidity. Currently we are testing how to deploy these contracts on EVM.

          Also the major front-end and client modules that can invoke the aforementioned contracts have been developed. 

          About Raze Network

          Raze Network is a Substrate-based cross-chain privacy protocol for the Polkadot ecosystem. It is built as a native privacy layer that can provide end-to-end anonymity for the entire DeFi stack. The Raze Network applies zk-SNARKs to the Zether framework to build a second-layer decentralized anonymous module.

          It will then be imported as a Substrate-based smart contract. The objective of Raze Network is to enable cross-chain privacy-preserving payment and trading systems while protecting the transparency of your assets and behaviors from surveillance.

          Source: CoinGape

          Hungary to reduce tax on Crypto Gains by 50%

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            underratedcrypto
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            Hungary to reduce tax on Crypto Gains by 50%

            Hungary is going to cut the tax rates on crypto earnings by 50% starting next year in a bid to boost crypto adoption and use in the country. The announcement was made by the Mihály Varga, Minister of Finance earlier today.

            At present any gains made via crypto trading are categorized under “other gains,” on one hand crypto-to-crypto transactions are non-taxable, on the other any profit made from selling or exchanging virtual currency is considered “a taxable event.” Any corporate involved with cryptocurrencies currently face a standard 9% tax apart from the 2% local business tax.

            Crypto mining in the country is taxed under payroll tax law because it is considered “money obtained through the use of a software” and miners face 15% in personal income tax and an additional 22% health contribution tax.

            Countries Looking to Regulate Crypto Better

            Hungary might be among the first countries to cut tax rates on crypto gains, but in absence of a regulated sector, the tax cuts or increases could not give an exact picture of crypto adoption in the country. While Hungary is currently working towards standard crypto regulations, many other European and American counterparts are also working to regulate cryptocurrencies better to make the most of the growing $2.5 trillion ecosystems.

            The US SEC chief Gary Gensler in his recent testimony before of Financial Service Committee reiterated the same and called for rules to regulate the growing crypto market better to ensure better investor protection. Gensler who has taken over the SEC chair recently is expected to bring better and inclusive crypto regulations to help the US become a thriving ground for crypto companies.

            South Korea on the other hand is planning to impose a 25% taxation on crypto gains, and as per recent reports, a majority of the traders in the country are in favor of the new tax proposals.

            Source: CoinGape

            CBOE files with SEC to list fidelity’s wise origin Bitcoin ETF

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              underratedcrypto
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              CBOE files with SEC to list fidelity’s wise origin Bitcoin ETF

              Chicago Board Options Exchange (CBOE) has filed a Form 19b-4 with the US Security and Exchange Commission (SEC) to list Fidelity’s Wise Origin Bitcoin ETF. This would be the second listing request by CBOE for a Bitcoin ETF after it filed to list VanEck’s Bitcoin-based Exchange-traded fund. In its filing CBOE suggested that the decision to list a Bitcoin ETF was taken after analyzing various factors and they have come to a conclusion that potential manipulation of a Bitcoin exchange-traded product has been “sufficiently mitigated.”

              CBOE has started filing with the SEC to list two Bitcoin ETFs while the regulatory body which recently saw an administration change is yet to approve the first of the 8 Bitcoin ETF filings. SEC recently delayed the decision on VanEck filed ETF proposal by a couple of months. While the US regulatory body is yet to approve a crypto ETF, its North American neighbor Canada has already approved a Bitcoin ETF and quite a few Ethereum ETFs, the most prominent one being that of Purpose Group.

              Gary Gensler’s Takeover as SEC Chair is a Boon or Bane for Crypto World?

              Gary Gensler took over as the SEC head after the Presidential overhaul and Gensler’s appointment was greatly rejoiced by the crypto-verse given his past tenure as a professor at MIT where he taught blockchain technology and cryptocurrencies. Many crypto proponents believe his understanding of digital assets could make way for progressive crypto regulation. However, Gensler’s recent testimony before the House of Financial Service Committee regarding the GameStop saga and Robinhood exchange really daunted the confidence of many.

              Gensler in his appearance talked about the need for updated regulation to ensure better investor protection and avoiding market manipulation scenarios. During the testimony, he also talked about the need for regulating the crypto universe better and “could benefit from greater investor protection.”

              Source: CoinGape

              Billionaire hedge fund manager Stanley Druckenmiller says hard to unseat Bitcoin as store of value

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              underratedcrypto
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              Billionaire hedge fund manager Stanley Druckenmiller says hard to unseat Bitcoin as store of value

              Stanley Druckenmiller, the billionaire hedge fund manager and former chairman and president of Duquesne Capital in a recent interview with CNBC said that it would be quite difficult to unseat as a store of value because of the finite supply, he also went on to compare Bitcoin with the rise of Facebook and Google despite not being the first firm in their respective fields of social network and search engine respectively.

              Bitcoin this bull season has solidified its position as a hedge against inflation as many Fortune 500 companies have started using it as a form of treasury reserve instead of the US Dollar. Tesla and MicroStrategy who have invested the most in Bitcoin up until now have made more profit by simply holding the top cryptocurrency on their balance sheet than the profit they have generated over their lifetime operations.

              Apart from Fortune 500 companies, many Wall Street giants including former staunch critics such as Goldman Sachs and JP Morgans have also started offering Bitcoin-based investment vehicles amid growing client demand.

              Stanley Druckenmiller: US Dollar Could Lose its Reserve Currency Status in 15 Years

              Druckenmiller went onto claim that the US Dollar could lose its reserve currency status within 15 years amid degrading performance and value. He went onto blame the flawed policies of the Federal Reserve to be one of the key reasons behind its degrading value in the international trade market. He said,

              “5-6 years ago I said crypto was a solution in search of a problem. The problem has been clearly identified. It is Jerome Powell and the rest of the world’s central bankers”

              The popularity of Bitcoin and other digital assets has also been aided by the diminishing dollar value in the international trade market. The reason for many of the publically traded companies to invest in Bitcoin was the same and as digital assets gain more popularity, the fed would require a real turnaround to keep USD relevant. The pandemic has only added to the growing woes of the governments around the globe that has led to a printing spree to aid the citizens via various stimulus packages.

              Source: CoinGape

              Legendary boxer Floyd Mayweather set to launch his first NFT collection

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                underratedcrypto
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                Legendary boxer Floyd Mayweather set to launch his first NFT collection

                Floyd Mayweather, the boxing icon with 0 defeats against his name has become the latest pro-athlete to join the NFT mania as he is all set to drop a  limited-edition digital collection in association with IronBend, a popular NFT solution provider known for its association with many prominent personalities.

                The NFT collection would be developed by Reality Gaming Group another known brand in the blockchain domain and each digital artwork would be celebrating the legacy of Floyd Mayweather’s life and career that would include rare memorabilia from the legendary boxer’s personal keepsakes. The NFT collection is scheduled to launch on May 26th ahead of the much-hyped fight between him and popular Youtube star Logan Paul. Talking about the upcoming NFT collection, Mayweather said,

                 “I started from nothing and beat all the odds to achieve what I did in my career and I think that’s the American dream. I don’t look at myself as a celebrity – I look at myself as an l icon, one who made it. My name will always live on for the things that I did and the mark that I left in sports. These digital collectibles give everyone a chance to be part of the Mayweather Legacy.”

                NFT Mania Continues

                Non-Fungible Tokens aka NFTs are nothing new and have been in use for almost three years now, with their primary use being in-game rewards in video games and fank tokens for a major sports league. However, 2021 has turned NFTs into the most trendy phenomenon for this bull season as many digital artists, pop singers, social media stars, and pro-athletes launch and auction limited edition digital memorabilia for fans that have racked in millions of dollars.

                Floyd Mayweather being someone who is also popularly known as Mr. Munny has been involved with crypto space for quite some time and first made headlines for promoting a dubious Initial Coin Offering back in 2017. The boxing icon later settled with the SEC by paying a hefty fine.

                Source: CoinGape

                Bitcoin has a probability of making another lower low, Ethereum has very bullish market structure

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                underratedcrypto
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                Bitcoin has a probability of making another lower low, Ethereum has very bullish market structure

                Bitcoin

                Currently Bitcoin is bearish. It will increase the probability of Bitcoin making another lower low from April 25, 2021, which will push it down. That correction is very good for the long-term if Bitcoin wants to be bullish. We have never had a proper technical correction in Bitcoin since last year, it will be a moment where smart people will buy, but someone else will cry.

                Ethereum

                Leverage has been reduced in the system yesterday. It is good for further, more sustainable growth. But obviously as price goes higher again more traders take on leverage and it’s a cycle of liquidations. It has a very bullish market structure.

                Polkadot

                Breakout invalidated. At this point DOT is extremely non-interesting to trade, DeFi is very undervalued right now and meme coins are way too overvalued. DOT/SZN will happen at some point in the next 6-12 months with projects launching on there but it is still far away.

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                MicroStrategy’s Bitcoin holdings close to $3 billion after buying $177m worth of bitcoins
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                MicroStrategy’s Bitcoin holdings close to $3 billion after buying $177m worth...

                underratedcrypto - 0
                MicroStrategy is one of the largest corporate holders of Bitcoin, and the company has now added more bitcoins to its balance sheet. MicroStrategy purchases $177...
                Bitcoin bulls aim for $50K ahead of Friday’s $675M BTC options expiry

                Bitcoin bulls aim for $50K ahead of Friday’s $675M BTC options...

                Binance ends South Korean Won trading pairs and payment options

                Binance ends South Korean Won trading pairs and payment options

                Kryptoin files for an Ether ETF with the US SEC

                Kryptoin files for an Ether ETF with the US SEC

                This is why SushiSwap did not scale on Optimism

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