AVAX Token Hits Another All-Time High After Deloitte Partnership
AVAX (Avalanche), the native token of the Avalanche network hits another all-time high after its announced partnership with Deloitte. On Nov. 17, Avalanche founder and Ava Labs CEO Emin Gun Sirer posted on his Twitter about the partnership with the accounting firm.
1/ Ava Labs is thrilled to announce its partnership with @Deloitte to build more efficient disaster relief platforms using the Avalanche blockchain.
This effort combines the speed, resilience and adaptability of Avalanche, and Deloitte's Fortune 100 enterprise knowledge. 🧵⬇️
— Emin Gün Sirer🔺 (@el33th4xor) November 16, 2021
This has resulted in the recent spike of AVAX (Avalanche), the network’s native token. According to Sirer, the recent partnership aims to “build more efficient disaster relief platforms using the Avalanche blockchain.”
In August, the Avalanche Foundation launched the “Avalanche Rush” n $180M liquidity mining incentive program for top DeFi projects. The program will be instrumental in the further growth of the Avalanche ecosystem. With the entry of leading DeFi projects like Aave and Curve, the price of AVAX (Avalanche) significantly increased.
On Nov. 1, the Avalanche Foundation launched “Blizzard”, a $200 million fund aimed towards fostering development, growth, and innovation both within and outside the public blockchain ecosystem. On Nov. 15, AVAX (Avalanche) recorded an all-time high at $101.91. After its price surge to $138.98 and recording its newest all-time high, the “ETH killer” is now ranked as the #10 cryptocurrency with a market cap of $29,682,199,865 in data by Crypto.co.
Anti-Bitcoin Citadel CEO Prevails Against ConstitutionDAO on Sotheby’s Auction
Citadel CEO Ken Griffin, the #47 richest man in the world in a list by Forbes with a net worth of $20.8B has won over ConstitutionDAO in a bid to buy a rare print of the U.S. Constitution during the on Sotheby’s auction.
In a report by the Insider, ConstitutionDAO was able to raise 10,000 ether ETH (ethereum) of $46 million on Thursday. If they succeed to buy the document, ConstitutionDAO plans to preserve and protect the document, and to place it in a museum for public viewing for free but would primarily depend on the people who donated for the auction.
The bidding started at $10M then jumped to $30M exceeding its expected value at $20M. The final bid price was set at $41M but the DAO did not place its final bid and Griffin won the bidding for the copy of the Constitution.
ConstitutionDAO was a DAO formed last week to buy a copy of the U.S. Constitution at the Sotheby’s auction. The DAO Discord server has already reached almost 20,000 members in just seven days and with total contributors of more than 15,000.
After failing in its bid to buy a rare copy of the Constitution, ConstitutionDAO is now starting to return the fund to its contributors less the transfer fees incurred. As a token of gratitude to the contributors, they would receive a governance token in exchange for their donation as stated on their website.
Foundry USA Now the Second-Largest Bitcoin Mining Pool
Foundry USA a North American bitcoin mining pool based in New York is now the world’s second-largest Bitcoin mining pool and is contributing a 15.42% share of the Bitcoin hashrate.
This comes amid the Chinese government ban on crypto mining particularly BTC (bitcoin) in May. Kevin Zhang, vice president of business development for Foundry Digital in his statement on Cheddar news stated:
“You have this perfect confluence where our hashrate is rising and the Chinese pool hashrates are falling.”
In a data by BTC.com that the crypto mining service provider that AntPool remains to the #1 bitcoin mining pool contributing a 17.76% network share.
The intensive crackdown implemented by China on crypto mining resulted in the massive exodus of miners in crypto-friendly countries like the United States, Russia, and Kazakhstan.
But despite placing only second in terms of hashrate contribution, Foundry USA receives the highest average mining rewards of 0.09418116 BTC or almost $5,500 per block and rewards are distributed via a Full-Pay-Per-Share (FPPS) payout scheme free of charge according to the VP of Foundry USA, Kevin Zhang.
$10.5 Billion Lost to Theft and Fraud in Ethereum-Built DeFi Platforms
In a report by Elliptic, a fintech company that tracks the movement of cryptocurrencies on the blockchain, a total of $10.5B was lost by DeFi users in Ethereum-built platforms in scams and hacking in this year alone.
In October, Cream Finance, a decentralized lending protocol built on the Ethereum network has fell victim to a $130M hack. But what could be the reason behind this? Elliptic stated:
“Many are startups with relatively immature cybersecurity, and the irreversible nature of crypto transactions make it very challenging to recover these funds. This has made them tempting targets for attackers ranging from lone hackers to nation states.”
Also, the absence of central authority in decentralized finance or the DeFi sector is one of the reasons for the proliferation of these malicious activities resulting in the loss of users’ funds.