Seeds of Wisdom RV and Economic Updates Friday Morning 9-6-24
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CORE BLOCKCHAIN UNVEILS LIQUID STAKING TOKEN FOR BITCOIN: $LSTBTC
A New DeFi Opportunity for Bitcoin Holders
Core Blockchain has introduced a new liquid staking token, $LstBTC, that promises to revolutionize how Bitcoin holders engage with decentralized finance (DeFi).
This innovation allows users to stake their Bitcoin (BTC) without having to lock it up, offering them the ability to earn rewards while maintaining liquidity. With this launch, Core Blockchain aims to bridge the gap between Bitcoin and DeFi, enhancing BTC’s utility within this rapidly growing sector.
Liquid Staking for Bitcoin: Expanding DeFi Access
The $LstBTC token is pegged 1:1 to Bitcoin, meaning each token represents an equal amount of BTC. What sets it apart is its liquid staking feature, which resolves a longstanding issue for Bitcoin holders. Typically, staking assets like BTC requires locking them up in exchange for rewards, limiting their use in other applications.
However, with $LstBTC, users can stake their Bitcoin and still keep it liquid, making it available for DeFi use. This dual benefit is expected to enhance Bitcoin’s role in the DeFi ecosystem, a space where the cryptocurrency has traditionally been underrepresented.
Core Blockchain believes that $LstBTC provides a new avenue for Bitcoin holders who want to earn rewards without sacrificing the flexibility of their assets.
The token’s innovative design allows users to participate in DeFi protocols, such as lending, borrowing, and yield farming, without the usual restrictions imposed by traditional staking mechanisms.
Daily Rewards in $CORE Tokens
One of the key incentives of $LstBTC is that it offers daily rewards to its users in $CORE, the native token of Core Blockchain. This feature makes staking more appealing to Bitcoin holders, who can now earn a steady stream of $CORE tokens while their BTC remains accessible for DeFi activities.
The daily reward structure provides an additional layer of utility, attracting users who want to maximize their returns without losing access to their Bitcoin.
Core Blockchain envisions $LstBTC as a tool that will drive greater adoption of its ecosystem. By integrating liquid staking with Bitcoin, the platform anticipates attracting both existing users and newcomers who are looking for more flexible ways to utilize their digital assets. This strategic move aligns with Core’s broader goal of expanding its user base and increasing participation in DeFi.
Boosting DeFi Adoption Through Security and Growth
Another critical aspect of $LstBTC is its focus on security. The token is managed through a multi-signature (multi-sig) setup, which involves multiple entities participating in its management. This added layer of protection ensures that the token is secure and resistant to single points of failure.
Multi-sig setups are commonly used in the blockchain space to enhance security by requiring multiple approvals for any transaction, thus safeguarding the asset from potential misuse or theft.
Rich Rines, an early contributor to the Core DAO, highlighted that while Bitcoin dominates the cryptocurrency market, its integration into DeFi has been limited.
He believes that $LstBTC could be a game-changer in this regard. By making Bitcoin more accessible and usable in DeFi, Core Blockchain aims to unlock the potential of BTC in a sector where it has traditionally had a minimal presence.
The liquid staking solution not only benefits individual users but also aims to attract developers to build new products on Core’s platform. By providing a secure and flexible tool for staking Bitcoin, the company hopes to encourage the creation of additional liquid staking products, further expanding the ecosystem’s capabilities.
Driving Ecosystem Growth and Adoption
Core Blockchain anticipates that $LstBTC will attract a wider audience, from experienced Bitcoin holders to developers eager to build on the platform. The token’s unique combination of liquidity, staking rewards, and security is designed to appeal to a broad range of users, driving growth and innovation within the ecosystem.
The company expects that as more people adopt $LstBTC, the Core platform will see a surge in development activity. New liquid staking products, DeFi applications, and tools built around $LstBTC could significantly enhance the platform’s offerings. The growth in adoption could, in turn, attract more developers to the ecosystem, creating a positive feedback loop that fuels further expansion.
Core’s vision for $LstBTC is not limited to short-term gains. The company aims to position itself as a key player in the DeFi space by providing innovative solutions that address some of the industry’s most pressing challenges, such as asset liquidity and security.
By creating a product that combines these elements, Core Blockchain is paving the way for Bitcoin to play a more significant role in the future of decentralized finance.
In conclusion, the launch of $LstBTC represents a major step forward for both Core Blockchain and the broader DeFi space. By offering Bitcoin holders a way to stake their assets without locking them up, Core is addressing a key pain point for users and unlocking new opportunities for growth.
The added security of a multi-sig setup and the potential for ecosystem expansion make $LstBTC a compelling proposition for those looking to engage with DeFi while retaining the flexibility of their Bitcoin holdings.
@ Newshounds News™
Source: Cointrust
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DECENTRALIZED PHYSICAL INFRASTRUCTURE NETWORKS OFFER NEW OPPORTUNITIES IN THE CRYPTO WORLD
▪️DEPIN integrates physical assets with blockchain technology.
▪️It has significant potential in energy and smart city projects.
▪️Widespread adoption may take time due to early-stage development.
In the world of cryptocurrencies, decentralized physical infrastructure networks (DEPIN) are emerging as a new application area. This new technology is expected to create a significant shift in the crypto ecosystem. DEPIN aims to enable decentralized applications (dApps) to integrate more with the physical world.
What is DEPIN?
Decentralized physical infrastructure networks allow users to manage physical assets using blockchain technology. This includes controlling sensors, distributed energy sources, and other physical devices via blockchain. DEPIN is noted to have significant potential, particularly in the energy sector and smart city projects.
Revolution in the Energy Sector
The use of DEPIN in the energy sector can enable more efficient management of distributed energy resources. Users can optimize their energy consumption by managing individual energy sources like solar panels through blockchain. This can lead to reduced costs and more equitable energy distribution.
Smart City Applications
In smart city projects, DEPIN technology can enable more efficient and sustainable management of city infrastructure. For example, DEPIN can be considered for areas such as traffic management, waste collection, and water resource management. This technology is expected to reduce infrastructure costs while improving service quality in cities.
MV Capital argues that DEPIN will be the next major application area for cryptocurrency. The company states that this technology holds great potential for the future and can create a revolution in many sectors.
“DEPIN will enable decentralized applications to integrate more with the physical world.” – MV Capital
DEPIN, along with decentralized finance (DeFi) and other blockchain-based applications, can create a new wave in the crypto ecosystem. The adoption of this technology can enable cryptocurrencies to be used more widely in real-world applications.
DEPIN stands out as an innovation that integrates crypto technology not only with digital financial transactions but also with the physical world. This technology is considered for a wide range of uses, from energy management to city infrastructure.
There is a general consensus that DEPIN technology holds great potential in the energy sector and smart city projects. However, some sources emphasize that the technology is still in its early stages and that widespread adoption may take time.
While there is agreement on DEPIN’s potential, it is noted that more development is needed for the technology to mature. Discussions on this topic show that there are different views on what the future impact of DEPIN will be
@ Newshounds News™
Source: Cointurk News
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JAPAN MULLS LOWER CRYPTO TAX RATES IN 2025 OVERHAUL
The country intends to lower taxes on crypto to a flat rate of 20% – in line with taxes that currently apply to traditional assets such as stocks.
Japan's financial regulator, the Financial Services Agency (FSA), has proposed a significant overhaul of the country's tax code for fiscal year 2025. A key component of this reform is a potential reduction in the tax rate for cryptocurrency assets.
In a recent request submitted to the government, the FSA advocated for treating cryptocurrencies as traditional financial assets, aligning them with publicly traded investments. This move could pave the way for a more favorable tax environment for crypto holders in Japan.
“Regarding the tax treatment of cryptocurrency transactions, cryptocurrency should be treated as a financial asset that should be an investment target for the public,” the FSA said.
The FSA's proposal aligns with the growing sentiment among crypto advocates in Japan, who have been petitioning the government to reform the tax on cryptocurrencies, saying that high tax rates on crypto profits are "hindering" the ability to save and invest.
Currently, crypto profits in Japan are subject to a miscellaneous income tax rate ranging from 15% to 55%. The highest rate applies to earnings exceeding 200,000 Japanese yen ($1,377). This compares unfavorably to the 20% maximum tax rate on profits from stock trading.
For corporate entities, the tax burden on unrealized crypto gains is even more substantial, with a flat 30% rate applied at the end of each financial year, regardless of whether a profit has been realized through a sale.
At the WebX Conference held in Tokyo last week, Japanese Minister of Economy, Trade and Industry Takeru Saito said he would help the industry create more use cases by implementing tax reforms to support the development of start-ups, local media reported.
While the FSA's proposal represents a positive step towards a more crypto-friendly tax environment in Japan, the ultimate outcome will depend on the deliberations of the tax system research committee and the country's national legislature.
If approved by both houses of the Japanese government, the proposed tax reforms could significantly impact the nation's crypto industry.
@ Newshounds News™
Source: Blockhead
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Farm Bill Showdown Will Congress Act | Youtube
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Source: Currency Facts
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India's Blockchain Revolution | Youtube
@ Newshounds News™
Source: Currency Facts
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