The CEO of Ether Capital Corp, Benjamin Roberts recently talked about Ethereum, Augur and MakerDAO, on his official Twitter handle. The CEO started the thread by remarking that the three projects are “ingenious independently” and that these three together represent the “holy trinity of crypto.” This was followed by Roberts speculating on the reasons as to how their combined utility will increase the value of Ethereum.
The first point made by the CEO was that the demand for DAI, in turn, increases the price of Ethereum [ETH]. He also stated that this is one of the factors that many people in the community miss about MakerDAO.
“How? DAI demand > supply causes DAI price to exceed $1.00. This creates an incentive for ‘arbitrageurs’ to open CDPs and sell DAI proceeds for greater than $1.00.”
The next point was about the necessity of locking collateral in the Maker System in order to open a CDP. He further added that currently, the collateral is in the form of Ethereum, wherein the token is locked, thereby reducing the supply of the coin and increasing its price. The third point made by the CEO was pertaining to the multi-collateral DAI.
“What about multi-collateral DAI? The same process increases the value of any asset used as collateral. If Ethereum network is securing it, the collateral value increase leads to higher value of the Ethereum network.”
This was followed by Benjamin stating that the demand for the stablecoin “kicks off” the feedback loop, which would result in Augur accelerating the DAI feedback loop. He also remarked that as the cryptocurrency market grows the demand for DAI, it would also grow to near infinity.
“@AugurProject is the Twitter of derivatives. As meaningful to financial engineering as blockchains are to trust, but it’s severely hampered due to a wildly volatile quote currency. 6/ Adoption happens whenever crypto utility exceeds fiat -> crypto friction + crypto volatility. Projects like @veil solve friction, but right now crypto volatility is too high to adopt Augur.”
Benjamin further stated that Augur “acquires an incredible amount of utility” if the volatility of the cryptocurrency market is going to be taken out of the picture. According to him, this is Augur’s goal and the project “will adopt” DAI as the “quote currency for all markets.”
“8/ What happens when Augur adopts DAI? Augur acquires more utility and open interest increases substantially. This creates *a lot* of demand for DAI, putting upward pressure on the ETH price (as described above).”
This was followed by the CEO stating that this would thereby increase the demand of REP and the currency could also be collateral in multi-collateral DAI. “The Ethereum blockchain secures the REP market cap and this creates yet more utility for ETH and further increases value”, he added.
“10/ If all of this doesn’t implode, it’s going to be the greatest financial / social / economic revolution in history. Akin to adoption of the internet…maybe more powerful because of deep synergies within the ecosystem and incentives for modifying behaviour in the real world.”
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Ethereum Classic releases Parity-Ethereum 2.5.2-beta to allow Atlantis hardfork on Morden, Kotti Classic networks
The original Ethereum [ETH] Co-founders, Vitalik Buterin and Charles Hoskinson, have contributed immensely to the crypto’s growth, while creating complete ecosystems as foundations to build future projects. Amidst the numerous hardforks, a continuation of the original Ethereum blockchain, Ethereum Classic [ETC], has also given rise to numerous projects that currently stand at the frontier of crypto-adoption and development.
The ETC-inspired Parity Ethereum is delivering updates aimed at enabling hard forks on various blockchain networks. One of its latest updates, Parity-Ethereum 2.5.2-beta, will enable users perform the Atlantis hardfork on Morden and Kotti Classic networks. The Atlantis hardfork is a protocol upgrade that can incorporate pre-activated EIPs on Ethereum. Additionally, it will also help in easier migration of DApps between networks.
The news was revealed by Ethereum Classic’s official twitter handle, which said,
“Update enables Atlantis support on the
#Kotti and #Morden ETC testnets.
New Versions of ‘Parity-Ethereum’ Available: v2.5.2-beta; v2.4.7-stable”
The update was expanded upon by the Github page that calls the update “a bug-fix release that improves performance and stability.” The previous upgrade brought in hardforking capability by introducing Petersburg and Kovan Network community hardforks on the Rinkeby and POA-Core Networks.
While the supposedly fastest and lightest Ethereum client remains focused on delivering highly customizable blockchains for private use, speculators within the crypto-industry have taken notice of ETC’s rising market cap, which was $976 million, at press time. Further, the 18th-ranked cryptocurrency has also recorded a strong bullish trend since the beginning of 2019.
Crypto-enthusiasts have thus, taken to Twitter to pledge their long-term support for ETC. One such user, @con_gang, replied to the original post and tweeted,
“Let’s GO $ETC! Paaaaaaaaaaaaaaamp it Barry!!!!!!”
Both the beta and stable versions of the update also contain bug fixes that are related to the rejecting, rather than truncating timestamps. These updates will also work towards removing dead chain configs. Further, some experts have pointed out that Parity Ethereum’s update that involved reworking the Sha3/keccak256 hash calculation, had also improved the overall performance of the network.
While the GitHub link does not talk about light client support being fully functional yet, ETC’s game plan reflects an increased focus on long-term adoption rather than trading value recovery, which is similar to Ethereum and Cardano’s roadmap.
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