Thorchain, a pretty unknown crypto is presently shaking the crypto-verse at a rate that beats the imagination of crypto traders.
- At the time this report was drafted, Thorchain price traded at $0.610724 with a 24-hour trading volume of $10,533,703.
- RUNE price is up 20.7% in the last 24 hours, surpassing thousands of cryptos. It has a circulating supply of 210 Million coins and a max supply of 500 Million coins.
In one year, this amazing crypto has gained about 2000% on its strong fundamentals amid thousands of crypto prevailing at the ever-changing financial market.
What you should know
THORchain is a digital network that permits selected crypto to be exchanged without writing them on the currency blockchain, thereby enhancing speed in the time taken to complete a transaction. THORchain also provides a borrowing lending structure collateralized by users’ assets, as well as a network of financial liquidity shares to obtain profits.
What this means
THORChain works with decentralized nodes in running its platform, thereby avoiding any room for failure. It is key to note the manner it adjust its trading fees based on the size of the transaction.
THORChain will allow its users to stake their crypto tokens and enhance improving market liquidity, in exchange for a stake of the network’s earned transaction charges. It provides liquidity for $RUNE $BNB.
VP Osinbajo disagrees with CBN, calls for crypto regulation
Vice President Yemi Osinbajo had recently called for Crypto regulation knowing fully well the role Crypto play in the global financial ecosystem.
The Vice President of Nigeria, Prof. Yemi Osinbajo has recently called for Crypto regulation knowing fully well the role Crypto plays in the global financial ecosystem as he opined that such disruption often makes room for progress.
Osinbajo also advised the SEC, and Central Bank of Nigeria in creating a regulatory road map, while fully appreciating the stance of the CBN, Nigerian SEC, and law enforcement agencies on the possible abuses of crypto assets.
The vice president further stressed the importance Cryptocurrencies would play in the coming years as they will most likely challenge traditional banking, including reserve banking, in ways the world hasn’t yet imagine, stressing the need for Nigeria in being prepared for such a seismic shift.
He also called for scaling up of government-private sector interventions because, “the task of national development requires that we fire on all cylinders, after all at one stage China was building 1.9m housing units per year.”
Cryptocurrencies in the coming years will challenge traditional banking, including reserve banking, in ways that we cannot yet imagine, so we need to be prepared for that seismic shift. pic.twitter.com/tbIR8eah2s
— Prof Yemi Osinbajo (@ProfOsinbajo) February 26, 2021
Why a number of investors are trading stocks through blockchain
More than half (56%) of Robinhood account holders are considering leaving the platform as a result of the fiasco.
The recent outrage by WallStreetBets over the temporary suspension of GameStop (GME) and a few other stocks has led a significant number of stock traders to seek other viable means of trading stocks.
Recent data retrieved from Fortune Magazine revealed that such fiasco which led to the suspension of trading such stocks by leading American stock trading app, Robinhood, has severely damaged its brand.
More than half (56%) of Robinhood account holders are considering leaving the platform as a result of the fiasco. 40% of Robinhood investors say they aren’t considering it, and 4% say they’ve already left the platform as a result of its stock limiting. It looks like Robinhood is learning the lesson Warren Buffett preached for years: “It takes 20 years to build a reputation and five minutes to ruin it.”
Blockchain technology is already revolutionizing financial system services. This technology has made the need for a third party unnecessary in transactions or access to the stock market. Conventionally, buying stocks usually requires a stockbroker, paperwork, or a long list of financial assessments.
Unlike regularly traded stocks, tokenized stocks do not require any sort of paperwork or the need for a stockbroker as a middle-man, which makes them free from the stockbroker’s fees.
Tokenized stocks are derivatives assets. This simply means that the price of a tokenized stock is determined by the price of the company’s stock. If a particular asset is traded at a certain price on a stock market, the same price or a little difference in price will be traded on different exchanges.
Tokenized stocks are digitalized forms of a company’s stock traded on secondary markets. What this means is that Tesla, Apple, Facebook, etc. stocks can be traded on a crypto exchange. Trading Tesla’s stocks, for instance, on crypto exchanges makes it easily accessible to purchase anywhere.
Tokenized Gold, Silver, Tesla, etc. are traded on FTX Exchange and other leading crypto exchanges where spot markets and futures can also be traded.
What you must know: The group tagged as the Wallstreetbets is a longstanding subreddit channel founded in 2012, where many Reddit users discuss highly speculative trading strategies and ideas.
- The group has caused huge disruption to financial markets in the previous week, especially among institutional investors like Melvin Capital who recently recapitalized their fund amid its losing positions at Gamestop.
- Stock traders are becoming concerned that hot trending stocks such as GameStop, rising at such an alarming rate might lead to great chaos at global financial markets, in the long run.
That said, tokenized stocks are traded round the clock like crypto assets, though the flip-side is, they can’t be liquidated when the traditional market is closed.
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