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Cred Protocol unveils its first decentralized credit scores

Cred Protocol, a decentralized credit scoring startup has unveiled the results of its first automated credit scoring system for users of decentralized finance (DeFi). Cred Protocol CEO Julian Gay, outlined the results in a Twitter thread which showed how Cred successfully utilized past transaction behaviour on the Aave protocol to assess the creditworthiness of future borrowers based on on-chain behavior in the DeFi space. By using machine learning to assess time-based account attributes and analyze the user’s past transaction behavior Cred Protocol generates a health factor score that predicts the likelihood of future liquidation for a single address— which according to Gay, was one of the strongest baseline creditworthiness predictors. Julian Gay Twitter Post Cred Protocol claims to make decentralized finance more accessible to the world by implementing trustworthy credit scores that would see “anyone with an internet connection” and “a good financial reputation” gain access to loa..

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DeFi market fell off cliff in Q2 but users haven’t given up hope: Report

Despite the decentralized finance (DeFi) market suffering a 74.6% market cap decline in Q2, user activity has remained relatively resilient, says CoinGecko. In a report published by the crypto data aggregator on July 13th, CoinGecko reported that the overall DeFi market cap fell from $142 million to $36 million over the second quarter, due mainly to the collapse of Terra and its stablecoin TerraUSD (UST) in May. CoinGecko also noted a rise in decentralized finance DeFi exploits in the quarter contributed to the fall, including Inverse Finance and Rari which suffered hacks of $1.2 million and $11 million respectively. “These attacks have negatively impacted token prices as investors lose faith in these hacked protocols.”However, CoinGecko also noted that while on-chain activity slowed down, the DeFi industry has managed to retain most of its daily active users. It noted that the number of daily active users in DeFi decreased only 34.5% from 50,000 to 30,000 in Q2, added there were al..

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Nifty News: Old Navy’s BAYC shirts, expensive whisky NFTs, Sandbox publishing

A bottle of 52-year-old whisky made at Japan’s famous defunct Karuizawa distillery is being auctioned off as an NFT. The starting price for the nonfungible token (NFT) and bottle of whisky is a dizzying $75,000, or about 62 Ether (ETH). Direct-to-Customer NFT wine and spirits marketplace BlockBar is handling the auction. To whisky collectors, the ultra-rare bottle of whisky from “The Last Masterpiece” cask made in 1970 is attractive as there are now only 211 bottles of it left, according to a July 12 report by Finbold. Now an NFT collector can bolster their collection with a token that verifies authentic ownership of a bottle. NFT authenticating a bottle of “The Last Masterpiece” from Kurizawa.The auction began on July 12 and will continue until July 18. The artwork for the NFT and the bottle was made especially for the BlackBar auction by calligrapher Sounn Takeda. There has been one bid made on the item so far. Old Navy gets boredAmerican clothing brand Old Navy has issued a new $19..

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Indian blockchain firm 5ire secures $100M to fund sustainability-focused project

An ambitious sustainability-based blockchain project has secured $100 million in a Series A funding round to drive its development. Indian entrepreneurs Pratik Gauri and Prateek Dwivedi have spearheaded the foundation of a fifth-generation blockchain network known as 5ire, which looks to incentivize the implementation of United Nations' sustainable development goals (SDGs) for users of its system. The project has now attracted a total of $121 million in investment. A seed round secured $21 million from notable tech investors, including Alphabit, Marshland Capital, Launchpool Labs and Moonrock Capital. A subsequent series A fundraising round secured a $100 million investment from UK-based conglomerate SRAM & MRAM. 5ire intends to expand its business into Asia, North America and Europe in addition to its operations center in India. 5ire presents a novel use case for blockchain technology that looks to promote practices that are aligned with United Nations SDGs. Its 5ireChain network..

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BTC mining costs reach 10-month lows as miners use more efficient rigs

The cost of mining one Bitcoin (BTC) has fallen to ten-month lows as mining hardware becomes more efficient, and difficulty has dropped 6.7% since its May peak. On Wednesday, strategists from JPMorgan led by Nikolaos Panigirtzoglou told investors that Bitcoin production costs have fallen to around $13,000 from $24,000 at the beginning of June. This is the lowest it has been since September 2021, according to the analysts citing a chart from Bitinfocharts, and comes as mining difficulty has fallen from its May highs of 31.25T to 29.15T. Lower Bitcoin production costs can potentially ease miner selling pressure and improve profitability. However, the strategists were still bearish, stating “the decline in the production cost might be perceived as negative for the Bitcoin price outlook going forward,” according to Bloomberg. They added that the production cost is perceived by some analysts as the lower bound for the BTC price range in a bear market. Several analysts have predicted BTC p..

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34% of gamers want to use crypto in the Metaverse, despite the backlash

Despite a backlash from a vocal part of the gaming community, a new survey has revealed one-third of gamers have expressed interest in using crypto in the Metaverse. And, more gamers than not believe that the Metaverse will have a positive impact on gaming. The survey was published on Wednesday by institutional software developer Globant. It was conducted by YouGov and polled 1,000 adult PC, console and/or mobile gamers last month, with 34% of respondents indicating an interest in conducting crypto transactions in Metaverse. The concept of play-to-earn (P2E) in the Metaverse is also relatively well received by gamers, with 40% of respondents stating that they are “interested in pursuing a mix of both the ‘playing’ and ‘earning’ aspects of the Metaverse.” While 11% indicated they are more interested in earning, and 49% stated they are only interested in playing. More than half (53%) of respondents also stated that they would happily work in virtual game worlds if they were able to ea..

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Celsius bankruptcy filings show a company in deep trouble

Celsius’ bankruptcy filing has revealed some unpleasant surprises about the state of the crypto lending platform, including a $1.2 billion deficit formed largely as a result of user deposits. A chapter 11 bankruptcy document signed off by Celsius CEO Alex Mashinsky on July 14 has revealed that the company holds around $4.3 billion in assets against $5.5 billion in liabilities, representing a $1.2 billion deficit. User deposits made up the majority of liabilities at $4.72 billion, while Celsius' assets include CEL tokens as assets valued at $600 million, mining assets worth $720 million, and $1.75 billion in crypto assets. The value of the CEL tokens has drawn suspicion from some in the crypto community however, as the entire market cap for CEL tokes is only $321 million, according to CoinGecko data. The financial roundup for Celsius reveals a $1.2 billion deficit.Among the crypto assets are 410,421 Lido Staked ETH (stETH) tokens worth about $479 million which are generating 5% A..

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Celo network back online after almost 24-hour outage

Proof-of-stake- (PoS)-based blockchain Celo has been suffering from an on-and-off network outage lasting 24 hours, though the blockchain appears to be up and running again. Celo is an open-source blockchain that enables users with phone numbers to make payments with crypto by using their phone numbers as a proxy for public keys. Celo updated its Twitter followers after the network came back online, noting it was the network’s first outage since the mainnet launch on April 22, 2020, and that it has begun a “thorough and expedited technical analysis” to get to the bottom of the issue. The protocol made the initial announcement that the network had stalled on Thursday at 12:04 am UTC at block 14,035,019, assuring that “all funds are safe.” It resumed around nine hours later for several minutes before pausing again at block 14,035,045. At the time of writing, the network appears to be up and running again following an upgrade of its validator nodes to version 1.5.8, according to a Cel..

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UNI, MATIC and AAVE surge after Bitcoin price bounces back above $20K

Crypto investors found cause for celebration on July 14 as the market experienced a positive trading session just one day after the Consumer Price Index (CPI) posted a June print of 9.1%, its highest level since 1981. Daily cryptocurrency market performance. Source: Coin360The move higher in the market wasn’t entirely unexpected for seasoned traders who have become familiar with a one to two-day bounce in asset prices following the most recent CPI prints. These traders also know there’s nothing to get too excited about, as the bounces have typically been followed by more downside once people realize that the high inflation print is a negative development. Nevertheless, the green in the market is a welcome sight after the rough start to 2022. Top 5 coins with the highest 24-hour price change. Source: CoinMarketCapAccording to data from Cointelegraph Markets Pro and TradingView, the biggest gainers over the past 24 hours were Uniswap (UNI), Polygon (MATIC) and Aave (AAVE). Robinhood ..

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Ankr Network’s 2.0 upgrade aims to improve Web3 decentralization

Decentralized Web3 infrastructure provider Ankr Network (ANKR) has introduced its Ankr Network 2.0 upgrade aimed at transitioning blockchains into more resilient node networks. The upgrade is detailed in the Ankr 2.0 Whitepaper which was obtained by Cointelegraph ahead of its release later today. The upgrade centers around making Web3 more decentralized through several new features, such as an option to run an independent node, the ability to stake ANKR tokens on a full node, and the Ankr DAO. A spokesperson explained to Cointelegraph: “The upgrade is aimed at transitioning more blockchains, and the DApps built on them, to more distributed and resilient node networks supported by independent node providers.”Ankr is one of the largest remote procedure call (RPC) endpoint providers in the crypto space. RPCs are essential tools blockchain developers use to build decentralized apps and projects. Every time Ankr handles an RPC request, a node is required to fulfill it. By expanding access..

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