News & Updates
New SpiderDAO Nest Program Offers APY Earnings And Bonus Rewards
First-of-its-kind hardware-enabled DAO (Decentralized Autonomous Organization), SpiderDAO, has announced a new nesting program in response to user comments. The nesting program allows users to stake SPDR tokens for up to 12 months in exchange for APY, as well as tangible bonus rewards, including VPN service.
Users of the SpiderDAO platform were concerned by the network’s high compensation to its liquidity miners because the emissions this liquidity program created drove the price of the SPDR token down. After listening to user feedback, the team at SpiderDAO launched Spider Nest, which offers rewards for non-liquidity provider users based on the period of time they decide to stake their funds in the protocol.
“Each Nest consists of a set of requirements and parameters that are compensated accordingly,” explains Nathan Varty, Founder and CEO of Spider DAO, “These compensations range from 36% to 80% APY depending on their lock period, meaning that a 90 day lock-up of over $500 could receive a 60% APY. This means the staker would receive 5% of the locked amount in return after each month.”
SPDR token holders also have the option to participate in the LAU concept (Liquidity as Utility). In addition to benefiting from the APY itself, users are offered free access to Spider VPN services. Sixty percent of the SPDR token supply will be distributed to the community over the next five years.
Founded in 2020, SpiderDAO is the industry’s first hardware-enabled DAO that bundles multi-layered hardware and software tools on top of the Polkadot Network – a blockchain protocol with two goals: providing shared security among all connected parachains and allowing all connected chains to interoperate. SpiderDAO’s vision is to create a provable, open source, decentralized VPN, as well as add a multi-layer privacy solution where users are not only secured through the DAO, but their networks are secured with Spider dVPN and ad blocking. All user data is encrypted through dVPN to ensure that all network traffic is secured when leaving or entering the network. SpiderDAO’s native token SPDR is the first-ever to be listed on the Polkastarter exchange. For more information, visit www.spiderdao.io.
SpiderDAO on Telegram: https://t.me/SpiderDAO
Discord: https://discord.gg/freymYYspb
Spider Nests: https://stake.spiderdao.io/#/
Bitcoin price has been on a 4-day consecutive rally, jumping more than 29% since Friday when Silicon Valley Bank collapsed. Despite the tough year so far, BTC has been among the best-performing cryptocurrencies, jumping 57% in the year to date. At the time of writing, Bitcoin was trading 7% higher at $25,820.
BTC is Outperforming
Bitcoin price has been rallying in its recent trading sessions despite the collapse of the Silicon Valley Bank last week on Friday. The coin’s recent rally has been largely boosted by the current bullish momentum in the markets. Bitcoin’s coin market cap has increased by more than 7% in the past 24 hours, while the total volume of the coin traded slipped 8%.
Data by Coinmarketcap shows that the global crypto market cap has increased further by 5.19% to $1.13 trillion, while the total crypto market volume has decreased by 15.96% over the same period. Bitcoin’s dominance has increased by 0.83% over the last day to 44.24%.
The rally in the crypto market has been intricately linked to the recent US Consumer Price Index (CPI) data. The Bureau of Labor Statistics (BLS) reported a 0.4% increase in inflation in February from January, matching consensus estimates by analysts.
The CPI reading declined to 6% year on year, down from 6.4% in January, in line with market expectations. The core CPI, which excludes volatile food and energy prices, came in at…
The XRP price drifted upwards as investors reflected on the ongoing SEC vs Ripple case. Ripple rose to a high of $0.348, which was slightly above this month’s low of $0.3330. It remains about 15% below the highest level this month, giving it a market cap of more than $17 billion.
SEC vs Ripple case turns 2
The Securities and Exchange Commission (SEC) launched one of the biggest lawsuits in the industry on December 20th, 2020. It accused Ripple Labs and its top officials of selling securities to investors without following the right process.
Ripple has denied claims that XRP is a security. Instead, it has insisted that XRP is a normal cryptocurrency like Bitcoin and Litecoin. It has continued defending itself aggressively against the case.
The SEC and Ripple have had different victories along the way. The most recent victory by Ripple was a ruling that allowed its lawyers to have access to a speech by William Hinman, a former SEC director. Ripple argues that his speech will provide more evidence that the SEC knew that XRP was not a security.
It is still too early to predict who will win between the SEC and Ripple. Still, analysts believe that the XRP price will do well regardless of who wins in court. For one, the worst-case scenario will likely…
The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.
However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.
He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.
Users should store their private keys
The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.
That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.
Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.
After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…
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