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
Bitcoin Price Flips Above $26,500: What’s Next?
Bitcoin price has been showing signs of a potential short-term recovery over the past few days and even tapped its highest level in two weeks, above $26,500. The premier cryptocurrency has gained nearly 2% over the past week, erasing some of the losses made in the previous days. Even so, the asset remains 9% below in the month to date. Bitcoin’s total market cap has climbed by more than 1% over the last day to $518 billion, while the total volume of BTC traded over the same period decreased by more than 9%.
Inflation Concerns
Like most major altcoins, Bitcoin price noted a slight bearish initial response to the US Consumer Price Index (CPI) data published on September 13. Data released by the Bureau of Labor Statistics (BLS) showed headline inflation by the CPI came in at 3.7%, ahead of the predicted 3.6% year-on-year and higher than July’s 3.2% rate. Annual core CPI, which excluded food and energy prices, decreased to 4.3% in August, in line with forecasts and down from July’s 4.7% reading.
The Producer Price Index (PPI) data released on Thursday suggested bearable levels of inflation following a monthly increase of 0.7% and an annual increase of 1.6% in August. The monthly reading was higher than the estimated 0.4% increase. The core PPI came in at 0.2% for the month, in line with analysts’ expectations.
Retail sales data also published on Thursday…
Bitcoin
Bitcoin Price Extends Rally as Latest US CPI Reading Falls in Line With Market Expectations
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…
Featured news
SEC vs Ripple Case Turns 2: What Next for XRP Price?
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…
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