Decentralized Lending Platform ADALend Listed On CardanoCube

Decentralized Lending Platform ADALend Listed On CardanoCube

ADALend has been listed on CardanoCube.io. Cardanocube is a platform that provides information about decentralized applications that have been listed on the Cardano network. This listing follows a recent announcement by AdaLend where they mentioned that they seek to develop the platform using the Plutus application backend. This is a platform that enables the development of […]

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Crypto predictions platform Polymarket fined $1.4M by CTFC

“All derivatives markets must operate within the bounds of the law regardless of the technology used,” said Acting Director of Enforcement Vincent McGonagle.

New York-based crypto predictions platform Polymarket has reached a settlement with the Commodity Futures Trading Commission (CFTC) to pay a fine of $1.4 million.

Polymarket is a decentralized platform that enables users to bet on the outcomes of event markets such as pro-sports games and political elections via binary options contracts.

On Jan. 3, the CFTC announced that it had entered an order filing and simultaneously settling charges against Polymarket, with the platform found to have operated an “illegal unregistered or non-designated facility” since June 2020.

Under the order, Polymarket is required to pay a civil monetary penalty of $1.4 million along with winding back any markets on the platform that do not comply with CFTC and Commodity Exchange Act (CEA) regulations. Polymarket responded with a Jan 4. tweet stating that they were “excited to move forward”.

The CFTC stated that event market contracts backed by a pair of binary options “constitute swaps” under its jurisdiction and that platforms offering exposure to the market must be regulated under the CFTC and CEA.

In the announcement, the CTFC’s acting director of enforcement Vincent McGonagle urged derivatives platforms to register with the enforcement body, he paid particular attention to those operating in the decentralized finance (DeFi) sector:

“All derivatives markets must operate within the bounds of the law regardless of the technology used, and particularly including those in the so-called decentralized finance or ‘DeFi’ space.”

The CFTC did note, however, that Polymarket received a reduced civil monetary penalty due to its “substantial cooperation” with the investigation into the platform.

Related: Will US regulators shake stablecoins into high-tech banks?

Cointelegraph reported back in October 2021 that the CFTC had launched its investigation into Polymarket, with the platform reportedly hiring former CTFC enforcement head James McDonald to handle the probe.

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NFT-collateralized loan platform Arcade raises $15M in funding round

Pantera Capital’s Lauren Stephanian said the platform’s collateralization of NFTs could incentivize participation from institutional investors.

Arcade, a platform that allows users to utilize nonfungible tokens (NFTs) as loan collateral, has raised $15 million in a Series A funding round with participation from Pantera Capital.

In a Wednesday announcement, Arcade said Pantera, Castle Island Ventures, Franklin Templeton Blockchain Fund, Golden Tree Asset Management, Eniac Ventures, Protofund, Probably Nothing Capital and Lemniscap in addition to angel investors BlockFi CEO Zac Prince and Quantstamp CEO Richard Ma were behind the investment in an effort to connect NFT-collateralized lending with the decentralized finance space. The platform is also coming out of a private release with $3.3 million in total loan volume secured on a total of $10 million in assets.

Arcade co-founder Gabe Frank said NFTs account for a significant portion of the ever-growing DeFi market, which is currently worth over $250 billion in terms of total value locked. “However, the lack of infrastructure in DeFi prevents NFT holders from achieving liquidity on their holdings despite massive market caps,” he said. 

Arcade’s LinkedIn page shows at least 10 U.S.-based employees, with the company currently hiring for various roles, including a senior software engineer, lead talent specialist and team coordinator. Lauren Stephanian, principal at Pantera Capital, said the platform’s collateralization of NFTs had the potential to incentivize participation from “institutional lenders, high-net-worth individuals, DAOs, companies with NFTs on their balance sheets and NFT collectors.”

Related: Nexo partners with Three Arrows Capital to launch NFT lending & art financing service

Other platforms have already launched or are in the process of launching services to facilitate loans against NFTs, including ETNA Network and Lithuania-based lending platform Drops. In March, lending protocol Teller Finance announced that some of its users would be able to obtain credit without posting collateral, accessible through special NFTs.

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From the Altai Mountains to the Gobi Desert: Tokenizing the history of nomadic horse riders through Mongol NFTs

The firm behind the namesake platform wants to bring Mongolian artists to the world stage and promote an authentic cultural experience to tourists through the Metaverse.

Mongolia is a land of endless steppes, hosting mystic Tibetan Buddhist monasteries and fierce horse warriors blessed by the eternal Tengri, the sky god in folk shamanism. For centuries, the harsh, cold climate of the plains forced its people to venture to the world beyond in a series of journeys and conquests. And now, blockchain enthusiasts can hear their stories in the form of nonfungible tokens through the Mongol NFT platform. 

Since its inception in September, the platform has surpassed 100,000 registered users and close to 400 creators in various stages of their projects. In an exclusive interview with Cointelegraph, Gabit Bazar and Adiya Bayansan, co-founders of Mongol NFT, discussed the future of the project that’s bringing Mongolia (once again) to the world stage. 

The culture of Mongolia throughout history. (Source: Mongol NFTs)

Cointelegraph: Who are the participants on your NFT platform?

Gabit Bazar and Adiya Bayansan: It’s everyone; we have many different areas of artists — they’re singers, artists, painters, movie producers, etc.

CT: Which blockchain(s) is this NFT platform based on? 

GB & AB: It’s multi-chain. So we have Ethereum, obviously, and we’re also planning to support Polygon. And next is Solana. The creators will choose; it’s up to them. 

Related: The Metaverse will bring unbridled evolution to NFTs

CT: What are some of the themes surrounding the artwork in these NFTs? 

GB & AB: We have a theme of the 13th century, for example, during the time of Genghis Khan. Another artist focuses on Tengri and the culture of the nomadic Central Asian steppes. One artist was in the Marco Polo [who journeyed east to visit Kublai Khan] Netflix show and will be producing cartoon NFTs on that topic.

CT: How many NFTs have people bought and sold so far within the past year?

GB & AB: We launched only about two months ago, on Sept. 17. And we already have approximately 5,000 drops in. And out of those 5,000 drops, our record selling is within five seconds. 

CT: And what is the vision behind the platform? 

GB & AB: Very simple; every country has a great history, culture, and character. […] But not everybody knows what character exactly inside, they might know, only one or two very famous artists. Such is the case with Mongolia. We want to bring its talents to the world stage. We were always behind the rest of the world by 20 years, 30 years. But with NFTs and blockchain technology, we are all starting from precisely the same point together. 

CT: What does the current state of cryptocurrency adoption look like in Mongolia?

GB & AB: So currently, we do two things: first, someone who purchases the NFT can also use the fiat Mongolian currency (Tögrög, p. Tugrik) or use our coin called MNFT. The partner exchange is Bittrex on our end. So creators can cash out to their exchange, or they can get their Tugrik to their Mongolian bank accounts.

Related: Mongolia’s largest bank to offer crypto-related services

CT: What does the roadmap look like for Mongol NFTs in the future?

GB & AB: So Mongol NFTs was the beginning of the marketplace, then we evolved to MNFT coin, where we want to make it a utility for people. They will have the specific content but are only available for MNFT holders. Exclusive video streaming and music streaming are the next steps. Because today, even though young artists can upload their songs to Spotify or iTunes, it’s hard for anyone to find out about it, so getting the economic benefit can be difficult. That’s why we want to create a Mongolian streaming service powered by MNFT coins. We want to revolutionize the industry so that the young kids who have that passion for the music, they can get on board, create their NFTs, create their music, and people can listen to it.

Number two, most NFT initiatives also include buying land on The Sandbox, similar to Adidas sportives. All of those big boys have got the land. Now we’re also building the Mongol Valley in our Sandbox. So with that, why? Maybe you heard about our traditional annual wrestling festival called Naadam. Our country’s vision is to bring as many tourists as possible. We will create tourism in the metaverse. They can see the arts, the festival, go to the marketplace to get the NFTs, and use the MNFT coin to purchase. That’s the whole purpose of the metaverse. Any artists can do exhibitions or concerts; we plan to do that as an entire country. The Ministry of Culture of Mongolia is also endorsing us in terms of this initiative.

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