Cryptocurrency
Dirham stablecoin DRAM hits Uniswap, developed by relaunched Distributed Technologies Research
A former MIT alumnus and SoftBank executive has launched a Dirham-backed stablecoin that aims to give countries plagued by high inflation environments exposure to assets linked to the United Arab Emirates’ native currency.
Cointelegraph reached out to Akshay Naheta, founder and CEO of Distributed Technologies Research (DTR) following the announcement of DRAM stablecoin that was listed on Decentralized Finance protocols Uniswap and PancakeSwap on Oct. 3.
The Abu Dhabi based- company has been developing the technology for a Dirham-backed stablecoin since Oct. 2022. Naheta has essentially rebooted DTR in the jurisdiction, which he had helped co-found in Switzerland in 2019.
DRAM is an Ethereum ERC-20 token that is issued by DRAM Trust. The organization is a Hong Kong law governed trust while an independent trustee responsible for approving token mints and burns is reportedly licensed and regulated under the Hong Kong Monetary Authority.
As it stands, DTR cannot offer DRAM in Hong Kong or within the United Arab Emirates but Naheta indicates that conversations are ongoing to provide token liquidity for listing on centralized exchanges outside of those two jurisdictions.
Regulatory parameters require that Dirham fiat reserves must be deposited before any DRAM tokens can be minted, with reserves reportedly held by regulated financial institutions.
The DRAM website also provides links to the stablecoin’s smart contract addresses for Ethereum, BNB and Arbitrum. The ETH token contract reflects a max total supply of 2 million DRAM at the time of publication, while the ARB contract reflects 499,999 DRAM and the BNB contract holds 2.5 million DRAM.
A background search carried out by Cointelegraph uncovered the previous launch of Distributed Technologies Research in Switzerland four years ago.
The foundation went on to develop a decentralized payments system called Unit-e, which was designed and built by a host of academics and developers through partnerships and grants with high-profile academic institutions including Stanford, MIT and University of Illinois.
Cointelegraph has established that Naheta was involved in founding DTR during his tenure at SoftBank. DTR’s Unit-e project was a scalable decentralized payments network built by a Berlin-based development team.
“The original ambition back in 2019 was also to disrupt payments and to create a protocol that would have very high throughput with significant cost efficiency.”
Naheta shared details of the company’s efforts in “its previous incarnation” in a complete summary of the Unit-e protocol reviewed by University of Illinois researchers. The team now building the DRAM stablecoin features a team of around 30 permanent staff and contractors.
Naheta said that while DTR would not be able to market DRAM in the UAE, the firm expects demand from companies in the region that are grappling with high inflation and currency issues:
“The link to AED (Dirham) was driven by the strong performance and attractiveness of the UAE economy and the desire for stable, digital asset investment options around this region.”
The UAE is emerging as hub for the nascent cryptocurrency and wider Web3 space due to a favorable regulatory frameworks that aim to foster financial innovation and adoption of digital assets.
The likes of Coinbase and other major exchanges have been openly talking about future operations within the jurisdiction while industry heavyweight Binance is already operational in Dubai.
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Cryptocurrency
Important Shibarium Indicator Jumps by 200% Amid Shiba Inu (SHIB) Price Revival: Details
TL;DR
- Shiba Inu’s layer-2 blockchain solution, Shibarium, saw daily transactions surge by 193%, although still below its peak activity from mid-April.
- A 4,000% increase in SHIB’s burn rate and positive analyst predictions hint at the potential for further price gains of 20-50%.
The Latest Spike
Shiba Inu’s layer-2 scaling solution – Shibarium – continues to make great strides, witnessing a substantial increase in transaction activity. Data shows that daily transactions on the network have soared to almost 18,000, a 193% jump compared to the figures observed a day earlier.
However, the metric is far from its glory days, which were registered in mid-April. Back then, daily transactions were in the millions.
Launched in the summer of 2023, Shibarium aims to foster the development of the meme coin by enhancing scalability, lowering transaction fees, and improving speed. It blasted through numerous milestones in the past few months, while its further development is considered a bullish factor for the price of Shiba Inu.
The asset has entered into green territory as of late, with its value jumping by 9% on a daily scale and 18% monthly. Meanwhile, those interested in learning more about Shibarium, feel free to check our dedicated video below:
Additional Bullish Elements
Shiba Inu’s burn rate increase can also contribute to a SHIB rally. The metric recently exploded by 4,000%, destroying millions of tokens.
The mechanism’s ultimate goal is to reduce the tremendous circulating supply of the token, making it scarcer and potentially more valuable in time.
Users on Crypto X are generally quite optimistic about SHIB’s potential price movements. Such an example is the popular analyst Ali Martinez, who recently said that the asset’s price can rise by 20% should it break “the upper boundary of this descending parallel channel at $0.00002444.” Interestingly, SHIB has gone above that level during the recent market revival and now sits at $0.0000248.
Dami-Defi was even more bullish. In case SHIB breaks out of the recently formed falling wedge pattern on the 1D time frame, its price could surge by 50%.
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Cryptocurrency
Cardano Whales Boosts Holdings by 11% in a Month as ADA Aims for $0.5
Alongside the rest of the cryptocurrency market, Cardano also witnessed a lackluster month. But certain cohorts of high-profile investors have been slowly amassing significant amounts of ADA tokens.
Cardano whales – those holding between 100 million and 1 billion ADA – have added 11% to their balances in the past month, according to ITB’s latest findings.
ADA Whales Adds More Tokens
The latest surge indicates a growing confidence or strategic positioning among large ADA holders. As of now, this cohort of ADA investors commands 6.71% of the entire token supply. Such an insight highlights the whales’ substantial influence within the Cardano ecosystem.
Cardano whales holding between 100m and 1b $ADA have added 11% to their balances over the past 30 days.
This group now holds 6.71% of the entire $ADA supply. pic.twitter.com/nSe4lXE96R
— IntoTheBlock (@intotheblock) May 15, 2024
Over recent weeks, there has been a gradual increase in Cardano whale activity as reported earlier. Historically, such rises in whale activity have been associated with potential price reversals, suggesting shifts in market sentiment.
However, contrary to this trend, ADA has closely mirrored the broader market movement, which saw a modest recovery on Thursday. ADA surged by nearly 6% in the past 24 hours, reaching $0.456 at the time of writing.
Experts believe that ADA could mirror its 2021 surge even targeting $7.80 level. Further bullish predictions suggest that the world’s 10th largest cryptocurrency by market cap might reach short-term levels near $1.70 and potentially ascend to a “parabolic” peak of $10, thereby reflecting strong confidence in its growth prospects.
Earlier this week, speculation about Gemini potentially listing ADA also surged following a popular post from the exchange. If the US-based cryptocurrency exchange proceeds with listing ADA, it could trigger a significant price rally for the token.
Cardano’s User Activity
Despite optimistic price projections, user activity on the Cardano network has been declining since March this year. Data compiled by Artemis shows that daily transactions on the network have decreased significantly, currently hovering around 50.7k compared to almost 96k recorded two months ago.
Additionally, daily active addresses have followed a similar trend, briefly dipping below 24k this month. These declines in user activity raise concerns about the network’s current usage and adoption rates despite the positive sentiment surrounding Cardano’s price potential.
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Cryptocurrency
ETH Bull Run Hopes Reignited as Bulls Test $3K Resistance (Ethereum Price Analysis)
Ethereum’s price has been on a gradual decline since mid-March and has yet to show any decisive sign of recovery.
Yet today’s price action is critical, as it can finally bring back some bullish momentum to the market.
Technical Analysis
By TradingRage
The Daily Chart
Looking at the daily timeframe, Ethereum’s price has been trending lower inside a large descending channel and is yet to break it to either side.
Meanwhile, the cryptocurrency is currently testing the midline of the range and the key $3,000 level. With the 200-day moving average located near the $2,800 support zone, the market seems more likely to rally higher toward the $3,600 resistance zone in the coming weeks.
The 4-Hour Chart
The 4-hour chart paints a more clear picture. Ethereum’s price has been rapidly rising since yesterday, but it is currently being held by the midline of the channel and the $3,000 resistance level.
Meanwhile, the RSI is showing values above 50% at the moment, indicating that the momentum is in favor of the buyers. Therefore, a breakout above the midline of the channel could lead to a quick rally toward the $3,600 resistance area.
Sentiment Analysis
By TradingRage
Exchange Reserve
Ethereum’s price has been following a downward trajectory since its rejection from the $4,000 level. Meanwhile, analyzing the market’s supply and demand dynamics can yield important information.
This chart presents the Exchange Reserve metric and its 30-day moving overage for Ethereum. Rising values are typically associated with an increase in selling pressure, as they usually indicate that the deposits are being exchanged by holders who want to sell their coins.
As the chart demonstrates, the exchange reserve metric has been experiencing an overall decline during the last few months. However, the metric has recently broken above its moving average, a sign that unusual selling has previously materialized during price drops or reversals. Therefore, investors should be hopeful that the supply will be met with sufficient demand, or things could get ugly soon.
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Cryptocurrency charts by TradingView.
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