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BSC Top Insurance Project Soteria Launches Governance Function, Starting New Era of Co-governance

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Since entering the market, Soteria has been committed to protecting the safety of BSC projects, while constantly stimulating the ecological construction of BSC.

Soteria, an insurance project on Binance Smart Chain (BSC), officially launched its governance function on April 6. The project provides detailed rules for hundreds of subdivisions under 15 categories on the official website, making it the most extensive project on the market.

To be more specific, Soteria has established detailed voting rules, ranging from how much the membership fee is to the realization of the update of the entire contract method. This provides sufficient guidance and explanation for the governance process and also provides a clear guarantee for the implementation of governance results. Members can log in here to participate in the discussion on the Soteria governance forum, and they can also use the link to vote for the various proposals, such as membership fee and new partners of Soteria.

In Soteria’s ecology, only members can participate in proposals and voting; however, Soteria does not restrict members’ positions as proposals, which greatly reduces the threshold for user participation. At the same time, although large token holders’ addresses have greater weight, each address has an upper limit. Therefore, the proposal requires a broader consensus among members, and several big players cannot decide the final direction of the proposal.

Each member participating in the voting will equally share the governance rewards after the proposal is passed, regardless of the user’s token holdings. Governance is mining, which undoubtedly circumvents the common situation in DeFi where big token holders taking the interests of others, allowing most members to truly participate in the daily operations of Soteria. In other words, the governance of Soteria relies on members and everything is for members, which fully demonstrates that Soteria is an organization governed by members.

Soteria is mutual insurance based on blockchain technology to share the risks in DeFi. Based on BSC, as a mutual insurance platform, Soteria can provide insurance for losses caused by vulnerabilities in smart contracts and hacker attacks, as well as a risk protection for DeFi products. At the same time, Soteria is also a community-based insurance platform: through staking tokens, users are both beneficiaries and risk-takers. Token holders can use the tokens to determine how much insurance a project can have and whether to approve claims.

Soteria was officially online on January 13, and the current member has reached 16,333. On January 21, Soteria started its IFO, over-raising over 22.7 times, breaking PancakeSwap‘s highest record. Subsequently, Soteria quickly covered the insurance business of various high-quality projects on BSC. Among them, PancakeSwap, BakerySwap, Blink, dForce, autofarm, etc. have reached strategic partnerships with Soteria.

Since entering the market, Soteria has been committed to protecting the safety of BSC projects, while constantly stimulating the ecological construction of BSC. The concept of member co-governance will attract more users to participate in the Soteria ecology, and the official launch of the governance function will lay a solid foundation for Soteria’s expansion. With the support of Soteria governance, the ecology of BSC will be further enriched.

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Julia Sakovich

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.



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Reef Finance to Launch Its Reef Chain Mainnet by May 2021

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Following the launch of the Reef Chain Mainnet, DeFi users can gain a smart decentralized finance exposure with interoperability features across multiple chains including Ethereum, Polkadot, Cosmos, Avalanche, and the Binance Smart Chain amongst others.

The Reef Finance team is set to launch its Reef Chain Mainnet by May following the completion of the final checks on the current Maldives testnet. As contained in a press release shared with Coinspeaker, the exact date of the mainnet launch is dependent on the outcome of the ongoing tests being conducted at this time. Despite the intense checks, the Reef Finance team is optimistic they will be completed before the launch.

The Decentralized Finance (DeFi) ecosystem of today has been gaining massive traction which puts a strain on existing blockchain infrastructures supporting smart contracts. The Ethereum blockchain now has so much congestion that leads to an increase in transaction or gas fees. A relatively newer blockchain network, the Binance Smart Chain which entered the space with a promising solution is now crumbling due to its inability to scale properly.

Reef Finance is a Substrate-based blockchain network that makes DeFi easy. It was designed to address the woes of the existing chains supporting decentralized finance infrastructures. As contained in the press release, the launch of Reef Chain is aimed at enabling DeFi developers to make use of a highly scalable and fully EVM-compatible blockchain that is integrated into the Polkadot ecosystem. Reef Chain is set to be initially floated as a standalone blockchain based on the Substrate framework, a feature that will make it easy to plug into the Polkadot parachain ecosystem.

“Demand for DeFi is insatiable,” said Denko Mancheski, CEO at Reef Finance. “First it was Ethereum and skyrocketing gas fees, now we are seeing that even others like BSC are starting to have issues with performance. Reef Chain’s launch couldn’t have come at a better time.”

As a way to see to a successful network ecosystem, Reef Finance says it has the right model to support developers who wish to build on the Reef Chain. Through the robust community of users, investors, and media partners amongst others, DeFi product creators can find true success with Reef Finance.

“We know the struggles of up and coming developers all too well, and a lot of the time, technical skills are only a part of the equation,” added Mancheski. “By tapping into Reef’s business network, DeFi builders will multiply their chances of success.”

Reef Chain Mainnet Launch and the Interoperability Advantage

Following the launch of the Reef Chain Mainnet, DeFi users can gain a smart decentralized finance exposure with interoperability features across multiple chains including Ethereum, Polkadot, Cosmos, Avalanche, and the Binance Smart Chain amongst others.

The Reef Chain will be governed using the REEF tokens which can be used for staking and community governance. Through the advanced interoperability features of the chain, a liquidity bridge will be launched to wrap existing DeFi assets and transfer liquidity from Ethereum to the Reef chain.

The advantage the Reef Chain aims to introduce will cut across all DeFi stakeholders ranging from users to developers as a whole.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Not so safe? SafeMoon’s parabolic rally isn’t sustainable, traders warn

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SafeMoon, the token on Binance Smart Chain widely recognized as the Tiktok meme coin, is seeing massive volatility after its massive gains in the past week.

According to the data from Dex.Guru, which tracks alternative cryptocurrencies on various blockchains, the price of SafeMoon dropped by nearly 50% in the last two days from $0.0000074 to $0.0000045.

Does the SafeMoon rally have any strength?

SafeMoon is a cryptocurrency on Binance Smart Chain that started out at a low market cap at around $50,000. The price and market capitalization of Safemoon went parabolic after growing popularity on TikTok.

On Dex.Guru, the price of SafeMoon rose from $0.00000029 to $0.0000074, by more than 2,200% in merely three weeks.

Safemoon 1-day candle chart. Source: Tradingview

Whether there is any substance or fundamental catalysts behind the SafeMoon rally remains to be seen.

On April 22, the SafeMoon team announced that the cryptocurrency is being flooded with listing offers from large Asian exchanges.

The team said one exchange in Asia that is currently in talks with SafeMoon is the 36th biggest in the world.

The team said:

“#SAFEMOON is currently inundated with exchange offers, a large Asian exchange is imminently being announced… this will allow Asian communities to acquire Safemoon, the exchange has $857 MILLION 24 hour trading volume and is the 36th LARGEST in the world.”

Nevertheless, traders emphasized the massive volatility of SafeMoon despite its relatively high liquidity compared to other tokens that are not listed on major exchanges.

Cantering Clark, a derivatives trader, said that the correction of SafeMoon restores balance in the universe, implying that the rally was not sustainable.

Luke Martin, a well known cryptocurrency trader, also described the price trend of SafeMoon as “unSAFEMOON” after it dropped 65% in a short period on April 22.

One reason why rally might fade

SafeMoon rallied strongly within a period of a few weeks, surging from near zero to $5 billion in valuation at its peak.

Cryptocurrency researcher Larry Cermak noted that the SafeMoon livestream had 50,000 live viewers. 

But Cermak also pointed out that if the interest around Binance Smart Chain persists, BSC could struggle to meet the surging user demand, which then could lead to higher fees that may drive away users.

He said:

“DeBank is saying that PancakeSwap had 700k unique addresses today and the SafeMoon livestream had 50k live viewers. Wtf is going on. I am very sure about one thing though – BSC won’t be able to handle the current activity for much longer and will eventually be unusable. When ponzis start consistently losing money, people will lose interest too. Only question is what happens after that.”

As Cointelegraph reported, PancakeSwap, the biggest automated market maker on Binance Smart Chain, overtook Ethereum’s user activity as the demand skyrocketed at the peak of the SafeMoon rally.