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Chainlink Releases New Whitepaper Introducing Hybrid Smart Contracts for DeFi and NFTs

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The new Chainlink architecture proposed decentralized oracle networks that can off-chain computations and reduce the on-chain logic load. Besides, it also talks about the use of hybrid smart contracts.

On Thursday, April 15, oracle service provider Chainlink (LINK) released a new whitepaper with a plan of expanding into new horizons and creating next-generation decentralized oracle networks. This proposal would mean Chainlink generalizing its oracle network into a “meta-layer” of Decentralized Oracle Networks.

Over the last years, Chainlink has established itself as the Gold standard for sourcing data to the DeFi industry. Some of the top tech companies like Google have also used Chainlink oracles solutions to source data from their off-chain cloud networks to on-chain blockchain platforms.

New Chainlink Whitepaper

The Chainlink 2.0 architecture comes with a larger selection of use cases. It also aims to expand its suite of services to other off-chain computation of data. The Chainlink 2.0 whitepaper suggests that these computational oracles will create a class of “hybrid smart contracts” wherein part of the logic is offloaded to them. It also notes that Chainlink would generalize and extend its computation abilities:

“The extension here is really in the fact that you can put an arbitrary executable in an oracle network for it to run that. And this greatly expands what an Oracle network can do.”

Chainlink co-founder Sergey Nazarov explained that the new oracles will specifically focus on functions that even the layer-two solutions are unable to perform. Nazarov said that this is a “big leap forward because it redefines what people can build”. He further added:

“Oracle networks go far beyond delivering highly validated data, they provide the various decentralized services that are combined with smart contracts to create real world outcomes. These hybrid smart contracts are already redefining our industry as DeFi”.

Hybrid Smart Contracts Already Existing in Blockchain Space

The Chainlink co-founder clarified that the platform is not trying to re-invent the wheel. Neither is it attempting to replace existing blockchains and other layer-two solutions. It just aims to flexible and a customizable solution that can compute data.

The Chainlink 2.0 architecture aims to scale existing decentralized applications and even roll-up schemes and other layer-two solutions. Besides, each individual user also gets the choice of node and consensus mechanism. The whitepaper notes:

“The Chainlink network is a configurable set of validators that can be configured to do whatever the hell you want them to. […] It’s not a blockchain. They [the validators] don’t give you the state and all the guarantees of a blockchain, but they can give you every other type of computation that you want to configure them into doing.”

Also, as said, Chainlink is not the first to implement hybrid smart contracts. In the past, the Paxos stablecoin operator has already implemented these smart contracts. However, the hybrid smart contracts from Chainlink will lead to the concept of Decentralized Oracle Networks (DON).

DON will operate off-chain wherein data within the smart contracts are stored and computed off-chain. “We’re evolving from simpler oracle networks into more advanced Oracle networks called DONs, and then a large collection of DONs will form a MetaLayer,” said Nazarov.

The MetaLayer brings plenty amount of off-chain resources. This includes high-frequency updates for price feeds as well as security for NFTs.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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Safello Planned Initial Public Offering (IPO) Oversubscribed by 1,240%

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Shares of Safello Group are expected to start trading on Nasdaq First North Growth Market under the ticket SFL on May 12, 2021.

Safello Group, the Swedish cryptocurrency broker, has announced that its initial public offering (IPO) has recorded an oversubscription of 1,240%. The company’s initial offering of new shares worth 40.5 million Swedish kronor (almost $4.8 million) was met with subscription bids of up to 502 million kronor ($59 million) worth of shares.

Safello Group also announced that, regardless of the insanely high demand for the company’s shares, it will only allow $4.8 million worth of shares to ‘some’ 1,500 new shareholders and will issue total proceeds of 40.5 million Swedish krona ($4,771,714) before deductions for issue costs, which are estimated to amount to approximately 4.8 million Swedish krona ($565,598).

Safello Group received subscriptions from a total of 15,622 accounts and had subscription commitments amounting to 32.4 million Swedish krona ($3,820,034) from both new and existing owners even before the subscription period began. Frank Schuil, co-founder and CEO of Safello Group, speaking after the announcement expressed their delight to see the unprecedented interest in Safello’s shares and what it signals for the future of the industry.

“The future of a cryptocurrency-based financial system has gained grounds, maturity, and validation in the established financial industry in Sweden as well as across the globe. Companies that are well-positioned to work with traditional players will have a great advantage in facilitating and driving the transition. We look forward to executing our plans to accelerate the transformation, as well as create long-term value for our existing and new shareholders,” Schuil stated.

Shares of Safello Group are expected to start trading on Nasdaq First North Growth Market which is an alternative stock exchange for relatively smaller and medium-sized growth companies in Europe, under the ticket SFL on May 12, 2021. The firm first announced its plans to go public on February 16 and received preliminary approval from Nasdaq Stockholm for listing on Nasdaq First North. The Safello IPO subscription opened on April 19 and closed on April 30. The firm boasts of strong investors including White Star Capital, Northzone, and Currency Group, the parent company of CoinDesk.

Safello group now adds to the already standing list of crypto exchange or brokers going public via a direct listing. Coinbase, the US crypto exchange went public last month on Nasdaq through a direct listing, making it the largest direct listing in history. Kraken and Gemini, both rivals of Coinbase could also go public with Kraken planning on doing it through direct listing in 2022.

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Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.



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CME’s Micro Bitcoin Futures Go Live for Trading

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The CME micro Bitcoin futures allows retail players and individual crypto investors to deal with small-sized contracts thereby ushering more market liquidity while giving the smaller players equal exposure to a regulated environment.

On Monday, May 3, the Chicago Mercantile Exchange (CME) announced the launch of the Micro Bitcoin Futures in a move aimed at expanding its crypto derivative products. Over the last year, Bitcoin has gained significant price appreciation and momentum.

Thus, the demand for Bitcoin derivative products has also surged. While CME was indeed the first to launch the Bitcoin Futures, it was largely available only to institutional players. The cash-settled CME Bitcoin futures is one of the most popular Bitcoin derivative products.

However, to give retail investors and small players access to BTC derivatives, CME has now launched the micro BTC futures. The CME micro Bitcoin Futures represent one-tenth the size of one Bitcoin. Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products said:

“We are pleased to introduce this new contract at a time when we continue to see consistent growth of liquidity and participation in our crypto futures and options. At one-tenth the size of one bitcoin, Micro Bitcoin futures will provide an efficient, cost-effective way for a broad array of market participants – from institutions to sophisticated, active traders – to fine-tune their bitcoin exposure and enhance their trading strategies, all while retaining the benefits of CME Group’s standard Bitcoin futures.”

Micro Bitcoin Futures: The Power of Small-Sized Contracts

Bitcoin’s popularity is at its peak in the current times. Thus, such small-sized contracts will allow participation from sophisticated individual clients in the market. Besides, it also addresses one of the major issues associated with Bitcoin i.e. the high cost of owning an asset and the desire to engage in a regulated environment.

With the small-sized contracts, the options for CME’s micro Bitcoin futures will also attract retail buying. Daniel Ryba, Executive Director of futures at E*TRADE Financial said:

“Offering Micro Bitcoin futures allows us to provide our customers with even more choice and precision in how they trade Bitcoin futures. The smaller contract size enables traders of all sizes – from institutions to active retail traders – to get exposure to bitcoin prices, or hedge their spot bitcoin positions. We are excited to support this product.”

As said earlier, the micro futures offers more granular exposure on BTC futures. Similar to the larger derivative product, the CME micro BTC futures is also cash-settled.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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Ethereum (ETH) New All-Time High of $3194 Makes Co-Founder Vitalik Buterin Billionaire

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ETH price rally has helped its market dominance surge past 16% making it formidable crypto in the market. Analysts expect ETH price to surge to $10K by the end of 2021.

Simply stunning is an understatement for the Ethereum performance in recent time. The world’s second-largest cryptocurrency ETH has been on an indomitable rally and today’s all-time high of $3194 makes its co-founder Vitalik Buterin the youngest crypto billionaire in the market.

The public ETH address of Vitalik Buterin which he disclosed in 2018 has hit over $1 billion in balance with Ethereum’s meteoric rally. As per the data by Etherscan, this VB address holds 333,500 ETH coins. Thus, the balance as of the current price ETH shows $1.043 billion.

Growing ETH Dominance that Boosts Wealth of Buterin

Ethereum (ETH) has largely dominated the crypto market in recent times while Bitcoin (BTC) seems under consolidation. The ETH year-to-date returns stand at a massive 300% as of the current price. Meaning, Ethereum (ETH) has gained 4x since the beginning of the year 2021. On the other hand, BTC price has gained 2x or 100%. Clearly, Ethereum outclasses Bitcoin with a 3:1 margin.

With the recent price rally, Ethereum has hit fresh milestones on multiple fronts. For e.g. Ethereum has outgrown some of the biggest traditional financial institutions and companies. After toppling PayPal last week in market size, ETH has outgrown giants like Disney and Bank of America today. As per the data on Infinite Market Cap, Ethereum (ETH) is the 27 most valuable global asset currently. The next target for Ethereum would be taking on payments giant MasterCard.

Ethereum Gains in Crypto Market Domination

With its price rally this year, Ethereum has extended its crypto market domination. At its current price, ETH dominates more than 16% of the overall crypto market cap. On the other hand, Bitcoin (BTC) is seeing a stop in its market domination.

Over the last month, the BTC market domination has dropped more than 10% and is currently under 47%. Let’s take some of the positive on-chain developments driving the ETH price rally.

  • In April, the ETH gas fee dropped below $10 for the first time in three months. This drop gave investors the flexibility to move their coins without paying too many fees.
  • In April 2021, the Ethereum blockchain network registered a massive 41.7 million transactions. Thanks to the outbreak in DeFi and NFT activity on the blockchain.
  • The ETH supply at exchanges was on a drop. This supply-demand gap helped to drive the price higher further.
  • The CME Ether Future open interest jumped from $68 million on March 1 to $373 million by the end of April. The aggregate open interest for ETH futures across all exchanges has crossed $8.3 billion.
  • In April 2021, the Ethereum-based decentralized exchanges facilitated more than $14.5 billion in trading volumes.

Many analysts predict that the ETH rally won’t stop anytime soon and ETH will hit $10K by the end of 2021.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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