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☕️The Morning Cup: BTC unaffected amid Bank of England’s rate hike, Poloniex lists potential…

Aug 8, 2022 9 min read
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Before we get into it, we wanted to take a moment to focus on the huge achievement that is our New Trading System.

This was a huge undertaking by our entire company, and we are so proud to be able to share it with you. We poured a lot of love and hard work into this upgrade as we aim to provide our customers with a strong and able bridge to the world of cryptocurrencies.

As an exchange that has been around for awhile, we have an identity of being true believers in crypto and are proud of that identity. We see this New Trading System as an affirmation of that pride, and as a thanks to our users for choosing Poloniex as an exchange they can count on. There’s still more in store for 2022, and we look forward to sharing that with you as we grow and build together🚀

So what happened this week?

BTC unaffected in Bank of England’s biggest interest rate even bear flag still present

Bitcoin (BTC) last week appeared unaffected by the Bank of England’s biggest rate hike of 27 years. Ether (ETH) was trading down 3% at mid-week, last week, while other altcoins were all mostly in the red. Economists now look closer at Pakistan and Bangladesh as they struggle to repay debts, waiting to see whether the countries will follow in the footsteps of Sri Lanka in what could be a domino effect resembling the Asian Financial Crisis back in 1997. Meanwhile, BTC is trading at $23,228 while ETH is at $1,703 by press time.

CNBC, FT, Decrypt, Watcher News

Poloniex lists ETH potential hard fork tokens in support of the Merge

Poloniex has listed two potential forked ETH tokens: ETHW & ETHS, which represent the network’s Proof-of-Work and Proof-of-Stake consensus mechanisms, respectively. Starting on August 8, the exchange is allowing users to trade USDT, USDD and ETH for ETHW or ETHS, and vice-versa (ETH trades at a one-to-one ratio with ETHS and ETHW) to give “full support” to the Ethereum Merge. This, according to its latest announcement. As the world’s first crypto exchange to list ETH, Poloniex has stressed that it will once again lead the way and support Ethereum’s hard fork, becoming the first exchange to list the two potential ETH tokens to support the Merge. For more details, please visit: Poloniex Support.

Decrypt

Gucci, Tiffany go further into crypto space despite ‘winter’

Two luxury brands and one soccer team are diving deeper into the crypto space even in the face of the current crypto winter. Tiffany & Co, the U.S. jewelry retailer, unveiled its plans for selling 250 NFTs for about 30 ETH each, around $50,000, to CryptoPunks holders, who will receive a custom pendant according to their NFTs. Meanwhile, Gucci expanded its crypto payment options to include ApeCoin (APE), the Bored Ape Yacht Club’s native token. As of now, 70% of Gucci’s retail stores accept over 10 different cryptocurrencies as payment across the United State, according to Hypebeast. Spanish football club FC Barcelona received a €100 million euro investment from fan engagement app socios.com to foster its Web3-related plans on top of the club’s fan token, called BAR.

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The Verge, Bitcoin.com, Decrypt

Millions in SOL and USDC ‘drained’ from ~8,000 Solana wallets

An estimated >$5.2 million worth of tokens including Solana’s SOL as well as USDC have been drained from almost 8,000 digital wallets operating within the Solana ecosystem, since last Tuesday. Phantom, Slope and Trust Wallet were among the affected wallet providers. Solana, the public blockchain platform on which the hack took place, confirmed the attack, but stressed that it “appears affected addresses were at one point created, imported, or used in Slope mobile wallet applications,” according to its official Twitter account, the Solana Status. Soon after the attack, Solana restated on Twitter that “there is no evidence the Solana protocol or its cryptography was compromised.” SOL, Solana’s native token, fell about 8% in the first two hours after the hack was initially detected, according to CoinMarketCap. The incident comes one day after Nomad, the interoperability protocol, was hacked for almost $190 million.

CoinDesk, OSL

New Listings on Poloniex

Here’s what we’ve listed recently:

New Coins

Bitkub Coin (KUB)

NFT (SHIT)

USDH

HBB

Futures

Ethereum Classic (ETC)

Cosmos Hub (ATOM), Hedera (HBAR), Stellar (XLM)

Algorand Perpetual (ALGO-PERP)

Elrond Perpetual (EGLD-PERP)

Polopedia

Our handy articles from this week cover how to make a market order and how to navigate spot trading. Check it out if you’re new to crypto, or need a refresher on what a market order is and why you might want to use it!

With Ethereum’s Merge event coming up, get up to snuff with these explainer articles💪

We are also happy to announce a new addition to Polopedia’s education offering, the Crypto Glossary!!

Understand crypto terms before you invest with helpful definitions that are easy to digest. This month, we’re focusing on our new trading system to demystify the underlying technology behind the revamp.

TPS

  • Stands for Transactions per second (TPS)

  • Refers to how many transactions the network can process in a second

  • For example: Poloniex has increased its system’s order matching speed by 30x, and transactions per second (TPS) by at least 10x.

What’s happening here at Poloniex?

This is what Poloniex’s week looked like

Major Updates

Our New Trading System is LIVE and running!!!

Crypto Exchange Poloniex Unveils New Trading System to Lower Latency and Improve Throughput

Ethereum’s Merge is nearly upon us, and Poloniex is committed to supporting it by listing the two potential forked ETH tokens- ETHW and ETHS:

Justin Sun's Poloniex Will Support Ethereum Proof-of-Work Fork - Decrypt

It is with pride that we announce our partnership with Octaloop for their India Blockchain Tour and Metamorphosis 2022! These events will bring together Web3/crypto enthusiasts and professionals as they hit 8 different cities across India.

Poloniex Partners with Octaloop for India Blockchain Tour | NewsBTC

Campaigns

Our recap of past campaigns and ongoing campaigns that YOU can get involved in!

Phase III of our Poloniex Referral Carnival is happening right now! Invite your friends for the chance to win a share of 5,000 USDT! Phase III runs from August 1st — August 14th. Check our help center for more info:

Poloniex Referral Carnival (Phase III): Invite Friends to Share 5,000 USDT

And don’t forget to take part in our HODLer survey for a chance to win a share of 500USDD! Submissions close August 11th.

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— @Poloniex

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Lastly, we’re running a little Welcome Reward campaign: Complete tasks and get rewarded with USDD! This event closes soon, so make sure to take advantage while you can.

Limited-Time Welcome Reward: Complete Tasks to Win 10 USDD

The community megaphone📢

Highlights from the community

We just launched our Twitter account for our Chinese speaking users! Come say hi at https://twitter.com/PoloniexChinese

We also held a Telegram AMA with our Director of Product to talk about our New Trading System! If you missed this one, fret not! You will be able to peruse a recap on our Medium soon.

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— @Poloniex

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And that about covers it for this week! Curious about our campaigns or upcoming events? Give us a shout in our Telegram channel-

Poloniex English

Is there anything you’d want to see us cover in our newsletter? Make sure to comment on this Medium article! Just want to show your appreciation? Smash that clap button and give a round of applause👏

Thanks for spending some time with us as we went over what’s going on. And wherever you are, from the team here at Poloniex, good morning, good day, and good evening!


was originally published in The Poloniex blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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