With two crypto giants in trouble, we look at what is going on with USDC and KuCoin. We also take a look at new project Everlodge that is disrupting the rental industry. Read on to find out more.
USDC, short for USD Coin, is a stablecoin known for its peg to the US dollar. Recently, there have been concerns about the decentralization of USDC. The stablecoin, which is issued by Circle and Coinbase, has seen a decline in its decentralization level. Previously, the USDC stablecoin was fully backed by its parent companies’ reserves, making it reliable and secure. However, recent reports indicate that the percentage of Circle’s USDC backing has raised questions about USDC’s centralization.
The shift in USDC’s backing has led to speculation about its long-term stability and potential implications for the broader cryptocurrency market. Users and investors are closely monitoring the situation to see how the USDC team responds and whether they take steps to address the concerns around decentralization.
KuCoin, one of the prominent cryptocurrency exchanges, has faced its share of challenges in recent times. The exchange made headlines when it suspended its Bitcoin and Litecoin mining pools, effective from August 15, 2023. This decision came as part of KuCoin’s evolving business strategy, leaving users and miners questioning the implications for their earnings.
Furthermore, there have been speculations in the crypto community about KuCoin executives being under investigation by the US Securities and Exchange Commission (SEC).
Rumors regarding mass layoffs at KuCoin added to the uncertainty surrounding the exchange. Independent journalist Wu Blockchain’s claim of a potential layoff of 30% of the workforce was denied by KuCoin’s CEO, Johnny Lyu. Nevertheless, the rumors raised questions about KuCoin’s stability and reputation, leading to speculation within the crypto community.
As a result, KuCoin witnessed outflows of $20 million in assets within a 24-hour period, almost 1% of the exchange’s reserves. KCS also dropped but is beginning to rally again.
Everlodge is full of promise for investors
As big projects go on the decline in part due to centralization questions, how can retail investors really benefit in this economic climate?
One way is to buy property and rent it out. Unfortunately due to rising prices, many investors can only dream of such a thing. This is where Everlodge comes in. By tokenizing valuable properties and then selling fractions to their community, retail investors can have a global portfolio even with just $100s or $1000s in the bank.
But there’s another way that Everlodge shines and that’s through its token ELDG. ELDG will be used to buy things on the marketplace including NFTs, and it will offer marketplace discounts. ELDG is also the holders’ passport to staking rights, and crucially, free stays in luxury hotel destinations. So holders can either enjoy the benefits (and get entered into raffles, a membership club, and more) or rent their stays out on Airbnb or VRBO.
Everlodge is in presale now and ELDG can be purchased for $0.01. 55% of the total supply of tokens will be offered in the presale. It will launch at a minimum price of $0.038. They are using dynamic pricing which means that only 0.5% of the supply is offered at this price, so the likelihood for profits is large, as long as the project meets its goals.
Find out more about the Everlodge (ELDG) Presale Today
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.