✌🏻Hey Nimbus community,
🙈 As a result of the geopolitical uncertainty, the price of bitcoin fell to a two-week low. The question then becomes, does Bitcoin still preserve its status as a form of “digital gold”?
😇 The only relief is that no matter what, countries are still willing to implement cryptocurrencies. In an interview, with El Salvador in English, Indira Kempis, Senator for the State of Nuevo León, Mexico, expressed her plans and opinions about Bitcoin and cryptocurrencies. She is preparing to make them a legal tender and make sure that they reach each and everyone in the country.
💎 Talking about the NFT space, Alibaba has started giving away NFTs as rewards in its first blockchain-based game, Ant Adventure. It was announced by Yahoo Finance. Users are invited to take a series of quizzes that help raise awareness of fraud. Points for successful completion can be redeemed for NFTs. Is it just the beginning?
🥇 Finally, the giant music service Spotify is most likely tending into the metaverse. According to job offerings posted the other day the platform is hiring a Senior Backend Engineer to drive growth with cutting-edge technologies such as web3.
🙈 As a result of the geopolitical uncertainty, the price of bitcoin fell to a two-week low. The question then becomes, does Bitcoin still preserve its status as a form of “digital gold”?
😇 The only relief is that no matter what, countries are still willing to implement cryptocurrencies. In an interview, with El Salvador in English, Indira Kempis, Senator for the State of Nuevo León, Mexico, expressed her plans and opinions about Bitcoin and cryptocurrencies. She is preparing to make them a legal tender and make sure that they reach each and everyone in the country.
💎 Talking about the NFT space, Alibaba has started giving away NFTs as rewards in its first blockchain-based game, Ant Adventure. It was announced by Yahoo Finance. Users are invited to take a series of quizzes that help raise awareness of fraud. Points for successful completion can be redeemed for NFTs. Is it just the beginning?
🥇 Finally, the giant music service Spotify is most likely tending into the metaverse. According to job offerings posted the other day the platform is hiring a Senior Backend Engineer to drive growth with cutting-edge technologies such as web3.
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👋Hello Nimbus Community,
The Nimbus Affiliate Program Trip-To-Dubai Contest has come to an end. Today, Feb 28th was the last date of participation.
We'd like to thank all of you who participated in the event!🙏
We're excited to meet the contest winners in Dubai soon…🙌 March 13th, to be exact!
And to all our Affiliate Program members who missed the contest or couldn't clear the levels in time... fret not! We'll be back with even more thrilling events soon.
Until then, Stay tuned and keep Staking!😎
P.S.
Tomorrow, all winners will be added to the chat in Telegram where they can ask questions regarding the trip and any other details they are interested in. All relevant information about the meeting in Dubai will be also added there.
The Nimbus Affiliate Program Trip-To-Dubai Contest has come to an end. Today, Feb 28th was the last date of participation.
We'd like to thank all of you who participated in the event!🙏
We're excited to meet the contest winners in Dubai soon…🙌 March 13th, to be exact!
And to all our Affiliate Program members who missed the contest or couldn't clear the levels in time... fret not! We'll be back with even more thrilling events soon.
Until then, Stay tuned and keep Staking!😎
P.S.
Tomorrow, all winners will be added to the chat in Telegram where they can ask questions regarding the trip and any other details they are interested in. All relevant information about the meeting in Dubai will be also added there.
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🚨Important Update!
You must have noticed the inaccurate APRs on the Lend and Borrow dApps. We were aware of this issue and have been testing the smart contracts to identify the root cause behind it. Ever since the bug was identified, all hands have been on deck to address it.
Today, we're here to brief the community on the bug and its after-effect.
We must go back a bit in time to understand the bug and what after-effects it caused:
⚫️ The Lend/Borrow dApp was launched in Aug 2021
⚫️ The price feeds for BUSD/BNB provided by Chainlink and that of NBU/GBU provided by Nimbus were prematurely updated to the production, which then caused the bug, and the error remained in the system for 8 hours. All four pools, including BUSD, BNB, NBU, and GNBU were affected by the bug.
⚫️ Due to this oversight, the loan to value ratio was such that it was possible to take out a loan of 100 BNB using less than 1 GNBU as collateral. That paints a picture of the eventual imbalance between the amount borrowed & the amount supplied.
⚫️ Back in Sept 2021, when the system accepted the loan (with the wrong collateral), the loan was accepted for 90 days since that was the primary condition set by the user.
During the span of these 90 days, the system did not catch that there was a misalignment between loan and collateral. However, after the end of this time period, which was in Dec 2021, when the imbalance had escalated, the system began calculating inaccurate APRs. In Jan 2022, interest was accrued on these loans, leaving us where we are now.
As soon as we noticed the irregularities, we began working on the bug extensively and even adjusted the amount of liquidity in the Testnet. However, even a stimulated replenishment of the pool failed to correct the rates on the dApp. As of now, we've figured out the solution to this bug, which is further elaborated as:
✅ For the rewards incorrectly accrued due to the bug, we aim to construct a script to calculate the sum of those rewards that users of the Lend and Borrow dApps received less out of the total sum. Since the process is extensive and complex, the resolution time could be around 2 weeks, after which we’ll be back with more updates.
✅ We will temporarily suspend the Lend and Borrow dApps until the end of March. During this period, we'll fix the bug and reissue the smart contracts. We also have solid advisors with expertise in lending-borrowing, aiding alongside to expedite the process as much as possible.
✅ The Lend and Borrow dApps is one of the key underlying mechanisms of the Smart LP NFT. To ensure that the n-NFT related operations are not affected while we fix the bug, we're also exploring the feasibility of sending 30% of the supply to the most enterprising lending-borrowing platforms.
We admit that this event has caused unnecessary inconvenience to our users and could have been avoided. To help make it better, we're utilizing all resources to correct this event from its very root cause.
Thank you for your patience as we bring the order back to the platform and get back to you with more updates🙏
You must have noticed the inaccurate APRs on the Lend and Borrow dApps. We were aware of this issue and have been testing the smart contracts to identify the root cause behind it. Ever since the bug was identified, all hands have been on deck to address it.
Today, we're here to brief the community on the bug and its after-effect.
We must go back a bit in time to understand the bug and what after-effects it caused:
⚫️ The Lend/Borrow dApp was launched in Aug 2021
⚫️ The price feeds for BUSD/BNB provided by Chainlink and that of NBU/GBU provided by Nimbus were prematurely updated to the production, which then caused the bug, and the error remained in the system for 8 hours. All four pools, including BUSD, BNB, NBU, and GNBU were affected by the bug.
⚫️ Due to this oversight, the loan to value ratio was such that it was possible to take out a loan of 100 BNB using less than 1 GNBU as collateral. That paints a picture of the eventual imbalance between the amount borrowed & the amount supplied.
⚫️ Back in Sept 2021, when the system accepted the loan (with the wrong collateral), the loan was accepted for 90 days since that was the primary condition set by the user.
During the span of these 90 days, the system did not catch that there was a misalignment between loan and collateral. However, after the end of this time period, which was in Dec 2021, when the imbalance had escalated, the system began calculating inaccurate APRs. In Jan 2022, interest was accrued on these loans, leaving us where we are now.
As soon as we noticed the irregularities, we began working on the bug extensively and even adjusted the amount of liquidity in the Testnet. However, even a stimulated replenishment of the pool failed to correct the rates on the dApp. As of now, we've figured out the solution to this bug, which is further elaborated as:
✅ For the rewards incorrectly accrued due to the bug, we aim to construct a script to calculate the sum of those rewards that users of the Lend and Borrow dApps received less out of the total sum. Since the process is extensive and complex, the resolution time could be around 2 weeks, after which we’ll be back with more updates.
✅ We will temporarily suspend the Lend and Borrow dApps until the end of March. During this period, we'll fix the bug and reissue the smart contracts. We also have solid advisors with expertise in lending-borrowing, aiding alongside to expedite the process as much as possible.
✅ The Lend and Borrow dApps is one of the key underlying mechanisms of the Smart LP NFT. To ensure that the n-NFT related operations are not affected while we fix the bug, we're also exploring the feasibility of sending 30% of the supply to the most enterprising lending-borrowing platforms.
We admit that this event has caused unnecessary inconvenience to our users and could have been avoided. To help make it better, we're utilizing all resources to correct this event from its very root cause.
Thank you for your patience as we bring the order back to the platform and get back to you with more updates🙏
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Keep up to speed with weekly crypto digest!
🧠 It looks like the Bitcoin ban in the EU is off the table for now. According to the new version of the European Parliament's MiCA compromise draft, the controversial paragraph 61 (9c) has been completely deleted. Otherwise, it would have meant a de facto ban on services for Proof-of-Work-based cryptocurrencies such as Bitcoin.
🤑 Japanese wealth manager Nomura prepares to enter the crypto space and NFTs with a new unit. According to its website, Future Innovation Company is being restructured into a brand new Digital Company, which will begin operations in April. The main objective of the new company will be to increase clients' use of digital assets and provide related services. On top of that, the recently born division will reportedly explore opportunities in cryptocurrencies and NFTs, among other digital assets.
🥇 Bitfinex Securities launched a brand new security token platform (STO) in Kazakhstan. According to the sources, the new STO platform is regulated within Kazakhstan’s national financial hub, known as the Astana International Financial Center (AIFC). It should be noted that the platform is not available to citizens or residents of countries like Canada and the United States.
🧠 It looks like the Bitcoin ban in the EU is off the table for now. According to the new version of the European Parliament's MiCA compromise draft, the controversial paragraph 61 (9c) has been completely deleted. Otherwise, it would have meant a de facto ban on services for Proof-of-Work-based cryptocurrencies such as Bitcoin.
🤑 Japanese wealth manager Nomura prepares to enter the crypto space and NFTs with a new unit. According to its website, Future Innovation Company is being restructured into a brand new Digital Company, which will begin operations in April. The main objective of the new company will be to increase clients' use of digital assets and provide related services. On top of that, the recently born division will reportedly explore opportunities in cryptocurrencies and NFTs, among other digital assets.
🥇 Bitfinex Securities launched a brand new security token platform (STO) in Kazakhstan. According to the sources, the new STO platform is regulated within Kazakhstan’s national financial hub, known as the Astana International Financial Center (AIFC). It should be noted that the platform is not available to citizens or residents of countries like Canada and the United States.
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👋 Hey Nimbus Community,
Exploits and scams are everywhere these days.
Fortunately, it only takes a few precautionary steps to keep your assets SAFU 🙌 😮💨
Follow our infographic-style guide to reinforce the security of your MetaMask wallet.
Consider implementing all the steps mentioned...after all, you can't ever be too cautious😉
Exploits and scams are everywhere these days.
Fortunately, it only takes a few precautionary steps to keep your assets SAFU 🙌 😮💨
Follow our infographic-style guide to reinforce the security of your MetaMask wallet.
Consider implementing all the steps mentioned...after all, you can't ever be too cautious😉
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👋Hey Nimbus Community,
Bull markets are the raining money event in crypto 💸
Today’s #NimbusGlossary edition breaks down why they happen:
✅ Bull markets exist when most people expect prices to increase after witnessing prices go up
✅ As people buy crypto assets, asset prices rise, reinforcing the expectation of future higher prices — incentivizing more people to buy
But it usually starts with ✨Bitcoin✨
When Bitcoin’s price continually rises, other cryptos get a wake-up call and rise along with it.
Lastly…
Bull run, market rally, market pumping, and alt season are all synonyms for bull markets.
Bull markets are the raining money event in crypto 💸
Today’s #NimbusGlossary edition breaks down why they happen:
✅ Bull markets exist when most people expect prices to increase after witnessing prices go up
✅ As people buy crypto assets, asset prices rise, reinforcing the expectation of future higher prices — incentivizing more people to buy
But it usually starts with ✨Bitcoin✨
When Bitcoin’s price continually rises, other cryptos get a wake-up call and rise along with it.
Lastly…
Bull run, market rally, market pumping, and alt season are all synonyms for bull markets.
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✨Your weekly crypto digest is here
🖌 This week U.S. President Joe Biden signed an executive order to examine the risks and benefits of cryptocurrencies. Thus, the White House looks to explore a competitive edge over other countries in the digital space. Regarding the CBDC, even though Biden didn’t say whether the U.S. should launch it, the government should place “urgency” on research and development of the new instrument.
📊 Goldman Sachs Group Inc. announced that it is exploring offering over-the-counter bilateral crypto options. This new product will allow trades to be customized so that crypto holders such as hedge funds and Bitcoin miners can hedge risks or boost yields. The question then becomes, who will be next?
🤔 In Iran, the government has announced the go-ahead for crypto mining. The only issue is that new licenses will only be issued to mining farms supplied by power from renewable energy sources. Somewhere else, Brevan Howard is making bets on the direction of bitcoin, ether, and other cryptocurrency prices, while also searching for arbitrage between currencies.
🖌 This week U.S. President Joe Biden signed an executive order to examine the risks and benefits of cryptocurrencies. Thus, the White House looks to explore a competitive edge over other countries in the digital space. Regarding the CBDC, even though Biden didn’t say whether the U.S. should launch it, the government should place “urgency” on research and development of the new instrument.
📊 Goldman Sachs Group Inc. announced that it is exploring offering over-the-counter bilateral crypto options. This new product will allow trades to be customized so that crypto holders such as hedge funds and Bitcoin miners can hedge risks or boost yields. The question then becomes, who will be next?
🤔 In Iran, the government has announced the go-ahead for crypto mining. The only issue is that new licenses will only be issued to mining farms supplied by power from renewable energy sources. Somewhere else, Brevan Howard is making bets on the direction of bitcoin, ether, and other cryptocurrency prices, while also searching for arbitrage between currencies.
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⚠️ Important update on the Lend and Borrow dApps! ⚠️
As a vital step in bug resolution, we’re implementing the following temporary changes to the Lend and Borrow dApps.
As we continue to resolve the Lend and Borrow bug, we wanted to update the community on the recent progress.
For the Borrow dApp:
☑️ Borrowing new loans & extending existing loans has been ceased temporarily
☑️ Only repayment function for existing loans remains active
For the Lend dApp:
☑️ Deposit withdrawal has been ceased temporarily
☑️ The rewards for existing lenders are being calculated, keeping the conditions for reward calculation the same as when operations were functioning normally
☑️ Once the calculation concludes, liquidity will be injected into the pools, and deposit withdrawal will begin functioning once again. Reward accrual will resume at the same time.
⏳The bug resolution time is being estimated until the end of March.
✅ The bug has not affected or implicated the n-NFT functionality, and it continues to function optimally and unhindered!
As a vital step in bug resolution, we’re implementing the following temporary changes to the Lend and Borrow dApps.
As we continue to resolve the Lend and Borrow bug, we wanted to update the community on the recent progress.
For the Borrow dApp:
☑️ Borrowing new loans & extending existing loans has been ceased temporarily
☑️ Only repayment function for existing loans remains active
For the Lend dApp:
☑️ Deposit withdrawal has been ceased temporarily
☑️ The rewards for existing lenders are being calculated, keeping the conditions for reward calculation the same as when operations were functioning normally
☑️ Once the calculation concludes, liquidity will be injected into the pools, and deposit withdrawal will begin functioning once again. Reward accrual will resume at the same time.
⏳The bug resolution time is being estimated until the end of March.
✅ The bug has not affected or implicated the n-NFT functionality, and it continues to function optimally and unhindered!
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👋Hey Nimbus Community,
Metaverse…one of the hottest buzzwords today.
For some, Metaverse is a Facebook rebranding, and for others, it is the recent GamFi or NFT boom.
But did you know the Metaverse as a concept dates way back to the late 90s?
Doe the most people, the Metaverse is formerly Facebook...If you ask, a crypto community metaverse is GamFi and NFT, and virtual reality.
In reality, it is sort of a mix of both.
The term Metaverse was first coined in the cyberpunk novel called ❄️Snow Crash written in 1992 by Neal Stephenson.
In the book, the Metaverse was described as a shared “imaginary place” that is “made available to the public over the worldwide fiber-optics network” and accessed via virtual reality goggles.
✅ With this definition, the argument could be made that the Metaverse is actually both those things. XR (extended reality VR/AR) combined with decentralized public trust (crypto)
Almost 30 years from its first mention in the book Snow Crash, Metaverse has evolved into a whole new sector, recalling the attention of even the biggest celebrities on the planet.
For instance, 🎵Snoop Dogg is creating his very own Snoopverse, while 👸Paris Hilton is allowing users to purchase her virtual outfits.
Amidst skepticism, Metaverse seems to be blossoming into a prominent industry.
The global metaverse market size is predicted to attain USD 678.8 billion by 2030, according to a new report by Grand View Research, Inc.📈
Metaverse…one of the hottest buzzwords today.
For some, Metaverse is a Facebook rebranding, and for others, it is the recent GamFi or NFT boom.
But did you know the Metaverse as a concept dates way back to the late 90s?
Doe the most people, the Metaverse is formerly Facebook...If you ask, a crypto community metaverse is GamFi and NFT, and virtual reality.
In reality, it is sort of a mix of both.
The term Metaverse was first coined in the cyberpunk novel called ❄️Snow Crash written in 1992 by Neal Stephenson.
In the book, the Metaverse was described as a shared “imaginary place” that is “made available to the public over the worldwide fiber-optics network” and accessed via virtual reality goggles.
✅ With this definition, the argument could be made that the Metaverse is actually both those things. XR (extended reality VR/AR) combined with decentralized public trust (crypto)
Almost 30 years from its first mention in the book Snow Crash, Metaverse has evolved into a whole new sector, recalling the attention of even the biggest celebrities on the planet.
For instance, 🎵Snoop Dogg is creating his very own Snoopverse, while 👸Paris Hilton is allowing users to purchase her virtual outfits.
Amidst skepticism, Metaverse seems to be blossoming into a prominent industry.
The global metaverse market size is predicted to attain USD 678.8 billion by 2030, according to a new report by Grand View Research, Inc.📈
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