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Poloniex Exchange Adds Status (SNT) and Kyber (KNC) ERC20 Tokens

Poloniex Introduces Status (SNT) And Kyber (KNC)

Poloniex has just recently announced EOS, a platform that has been growing in popularity recently, as a new asset on the platform, and now it is adding two new ERC20 Ethereum-based tokens on the platform. This is part of a plan of the platform to expand its current markets.

About Status

The first new token to be on the platform is Status (SNT). Deposits and withdrawal of this token are currently live on the platform and you can trade in three different pairs: SNT/USDT, SNT/BTC and SNT/ETH.

This token is the native token of Status, a mobile decentralized app browser which allows its users to run Ethereum nodes on their phones. This way, they are able to interact with other decentralized apps, send messages and use encrypted communications and transfers to other users of the network.

Status is recently being on the spotlight as it is building a very important infrastructure for the Ethereum network. By using its technology, you can make the Ethereum blockchain mobile and easier to carry around.

About Kyber

The other new token is Kyber, which is already live for deposits and withdrawals. Just like Status, you can trade Kyber on the following pairs: KNC/BTC, KNC/ETH and KNC/USDT.

Kyber Network was decreased as a decentralized exchange with liquidity or a “liquidity network” because it allows for an instant exchange of digital assets. The company works in a very similar way to a traditional decentralized exchange but does not have an order book.

Because of this, Kyber uses smart contracts to convert digital assets and pool liquidity from a big range of options, the so-called liquidity providers of the network. You can also use decentralized apps, wallets and other tools to access the liquidity pools of the company whenever you need it. Kyber Network Crystal (KNC) is the native token.

This way, Kyber is all about liquidity, something that many networks unfortunately do not have a lot of at the moment in the market.


Poloniex Exchange Temporarily Freezes Withdrawals Of Bitcoin ABC And BSV

Bitcoin Cash’s problems have been relentless lately. First it was the splitting into BCH ABC and BCH SV, followed by a temporary moratorium placed on their trades on networks, and now the latest in a series of issues –Poloniex temporarily freezing withdrawals of both tokens from its platform.

While there was some confusion about the cause of the temporary freeze, the company later clarified that it was caused by some issues that were unique to the BCH SV network. All wallets on the platform containing both tokens were temporarily frozen, thus preventing traders from being able to withdraw their tokens on Wednesday the 27th.

According to a 28th November announcement made by the exchange on twitter, it said,

https://twitter.com/Poloniex/status/1067667456163016704

The good news is that they have been unfrozen, and traders can continue their BCH ABC and SV deposits and withdrawals on the exchange.

Even then, the BCV still had the problem, with the company stating they had no information on what caused it. However, there are speculations that the issues may have been caused by a failure of distribution among the BSV nodes, shortly after the split as well as a few technical glitches.

However, it appears the issue has been resolved, with both chains being fully split and independent of each other.

The freeze in withdrawal and deposit services saw the price of BSV dip to $77. But, it has recovered to over $90, even though that itself is low compared to its initially sustained price of $105.

Currently, mining for both crypto chains is stable, with each chain now attempting to grow. This is an improvement on their erstwhile hash rate war, which saw both tokens trying to outdo each other, with each trying to crash the value of the other chain.

After the split both chains have been trying to convince the crypto community of their viability, with each trying to sell their chain as being the better option. While it might take a while for the tokens to recover and reach their full value potential, both are currently on their way, with the BSV slightly lagging behind.

In the bid to prove its relevance and convince the community of its viability, BSV has been attempting to mine and broadcast bigger blocks. However, the community doesn’t think of this as a necessary feature, considering that even the very impressive 64 megabyte blocks are difficult to propagate across nodes.

The hash rate war between both chains has adversely impacted the network, seeing it record a massive drop in transaction volume to about 9000, a massive difference from the hundreds of thousands of transactions it used to execute.

How long this will go on remains to be seen. But if their various communities rally around them and support them, it is possible that they would both experience decent transaction volumes again.


Poloniex Enables Ethereum Classic (ETC) Margin Trading For Non-US Customers

Poloniex has recently announced on its official blog that a new asset, Ethereum Classic (ETC) will start to be available not only for trading but also for margin trading for non-U. S. customers with total leverage of 2.5 times.

Before now, you could do margin trading with these other tokens: XRP, ETH, XMR, STR, FCT, LTC, BTS, DOGE, DASH, MAID and CLAM. They are all paired against BTC on the exchange. This makes ETC the first asset to have margin trading after Poloniex was acquired by Circle last year.

The post also affirmed that the company is currently focused on finding new assets to add to the list and that we may see some new announcement about upcoming assets soon since Poloniex is expanding its services.

All the assets available for margin trading on the company can also be used for lending and ETC will not be different in this aspect. By lending the asset, you can earn some interest rates, which are set by the Poloniex markets.

The company has also listed some other efforts such as completing a major system upgrade that will make the whole company work better. Fees were also reduced and the whole system was streamlined to make them even lower and they listed the Grin token to the platform.

About Ethereum Classic

Ethereum Classic was born in 2017 when Ethereum hard forked into it. Since then, the token, which kept the original code during the hard fork, but was not so popular as the version with the changed code, has been rated as a second class Ethereum.

The token saw its network suffer a 51% attack back in January, but the network has regained some of its strength afterward. This weekend, the tokens had an incredible price surge. The price went from around $6.66 USD to $10 USD. However, now prices are on the $7 USD range once more.


Poloniex Gives “Free” OMG Tokens to ETH Holders After Last Year’s Airdrop

On August 7, 2017, blockchain project OmiseGO announced plans to distribute 5% of the total supply of OMG tokens to ETH holders via an airdrop. Today, more than one year later, Poloniex has announced that ETH token holders will receive those funds.

Earlier today, Circle announced via a blog post that all ETH holders on Circle’s crypto exchange Poloniex would be receiving the OMG owed to them.

https://twitter.com/Poloniex/status/1068201943359729664

Last year, the OmiseGO team took a snapshot of account balances on the Ethereum blockchain at block height 3988888. That block was mined on July 7, 2017 at 16:36 UTC. OmiseGO published details of its snapshot online at its official blog at the time.

If you held at least 0.1 ETH on Poloniex on July 7, 2017, then you have received OMG tokens proportional to your ETH balance.

The OmiseGO airdrop was designed to put as many OMG tokens into the hands of as many existing crypto users as possible. It was a strategic move to encourage people to hold and use OMG tokens.

OmiseGO is a decentralized payment platform and exchange based on the Ethereum blockchain. The Bangkok-headquartered company has primarily focused on bringing blockchain-related benefits to customers across Southeast Asia.

If you held ETH in your own wallet, then you will have already received your OMG tokens.

Poloniex calculated the amount of OMG owed to users based on their ETH account balances at the time of the snapshot. ETH lenders will also receive the OMG owed to them.

How Much OMG Did You Receive?

Free money is always nice. However, don’t expect to get unexpectedly rich from this airdrop. Remember: The amount of OMG you receive is proportional to the amount of ETH you held at the time. Still, it’s a nice little bonus – especially for large ETH holders.

“The proportion of OMG to ETH works out to 0.075 OMG for each ETH held at the time of the snapshot.”

If you had 10 ETH stored on Poloniex at the time of the snapshot, for example, then you would receive 7.5 OMG, which works out to about $12 USD at today’s prices.

“Eligible customers will find that their allocation of OMG is now present in their OMG account balance. To view your assets, please visit the Balances page of your account.”

Login to your Poloniex account today to find the OMG tokens owed to you since last year’s original OmiseGO airdrop.

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