CreamPYE Launches New Token To The Crypto Community
PHOENIX, April 30, 2021 (GLOBE NEWSWIRE) – The cryptocurrency ecosystem no doubt comes with lots of excitement and opportunities. With so many projects on the blockchain, crypto enthusiasts have the opportunity to diversify their investment portfolios.
To disrupt the present-day decentralized marketplace, the team behind CreamPYE pushing its bar with the token, PYE. CreamPYE is available on PancakeSwap exchange for a purchase. At the moment, there are over 5,000 holders of the token and increasing rapidly after being released only sixteen days ago.
With the boasts of thousands of people in their Telegram channel. CreamPYE is leading a campaign against hunger. The project is proud to present the first donation to Action Against Hunger.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9cdb2df2-27c9-448d-8c9a-6b7041da8a9b
CreamPYE Token
CreamPYE has a native token with the symbol PYE. This token will be used in conjunction with all PYE platforms on the CreamPYE protocol. Users can also use this token to pay for transaction fees when they are on the CreamPYE network.
Tokenomics
CreamPYE intends to develop a movement to disrupt cryptocurency offerings while giving back to the communities worldwide that need it most. As such, the movement will give back through charities and community outreach all over the world. Find below the details of CreamPYE tokenomics:
Total minted PYE tokens - 1,000,000,000,000,000
PancakeSwap Initial Pool – 600 Trillion staked with liquidity on PanCakeSwap DEX exchange.
Fair Launch – 300 Trillion Team Tokens Burned before launch
Why Participate In The CreamPYE Project?
CreamPYE is an innovative blockchain-powered project that seeks to disrupt the current decentralized marketplace. Below are some reasons why crypto enthusiasts prefer CreamPYE over other blockchain-powered projects:
Transparency
The team at CreamPYE believes that project users are the most valuable assets any brand can boast of. All activities at CreamPYE are done transparently. The company transparently discloses the team, processes, and plans to everyone so people can make informed decisions regarding PYE and its potential.
Growth Driven
Unlike other startup projects on the blockchain, CreamPYE is growth-driven. The project is also sustainable. The team plans to create top-notch tech platforms within the CreamPYE protocol.
Community Focused
CreamPYE is community-focused. The team plans to create a community where members will have a voice and be part of the project even when it blossoms. CreamPYE is seeking to partner with interested members of the community to reach out to the less privileged and stop hunger problems.
About CreamPYE
CreamPYE is the future of decentralization. The project is built to impact humanity and also make decentralized technology available to crypto enthusiasts with less friction than exists today. CreamPYE will also build a one-of-its-kind decentralized exchange named PYESwap, a CEXDEX, which will give other exchanges a run for their money. According to the team at CreamPYE, they plan to partner with industry leaders to further develop PYE to become the best user experience of any protocol.
CreamPYE parades a team of competent and experienced personnel. The team joined hands to attack the project from all directions. The team comprises developers, entrepreneurs, financial experts, and business executives. Most households across the world have purchased products and services associated with CreamPYE. You can even meet the team on the project’s YoutTube channel online.
Crypto enthusiasts can enjoy Marketplace Mining on the PYESwap, PYE NFT Marketplace and additional platforms to be added by PYE. Marketplace Mining allows users to earn additional PYE tokens every month just by engaging with PYE platforms.
Social links:
Telegram: https://t.me/creampyetoken
Twitter: https://twitter.com/creampyetoken
Facebook: https://www.facebook.com/creampyetoken
YouTube: https://www.youtube.com/channel/UCxzjXyEBaKdVH3Rhm5vmd-w
Media contact:
Company: CreamPYE
Contact Name: Bill Spata
E-mail: service@CreamPYE.com
Visa’s CEO on Crypto: “This Is a Space We Are Leaning Into in a Very, Very Big Way”
Cryptocurrency traders were agog last August when prices for the digital token serum (SRM) jumped 10-fold on its first day of trading after being listed on Binance, the world’s largest cryptocurrency exchange by volume.
But another 10-fold increase since then is sparking a new wave of speculation among digital-market analysts over the token’s future – apparently tied to the growing popularity of the affiliated decentralized exchange Serum, which is built on top of the Solana blockchain, and championed by Sam Bankman-Fried of the FTX crypto exchange and Alameda Research trading firm.
Prices for the SRM token shot up Tuesday to an all-time high of $11.13, according to the data firm Messari. The market capitalization now sits around $500 million, well below the $22 billion for the leading decentralized exchange Uniswap’s UNI token but still enough to turn heads. As of press time, SRM was changing hands at around $9.27.
Related: Visa’s CEO on Crypto: “This Is a Space We Are Leaning Into in a Very, Very Big Way”
Some analysts have attributed the recent success of the Serum project and Solana blockchain to their association with Bankman-Fried, who garnered headlines recently for his $135 million deal to name the basketball team Miami Heat’s home arena after the FTX exchange. According to a blog post last July, FTX and Alameda created Serum and chose Solana as its foundational blockchain.
“Traders perhaps saw Alameda Research-related names as safe havens” during last week’s crypto-market sell-off, said Mira Christanto, a research analyst at Messari.
Bankman-Fried, who serves as CEO of FTX, told CoinDesk in a LinkedIn chat that he isn’t sure why serum has surged this week in particular, but he said it was “probably” following Solana’s SOL tokens, which have climbed 24-fold this year, for a market value of between $12 billion and $22 billion, depending on how it’s calculated.
Story continues
Earlier this month, Alameda Research led investors in a $2 million fundraising round for Step Finance, a trading dashboard born out of a Solana-focused hackathon. The Solana Foundation, which supports development on the Solana blockchain, received $40 million in fresh funding in March.
Related: ‘AWS for Blockchains’ Alchemy Closes $80M Funding Round at $505M Valuation
A key talking point on Serum is that it provides a user experience similar to what traders see on big centralized cryptocurrency exchanges. That could make the project more attractive to traders who seek transactions that are faster and cheaper but also easier to use when compared with other decentralized exchanges, such as PancakeSwap on the Binance-backed blockchain Binance Smart Chain.
PancakeSwap has received criticism for being a copycat of Uniswap, which sits atop the Ethereum blockchain.
“Serum is very different from Ethereum-based DEXs because it built a central limit order book (CLOB), which is what you would typically see in centralized exchanges,” Christanto said. “This isn’t possible on Ethereum or Binance Smart Chain, where automated market makers (AMMs) are more popular.”
A central limit order book is possible on Solana partly because of its high scalability, supporting 50,000 transactions per second (tps). On Binance Smart Chain, the maximum is 300 tps. On Ethereum, it’s 18 tps.
“Solana isn’t as fast as centralized exchanges, like FTX, but it is the first decentralized exchange to be able to provide a CLOB,” Christanto said.
Read More: PancakeSwap, Uniswap, SushiSwap and More: What to Consider When Parking Crypto in a DeFi Exchange
Danny Kim, head of revenue at crypto prime dealer SFOX, said serum’s recent price gains may also be the result of excitement over Step Finance, which offers up to 3,500% annual percentage rate (APR) on deposits of its STEP tokens. All asset pools, liquidity and swaps on Step Finance are routed via Serum, according to Step Finance’s website.
As Anatoly Yakovenko, co-founder of Solana Labs, wrote in a post on Medium, if the first phase of decentralized finance – DeFi 1.0 as it were – was focused on innovation in money markets, including lending and borrowing, then DeFi 2.0, as powered by Serum, would bring “high-speed trading and derivatives.”
“Solana has become a protocol for traders, with a number of projects being built to focus on what traders and investors will need in DeFi,” SFOX’s Kim said. “Fast, secure and scalable.”
Automated market makers “have grown in popularity on Ethereum primarily because they make it easy for yield and risk-insensitive asset owners to provide liquidity to the market,” Yakovenko wrote. “However, that doesn’t mean that AMMs are the optimal mechanism to provide liquidity. AMMs are obviously lacking in many dimensions. Most notably, capital efficiency.”
It’s still wait-and-see whether Serum will eventually pose any real threats to popular DEXs on Ethereum and BSC. Data from CoinGecko shows that Serum has about $52 million in daily trading volume, while on Ethereum-based Uniswap, the 24-hour trading volume was at more than $1.3 billion at press time, according to Dune Analytics.
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Colombia’s Crypto Use Soars, and Local Regulators Step In
More and more Colombians are using crypto, and that has regulators stepping in with rules.
According to Jehudi Castro, digital transformation adviser to the Presidency of Colombia, the government simply could not ignore the upswing in crypto use in Colombia – along with various scams.
“The consequence of all this crypto activity is that we have to be careful. We can’t stand by and do nothing,” Castro told CoinDesk.
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The trajectory is clear. Last year, Chilean crypto exchange Buda.com recorded $31.1 million in traded volume in Colombia. In the first three months of this year alone the exchange recorded close to $40 million traded on the platform.
“It’s our best year ever. In just three months we passed our 2020 threshold. It’s crazy,” Alejandro Beltrán, Colombia country manager for Buda.com, told CoinDesk.
Alejandro Beltrán Torrado will be speaking at Consensus by CoinDesk, our virtual experience May 24-27. Register here.
Colombia is emerging as one of the fastest-growing crypto markets in the region, second only to Venezuela, according to Chainalysis’ 2020 global crypto adoption index. Colombia ranked ninth in the index, only three places behind the U.S. The same year, peer-to-peer crypto trading platform LocalBitcoins found Colombia to be its third-largest market globally by trading volume.
The government appears to be taking note. In addition to expanding its fintech regulatory testing environment, or sandbox, to include cryptocurrency startups in 2020, regulators have issued crypto tax guidelines as well as anti-money laundering (AML) regulations. They are now conducting a pilot that allows top local commercial banks to work with notable international crypto exchanges to test certain services.
But none of the recent regulatory measures appears to be overly restrictive. Banning crypto would be pointless, said Castro, who is a member of the evaluating committee for the sandbox.
“The correct thing to do is gather data and implement regulations incrementally as required. The position of the Colombian government regarding crypto regulations is that they shouldn’t be made without data and without sufficient information,” Castro said.
The banking pilot
In January, Colombia’s financial watchdog, the SFC, announced that nine crypto firms (out of 14 applicants) were chosen to test banking services for crypto platforms in a yearlong project that started in March. According to the announcement, the goal of the pilot is to allow Colombia’s fintech firms and the national government to safely test crypto use cases under the regulatory sandbox.
The country’s biggest banks have worked with international crypto exchanges operating in Colombia, and Buda.com was one of the selected firms. Bancolombia partnered with Gemini, while Davivienda bank partnered with Binance. Latin American exchanges Buda and Bitso are working with Banco de Bogotá.
According to Beltrán, the banks will be working with crypto platforms to test on/off ramps for deposits and withdrawals.
“But the banks don’t touch any cryptocurrencies. They don’t have a direct relationship with cryptocurrencies,” Beltrán said.
The pilot project has no impact on the current regulatory framework applicable to crypto assets, the SFC said in the announcement. Castro explained that as part of the sandbox the chosen crypto firms are allowed to test their own projects under their own rules, and so the government can gather data for implementing regulations.
“But those crypto firms have to work together with the government and regulated banking institutions,” Castro said, referring to the sandbox.
Buda.com’s own pilot test will allow its users (who already have bank accounts with Banco de Bogotá) to make deposits on the platform through their bank accounts. Bank customers who are interested in the pilot project or cryptocurrencies can register on Buda.com to start using cryptocurrencies.
Beltrán added that Buda.com is validating some details with the bank, and he hopes to begin operations in May or June.
AML guidelines
In December, Colombia’s Superintendency of Corporations published a circular that included AML guidelines for financial institutions in accordance with the rules specified by the global money laundering and terrorist financing watchdog, the FATF.
Castro said that because banks are regulated, the partnerships between crypto firms and those involved in the sandbox presents a much easier and legal way to implement AML requirements.
“The exchange must implement risk management of money laundering and terrorist financing, operational risk and cybersecurity, and consumer protection measures during the test,” Castro said. “The sandbox is allowing Colombians to carry out operations with crypto firms within high security standards and adequate risk management, in a similar way to what is currently done with e-commerce.”
Beltrán said the local crypto industry had been ready for AML regulations for five years.
“Before this we had a voluntary system, but now we are obligated to integrate it by the rules of Colombia,” Beltrán said.
Government can’t ignore crypto
It wasn’t always smooth sailing for Buda.com. In 2018, a lack of regulatory clarity about crypto in Colombia led to a number of local banks shutting down accounts held by the exchange.
“The government tried for years to deny the existence of crypto but right now, because cryptocurrency is a global phenomenon, they can’t deny what’s happening and they are trying to to change their minds,” Beltrán said. He added that when the Buda.com accounts were shut down, the financial authorities did not speak to him about getting the accounts back online.
According to Castro, the goal of the sandbox is to pave the way for a legal framework that doesn’t stop innovation in the crypto or decentralized finance (DeFi) space.
Castro also said the Colombian government is not only carefully stepping into the crypto market but is looking at ways to use blockchain to fight corruption. Last year, the government began working with the World Economic Forum (WEF) on a blockchain-based solution to tracking government contracts in a transparent way.