Hello, and how was your Christmas? Warm and safe at home?
Now the new year 2021 is drawing near. This is the last issue of Dapp Dot Tuesday in 2020. Check the crypto news that rings the new year’s bell! This week, we are going to talk about tokens, ETH, stablecoins, tax and Coinbase IPO.
Socios on-chain user number has had a sharp growth since Dec, which drove up its token $CHZ price went up 54% in the past 30d.
You can see its price and on-chain data correlation below.
1INCH token price was up by 16% in just 24 hours with a trading price reaching $2.9 but has dropped slightly below $1 today, perhaps because of the airdrop sale.
Due to this token airdrop, 1inch.exchange’s social signal score hit 15,071, increased by 453.88%, and ranked No.2 in all decentralized exchanges.
As for the on-chain data, its 24h active users hit ATH 8,687 on Christmas day. There were 14,838 transactions on the same day, which also breaks the ATH. The volume increased almost twice from $52.24M on 24th Dec to $94.21M on 25th Dec.
The charts demonstrate a high-correlation of $1inch token price and its on-chain data.
90 million 1INCH tokens have been airdropped to users. According to data from on-chain analytics provider Dune, the highest recipient of this token airdrop received 9,749,686.003 tokens. It means the owner of this wallet now controls around 11% of 1INCH token supply. Have you received yours?
ETH prices rocketed on 27th Dec, trading above $700 for the first time since 2018.
The total volume locked in the Ethereum 2.0 Deposit Contract is $1.51B currently.
Although it's rather complicated to participate in ETH 2.0 staking, many users have put their coins in due to the great potential in the rewards.
What ETH2.0 staking services are there in the market? What’s the difference between custodial and non-custodial ones? How to find the best way to stake safely? Here’s an affordable solution for you.
Dynamic Set Dollar (DSD) is an algorithmic stablecoin designed to track the U.S. Dollar on a 1-1 ratio.
However, its token price fluctuates a lot to ATH $83 and then dramatically dropped to as low as $0.27. DSD price at the time of writing is $0.72.
Its users and transaction volume fluctuates sharply as well. The users increased from just 95 on 21st Dec to 1.9K on 25th Dec. The transactions experienced a sharp growth and reached 4.91K on Christmas day. Its volume hit daily ATH on 24th Dec at $201.25M.
2020 has come to a close and it’s time to think about taxes. Together with the New Year Eve’s bell, let’s count some tax points worth of pay attention.
Tax returns for 2020 are due on April 15, 2021, which is not too far away.
Both in 2019 and 2020, the IRS added a question to everyone’s tax return: “At any time during 2019/2020, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?” And you need to tick the “yes” or “no” box. In fact, it possibly will be a standard feature of tax returns. Because the IRS classifies crypto assets as property, any sale is going to produce either a gain or loss, and a yes or no box can turn out to be pretty important.
IRS Forms 1099-MISC, 1099-K, 1099-B, Schedule K-1 and even the new Form 1099-NEC for the 2020 tax return season can and do report crypto payments and transactions. If you receive any Forms 1099, keep track of them.
Need help for crypto taxes? Check this playlist - Tax Reporting.
The US-based crypto giant Coinbase is seeking an IPO in early 2021.
It is one of the largest cryptocurrency exchanges by trading volume. How will the mainstream market and public investors value Coinbase? It’s definitely a big event for the crypto market to expect in the coming new year.
To catch up with this heat, FTX has introduced new Coinbase pre-IPO contracts. CBSE are not tokenized stocks. They instead track the market cap of Coinbase. After Coinbase's first day of public trading, they will convert into the equivalent amount of tokenized Coinbase fraction stocks.
It means you can invest in Coinbase even before the IPO. What’s more, you can get a $30 fee voucher for your trading in FTX.