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Re, a blockchain-powered reinsurance company, has reported significant growth in Q1 2023, backing $34 million in premiums and insuring tens of thousands of small businesses across various industries since its launch in late 2022.

The company foresees further growth and opportunities with a strong deal flow pipeline and additional capital influx, Re noted.

In October 2022, Re raised $14 million in seed-round funding to build a decentralised system for investors which will allow them to gain exposure to a massive and uncorrelated asset class that is insurance premiums.

Re has developed a decentralized protocol that operates similarly to Lloyds of London. The company allows alternative capital providers to invest in baskets of insurance policies to generate premiums and yields, the reinsurer said.

Res smart contract protocol is built on the Avalanche blockchain, providing increased transparency and flexibility, as well as the ability to operate with just seven full-time employees. With its on-chain infrastructure, Re is able to remain lean and efficient, using the fastest smart contracts platform available.

According to CEO and co-founder Karn Saroya, Re is in a unique position to create a new reinsurance marketplace that benefits from rising interest rates and premium rates across the industry. The companys portfolio is carefully curated to avoid catastrophic risks like hurricanes and earthquakes, providing solid economics and the opportunity to build something truly innovative in the market.

There is significant operating leverage in our business. Were focused on automating policyholder data and claims via our blockchain pipeline to gain an administrative expense advantage over traditional reinsurers, Saroya said.

Working with distributed teams on underwriting, pricing and origination keeps operating expenses low without compromising service. We have the ability to scale upwards of $500M in premium using our small team and the resources we have today, Saroya added.

Re shows the potential for blockchain technology to create secure and transparent insurance policies, meeting the increasing demand for these features. Unlike traditional reinsurance providers, Res use of blockchain allows for on-chain data access, enabling regulators to query risks, programs, and capital backing deals at any time, the reinsurer noted.

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Blockchain-powered reinsurer Re backs $34 million in Q1 premiums - Reinsurance News

Imagine a group of people who want to collaborate on a project, such as investing in start-ups, creating digital art, or acquiring a rare collectible. They are scattered across the globe, unfamiliar with one another personally, and reluctant to depend on a central authority to manage their funds and decisions. How can they achieve their goal in a transparent, democratic, and efficient manner?

Enter DAOs, or decentralized autonomous organizations. A DAO is a novel organizational structure built using blockchain technology and governed by smart contracts. With no central leader or board of directors, DAOs are managed by their members, who use tokens to vote on proposals and actions. They are also transparent and immutable, with all transactions and activities recorded on a public ledger that anyone can verify.

A DAO is essentially a set of rules encoded as a computer program that outlines how members of the organization can interact and cooperate. These rules, commonly known as smart contracts, are self-executing agreements running on a blockchain, a distributed ledger that records and verifies transactions without a central authority.

DAOs typically feature a common treasury funded by members, who receive tokens representing their ownership and voting rights in the organization. Members can use these tokens to propose and vote on various actions and decisions, such as allocating funds, hiring personnel, or amending rules. If a proposal garners enough support from members, the smart contracts execute it.

All transactions and activities of a DAO are recorded transparently and immutably on the blockchain, ensuring accountability and trust among members while preventing fraud and corruption.

DAOs have numerous applications and can be used for projects that require collective action and coordination. Some of the potential use cases for DAOs include:

DAOs are not without their limitations and challenges. Some of the issues they face include:

DAOs, though still in their infancy and experimental stage, hold significant potential and promise. They offer a more democratic, transparent, and efficient method of collaboration and cooperation compared to traditional organizations. Furthermore, they enable new forms of innovation and creativity that are not feasible in centralized systems.

However, DAOs also present considerable risks and challenges that must be overcome. They demand high levels of technical expertise and security awareness to operate safely and effectively. Clear and fair governance mechanisms, as well as legal frameworks, are needed to ensure accountability and legitimacy. Additionally, strong and healthy cultures that foster trust and cooperation among members are crucial.

The future of DAOs will hinge on their ability to balance opportunities and risks, as well as adapt to changing environments and needs. As awareness and interest in DAOs grow, you can expect more experimentation and diversity in the types and forms of DAOs that emerge. You may also witness increased integration and collaboration between DAOs and other organizations, such as governments, corporations, or nonprofits.

DAOs represent not only a technical innovation but also a social innovation that challenges assumptions and expectations about how people organize themselves. While they may not replace or revolutionize all existing organizations, they offer new alternatives and possibilities for those seeking greater autonomy, participation, and empowerment in their endeavors.

Spencer Hulse is a News Desk Editor at Grit Daily. He covers breaking news on startups, affiliate, viral, and marketing news.

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DAOs 101: A Comprehensive Guide to Decentralized Autonomous ... - Grit Daily

Arbitrum Unleashed

As the world of Decentralized Finance (DeFi) continues to expand, Decentralized Exchanges (DEXs) have become increasingly popular for trading cryptocurrencies. With the rise of layer 2 (L2) scaling solutions, DEXs have been branching out to these scaling solutions to reduce transaction time and cost.

One of the most promising L2 scaling solutions on the Ethereum blockchain is Arbitrum, which offers several improvements and features to enhance the existing infrastructure.

In this article, we'll be discussing the top five decentralized exchanges on Arbitrum, highlighting their standout features.

Lets have a look at some of the top DEXs on Arbitrum:

Developed on Arbitrum, Camelot is an ecosystem-focused decentralized exchange. Camelot's custom infrastructure enables deep, sustainable, and adaptable liquidity, allowing both builders and users to leverage it.

The Camelot AMM supports both volatile swaps (UniV2) and stable swaps (Curve-like). Additionally, the DEX introduced dynamic directional fees for its trading pairs: these allow different fees to be set for each pool, as well as for different swap directions (buying/selling).

Camelot also has a launchpad to support new protocols launching on Arbitrum, providing the tools that enable them to launch, bootstrap liquidity, and sustain their growth.

Camelot has a total value locked at $96.31 million, generating $2.43 million in fees in March. Camelot($GRAIL) is trading at $1885.56 with a market cap of $18.26 million.

Zyberswap is one of the first decentralized exchanges (DEX) using the Arbitrum blockchain with an automated market-maker. The Zyberswap platform allows crypto asset swapping with reportedly the lowest fees among its competitors.

Moreover, Zyberswap uses Governance Voting to fully involve its users in decision-making. Its token distribution is determined by a fixed supply, linear emission model, combined with a burning mechanism or a deflationary scheme.

Zyberswap launched on January 23, 2023 with 10k $ZYB tokens distributed at genesis.

A total of $21.4 million has been locked in on Zyberswap, with $358.17k in fees generated in March. With a market cap of $1.74 million, Zyberswap ($ZYB) is trading at $0.8218.

UniSwap is a decentralized exchange (DEX) that pioneered automated market making (AMM). In the V3 version of the exchange, it provides services for Ethereum layer-two solutions.

With the V2 version of the exchange, instead of swapping ETH for ERC-20 tokens, traders can trade between different ERC-20 token pairs. Consequently, slippage was reduced, allowing the exchange to evolve. In addition, protocol fees were introduced to continue development.

Uniswap has a total value locked at $287.652 million in Arbitrum, generating $8.59 million fees in March. Uniswap ($UNI) is trading at $5.31 with a market cap of $3.15 billion.

SushiSwap is a decentralized exchange with an AMM (automated market maker). The protocol is currently available on several EVM-compatible layer-two blockchains, including Arbitrum.

It is possible for users to create their own token pairs and provide liquidity to them. With SushiSwap, DeFi traders and institutions can trade permissionless without custody. This exchange reportedly follows a more inclusive governance approach than other exchanges.

Sushiswap has a TVL of $149.94 million and generated $4.42 million in fees in March. Sushiswap ($Sushi) is trading at $1.06 with a market cap of $243.2 million.

As a decentralized crypto exchange, Trader Joe provides a variety of services, including token swaps through its automated market maker (AMM), staking of its native token JOE, yield farming, borrowing and lending, liquidity pools, leveraged trading, a marketplace, and a launchpad.

In January 2023, Trader Joe expanded its services to Ethereum-based L2 scaling solution Arbitrum in an effort to gain more users. In addition, last month it launched its AMM liquidity book on the BNB Chain, expanding its DEX network.

Its recent liquidity book is said to be a highly efficient AMM in DeFi that maximizes real yield generation for liquidity providers and reduces swap costs for traders.

There is $10.29 million in TVL at Trader Joe, and $2.31 million was generated in fees in March. Trader Joe ($JOE) is trading at $0.4874 with a market cap of $164 million.

The adoption of decentralized exchanges on Arbitrum is an exciting development for the world of DeFi. The top five DEXs on Arbitrum, as discussed in this article, offer users a seamless and cost-effective trading experience, while also addressing the need for improved transaction throughput.

With the integrity of the Ethereum blockchain remaining paramount, the optimization of its infrastructure through layer 2 scaling solutions such as Arbitrum is essential for its continuous development and mainstreaming.

As Ethereum continues to evolve with its proof-of-stake adoption, the improvements to Arbitrum, such as simplified cross-chain communication, updated fraud proofs, and token bridges, will further enhance the user experience and promote wider adoption of decentralized exchanges.

Arbitrum is an Ethereum layer-2 network that allows developers to build and deploy highly scalable smart contracts for a low cost. Arbitrum chain will enable developers to use Web3 apps, deploy smart contracts, etc., but transactions will be cheaper and faster. The flagship product for the team, Arbitrum Rollup, is an Optimistic roll-up protocol that inherits Ethereum-level security.

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Top 5 Decentralized Exchanges on Arbitrum: The Future of Low ... - BSC NEWS

Good morning. Heres whats happening:

Prices: A late surge returned bitcoin to its previous perch above $28K. Ether also rallied.

Insights: Is crypto on the mend? What will happen on the regulatory front? CoinDesk's annual Consensus conference features crypto industry leaders and will cover key topics over three days.

Bitcoin Surges, but Will the Rally Continue?

After five days lingering below $28,000, bitcoin went for a surprising ride upward and took much of the rest of the market with it.

The largest cryptocurrency by market capitalization was recently trading above $28,300, up about 3.7% over the past 24 hours. The origins of the surge were difficult to pinpoint. BTC began ticking upward less than 24 hours after embattled First Republic Bank noted that it had lost $100 billion in deposits during its first quarter earnings presentation on Monday, reviving concerns about the banking sector's stability. Last month, cryptos rose amid a rash of U.S. regional banking implosions as investors sought refuge in assets that hold their value.

"With First Republic Bank looking like it could go under, I suspect the market is anticipating yet more liquidity injections to prop up what certainly seems to be an American banking sector that is still very much in the throes of crisis," Jake Boyle, director of Caleb & Brown, a retail crypto brokerage, wrote in an email to CoinDesk. "Bitcoin, as a result, is front-running these expectations. Cracks in the financial system are growing, even if relatively subtly at the moment, and its going to be incredibly difficult for the Fed to adhere to its tightening regime going forward."

Boyle added: "Bitcoins rally of late has more to do with liquidity injections and rising expectations that the Feds tightening will probably have to end fairly soon, or else even greater turbulence in the banking sector could ensue.

Data from analytics firm Coinglass also showed that some $11.3 million of BTC short positions had been liquidated since 4 p.m. Short squeezes have historically tended to accelerate price jumps.

Ether was recently changing hands at about $1,870, up 1.8% from Monday, same time. Other major cryptos were largely in the green with SOL, the native token of the Solana blockchain, and ADA, the native crypto of the Cardano smart contracts platform, both recently rising more than 3%. The CoinDesk Market Index, a measure of the crypto market's overall performance was up 2.6%.

In early Asia trading, the Nikkei and Hang Seng indexes were down slightly. U.S. stocks closed down with the tech-heavy Nasdaq Composite off nearly 2%.

In his weekday column, CoinDesk analyst Glenn Williams highlighted that at least two technical indicators were foreshadowing a bitcoin rebound. Williams noted that BTC's "recent decline accompanied an expected drop in momentum, but it also occurred in conjunction with a move towards the lower end of the Bollinger Band. Bollinger Bands plot an assets 20-day moving average, and calculate two standard deviations above and below the average. An assets price is expected to stay within two standard deviations of the average 98% of the time, so a breach above or below is noteworthy.

Williams wrote that "bitcoin approaching the lower range of its Bollinger Bands raises questions about its near-term path, but he added that "given recent history, technical analysts could expect BTC prices to advance, albeit methodically, back to their 20-day average."

What to Expect at Consensus

Crypto is down but not out. The industry that took a beating last year is set to make its first major public showing of 2023 atConsensus, CoinDesks annual conference. Many of the biggest names in crypto, government, Web3 and more will be in Austin, Texas, this week to discuss the current state of the industry, the devastating year it just had and what the future may hold.

On that score, things are looking up. If the first four months of the year are any indication of where the industry is heading, the rebuilding has begun.

Still, theres much morebuilding,policymaking,educatingand, yes,investingto be done. While recent markets have given some reason for optimism, fraud and contagion have absolutely smashed consumer confidence in the industry. Regaining that trust will be difficult, but that is the opportunity at the feet of todays builders, regulators and decision makers many of whom will share their views at Consensus.

Heres what to expect this week in Austin.

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Crypto exchange Coinbase has asked a federal court to force the SEC to respond to a petition it filed last year asking for formal rulemaking within the digital assets sector. This came as Republicans on the House Financial Services Committee are taking another swing at stablecoin legislation with a discussion draft revealed Monday afternoon. Rep. Patrick McHenry (R-N.C.) joined "First Mover" to discuss.

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First Mover Asia: Bitcoin Breaks Its Losing Streak in Late Tuesday Rally - CoinDesk

Our crypto analysis continues, today with a look at the prices and latest news of the FLOKI and XEN projects.

We will analyze the precise movement of their tokens in recent weeks, specifying the price and market statistics. We will also see what the latest news is so that we can take a look at how it has affected the prices of the tokens.

Lets start with Floki Inus project, which as of today has the value of $0.000037, a value that has grown in the last 4 weeks by 3.68%.

This value has remained quite stable with minimal accretion. In terms of market statistics, the FLOKI token presents a market capitalization of $359.1 million, with a trading volume in the last 24 hours of $92.3 million.

The outstanding supply of the FLOKI token is very large, namely, 9.7 trillion FLOKI.

Among the many cryptocurrency projects, especially those dedicated to memes (i.e., memecoins), Floki is one that has the all-time high of 0.000067 very close to todays price.

Will it be able to recover its high and even surpass it?

Lets continue with another very interesting project, that of XEN Crypto, with a current price hovering around $0.00000608 with an astounding increase in value in the last month of 496%.

This is a truly extraordinary achievement that suggests that the bear market is now a distant memory for XEN.

XENs market capitalization is $54 million with a daily trading volume of $16.7 million. Although XEN Crypto has indeed had exponential growth, it still has a lot of catching up to do to reach its all-time high of US$0.75.

Binance.US, one of the leading cryptocurrency exchanges in the United States, announced the addition of Floki Inu (FLOKI) to its platform.

Floki Inu is a meme-inspired cryptocurrency that has gained significant attention in recent weeks due to its unique branding and strong community support.

The announcement of the price was made via a tweet from Binance.US, stating that deposits for FLOKI are already open. The news was welcomed by the cryptocurrency community, with many expressing enthusiasm for the opportunity to trade FLOKI on one of the most trusted exchanges in the United States.

Floki Inu was launched in June 2021 as a community-driven cryptocurrency inspired by the meme culture surrounding Elon Musks Shiba Inu.

The cryptocurrency is named after the character Floki from the popular television series Vikings, and the development team aims to create a decentralized ecosystem with a focus on community involvement.

Despite being a relatively new cryptocurrency, FLOKI has already gained a strong following, with a community of passionate supporters on social media platforms such as Twitter and Reddit. The coin has also experienced significant price growth in recent months, with a huge increase in value since its launch.

The listing of FLOKI on Binance.US is a significant milestone for the cryptocurrency, as it will provide greater liquidity and exposure to a wider audience.

Binance.US is a reputable and reliable platform with an easy-to-use interface and a wide range of trading pairs.

The addition of FLOKI to its platform will allow users to trade cryptocurrency with ease, while increasing legitimacy in the eyes of potential investors.

FLOKIs price on Binance.US is also indicative of the growing popularity of meme-inspired cryptocurrencies in the crypto space.

Although some may dismiss these coins as mere hype, the strong community support and growing market value suggest that they are here to stay. As the cryptocurrency market continues to evolve, it will be interesting to see how these coins develop and whether they can maintain their momentum in the long run.

In the cryptocurrency world, gas fees are a necessary evil. Gas fees are paid to network validators to process and confirm transactions.

These fees can be expensive, and the higher the demand for the network, the higher the fees. Recently, XEN Torrent caused a stir in the Ethereum network by being responsible for more than 11% of transaction fees paid in the last 24 hours.

XEN Torrent is a decentralized torrent platform built on the Ethereum blockchain.

It uses smart contracts to allow users to share files without a central authority or intermediary. This means users can share files directly with each other, without having to rely on third-party services such as Dropbox or Google Drive.

The platform has gained popularity due to its decentralized nature and its ability to offer users a secure and private way to share files.

However, its popularity has also led to an increase in the number of transactions on the Ethereum network, resulting in higher gas rates.

In the last 24 hours, XEN Torrent was responsible for more than 11% of transaction fees paid on the Ethereum network.

This is a significant amount, considering that the network processes millions of transactions per day.

This makes XEN Torrent the second largest gas consumer after Uniswaps router contract, which is a decentralized exchange that allows users to trade cryptocurrencies.

The increase in gas rates has caused some concern among Ethereum users because it makes it more expensive to use the network.

However, it also highlights the potential of decentralized applications (dApps) such as XEN Torrent.

These dApps are still in their early stages and, as they gain popularity, will undoubtedly put a strain on the Ethereum network. However, this also demonstrates the potential of the Ethereum network to scale and handle the demand for a growing number of dApps.

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Prices of Floki (FLOKI) and XEN Crypto (XEN) - The Cryptonomist