Crypto Markets Update
Second week after the FTX collapse and things are looking quite gloomy at the moment. At least the Crypto markets have stopped their sharp downward trajectory and have now been trading sideways for a few days. Seems like we’re waiting to get news from all platforms affected by the FTX bankruptcy before prices start moving again. It is likely that there are still a few players out there who are insolvent but haven’t announced it yet. One such case could be Gemini, a large Crypto exchange and custodian with lots of institutional clients. Another example may be Genesis Block, the largest Bitcoin ATM provider in Asia, which stopped user withdrawals earlier this week.
Either way it is surprising how little the Crypto markets have crashed after experiencing its worst bankruptcy yet. It is clear that there are not too many sellers left in this market. All we need is for this chain reaction of Crypto platform defaults to end and we might see the light again. For the moment let’s stay strong and hope for the best.
StakeCube in Numbers
Performance was quite poor this week, much aligned with the current Crypto market sentiment. SCC lost some value, but is still trading above the 1000 Satoshi level.
- User Count: 152,213 +0.22%
- Pool Value: 615.31 BTC -4.84%
- SCC Price: $0.181 -11.71%
- SCC Market Cap: $2,138,000 -11.10%
- Daily Exchange Volume $21,699 -40.94%
- Daily SCP Transactions: 13 -23.53%
Top 5 Gainers
Only a handful of listed coins managed to end the week in the green, all with quite unremarkable performance.
- RDD +8.1
- BLOCK +4.0
- LTC +2.9%
- PIRATE +1.5%
- BCH +1.2%
StakeCube ETH Staking Service
A few weeks back, we announced the possibility to offer Ethereum staking on StakeCube. You can read about it here:
This week we have implemented a new Ethereum staking service on StakeCube. This new service utilizes the stETH token from Lido in order to be able to cash out staking rewards and credit them to our users. Check out how it works:
- The first thing we do is deploy the ETH you put to stake on the Lido smart contract.
- The Lido smart contract mints and credits us stETH which represents this staked ETH and its rewards. With “represents”, we mean that it will be redeemable for it once it is possible to unstake ETH.
- Since the stETH token is backed by the principal plus the rewards, it will accrue value as staking rewards. In other words, the price of the token will go up as rewards accumulate.
- When a user asks to unstake their ETH, we simply sell the stETH token back for ETH and credit it back to the user.
The service went active today, you will find it by going to your wallets page:
Then click on your ETH wallet and select ETH staking.
Please read very carefully the FAQ that we have included on that page before using this function in order to be sure that you understand all the risks and potential consequences. We estimate that the APR for this service will be between 5% and 10%.
Changes to Fees, and NodeCube Contracts
Due to the current market conditions and in order to ensure our future sustainability, we have decided to implement the following changes to our fees, and credit system. These changes will be effective starting the 1st of December:
- Withdrawal fees for all listed assets: Similarly to most Crypto platforms, we are introducing a flat rate withdrawal fee for all assets listed on StakeCube. This flat rate will be superseded by the withdrawal fee system we will introduce in V3, which will allow you to select your withdrawal speed, as well as to prepare for an additional bonus for registered SCC masternodes to obtain free withdrawals (see screenshot below)
- Changes for Nodecube: We are disabling the renewal and deployment of new NodeCube contracts. All currently running contracts will be fully operational until expiration. Payment for masternode hosting will be in Bitcoin moving forward. This change is necessary, as Contabo has considerably increased our server costs and unfortunately the SCC market is not liquid enough to cash out NodeCube fees without severely hurting the price. The fee however remains the same as it was: $1 for Cold Nodes, $2 for Hot Nodes.
All other services will remain unaffected. This was the official email from Contabo regarding their price increases:
I’m writing to you to inform you about the changes in Contabo pricing. Surging inflation and ballooning costs are something that affects all of us. Contabo is not exempt from this trend. We see a drastic cost increase in all countries we operate in. Sky rocketing energy cost is the best example here. That is why today we are announcing a price increase of roughly 9.1% on average for all new and existing subscriptions. For new subscriptions the change is effective immediately. For existing subscriptions, the new price will apply on the first subscription renewal on or after November 1, 2022.
DASHD and BIR Collateral Changes
As we announced last week, DASHD and BIR completed a collateral change to their masternodes. Masternodes of DASHD and BIR will now require 25,000 and 30,000 coins respectively. If you are a NodeCube Hot Node owner of any of these coins, make sure to destroy your old masternodes and create new ones with the additional collateral. Cold Node holders should recreate their collateral and restart their nodes. All of our masternodes backing the Earn system have already been updated.
StakeCube Merch Shop
This week we bring you two new additions to our Merch shop: black and white StakeCube hoodies! Check them out:
StakeCube Black Classic Unisex Zip Hoodie:
StakeCube White Classic Unisex Zip Hoodie:
These were the winners of our last Thetan Tuesday arena. A big congratulations to the three of them, and many thanks to all of you that participated!
Registrations are now open for next week’s two tournaments: Thetan Tuesday and Axie Thursday. Find the tournament links and information below. For the Axie tournament, we have bumped the number of participants to 64, since last week we had many more players registered than slots available. Also, we have increased the prize from 5 AXS to 6 AXS!
Thetan Tuesday: https://bit.ly/SCTTw47
Axie Thursday: https://bit.ly/SCATw47
Big congratulations as well to the winners of our EV.IO tournament last Thursday. It’s really great to see new players playing the game for the first time after discovering it through us at StakeCube eSports!
Still this week we have one more tournament left, which will take place on Saturday. Brawl Stars is the game and you still have the chance to sign up.
Tournament Link: https://bit.ly/SCBSM1122
Wallet Maintenance News
Wallets in Maintenance
This is the status of all wallets currently in maintenance:
- BLTG: The blockchain is completely stuck. Our team is looking into enforcing a protocol change in order to hopefully resolve this issue.
- DAPS: Sync problems.
- LUX: Sync problems.
- DIVI: Server issue at our end. We have an open ticket with our provider and are awaiting a response.
This week we updated the following wallets:
Previous version: 0.14.11.1
New version: 0.14.11.2
Please read the following information regarding the security of your account and funds:
The StakeCube.net team will:
- Never contact you first
- Never ask you to send them or move coins to some other address
- Never ask you for remote access or to install any third party software
- Never ask you for your password or 2FA codes
- Never provide support using direct messages
If you observe any of these listed behaviors, someone is trying to steal money from you. This applies to all of our social media channels. Our team will post official messages in the appropriate channels, and we only offer support through our ticket system on our support email:
Please, also take into account the following measures to keep your account secure:
- Enable 2FA in the account settings
- Enable IP verification in the account settings
- Use a strong password
- Change the password regularly
- Never share your password with others
- Never allow remote access to your devices
- If you require assistance, use only the official channels
- Download software only from verified sources
SCP Wallet is now signed with JSKitty’s public PGP key. This allows users to verify that the wallet has been cryptographically signed and approved by him. Even if our GitHub is compromised, the downloads are still safe as long as the PGP verification confirms that the files have not been tampered with. If you download SCP, please verify the binary against our developer’s public key:
Social Media and Other Important Links:
- Discord: https://discord.gg/RTJKjdwEsY
- Telegram: https://t.me/Stakecube
- Facebook Group: https://www.facebook.com/groups/964396784312480
- Facebook Fan Page: https://www.facebook.com/StakeCubeEcosystem
- Twitter: https://mobile.twitter.com/stakecube
- Instagram: https://www.instagram.com/stakecube/
- SCPScan: https://scpscan.net/
- SCC Explorer: http://184.108.40.206/