Crypto Markets Update
Bitcoin price continued its sideways trajectory, while big market cap coins such as ETH, BNB or ADA finally managed to achieve significant growth this week. However, once again there is a new story circulating that has been cause of concern for some investors. Today it was announced that Huobi has cut 20% of their staff, alleging the need to reduce costs due to the ongoing bear market. As it seems, they are also forcing their employees to take their salary in stablecoins, threatening to lay off anyone who doesn’t accept. All of this has caused a great loss of confidence in Huobi, with record-setting withdrawal amounts over the last few days. The Huobi token is also struggling, having lost more than 12% in value this week.
Nevertheless, all of these Crypto-related stories appear to be having little to no effect on Crypto prices. Only central bank announcements seem to have an effect on the markets lately, as market agents anxiously await evidence of a policy change to come. Many believe that without the Fed and the ECB relaxing their contractive monetary policy measures, no recovery is possible. In such an environment, and with no change in sight, a deep crash is likely; at least for the stock markets. To what extent the Crypto markets would be affected by such an event is something that remains to be seen.
StakeCube in Numbers
On StakeCube, most figures didn’t move much. Only daily exchange volume and daily SCP transactions show a significant change, moving in opposite directions by almost the same percentage.
- User Count: 153,827 +0.16%
- Pool Value: 534.04 BTC -0.72%
- SCC Price: $0.099 -2.94%
- SCC Market Cap: $1,191,000 -3.09%
- Daily Exchange Volume $7,528 -26.90%
- Daily SCP Transactions: 19 +26.67%
Top 5 Gainers
This week quite a few listed coins had good performance, as we saw lots of projects experience significant recoveries. In particular NAV and COLX almost reached a 50% weekly growth.
- NAV +47.4%
- COLX +42.4%
- PIVX +17.5%
- BLOCK +13.1%
- LTC +11.7%
StakeCube V3 Release
As we enter the final stages of development for StakeCube V3, we are now ready to communicate exactly when and how the release process will take place. On the 15th of March, we will put StakeCube in maintenance for a period of around 12 hours. Once this maintenance period is over, we will release StakeCube V3 on the same domain: https://stakecube.net/
The previous site will still be available on a subdomain, but new account registrations will be disabled on it. All new users from that moment on will need to register on StakeCube V3. All data will be ported automatically to the new version, with no user action required. The only exception will be deposit addresses, which will have to be generated again once the new version is live due to the new multi-network deposit feature. Make sure you don’t use your old deposit address after StakeCube V3 release, as old addresses will stop working shortly after.
One by one, all coins will be put in maintenance on StakeCube V2, and activated a few hours later on StakeCube V3. The whole process will last around 2 weeks, with completion expected before the 31st of March. Each coin will be in maintenance for a period of 2 to 3 hours. Withdrawals will still be possible during this transitory period, except for the 2 to 3 hours during which coins will be ported to the new site. All previous transaction history will also be ported during the same 2 week period, while live data (balances, nodes, orders, etc.) will be available immediately after release.
Once StakeCube V3 is live, we will begin the next phase of expansion, planned for Q2 2023. This will include:
- Marketing and events, both on the StakeCube platform and external.
- Listing of most of the top 50 coins by market capitalization.
- Expansion of the node hosting service with the addition of validator nodes for EVM and EVM-compatible chains (ETH, TRON, ADA, AVAX, etc.)
- Release of SDKs which will be available to build applications on top of StakeCube.
- Addition of new advanced functions for the exchange (order types, perps, bots, etc.)
- Release of marketplace plugins. With this feature, users will be able to create and sell bots and functions they build on top of StakeCube. For instance these could be grid bots, auto-sell bots, reinvest bots, etc. After thorough review by the SC team, these will be available for other users to buy from the creator.
2023 Roadmap for BotCube, CoinExplorer and SCC
StakeCube V3 is not the only improvement we have planned for 2023. There are also many new developments coming for BotCube, CoinExplorer and SCC, that we will be rolling out in 2023. In future editions of this newsletter we will go into further detail regarding each of the roadmap elements, however you can already check it out here:
New Interest Earning Program
As we mentioned last week, we have been preparing a complete reform for our interest earning program. Our intention is to provide greater flexibility, transparency, profitability for SCC investors, and the possibility to add more assets to the program while maintaining the current ones. Originally we were planning this reform for StakeCube V3, however given recent events in the Crypto space, we have decided to implement it already on the current platform version. These are the main points:
In order to provide more flexibility to our users, we have decided to make the new interest system “opt-in”. That is, users will need to manually select whether to earn interest on their assets or not at all. This is a feature that has been requested multiple times by people who do not want to earn interest on their assets. Sometimes this is important for religious reasons, or to comply with local laws and regulations. It is also a good way for users in general to control what risks they are exposed to.
The previous system had only one interest rate, applied across all coins and with no further options. This did not allow us to offer interest earnings for many different assets, and we were forced to limit it to just a handful. Moreover, with the previous system, SCC masternode holders could only obtain up to 50% more earnings than the base rate. The new program will greatly favor SCC bonus program participants, who will earn 20% more interest than the base rate for each registered SCC masternode they hold. That is, the full SCC bonus will provide 200% more interest earnings than the base rate. Meanwhile, the base rates remain considerably higher than the market average.
Below you will find the different options that will be available, with the corresponding rates that they will earn. These are rates without compounding. Users compounding their interest will manage to earn slightly higher rates than this.
On Chain Transparency
With the new system, interest payment transactions will be fully transparent and verifiable. Interest program participants will receive daily on-chain interest payments, with a corresponding transaction ID that they will be able to verify using a blockchain explorer. Transaction IDs will be available both on site and on a dedicated Discord channel. StakeCube is pioneering this measure, as no other platform or service has implemented anything similar to this day. Thanks to it, interest earnings become fully transparent, as it provides tangible evidence that they are actually being generated and not simply a figure on a database.
This feature will be available shortly after releasing the new interest system, since we will have to restructure funds according to the options our users choose.
Different Interest Terms
Flexible term interest allows users to withdraw their assets at any time without any penalty applied to them. These users will also have an option to automatically reinvest interest earnings in order to compound them.
Users opting for the 30, 60 or 90 day term, will still be able to withdraw their assets before the end of the term. However, in order to do so, these users will have to pay a penalty of 2% of the principal amount plus any accrued interest on the day of withdrawal.
Provisional Asset List
While in the future we will be adding more assets to the interest program, these are the initial assets for which we will be offering interest:
- BNB New!
- BCH New!
The new interest earning program will go live on Monday next week. Feel free to ask any questions about it through any of our social media.
This week we added ULG to NodeCube, both for cold and hot nodes. You can check it out here:
These are some ULG masternode stats:
- Collateral: 50,000 ULG
- Collateral value: $34
- Annual ROI: 52.62%
- Monthly Income: $1.52
We also added ULG to Coinexplorer. ULG is now fully synced there and linked to StakeCube. The data showed for ULG masternodes on the previous table was also sourced from Coinexplorer:
Masternodes Moving to New Servers
We have started the process of moving some masternodes from their original servers to newer ones. We expect this to improve the stability of these masternodes, reducing maintenance time. This will be a gradual process which will take some time. Any users with Cold Nodes will be notified by email of any needed changes. Downtime will be kept to a minimum during this process to avoid delays in rewards where possible.
SCC and DASH switched to Earn
Today we completed the process of moving coins to the Earn system with the addition of DASH and SCC. Both DASH and SCC masternodes will now be part of the Earn system, with users holding these coins receiving daily Earn rewards. These will be independent from interest rewards, which these two coins also earn daily.
Rewards will start to arrive in the next few days, as masternodes start producing them. The minimum balance to be entitled to Earn rewards for these coins is 0.25 DASH and 1 SCC respectively.
A new project built on SCP was released today called NodeHashing! At the moment we know very little about it, but we were told that the website will go live in a few hours. Once we know more, we will give you additional information about this project. These are some important links for NodeHashing:
Wallet Maintenance News
DASH Update Problems
In the next section we mention a Dash update that we implemented this week. However, in the end we had to revert this update to the previous version due to a technical problem not allowing it to sync beyond certain block.
The wallet is syncing at the moment.
Previous version: 0.14.11.2
New version: 0.14.12.0
Mandatory update to extend emergency switch support for another year. Also bug fixes.
Previous version: 220.127.116.11
New version: 18.104.22.168
This was a mandatory update containing some bug fixes. Masternodes require restarts after this update.
Previous version: 22.214.171.124
New version: 126.96.36.199
Fixes and features update. Many backports from BTC core.
Previous version: 188.8.131.52
New version: 184.108.40.206
This was a mandatory update containing some bug fixes. Masternodes require restarts after this update.
Previous version: 220.127.116.11
New version: 18.104.22.168
Mandatory update containing new consensus rules and improvements. Masternodes required a restart. Starting at block 3,715,200 The rewards structure is being adjusted after many months of discussion, analysis, and agreement from many in the community. The new rewards are as follows:
1: Budget coins are ONLY created if there is a valid passing budget proposal requesting a specific amount of coins to be created. This occurs roughly once every 30 days.
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://22.214.171.124/