Privacy focused Layer 1 network Iron Fish launch, and why DEX's will replace centralized crypto trading.
The Importance of Privacy and Scalability in Blockchain Technology - Insights from Iron Fish CEO and Maverick Protocol's Bob Baxley.
Welcome back to another episode of our weekly newsletter. In this week's issue, we are going to focus on the strength of Bitcoin in the last few weeks, how it could resurge the narratives we’ve seen so far in 2023, like A.I., ZK Privacy, DEX growth, and more.
I am still searching for Layer 1 protocols that prioritize preserving the privacy of network users while also providing the scalability and speed necessary for widespread adoption of blockchain technology.
One of the primary privacy-enhancing features required for Layer 1 networks is Zero-Knowledge (ZK) technology. Iron Fish claims to have developed its network with this technology seamlessly integrated into the protocol.
Over the past year, they have gone through three iterations of testnets and are now preparing for the mainnet production launch of their network on April 20th, 2023 (tomorrow)!
I had a conversation with Elena Nadolinski, the CEO of Iron Fish, to better understand why we need another Layer 1 network, why focusing on privacy for blockchain transactions is essential, and what will happen after their production launch goes live tomorrow.
If you have been following my previous newsletter, you know I mentioned that ZK and privacy technology is a major narrative so far throughout 2023. This is part of the reason I think Iron Fish will do really well upon launch.
If you’re looking to learn more on ZK, please see my interviews from the previous newsletter episodes including =nil; foundation’s ZK Proof marketplace and the Toposware ZK privacy network.
Please note, the technology is quite technical, so it can be hard to grasp at first. But when you do fully understand it, the potential for it to be as big as blockchain becomes a reality.
I also want to bring more attention to the world of DEXs, as I believe they will only continue to grow in adoption (while also getting easier to use).
DEXs like Uniswap, 1Inch, ApeX, and others can be a great opportunity to invest in quality projects before they are launched onto the large centralized exchanges where the widespread public has access to them.
Have you used a DEX before, and why? if not, why not? Please leave a comment on the newsletter as I would love to gauge the level of depth I need to put into DEX trading for the next episode. DEX use will only continue to grow, and the earlier you learn about it, the further ahead of the majority you will be.
In my latest interviews on the DEX side, I spoke with Bob Baxley of Maverick Protocol, a DEX that has redesigned the AMM (automated market making) mechanism to have even lower slippage and allow for better decentralized trading and higher capital efficiency.
The funny thing is, most people don’t even know which DEX they are using when they use trading aggregators like 1inch exchange. 1Inch searches across Web3 for the best deal and lowest slippage and executes the trade there. Because of Maverick Protocol’s new AMM with very low slippage, they are growing rapidly through the use of DEX aggregators.
Bob Baxley has great knowledge of cybersecurity, securing your funds whether they are on exchanges, DEXs, or cold wallets, and also has great insights into liquid staking derivatives and how they will continue to grow even though staked ETH is now able to be withdrawn.
I highly recommend listening to our conversation below or be left in the dark after regulators have (wrongly) pushed out centralized exchanges from America and Canada. They are already doing all they can to limit their citizens from trading on centralized exchanges, and as this happens, DEXs will boom.
Other Crypto News:
META 0.00%↑ is expected to conduct another mass round of layoffs tomorrow of up to 4,000 employees.
Apple AAPL 0.00%↑ launches high-yield savings account offering 4.15% APY in partnership with Goldman Sachs. They are now becoming one of the biggest banks in America.
President Trump’s NFT collection was so successful he is launching a 2nd round of NFT’s.
Coinbase, COIN 0.00%↑ , exiting the US is reportedly not out of the question after Bittrex and Kraken were targeted by US regulators.
US Congressman introduces bill to restructure the SEC and fire Chairman Gary Gensler.
Bank of America CEO warns a "mild recession" is coming.
CBC vows to quit twitter after Elon Musk labels their account as Government funded media. CBC is 70% government funded so it’s not false. After the outrage by them, he then labelled CBC News 69% government-funded media as a bit of a joke.
Market Analysis:
$BTC:
After breaking through $30,000 last week and nearly broke up above $31,000. Now Bitcoin is chopping between $31,000-$29,000. It seems to be holding quite strong and the “pullback'“ that was expected at 28k never came. This could be the case again with Bitcoin potential chopping within this range for a week or two. As long as Bitcoin doesn’t break below 29k or 28k, there will be room for altcoins to start rising and grow the overall crypto market cap, setting up the next leg up for BTC.
But if Bitcoin does start to crash back down, there is no way for altcoins to have room to grow. In the famous words of Crypto Birb, Altcoins really follow Bitcoin, and they have a hard time rising if Bitcoin is not.
Take a look at the $BTC.D Bitcoin Dominance chart. It’s topped out on the 12H and 1D charts. with a bear/sell signal printed. If BTC continues to range in this choppy price action and money flows into altcoins, we will see the BTC.D drop drastically and altseason will start.
That’s all I have for this week. Stay tuned for more in next weeks episode!
Ashton Addison
CEO, Crypto Coin Show