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Always the Best Lending Rates With RAY

Always the Best Lending Rates With RAY

In the world of blockchain, there are plenty of approaches to manage our wealth. Decentralized Finance (DeFi) based on smart contracts is a prime example of this. Due to the difference in liquidity, the interest rates of various lending platforms are always different: the annual interest rate of Dai in Compound is 7.56%, meanwhile that of dForce could be 7.8%, and dYdX, which enjoys wilder fluctuations, is offering an interest rate of 15%. For ordinary investors, it’s quite challenging to constantly keep an eye on the market, which leaves investors repeatedly calculating the interest rate gap of those platforms and deliberately assessing yield stability and cost of transferring crypto assets.. Normally, investors have to be alert to the interest rates and redistribute funds rapidly to catch a better return. Staked’s Robo-Advisor for Yield (RAY), which launched in Sept. 2019, can automatically move investors’ assets to the highest yielding opportunity. How Ray Works Robo Advisor for Yield (RAY) is a smart contract system that can automatically allocate assets to find high-yielding opportunities. Investors deposit crypto assets into Ray, then it will automate the process of monitoring a variety of DeFi products and allocating optimally at any given time. An example of how RAY works: imagine an investment pool has one million dollars worth of Dai in it and the annual percentage rate a user would earn by depositing Dai on Compound is 5 percent. After a while, the interest rate in dYdX increases to 10 percent because of higher demand for Dai. RAY would automatically move all or part of that pool into dYdX so that the entire pool will get the best return. Photo by Steve Johnson on Unsplash It’s not hard to figure out why the interest rate spread exists. In effect, arbitrage opportunities will be quickly smoothed out in a highly efficient market with sufficient liquidity. The rate spread is the result of a small-scale market with insufficient liquidity, which causes the profits of a DeFi contract overtake that of others from time to time. You may wonder how to make sure that the miner fees generated by high-frequency transfers could be covered by gains. There is a scale advantage-pooling the majority of the funds and returns to scale will make transaction fees negligible. Notice: RAY will charge roughly 20% as risk reserve and transaction fees for miners while helping users gain higher yields. How to Use Ray imToken has already supported RAY. If you are interested in this application, you can search Robo Advisor for Yield on the Browser page in imToken to experience an enhanced DeFi return or click here. Most of us are merely ordinary investors and we should take an approach to strike a better balance between risks and benefits. Ogilvie, founder of Staked, said,“We’re not necessarily saying we are going to beat the market. We’re just saying you’ll get the best of what a savvy watcher would get in the market.”     Risk Warning : The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Digital asset investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions.
2020-05-17
dYdX and the new BTC Perpetual - Our Interview with dYdX’s Antonio Juliano

dYdX and the new BTC Perpetual - Our Interview with dYdX’s Antonio Juliano

dYdX has recently been working on a leveraged BTC product (aka Perpetual). We talked to Antonio to find out what the new BTC product is all about, what sets them apart, and how to be one of its first users. This interview was done with a safe social distancing distance of multiple thousand kilometers of pacific ocean. Get early access to dYdX’s BTC Perpetual here. Antonio is the founder of dYdX. dYdX is the leading decentralized platform for advanced financial products including margin trading and derivatives. dYdX users can borrow, lend, and margin trade across any supported asset. dYdX is powered by smart contracts on the Ethereum Blockchain, which eliminates the need to trust a central exchange while trading. Despite only launching in May 2019, dYdX originated the largest amount of loans in DeFi (>$1 billion USD) and processed over $530M+ in total trading volume across ETH, DAI, and USDC markets in the last 7 months. Let’s jump into our conversation:   Hi Antonio, appreciate you following our invitation to chat! The obvious question: How did you get into crypto? I initially got into crypto in 2015 by joining Coinbase as a software engineer after finishing my CS major at Princeton University. At Coinbase, I worked side-by-side with many of the most forward thinkers in the industry, and had a front row seat to the most exciting new developments in the industry. Working with leaders like Olaf Carlson-Wee, Fred Ehrsam, and Brian Armstrong combined with the opportunity to meet amazing guests like Vitalik Buterin, Joey Krug, and Ben Horowitz was hugely influential on me to start dYdX, and solidified my belief in the future of crypto and decentralized finance.    How did dYdX start? And whose idea was that cool name? After Coinbase, I was convinced that there would be interesting, world-changing products to build on top of Ethereum. To me, Ethereum represented an entirely new paradigm of computing, where for the first time programs could be verifiably executed deterministically. It seemed inevitable that there would be important products built on this new computing platform. So in 2017, I started working on dYdX. After coding some early versions of the protocol and releasing the original whitepaper, dYdX raised a $2M seed round led by Andreessen Horowitz & Polychain Capital. Soon after, I was joined by Brendan Chou, Zhuoxun Yin, and a number of other amazing early dYdX employees. Since then we’ve raised an additional $10M and now have a team of 8, including 7 engineers, with experience from Google, Bloomberg, Bain, Coinbase, Uber, and other top companies & universities. I will say the name was my idea, probably my largest contribution to the company to date :D   dYdX has originated over a billion dollars in loans over the last year. Sounds quite impressive. Have you been satisfied with your growth so far? Seeing the growth of dYdX, especially over the past few months, has been amazing. dYdX is now both the #1 decentralized exchange by trading volume, as well as the #1 decentralized borrowing platform by loans originated. We’re also super excited about how the new BTC-USDC perpetual can supercharge this growth. While the growth so far has been awesome, we have ambitious goals for ourselves about how we want to grow moving forwards. By the end of 2020, our goal for dYdX is to average over $10M a day in trading volume. In the next few years we want to build dYdX into a leading exchange not just in DeFi, but for the entire cryptocurrency market.   How do you plan to set dYdX apart from the rest of DeFi?  dYdX sets itself apart from the rest of DeFi by offering the widest array of advanced financial products: spot trading, margin trading, borrowing, lending, and now perpetual contract markets. Our team has extensive experience building world class products at places like Coinbase, Google, Bloomberg, Uber, and other top tech companies. We’ve used this product & engineering experience to build professional and reliable trading products to DeFi.   What is leveraged trading really? Leverage allows traders to multiply gains and losses, as well as gain short exposure. Leverage is critical to markets as it dramatically improves capital efficiency, allowing traders to take on positions with less capital. The amount of leverage taken indicates the multiplier of the gains or losses relative to the change in the price of the underlying asset. For example, with a 5x leveraged position, you would make 5 times the profits if the price goes up, as well as lose money 5 times faster if the price goes down. Because of this multiplier effect, leverage increases the risk of trading, and should be used with caution. There are many ways to take leveraged positions. Margin trading achieves leverage by utilizing borrowed funds to allow traders to trade with more capital. Derivatives, such as the new dYdX BTC Perpetual Contract, can also natively offer leverage.   You are adding a new product: A BTC Perpetual Contract. Could you tell us more about that? Just announced earlier this week, we’ve launched the first ever product for decentralized perpetual markets. The first perpetual market we’re launching is BTC-USDC. We’re really excited about this launch for a few reasons: Perpetual markets are by far the most popular way to trade crypto, and we think are a natural fit for trading on DeFi Users will be able to trade BTC on dYdX for the first time! BTC is obviously the most widely traded asset in crypto, but still has not been able to be traded liquidly in DeFi up until now Perpetual markets allow us to offer higher leverage, better liquidation ratios, and more liquid trading We’ve built an entirely new protocol to power our perpetual markets. The price of each perpetual is tethered to the price of the underlying asset by a funding rate that is paid between longs and shorts. The dYdX perpetual protocol is now open source, and has been audited by OpenZeppelin. We’ve built perpetual trading into the current dYdX product. Users can trade on the BTC-USDC perpetual market with up to 10x leverage. Perpetual market trading on dYdX is only available to non-US users.   A decentralized, leveraged trading product, right? What does ‘decentralized’ really mean in your case? One major feature of decentralized financial products on dYdX is that they are non-custodial. This means users are in full control of their funds while trading on dYdX, as opposed to centralized exchanges where users must trust the exchange to securely custody funds on their behalf. dYdX is also transparent and auditable. All mechanisms that power our products, such as liquidations and trading, are written into our open source smart contracts, so traders have full visibility into the operation of the system. Traders do not have to blindly trust the exchange is operating fairly, they can look at our code and audit reports and know exactly how the exchange works. All trades, liquidations, and deleverages are fully auditable on-chain as opposed to centralized exchanges where these are mostly a black box.   So, your Bitcoin Perpetual is aimed towards active traders whereas let’s say our own imBTC product suits the long-term hodler. Sounds right? Sounds about right! The dYdX BTC-USDC Perpetual Contract is targeted at active and sophisticated traders. It will have much better liquidity and leverage options than existing DeFi BTC alternatives, but is a generally more complex product. (Note: 1 imBTC is always backed by 1 Bitcoin while dYdX’s BTC Perpetual is created with a small amount of collateral) dYdX also offers other products including: margin trading, spot trading, borrowing, and lending. Lending is a great fit for long term holders as they can earn passive income on the funds they’re already holding.   How is your Bitcoin Perpetual different from the centralized exchanges such as BitMEX? The major difference between perpetuals on dYdX versus perpetuals on centralized exchanges is that dYdX is non-custodial, transparent, and auditable. On dYdX, users can come with their existing wallets, such as imToken, and start trading immediately - no email signups, passwords, 2FA, KYC, etc.   What will we see from dYdX in the next 3, 6, 12 months?  In the coming months, we will continue to make rapid product improvements to our existing products. We plan to add Perpetual Contracts for additional assets such as ETH, DAI, and others, as well as more assets to our spot / margin markets. We also are interested in exploring additional types of products such as options, but don’t have any solid plans here yet.   What do you expect from collaborations such as with imToken? Do you have any plans for China? Our users would be curious to know! Definitely! dYdX is available in China, and we are adding Chinese translations to the product very soon. We’re very excited to work with leading wallets like imToken to expand the usage of decentralized financial products.   Can users access the BTC Perpetual yet? When are you planning to launch? The dYdX BTC Perpetual entered private alpha on Monday 4/20. We’re planning to continuously expand the private alpha to additional users, before ultimately launching to the public in a few weeks. Sign up for early access here!    This concludes our interview with Antonio Juliano. Join dYdX’s Telegram channel here, and follow on Twitter here.
2020-05-11
A Guide to Single-Collateral Dai (Sai) Shutdown

A Guide to Single-Collateral Dai (Sai) Shutdown

This article was published by MakerDAO on 17 April 2020 The Shutdown of Maker’s Single-Collateral Dai (Sai) system is an event the community has been expecting since it was first officially discussed in the Single-Collateral Dai (SCD)-to-Multi-Collateral Dai (MCD) upgrade timeline last November. Many in the community have already migrated their Sai holdings to Dai to take advantage of MCD’s great features, and in anticipation of the Shutdown. Moreover, the Maker community recently intensified their discussions of SCD Shutdown and the Emergency Shutdown (ES) process in general.  As a result of those discussions, a Governance Poll was started on March 30, and on April 6, the final day of the poll, the community signaled its support to initiate the Shutdown of the SCD system through an executive vote on April 24, 2020. Between now and April 24, the community will determine the grace period before SCD is completely shut down. The details of that grace period will be shared in the Maker Forum as soon as it is available. In the meantime, many people are eager to confirm and, in some cases, learn how ES of both Single-Collateral Dai and Multi-Collateral Dai would unfold if triggered. The processes differ, after all. Given the importance of ES for the Single-Collateral Dai system and the confusion that could result from misinformation, the Maker Foundation has compiled the following guide in FAQ form for Sai holders and CDP owners. Dai holders and Maker Vault owners can find MCD system ES information in new documentation for Emergency Shutdown of MCD. Single-Collateral Dai (Sai) Emergency Shutdown FAQs The following questions and answers will help the broad Maker community understand how the Emergency Shutdown of SCD will unfold when triggered. Technical documentation,  which will provide a much deeper dive into ES for SCD, as well as detailed explanations of the process as it relates to different stakeholders, will be published within the next few days.   Announcements regarding Emergency Shutdown will be made on the MakerDAO Forum, website, and social media channels. Please take a moment now to bookmark the Maker blog, Twitter, Reddit, Rocket.chat, Telegram, and Weibo pages. 1) What is Single-Collateral Dai (Sai) Emergency Shutdown? Single-Collateral Dai Emergency Shutdown halts and settles the SCD system while ensuring that all users, both Sai holders and CDP owners, receive the net value of assets held as collateral in the system.  2) Who triggers Emergency Shutdown, and why? Emergency Shutdown can be triggered by MKR voters through governance if they feel the system is at risk or to terminate the system—whether to update it to a new version or, as in this case, to sunset the protocol in favor of MCD.  In an emergency, ES is used to directly enforce the Target Price of Sai (1 Sai = 1 USD) to holders of Sai and CDPs, and ultimately protect the  system against further attacks on its core infrastructure. Examples of emergencies include, but are not limited to, the following: An SCD system hack A security breach Lack of Sai liquidity in the ecosystem Market conditions make it too difficult for governance to manage two stablecoin systems and two stablecoin pegs.  3) I have not yet migrated my Sai to Dai. How will an Emergency Shutdown affect me? Since the Sai to Dai bridge on migrate.makerdao.com has been closed, Sai holders should consider trading their Sai for Dai via the open market (e.g., exchanges such as Uniswap and Kyber) before ES is triggered. Users who hold Sai after ES is triggered should be able to redeem collateral through an Emergency Shutdown Redemption user interface that the Maker Foundation will create. 4)  I have not yet migrated my CDP to a Maker Vault in MCD. How will an Emergency Shutdown affect me? CDP owners should consider migrating their CDPs to a Maker Vault in MCD via the Migration Portal as soon as possible. The diagram below illustrates the CDP migration flow.  Alternatively, CDP owners can manually close their CDPs by paying back their debt, freeing up their ETH, and using it as collateral to open a new MCD Vault. A diagram of the CDP to MCD Vault migration flow.   If users fail to migrate their CDPs before ES is triggered, they will need to wait until collateral claims are processed before being able to free up their collateral. The current wait time (cooldown period) of 6 hours is a pre-programmed (in the smart contract) period of time involving an on-chain calculation and the movement of funds. The purpose of the 6-hour period is to allow for liquidation of the CDPs that have outstanding debt, with the goal of getting the PETH/WETH ratio normalized (back to its original proportion). Users should note that claim processing time is dependent on network speed and is, therefore, unpredictable.   5) I have not converted my PETH to WETH. How will Emergency Shutdown affect me? If you currently hold PETH, please consider converting it back to WETH (wrapped ETH), and then converting that WETH to ETH.  Once ES is triggered, the PETH ratio drops instantaneously and then rises as CDPs claims are processed. The 6-hour cooldown period allows time to process enough CDPs before converting WETH to PETH. This helps normalize the PETH ratio. 6) What is the Single-Collateral Dai (Sai) Emergency Shutdown process? Emergency Shutdown is a three-step process: Step 1: Emergency Shutdown is triggered, allowing CDP owners to withdraw assets ES immediately stops CDP creation, prevents the manipulation of existing CDPs, and freezes the Price Feeds at a fixed value that is then used to process proportional claims for all users. (Price feeds monitor the reference price of the collateral types across a number of external sources and submit updated prices to the blockchain.) From the moment ES is triggered, CDP users will be able to withdraw the PETH that corresponds to their net value from the CDP. However, they will not be able to redeem that PETH for WETH—yet. The same is true for users that hold PETH in their wallet before Shutdown. Step 2: Collateral claims are processed After ES is triggered, a cooldown period of 6 hours, which governance can vote to change, allows the processing of the proportional collateral claims of all CDP owners.  Step 3: Sai and CDP owners claim collateral Once the period is over, all CDP owners may claim a fixed amount of ETH with their CDPs; whereas Sai holders may access their collateral claims immediately upon the triggering of ES. Note that the amount that can be claimed directly corresponds to the calculated value of their assets. 7) Does the Emergency Shutdown of Single-Collateral Dai (Sai) affect Multi-Collateral Dai? If no Sai is deposited into the MCD system when Shutdown of SCD is triggered, MCD is not affected. If Sai exists in the MCD system after SCD Shutdown, then that Sai becomes a claim on ETH, and depending on ETH’s price volatility, MKR Governance may need to take extra steps to drain the contract of Sai. 8) How does Multi-Collateral Dai Emergency Shutdown differ from Single-Collateral Dai (Sai) ES? The Shutdown process for SCD and MCD differ because Sai is maintained on the SCD, or legacy, system, while Dai is maintained on the MCD system, or what is now known as the Maker Protocol.  While the Shutdown process for both SCD and MCD is fully decentralized and controlled by MKR voters, in MCD, MKR holders can instantly trigger Shutdown by depositing MKR into the Emergency Shutdown contract. A minority, but significant, quorum of MKR voters is necessary to do so, however. Initially, this quorum must stake 50,000 MKR, which is immediately burned. Once the 50,000 MKR quorum has been met, the Shutdown process can begin. For additional security, MKR voters are still able to select Emergency Oracles that have the power to unilaterally trigger an Emergency Shutdown. Also with MCD, Vault owners are prioritized over DAI holders during ES. This means that in a situation where the system has more debt than surplus, DAI holders will have to take a haircut (see detailed explanations here and here. Conversely, if the system has more surplus than debt, Dai holders will receive more collateral in exchange for their Dai.   In SCD, Sai holders can withdraw collateral immediately, but CDP holders must wait until after the  6-hour cooldown period, and might face cuts (due to the PETH devaluation).   
2020-05-09
imToken 2.5.5, now with ETH-free transactions!

imToken 2.5.5, now with ETH-free transactions!

Our new ETH Gas Station is online! Using it, you can make transactions even with ZERO ETH in your wallet.    Updates of the new imToken 2.5.5: 👇 ETH Gas Station let’s you pay transaction fee with tokens Updated token allowance manager: Understand & edit token authorizations Performance optimization, smoother access to applications and web pages Fixes    ETH Gas Stations: Transactions without ETH Have you ever had ERC20 stuck in your wallet? Need to first deposit ETH into a new address before being able to transact?  We have good news: Those days are over, thanks to our new ETH Gas Station! How does it work? Having updated to the latest version imToken, a user that has insufficient ETH to pay for the transaction fee can use USDT (and soon more tokens) to quickly recharge ETH to solve the urgent problem.  The app will prompt you to get 5, 10 or 20 USDT worth of ETH with the conversion rate taken from Tokenlon DEX. A small fee applies. More secure and autonomous authorization management. The second big solution we present in this update concerns DApp approvals, a long known issue we discussed in our last blog post here.  If you ever used a DApp, you may have discovered that they routinely ask for authorization of unlimited amounts of ERC20 tokens (approve).  Setting unlimited approvals leaves you at the risk of the DApp (or a hacker) stealing a bigger amount of your tokens. In imToken 2.5.5, we introduce the following optimizations: Adding an advanced preview of token authorization Adding the ability to edit the allowance Adding an "Token Allowance Checker" DApp to manage DApp, you can change the authorization status at any time   Smoother access to applications and web pages This update is also adding a performance optimization for imToken’s DApp browser. We tried it ourselves. And believe us, you will definitly notice! 😄   How to update Android users: You can download from the official website https://token.im or at your favorite app store iOS users: You can download from the App Store For 1.0 users, please follow the tutorial below to upgrade 1.0 to 2.0 safely: https://support.token.im/hc/en-us/articles/360013262654 https://medium.com/imtoken/tutorial-step-by-step-guide-for-upgrading-to-imtoken-2-0-dbe3b392242 If you face any difficulty using imToken or have any comments and suggestions for us, please submit your feedback directly within the app.   Always backup your keys! Before upgrading, please make sure that all wallet identities have been backed up properly. Please write down the Mnemonic phrase on a physical paper, never store it in the network; Please restrain from sharing your private key, Mnemonic phrase or Keystore to anyone! If you find potential hacking activities in imToken, please report to us via email at hack@token.im to prevent more people from being deceived; Please have a look at our Help Center at https://support.token.im/hc/en-us for more detailed information about imToken.
2020-05-23
Setting Token Approvals - Our Solution

Setting Token Approvals - Our Solution

Setting unreasonably high token allowances can be a risk. We are adding a new notification & way to edit these allowances. First, let us point out that we really appreciate the recent discussion around token allowances with a special thanks to ZenGo with their recent post on wallets that might want to check their dealings with the topics. Now, let’s start from the beginning, look at challenges and then find the solutions that we integrate into the next version of imToken -> soon™ About Approvals If you ever used a DApp on Ethereum there’s a very high chance you have approved an ERC20 token to be used by a smart contract. Approvals are first and foremost a technical solution: We first approve the contract for the token, then call the DApp contract which calls the transferFrom function.Simply put: Contracts can’t know when a token is transferred to them. Instead, we give the contract the right to take the tokens by itself. To deposit tokens on your favorite lending DApp you would first approve the DApp’s contract with the amount you want to deposit and then call the deposit function that will move your token to the DApp contract. The risk However, there are two different ways approvals are used: Sometimes approvals allow the DApp to transfer for example 5 DAI or 10 BAT, i.e. whatever you set in the approval transaction Often the amounts approved are very high — basically unlimited — allowing the DApp to transfer all of your tokens With unlimited approvals, any DApp (or the admin controlling it) can at any time transfer your tokens, without requiring any further approval. A smart contract (or it’s admin) can steal a bigger amount of your tokens at any time. Or a hacker might steal your money when that contract has vulnerabilities. Approving a limited allowance of 5 Dai would mean that this DApp can only use 5 Dai out of your wallet, for a single time.Trading on a DEX, you would need to send approval transactions every single time, but could be sure that the DEX takes only a limited amount of tokens out of your wallet. Some smart contract wallets allow you to approve limited amounts within every single transaction. Imagine using any DApp and automatically limit your ERC20 allowance for the specific amount of that transaction. Note: Since approvals don’t expire, you need to manually revoke them via tools such as tac.dappstar.io , approved.zone or revoke.cash (in your imToken browser or other wallets). Our Solution — Notify and Edit Following our design philosophy, we want to offer our users the ability to make educated decisions, just like imToken already warns when entering a malicious DApp. imToken warns when you enter a DApp tagged high-risk Following the EIP1102 process, DApps will not be able to see your account until you accept them. In imToken, DApps will access your account after confirmation Already today, you can use tools such as Token Allowance Checker in your imToken DApp Browser for managing all of your allowances. The tools scan your address to give you an overview of all allowances that you every set on any contracts. Use the tool to check which one you want to revoke. Additionally, we will build a similar tool of our own. We are introducing updates in two steps: An improved notification for setting ERC20 allowances (comes with next update) A way to edit ERC20 allowances With the next update, imToken will show you a special transaction notification for approvals. Each time you set a new approval, the app will show you both the token as well as the amount of tokens you are setting as allowance. While this doesn’t stop users from setting unlimited allowances, we are sure that it helps to make educated decisions. The new imToken approval design Afterwards, we will update the approval process in a way that allows you to edit allowances as you set them. Any DApp that asks for a very high allowance can be forced to accept a low one. Long-term, we hope that DApps will support approve-and-execute schemes in which a single user interaction both sets the allowance as well as executes the transaction. The future: Batched approval + transactions
2020-05-23
imToken 2.5.4, creating EOS accounts even more conveniently

imToken 2.5.4, creating EOS accounts even more conveniently

imToken 2.5.4 is now online! EOS account creation & transfer miner fee are optimized.   imToken 2.5.4 update. You can create an EOS account more easily Optimized miner fees for BTC transfers Optimize ETH miner fees to make your transactions better and faster Other fixes and optimizations Create an EOS account more conveniently Are you anxious to create an EOS account, but you don’t have enough ETH in your wallet to create one? With imToken 2.5.3, we now provide a more convenient solution: Create your EOS account in imToken as follows: Use ETH to complete the payment Hold 3 TFTs for free registration Other payment methods available (so far China only) Optimized BTC miner fee display This version optimizes the way the BTC default miner fee is shown to you. That means, you will have more realistic estimates before sending on the miner fees before sending your BTC transfer. Related: How to set transaction fees? Optimized ETH miner fee  As before, this version will intelligently estimate the appropriate miner fee for your ETH and ERC20 token transactions, but now even better, reducing the transfer failure caused by "out of gas / insufficient miner fee", making transactions faster and fail less. Related: What is the miner fee on Ethereum? What is the reason for the transaction failure? How to update Android users: You can download from the official website https://token.im or at your favorite app store iOS users: You can download from the App Store For 1.0 users, please follow the tutorial below to upgrade 1.0 to 2.0 safely: https://support.token.im/hc/en-us/articles/360013262654 https://medium.com/imtoken/tutorial-step-by-step-guide-for-upgrading-to-imtoken-2-0-dbe3b392242 If you face any difficulty using imToken or have any comments and suggestions for us, please submit your feedback directly within the app. Always backup your keys! Before upgrading, please make sure that all wallet identities have been backed up properly. Please write down the Mnemonic phrase on a physical paper, never store it in the network; Please restrain from sharing your private key, Mnemonic phrase or Keystore to anyone! If you find potential hacking activities in imToken, please report to us via email at hack@token.im to prevent more people from being deceived; Please have a look at our Help Center at https://support.token.im/hc/en-us for more detailed information about imToken.
2020-05-26
Buy crypto with fiat, now on imToken

Buy crypto with fiat, now on imToken

Fiat-to-crypto by MoonPay: Purchase BTC, ETH, EOS & more with fiat in over 40 countries (including 🇬🇧 🇪🇺 🇺🇸 🇦🇺) We are thrilled to introduce a natively integrated fiat-to-crypto gateway powered by MoonPay. This added feature will allow imToken users in more than 40 countries to purchase BTC, ETH, EOS and many more digital assets with fiat. With the simple and fast fiat-to-crypto, we are looking forward to lowering the barrier-to-entry for our users again and bringing the crypto to a broader audience. To get started Open up your imToken app. Visit the Asset Details screen of your selected asset. Click on the Exchange button and select Buy xxx. Input the $ amount you want to purchase and follow the instructions. Supported Assets BTC, ETH, EOS, LTC, PAX, TRX, TUSD, USDC, USDT, BAT, DAI, EOSDT, and ATOM. Supported Countries 🇬🇧 United Kingdom 🇪🇺 Most of Europe 🇺🇸 Most of the USA 🇦🇺 Australia 🇧🇷 Brazil 🇨🇦 Canada 🇭🇰 HK 🇯🇵 Japan 🇲🇽 Mexico 🇷🇺 Russia 🇿🇦 South Africa 🇰🇷 South Korea and more. Click here to see the full list of supported countries. Pricing 4.5 % of each purchase or a $4.99 minimum fee will be collected by MoonPay. About MoonPay MoonPay is a fintech company that enables web and mobile developers to let their users purchase virtual currencies using their everyday credit card. It integrates with banks and online crypto exchanges to fulfil the entire purchase process.
2020-01-23
imToken 2.5.1, Tokenlon transaction rate is as low as 0.1%

imToken 2.5.1, Tokenlon transaction rate is as low as 0.1%

imToken wishes you a happy Chinese New Year, auspicious year of the rat. The Spring Festival is coming, the time when a country of 1.3 billion people is on the road home  ✈️ 🚗🚄 We want to take the opportunity and take a look at the new version of imToken and what the Updates bring. imToken 2.5.1 update content: Optimize Tokenlon fees: As low as $ 3 can complete a transaction on Tokenlon now More attractive transaction rates, as low as 0.1% You can import and export TRON, BCH, LTC wallet private keys You can switch the BCH address format and easily transfer BCH from exchange into imToken Optimize EOS resource management, you can use Alipay and WeChat to quickly lease CPU resources For developers: Fix DApp Browser scanning problem Tokenlon fee optimization imToken 2.5.1 features a Tokenlon fee optimization, with which you can complete transactions in Tokenlon with as low a fee as $3.  At the same time, new transaction levels were introduced: The more transactions you accumulated over the past 30 days using Tokenlon, the higher the corresponding transaction level and the lower the fee, which can be as low as 0.1%! For a detailed transaction rate introduction see the fee table.  Import and export TRON, BCH, LTC wallet Private Keys This optimization adds the TRON, BCH, LTC wallet private key import and export functions, making it easier to import imToken from other wallets.  Watch the screenshot below to learn how to import / import private keys     Switch your BCH address format Your BCH receipt page now supports BCH in two address formats: CashAddr and Legacy. Switch the address format to easily transfer your BCH out of any exchange into imToken. What is the BCH CashAddr and Legacy Address Format? 👇 CashAddr:CashAddr is a new Bitcoin Cash address format that helps distinguish between BCH addresses and BTC addresses. This can prevent users from accidentally transferring BCH to BTC address, so as not to cause unnecessary trouble. For example: bitcoincash: qpg6rgmpxr838cnwjhatdyuxkdz644xku54fe5yk99 Legacy: Although many exchanges and wallets use CashAddr, some exchanges have not adopted it (such as Huobi). If you do not support the CashAddr address format, you can choose the legacy address format. For example: 16tp827qst72hPT2MUKgCWNdE4E9HqVVuF to Optimized EOS resource management. Use Alipay and WeChat to quickly lease CPU resources Select your EOS wallet and click ‘Resource Management' on the asset homepage. You will now see the "CPU Lease" entrance at the bottom.  Here you can use Alipay and WeChat to lease CPU resources quickly, and use EOS Easy Payment CPU service to pay for the resources required for a single transfer operation with EOS, an easy way for solving the urgent need to send tokens. How to update Android users: You can download from the official website https://token.im or at your favorite app store iOS users: You can download from the App Store For 1.0 users, please follow the tutorial below to upgrade 1.0 to 2.0 safely: https://support.token.im/hc/en-us/articles/360013262654 https://medium.com/imtoken/tutorial-step-by-step-guide-for-upgrading-to-imtoken-2-0-dbe3b392242  If you face any difficulty using imToken or have any comments and suggestions for us, please submit your feedback directly within the app. Always backup your keys! Before upgrading, please make sure that all wallet identities have been backed up properly. Please write down the Mnemonic phrase on a physical paper, never store it in the network; Please restrain from sharing your private key, Mnemonic phrase or Keystore to anyone! If you find potential hacking activities in imToken, please report to us via email at hack@token.im to prevent more people from being deceived; Please have a look at our Help Center at https://support.token.im/hc/en-us for more detailed information about imToken.
2020-05-23
BCH now on imToken!

BCH now on imToken!

We are happy to announce that Bitcoin Cash (BCH) is now available on imToken With the latest update, we are introducing support for a number of new tokens, including Bitcoin Cash, also known as BCH. About BCH Bitcoin Cash (also: BCH) is a fork of Bitcoin that was created in 2017. In 2018 Bitcoin Cash forked again into Bitcoin Cash and Bitcoin SV.  How is BCH different from BTC and what is the story behind BCH? The main difference between BCH and Bitcoin is the block size, with BCH currently supporting a block size up to 32M. The bigger blog size leads to more transactions confirmed per block which in turn leads to a lower cost per transaction. In comparison to Bitcoin, Bitcoin Cash aims to offer digital cash, an easy way for users to pay merchants and send - also smaller transactions - to other BCH users. This mission also fits the original promise of Bitcoin as "Peer-to-Peer Electronic Cash".  To this day BCH is already accepted by thousands of merchants across the world with the community aiming to get more on board. Source: https://bitinfocharts.com/comparison/transactionfees-btc-bch.html#6m  So, where does BCH actually come from? Due to transaction frequency and block size restrictions, Bitcoin (short: BTC) can handle roughly one 7 transactions per second.  When bitcoin transaction fees in 2016 and 2017 were getting higher and higher, some developers in the Bitcoin community, including Roger Ver, Jihan Wu and other investors, believed that if the block size would not increase, BTC will become a digital investment product and cannot be used as a payment method for ordinary people. To solve the problem of high transaction fees, Bitcoin Core is working on implementing SegWit + Lightning. Other camps in the blockchain community, however, insisted that an expansion of block size was the only viable solution. Roger Ver, as well as many investors and miners, were dissatisfied with the SegWit proposal and finally decided to hard fork bitcoin. In August 2017, at bitcoin’s block number 478559, BCH was released featuring a block size limit of eight megabytes. Currently, BCH holds the position of developing a block size limit of 32 megabytes. How do I open a BCH wallet? Do you want to store your BCH in imToken? Simply download imToken in your favorite app store, open the app and set up your first wallet. After that import any existing BCH wallet or create one as part of your already created imToken wallet. Your new wallet has a BCH address to which you can send existing BCH from other wallets or exchange accounts. It’s as simple as that. How to backup my BCH wallet? You already store your BCH in imToken and want to make sure to not lose it? There are two possible scenarios. First, if you imported your account from somewhere else, you already used a Private Key or Mnemonic to import. Simply write either one down in a secure place, and you will always be able to use it to get back access to your account, in imToken or other wallets. If you, however, use the BCH wallet that came with your imToken wallet, you can simply back up your Mnemonic phrase attached to your imToken wallet. This one Mnemonic will be able to restore all your accounts that you set up in imToken (excluding the above mentioned imported accounts). If you run into any trouble, feel free to contact our support at: support@token.im About imToken imToken is a feature-rich digital wallet to securely manage ETH, BTC, ATOM, EOS, TRX, CKB, BCH, LTC , and other digital assets. It enables decentralized value exchange and DApp browsing in one place.
2020-04-19

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