As a researcher with experience in the DeFi and crypto space, I’m excited about Velocity Labs’ announcement of a new fiat-to-crypto onramp through Ramp Network and the integration of Asset Hub. This collaboration will undoubtedly increase the accessibility of DeFi on the Polkadot ecosystem.
I’ve learned that Velocity Labs unveiled a new feature allowing users to convert fiat currency into cryptocurrencies directly. They achieved this by partnering with Ramp Network and integrating the Asset Hub.
The crypto onramp will allow Ramp to service any chain parachain in the Polkadot ecosystem.
A New Fiat To Crypto Onramp
As a researcher in the field of decentralized finance (DeFi), I’ve noticed that one of the major challenges has been the complex process of converting fiat currency to cryptocurrency, or vice versa, which is often referred to as “on-ramps” and “off-ramps.” This issue was recognized early on in the development of DeFi, and efforts have been underway to address it through collaborations with regulators, credit card issuers, and other payment infrastructure providers.
As a researcher at Velocity Labs, I can tell you that our primary goal in collaborating on the Asset Hub project was to optimize its accessibility and unlock its full potential within the Polkadot DeFi and infrastructure ecosystem. Velocity Labs, as a pioneering company in the DeFi and infrastructure sector, is dedicated to fostering a vibrant community of innovation in the Polkadot blockspace.
The ‘Home Base’ Of Polkadot Ecosystem Assets
In simpler terms, Asset Hub functions as the central hub for managing and handling assets within the Polkadot network. Acting as a system parachain, it maintains a secure connection with the Polkadot Relay Chain, allowing the transfer of DOT tokens to Asset Hub for asset creation and management purposes.
As a crypto investor, I can tell you that The Asset Hub significantly contributes to the issuance of tokens akin to ERC-20 tokens on Ethereum, which powers Decentralized Finance (DeFi). The revitalization of DeFi on the Polkadot Network is imminent thanks to The Asset Hub.
Some Constraints
Despite some limitations, particularly in the areas of user experience (UX) and developer experience (DevEx), Asset Hub holds great promise. Our team at Velocity Labs is dedicated to overcoming these constraints and maximizing Asset Hub’s capabilities.
Polkadot (DOT) Price Analysis
Recently, DOT has experienced a resurgence of pessimistic market sentiment. Since its decline on Tuesday, the cryptocurrency has been recording losses, falling short of surpassing its 20-day Simple Moving Average (SMA), which functioned as a significant resistance level. At that moment, DOT was positioned between the 20-day SMA and the more stable 200-day SMA, with the latter serving as support. However, this supportive level was breached on Tuesday, causing sellers to forcefully push down the price of DOT by 4.55%, dropping it below the $7 mark to $6.92.
In the following meetings, there were decreases of 0.87% and 1.46%, causing DOT to close at $6.76 on Friday. The token may find a balance near $6.50 as a potential support level. However, if selling pressure drives the price below this point, it could potentially slide down to $6. Additionally, due to the presence of the 200-day Simple Moving Average (SMA), DOT encounters resistance at $7.
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2024-04-27 09:54