Crypto analyst and influencer Tyler Swope is looking at two altcoins that he believes are ready to erupt thanks to a game-changing Ethereum standard.
In a recent episode of Chico Crypto, Swope introduces a new token standard in the Ethereum blockchain known as the ERC-677. According to the crypto influencer, ERC-677 is the new and improved version of ERC-20, which is the technical standard for tokens running smart contracts on Ethereum.
ERC-677 works with ERC-20 tokens and has additional features such as transfer and call functionalities. These features can help expand the application of smart contracts by allowing tokens to be transferred to a contract, which will then trigger a set of guidelines outlining how to respond to the receiving tokens within the transaction.
Swope says the new Ethereum standard may serve as a fundamental catalyst for the growth of Chainlink (LINK).
“Chainlink is in the know. Steve (Ellis) said what Chainlink was using it for, ‘LINK uses it and it is great for minimizing transactions and/or inter-contract interactions.’ And it is not vulnerable to re-entrancy attacks… Chainlink is using it like mad. We can look up the transfer and call function from Bloxy, which shows us how this functionality is being used. As we can see, the number of times this has been used has been growing and growing since June of 2019. What happened in June? The launch of Chainlink mainnet on Ethereum.”
Swope says that Chainlink is using the transfer and call function to save on gas by allowing price feed relayers to pay for and request off-chain data in a single transaction.
In addition to Chainlink, the crypto analyst says that Dai (DAI) may also benefit from the added functionalities of ERC-677 by implementing a customized version of it on xDai.
“xDai is of course using it and they’re using it in multiple ways. Of course, for their bridges and the transferring of tokens… This customized version of ERC-677 and the multi-token mediator address have created something special with xDai. And that’s the OmniBridge… So ERC-677 and its tech is revolutionizing bridges and transfers across them for good.”
Swope also says that the ERC-677 standard will make staking tokens a reality for Chainlink and xDai.
“So if I’m correct, in the short future, staking will be allowed by other tokens on xDai’s sister chain. And guess what? Chainlink is doing something similar on mainnet Ethereum, allowing tokens to become stakeable.”
The crypto influencer highlights that ERC-677 tokens will be huge in the current boom cycle.
“I believe 677 and the transfer and call function will be the ERC-20 of this run. It’s going to change the game as it already is.”
Bitcoin Sorority: Investing for Beginners – Getting Started in Crypto
I look at the crypto community as a catalyst for growth and adoption of technology. My primary focus is the way the community has been portrayed and perceived from the outside, via social spaces and media. This type of research is new to our community, as anecdotal evidence of cryptocurrency is just beginning to hit the mainstream.
New people will enter the space, things will change & we won’t all be mathematicians. Diversification of skill sets matters, especially when looking at something so vast as global adoption. “ – Rachel Siegel (CryptoFinally), Cointelegraph Magazine
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Galaxy Digital’s Q3 growth can be attributed to Bitcoin momentum?
Founder and CEO of Galaxy Digital, Michael Novogratz announced today that the firm’s OTC Trading business has had its best quarter yet. The CEO said:
We’ve taken several key steps forward in the second half of 2020, including making critical senior hires, expanding our capital base, and completing strategic actions to position Galaxy Digital for the clear, incoming wave of institutional adoption ahead of digital assets and blockchain solutions by investors, corporates and governments.
He further said that the business generated $1.4 bln worth of trading volume, in Q3. This represented a 75 percent year-over-year increase:
Galaxy Digital Trading (“GDT”) delivered the best quarter in its history in the third quarter, with trading volume of approximately $1.4 billion in the period, and up 75%+ year over year.
Galaxy Digital Asset Management (GDAM) had assets under management of $407.4 million at the end of the third quarter. Its Bitcoin funds returned 17.3 percent in the last quarter and its Galaxy Crypto ‘Index Fund’ was up 32.2 percent.
Back in September, Galaxy Digital had also launched a cryptocurrency mining practice strategically focused on providing financial tools for North American miners. Galaxy Digital’s soaring trading volume can be linked to Bitcoin’s growing momentum in the markets.
Meanwhile, in other news, the billionaire investor, Novogratz, who was a former partner at Goldman Sachs, predicted that all banks and financial corporations could soon begin to invest funds in BTC and that, amid current events, the Rubicon in BTC adoption had been crossed.
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