Web3 Weekly Update!

🚀 Welcome to our weekly Crypto update 🚀

A exciting week as the crypto market pump.

Bitcoin reached $35,000 all time high from the last 18 months.

We also covered a great investing opportunity, as well as a tutorial for choosing a good CEX.

Let’s take a look.

Is Uptober here? Bitcoin reached price $35,000

Maybe people did not realize, but Bitcoin has already grow around 70% in price since the beginning of the year.

What caused the price pump?

Last week, a news from SEC regarding the application of bitcoin ETF came out, and saying that it will be approved expected this year.

What it means is that everyone will be able to purchase bitcoin through brokers like Fidelity, Robinhood… etc.

Making Bitcoin much more accessible

Investment Recap: OKX’s jumpstart

I researched and shared the jumpstart program by OKX last week, and I was able to get a return of 2.5% in 3 days, bringing the APR to around 310%

For those who missed it, here is the recap of the tutorial.

Newest jumpstart by OKX

WHAT IS THIS? 

OKX is offering a chance for their users get new tokens! $SPURS is the fan token of Tottenham Hotspur Football Club, and is launched by socios.

For OKX users in Taiwan and Korea, they can participate in this jumpstart by depositing CHZ or OKB. 

 WHAT IS JUMPSTART?

You might be familiar with the term IPO or Initial Public Offering in traditional finance world.

It happens when a new company offer their stock shares for the public when they are issuing their stocks for the first time.

Same concept exists in crypto too, we called it ICO, IEO, or IDO.

But it essentially means the same thing, a new blockchain project is going public and selling their token to the Web3 user.

"Jumpstart" is program launched by OKX, which let users have the chance to tokens from these new projects.

WHY JUMPSTART? 

Obviously, there are a lot of coins and new projects going live everyday, but OKX does not just put random people on their website.

The Jumpstart program only selected 14 projects previously, with SUI Network being the most recent one.

With a big CEX like OKX, I would say that their choice of new token is pretty reliable. 

HOW DO I JOIN? 

First of all, make sure you met the entry requirements.

Next, you will need to get some CHZ or OKX in order to stake them and mine for the new token.

A good way to do this is to take out a loan with no leverage, so we don't suffer from any price changes in OKB or CHZ.

ALPHA & STRATEGY 

It's been a while since OKX released another jumpstart program. I participated in the last one SUI , and the return was more than 1000%.

Definitely join if you are eligible.

Also, try to sign up to more CEX so we don't miss chances like these in the future!

What to do before signing up to a CEX

If you can't cash out your crypto, they are all paper money. 

In order to invest into crypto, we need the help of CEX (centralized exchange).

Choosing the right crypto exchange is crucial.

Here are 3 steps you can and should do before signing up to any exchange!

CHECK THE SOURCE 

How did you find out about this platform?

Was it through a trusted friend, a recommendation from a stranger, or someone on the internet?

Take a moment to reflect on their motives for urging you to join. If the source is unfamiliar, it's wise to exercise caution.

Better safe than sorry!

COMPARE RANKING 

Second step, and imo the most important step, is doing research on this exchange.

I personally use CoinMarketCap and coingecko to compare the CEX ranking.

If the exchange you are about to sign up isn't on top of their exchange raking list, say top 30, just don't sign up.

All CEX have similar functions.

If there is something your exchange can do, there's probably another one in the top 10 list that can perform the same, so why not choose a safer one?

ASK! 

Finally, if you are still unsure about the security of this CEX you came across, you can always ask.

There are a lot of great communities on twitter, discord, and telegram.

Always be cautions!

Thank you for reading this week’s protocols recap!
See you next week.
Pingyu