Welcome to the weekly roundup, where we update you on everything that’s been going on in the world of crypto, blockchain and fintech. We cover a range of topics — from game-changing to slightly absurd, anything goes!
Whether you’re a rookie or seasoned crypto investor, we’ll ensure there’s always something relevant for wherever you are on your investment journey.
So, what’s been happening this past week?
Don’t get too used to the idea of a new product launching on the platform every week, we’ll have to stop at some point (or do we?).
Due to Solana’s impeccable performance over the last couple of days we couldn’t help ourselves, so we’re incredibly excited to announce that Solana will be launching on Revix this Friday the 10th of September!
We’ll also be the only South African exchange to list this bad boy, and on top of that, we’ll be removing buy fees for an entire week after launch. Here’s another reminder that Polkadot is still free of buy fees till the end of the week, and while we’re on topic — thank you to everyone who made DOT’s launch on the platform such a massive success!
As for the world of crypto, we touch on one of the biggest events in crypto history (hint: it’s Bitcoin baby), Cardano’s testnet implementation, as well as Solana’s remarkable rise through the crypto ranks.
Ready to jump in? Well then, let’s get to it.
- Bitcoin (BTC) has seen a 2.07% decrease and ends the week standing at $46 309.44.
- Ethereum’s native Ether (ETH) has seen a slight 1.03% decrease and ends the week standing at $3 410.15.
- Uniswap’s native UNI token has seen a 22.06% decrease and ends the week standing at $22.98.
- Cardano’s native ADA token has seen a 13.72% decrease and ends the week standing at $2.40.
- Polkadot’s native DOT token has seen a 11.20% decrease and ends the week standing at $28.23.
- Gold prices are down by 1.12% this past week, with PAX Gold trading at $1 797.79.
- The small decline over the market reflected in our Bundles this past week. The Top 10 Bundle is down by 4.20%, the Smart Contract Bundle decreased by 1.18%, while the Payment Bundle went down by 3.60%.
*Pricing at 16:02 UTC+2
This week’s top stories
El Salvador purchases first 200 BTC, President Bukele confirms
We couldn’t start this week off without mentioning history in the making. Today El Salvador officially became the first country in the world to adopt Bitcoin as legal tender, which essentially means that businesses should accept Bitcoin along with the US Dollar, which has been the country’s official currency since 2001.
Imagine buying your morning coffee with some Bitcoin, now we’re talking! President Bukele has mentioned that the implementation of Bitcoin as legal tender will no doubt prove to be a massive learning curve for the country and its economy, but could potentially help Salvatorians save millions on the money or goods that they send back to their friends and families in other origin countries.
The President also announced that the government bought 200 bitcoin yesterday in preparation for the big day, and while members of the World Bank and International Monetary Fund still don’t agree with Bukele’s decision to make Bitcoin legal tender, we can’t help but admit that they’ll be on the wrong side of history.
Cardano launches smart contracts on Testnet, pushing ADA to new highs
A new member of the Revix family, Cardano has been a figure synonymous with the smart contract-focused crypto space for a while now with it often being dubbed a cheaper and ‘greener’ Ethereum.
While the network’s growth has been fantastic to witness, becoming the third largest cryptocurrency below giants Bitcoin and Ethereum just recently, the progress on its developments have been relatively slow compared to many of its closest competitors in the space.
This is bound to change however, and the numbers don’t lie — with massive hype building up for its upcoming Alonso hard fork, which will allow anyone to create and execute smart contracts on the Cardano blockchain. On top of that the implementation of a testnet on the blockchain has also helped a lot, which basically allows developers to play around and build applications on the blockchain before making it available to the public.
Ethereum has been the leader of the smart contract-focused crypto space for a while now, but Cardano has all the potential needed to potentially claim Ethereum’s crown in the future, or hey, at least give it a worthy run for its money.
PS. Don’t worry SOL fans, we sense you sighing at your screens right now. More on your bad boy in a bit.
Solana flips Dogecoin to become the seventh-largest cryptocurrency
Down boy! The Doge has been scolded as Solana zooms past to claim the number 7 spot on the cryptocurrency market cap rankings.
Solana is another network and cryptocurrency in direct competition with Ethereum, seeing as it prioritises smart-contract focused developments. Similar to Cardano it also aims to be built as a more energy-efficient proof-of-stake blockchain from the get go, offering quick transaction times and low fees.
Unlike Cardano however, Solana actually has a bit of a headstart in regards to the developments on its blockchain. There’s already quite a lot of activity on the network dealing with DeFi and NFTs (non-fungible tokens) which has contributed greatly to the increase in value of its native SOL token.
We’ll be launching Solana as a standalone product on the 10th of September. So be sure to check our socials for further updates!
What’s this about?
In the early hours of the morning on the 1st of September, our rebalancing algorithms automatically updated your crypto Bundles.
What is a rebalance? At 00:00 on the 1st of every month we reconstitute and rebalance your Bundle holdings to ensure that you hold the largest cryptocurrencies as measured by market capitalisation, and that the cryptocurrencies within your Bundle are equally weighted so that you’re as diversified as possible. Pretty cool right?
Our monthly reconstitution and rebalancing is considered a re-weighting, and is a fully automated process that buys and sells cryptocurrencies on your behalf, based on predefined rules.
Our research and portfolio management teams monitor all of our crypto Bundles to ensure they are operating effectively. As part of this process, we re-evaluate all major cryptocurrencies’ eligibility per trade volumes and potential risks, and programmatically recalculate market cap rankings to ensure that we’re capturing the most highly valued projects in the market.
What are the fees and how are they charged?
A monthly fee of 0.17% is levied on your total Bundle value. This fee is built into the amount of ‘Bundle units’ you receive. So if you have 10 units worth of a Bundle, then straight after the monthly rebalance your Bundle units will decrease by 0.017 so that you have 9.983 units remaining.
What’s in and what’s out?
Litecoin (LTC) has left the Revix Top 10 Bundle this month, with Solana (SOL) squeezing in firmly after breaking the 7th spot in market cap recently.
Both Ethereum Classic (ETC) and VeChain (VET) have left the Revix Smart Contract Bundle and have been replaced by Solana (SOL) and Binance Coin (BNB).
At Revix, we’re driven to empower everyday people to become their own wealth managers. Cryptocurrencies have been our first investable category. We offer a range of cryptocurrencies from Bitcoin/Ethereum to Polkadot/Uniswap and everything inbetween (Solana coming soon…).
At Revix we also offer our flagships products: 3 ready-made crypto Bundles. These Bundles are like the S&P500 for crypto, and offer passive diversified exposure to the crypto asset class. Investing is as easy as signing up, choosing an asset, and then watching your portfolio grow.
We have some exciting new products on their way. Soon you’ll be able to invest in emerging themes, sectors and asset classes in an effortless way. Sign-up to learn more.
This article is intended for informational purposes only. The views expressed are not and should not be construed as investment advice or recommendations. This article is not an offer, nor the solicitation of an offer, to buy or sell any of the assets or securities mentioned herein. You should not invest more than you can afford to lose and before investing, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary.