Bitcoin continues to be volatile this week. The BTC price seems to be holding around the $20,000 mark after falling from $22,000 due to the worse than expected US CPI inflation result.
The Ethereum "merge" went smoothly this week, but ETH was still dragged down by the CPI news, falling from $1790 to around $1450 at the time of writing. There was a brief rally to $1650 before the merger, but it looks like it was a "sell the news" event as the merger was already priced in.
The merge was one of the largest transitions in blockchain history. It took place at 6:42 a.m. UTC on September 15 in block 15537393. This long-awaited update merged the execution layer of the Ethereum main network and the consensus layer of the Beacon Chain. This means that the Ethereum network no longer relies on the Proof-of-Work (PoW) consensus mechanism and now uses Proof-of-Stake (PoS).
The Ethereum Foundation said the merge makes the Ethereum network 99.95% more energy efficient and sets the stage for future scaling solutions, including sharding.
Our index vaults are firmly in the green, with ETH and BTC vaults still leading the pack. Apart from Fiery Trading, the majority of trader vaults are outperformed by index vaults. This is because most trader vaults will benefit from the long-term upward trend of the altcoin market.
This week the owner of the index vault, eralpbuyukaslan, made a video for his YouTube channel explaining what the FNDZ platform is, why he chose the tokens for his index, the long term plan for the index and how his followers can participate. The video is in Turkish, but you can use the automatically translated subtitles that you can find in the Youtube settings if you want to watch it.
FNDZ index vaults are a great way to DCA into the crypto market and reduce your downside risk. This is because a portion of your deposit is balanced with stablecoins as market prices rise and fall.
Discover our index vaults here.
We currently have 24 trader vaults open with a grand total of 51 depositors. User deposits in the trader vaults have exceeded $10,000 for the first time this week, which is great to see. Every week we are gaining more and more users and we thank you for your continued support!
The verified trader with the best performance this week was FieryTrading, who captured some profits for vault holders due to the recent ETH volatility.
If you want to see the trades of a vault, simply connect your wallet to the platform, select a vault, and scroll down the page until you see the "Most Recent Trades" section. Here you will see all the trades of the vault owner and you can also check them on the blockchain by clicking on the "TxHash".
The staking pool grew again this week with 7.7 million FNDZ now included in the staking pool. This is more than 29% of the total circulating supply and the APY is 7.24% at the time of writing.
Want to win $5,000 in FNDZ tokens? Join the trader competition and become a champion!
We are holding a trader competition for everyone who wants to win big and earn praise. The competition was originally planned to run through September but due to market conditions, we have now extended it until November 30th!
There are $10,000 FNDZ tokens up for grabs!
You can now win $1,250 in FNDZ tokens when you refer your friends!
The competition is now live! We’ve got a prize pool of $5,000 tokens for five lucky winners.
The more friends you refer, the higher your score!
Check out the announcement for more.
Do you know any crypto communities that could benefit from starting their own index vault?
Feel free to reach out to the team if you know any traders, blockchain companies or communities that could benefit from starting a FNDZ vault.
And don’t forget to spread the word about FNDZ - The Home of Copy Trading!