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Bracket Launches Staking on Bracket.Fi Platform

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Bracket, under the leadership of CEO Mike Wasyl, has just launched staking at  Bracket.Fi

Phase I of the platform will feature Bracket’s liquidity program, offering users the opportunity to stake Liquid Staking Tokens (LSTs) and Liquid Restaking Tokens (LRTs) to earn rewards and power the next generation of DeFi

Founding and Evolution

Founded by a team with deep experience in both cryptocurrency and traditional finance, Bracket was established by Mike Wasyl and his Co-Founders Jason Glazier and Pelli Wang. Their backgrounds include work at Consensys and major financial firms like D.E. Shaw & Co. and Bloomberg.

The team initially focused on developing derivatives products aimed at providing sophisticated trading strategies for managing volatility. However, market events in 2022 severely affected liquidity, which prompted Bracket to pivot towards a growing area in DeFi: Liquid Staking.

“When FTX collapsed, liquidity was drained from options and all derivatives-related markets. Even now, it’s surprising that the funds haven’t returned in significant amounts. This event really hurt the industry, particularly affecting liquidity on the derivatives side. Perpetual contracts became the dominant tool, with other categories shrinking significantly. This situation made us reconsider our approach and think about how we could expand our target market,” Wasyl recalls.

Wasyl explained they recognized a growing demand for passive investment strategies, particularly involving liquid staking tokens. This has become a major trend in DeFi as more investors seek stable and predictable returns. The change has received positive feedback as interest in LSTs and LRTs grows, with major players like Lido leading the charge.

“This led to the emergence of products like EigenLayer, which sought to capitalize on this interest by providing additional value to LST holders. Now, we also see Liquid Restaking Tokens (LRTs), which essentially take the interest earned from LSTs and offer additional rewards, such as points, to attract users’ attention,” he adds.

The Platform’s Launch and Features

Bracket aims to make these types of assets more accessible and efficient for users through their platform. They have developed brktETH, a token representing a composite of underlying Liquid Restaking Tokens (LRTs) and Liquid Staking Tokens (LSTs).

This means users don’t need to choose between different assets; they can simply hold brktETH, which offers diversified exposure, fungibility, and greater capital efficiency. Users can then deploy brktETH in various DeFi opportunities, including those provided by Bracket and potentially by other industry players. 

“The aim is to create a high-quality asset backed by a treasury of LSTs and LRTs, which can be used in passive earning strategies and, eventually, in a more comprehensive marketplace with active opportunities,” Wasyl explains.

Bracket is launching in three phases, each designed to enhance user engagement and expand the platform’s capabilities. The first phase, live from July 31, introduces a staking liquidity program where participants can stake their LSTs to earn Bracket [BARS], which are loyalty points. These points serve as an early engagement tool, allowing users to participate in the platform’s growth and earn more rewards as the platform matures. 

“In the DeFi market, a successful product must have a strong liquidity-building program. This is essential because liquidity drives interest, and interest, in turn, fuels liquidity. This is a key lesson we’ve learned in developing our platform. We’ve prioritized building liquidity,” Wasyl adds.

In the second phase, once the platform officially launches, users will receive brktETH tokens. The underlying LST and LRT collateral backing brktETH are securely held in a treasury, but users can withdraw the underlying collateral assets if they choose. brktETH can then be used to enter passive earning strategies, designed to be as straightforward as possible — similar to user-friendly traditional financial apps like Betterment. Bracket aims to eliminate the cumbersome spreadsheets and tables often associated with DeFi, offering a more tailored onboarding experience instead.

The details of the third phase are TBA, but it will include more community programs and additional ways for users to engage with Bracket.

A User-Centric Approach

One of the biggest challenges in DeFi is creating a seamless user experience that balances sophistication with simplicity. Many platforms struggle to provide a user-friendly interface while maintaining the complex functionalities that advanced users require.

Bracket distinguishes itself in the crowded DeFi space through its user-friendly platform, designed to accommodate both beginners and more advanced users. 

“Currently, DeFi is heavily dominated by high-risk, speculative activities, often referred to as ‘degen’ stuff. However, this is set to change. We want to demystify DeFi for our users,” Wasyl says. “Our goal is to make it accessible to everyone, regardless of their level of technical expertise.”

To achieve this, Bracket has invested heavily in user interface (UI) and user experience (UX) design. The platform to be released in Phase II will offer clear, easy-to-follow instructions and a clean, uncluttered interface. This approach helps new users start quickly while providing advanced features for more experienced investors. The introduction of Bracket [BARS]  will also add an element of gamification, making the staking process more engaging and rewarding.

Bracket places a strong emphasis on community engagement. The team actively seeks user feedback to improve the platform and its features. The collaborative approach has helped build a loyal user base and ensures that the platform continues to meet the needs of its community​​.

Addressing Risk Concerns

Wasyl notes the DeFi sector currently lacks sophistication and security. People often face two main issues: a lack of transparency about who manages their funds and where their funds are located, and no guarantees about the security of their investments. This makes it hard to trust the platforms they’re using.

While there are more advanced platforms, like Sommelier, which offer better security measures and protect against loss, they are often too complex for non-technical strategy managers to interact with. These managers are typically skilled at managing strategies but not necessarily at working with the necessary on-chain infrastructure.

To address this, Bracket aims to build a sophisticated infrastructure with strong security guarantees. The system will allow strategy managers to work with the platform with minimal technical effort. Such  infrastructure is crucial as the market matures and more institutional investors enter the space.

“For example, if funds or strategy managers have specific requirements, Bracket can provide the necessary infrastructure and whitelisted protocols, ensuring that all activities stay within set boundaries,” Wasyl explains.

The regulatory frameworks for DeFi platforms are complex and constantly changing. Wasyl is confident that Bracket, with backing from major investors like Binance Labs, is well-equipped to handle these challenges. He noted that while overregulation can hinder innovation, clear and balanced regulation can provide much-needed stability and clarity for the market.

Partnerships and Collaborations

Looking forward, Bracket plans to expand its platform with more complex trading strategies and additional features. The company is also in discussions with several leading LST and LRT protocols to integrate their assets into Bracket’s platform. 

These protocols are eager to enhance the utility of their assets, recognizing that these tokens represent some of the best high-quality liquid assets available. They generate earnings directly on the blockchain through block rewards, providing exposure to Ethereum’s ecosystem. This capability is incredibly valuable, as it allows stacking on top of these assets for additional returns.

“Many of these protocols are looking to partner with us because they want their assets to be used in DeFi. Given that the earning rates across the board are similar — around 3% currently — these protocols are keen to distinguish themselves and offer more to their users. Our goal is to work collaboratively with everyone in the space, and we have a number of partnerships in the works that we’ll be announcing over the next couple of weeks,” Wasyl shares.

As for future developments, Wasyl is excited about the increasing modularity in the DeFi ecosystem. He notes a growing trend where users can combine different components, such as lending protocols, decentralized exchanges (DEXs), and various assets, to create sustainable earning strategies. Traditional finance (TradFi) often lacks transparency and flexibility, as asset managers typically operate behind the scenes. In DeFi, however, everything is visible on-chain, which provides greater transparency and trust.

The next step is ensuring sufficient liquidity to support these strategies, enabling users to stack native rewards without worrying about transparency issues. The modular nature of DeFi, combined with Layer-2 solutions that reduce transaction costs, is incredibly promising.

These innovations make it easier for users to maximize rewards on high-quality assets, which is especially important in today’s inflationary environment. People are looking for ways to make their money work harder for them, and Bracket aims to provide that opportunity.

Disclaimer

In compliance with the Trust Project guidelines, this opinion article presents the author’s perspective and may not necessarily reflect the views of BeInCrypto. BeInCrypto remains committed to transparent reporting and upholding the highest standards of journalism. Readers are advised to verify information independently and consult with a professional before making decisions based on this content.  Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Reversal Toward $3.5 In The Works With Short And Long-Term Targets Revealed

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The XRP price is showing signs of a strong bullish reversal, with a crypto analyst predicting a potential rebound toward $3.5 and even higher. After experiencing significant volatility and undergoing a consolidation due to recent price declines, technical indicators now show support for XRP’s bullish outlook. As a result, the analyst has provided a short—and long-term price target for the cryptocurrency. 

XRP Price Projected To Reverse To $3.5

According to ‘Setupsfx’, a crypto analyst on TradingView, XRP is now in a bullish reversal phase, meaning its price is expected to break out of its recent downturn and rise to new highs. Based on the expert’s chart analysis of XRP, the cryptocurrency is predicted to see an explosive increase to $3.5 following the end of its consolidation phase.

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The chart indicates that the price of XRP is expected to rise to $3.5 in the coming months. However, from a fundamental analysis perspective, the analyst believes XRP is not limited to this bullish price target and could potentially surpass it to exceed current all-time highs of $3.84.

XRP
Source: Setupsfx on Tradingview

While the TradingView expert’s analysis of XRP maintains a neutral stance, implying uncertainty in the trend, he has also emphasized the cryptocurrency’s strong potential for growth. Hence, XRP could experience significant upward movement if market conditions align favorably and investor sentiment and confidence strengthen.

For his short-term price target, the crypto analyst forecasts that XRP could rally to a level above $3.5. He advises traders who intend to hold their positions for a short period to aim for this price level, as it could be a strategic exit point before a potential pullback. 

Notably, the analyst’s long-term price target for XRP has been set at $4.0 or higher. Considering XRP’s price is currently trading at $2.09, a surge to $4 would represent an almost 100% increase in its price.

Technical Elements Supporting Bullish Reversal

In his chart analysis, Setupsfx highlights XRP’s price action in a 12-hour time frame, showcasing key movements, trends, and technical elements that support his bullish projection. These elements include liquidity and IMB zones, which are areas where price action is expected due to pending orders. 

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The analyst also highlights an accumulation phase, as XRP has been consolidating at lower levels, signaling the possibility of a potential breakout. The appearance of strong low wicks further indicates that buyers are regaining control of the market. 

Finally, the TradingView analyst has indicated that the altcoin has already undergone a three-point trendline rejection, which means it has tested and rejected a resistance level multiple times. The expert’s price chart also provides an ideal entry point for both short and long-term traders, marked at $1.8. A stop loss has also been placed significantly lower around $1.2 to minimize potential losses.

XRP
XRP trading at $2.1 on the 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com



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BNB Price Faces More Downside—Can Bulls Step In?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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VanEck Sets Stage for BNB ETF with Official Trust Filing

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Global investment management firm VanEck has officially registered a statutory trust in Delaware for Binance’s BNB (BNB) exchange-traded fund (ETF). 

This move marks the first attempt to launch a spot BNB ETF in the United States. It could potentially open new avenues for institutional and retail investors to gain exposure to the asset through a regulated investment vehicle.

VanEck Moves Forward with BNB ETF 

The trust was registered on March 31 under the name “VanEck BNB ETF” with filing number 10148820. It was recorded on Delaware’s official state website.

VanEck BNB ETF Filing
VanEck BNB ETF Filing. Source: State of Delaware Official Website

The proposed BNB ETF would track the price of BNB. It is the native cryptocurrency of the BNB Chain ecosystem, developed by the cryptocurrency exchange Binance.

As per the latest data, BNB ranks as the fifth-largest cryptocurrency by market capitalization at $87.1 billion. Despite its significant market position, both BNB’s price and the broader cryptocurrency market have faced some challenges recently.

Over the past month, the altcoin’s value has declined 2.2%. At the time of writing, BNB was trading at $598. This represented a 1.7% dip in the last 24 hours, according to data from BeInCrypto. 

BNB Price Performance
BNB Price Performance. Source: BeInCrypto

While the trust filing hasn’t yet led to a price uptick, the community remains optimistic about the prospects of BNB, especially with this new development.

“Send BNB to the moon now,” an analyst posted on X (formerly Twitter).

The filing comes just weeks after VanEck made a similar move for Avalanche (AVAX). On March 10, VanEck registered a trust for an AVAX-focused ETF. 

This was quickly followed by the filing of an S-1 registration statement with the US Securities and Exchange Commission (SEC). Given this precedent, a similar S-1 filing for a BNB ETF could follow soon.

“A big step toward bringing BNB to US institutional investors!” another analyst wrote.

Meanwhile, the industry has seen an influx of crypto fund applications at the SEC following the election of a pro-crypto administration. In fact, a recent survey revealed that 71% of ETF investors are bullish on crypto and plan to increase their allocations to cryptocurrency ETFs in the next 12 months. 

“Three-quarters of allocators expect to increase their investment in cryptocurrency-focused ETFs over the next 12 months, with demand highest in Asia (80%), and the US (76%), in contrast to Europe (59%),” the survey revealed.

This growing interest in crypto ETFs could drive further demand for assets like BNB, making the VanEck BNB ETF a potentially significant product in the market.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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