ACN Newswire
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Hector DAO Announces Decentralized Stablecoins, Replacing Centralized Stablecoins

indie
5 minutes

Bristol, UK, Nov 24, 2021 - (ACN Newswire via SEAPRWire.com) - Hector DAO is launching algorithmic decentralized stablecoins instead of using centralized coins such as USDT and USDC. HECTOR is a fork of OHM built on the Fantom Network, allowing it to utilise the speed, security, and scalability that Fantom offers. Today, the crypto market has become mainstream with its adoption at an all-time-high. However, when Satoshi Nakamoto invented Bitcoin, he expected it to be truly decentralized. Today, a majority of the crypto market is centralized in one way or another. Even the Defi markets consist of several protocols which are highly centralized in nature. Hector DAO aims to change that with a truly decentralized ecosystem of its own. This is due to the so-called stablecoins often fluctuating during market volatility, and on the other hand the US Dollar it is backed against continues to decline in value due to rising inflation. Stablecoins have increasingly grown to become a key liquidity provider for the market. For trading, the majority of popular crypto tokens are paired with stablecoins such as USDT. However, as the size of the market has grown, so have the complexities surrounding...

SeaPRwire
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Uber sees $1.5 billion loss on ride-hailing revenue plunge

elean
2 minutes

SAN FRANCISCO (AFP) - Uber on Thursday (Nov 5) reported that it lost US$1.1 billion (S$1.5 billion) in the recently ended quarter as the pandemic walloped its ride-hailing business, but boosted its food delivery service. Revenue in Uber's mobility unit was down 53 per cent from the same quarter last year, while money taken in from drivers delivering restaurant meals or other orders more than doubled, according to the San Francisco-based company. "Despite an uneven pandemic response and broader economic uncertainty, our global scope, diversification, and the team's tireless execution delivered steadily improving results," chief executive Dara Khosrowshahi said in an earnings release. Uber shares that had been buoyed by the triumph of an initiative that lets drivers remain classified as independent contractors in California sank nearly three percent in after market trades. Demand for rides directly correlates to pandemic lock-down restrictions in cities, and Uber's mobility and deliver units are positioned to take advantage of returns to pre-virus lifestyles, Mr Khosrowshahi said in an earnings call. "Uber is becoming the go-to app for getting around or getting something delivered yo...