Young Platform Blog - Crypto Made Easy

July 24, 2024July 24, 2024

Crypto AI: the fusion of artificial intelligence and cryptocurrencies

Artificial intelligence is also conquering the Web3. What is crypto AI, and what innovations will it introduce?

The fusion of blockchain technology and artificial intelligence is now much more than a trend, primarily since the launch of Chat GPT and other similar services, i.e. since its potential was understood. Less than two years later, many of us use these types of services daily, even if there is a feeling that the current scenario is only the tip of the iceberg.

AI and cryptocurrencies will most likely become increasingly part of our lives. But can these two technologies work together, and, more importantly, why should they?

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Artificial intelligence and cryptocurrencies

Artificial intelligence has been the key technology of the past two years, and cryptocurrencies and blockchain achieved supremacy, at least in part, during the bull run 2021. The big difference in adoption between these two technologies concerns the user experience, as the currently available examples of AI models are easier to use than blockchain protocols and decentralised applications. However, huge strides have been made in this regard in recent years.

However, the two key technologies of this decade can collaborate, and the crypto AI protocols that have emerged in recent months offer valuable support for this thesis. The convergence of blockchain and artificial intelligence became mainstream when ChatGPT was released. OpenAI’s chatbot was designed to interact with users like in a normal chat conversation with which everyone is familiar. On the other hand, the final consecration came in recent months after the staggering performance of Nvidia’s stock, which was, albeit briefly, the world’s largest company.

Since then, many crypto AI projects have sprung up, while existing ones have attracted attention. Moreover, some key protocols have intercepted and exploited the situation by reorganising and modifying their vision in a manner consistent with the needs of this new market segment. For instance, Filecoin has ridden the hype wave on artificial intelligence by offering itself as a storage service provider for emerging AI companies. Or Near, which is harnessing its large roster of developers to create decentralised, self-modifying AI based on user behaviour.

In short, these technologies can coexist; indeed, it is likely that they will. According to Alexander Good, author and respected Key Opinion Leader (KOL), the capitalisation of crypto AI could reach $2 trillion in the next few years, while Grayscale, the world’s largest crypto investment fund, has just launched its exclusive financial product for this sub-sector.

Decentralised AI models: what problems do they solve?

We can start with a technical assumption to answer the question posed in the subtitle, but don’t worry, nothing too complex. Blockchain and AI models feed off the same power source: computing power. In the same way that miners use powerful machines made up of video cards (GPUs) connected in series, the same computing power is used to train artificial intelligence models to make them increasingly accurate and thus useful. In this sense, crypto AI projects such as Render (RNDR) or Bittensor (TAO) deal with tokenising computing power that can then be exchanged and used by network users. Thanks to this possibility, AI models can become more accessible and decentralised. The immense power of artificial intelligence is, today, concentrated in the hands of large and prosperous companies that own the supercomputers needed to ‘run’ them.

The decentralisation discourse also applies to data indexing, i.e., the process of organising and returning data to users that ‘Chat GPT-style’ chatbots and search engines constantly perform. For instance, a protocol such as The Graph takes on-chain data and organises it, making it readable to users, all decentralised. It also uses Semiotic AI to automate searches within its data containers.

Explore Crypto AI

Let us now take a look at the main three objectives of the crypto AI segment and the projects related to them:

Building decentralised artificial intelligence services and facilitating user access: In this respect, the main project to watch out for is the Bittensor (TAO) mentioned above, a centralised machine learning platform with more than 90,000 users. Through Bittensor, particularly its sub-networks, it is possible to generate texts, translations, and images that are very precise regarding the prompts you enter. In short, it is a fully decentralised GPT Chat with an internal economy that rewards users who secure it and those who use it.

Solving the main problems encountered by AI platforms, such as the authenticity of information and deep fakes (fictitious videos or photos in which the image of a public figure appears). In this sense, crypto AI projects can exploit the key features of blockchain technology, particularly its decentralised nature, transparency, and immutability, to protect users from these threats.

Managing the infrastructure networks and resources required for technology development, particularly storage and GPU computing power. In this sense, the projects that stand out are Filecoin (FIL) and Render (RNDR). As already mentioned, the former allows users to store data through a centralised peer-to-peer cloud-based architecture. This is a perfect solution for emerging artificial intelligence companies.

Render, on the other hand, thanks to its decentralised marketplace for graphics rendering, allows anyone who wants to access the service, whether designers or artificial intelligence models, to do so without having to buy expensive equipment.

Crypto AI: our thematic Moneybox

Now that you know all the main applications of crypto AI and the problems they solve, you just have to discover our new ‘Artificial Intelligence’ Moneybox. We, like Grayscale, intend to enable our clients to gain exposure to this promising sector.

Our Crypto AI cocktail consists of three delicious ingredients: Render (RNDR), The Graph (GRT) and Near (NEAR).

Young Platform’s crypto Moneybox is a separate wallet from the one you normally use to store your cryptocurrencies. It is used to set aside your favourite cryptocurrencies for the long term, avoiding spending them on everyday or frequent transactions. Of course, you also have the option to ‘put your own spin on it’ by creating a Customised Moneybox and choosing up to five cryptos to include and the percentage to distribute on each.

If you want to learn about this functionality, you can consult the guide about Moneyboxes functionality.

July 24, 2024July 24, 2024

Biden retires. What happens now?

Biden has officially withdrawn from the US presidential election race. What happens now? What impact has the news had on the market?

This week started with a very important piece of news: Joe Biden, the current president of the United States, has announced that he will not run in the next US elections. According to him, he will “focus on finishing the current term as best he can.”

The diplomatic tones of the announcement are not enough to hide the truth. Joe Biden is retiring because of bad public appearances in recent years and strong pressure from the Democratic Party, which considers him no longer up to the electoral battle due to health problems. Read more in the article.

Biden resigns: Kamala Harris in his place?

“Biden launches Kamala Harris” headlined the New York Times after the news, also given the post on X (formerly Twitter) immediately following the withdrawal letter in which the president announced his full support for his deputy. The announcement came during the day yesterday, shortly after two o’clock in the afternoon, in American time (East Coast time).

It must be specified, however, that Biden did not resign as President of the United States, an action that would have made life much easier for Harris. Had it gone this way, the transition of the leading Dem in the US elections would have been much easier. The main problem with this is that Biden won the primaries and, therefore, there are delegates associated with his name who should have confirmed his nomination as the nominee at the Democratic convention in Chicago. As he did, Biden can only suggest, not dictate, that these vote for Kamala Harris. The fear of an ‘open’ convention, i.e., multiple candidates vying for the vote not of the voters but of the delegates indicated by the primaries in the past months, has been at the centre of much political analysis in recent weeks.

Predictably, after Biden’s announcement, the candidates’ odds of winning also changed. Before the announcement, the poll by Polymarket, the most popular decentralised prediction app, gave Trump a 71% win and Biden a 16% win. However, Donald Trump’s odds of winning have dropped to 64%, and Kamala Harris’s are at 30%.

Look at the graph of Bitcoin

The impact of the news on the markets

A short while ago, we witnessed the opening of the US stock market, which performed very well in the first few minutes of trading after Biden’s departure. The NASDAQ 100, the index that tracks the performance of the hundred most capitalised technology companies, recorded +1.56%, and the S&P 500, +1%. However, the impact of Biden’s withdrawal on Bitcoin was visible from the minutes immediately following the announcement. BTC returned above $68,000, if only for a few hours.

What will happen in the crypto world if Trump wins the November election? In recent months, the entrepreneur and former president has been increasingly pro-crypto. After several pro-BTC statements, the most important news concerns his presence at Bitcoin 2024, the world’s largest conference dedicated to the crypto world scheduled for 22-25 July in Nashville.

However, there is more; a Trump re-election could also cause an injection of liquidity in the ‘traditional’ markets, especially the stock market. His first term was already characterised by expansionary economic policies aimed at stimulating the economy, which could be applied again, given the recent slowdown in inflation. Will his very likely victory in the November 2024 elections signal the start of the most explosive bull run ever?

July 24, 2024July 24, 2024

Is Arbitrum the most widely used Ethereum Layer 2? Here is the complete ranking

What are the most widely used Ethereum Layer 2s? Here’s who is winning the race to speed up and reduce transaction costs

What are the most widely used Ethereum Layer 2s? These protocols aim to provide faster and cheaper transactions than the main blockchain. The urgent scalability challenge for the ‘world computer’ is played out in transactions per second (tps) and Total Value Locked (TVL). The first metric measures how many transactions a protocol can handle per second, and the second is the total value of locked cryptocurrencies and, thus, the available liquidity. This value is used to assess a project’s spread.

Ethereum’s main Layer 2s (excluding Polygon, a real blockchain) differ in the scalability technology used: zero-knowledge rollup, optimistic rollup, Validium, or Plasma. Each determines trade-offs between speed, security, and cost. For example, Arbitrum is considered the best solution for developers, Optimism is the most compatible with Ethereum, and zkSync is unbeatable in terms of security.

Here is the ranking of the most used Ethereum Layer 2s!

Layer 2 Ethereum: Arbitrum in focus

Arbitrum is at the top of the list of the most used Ethereum Layer 2s, a protocol that uses optimistic rollups. You can find NFT marketplaces, play-to-earn games, and stablecoins in its vast ecosystem. It is also supported by the most important decentralised finance dapps, such as Uniswap, Aave, and Balancer.

Regarding numbers, Arbitrum has an LTV of $16 billion, can theoretically process a maximum of 1,500 transactions per second, and the commission to send ETH costs $0.05 on average.

Several decentralised applications have sprung up on Arbitrum that have dominated the DeFi landscape since the bear market in 2022, notably GMX and Pendle. The ARB token was distributed via airdrop to users who interacted with the blockchain months before its release.

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Optimism

And continuing to talk about the more popular Layer 2s, another scaling solution is Optimism, which, as its name implies, also exploits optimistic rollups. This protocol is known for being integrated with the mother blockchain, so much so that it is said, ‘if it works on Ethereum, it also works on Optimism but at a fraction of the cost’, and for having open source code available to programmers. Synthetix, one of the most popular trading platforms, is developed on it; the network also promised a series of airdrops for its most active users.

Optimism’s LTV is $7 billion, it processes about 2,000 tips, and the average commission per transaction is $0.03.

Base

The blockchain developed by Coinbase, one of the most popular centralised exchanges on the market and the only one listed, has exploded in recent months. The reason? Mainly meme coins. Yes, you got that right. Cryptos born ‘for fun’ have increased the popularity of this Layer 2 incredibly.

The total value locked up within Base is currently USD 5.4 billion; at the beginning of March, it was less than a third!

Blast

The fourth Ethereum Layer 2 for TVL today is Blast, a recently born project that has managed to attract more than USD 2.5 billion in liquidity quickly. This sudden popularity is attributable to the aggressive marketing campaign undertaken in recent months. Blast, in fact, announced an airdrop before the launch of its blockchain, thus attracting all users who wanted to receive that free distribution of tokens.

This Ethereum Layer 2 has not yet released its governance token, which will arrive soon. To increase your chances of receiving it, you can buy ETH on the Young Platform, withdraw funds on the Ethereum network, and use a bridge to reach the network.

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Mantle

Returning to the subject of Ethereum layer 2 whose development is managed by the foundations of decentralised exchanges, we cannot fail to mention Mantle. The fifth scaling solution for Ethereum for TVL, which stands at around USD 1.2 billion, is developed by BitDAO, the autonomous and decentralised organisation launched by ByBit.

Starknet

A Layer 2 of the Starkware Industries ecosystem specialising in cryptography. Starknet runs on zero knowledge rollups and STARK Proof. Its LTV is $63 million, and commissions are $0.09.

zkSync Era

In seventh place in the most used and popular Ethereum Layer 2s ranking is zkSync Era. This protocol is based on zero-knowledge technology and aims to scale Ethereum while maintaining its decentralisation. It has over 500,000 active users and supports all projects on the core network without code changes.

The TVL of zkSync Era is $521 million, and the fee for transferring ETH is $0.09.

Manta

Manta is a multi-modular Layer 2 consisting of two networks utilising zero-knowledge rollup technology. Manta’s story began with Atlantic, a fast Layer 1 network built on Polkadot, and continued with Pacific, a highly scalable EVM-compatible Layer 2 network.

Manta Pacific’s LTV is currently $795 million, which is why it ranks eighth among the most used Ethereum Layer 2s.

Line

Linea is a Layer 2 blockchain developed by Consensys, the web3 company that developed the crypto wallet Metamask. This is also why this project has raised huge capital through several funding rounds, some USD 725 million.

Linea’s current LTV is $780 million.

dYdX

The ranking of the most widely used Ethereum Layer 2s continues with dYdX, which, unlike the previous projects, is a truly decentralised exchange with an LTV of 335 million.

Metis Andromeda

Metis Andromeda is another Layer 2 compatible Ethereum Virtual Machine, born from a fork of Optimism. This protocol is currently the cheapest, with transaction fees less than $0.01. Its Total Value Locked is 94.26 million.

Loopring

In sixth place in the ranking of the most used Ethereum Layer 2s is Loopring, an emerging DeFi project based on zero-knowledge cryptography. It processes over 2,000 tps, has a blocked value of 101 million and costs around $0.02 per transaction.

Immutable X

Known primarily as a decentralised gaming network, Immutable X exploits StarkEx’s Validum technology (zero knowledge) to make play-to-earn faster and cheaper. A total of USD 187 million has been blocked on this Layer 2.

Polygon zkEVM

The ranking ends with Polygon zkEVM. Perhaps the project par excellence that has spread the ‘zero knowledge’ trend in crypto communities. It is also one of the most recent protocols launched last March 2023. Polygon zkEVM has a blocked value of 38.03 million. The fees for a transaction amount to $0.03.

Looking at the ranking of the most popular and widely used Ethereum Layer 2s, it is clear that with these numbers, one can already speak of mass adoption. Scalability remains the real goal on which crypto projects are working relentlessly. Among the upcoming releases to watch is Scroll (currently under testnet), especially for possible airdrops.

July 23, 2024July 23, 2024

YNG Token: Q2 2024 Report

Token Young (YNG): updates and news Q2 2024

Let’s summarise the Q2 2024 YNG token report. What happened in this news-packed quarter? What are the following steps to be taken?

What happened in the last quarter? What were all the targets achieved in Q2 2024? How many tokens were issued, bought and sold, and what are the next steps? A complete overview in this report, compiled in July 2024.

The numbers of Young Platform Clubs in Q1 2024

YNG is Young Platform’s utility token, which grants access to Clubs the subscription plans that offer exclusive benefits dedicated to our biggest supporters.

The clubs currently consist of 1,699 people, divided into:

1256 for the Bronze Club
195 for the Silver Club
123 for the Gold Club
125 for the Platinum Club

To join a Club, a certain amount of YNG must be blocked on the Young Platform exchange. Therefore, the number of registered members is essential for analysing the distribution of the token, especially since the more people join a Club, the lower the selling pressure on YNG will be. The main consequence? A more stable price of YNG.

If we compare these figures with those of the past, Q2 2024 was flat from the point of view of Young Platform Club adoption. At the end of Q1 2024, there were 1,687 members, divided into:

1238 for the Bronze Club
199 for the Silver Club
122 for the Gold Club
128 for the Platinum Club

As a result, club membership has remained virtually the same, with a weak growth rate of around 0.7%. However, given the market performance of the past months, we can be quite optimistic for the near future. Despite the general bearish movement, which, as anticipated, also affected YNG, the number of members in the Clubs has, albeit slightly, grown.

Distribution of the YNG token

The number of YNG in circulation in April was about 23.5 million. The circulating supply in July was about 23.6 million, meaning a net increase of about 78,449 tokens or 0.33%.

These tokens were distributed via the Young Platform Step app in different ways:

19,473 through the completion of Quizzes, Challenges and Up&Down (before the implementation of the levels).
58,975 through the completion of the Levels.

The YNG token market is managed via an algorithm defining the exchange rate through two underlying liquidity pools, EUR and YNG. At launch in May 2022, these pools contained:

1 million
4 million YNG

Considering the sales and purchases of tokens handled in recent months, as of July 2024, the pools contain:

669,000 Euro
6.32 million YNG

This configuration is the result of purchases and sales during the third quarter, summarised below together with the price trend:

YNG’s emissions in 2023

What happened during the second quarter of 2024 from the point of view of tokenomics? How the token is issued changed last year after the 3.0 Step update. Now that a bit of history is available let us see how the introduction of XPs aimed at limiting YNG inflation has affected it.

As can be seen from the graph, thanks to the latest Step update, we were able to severely limit the distribution of YNG. The issuance of new tokens was reduced by 95%, and a reduction in active users also caused this effect.

The price of YNG

In terms of price action, the second quarter of 2024 was in line with the crypto market’s performance.

The YNG token in the first quarter of 2024, also thanks to the launch of the new Smart Trades feature, rose from the €0.10 level to the €0.13 level. In the following months, however, thanks to the retracement of most cryptocurrencies on the market, it returned to support in the €0.10 area. However, from the beginning of July onwards, it seems to have regained some strength.

The main catalyst that could bring YNG back to the vicinity of the resistance that rejected it during April is the launch of the decentralised market, scheduled for the coming months. The following paragraphs provide all the details on this issue.

Targets achieved in the second quarter of 2024

During Q2 2024, we mainly focused on taxation, mainly because the deadline for declaring cryptocurrencies was 30 June 2024. In addition, we carried out all the necessary activities to comply with the European crypto regulation, Market in Crypto Assets (MiCA), which partially came into force at the end of June. This report is an excellent excuse to summarise the work done over the last three months. Let’s look in detail first at all the steps taken in 2024 to increase the attractiveness of our YNG token.

The Fees and Reports Functionality

The central topic of Q2 2024 was the crypto declaration. Compared to previous years, mainly due to the Agenzia delle Entrate, circular 30E and the Italian Legge di Bilancio for 2023, the obligation to declare one’s crypto was explicitly highlighted. Mainly due to two issues, as the documents mentioned above state:

Meet regulatory requirements for combating money laundering and terrorist financing.
Determine the taxes due based on the potential income generated.

How did we enable our users to comply with the latest regulations as easily and intuitively as possible? Above all, how have we tried to make our YNG token more central, also regarding this issue?

The flagship feature, revamped from 2023, is the Tax Report. This time, however, it has been placed within a larger section, which we have decided to call ‘Taxes and Reports‘, built to become the only medicine needed against the declaration ‘headache’, and consists of these services:

The Young Platform Tax Report was updated for the 2024 declaration – valid for the income declaration in Italy.
The Tax Report Integrated with Okipo (exchange, wallet and third blockchain) – valid for the declaration of income in Italy.
The Young Platform Transaction Report
Stamp duty
The consultancy service with our accountants – valid service for the declaration of income in Italy.

To ensure the best possible experience for members of the Young Platform Clubs, populated by our most loyal supporters, we applied graduated discounts for each service in the ‘Fees & Reports’ section.

The following discounts have been applied to the
Tax Report, consisting of a practical PDF with a clear and simple outline of all the cryptos you own and the data you need to fill in your tax return, including the facsimiles of Form RW and Form RT, compared to the starting price of €29

Club Bronze: 10%.
Club Silver: 20%.
Club Gold: 40%.
Platinum Club: 80%.

The same percentages were also applied to Okipo’s Integrated Report. This document is designed for Young Platform users who also use other exchanges, own NFTs, have cryptocurrencies on DeFi platforms or simply store their crypto-assets on wallets outside of Young Platform:

Club Bronze: €54 (instead of €229 per fiscal year).
Club Silver: €49 (instead of €229 per fiscal year).
Club Gold: €44 (instead of €229 per fiscal year).
Platinum Club: €39 (instead of €229 per fiscal year).

Listing of the Young Token (YNG)

Some of the most interesting news, as far as the last quarter is concerned, concerns our YNG token. In contrast to what we wrote in the previous report, where we assumed that we would start trading on decentralised exchanges by the end of the third quarter of 2024, the set-up has changed slightly.

First of all, we have decided to place this activity within the evolution process of our products, the main points of which you will find at the end of this Report. In addition, we intend to include, before the opening of the Liquidity Pools, two sales phases (one private and one public). There are three main reasons for this decision:

strengthen YNG’s liquidity;
increase the budget to support the project (to be allocated mainly to development and marketing in order to achieve the ambitious internal goals we have set ourselves);
maximize interest around the event: in this way, we expect to be able to reach a wider audience of crypto users who are active in the decentralised market but are not yet familiar with our ecosystem.

In any case, the work that will allow us to expand into the decentralised market has officially begun, after the company’s management approved the operational plan. This foresees YNG landing on the decentralised exchange (DEX) by the end of 2024.

In addition, we have started to dialogue with several decentralised blockchain protocols, specifically some Layer 2s of Ethereum. This activity has several objectives. First of all, it aims to identify the ecosystem that best matches our principles and values since we want to open the pools on at least one other blockchain besides Ethereum, where the deployment of YNG took place. We also need to define, together with the stakeholders, the incentive programme for those who will use our token.

In the first few days after the ‘green light’, we worked on the necessary documentation to tackle the next steps, which we will present to the Platinum Channel members of our Discord server in the coming weeks. If you are a club member but are not yet in the dedicated channel, join and check your mail. You should have received a form!

As already mentioned, work on the ‘token project’ is being carried out in a manner consistent with that on the corporate roadmap, as we intend to make YNG increasingly central within our ecosystem. As was already the case with the Smart Trades feature, in fact, each new feature will introduce new benefits for club members, incentivising users who are not members to join.

Discord Leaderboard

The first round of prizes for Discord users is on its way! These days, we are collecting all the necessary data to send out the prizes at the beginning of September.

If you are registered on Young Platform, you should have received a notice about it. For those who don’t know what it is, it is the Young Platform community’s common space where you can exchange opinions and thoughts about your journey in the crypto world.

OK, but what is the communication for? Within the server, there is a leaderboard in which members are ranked according to the XP (experience points) they have earned through their activity. In order to reward the most active members, however, we need to link their username to their Young Platform account. If you are not yet part of this exciting group, you have to join! After all, an adventure becomes much more exciting when shared.

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News on the way!

Now ‘comes the good stuff’ and even some spoilers.

As anticipated, during the second quarter of 2024, we focused a lot on the fiscal and regulatory aspects of our industry, given the various deadlines that were looming. At the same time, however, we were also able to plan for the future, setting new and ambitious goals for the coming ones. Check out the main ones.

Staking, we’re almost there!

At the end of June, the European Securities and Markets Authority (ESMA), the body that regulates financial markets and instruments for the European Union, commented on this issue by publishing a Q&A on its official website. One of the questions in the document concerned staking, specifically whether or not MiCA prohibits such activity. ESMA’s answer was quite clear: MICA does not prohibit staking and does not assume that a licence is required to offer it, provided that those providing the service, the so-called crypto-asset service providers (CASPs), act in a manner compliant with the regulations and are liable to their clients for any loss of crypto-assets attributable to them.

For this reason, we immediately set to work on integrating this service along with the ever-present benefits for our Club members, due out by the end of Q3 2024.

Join a Club!

Account & Card

As many of you may have noticed, we are gathering your feedback and opinions through a form and one-to-one interviews to decide our next big innovation. Your ideas are crucial in shaping our future.

We have something special in the works, a project that has been part of our plans for a long time. Recently, we decided to take it up again, thanks to new opportunities that allow us to think big.

Imagine a novelty that allows you to combine the best of traditional and digital worlds, a feature that does not merely offer a simple tool but aims to transform your daily experience into something revolutionary. We want to differentiate ourselves from our competitors and create something unique, not just an accessory but a valid extension of our ecosystem.

We aim to launch this novelty by the end of the first quarter 2025. We are working on various ideas to reward our Club members and further enhance the YNG token, perhaps with incentives to increase your engagement and rewards.

July 3, 2024July 3, 2024

New Smart Trades strategies with Crypto-USDC pair and free USDT to USDC conversion

Young Platform updates the Smart Trades functionality to ensure a trading environment that is compliant with MiCA regulations.

The company has decided to modify the pairs in the Smart Trades functionality, migrating from the crypto-USDT pair to the crypto-USDC pair.

With this update, we aim to inform our users about the strategic decisions taken by Young Platform following the entry into force of European Regulation No. 2023/1114 of 31 May 2023 concerning Markets in Crypto-assets (MiCA), effective from 30 June 2024.

These decisions reflect the need to comply with the Italian government’s recent approval of the Legislative Decree of 25 June 2024. This decree aims to align the national regulatory framework with the provisions of the MiCA Regulation and ensure coordination with existing regulations in Italy, particularly the Consolidated Banking Act (TUB) and the Consolidated Finance Act (TUF).

8 July 2024: new Smart Trades strategies with Crypto-USDC pair

Starting on 8 July 2024, Young Platform will implement a significant change in the Smart Trades strategies offered to users, utilising the crypto-USDC pair. Therefore, from 8 July to 15 July, adding new funds to strategies already active or created during this timeframe will not be possible.

This strategic decision is to comply with the MiCA Regulation, which promotes security and transparency in the cryptocurrency sector.

USDC’s adoption as the reference stablecoin in the new Smart Trades strategies is motivated by its growing adoption and complete adherence to the regulatory requirements of the MiCA Regulation. USDC is widely recognised for its stability and regulatory compliance, making it an ideal choice for users seeking safety and reliability in their trading operations.

Young Platform has always placed great emphasis on compliance and protecting the interests of its users. This new implementation represents a further step forward in ensuring a secure, transparent, and compliant trading environment. Our platform continues to evolve to meet the needs of a constantly changing market, offering innovative and regulatory-compliant solutions.

15 July 2024: conversion of USDT to USDC in active Smart Trades

Starting from 15 July 2024, Young Platform will convert all USDT to USDC in Smart Trades strategies activated before 8 July 2024 for free. The user will not incur any fees for this conversion.

This initiative is part of our ongoing commitment to ensuring compliance with regulations and providing an efficient and advantageous service for users. The free conversion eliminates additional costs for the user, facilitating the transition to a compliant and consolidated stablecoin like USDC.

USDT, PAX Gold, and DAI will not be delisted

Young Platform does not plan to delist USDT, PAX Gold, and DAI until further notice. We are actively collaborating with the foundations of these stablecoins to support their compliance with the MiCA Regulation. By the end of July, we will provide updates on the availability of these currencies on our platform.

Moreover, we will closely monitor any regulatory updates or communications from the stablecoin issuers and promptly inform users of relevant news.

Conclusion

Young Platform remains firmly committed to ensuring a safe, compliant, and advantageous trading environment for all users. The new Smart Trades strategies with the crypto-USDC pair and the free conversion of USDT to USDC are concrete steps towards regulatory compliance and protecting users’ interests. We thank everyone for their understanding and cooperation during this transition phase.

Communication to Young Platform Users Regarding MiCA Regulation

Communication to Young Platform Users Regarding MiCA Regulation and USD Coin

Following our communication on June 29, we want to update you on the compliance of stablecoins on Young Platform concerning the MiCA Regulation.

USDC Stablecoin Compliance

We are pleased to inform you that the USDC stablecoin is now fully compliant with the MiCA Regulation. The USDC and EURC White Papers, available here, provide further details.

As of 1 July 2024, USDC will be issued as an EMT (Electronic Money Token) under Article 3 of the MiCA Regulation. USDC will remain available on the Young Platform without interruptions or modifications.

Official Website: Take a look at the Circle and USDC websites.

For information and support, visit the Circle website or open a ticket.

For all information requests and subpoenas from law enforcement, send an email to [email protected].

Updates on Other Stablecoins

Regarding the other token (USDT, PAX Gold, and DAI), we await official communications from their respective issuers about their compliance with MiCA. In the meantime, Young Platform has taken the following measures to ensure compliance with the new European regulation:

Continuous monitoring of official communications from the issuers.
Timely updates to users regarding any news on the compliance of the stablecoins.

We will keep you informed with a new communication shortly about the next steps regarding these stablecoins.

Thank you for your attention, and please stay tuned for further updates.

June 29, 2024June 29, 2024

Communication to Young Platform Users regarding MiCA Regulation

We are approaching a pivotal stage in the world of cryptocurrencies: the entry into force of European Regulation No. 2023/1114 of 31 May 2023 concerning Crypto-Asset Markets (MiCA). In particular, the first block of the relevant European legislation will come into force on 30 June, which will significantly impact stablecoins and the broader digital asset market across the European Economic Area (EEA). Specifically, under the MiCA Regulation, authorised stablecoins must meet stricter reserve requirements, governance, and transparency requirements. Furthermore, on 25 June 2024, the Italian government approved the Legislative Decree to align the national regulatory framework with the MiCA Regulation, aiming to ensure coordination with existing sector provisions in Italy (particularly with the TUB and TUF).

What changes for Users?

With the entry into force of the MiCA Regulation, Young Platform is working to ensure that all cryptocurrencies offered on our platform comply with the MiCA Regulation, implementing a series of measures to protect Users and create an even safer and regulated environment.

Stablecoin: The MiCA Regulation introduces new rules for Stablecoins, which must meet specific requirements to be offered to the public. For reasons better explained below, Young Platform is already working to comply with this new regulation. Still, no changes are planned to the offering of Stablecoins on our platform. We will continue monitoring regulatory developments and guidance from competent authorities and promptly inform Users of any updates.

Greater transparency (Articles 27, 29, and 40 MiCA): We will provide more detailed information on the cryptocurrencies offered, including associated risks and specific characteristics of each token. In particular, we will focus on Asset Reference Tokens (ART) and Electronic Money Tokens (EMT), for which MiCA establishes specific requirements (Articles 16 and 48 MiCA):
- a) ART Tokens: According to Article 3(6) of MiCA, these are “a type of crypto-asset that is not an electronic money token and aims to maintain a stable value by referencing another value or right or a combination of the two, including one or more official currencies.” The MiCA Regulation requires platforms like Young Platform to obtain written consent from the issuer of the ART token before offering it to the public (Article 16 MiCA) and to comply with specific transparency and communication obligations (Articles 27, 29, and 40 MiCA).
- b) EMT Tokens: According to Article 3(7) of MiCA, these are “a type of crypto-asset that aims to maintain a stable value by reference to the value of an official currency.” The MiCA Regulation establishes stricter requirements for EMT token issuers, which must be authorised as credit institutions or electronic money institutions (Article 48 MiCA) and must also publish a White Paper containing detailed project information (Article 51 MiCA). Platforms offering EMT tokens must also comply with specific rules on communication and marketing (Article 53 MiCA).

Clear communications (Articles 29 and 53 MiCA): Our communications will be even more transparent and informative, in line with MiCA requirements on marketing and advertising. We will provide all the necessary information to make informed decisions. In particular, regarding EMT tokens, our marketing communications will comply with MiCA’s specific provisions for this type of token.

Dedicated support: Our Customer Support Team is available to answer any questions or concerns you may have regarding MiCA and its implications.

What changes for Spot Trading services, purchasing Stablecoins with Fiat Currency, and Smart Trades?

Although the MiCA Regulation has introduced specific requirements, particularly for Asset-Referenced Tokens (ART) and Electronic Money Tokens (EMT), it does not provide a definitive and exhaustive list of which cryptocurrencies fall into these two categories.

This means that issuers themselves have not openly declared with certainty whether their Tokens should be considered EMT or not. Consequently, Young Platform is in the position of having to independently interpret the regulation and is awaiting definitive clarification from the relevant authorities.

To date, Young is doing its best to contact all Token issuers that may fall into the aforementioned categories, asking them whether they are working to comply with the new obligations for ART and EMT issuers. Due to the absence, as mentioned, of a precise classification of these types of Tokens and considering the various possible interpretations of the regulation, Young Platform has not made any changes to its Spot Trading service for Users or, for the same reasons, to the service of purchasing Stablecoins with Fiat Currency or the Smart Trades service. It should be noted that in the first week of July, we will send Users a new update regarding the classification of EMTs and ARTs, to provide the latest data on issuers who have decided to regularise their Tokens and to specify how these issuers intend to operate. Furthermore, the same communication will further clarify how Young Platform intends to manage Tokens not authorised under the MiCA Regulation.

Certainly, the Company will continue to monitor regulatory developments and guidance from competent authorities constantly, and we will promptly inform Users of any updates and/or changes to the service.

Finally, we invite you to consult the official MiCA summary prepared by public authorities, available at this link.

If you have any questions or doubts, please do not hesitate to contact our customer service. We are here to help you navigate this new regulatory landscape and make the most of the opportunities offered by the MiCA Regulation.

June 21, 2024June 21, 2024

The 9 most expensive ultra rare pokémon cards in the world

Ultra rare pokémon cards: ranking and prices

What are the 9 most ultra-rare Pokémon cards? Discover the ranking and their staggering prices.

The world of ultra-rare Pokémon cards has captivated collectors and enthusiasts for decades, creating a thriving secondary market. Pokémon, an abbreviation of “pocket monsters,” is derived from the eponymous Japanese video game created by Satoshi Tajiri and Ken Sugimori. The game took the world by storm upon its release in 1996, and the Pokémon trading card game (TCG), launched the same year, quickly gained global popularity.

Today, Pokémon cards are used for gameplay and as coveted collectables. Each card features a specific Pokémon with unique abilities and health points, allowing players to engage in strategic battles. With over 9,000 cards released, some ultra-rare Pokémon cards have fetched exorbitant prices, placing them on par with classic collectables like coins and stamps.

Read on for the ranking of the nine most ultra-rare Pokémon cards in the world – you might just have a hidden gem tucked away somewhere in your home.

What makes Pokémon cards ultra rare and valuable?

Several factors contribute to the rarity of these Pokémon cards. Primarily, it’s their history. Due to their limited production, cards released during special events, exclusive tournaments, or anniversaries tend to be more valuable.

Condition is also crucial. Cards in mint condition, graded “gem mint”, or highly rated by grading services like PSA or Beckett, can command much higher prices than those showing wear and tear.

Like stamps, printing errors can turn an ordinary card into a valuable collectable. These “defects,” such as missing shadows, typos, or altered colours, can be subtle, making them particularly intriguing to avid collectors who know these ultra-rare Pokémon cards by heart.

Lastly, the value of the cards also depends on the Pokémon depicted. Iconic Pokémon like Charizard or Pikachu tend to have higher-valued cards simply because they are more sought after and beloved by fans.

In recent years, non-fungible tokens (NFTs) have mirrored the scarcity and rarity of traditional collectables. From stamps and coins to trading cards, clothing, musical instruments, and finally, unique digital assets, the world of collecting continues to evolve. Are NFTs poised to become the new frontier in this domain?

Discover the world of digital assets

The ranking of the 9 most ultra-rare Pokémon cards in the world

9. Kangaskhan family event trophy

This card, released in 1998, celebrates family teamwork in TCG battles. Its symbolic importance and rarity give it a value of $150,000.

8. Umbreon gold star holo

This rare card, featuring a holographic Umbreon, was distributed in 2005 to Japanese Players Club members who had accumulated over 70,000 points. Due to its exclusivity and striking design, it is valued at around $180,000.

7. Ishihara GX promo card (autographed)

This unique card was issued in 2017 to commemorate the 60th birthday of Tsunekazu Ishihara, founder of the Pokémon franchise. Exclusively given to company staff and autographed by Ishihara, it has reached an astonishing value of $247,230, making it one of the most coveted cards by collectors.

6. Snap Pikachu

This rare card from 1999 was the prize in a contest associated with the Pokémon Snap game. Only one copy exists, and it is valued at approximately $270,000.

5. Trophy Pikachu N. 3 trainer bronze

This trophy card, given to the top three winners of the first Pokémon tournament in Japan in 1997, holds significant historical value. Auctioned for an impressive $300,000, it represents one of the first official competition prizes.

4. Trophy Pikachu N. 2 trainer silver

Released in 1998, this trophy card celebrates one of Japan’s early competitive Pokémon card events. Its value reflects its rarity and historical significance.

3. Blastoise Wizards of the Coast presentation galaxy star holo

Created in 1998 as a preview for Wizards of the Coast’s TCG line, this card is extremely rare, with only two known copies. Its scarcity and special status confer a value of $360,000.

2. Charizard Base Set Shadowless 1st edition

This rare Pokémon card from 1999 became famous due to a printing error, lacking the typical shadowing of its more common counterparts. This makes it one of the most desired cards among collectors, with a value reaching $420,000.

1. Pikachu-Holo Illustrator

Distributed to fewer than 20 illustrators as a prize in an art competition 1998, this card is the most valuable and rarest in the world. Due to its extreme rarity and historical significance, it is considered the holy grail of Pokémon cards, with the value of one, perhaps the last in mint condition, estimated at $6 million.

Now that you know which are the 9 most ultra-rare Pokémon cards in the world, it’s time to turn your house, garage, and attic upside down to see if you might have owned one!

June 18, 2024June 18, 2024

Keep track of your wallet’s performance with Young Platform’s new Profit and Loss feature

The update of the P&L (Profit and Loss) feature on Young Platform is designed to provide you with a clear and detailed view of your cryptocurrency portfolio’s performance. This article will explain all the features that make the P&L function an essential tool for monitoring and analysing your profits and losses.

What is the Profit and Loss feature?

The P&L feature is the barometer of your cryptocurrency portfolio. It intuitively displays the wallet’s overall performance, from realised gains to potential ones. This helps you make more informed decisions, setting orders based on data presented in simple pie charts, saving you time.

Profit and Loss is located within the Analytics section. Thanks to a convenient menu, you can quickly view data and charts by clicking icons. Let’s examine all the new sections.

Profit and Loss

Total yield is the core of the Profit and Loss feature. It shows you the total sum of your profits and losses in percentage and monetary terms (€). This function considers all value changes in your crypto, thus both realised and unrealised gains and losses.

By “unrealised”, we mean the counter value of the cryptocurrencies you own but have not yet converted into euros. Only when you sell them does that profit or loss become “realised”. The values shown here are net of fees.

If you have only deposited fiat without placing orders, the values reported here will be zero. However, if you have deposited crypto, profits or losses will be recorded as the price fluctuates.

The breakdown by categories, in the section immediately below, shows how your capital is distributed among different strategies: Spot, Moneyboxes, and Smart Trades. In this case, it is the total latent profit of your cryptos. At a glance, you know which strategy is yielding the best results.

Volume Analysis

Monitor your portfolio’s volumes by following deposits, withdrawals, and purchase, sale, and exchange orders. For complete control over your operations, you can select the month and transaction category you wish to view in the chart.

Crypto Allocation

The cryptocurrency distribution chart shows the percentage breakdown of your portfolio among the different cryptocurrencies held. Each chart segment represents a specific cryptocurrency, highlighting its proportion relative to the total portfolio. This lets you quickly see which cryptocurrencies make up the most significant part of your overall portfolio and evaluate whether to add or shift capital based on those generating a gain or a loss.

Transactions

Summarises the total transaction volumes. This summary is useful for evaluating a potential upgrade to a higher identity verification level or enrolling in a Club that offers fee discounts tailored to our needs.

Balance Distribution

The balance distribution chart, across different strategies, shows how your portfolio’s capital is allocated among various strategies. Each chart segment represents a specific strategy, highlighting its proportion relative to the total balance. This lets you quickly see which strategies constitute the most significant part of your portfolio, facilitating the analysis and management of diversification, risk, and returns associated with each strategy.

Portfolio Diversification

The chart shows the division of your capital among euros, cryptocurrencies, and stablecoins. Each chart segment represents one of these categories, highlighting their proportion relative to the total portfolio. Cryptocurrencies are subject to volatility and can vary significantly in value, while stablecoins tend to have a stable value as they are pegged to a fiat currency or a physical asset like gold.

Definitions and Examples

Focusing on some key terms is necessary to better understand actual profits and losses or whether the decisions made have proved successful generally.

Unrealised Gain

Unrealised gain (or loss) indicates the growth or decline in the value of the cryptocurrencies in the portfolio, calculated on the difference between the purchase or deposit price and their current value. If sold or converted, such gain (or loss) becomes “realised” net of fees.

Example:

You buy 0.5 BTC at 15,000 EUR (30,000 EUR per 1 BTC).
The current value of 0.5 BTC is 17,500 EUR (35,000 EUR per 1 BTC).
Unrealised gain: 17,500 EUR – 15,000 EUR = 2,500 EUR.

Realised Gain

The total gain or loss generated by the portfolio through sales or conversion transactions is calculated based on the purchase and sale prices of the cryptocurrencies at the time of the operations. Transaction fees are included in the calculation as a loss.

Example:

You buy 0.5 BTC at 15,000 EUR (30,000 EUR per 1 BTC).
You sell 0.5 BTC at 17,500 EUR (35,000 EUR per 1 BTC).
Realised gain: 17,500 EUR – 15,000 EUR = 2,500 EUR.

Purchase Price

The purchase price represents the actual cost of buying a cryptocurrency, including only those bought through Young Platform and not those deposited or withdrawn from/to external wallets.

Example:

You buy 0.4 BTC at 12,000 EUR (30,000 EUR per 1 BTC).
You have already deposited 0.3 BTC in your wallet at 9,600 EUR (32,000 EUR per 1 BTC) (this is not included in the purchase price calculation).
Purchase price considered only for BTC purchased on Young Platform = 30,000 EUR per 1 BTC.

Average Price

A LIFO (Last In, First Out) methodology calculates the average purchase price. It is assumed that the units sold or withdrawn are the last ones bought or deposited, with variations in the average price of the assets with each transaction.

Example:

Case 1: only purchases

You buy 0.3 BTC at 9,000 EUR (30,000 EUR per 1 BTC).
You buy 0.2 BTC at 7,000 EUR (35,000 EUR per 1 BTC).
Initial average price = (9,000 EUR + 7,000 EUR) ÷ 0.5 BTC = 32,000 EUR per 1 BTC.

Case 2: sale (LIFO method calculation)

You sell 0.3 BTC.
BTC sold at 35,000 EUR per 1 BTC (0.2 BTC = 7,000 EUR) and part at 30,000 EUR per BTC (0.1 BTC = 3,000 EUR).
The remaining average price after the sale = (9,000 EUR – 3,000 EUR) / 0.2 BTC = 30,000 EUR per BTC.

Case 3: new purchases

You buy 0.4 BTC at 16,000 EUR (40,000 EUR per BTC).
Updated average price = (6,000 EUR + 16,000 EUR) / 0.6 BTC = 36,667 EUR per BTC.

Case 4: subsequent sale

You sell 0.3 BTC.
BTC sold at 40,000 EUR per BTC (0.3 BTC = 12,000 EUR).
Remaining average price = (6,000 EUR + 4,000 EUR) / 0.3 BTC = 33,333 EUR per BTC.

Case 5: deposits and withdrawals

You deposit 0.3 BTC at 9,600 EUR (32,000 EUR per BTC).
Updated average price = (6,000 EUR + 9,600 EUR) / 0.6 BTC = 26,000 EUR per BTC.
You withdraw 0.3 BTC.
BTC withdrawn at 32,000 EUR per BTC (0.3 BTC = 9,600 EUR).
The remaining average price = (6,000 EUR) / 0.3 BTC = 20,000 EUR per BTC.

Conclusion

With the update of the Profit and Loss feature on Young Platform, monitoring and analysing the performance of your cryptocurrencies is simpler and more accessible. The interactive charts allow you to keep a clear and intuitive view of your gains and losses. Whether you are a beginner or an expert in the crypto world, this new feature will help you better manage your portfolio and make more informed decisions.

June 17, 2024June 17, 2024

zkSync (ZK): you can purchase it on Young Platform Pro starting today!

You can now purchase zkSync on Young Platform Pro! Everything you need to know
zkSync is now available on Young Platform Pro and is ready to buy, hold, and sell.

We resume our listings with ZK, one of Ethereum’s most promising Layer 2 solutions and one of the most advanced projects in scalability.

zkSync: everything you need to know

zkSync is an Ethereum Layer 2 solution that enables users to execute transactions more quickly and cheaply. The Matter Labs team founded it in 2020, aiming to enhance scalability through Zero-Knowledge Rollup technology.

zk-rollups group transactions are executed on the network in batches and sent to the main blockchain in a compressed format. This maintains Ethereum’s security and decentralisation while reducing transaction costs. This technology was developed to solve major issues with the Ethereum network, which can often become slow and expensive when congested.

In just a few months since the launch of the leading network, zkSync Era, it has attracted many users and a significant amount of Total Value Locked (TVL). ZK, zkSync’s cryptocurrency, is the network’s governance token, allowing holders to participate in essential decisions for the protocol’s future.

zkSync was launched via an airdrop in June 2024, distributing 3.7 billion tokens to users who had used the protocol in the preceding months. From its launch, the zkSync network has hosted some of the most promising and popular decentralised applications (dapps) like Uniswap and Curve Finance, along with native DeFi platforms like Sync Swap and Holdstation.

As previously mentioned, this Ethereum Layer 2 is one of the most promising in the crypto world. Over the past years, it has raised nearly $500 million through various funding rounds. Venture capital firms investing in the project include Andreessen Horowitz (a16z), DragonFly Capital, ConsenSys, and Alchemy, some of the most prominent funds in the sector.

How to Use zkSync on Young Platform?

Here are all the features available for zkSync (ZK) on Young Platform Pro:

Purchase and sale with USDT.
Network deposit and withdrawal.

What are you waiting for? Access the Young Platform app or web version to purchase the cryptocurrency of this Ethereum Layer 2.

Attention! All CEX withdrawals for Zk Sync (ZK) are disabled until 12 p.m. UTC tomorrow, June 18, 2024.