More stories

  • in

    Cointelegraph Consulting: Exploring the DeFi components in GameFi

    CryptoKitties in 2017 was the first known game to use blockchain technology, introduce nonfungible tokens (NFTs) and enable players to have a verifiable claim on their virtual assets. Then, in 2019, the introduction of an in-game currency called Smooth Love Potion (SLP) boosted Axie Infinity’s popularity and paved the way for other decentralized finance (DeFi) components to penetrate blockchain gaming. Such parallels that GameFi has with DeFi include staking, liquidity mining, NFT trading and NFT fractionalization.Continue Reading on Coin Telegraph More

  • in

    Many ETHDenver attendees report positive COVID-19 tests and few masks

    Many social media posts from ETHDenver attendees after the conclusion of the Feb. 11–20 conference claim they tested positive for the virus. A local news outlet reported that more than 12,000 people from 100 countries attended the event, which resulted in many infections among both the vaccinated and unvaccinated.Continue Reading on Coin Telegraph More

  • in

    Russia attack on Ukraine set to hit global food supply chains

    Global food prices are set to soar still further after Russia’s attack on Ukraine threatened supply chains, pushing up commodities markets that had already hit multiyear highs.Russia and Ukraine together account for a third of the world’s wheat exports, a fifth of its corn trade and almost 80 per cent of sunflower oil production, according to the US Department of Agriculture.The attack has led to a ban on all commercial vessels in the inland sea of Azov — which connects to the Black Sea — and the closure of Ukrainian ports. Some 90 per cent of Ukrainian grain exports are transported by sea and the disruption is expected to wreak havoc on food supply flows, said analysts. Wheat prices have risen by more than a fifth since the start of the year to near 10-year highs, while corn prices have risen 15 per cent. The disruption to supplies and the scramble to find alternative sources of grain will hit supply chains already struggling with high demand and rising prices because of poor harvests in key exporting countries such as Canada. “The food price inflation risk stemming from this conflict appears acute,” said Helima Croft, analyst at RBC.Clive Black, analyst at UK brokers Shore Capital, said: “The current events in Ukraine absolutely lead us to be thinking about the supply chain and inflation outlook with growing concern.”With Ukraine and Russian inventories of wheat and other grains still waiting to be shipped, analysts said prices would rise further. If a substantial share of the Russian and Ukrainian grain fails to be shipped, wheat prices could rise to levels not seen since the crisis in 2007-08 when soaring grain prices triggered riots in some countries, according to Andrey Sizov at Moscow grains research firm Sovecon. Ukraine is known as the “breadbasket of Europe” and many countries in the Middle East and north Africa are also heavily reliant on it for wheat supplies. Any disruption in supply would have a severe impact on food security in a number of countries, according to US think-tank Center for Strategic and International Studies.Lebanon imports 50 per cent of its total wheat consumption from Ukraine, followed by Libya at 43 per cent, Yemen at 22 per cent, and Bangladesh at 21 per cent. “For the 14 countries where Ukrainian wheat is an essential import, almost half already suffer from severe food insecurity,” said Caitlin Welsh, the director of global food security at CSIS.Other countries reliant on Ukraine and Russia for grain supplies include Egypt, the world’s largest wheat importer, where the two countries accounted for 86 per cent of its wheat imports by value in 2020, and Turkey, where 75 per cent of its overseas purchases of wheat came from Ukraine and Russia. Egypt had wheat inventories until November and had also been diversifying its sources, according to the country’s supply ministry.For China, about a third of its corn imports come from Ukraine and are used to feed the world’s largest hog herd. “People have corn cargoes booked out of Ukraine,” said Darin Friedrichs co-founder of agricultural research group Sitonia Consulting in Shanghai. Any disruption to those shipments would force Chinese hog producers to scramble for alternative sources including US farms. The food industry, especially in Europe and the UK, will also be hit by rising energy prices.The further rise in prices for natural gas, the main ingredient of fertiliser, will affect food prices if farmers cannot afford the increase in costs, and could hit crop quality and production if they cut use. Yara, a Norwegian fertiliser company, said in its latest results announcement that high gas prices were a challenge for the industry in Europe, adding to “global food security concerns in a situation with already tight supply across the main nutrients”.Additional reporting by Heba Saleh in Cairo and Harry Dempsey in London More

  • in

    Putin opens a dark new chapter in Europe

    The grim spectacle of Russian tanks rolling into Ukraine has shattered the dream Europe dared to nurture for three decades, that war on this scale would never again be witnessed on the continent. Naked and unprovoked aggression against its neighbour by a country with one of the world’s largest armies recalls the bleakest moments of the 20th century. The overturning of attempts since 1945 to make respect for sovereignty and territorial integrity a founding principle of international relations will have a grave human cost, and repercussions far beyond Europe. The chapter of history opened by the fall of the Berlin Wall, bringing hopes that states could choose their destinies inside a “common European home”, has been closed. A new, darker, chapter has begun.Putin’s aggression, to be clear, is founded on twin untruths. One is that this is a war of liberation, of “denazification” of Ukraine. For eight years, the Kremlin’s propaganda machine has peddled the lie that the overthrow of president Viktor Yanukovych was a “western-backed, neo-Nazi coup”. There were far-right groups among the broad array of protesters against Yanukovych’s pro-Russian kleptocracy. But they have never been among the post-uprising leaders. Ukrainian democracy is far from perfect, but — unlike Russia’s — it is real. The first freely-elected president since 2014 was a tycoon who made much of his money in the confectionery business. The second, Volodymyr Zelensky, is a Jewish former actor-comedian whose first language is Russian.The second falsehood is that this conflict was provoked by the west and Nato. In the nearly 14 years since the north Atlantic alliance declared Ukraine and Georgia would one day become members, Kyiv has never been put on a path to joining. The necessary unanimity to admit it never existed, and was unlikely to do so anytime soon. The wisdom of Nato’s post-cold war enlargement to the east will be debated in years to come. But, contrary to Kremlin claims, guarantees were not given that this would not happen. Nor was enlargement something the alliance sought or imposed. It responded to requests from countries which, having spent decades under Soviet domination, wanted to ensure this could not happen again. They will see the invasion of Ukraine as vindicating their fears.The fact that Kyiv is not a Nato member means the west has no obligation to intervene militarily in its defence. The US and European allies have ruled out doing so for fear of triggering the terrifying confrontation of nuclear-armed rivals that the world has striven to avoid for seven decades. Putin has openly threatened “consequences you have never experienced before in your history” against any nations that interfere in his invasion. But western powers have a moral obligation to provide all possible help short of direct military involvement to Ukraine, a country which they have encouraged to integrate more closely with their institutions.Military aid to help Ukrainians defend themselves against Moscow’s advance should be stepped up. Russia’s president claims — though he has lied throughout this crisis — not to plan an occupation. It would be an immense tragedy for Ukraine to be dragged into a prolonged and bloody insurgency. Yet the greater the early cost of Putin’s onslaught, the greater the chance that he limits his objectives — or meets resistance at home from Russians, who have strong family and cultural ties with Ukraine.Western countries need to rediscover the will to contain Moscow that they displayed through the cold war. They should be prepared to use their principal weapon, of economic and financial sanctions, to maximum effect. This is no longer a question of deterring Russia’s president, but of imposing the highest cost for his actions, and squeezing his ability to finance his foolish adventurism. This, too, will involve considerable dangers — of blowback effects, and of Kremlin retaliation, including through threatened “asymmetric” means such as cyber attacks. Accidental or deliberate interruptions to Russian natural gas supplies could send prices to levels that dwarf the highs of recent months, and lead to shortages in Europe. Oil and gas prices are already soaring. Assumptions about economic growth and recovery after the coronavirus pandemic could be overturned.If they are to defend their freedoms and values by non-military means, democratic allies must be prepared to bear economic hardship — and they should be explaining this to their populations. Countries west of Ukraine must also be ready to open their arms to a potential wave of refugees that could far surpass that from Syria and the Middle East in 2015.Those nations that might be tempted to side with Russia and help it to withstand international sanctions should think hard. China’s president Xi Jinping has backed Moscow’s opposition to further Nato enlargement. Its foreign minister, though, has called on all parties to show restraint, and resolve the Ukraine crisis through dialogue. Russia’s assault on a country with which China has economic ties defies Beijing’s espoused principle of respect for territorial integrity. True, China has its own ambitions towards Taiwan — which it considers part of its territory. But a global free-for-all in which borders are no longer respected is not necessarily in Beijing’s interests any more than those of its global counterparts. As in the long years of the cold war, it is vital for democracies to continue their engagement with Russian society and — as far as they can penetrate the fog of Kremlin misinformation — make clear their quarrel is with the country’s leadership, not its people. Russians have been lied to by politicians and state media, but may become increasingly uncomfortable with a war against a “brother” nation. The country’s elites have submitted to Putin as ultimate arbiter for 20 years because he seemed the best guarantor of stability and their own wealth. He has now launched a reckless war to topple the government of a neighbour. It is not impossible that it will ultimately destabilise his own. More

  • in

    Ukraine/energy: oil shock will hurt European economies

    President Vladimir Putin’s invasion of Russia’s western neighbour could well slam the brakes on the post-pandemic economic recovery. A surge in the oil price to more than $100 a barrel signals supply shock fears. Higher energy prices will squeeze household incomes and stoke inflation, accentuating central banks’ dilemma over interest rates.News of the invasion pushed prices up 8 per cent on Thursday. Russia is Europe’s most important supplier of natural gas and the world’s third-largest oil producer, producing 10mn barrels daily. Commodity traders had already responded to the rising tensions of recent weeks. Other than European natural gas futures, Brent has been the fastest rising commodity this year, up 35 per cent to more than $105. Worse, oil has quintupled in just two years. That is much faster than anything economies have experienced in more than 30 years, including the two Gulf wars.All that will translate into pocketbook pain for households in the US, globally the largest consumer. The impact of surging oil prices is swiftly passed on to US consumers, as — relative to Europe and Japan — it is lightly taxed at the pump. Already the cost of filling up is approaching 2014 levels, at more than $3 a gallon on average. High prices then caused gasoline demand to falter. Another flashing amber light comes from the metric of oil consumption as a proportion of GDP. Since the Opec oil shocks of the 1970s, any increase in this percentage to much over 4 per cent has signalled problems ahead. Assume that economic growth this year tapers down to low single digits and at today’s Brent price that figure will be roughly there. It is possible that oil supply could surprise. US shale drillers could potentially increase output by 2mn barrels a day or more by 2024, according to Rystad Energy. Saudi Arabia could pump more. Iran’s return to the oil markets is also a possibility, say traders.But the options are limited, given the investment squeeze by big producers in recent years. Europe’s dependence upon Russia’s natural gas is a serious worry. The fossil fuel provides a fifth of the EU’s energy needs, most of that from Russia. Europe is thus at the front line, in more ways than one. Putin’s invasion threatens Europe’s economies. More

  • in

    Kremlin says Russia has enough tools to survive 'emotional' market reaction

    Peskov said all necessary measures were being taken to ensure that the market reaction was as brief as possible. The rouble bounced off all-time lows on Thursday as the central bank announced FX interventions after President Vladimir Putin ordered Russian forces to invade Ukraine, a move expected to trigger new harsh sanctions against Moscow. More

  • in

    Ukraine, neighbours close airspace to civilian flights as conflict flares

    (Reuters) -Ukraine closed its airspace to civilian flights on Thursday after Russia launched a land, sea and air invasion of its neighbour, while Europe’s aviation regulator warned about hazards to flying in bordering regions.Moldova, southwest of Ukraine, also closed its airspace, while Belarus to the north said civilian flights could no longer fly over part of its territory after Russian President Vladimir Putin authorised the military operation. Ukraine State Air Traffic Services Enterprise said on its website that the country’s airspace was closed to civilian flights from 0045 GMT on Thursday. Air traffic services were suspended.The European Union Aviation Safety Agency (EASA) said airspace in Russia and Belarus within 100 nautical miles of their borders with Ukraine could also pose safety risks.”In particular, there is a risk of both intentional targeting and misidentification of civil aircraft,” the agency said in a conflict zone bulletin. “The presence and possible use of a wide range of ground and airborne warfare systems poses a high risk for civil flights operating at all altitudes and flight levels.”The aviation industry has taken heightened notice of the risks conflicts pose to civil aviation since Malaysia Airlines flight MH17 was shot down over eastern Ukraine in 2014, when fighting in the region flared. EASA said Russia’s defence ministry had sent Ukraine an urgent message warning of a high risk to flight safety, due to the use of weapons and military equipment from 0045 GMT, and asked Ukraine’s air traffic control to stop flights.Websites, which before the escalation had shown intelligence-gathering flights over or near Ukraine as the West showcased support by transmitting detectable signals in recent weeks, showed empty space on Thursday as aircraft left and Ukraine was declared a conflict zone.Early morning airline traffic skirted the whole country in crowded corridors to the north and west. An El Al flight from Tel Aviv to Toronto made a sudden U-turn out of Ukraine’s airspace around the time of its closure, flight tracking website FlightRadar24 showed. A LOT Polish Airlines flight from Warsaw to Kyiv turned back.Safe Airspace, set up to provide safety and conflict zone information after the downing of MH17, had hours earlier raised its risk level over Ukraine to “do not fly.”It warned of the potential for a cyberattack on Ukraine’s air traffic control.Russia said on Thursday it had suspended domestic flights to and from several airports near its border with Ukraine, including Rostov-on-Don, Krasnodar and Stavropol, until March 2.Russia closed some airspace in the Rostov sector “in order to provide safety” for civil flights, according to a notice to air crew, known as a NOTAM.Before Ukraine’s announcement, Britain, Canada, France, Italy and the United States told their airlines to avoid certain airspace above eastern Ukraine and Crimea but stopped short of a total ban.London-listed budget carrier Wizz Air said it was halting operations out of Ukraine in an announcement released after Ukraine shut its airspace. Germany’s Lufthansa and KLM suspended flights days earlier.Two Ukrainian airlines said last week they had faced problems securing insurance for some flights, as foreign carriers began avoiding the airspace amid Russia’s military build up on the border. More