Bitpay Implements 1inch Network Support — Wallet Users Can Access Defi, Dex Aggregation

On August 31, the Atlanta-based cryptocurrency payments services provider Bitpay announced that the Bitpay wallet has integrated the decentralized exchange (dex) aggregator 1inch Network. Bitpay wallet users can utilize 1inch protocol to swap ether or the myriad of ERC20 tokens.

The Bitpay Wallet Supports 1inch

Decentralized finance (defi) has grown exponentially according to statistics as defillama.com data shows there’s $157 billion total value locked (TVL) across all defi supporting blockchains.

Metrics from Dune Analytics indicate that, as far as Ethereum network defi user growth is concerned, there are 3.2 million unique addresses. Bitpay is now allowing Bitpay wallet users to take part in some of the defi market action by supporting the dex aggregation protocol 1inch.

The 1inch dex aggregator basically scans the myriad of dex platforms like Uniswap, Sushiswap, and others in order to find the lowest prices for crypto traders. The 1inch defi protocol has its own native governance token and it is also leveraged for staking as well.

On Tuesday, the world’s largest crypto payment provider Bitpay revealed the company has partnered with 1inch and the protocol is now available to Bitpay wallet users. The integration means users accessing the Bitpay wallet can utilize the 1inch dex aggregation functionality without leaving the wallet.

Bitpay CEO: ‘We Wanted to Offer Users a Safe, Secure Way to Interact’ With Defi Apps

Bitpay’s CEO and co-founder Stephen Pair explained on Tuesday that defi protocols and decentralized applications (dapps) are popular among Bitpay’s user base.

“We wanted to offer users a safe, secure way to interact with them,” Pair stressed in a statement. “The Bitpay wallet app lets our power users spend, store and manage crypto and support for the 1inch dex aggregator enables users the ability to get the best crypto swap rates quickly,” Pair added.

The Bitpay wallet support follows 1inch announcing the protocol would be utilizing the Ethereum scaling solution “optimistic rollups” via the Optimism Gateway. Sergej Kunz, the 1inch Network co-founder believes partnering with Bitpay will bring more defi accessibility to global users all around the world.

“As defi services gradually progress towards mass adoption, it is important to offer access to the 1inch dex aggregation to as many users as possible,” Kunz remarked during the announcement.

What do you think about Bitpay adding 1inch Network support to the Bitpay wallet so users can access defi? Let us know what you think about this subject in the comments section below.

source https://news.bitcoin.com/bitpay-implements-1inch-network-support-wallet-users-can-access-defi-dex-aggregation/

Dvision Hosts Metaverse Conference for BSC’s Anniversary

PRESS RELEASE. The Dvision Network team is hosting an augmented reality metaverse conference to commemorate the first anniversary of the Binance Smart Chain (BSC) ecosystem next month. The celebration will start on the 2nd and end on the 7th of September, lasting six days with an action-packed agenda that should last around 4-5 hours per day.

Dubbed the “Binance Smart Chain 1st Anniversary in Dvision Metaversarve”, the event will count with 30 notable projects in the GameFi and NFT space built on the BSC ecosystem, including StepHero, Alpaca Finance, MyDefiPet, Cryptoblades, Bunny Park and and many others, that are disclosed in their event page. The metaverse event will be conducted in the special Binance Hall built inside of the Dvision World.

The BSC anniversary is expected to offer various activities, in-game events and airdrops sponsored by participating projects. Attendees will be able to participate in-game quizzes, get their groove on during the dancing event at the conference hall, and chase randomly spawned characters in order to be rewarded by unique NFT items and partner tokens. Last but not least, the “Digging the Earth” event will allow anyone to shovel certain areas during the event to earn partner rewards. Overall, it is expected to be a highly rewarding anniversary celebration both for partnering projects and attending members.

Conference Features

The Dvision Network has made great strides in its metaverse technology, which will be on full display during the Binance Smart Chain 1st Anniversary in Dvision Metaverse. The Conference Features will range from charring functions to NPC and payment options, showcasing how advanced virtual events can be, especially in post-pandemic times.

The chatting function will allow the users to interact through their avatars, allowing for virtual networking and information to flow from businesses to users seamlessly. An organized Information communication function will also be available along with PDF File Uploads, which will enhance the information flow.

Builders in the conference will upload video materials that can be accessed through the user’s avatar. This feature will give some flair and entertainment to the event, which will support 4k image quality. There will also be Video Conferences available where top global companies will meet.

No Metaverse is complete without an NPC. The Binance birthday event will feature AI-based product services, which will provide efficient customer service for all attendees. Individual booths will also have their exciting quests, which can be undertaken by any attendee that is up to the task.

About the Binance Smart Chain

The Binance Smart Chain launched roughly one year ago to provide an affordable and efficient solution for the Decentralized Finance (DeFi) and Non-Fungible Token (NFT) industry. Since then, the smart contract ecosystem has garnered extreme success and has adopted multiple DeFi and NFT projects.

The Binance Smart Chain is an EVM-based smart contract ecosystem created to respond to Ethereum’s growing congestion and steep gas prices. It provides faster transaction times and cheaper gas costs using the $BNB token.

BSC uses Proof of Staked Authority(PoSA) which combines aspects of Proof of Authority (PoA) and Delegated Proof of Stake (DPoS). There are twenty-one validators who take turns to produce blocks and, in return, receive $BNB transaction fees as a reward.

About Dvision Network

Built on the BSC, The Dvision Network is a blockchain-based metaverse, a place where anyone can create their avatars and participate in a virtual ecosystem where anything is possible, including games, events, and fairs. The “Binance Smart Chain 1st Anniversary in Dvision Metaversarve” is just the latest in a long line of successful virtual events.

Users can also create their own NFTs without prior development knowledge or experience, providing them with a decentralized exchange where they can be sold and bought directly, creating a revenue stream for creators. The DVI utility token is powered by the platform, trading on major centralized and decentralized exchanges.

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

source https://news.bitcoin.com/dvision-hosts-metaverse-conference-for-bscs-anniversary/

NFP Early Insight: Initial Claims Hint At Upside Potential For NFP…And USD/JPY

Via Technical Analysis https://ift.tt/2iAH24q

EUR/USD May Be Heading Into Correction Territory

Via Technical Analysis https://ift.tt/2iAH24q

Legislative Assembly of El Salvador approves $150M Bitcoin Trust

El Salvador's government has set aside $23.3 million toward rolling out crypto ATMs and $30 million to incentivize use of the state-backed "Chivo" wallet.

source https://cointelegraph.com/news/legislative-assembly-of-el-salvador-approves-150m-bitcoin-trust

Ripple’s XRP Token Looks Ready To Break Out

source https://www.investing.com/analysis/ripples-xrp-token-looks-ready-to-break-out-200600583

Cardano Faces A Hurdle Before New All-Time Highs

source https://www.investing.com/analysis/cardano-faces-a-hurdle-before-new-alltime-highs-200600582

Chinese Regulator Aims to Digitize Securities Market Using Blockchain and Smart Contracts

China’s Securities Regulatory Commission (CSRC) will promote a national alliance chain to introduce smart contracts and blockchain-based services to digitize the securities and futures market. The announcement was made at the China Securities Industry Alliance Chain and OTC Alliance Chain Special Work Symposium in Beijing. Jiang Dongxing, deputy director of the Science and Technology Regulatory Bureau of the CSRC, stated this digitization is key for the future of the industry.

China Aims to Digitize Financial Markets Using Blockchain

The China Securities Regulatory Commission (CSRC) is interested in digitizing much of the securities and futures markets using alternatives such as blockchain and smart contracts, according to discussions that happened during the China Securities Industry Alliance Chain and OTC Alliance Chain Special Work Symposium recently held in Beijing. Jiang Dongxing, deputy director of the Science and Technology Regulatory Bureau of the CSRC, made some important remarks on the subject.

Dongxing stated that the most important task at hand was to study how to advance the digital transformation of the securities and futures industry and find a way to achieve that digital transformation.

Dongxing also stressed that the appeal of blockchain consisted in establishing a trust mechanism in the network environment, and that it will be the key information infrastructure for the securities and futures industry in the digital space after the proposed digitization.

The 14th Five Year Plan

China has established blockchain as part of the 14th “Five-Year Plan” for the country. These are roadmaps developed by the Communist Party to shape the key focus of the economy in the next five years. Blockchain, along with artificial intelligence and big data, is mentioned in the latest plan. In spite of these proclamations, the country has taken a hard stance on cryptocurrencies, which are an application of blockchain technology in the monetary field. This has come to be known as the “blockchain, not bitcoin” policy.

In fact, the Chinese government has moved to forbid cryptocurrency mining from several provinces of the country, including Sichuan and Yunnan. This caused a global drop in the amount of work securing the Bitcoin blockchain and a subsequent decrease in the difficulty of mining. In the same vein, The People’s Bank of China conducted a series of crackdowns on illegal cryptocurrency trading activities in August and shut down 11 companies that were allegedly conducting illegal virtual currency transactions.

What do you think about using blockchain to digitize the securities market? Tell us in the comments section below.

source https://news.bitcoin.com/chinese-csrc-aims-to-digitize-securities-market-using-blockchain-and-smart-contracts/

Tron Founder Justin Sun Purchases Joker Tpunk NFT for $10.5 Million

Justin Sun, founder of Tron, a smart contract-enabled cryptocurrency, announced he purchased an NFT avatar for $10.5 million. The NFT, dubbed ‘Joker’ due to its appearance, is part of a Tron-native NFT series called Tpunks, that seeks to emulate the style and success of the known Cryptopunks series, but on the Tron blockchain.

Justin Sun Purchases NFT for $10.5 Million

Justin Sun, the founder of the smart contracts-enabled Tron blockchain, announced today the purchase of an NFT avatar for $10.5 million dollars worth of tron. The NFT purchased, identified as #3442 but called “Joker,” ostensibly due to its resemblance to the popular Batman villain, is part of the Tpunks series. Tpunks is a collection of NFTs that seeks to recreate the art style of another very successful line of NFTs, on Ethereum, the Cryptopunks.

The series features 10,000 avatars, of which there are some with rare traits, which make them especially desired by collectors. The project is picking up steam and has climbed to fourth place rank in collectible dapps at time of writing, according to DappRadar. Prices of rare NFTs on the platform have also spiked, with some offers reaching more than $800K.

This isn’t Justin Sun’s first foray into the NFT market. Sun was an active bidder on Christie’s sale of Beeple’s “Everydays: the First 5,000 Days” NFT. Sun made a bid of $60 million to acquire the asset, but according to his statements, he was outbid by $250K by an unknown buyer at the last minute.

NFT Craze

Non Fungible Tokens, or NFTs, have caused quite the excited commotion in the cryptocurrency space. Justin Sun is not the first to dive in. Several famous influencers, actors, and even rappers have gotten into the space to take advantage of this new kind of media. Even Jay-Z, the famous musician, partnered with Sotheby’s in June to auction an NFT inspired by his “Reasonable Doubt” album, called “Heir to the Throne.” The musician also changed his Twitter profile picture to display a Cryptopunk, something that made some of his followers believe he had purchased one.

Several other projects have sold millions of dollars in NFTs. The main project, Cryptopunks, surpassed $1 billion in sales last week, being the third NFT-based project to reach that number after Axie Infinity and Opensea. NFT fever even reaches into institutional markets. Visa, the multinational payments giant, purchased a CryptoPunk (#7610) to add to its collection on August 23, calling NFTs a “new era” of collecting.

What do you think about Justin Sun’s Tpunk purchase? Tell us in the comment section below.

source https://news.bitcoin.com/tron-founder-justin-sun-purchases-joker-tpunk-nft-for-10-5-million/

Biden Administration Pushes Global Crypto Data Sharing Rules in $3.5 Trillion Budget Bill: Report

The Biden administration is reportedly pushing to include global crypto data sharing rules in the $3.5 trillion budget package. The Treasury wants crypto businesses to report information on foreign account holders “so that the U.S. can share information with global trading partners.”

Treasury Wants to Impose More Crypto Rules

The U.S. Treasury is reportedly pushing to include more rules for tax compliance on cryptocurrency transactions in the upcoming $3.5 trillion budget plan.

The Biden administration is hoping to add the requirements for crypto businesses to report information on foreign account holders “so that the U.S. can share information with global trading partners,” Roll Call reported Monday, citing an administration official who wasn’t authorized to speak for the record.

According to the Treasury’s Greenbook, “The global nature of the crypto market offers opportunities for U.S. taxpayers to conceal assets and taxable income by using offshore crypto exchanges and wallet providers. U.S. taxpayers also attempt to avoid U.S. tax reporting by creating entities through which they can act. To combat the potential for crypto assets to be used for tax evasion, third party information reporting is critical to help identify taxpayers and bolster voluntary tax compliance.”

However, in order to get access to that information, U.S. officials need the ability to provide the same data to other countries on their own citizens with U.S. accounts. This is part of the “tax information exchange agreements,” the publication conveyed.

This effort to impose more rules on crypto transactions followed the extensive lobbying to limit the definition of a broker in the $1.2 trillion infrastructure bill which the Senate recently passed. Following backlash from lawmakers and the crypto community, an official with the Treasury Department assured that even without an amendment, non-brokers, such as miners and software developers, will not be targeted.

What do you think about the Treasury’s global crypto data-sharing proposal? Let us know in the comments section below.

source https://news.bitcoin.com/biden-administration-global-crypto-data-sharing-rules-3-5-trillion-budget-bill/

Former US President Donald Trump: Cryptocurrencies Are ‘a Disaster Waiting to Happen’

Former U.S. President Donald Trump says cryptocurrencies are “potentially a disaster waiting to happen.” In addition, he said that they “may be fake.” His comments followed another when he said bitcoin “seemed like a scam.”

Trump Is Still No Fan of Bitcoin or Crypto

Donald Trump talked about cryptocurrency in an interview with Fox Business Tuesday. Responding to a question about whether he has dabbled in bitcoin or cryptos, Trump promptly said: “I don’t. I like the currency of the United States.” He elaborated:

I think the others are potentially a disaster waiting to happen.

“I feel that it [cryptocurrency] hurts the United States currency,” he continued. “I think we should strengthen, we should be invested in our currency, not in [cryptocurrencies].” He further exclaimed, “They [cryptocurrencies] may be fake, who knows what they are.”

Referring to crypto, the former president admitted, “They are certainly something that people don’t know much about.” He reiterated:

No. I have not been a big fan.

Trump has always been a critic of bitcoin and crypto. In June, he said bitcoin “seemed like a scam.” He added, “I don’t like it because it’s another currency competing against the dollar … I want the dollar to be the currency of the world.”

In 2019, while still president of the U.S., Trump tweeted: “I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

What do you think about Trump’s comments on bitcoin and cryptocurrencies? Let us know in the comments section below.

source https://news.bitcoin.com/former-us-president-donald-trump-cryptocurrencies-a-disaster-waiting-to-happen/

Central Bank of Nigeria Selects Barbados-Based Fintech Firm as Technical Partner for CBDC Project

The Central Bank of Nigeria (CBN) has named the fintech firm Bitt Inc. as a technical partner for its digital currency project, the e-naira. As a technical partner, Bitt is expected to use its “technological competence and implementation experience” to help the CBN successfully launch the central bank digital currency (CBDC).

E-Naira Draft Guidelines

The CBN’s unveiling of the Barbados-based firm as its partner comes shortly after reports suggested that the central bank had released draft guidelines for the e-naira. In justifying the selection of Bitt, Osita Nwanisobi, the CBN’s director of communications, touted the fintech’s “tested and proven digital currency experience.”

These claims by Nwanisobi appear to be supported by a statement on Bitt’s website that suggests the fintech firm had signed a contract to conduct a CBDC pilot for the Eastern Caribbean Central Bank (ECCB). The contract was signed in 2019 and in April of 2021, ECCB finally launched its digital currency.

E-Naira and the Financial Inclusion Cause

As previously reported by Bitcoin.com News, the CBN has set October 1, 2021, as the launch date for its CBDC. The central bank insists this digital currency will deepen financial inclusion, and enable cheaper, faster remittance inflows. The apex bank says it expects the e-naira to enhance cross-border trade as well as the effectiveness of its monetary policies.

The launch of the e-naira by the CBN — if successful — will mark the final culmination of a plan that was set in motion nearly four years ago. The launch will also be seen as an important victory for both the CBN and its anti-bitcoin governor, Godwin Emefiele.

Still, with just a few weeks left before the launch, CBN must cross its fingers that it has done adequate preparation to ensure the e-naira is a success.

What are your thoughts on the CBN’s choice of a technical partner? Tell us what you think in the comments section below.

source https://news.bitcoin.com/central-bank-of-nigeria-selects-barbados-based-fintech-firm-as-technical-partner-for-cbdc-project/

Chart Of The Day: CAD/JPY

Via Technical Analysis https://ift.tt/2iAH24q

TradeStars Launches Mainnet of Fantasy Sports Stock Trading Game based on Fractional NFTs

PRESS RELEASE. TradeStars has launched “Olympic Torch”, the Mainnet of their Fantasy Sports Stock Trading Game, on 31st August, 2021.

TradeStars’ new Fantasy Sports Game allows users to trade Fantasy Stocks of world-class athletes, whose value is directly influenced by the real life performance statistics of the respective player. The Fantasy Stocks can be purchased using USDT for now; fiat payment gateways (for INR and USD) are on their way.

Fantasy Sports Gaming Today

Fantasy Sports Gaming has seen a steady rise in both popularity and valuation over the last decade. The global Fantasy Sports market was valued at $20.7 billion in 2020. It is expected to reach $48.1 billion by 2027, growing at a CAGR of 12.8% from 2021 to 2027.

Existing Fantasy Sports games all work on a similar model, which involves users creating their own ‘dream teams’ of their favorite players and earning points based on how their selected athletes perform in real life. The top users with the maximum points usually win monetary rewards at the end of each tournament or season.

In such games, users are severely restricted in their choice of sportspersons while creating their fantasy teams, which often forces them to change their teams with every match to optimize the available players. Moreover, such apps are only operational during match days.

TradeStars has introduced a completely new sports gaming model which does away with all these limitations.

TradeStars – the NASDAQ for Fantasy Sports

TradeStars has been conceptualized as a NASDAQ for Fantasy Sports Stocks, built on the Ethereum blockchain and powered by Polygon (erstwhile Matic). The trading market on TradeStars is open 24×7, all 365 days of the year.

Fantasy Stocks purchased by users are directly transferred to their wallets. Every transaction is recorded on the Ethereum blockchain, ensuring complete transparency and enhanced security. Integration with Polygon’s Layer 2 scaling solution provides almost instantaneous and gasless transactions, leading to a much superior user experience as compared to most of the existing DApps.

Users who take keen interest in sports can use their sporting knowledge to identify early and purchase the Stocks of promising newcomers which have the potential for more upside. This is similar to purchasing stocks of a growing enterprise while they are still priced low.

NFT Markets for Fantasy Stocks

TradeStars uses NFTs (Non-Fungible Tokens) to represent the real life performance stats of athletes. Moreover, instead of issuing a single NFT to represent each unique athlete (or each Fantasy Stock), TradeStars utilizes the concept of Fractional NFTs and issues what is referred to as “NFT Markets”.

The NFT Markets make it possible for buyers and sellers to purchase or sell any amount of Fantasy Stocks as they want, including fractions. This significantly enhances the liquidity offered for the Fantasy Stocks, and simultaneously provides buyers the flexibility to invest exactly as much money as they want.

As of now, TradeStars has listed Fantasy Stocks of Cricketers from all around the world. Some of the Fantasy Stocks are locked for trading, and will get unlocked only after 10,000 units of that particular Stock are purchased cumulatively.

In the coming months, Fantasy Stocks of sportspersons from various other popular sports will be featured as well on the TradeStars roster, starting with Football.

TradeStars Mainnet Launch

The Mainnet launch event was attended by over 500 viewers. It included various events, including an interactive session with Founder Christian Hentschel, with a $250 reward pool for the best questions. A host of Fantasy Stocks of popular Cricketers will be unlocked by TradeStars. These Cricketers had been selected earlier through decentralized community voting rounds.

The event also saw Anshul Pareek, Head of Marketing, announce various upcoming referral programs and reward campaigns, where participants can win special edition TradeStars Olympic Torch NFTs among other prizes. Apart from that, the Winners of the Warm Up Rewards Campaign, which sought to reward the most active participants of the Testnet phase, were announced.

Speaking about the future of TradeStars, Christian said, “TradeStars is here to change the Fantasy Sports Gaming sector. Now you have a Sports Fantasy game where you can not only apply your sports strategies to earn money, but also enjoy the thrill of Fantasy Stock trading whenever you want. We have just got started, and will constantly bring you new features and contests to keep your adrenaline pumping.”.

Go to tradestars.app to check out the new revolution in Fantasy Sports Gaming.

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

source https://news.bitcoin.com/tradestars-launches-mainnet-of-fantasy-sports-stock-trading-game-based-on-fractional-nfts/

Metamask Surpasses 10 Million Monthly Active Users, Climbing 1,800% in 12 Months

On Tuesday, the noncustodial digital currency wallet Metamask announced that the platform has surpassed 10 million monthly active users (MAUs). Year-to-date, Metamask has seen 19x growth since July 2020 as MAUs climbed 1,800% in 12 months.

Metamask Hits Over 10 Million Monthly Active Users

There’s no doubt that Metamask has been a popular Ethereum blockchain wallet that is also compatible with technologies like Polygon, Optimism, and Arbitrum. The wallet was created by the blockchain software company Consensys in 2016 and a great number of decentralized finance (defi) applications support Metamask.

In a Tuesday announcement, Metamask says that in July 2020 the platform saw 545,080 MAUs and by April 2021, Metamask had 3 million MAUs. Today, Metamask has 10,354,279 MAUs and has grown 1,800% since July 2020.

In the announcement, Metamask described some of the drivers that pushed the software’s MAU growth exponentially. For one, Metamask is considered the “primary way” global defi users interact with 17,000 unique Web3 domains. Metamask is also used to access the growing phenomenon of non-fungible token (NFT) assets that have taken the world by storm.

Two other things accelerated Metamask growth and one of them was the token swap feature. Alongside this, the Metamask mobile software gave the blockchain wallet an extra push in September 2020. Metamask’s growth announcement details:

The launch of the mobile version in September 2020 has played a crucial role in rapidly bringing new users from global markets such as the Philippines, Vietnam, China, India, Indonesia, Thailand, and Brazil.

Top 15 Geographical Metamask Regions, Celebration With Decentraland

Metamask says that as of August 2021, the software’s top 15 countries include: the Philippines, the United States, Vietnam, the United Kingdom, China, India, Russia, Brazil, Indonesia, Thailand, Turkey, Germany, France, Canada, and Spain. Metamask is thrilled about the growth and is partnering with Decentraland on September 2, 2021, to celebrate the milestone.

“Metamask defined a new kind of cryptocurrency wallet, where users don’t just interact with currencies, but with decentralized applications, and we are constantly making these new kinds of applications more safe and accessible to a broader audience,” Dan Finlay, Metamask’s co-founder concluded. “We’re letting users explore new ways of establishing trust on the internet,” he added.

What do you think about Metamask’s MAU growth? Let us know what you think about this subject in the comments section below.

source https://news.bitcoin.com/metamask-surpasses-10-million-monthly-active-users-climbing-1800-in-12-months/

Bitcoin price turns to test lower support levels as $50K stays out of reach

It's a frustratingly sideways market for Bitcoin bulls as August ends and September, which is typically a boring month for BTC price, looms.

source https://cointelegraph.com/news/bitcoin-price-turns-to-test-lower-support-levels-as-50k-stays-out-of-reach

Paying average performers poorly

It's not easy running a mortgage lender; it's even harder to run one that's growing leaps and bounds in this competitive, chaotic market.

Was this newsletter forwarded to you? Sign up here. Good afternoon ––   It's not easy running a mortgage lender. And it's especially difficult running one that's growing leaps and bounds in a market as competitive and chaotic as this one.    I sat down with Princeton Mortgage CEO Rich Weidel last week ostensibly to talk about his company making the Inc. 5000 list, but mostly I was curious about the operational pitfalls in building a company that goes from barely any business in 2017 to an expected $1.5 billion in 2021.    What jumped out at me was Weidel's perspective on how to incentivize workers, and what he argued was the delta in the mortgage industry between productivity and paychecks. Here's an excerpt from our conversation, which you can check out exclusively on HW+.   James Kleimann: Competition over the last year-and-a-half in the mortgage industry has been quite fierce. How do you find the right talent but not engage in a bidding war and blow all your capital? Or maybe you do?   Rich Weidel: I find that most companies pay unfairly. What I mean by that is that the delta between performance between average and top performer might be 5 or 6X, but the compensation delta might only be 15%. And so we've revamped over the last year or so our entire compensation model so that we have an incentive structure built for our team... essentially we pay top performers more than anybody else, but we pay average performers less than everybody else.   James Kleimann: Practically speaking, what does that look like?   Rich Weidel: Processing for example – for an average processor in the United States, I think it's about 25 units a month. And so we use some rough numbers, but let's say a processor [does] 25 units... that processor might earn an $800 bonus that month. And it winds up being something like a $350 cost per loan. Our top processors that might do 50 or 60 units can actually earn like a $7,000 bonus. And that process or cost per funded loan is only like $250 or $275.   From the beginning, we wanted to have a fewer, better-people model where we paid unfairly in that the people who really performed, we wanted to pay more than the market does. And the people who are average, we want to pay less than. And then that creates a situation where your average performers kind of work themselves out, because an average performer could leave Princeton and go make more money elsewhere. But a top performer would say, "I'm making more money at Princeton than I've made before." And it's actually the virtuous cycle of lowering our overall cost per funded loan.   If you're not already a member of HW+ and reading some of the best journalism on the housing industry, click here to join.   Until tomorrow –––   James Kleimann HousingWire Managing Editor Finance of America CEO on changes in mortgage industry    In today's Women of Influence episode, Finance of America CEO Patti Cook discusses her career, industry change, and her company going public. Listen now Why Princeton Mortgage pays average performers poorly    Princeton Mortgage CEO Rich Weidel sits down with HousingWire to talk about supercharged growth, hiring people from outside the industry, and why he pays average performers poorly. HW+ Exclusive Consolidate your real estate finance partnerships into one From streamlining origination to powering secondary market activity, we support the entire lifecycle of real estate finance. SitusAMC - powering opportunity everywhere. Elevate your business! Sponsored by SitusAMC Christian Wallace of Better to speak at HW Annual    Christian Wallace, head of real estate services for Better, will speak on a panel at HW Annual on the evolution of the real estate brokerage.   How to achieve touchless lending for the mortgage industry   This white paper covers touchless mortgage pathways and how they will set a new standard in accelerating the loan manufacturing process. Presented by Tavant How Synergy One Lending closed 250 deals in 3 months on Homebot Homebot, the award winning client-for-life portal, is helping lenders like Synergy One foster client relationships that extend far beyond the initial transaction. In just three months on Homebot, the results were undeniable. See the full story here. Sponsored by Homebot HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039, (469) 893-1480 Manage preferences