Bitcoin’s price has dropped by 11% from $11,736 to $10,390 – all in a matter of just 10 days. In fact, some argue that the price may plummet even further with rising liquidity on the horizon. However, there are bigger concerns to take care of, such as the question of how this liquidity will be...Read More
The SushiSwap episode is a gift that keeps on giving, and not in a good way. From creator “Chef Nomi” liquidating his SUSHI holdings (Until he realized he f*cked up) to pass control to FTX CEO Sam Bankman-Fried, to the freefall the token soon found itself in (SUSHI fell by over 70% in its immediate...Read More
Although SushiSwap’s protocol is already active and attracted over a billion worth of liquidity, a Glassnode analyst said that its governance token SUSHI is still highly overvalued. By exploring the economics behind SUSHI’s value, he outlined a fair price of $0.31 per coin. SUSHI (Still) Overvalued Launched as a Uniswap fork less than a month...Read More
CoinGecko is, without a shred of doubt, one of the largest cryptocurrency data aggregators. The index has shown impressive growth over the past year following a renewed interest in cryptocurrencies as the total market cap grows in 2020. Data from SimilarWeb shows that CoinGecko has hit a considerable number of almost 25 million users in...Read More
Bitcoin continues to trade in the five-digit territory and even spiked towards $10,400. Binance Coin (BNB) is among the best performing tokens today, while most other larger-cap alts are marking minor gains. Bitcoin Struggles At $10,400 After the unsuccessful attempt to overcome $10,500, Bitcoin dived yesterday and bottomed at about $10,200. However, the bulls interfered...Read More
Co-founder and CEO of Coinbase, Brian Armstrong recently shared, in a twitter thread his thoughts on Apple’s App Store restrictions that do not allow iOS users to earn money using cryptocurrency. The CEO also made claims that Apple told Coinbase that it was ’not appropriate’ for the App Store to allow iOS customers to use...Read More
Recent heavy congestion on the Ethereum blockchain appears to have had a beneficial knock-on effect for one cryptocurrency project in particular. Loopring (LRC) is a protocol for building non-custodial decentralized exchanges (DEXs) on Ethereum. It is also one of the few projects currently placed ahead of the curve thanks to its use of zk-rollup technology,...Read More
In terms of sheer price action, this week was rather sloppy. Bitcoin was trading at around $10,400 seven days ago, and it’s now indecisive around $10,300. During the week, things did get slightly more tumultuous as BTC dipped below $10K on a few occasions, reaching as low as about $9,800 on Binance. Many thought that...Read More
In a somewhat completely unexpected turn of events, the former lead developer behind the Sushiswap protocol has returned $14 million worth of ETH to SUSHI’s treasury. This comes six days after the anonymous Chef Nomi depleted the development fund and sold it for ETH, basing his merits on the fact that he deserved that money for his...Read More
YFI took the crypto world by storm last month when it did the unthinkable and surged higher than Bitcoin’s price at the time. Since its launch in mid-August, the DeFi token pumped monumentally to top out at around $39,000. It is a prime example of demand through scarcity as the big draw for this asset...Read More
Most of the cryptocurrency market is retracing on a 24-hour scale despite increasing in value intraday. Bitcoin surged to nearly $10,500 but is back below $10,300, while Ethereum dips to $360. Bitcoin Stopped At $10,500 The positive news for the primary cryptocurrency is that its price remains in the five-digit territory. In fact, Bitcoin even...Read More
Cryptocurrency exchange, Coinbase Pro announced today that it would list YFI, which is a token of decentralized finance (DeFi) platform, from 14 September onwards. Trading of YFI would begin from-15 September from 9 AM Pacific Time (PT) onwards, according to the release. Per Coinbase Pro’s trading rules, trading on YFI-USD order book is said to...Read More
Since the beginning of September, most of the market’s attention has been on the price of Bitcoin, Ethereum, and a few of the top altcoins, with the industry continuing to tackle intense bearish pressure, at press time. Amidst all the noise, however, on-chain development seems to have been forgotten somewhat, with the new Coinmetrics report...Read More
Binance is willing to go big in the world of DeFi and is investing heavily in promoting its own ecosystem in a clear attempt to take some of the spotlights off Ethereum. During an online panel at The World of DeFi summit, Changpeng Zhao (CZ), the CEO of the world’s largest crypto exchange by trading...Read More
CEO and founder of leading crypto exchange Binance, Changpeng Zhao (CZ) announced in ‘The World of DeFi’ broadcast that the exchange would offer $100 million worth of seed funding to developers who want to build on its smart contract-based blockchain platform, Binance Smart Chain. The panel discussion said that successful projects would be able to...Read More
Sushiswap has successfully migrated its liquidity away from Uniswap and the current numbers are interesting. Data shows that there’s currently around $1.3 billion of liquidity locked in Sushiswap where Uniswap only has around $400 million. SushiSwap Completing Migration Sushiswap, the Uniswap fork that took the DeFi space by a storm, has successfully completed its liquidity...Read More
This year has certainly been a test of the Ethereum network, pushing it to its limits under unprecedented loads. Users have been disgruntled with sky-high gas fees, but other on-chain metrics have been good for the overall Ethereum ecosystem. Economic Activity Surges A recent report by analytics firm CoinMetrics has revealed that Ethereum has flipped...Read More
Bitcoin has followed Wednesday’s increases on Wall Street and has risen to about $10,400. Most altcoins are also in green, as the total market cap sees a $22 billion addition over the past day. Ethereum, Polkadot, and Chainlink surge by approximately 10%, while DeFi tokens lead the way with the most gains, as YFI touches...Read More
In a recent announcement today, the widely-used stablecoin tether (USDt) will be launched on Solana, a high-speed blockchain network. This would be the first time a stablecoin has been integrated with Solana and this move will now allow tether holders to exchange their USDt stablecoins at speeds greater than 50,000 transactions per second on the...Read More
The Uniswap fork that got all the attention during the past week, Sushiswap, is moving forward with the migration of the liquidity locked in it. According to DeFi monitoring resource Zippo, there’s about $830 million locked in the protocol that will be migrated from Uniswap to Sushiswap. Spearheading the operation is the CEO of FTX....Read More
An Ethereum Improvement Proposal (EIP) which seeks to radically restructure the Ethereum fee pricing mechanism is gaining traction among developers. Known as EIP-1599, the proposal floats the idea of increasing Ethereum’s gas limit, while setting an elastic base transaction fee which is burned automatically. This is expected to return ETH transaction fees to usable levels,...Read More
As cryptocurrency markets continue to pull back, the fastest climbers over the last month are becoming the hardest to fall. DeFi tokens have driven gains across digital asset markets during the rally, and they are now the ones leading the losses. Over the past seven days, total market capitalization for all cryptocurrencies has corrected 20%...Read More
New York-based blockchain investment firm Coinfund has invested an undisclosed amount in Rarible, a platform to trade liquid intellectual properties and any digital content with licensing via Non Fungible Tokens (NFT). Coinfund’s funding is supposed to help Rarible develop a community-governed, blockchain-based NFT marketplace that would enable it to create a direct relationship between digital...Read More
Yield farming is a popular topic in the DeFi space for some time now. We know you may have many questions regarding yield farming – What is it? Why is it generating so much buzz? Let’s start with a simple statistic. In 2020, the DeFi space is so far growing at a rate of 150%...Read More
According to a recent publication, Chinese investors are using a lot of the ETH they buy on centralized exchanges to pursue DeFi opportunities. This essentially reduces liquidity, and exchanges are forced to limit or even suspend withdrawals. DeFi Growth In China Causes Issues For Exchanges The DeFi craze exploded earlier this year. Projects began surfacing...Read More
The total USD value locked in DeFi may have taken a hit after topping at $9.5 billion. But that hasn’t stopped the proliferation of tokenized Bitcoin tokens on the Ethereum blockchain. Data shows that the ‘BTC on Ethereum’ number has now gone up to a little over 72,000. That implies that around $750 million worth...Read More
A few days after receiving control over the popular SushiSwap protocol, FTX CEO Sam Bankman-Fried revealed his personal ideas regarding its future. Those included gradually reducing the total supply after efficiently executing the multi-sig wallet transition. The Backstory: Transferring Control Over SushiSwap The drama started the past weekend when SushiSwap’s lead developer, going by the...Read More
Ethereum Options volume, at the time of writing, had dropped to $4.9M on Deribit, a level last seen back in June 2020. Interestingly, such a drop to uncertain levels has put derivatives traders in previously unchartered territory. In fact, Options volume over the past week matches the level of BTC Options volume from January 2019,...Read More
Centralized exchanges are facing the harsh reality of losing out to DeFi protocols that don’t have as many costs involved with transacting. The only way to get back in the game is to launch their own DeFi products to lure customers back, and liquidity farming is the most popular activity in the industry at the...Read More
The cross-chain data oracle platform Band Protocol has published a statement refuting the claims that its Co-Founder and CTO Sorawit Suriyakarn is the creator of the SushiSwap protocol, despite arguments broached by the community. The Community Claims Suriyakarn Is Chef Nomi In the past few days, the lead developer of the popular SushiSwap protocol, standing...Read More
