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Here are the Top DeFi Tokens With The Largest Price Jumps This Week

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Bitcoin has been smashing records in the last few months and has rallied to record highs above $60K. However, DeFi tokens have also performed well in recent weeks, allowing savvy investors to rake in some of the biggest returns in the crypto market.

Diving into the DeFi Market

DeFi refers to peer-to-peer crypto protocols that facilitate lending outside the traditional banking system. The majority of these platforms run on the Ethereum network and utilize smart contracts that set rates in real-time based on demand and supply.

More and more of these platforms are rapidly being built off blockchain ecosystems like Binance Smart Chain and Ethereum. 

Data from DeFi Pulse shows that the total value locked on DeFi protocols currently stands at a whopping $88.5 billion. Here is a look at some of the DeFi tokens that have made the most significant price jumps this week.

YFI Token Surges To New Record

Yearn Finance’s governance token, YFI, has been one of the primary beneficiaries of the current boom in the fast-growing DeFi sector. The token jumped 22% on Tuesday, clocking a new lifetime high of $78,019 per data from CoinMarketCap.

Since smashing its previous record on May 11, the YFI/USD exchange rate has gone on to add over 26% in the last 24 hours to changing hands near $83,296.32 currently. Traders have seemingly flocked the Yearn Finance market as their upside opportunities in other top coins such as LTC, DOGE and XRP diminish.

Yearn Finance is also benefiting from the recent launch of Yearn v2, which introduced essential improvements such as a new fee structure and multi-strategy vaults. The YFI price has responded bullishly to these events, while the TVL inside the Yearn Finance pool has increased to $4.36B.

Following YFI’s latest move higher to unchartered territory, Denis Vinokourov, head of research at Synergia Capital, commented:

“The rally was overdue, given the token’s relative underperformance compared to other DeFi blue chips.” 

Yearn Finance has seen strong growth in recent months, and its native token’s price has tripled in 2021 alone. Last month, the collateral locked in the DeFi protocol more than doubled to hit $4.1 billion. This incredible growth trajectory coincided with an increase in the overall TVL in the DeFi market, which rose by 70% to hit $80 billion.

Aave (AAVE) Rallies 20% in 24 Hours

DeFi liquidity protocol Aave has been surging in recent weeks after launching on the ETH sidechain Polygon in April. The Polygon sidechain is designed for scaling and infrastructure development on Ethereum. It allows the Aave protocol to offer services without charging gas fees.

Since switching to the ETH sidechain, Aave’s native token (AAVE) has seen a remarkable increase in adoption. The token has gained over 22% over the past 24 hours to trade for $526.99 currently.

Moreover, data from a Dappradar report published on April 27 showed that Aave transactions on Polygon rose by 50% in seven days, while the number of unique active wallets jumped almost 20% to 2,800.

The Maker (MKR) Price is Surging

Maker is one of the best-performing DeFi projects after its governance token MKR soared by 14% in the past 24 hours to trade for $5,642.78 currently. The total value locked on the protocol has also increased to $15.72b, per data from DeFi Pulse.

MKR, the native token of the world’s biggest DeFi platforms in terms of TVL, is benefiting from a recent move by MarkerDAO to bring real estate to decentralized finance. 

The protocol has also seen increased demand after it recently unveiled its liquidations 2.0 upgrade that came after a great deal of community involvement and support. The upgrade marks a ground-breaking achievement that will push MakerDAO closer to becoming fully decentralized.

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Source: https://btcmanager.com/top-defi-tokens-largest-price-week/

Blockchain

Bitcoin Mining to Relocate from China to US Amid Crackdown

Bitcoin Mining China US

Rate this post Following the nationwide crackdown on miners, Bitcoin mining operations in China are gearing up to relocate three tons of crypto mining equipment to the US. The new reports emerged just a few weeks after authorities in several provinces ordered power companies to discontinue supply to mining firms. Bitcoin Mining Operations Are Transitioning From China to The US In light of China’s hardening stance on crypto mining, Bitcoin moguls in the country have started to look elsewhere for lucrative opportunities.  The world’s most populous nation banned crypto-related services in May and decided to monitor mining activities more stringently. Critics in China argue that mining operations consume inordinate energy and jeopardize the country’s climate goals in the process.  To date, Xinjiang, Qinghai, and Sichuan have openly prohibited power supply to mining companies. Not surprisingly, Bitcoin’s hash rate fell sharply in the aftermath of these decisions. The ban in Sichuan, in particular, took a toll on daily hash rates.  Some experts believe that China’s anti-mining climate could provide a breakthrough for the US. For years, crypto miners relied on China’s cheap electric supply to carry out their operations. In fact, in 2018, miners in China accounted for the world’s 74%  production of Bitcoin. Now, these ventures are eyeing Texas, South Dakota, or even Canada, triggering a mass transition. The recent relocation of a mining farm from Guangzhou to Maryland is the most visible instance of this mass transition. According to Eunice Yoon, a CNBC representative, the move will see nearly three tons of mining machinery being transported to the United States. Miami Opens Its Doors to Ousted Crypto Miners Meanwhile, Miami is welcoming ousted miners to establish operations in the city. Its current mayor, Francis Suarez, a vocal advocate for cryptocurrencies, has highlighted his support for digital assets on repeated occasions. Suarez has promised several incentives for miners, which include tax concessions, infrastructure incentives, and limited regulations to galvanize investments in the sector. Furthermore, he has guaranteed lower electricity bills for miners, with more than sufficient supply from Miami’s abundant nuclear power. As far as the BTC hash rate is concerned, the current gap between the US and China is significantly wide. However, this gap is expected to begin closing as more mining companies transition to the US.

The post Bitcoin Mining to Relocate from China to US Amid Crackdown appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

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Table of Contents

Rate this post

Following the nationwide crackdown on miners, Bitcoin mining operations in China are gearing up to relocate three tons of crypto mining equipment to the US. The new reports emerged just a few weeks after authorities in several provinces ordered power companies to discontinue supply to mining firms.

Bitcoin Mining Operations Are Transitioning From China to The US

In light of China’s hardening stance on crypto mining, Bitcoin moguls in the country have started to look elsewhere for lucrative opportunities. 

The world’s most populous nation banned crypto-related services in May and decided to monitor mining activities more stringently. Critics in China argue that mining operations consume inordinate energy and jeopardize the country’s climate goals in the process. 

To date, Xinjiang, Qinghai, and Sichuan have openly prohibited power supply to mining companies. Not surprisingly, Bitcoin’s hash rate fell sharply in the aftermath of these decisions. The ban in Sichuan, in particular, took a toll on daily hash rates. 

Some experts believe that China’s anti-mining climate could provide a breakthrough for the US. For years, crypto miners relied on China’s cheap electric supply to carry out their operations. In fact, in 2018, miners in China accounted for the world’s 74%  production of Bitcoin. Now, these ventures are eyeing Texas, South Dakota, or even Canada, triggering a mass transition.

The recent relocation of a mining farm from Guangzhou to Maryland is the most visible instance of this mass transition. According to Eunice Yoon, a CNBC representative, the move will see nearly three tons of mining machinery being transported to the United States.

Miami Opens Its Doors to Ousted Crypto Miners

Meanwhile, Miami is welcoming ousted miners to establish operations in the city. Its current mayor, Francis Suarez, a vocal advocate for cryptocurrencies, has highlighted his support for digital assets on repeated occasions.

Suarez has promised several incentives for miners, which include tax concessions, infrastructure incentives, and limited regulations to galvanize investments in the sector. Furthermore, he has guaranteed lower electricity bills for miners, with more than sufficient supply from Miami’s abundant nuclear power.

As far as the BTC hash rate is concerned, the current gap between the US and China is significantly wide. However, this gap is expected to begin closing as more mining companies transition to the US.

READ  Blockpass Provides KYC Services for Trading Firm Blitz Network

#Bitcoin In China #China Crypto Mining #Francis Suarez #Miami

Source: https://www.cryptoknowmics.com/news/btc-mining-ops-to-relocate-from-guangzhou-to-maryland-amid-chinese-crackdown/

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Blockchain

MicroStrategy Acquires More Bitcoin, Holds More Than 105,000 BTC

MicroStrategy Bitcoin

Rate this post Business analytics firm MicroStrategy has added more Bitcoin to its balance sheet, taking the company’s collective holdings to a whopping 105,085 BTC. According to an announcement from the firm’s CEO Michael J. Saylor, MicroStrategy spent $489 million to add another 13,005 BTC to its treasury. Michael Saylor Announces New Bitcoin Purchase For MicroStrategy Saylor and his company have maintained their belief in Bitcoin’s potential despite the primary crypto’s ongoing price struggles in a volatile market. The company has been pumping the digital asset since last August following the pandemic-induced inflation, which forced investors to seek non-traditional options that safeguard their assets. In its most recent accumulation effort, MicroStrategy snagged 13,005 BTC for an average price of $37, 617 per token. However, the digital asset has declined sharply in the last few days, and one coin is currently trading for $32,500.  As part of its announcement, the firm revealed that its recently formed subsidiary MacroStrategy LLC holds 92,079 BTC of its total balance.  Altogether, the new investment takes MicroStrategy’s combined Bitcoin holdings to a staggering 105,085 coins. At the current spot price, this holding is worth $2.74 billion, with each token amounting to slightly more than $26,000.  MicroStrategy Raised $500M to Procure Its Current BTC Investment Earlier this month it was reported that MicroStrategy was offering senior secured notes due in 2028 to raise half a billion dollars in debt. These notes bore an annual interest rate of 6.125%. The company had originally capped the sale at $400 million, but shortly thereafter it boosted its offer by another $100 million.  Following the sale of its debt offering, the company revealed that it had amassed nearly $489 million, which would be invested in Bitcoin. At the same time, MicroStrategy also announced that it was planning to sell up to $1 billion in stocks and that part of those proceeds would be directed to buying more Bitcoin. Even before its recent purchase, MicroStrategy owned the largest reserve of the flagship crypto among all publicly traded companies. 

The post MicroStrategy Acquires More Bitcoin, Holds More Than 105,000 BTC appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

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Table of Contents

Rate this post

Business analytics firm MicroStrategy has added more Bitcoin to its balance sheet, taking the company’s collective holdings to a whopping 105,085 BTC. According to an announcement from the firm’s CEO Michael J. Saylor, MicroStrategy spent $489 million to add another 13,005 BTC to its treasury.

Michael Saylor Announces New Bitcoin Purchase For MicroStrategy

Saylor and his company have maintained their belief in Bitcoin’s potential despite the primary crypto’s ongoing price struggles in a volatile market. The company has been pumping the digital asset since last August following the pandemic-induced inflation, which forced investors to seek non-traditional options that safeguard their assets.

In its most recent accumulation effort, MicroStrategy snagged 13,005 BTC for an average price of $37, 617 per token. However, the digital asset has declined sharply in the last few days, and one coin is currently trading for $32,500. 

As part of its announcement, the firm revealed that its recently formed subsidiary MacroStrategy LLC holds 92,079 BTC of its total balance. 

Altogether, the new investment takes MicroStrategy’s combined Bitcoin holdings to a staggering 105,085 coins. At the current spot price, this holding is worth $2.74 billion, with each token amounting to slightly more than $26,000. 

MicroStrategy Raised $500M to Procure Its Current BTC Investment

Earlier this month it was reported that MicroStrategy was offering senior secured notes due in 2028 to raise half a billion dollars in debt. These notes bore an annual interest rate of 6.125%. The company had originally capped the sale at $400 million, but shortly thereafter it boosted its offer by another $100 million. 

Following the sale of its debt offering, the company revealed that it had amassed nearly $489 million, which would be invested in Bitcoin. At the same time, MicroStrategy also announced that it was planning to sell up to $1 billion in stocks and that part of those proceeds would be directed to buying more Bitcoin.

Even before its recent purchase, MicroStrategy owned the largest reserve of the flagship crypto among all publicly traded companies. 

READ  MicroStrategy’s Bitcoin Stack Up: Brilliant Moves or Risk?

#Bitcoin #CEO Michael Saylor #MicroStrategy #MicroStrategy BTC Investment

Source: https://www.cryptoknowmics.com/news/microstrategy-acquires-more-bitcoin-holds-more-than-105000-btc/

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Chris Giancarlo: U.S. risks becoming ‘backwater’ without central bank digital currency

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One of the few high-profile public officials to have served under both the Obama and Trump administrations, Chris Giancarlo is a former Wall Street executive-turn-regulator who is widely-respected by nearly all parties on Capitol Hill. As the former Chairman of the Commodities Futures Trading Commission, however, his latest venture, the Digital Dollar Foundation, might well test his soft touch with politicians.

The former regulator is now leading the Foundation towards five pilot programs set to launch this year, part of a broader effort to help the United States regain the lead in a race against China towards a functioning CBDC.

According to Giancarlo, however, the US’s priorities when it comes to a CBDC shouldn’t merely be jingoistic:

“What’s very clear, [is] that China intends their digital yuan to be an instrument of state surveillance. […] And this is why it’s one of the reasons why the digital dollar project, we’re so animated, because we feel that our new mission is to make sure central banks wake up to this and the US Fed wakes up to this, that these social values that got us here, the rule of law, a free capital markets, free enterprise, zones of individual economic privacy, are ingrained in a new digital future of the US dollar, and that we don’t allow ourselves to be taken in by what China’s doing and match that state surveillance approach.”

However, the race to a CBDC isn’t merely about maintaining current US values, but also potnetially about unlocking new forms of smart contract-based value for the wider population. 

“The notion of a digital currency, whether it be sovereign and non-sovereign, tied to smart contracts, allows money to solve the old problem of being able to move it in place, i.e. moving around the globe as easily as you could send a text message, but also move it in time. Heretofore, money was a temporal thing, but with a smart contract you can say, I want to program my money today to go to my one grandchild in the future once they graduate college and all of those contingencies can be programmed in. […] With a programmable digital currency, you can program it today to move around the globe in space, but move around the globe in time. And that is such, I think, such a powerful construct.”

Ultimately, this work is part of an effort to ensure that America maintains technological supremacy. 

“You can’t stop the march of technology in time, and if you do, you become a backwater. We in the United States have always been open to innovation and we must be open to this innovation as well. In a prudent way, in a way that’s in correspondence with our society that expects investor protections and a role for government. […] And it’s one that I’m very excited to be involved in.”

Watch the full interview here:

[embedded content]

Chris Giancarlo: U.S. risks becoming ’backwater’ without central bank digital currency

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Source: https://blockchainconsultants.io/chris-giancarlo-u-s-risks-becoming-backwater-without-central-bank-digital-currency/?utm_source=rss&utm_medium=rss&utm_campaign=chris-giancarlo-u-s-risks-becoming-backwater-without-central-bank-digital-currency

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