Connect with us

Blockchain

Yearn Finance, Cover Protocol announce termination of merger process

Republished by Plato

Published

on

Yearn Finance and Cover Protocol have parted ways, according to an announcement made earlier today.

Yearn Finance announced the end of the merger process between the two, clarifying that yVault depositors who have already purchased Cover protection would be unaffected by this.

The aforementioned merger was initially announced in November 2020, with Cover intended to be the backstop coverage provider for the Yearn product suite. Developers from the two protocols had been working together since inception, with Yearn Finance at the time stating that collaboration between the two parties came naturally for both.

While many anticipated that the synergies of this merger would be beneficial to users of both protocols and the DeFi ecosystem at large, the Cover hack brought an end to most of this optimism.

The Cover Protocol was hacked on 28 December, with an infinite printing scheme contributing to the price of COVER falling significantly on the charts. Later, a “white hat” hacker named Grap.Finance claimed responsibility for the exploit and returned all the stolen funds, which amounted to over $3 million at the time.

After the incident, however, many users lost faith in Cover Protocol, with Yearn Finance speculated to be one of them. In fact, while the project did not explicitly state what the reason for the de-merger was, Yearn’s founder Andre Cronje took to Twitter to make the following statement,

“Personally, this was very sad to see. I had very high regard, trust, and faith in the Cover team. Lesson learned. Won’t trust them again.”

Source: Coingecko

Cover protocol’s native token $COVER dropped in value by over 28% in the 30 minutes that followed the announcement. At press time, $COVER was trading at $587.49.

It is also worth noting that most users in the community have backed Yearn Finance’s decision.


Sign Up For Our Newsletter


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://ambcrypto.com/yearn-finance-cover-protocol-announce-termination-of-merger-process

Blockchain

Real Estate Giant Teams up with Gemini to Buy Bitcoin and Allow BTC Rent Payments

Republished by Plato

Published

on

Caruso, one of the largest estate companies in the US, has entered the BTC space with an undisclosed investment. The organization also revealed it will begin accepting bitcoin as payment for rent following a partnership with Gemini – the cryptocurrency exchange founded by the Winklevoss twins.

Pay Rent with Bitcoin

Without specifying the precise amount, Caruso announced earlier that it had made a “significant initial investment” in the primary cryptocurrency as part of its treasury management strategy. The move has made the company “the first to adopt the technology in the real estate industry.”

The firm completed the purchase through a partnership with Gemini, a US-based cryptocurrency exchange and custodian. The innovation reinforced the company’s confidence in the digitizing space.

Additionally, the firm enabled its tenants to pay rent with bitcoin, should they choose to do so.

Rick Caruso, founder, and CEO of the company weighed in on the topic:


ADVERTISEMENT

”We believe that cryptocurrency is here to stay. We believe that bitcoin is the right investment for us. We’ve allocated a percentage of what would normally go into the capital market into bitcoin.”

The billionaire went further and stated crypto is a long-term resolution and ”it’s not about the next year or five years”.

”We are thrilled to partner with Caruso as they continue to push the real estate sector to new heights by embracing cryptocurrency for the benefit of both their customer experience and their own business operations. We are excited to help them execute their digital asset treasury strategy and advise them more broadly throughout their cryptocurrency journey.” – commented Gemini’s CEO Tyler Winklevoss.

The Los Angeles-based company has become a part of the growing institutional adoption of bitcoin around the globe. According to experts, companies like MicroStrategy, MassMutual, Tesla, and more are a vital factor behind BTC’s recent price increase.

Bitcoin as a Form of Payment

While Caruso may be the first firm from the real estate industry to adopt BTC as a payment method, companies from other sectors have well preceded it. Most recently, the popular NBA team Sacramento Kings said it will give the option to its players to receive their salaries in the primary cryptocurrency.

Another fresh example is the UK private jet company – PrivateFly. The organization revealed that nearly 20% of its yearly payments were paid in bitcoin.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/real-estate-giant-teams-up-with-gemini-to-buy-bitcoin-and-allow-btc-rent-payments/

Continue Reading

Blockchain

Binance Coin, BitTorrent Token, Ontology Price Analysis: 10 April

Republished by Plato

Published

on

Binance Coin registered huge gains in the past few weeks. BitTorrent Token could consolidate before seeing recovery, while Ontology could face selling pressure if it falls out of the rising channel it was trading within.

Binance Coin [BNB]

Binance Coin, BitTorrent Token, Ontology Price Analysis: 10 April

Source: BNB/USDT on TradingView

From March 25 to April 10, at the time of writing, BNB has climbed from $225 to $473. Using the Fibonacci tool for its move from $225 to $356, where BNB had faced some resistance in early April, extension levels were plotted. These levels have been reached, and more ambitious targets for BNB lie in the $550 region.

It is not out of the question that BNB reaches these levels, especially with the BNB quarterly burning set for later this month. On the hourly, the RSI continued to stay above neutral 50 to show an uptrend in progress, and no divergence was seen. The Stochastic RSI was dropping toward oversold territory.

BitTorrent Token [BTT]

Binance Coin, BitTorrent Token, Ontology Price Analysis: 10 April

Source: BTT/USDT on TradingView

On the hourly chart, BTT broke out of a descending channel but was rejected at the $0.01 resistance level. Sometimes, breakouts from descending channel consolidate within a range before reaching toward the peak of the channel.

This could be what is happening for BTT. It has resistance at $0.01 and support at $0.0075. The breakout point at $0.0085 is also likely to serve as support.

Trading volume was trending downward. The Awesome Oscillator showed bearish pressure was present, although it was not strong.

Ontology [ONT]

Binance Coin, BitTorrent Token, Ontology Price Analysis: 10 April

Source: ONT/USDT on TradingView

ONT was also trading within a channel, but this one was ascending. Again, the short-term outlook placed ONT right beside a level of importance. There was resistance for ONT at the $2.05 level, and support from the lower boundary of the rising channel.

ONT began trading within this pattern about three days prior to the time of writing. A session close beneath the channel would likely see ONT face further selling pressure to take it to the base of the channel at $1.72. THE OBV has been on an uptrend in recent days but the MACD was beginning to drop.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/binance-coin-bittorrent-token-ontology-price-analysis-10-april

Continue Reading

Blockchain

IOTA co-founder discloses Coordicide’s release date

Republished by Plato

Published

on

The cryptocurrency market has seen the altcoins surge despite the correction witnessed in the short term. IOTA, the altcoin ranked 27th on CoinMarketCap, has grown dramatically on the charts right from the start of the month.

IOTA co-founder Dominik Schiener recently did one of his systematic AMA sessions. He elucidated some of the most important concepts about the development of IOTA and its updates, Chrysalis and Coordicide.

To begin with, Schiener answered a question about the challenges that IOTA 2.0 or Coordicide might face in its deployment process. One of the issues faced by the group of developers was to discover and fix bugs on major components.

The co-founder further shared his optimism on the progress in the AMA session.

“Coordicide will fully decentralize IOTA. On the theoretical side we are doing very well to deliver what is promised which is a fully decentralized IOTA. I think the biggest risk is the implementation.”

At this very moment, IOTA targetted Q4 of this year as a tentative date for Coordicide’s rollout. However, this depends largely on the results of the incentivized testnet, Schiener said:

“A lot of that will depend on how well the incentivized testnet goes, that’s why we always say that the incentivized test network is the most important part of Coordicide. That’s where the research combines with the implementation to test in an open environment.”

Furthermore, Schiener addressed concerns regarding data sharding. The Value Tangle team, just like the Coordicide team, reviewed all the “paths” and possible implementation of this component. Schiener stated:

“I think when it comes to sharding, if I had to sum it up, I think the biggest risk is going to be building a solution that is going to kill IOTA adoption. In a similar way of how they said the biggest risk to Ethereum is Ethereum 2.0.”

What’s interesting to note here, is the analogy with ETH and ETH 2.0. 

Keeping all the risks in mind, Schiener concluded:

“With that in mind, the team have received feedback from their corporate partners to create a solution that the market wants. In large part, Chrysalis will be the culmination of that feedback.”


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/iota-co-founder-discloses-coordicides-release-date

Continue Reading
Blockchain2 days ago

XRP Price Analysis: 08 April

Blockchain3 days ago

Decentralized oracle solution Umbrella Network adds Huobi as validator node

Blockchain2 days ago

Tesla’s landlord accepts crypto; will Elon Musk pay rent in Bitcoin?

Blockchain3 days ago

Why JP Morgan’s CEO calls Bitcoin regulation a “serious issue”

Blockchain2 days ago

Bitcoin Miners Hit Jackpot as Hash Rate Peaks Again

Blockchain2 days ago

Miners are hoarding Bitcoin from record daily earnings

Blockchain2 days ago

Crypto sentiment falls even as Bloomberg tips Bitcoin will hit $400K

Blockchain2 days ago

Revolutionizing the crypto-market in India with CryptoBiz exchange

Blockchain2 days ago

$48B Asset Manager Millennium Management Dabbles With Bitcoin

Blockchain3 days ago

Tendermint acquires B-Harvest, creator of Cosmos-based Gravity DEX

Blockchain4 days ago

CoinMarketCap removes South Korea crypto exchanges from Bitcoin price tracker

Blockchain3 days ago

Ontology’s cross chain DeFi lending platform Wing is now live on Ethereum

Blockchain2 days ago

America’s Second-Oldest Bank State Street to Enable Crypto Trading on its Platform

Blockchain2 days ago

Binance Smart Chain Daily Transactions 200% More Than Ethereum’s

Blockchain2 days ago

3X as many crypto figures make it onto Forbes 2021 billionaires list as last year

Blockchain4 days ago

Paxos applies for clearing license with SEC following successful pilot tests

Blockchain2 days ago

Polkadot Price Analysis: 08 April

Blockchain2 days ago

Digital yuan campaign planned for contested island in the South China Sea

Blockchain4 days ago

How Chainlink’s (LINK) 22% rally could be just the start

Blockchain2 days ago

Bitcoin exchanges just saw massive Tether stablecoin deposits

Trending