Connect with us
[crypto-donation-box]

Blockchain

Yearn.finance (YFI) surges 30% in 1 day: what’s fueling the rapid rally?

The price of YFI, the native token of the decentralized finance (DeFi) giant Yearn.finance, surged 30% in 1 day.

The post Yearn.finance (YFI) surges 30% in 1 day: what’s fueling the rapid rally? appeared first on CryptoSlate.

Republished by Plato

Published

on

The price of YFI, the native token of the decentralized finance (DeFi) giant Yearn.finance, surged 30% in 1 day.

YFI rose from $21,500 to as high as $28,151 on Binance within 12 hours, demonstrating strong momentum.

yfi yearn.finance
The 4-hour chart of YFI, the native token of Yearn.finance. | Source: TradingView.com

Three key factors have buoyed the short-term rally of YFI: its extended consolidation, an expanding development team, and recent controversies.

Factor #1: extended consolidation

Since its initial drop to sub-$20,000 on September 5, YFI had been ranging mostly between $21,000 and $23,000.

For altcoins, which tend to see substantially higher volatility than Bitcoin or Ethereum, a five-day consolidation phase is relatively long.

Due to its exponential rally throughout August, YFI also had not seen many periods of consolidation. Hence when the price of YFI exceeded $23,500, it caused a strong rally to a major resistance level.

Throughout the past five days, YFI was below short-term moving averages for the majority of the time. Technically, that caused momentum to build over time and it fueled a huge spike in volatility.

Factor #2: an expanding development team behind Yearn.finance

Yearn.finance has rapidly expanded since early August, especially as the demand for the yETH vault massively increased.

The yETH vault allows ETH holders to gain yield by simply placing their tokens within the vault. According to stats.finance, Yearn.finance has $1.124 billion in value locked. Out of the $1.124 billion, $438 million are locked in the vaults.

yearn.finance
Yearn.finance’s vault stats and total value locked. | Source: stats.finance

As the user activity on Yearn.finance sharply increased, the projected needed more developers to sustain the platform.

On September 10, the Yearn.finance team announced 12 new team members across development, content, and operations.

Factor #3: Recent controversies around SushiSwap boost Yearn.finance

As CryptoSlate extensively reported, SushiSwap founder “Chef Nomi” sold about $10 million worth of dev funds in SUSHI.

The sudden sell-off caused the price of SUSHI to drop by nearly 90% within seven days.

Since then, the community has seen newfound respect for Yearn.finance’s Andre Cronje and Uniswap’s Hayden Adams. They both released decentralized projects in a transparent manner, with no pre-mined financial incentives and clear governance models.

Cronje, the founder of YFI praised for transparently launching the token, said:

“Seeing a lot of projects promoting ‘multisig governance’ like it is a feature. It is a stopgap for proper governance. But proper governance takes time to formulate. Multisig is not a feature, its a crutch. If teams promote this as a feature, please think twice.”

The confluence of a favorable technical structure and the growing demand for Yearn.finance’s products fueled its recent upsurge.

Atop the strong fundamental factors, the confidence around the project has also started to improve due to recent controversies around pre-mined DeFi projects.

In July, Mechanism Capital’s Daryl Lau described the release of YFI as “a tale of fair launch.”

“Despite having the power to give himself a pre-mine or founder reward, he elected instead to keep zero tokens for himself,” he wrote.

Posted In: Analysis

Like what you see? Subscribe for daily updates.

Source: https://cryptoslate.com/yearn-finance-yfi-surges-30-in-1-day-whats-fueling-the-rapid-rally/

Blockchain

Opimas estimates that over US$190 billion worth of Bitcoin is currently at risk due to subpar safekeeping

Republished by Plato

Published

on

May 2021. Safekeeping of cryptocurrencies presents a challenge for institutions holding cryptocurrencies on their clients’ behalf. Cryptocurrency transactions are irreversible and anyone with full access to a wallet’s private key controls the cryptocurrencies that reside within it. Frighteningly, a number of institutional participants and even some large cryptocurrency exchanges rely on subpar custody approaches, leading Opimas to estimate that over US$190 billion worth of Bitcoin is currently at risk due to subpar safekeeping.

Luckily, a number of companies have emerged to address this problem. A new research report from Opimas—Crypto Custody: No More Excuses, authored by analysts Suzannah Balluffi and Anne-Laure Foubert—looks at the landscape of cryptocurrency custody-enabling technology providers and institutional-grade cryptocurrency custodians as well as the size of the market for cryptocurrency custody and brokerage services.

Some key findings in the report include:

Many of even the largest holders of Bitcoin and other digital assets continue to rely on storage devices meant for individual investors. Although some of these self-custody devices and wallets are secure and reputable, the operational risk posed by this approach is significant for institutional investors. Furthermore, a chunk of institutionals’ cryptocurrency holdings sit in hot wallets on exchanges. In total, about 22% of institutional cryptocurrency holdings are safeguarded in these relatively risky manners (Figure 1).

Figure 1. CUSTODY METHODS UTILIZED BY INSTITUTIONAL INVESTORS 

 

Source: Opimas analysis.

There are no more excuses for lackadaisical safekeeping – institutions can now choose from several reputable cryptocurrency custody-enabling technology providers and institutional-grade cryptocurrency custodians. Yet no custody solution is equal – there is still no best practice when it comes to security and governance relating to private keys. For example, some providers may rely on time-tested Hardware Security Modules (HSMs), while others use a newer technology known as Multi-Party Computation (MPC) – see Figure 2.

Figure 2. A COMPARISON OF HSM AND MPC TECHNOLOGY PROVIDERS

Source: Ledger, Fireblocks, Opimas analysis.

Some cryptocurrency custodians have followed in the footsteps of traditional capital markets by adding prime brokerage services to their offerings, including trading and settlement, lending, margin finance, staking, reporting, and capital introduction services. Opimas estimates that the current annual revenues generated by the institutional crypto brokerage and custody market are roughly US$2 billion and will grow to nearly US$8 billion by 2026 – a sizeable portion of this coming from brokerage services (Figure 3).

FIGURE 3. THE MARKET FOR CRYPTO CUSTODY & PRIME BROKERAGE SERVICES IS GROWING 

Source:  Opimas analysis. 

  • Regulations surrounding institutions’ ability to store cryptocurrency have become clearer (and in some cases more favorable) in numerous jurisdictions. Notably, the Office of the Comptroller of the Currency (OCC) ruling in the US has allowed banks to store cryptocurrencies for their customers. This regulatory clarity has led a number of financial institutions around the world to provide trading and custody for digital assets. With the advances in brokerage and custody solutions, Opimas expects institutional cryptocurrency holdings to grow from 20% of the cryptocurrency market cap to over 50% by 2026 (Figure 4).

FIGURE 4. INstitutional cryptocurrency holdings over time 

Source:  Opimas analysis.

Source: PlatoData Intelligence

Continue Reading

Blockchain

Kraken Daily Market Report for May 08 2021

Republished by Plato

Published

on


Overview


  • Total spot trading volume at $2.86 billion, 9% higher than the 30-day average of $2.63 billion.
  • Total futures notional at $797.5 million.
  • The top five traded coins were, respectively, Ethereum, Bitcoin, Dogecoin, Tether and Ethereum Classic.
  • Strong returns from Gnosis (+14%) and Ethereum (+12%).

May 08, 2021 
 $2.86B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
ETH 
$3914.1 
↑12% 
$797.5M
XBT 
$58953. 
↑2.7% 
$795.7M
XDG 
$0.6368 
↓7.6% 
$636.4M
USDT 
$1.0014 
↑0.05% 
$285.3M
ETC 
$128.55 
↑7.0% 
$104.4M
ADA 
$1.6234 
↓1.9% 
$79.3M
LTC 
$347.39 
↑0.6% 
$50.5M
XRP 
$1.5653 
↓1.0% 
$48.7M
DOT 
$39.923 
↑0.07% 
$43.9M
BCH 
$1400.7 
↑4.4% 
$42.4M
USDC 
$1.0 
↑0.0% 
$40.4M
LINK 
$48.693 
↓1.3% 
$30.8M
EOS 
$10.361 
↓0.26% 
$29.7M
TRX 
$0.1431 
↓3.0% 
$17.1M
FLOW 
$28.668 
↓2.9% 
$16.1M
SC 
$0.0405 
↓4.7% 
$15.6M
STORJ 
$2.2312 
↓0.4% 
$14.7M
ATOM 
$29.510 
↑3.0% 
$11.8M
XLM 
$0.6155 
↓2.5% 
$11.6M
DASH 
$409.86 
↑1.3% 
$11.2M
XTZ 
$6.9881 
↓1.3% 
$10.0M
QTUM 
$25.576 
↓4.3% 
$9.83M
XMR 
$476.08 
↑4.6% 
$9.7M
KSM 
$435.0 
↑1.3% 
$7.39M
ZEC 
$315.75 
↓1.3% 
$6.91M
FIL 
$148.15 
↓1.4% 
$6.82M
WAVES 
$32.449 
↓0.14% 
$6.57M
UNI 
$40.532 
↑2.0% 
$6.55M
ALGO 
$1.5198 
↓3.7% 
$6.03M
DAI 
$1.0011 
↓0.01% 
$6.0M
OMG 
$11.829 
↓0.15% 
$5.87M
LSK 
$8.4918 
↓6.0% 
$3.77M
COMP 
$782.88 
↑9.6% 
$3.71M
ICX 
$2.6909 
↓1.6% 
$3.63M
NANO 
$9.7242 
↓0.6% 
$3.63M
AAVE 
$466.93 
↑5.7% 
$3.39M
GRT 
$1.5855 
↓0.6% 
$3.05M
OCEAN 
$1.4907 
↑2.0% 
$3.02M
KEEP 
$0.6183 
↑6.5% 
$2.98M
GNO 
$291.84 
↑14% 
$2.91M
SNX 
$18.448 
↓1.1% 
$2.72M
MANA 
$1.4419 
↓1.7% 
$2.67M
KAVA 
$6.2917 
↓2.8% 
$2.6M
BAT 
$1.4187 
↑0.6% 
$2.57M
CRV 
$3.5639 
↓2.6% 
$2.41M
KNC 
$3.4433 
↓2.6% 
$1.93M
REPV2 
$48.252 
↑1.0% 
$1.83M
OXT 
$0.6666 
↓1.1% 
$1.68M
BAL 
$69.63 
↑7.8% 
$1.52M
ANT 
$10.317 
↓3.2% 
$1.31M
YFI 
$54058. 
↑1.3% 
$1.3M
PAXG 
$1877.6 
↑0.8% 
$1.12M
EWT 
$13.644 
↓4.1% 
$772K
REP 
$46.85 
↓0.3% 
$714K
MLN 
$108.99 
↑0.5% 
$425K
TBTC 
$58915. 
↑1.6% 
$43.3K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (May 08 2021)



Figure 2: Mid-size trading assets: (measured in USD) (May 08 2021)



Figure 3: Smallest trading assets: (measured in USD) (May 08 2021)


###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (May 08 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blog.kraken.com/post/9008/kraken-daily-market-report-for-may-08-2021/

Continue Reading

Blockchain

Legendary Pelé NFT Set to Drop on Ethernity May 8

Republished by Plato

Published

on

[Press Release – Los Angeles, California, 8th May, 2021]

Iconic Brazilian footballer Pelé will be immortalized in NFT form on May 8.

The legendary striker, named FIFA World Player of the Century, is getting the tokenized treatment with the release of a licensed aNFT – authenticated non-fungible token – exclusively on the Ethernity Chain at 12pm EST.

The coveted collection features several aNFTs of the soccer star, the result of a collaboration between Visual Lab and Rafa Zabala, whose credits include The Hobbit and Planet of the Apes.

The digital presentation includes “THE KING OF FOOTBALL,” an immersive video tracing the player’s humble origins on the streets of Brazil to a packed stadium witnessing his brilliance. The eponymous “Pelé” aNFT, meanwhile, is represented by a hyper-realistic digital bronze bust of the star in his heyday.

As part of the Pelé aNFT collection, Ethernity will be releasing multi-pack trading cards that make a nod to the player’s Panini trading cards of the past.

Ethernity’s special digital trading cards include “Gilded Bicycle Pelé,” which showcases the player executing his signature bicycle kick. The limited edition cards will be part of the Ethernity Cards and Packs Collection launching this summer, 2021.

90% of aNFT sales will go to The Pelé Foundation, a charitable organization that strives to empower young people facing poverty around the world.

Ethernity’s recent Muhammad Ali aNFT auction, which raised over $550,000, also resulted in a significant donation being made to the Muhammad Ali Foundation.

About Ethernity

Ethernity is exploring applications for non-fungible tokens (NFTs) within the context of art and philanthropy. It provides a way for celebrities and public figures to endorse digital artwork created by renowned artists. Anyone can purchase each limited edition artwork, with a portion of the proceeds going to charitable causes that the celebrity supports. Ethernity was founded by early Bitcoin investor and NFT innovator Nick Rose Ntertsas.

Learn more: http://ethernity.io/

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.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/legendary-pele-nft-set-to-drop-on-ethernity-may-8/

Continue Reading
Blockchain4 days ago

Major Law Firm CMS Adds Stratis (STRAX) to its Legal Accelerator Program

Blockchain5 days ago

eBay could add a crypto payment option, says CEO

Blockchain5 days ago

Starcoll To Issue Limited Edition Star Wars Collectibles as NFTs

Blockchain4 days ago

Pro traders buy the Bitcoin price dip while retail investors chase altcoins

Blockchain5 days ago

Singapore’s largest bank posts tenfold crypto volume growth in Q1 2021

Blockchain5 days ago

‘This ain’t no game’ as DOGE briefly flippens Nintendo and takes #4 spot from XRP

Blockchain4 days ago

China’s Central Bank to Partner With Alibaba’s Ant Group on Digital Yuan

Blockchain5 days ago

S&P launches cryptocurrency indexes, debuting with Bitcoin and Ether

Blockchain4 days ago

WallStreetBets launches blockchain-powered app to decentralize indices

Blockchain5 days ago

Bybit Launches Ether (ETH) Cloud Mining Service as Demand Booms

Blockchain4 days ago

Bitcoin Miners Moving Away from China, F2Pool Observes

Blockchain5 days ago

Bitcoin and Ethereum Indices Debut on S&P Dow Jones

Blockchain4 days ago

40% intend to use crypto for payments in the next year: Mastercard survey

Blockchain4 days ago

Here Is Why XRP Volume Has Recover Across Payment Corridors

Blockchain5 days ago

eBay is Considering Adding Crypto Payments & NFT Sales

Blockchain4 days ago

Another XRP lawsuit update: SEC accuses XRP Holders of ‘reciting’ Ripple’s litigation position

Blockchain5 days ago

Bank of England Used as Bitcoin Advertising Board Stoking Inflationary Fears

Blockchain4 days ago

‘DeFi may lead to a paradigm shift’ says Federal Reserve Bank paper

Blockchain5 days ago

The Reason for Ethereum’s Recent Rally to ATH According to Changpeng Zhao

Blockchain5 days ago

Bybit to Launch Cloud Mining to Democratize Ethereum Mining

Trending