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YFValue Protocol: What is $YFV?

A brief report on the YFValue protocol, its background/history, value and mission, audit status, yield farming pools, and the YFV token. Yield farming and liquidity mining projects have been the new DeFi craze lately, especially aggregators. The popularity of yield farming aggregators arises from the fact that they automatically switch users’ funds among the best […]

The post YFValue Protocol: What is $YFV? appeared first on Asia Crypto Today.

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A brief report on the YFValue protocol, its background/history, value and mission, audit status, yield farming pools, and the YFV token.

Yield farming and liquidity mining projects have been the new DeFi craze lately, especially aggregators. The popularity of yield farming aggregators arises from the fact that they automatically switch users’ funds among the best sources of generating income. The first project to kickstart this chain reaction was yearn.finance (YFI). 

YFValue Protocol is a fork of yearn.finance. It was born out of the idea that the DeFi playing field wasn’t so level. The unique design allows even small to average users to participate, which makes it quite a big deal.

As of September 5, the platform has a total value locked worth over $329 million.

Table of Contents

Background And History

It’s becoming a common practice in the open-source world of DeFi to launch projects without disclosing team members or reserving shares for them. The YFValue protocol is no exception. 

YFValue was launched anonymously and fairly, meaning the team also didn’t start farming earlier than everyone else. It was announced in a Medium post titled “YFV: Bring True Value to Yield Farming” on Aug 16. The project was launched sometime after that. 

YFValue Protocol 

Simply put, YFValue Protocol is a yield aggregator, which allows users to turn their latent assets to productive ones. It’s particular selling point is the fairness of participation. It allows equal opportunity to big and small players.

The YFValue Protocol ensures that by employing two mechanisms. 1. Determination of the inflation rate of the governance token through voting 2. A referral system with on-chain automatic burning.

It deploys different strategies to give users the best yield. The protocol is controlled by a Decentralized Autonomous Organization (DAO). The governance token is YFV.

YFValue Vision and Mission

The team has defined the vision of YFValue as “To bring fairness, true value, and innovation to yield farming”. The four mission principles are accessibility, governance, profitability and insurance.

Accessibility 

YFValue’s emission schedule is designed for a longer period of time, so YFV token can reach the broader community employing multiple strategies to earn it. Its interface is designed for ease of use and contains detailed instructions. Furthermore, YFV focuses on accessibility and user experience.

Governance

The on-chain governance is flexible and effective. It encourages community participation by introducing transparent no-cost voting. The vote payment is carried out through vETH and vUSD and paid through a common fund.

Profitability 

The YFValue protocol focuses on small-cap tokens so that small capital owners with lesser-known assets can take part in yield farming. In addition, the protocol uses flexible and optimized strategies for profit maximization.

The project was developed without any payment given to the team, with the parameters and execution decided by the community. The platform also provides an optimized aggregator to ensure the best pricing and liquidity for trading the native YFV token. Furthermore, profits generated in the platform are distributed to YFV holders.

Insurance

Owing to the smart contract risks and exploitation incidents in the past, an insurance treasury is used via YFV team contributions and community funds. It will be used to provide insurance cover through Nexus Mutual to mitigate risk, in the event that the gets hacked or exploited. 

YFValue Audits

Unlike many DeFi projects, YFValue underwent a formal audit done by the Arcadia group. The audit found no high or critical severity issues, but minor code quality and health issues. And these shortcomings have been fixed since then, according to the team.

YFValue Protocol : Pools

YFValue allows direct deposits and staking of stablecoins, for the first time ever in a yield farming pool. It also allows minting of two elastic supply coins vUSD and vETH, which rebase to USD and Ethereum prices, similar to the Ampleforth.

  1. Pool 0 aka Seed pool: staking Stable-coins (USDT, USDC, TUSD, DAI) emitting 3% of the total YFV supply. 
  2. BAL Pool: staking BAL/YFV (98/2 ratio) emitting 3% of the total YFV supply .
  3. YFI Pool: staking YFI/YFV (98/2 ratio) emitting 3% of the total YFV supply.
  1. BAT Pool: staking BAT/YFV (98/2 ratio) emitting 4% of the total YFV supply.
  2. REN Pool: staking REN/YFV (98/2 ratio) emitting 4% of the total YFV supply.
  3. KNC Pool: staking KNC/YFV (98/2 ratio) emitting 6% of the total YFV supply.
  1. REN-BTC Pool: staking RenBTC/wBTC/YFV (49/49/2 ratio) emitting 10% of the total YFV supply. 
  2. ETH Pool: staking WETH/YFV (98/2 ratio) emitting 10% of the total YFV supply..
  3. LINK Pool: staking LINK/YFV (98/2 ratio) emitting 10% of the total YFV supply.
  4. UNIv2 Pool (to be voted): staking yCRV/YFV (50/50) emitting 25% of the total YFV supply.
  5. YFV Pool: staking YFV emitting 15% of the total YFV supply.

YFV Governance Token

The governance token for YFValue protocol is YFV. It has a total supply of 21M. It’s based on the popular and widely used Ethereum based ERC-20 token standard. The emission is variable and yield pool dependent.  

YFV token is used for making governance decisions, expressed by the holders thorough voting. Generally, these include voting on strategies and their parameters, token emission schedules, reward distribution, etc.  

YFV is also tradable against USDT or ETH several DEXs like Uniswap, Balancer, and many more.

vUSD and vETH

vUSD and vETH tokens are rewarded to users who stake YFV. An exact amount of 1 million vETH and 1 million vUSD will be distributed to all yield farming pools based on their percentages.

Once the YFV of all pools are used up, vETH and vUSD will utilize an oracle price feed to match USD and ETH based on their prices. The protocol will also use a rebase mechanism of vUSD and vETH every day, similar to how the Ampleforth system works.

General DeFi Fair Disclosure And Risk Warning

No human endeavor is without risk and DeFi is no different. All users should note that interacting and depositing funds into smart contracts for any purposes carry risk, due to the complexity and dependency on multiple interlinked components outside a single project’s control. 

A failure in one component can lead to an avalanche, risking all others attached to it. Please invest only what you can afford to lose, owing to the risks involved and the known volatility of crypto-assets. Consider risk tolerance and practice risk management, before investing. 

Conclusion

Lately, the DeFi has been the playground of large capital holders or the so called whales. It is in part due to the high entry requirements, thus stopping average retail investors from participating in the lucrative market. 

YFValue is aiming to change that through the allowance of direct stablecoin deposits, no cost voting, referral system, on-chain automatic burning, low cap assets usage and a varied inflation rate.

Source: https://www.asiacryptotoday.com/yfvalue-yfv-guide/

Blockchain

XDC Technical Analysis: May Soon Fall Below the First Fibonacci Pivot Support Level of $0.058

XDC Technical Analysis: May Soon Fall Below the First Fibonacci Pivot Support Level of $0.058

Rate this post XinFin Network is an enterprise-level hybrid blockchain network that aims to provide further impetus to global trade and finance. It is powered by smart contracts and has characteristics of both public and private blockchains. It is a decentralized, interoperable, and PoS-based network. XDC is the in-house token of this ecosystem. Let us look at the technical analysis of XDC. Past Performance On Jun 15, 2021, XDC opened at $0.05. On Jun 21, 2021, XDC closed at $0.06. Thus, in the past week, the XDC price has decreased by roughly 20%. In the last 24 hours, XDC has traded between $0.058 – $0.072. https://platoblockchain.net/wp-content/uploads/2021/06/xdc-technical-analysis-may-soon-fall-below-the-first-fibonacci-pivot-support-level-of-0-058.png Day-Ahead and Tomorrow Currently, XDC is trading at $0.061. The price hasn’t changed much from the day’s opening price of $0.06. Thus, the market seems neutral. The MACD and signal lines are positive.  Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect a price pullback. Currently, the RSI indicator is at 63%. It faced rejection at 58% and rose to the current level. Hence, buying pressures are high. High buying activity will push the price upwards. Besides, the OBV indicator is upward sloping. Thus, buying volumes are much higher than selling volumes. In other words, the OBV indicator is giving further credence to the positive momentum indicated by the RSI oscillator. In short, when we look at all three oscillators together, we can say that the overall market momentum is currently bullish. However, an intermittent price pullback amidst a bearish trend is expected. In other words, the market seems to be in a correction phase. XDC Technical Analysis Currently, the price is below the Fibonacci pivot point of $0.063. It may soon fall below the first Fibonacci pivot support level of $0.058. Thereafter, we have to wait and watch if the price continues to decline or starts rising again. The price has tested and fallen below the 76.4% FIB retracement level of $0.061. The price may soon fall below the 24-hour low of $0.058 as well. If the price retests and breaks out of these levels by day end, then probably the price uptrend is strong enough to sustain till tomorrow.

The post XDC Technical Analysis: May Soon Fall Below the First Fibonacci Pivot Support Level of $0.058 appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

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Table of Contents

Rate this post

XinFin Network is an enterprise-level hybrid blockchain network that aims to provide further impetus to global trade and finance. It is powered by smart contracts and has characteristics of both public and private blockchains. It is a decentralized, interoperable, and PoS-based network. XDC is the in-house token of this ecosystem. Let us look at the technical analysis of XDC.

Past Performance

On Jun 15, 2021, XDC opened at $0.05. On Jun 21, 2021, XDC closed at $0.06. Thus, in the past week, the XDC price has decreased by roughly 20%. In the last 24 hours, XDC has traded between $0.058 – $0.072.

https://platoblockchain.net/wp-content/uploads/2021/06/xdc-technical-analysis-may-soon-fall-below-the-first-fibonacci-pivot-support-level-of-0-058.png

https://platoblockchain.net/wp-content/uploads/2021/06/xdc-technical-analysis-may-soon-fall-below-the-first-fibonacci-pivot-support-level-of-0-058.png

Day-Ahead and Tomorrow

Currently, XDC is trading at $0.061. The price hasn’t changed much from the day’s opening price of $0.06. Thus, the market seems neutral.

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The MACD and signal lines are positive.  Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect a price pullback.

Currently, the RSI indicator is at 63%. It faced rejection at 58% and rose to the current level. Hence, buying pressures are high. High buying activity will push the price upwards.

Besides, the OBV indicator is upward sloping. Thus, buying volumes are much higher than selling volumes. In other words, the OBV indicator is giving further credence to the positive momentum indicated by the RSI oscillator.

In short, when we look at all three oscillators together, we can say that the overall market momentum is currently bullish. However, an intermittent price pullback amidst a bearish trend is expected. In other words, the market seems to be in a correction phase.

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XDC Technical Analysis

Currently, the price is below the Fibonacci pivot point of $0.063. It may soon fall below the first Fibonacci pivot support level of $0.058. Thereafter, we have to wait and watch if the price continues to decline or starts rising again.

The price has tested and fallen below the 76.4% FIB retracement level of $0.061. The price may soon fall below the 24-hour low of $0.058 as well. If the price retests and breaks out of these levels by day end, then probably the price uptrend is strong enough to sustain till tomorrow.

#XDC #XinFin

Source: https://www.cryptoknowmics.com/news/xdc-technical-analysis-may-soon-fall-below-the-first-fibonacci-pivot-support-level-of-0058/

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Blockchain

Is it really ‘dangerous to give predictions on’ this Ethereum high?

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Ethereum, the second-largest public cryptocurrency based on market capitalization, has shown remarkable growth over the past year. The largest altcoin has witnessed institutional as well retail interest especially considering the buzz around its much-anticipated upgrade. Pete Humiston, the current manager of Kraken Intelligence laid out a significant difference between Bitcoin and Ethereum, stating:

  • The number of ETH whales (wallets > 10K ETH): At an all-time HIGH
  • The number of Bitcoin whales (wallets >1k BTC): Approaching a year-to-date LOW

Source: Pete Humiston| Twitter

In a recent interview with New York Magazine, Bitcoin bull Mike Novogratz shared his optimistic thoughts on the altcoin as well. Founder and CEO of Galaxy Digital, Novogratz predicted a meteoric urge that can surpass ETH’s previous ATH.

In April, ETH recorded an ATH price mark of around $4,362. According to Novogratz, it can cross the previous mark because of the following factors,

“We already had payments and stable coins that really kind of gave Ether the kick last year. But then all of a sudden, you have decentralized finance (DeFi) and NFTs (non-fungible tokens) both on Ethereum at the same time roughly, with wild accelerating growth.”

Further, he added:

“You know, it’s dangerous to give predictions on the highs. But could it get to $5,000? Of course, it could.”

Novogratz currently has invested around 85% of his net worth in the crypto industry. Ethereum, at the press time, was trading just under the $2100 price mark with a correction of 8.2% in the past 24 hours.

Another analyst presented his take on the Ethereum vs Bitcoin debate:

Adoption

Apart from Bitcoin’s institutional adoption, El Salvador became the very first country to make Bitcoin a legal tender. Following this news, other Central and South American countries have started to look at incorporating Bitcoin.

On the other side, Ethereum has had no such luck (at least not yet). However, with the anticipated tech upgrade, one might see ETH’s adoption rates increasing.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/is-it-really-dangerous-to-give-predictions-on-this-ethereum-high

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Blockchain

Tradefeedr Launches FX Data Platform with Dozens of Participants

The company is determined to expand its network further.

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London-based Tradefeedr announced on Tuesday that it has launched an FX data and analytics platform with a wide network of both buy-side and sell-side firms.

The press release shared with Finance Magnates detailed that the fintech has onboarded more than 15 sell-side and more than 20 buy-side market participants. Earlier, the Tradefeedr revealed that some of the participants on its network are Goldman Sachs, UBS, XTX Markets and Insight Asset Management, stressing that all of them are global leading institutions.

Additionally, the company is in talks with 20 other market participants who are willing to join the FX network.

Commenting on the prospect, Tradefeedr Chairman, Seth Johnson said: “We are delighted by the overwhelmingly positive response from major FX participants who have now joined the Tradefeedr community. This demonstrates that there is a real need in foreign exchange to trade using correct and standardized data, allowing faster and more accurate flows.” 

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Growing Demand for Data 

Founded in 2018, the platform enables clients to improve trade execution by analyzing their FX trading data from participating liquidity providers and ECNs via a standardized API. It was founded by Balraj Bassi and Alexei Jiltsov and received a $3 million investment at the end of 2020 from the privately-owned holding company, IPGL.

“Since our inception, Tradefeedr’s vision has been to deliver superior data transfer across the global FX trading community,” Bassi said. “We are excited to now roll out the platform amongst our leading liquidity providers and consumers who will be able to submit and receive their trading data amongst each other and with ECNs & trading venues over a single API.”

Jiltsov added: “FX trading data and analytics are currently siloed between venues and the sell and buy-side. Users rely upon incomplete, inaccurate data, and before Tradefeedr, there has not been any method to work together with trading flows based on a common set of data. The significant adoption we have witnessed is a testament to the support for our vision and business model focused on transforming the FX marketplace for the benefit of all participants.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/institutional-forex/tradefeedr-launches-fx-data-platform-with-dozens-of-participants/

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