Blockpass partners with Liquidstar – “the Uber for Electricity” – t0 integrate KYC digital identity solutions for a Decentralized Autonomous Utility (DAU) management system utilizing container charge stations that deploy smart batteries for off-grid power.
For the COVID-19 pandemic, the two companies are also working together with Vista Advisory Partners, Feed the Streets Lagos, Afara Group, Ample and GCIF to provide sustainable power to those in serious need.
CoinGecko: 23% Participate In Yield Farming But 40% Can’t Read Smart Contracts
Despite the growing DeFi craze in the past few months, a recent survey compiled by CoinGecko revealed that just 23% participate actively in some form of yield farming. However, many of the farmers answered that they don’t know how to read smart contracts but were enjoying high ROIs.
Yield Farming Is A Growing Trend
This year can be safely categorized as the decentralized finance (DeFi) boom. The rapid explosion of its popularity could be attributed to some extent to yield farming – the process of earning a return on capital by locking up funds with specific protocols and receiving rewards.
The popular cryptocurrency data aggregator CoinGecko conducted a survey to shed some light on users’ perspective and approach towards digital assets, the DeFi sector, and yield farming in particular.
As the chart below illustrates, nearly all respondents have heard of the two largest cryptocurrencies – Bitcoin and Ethereum. 94% have purchased at least one digital asset, while 81% have heard of liquidity mining or yield farming.
Interestingly, out of 1,347 respondents, only 23% answered that they had participated in yield farming in the past two months. According to CoinGecko, this indicated that yield farming is “still a niche but growing trend.”
The survey also demonstrated that yield farming is primarily dominated by males (90%), while females were only 6%. The remaining 4% preferred not to answer (or were binary).
Farmers Don’t Know How To Read (Smart Contracts)
The past several months displayed that the DeFi field doesn’t lack risks. Whether it was human errors or hacks, numerous protocols failed, resulting in significant losses for investors.
Most of the study participants (79%) claimed that they understand the associated risks to a “reasonable extent.” However, 40% of yield farmers answered that they don’t know how to read smart contracts, and 33%% were not aware of impermanent loss.
According to CoinGecko, these results suggested that farmers are unable to calculate their real ROIs and are “extreme risk-takers for the sake of the high returns.”
Nevertheless, 93% of respondents noted that they had massive ROIs of at least 500% from yield farming. CoinGecko commented that these results are “not a surprise find as many of the current new pools provide insanely high APY of over 1,000%. Our opinion is that these high yields offered are not sustainable as it comes with high risk.”
The large rewards for farmers mean that they don’t mind paying the higher fees on the Ethereum network. Over 70% answered that gas fees of $10 or more per transaction seemed reasonable at this point.
Bitcoin Indecisive Below $10,500 as Altcoins Continue to Suffer (Wednesday Market Watch)
Most of the cryptocurrency market is finally taking a breather after a few consecutive days of price drops. Bitcoin sits just shy of $10,500, but some large-cap altcoins like Ethereum are still displaying issues.
Bitcoin Hovers Around $10,500
In the past couple of days, Bitcoin went from a top of $11,150 to a bottom of below $10,300. The primary cryptocurrency correlated with the price performances of other financial markets. Gold and equities plummeted similarly following rising COVID-19 confirmed cases in Europe.
Since yesterday, though, the asset has displayed minor recovery signs. The free-fall stopped, and BTC even headed towards $10,600. However, the bears didn’t allow any further price increases and drove the price down to its current level – around $10,450.
In case Bitcoin continues recovering, it needs to overcome the first resistance at $10,580, followed by $10,700, and $10,840, before having a chance to face $11,000.
Alternatively, the support levels that could assist if it drops lower are $10,300, $10,200, and $10,000.
On a 24-hour scale, the correlation between gold and Bitcoin seems interrupted. While BTC has stopped declining, gold is back under $1,900 per ounce. However, this could suggest further adverse price developments for BTC. As reported recently, BTC tends to follow the precious metal as the 60-day correlation between the two reached a new all-time high.
Large-Cap Alts Struggle With Recovery
As it generally happens, the billions of dollars that evaporated from the crypto market cap in the last few days harmed altcoins the most. Ethereum went from challenging $400 to about $330. Despite increasing slightly to $338 since the bottom, ETH is still in the red on a 24-hour scale.
Bitcoin Cash has increased by 0.5%. Thus, BCH has extended its lead over Polkadot for the 5th position as DOT has dropped by 2.7%.
Chainlink has lost the most substantial chunk of value from the top 10 (-8.5%). LINK is down below $8.5, and Crypto.com Coin, which has stayed relatively flat since yesterday, has taken over the 8th spot.
Ultra (21%), HedgeTrade (15%), OMG Network (14%), Celsius (10%), and Synthetix Network (10%) have recovered the most value in the past 24 hours.
After launching its mainnet, getting listed on several exchanges, and exploding in price in days, Avalanche has retraced today by 60%. Orchid has also declined by 15%, followed by Loopring (-9%), Blockstack (-8%), and Ren (-8%).
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Cryptocurrency charts by TradingView.
tBTC Launches for the Second Time to Bridge Bitcoin and Ethereum
After a failed (but not regretted) attempt, Thesis, the blockchain development company behind Keep Network, has just released the new version of tBTC.
tBTC is simply Bitcoin tokenized in the Ethereum blockchain as an ERC20 token backed by the original Bitcoin. The initiative might seem like another one of the many projects that seek to bring Bitcoin into the smart contract chain. Still, Thesis adds a new -and exciting- ingredient: decentralization.
tBTC is Just Another Bridge Between Bitcoin and Ethereum… But Different
“As far as I know, this release is the first permissionless, censorship-resistant Bitcoin bridge on Ethereum. Anyone can mint $tBTC by connecting to the Bitcoin and Ethereum chains, and no one can censor transactions or redemptions,” said Matt Luongo, founder of Thesis, in a Twitter thread.
This means users can be assured that their funds are not being controlled or guarded by a centralized entity.
In short, tBitcoin is a Bitcoin token with the same philosophy as Bitcoin, with very similar features to Bitcoin, only it runs on Ethereum. Thus, concerns about funds centralization and the possibility of an third party exercising some kind of censorship are addressed, as Vitalik Buterin pointed out:
I continue to be worried about the fact that these wrapped BTC bridges are trusted…..
I hope that they can all *at least* move to a decently sized multisig
— vitalik.eth (@VitalikButerin) August 17, 2020
The demand for Bitcoin tokens on Ethereum is high, especially considering the growing popularity of this blockchain after the DeFi boom. In wBTC alone, a centralized but popular tokenized version of BTC, there are more than 818 million dollars or 77860 BTCs locked up.
A Long Way to Success
tBTC had a rough start. After its first release, a bug that led to the introduction of untested functions into the code led developers to pause the project when it was only two days old. The new version, which Luongo refers to as rc1, corrected this problem and added important improvements over its predecessor:
5/ There are a number of differences between rc.1 and rc.0, which we shipped in May. The big ones are
1⃣ a guarded release, including a supply cap schedule for the first 9 weeks
2⃣ additional audits
3⃣ removing the team’s ability to pause new deposits after 6 months
— Matt Luongo (@mhluongo) September 22, 2020
Luongo and his team are optimistic, but also cautious: To avoid possible damage, they decided to set up a supply cap system that will increase over time to reach the 3000 BTC enclosed. Also, Luongo assured that he would put his investment in the project to have more skin in the game.
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