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Yam.finance Is Not Dead, Community Wants To Revive The Project

Yam.finance collapses, but a revival looms near YAM token is down by 99.3% compared to its ATH noted 8 days ago DeFi frenzy continues despite this incident The DeFi industry has gone through a rollercoaster ride where YAM is concerned. Yam.finance noted initial success, then imploded, and is now on the verge of making a […]

The post Yam.finance Is Not Dead, Community Wants To Revive The Project appeared first on CryptoCoin.News.

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  • Yam.finance collapses, but a revival looms near
  • YAM token is down by 99.3% compared to its ATH noted 8 days ago
  • DeFi frenzy continues despite this incident

The DeFi industry has gone through a rollercoaster ride where YAM is concerned. Yam.finance noted initial success, then imploded, and is now on the verge of making a spectacular return. All of this is happening within the same week. 

The Rise and Fall of Yam.finance

Big was people’s surprise when recently launched Yam.finance attracted millions of dollars. Given the current DeFi frenzy out there, everyone is chasing the next big project. In the Yam’s case, over $650 million worth in assets locked was achieved very quickly. Not too shabby for a project created by a team of five developers. 

Despite the initial success, Yam quickly fell apart. It took just two days for one of its smart contracts to highlight a key weakness. Most of the user funds were kept safe, but the generated YAM token had no value. Additionally, as much as $750,000 in yCRV are lost forever. This is what happens when users deposit vast sums of money into an unaudited smart contract. 

The Game isn’t Over

Following this debacle, the logical outcome is to see Yam.finance disappear. That is, after all, what usually happens to projects losing money. This time, however, there is a genuine interest in reviving the project.  A community takeover is nothing new in the cryptocurrency world, but they hardly ever turn out well. 

More specifically, the community is helping the initial team of developers to overcome initial issues. By offering new ideas on how to proceed. Yam, finance may be able to make a rather spectacular comeback soon.

Not much is known about the actual revival of the project. It does appear the YAM token will remain a core aspect of the ecosystem. Existing holders may want to keep tabs on what is going on behind the scenes. 

Yam.finance v2 and DeFi Frenzy

The first order of business is to migrate the existing contract. It also appears that an audit of the code has occurred, even though it doesn’t mention any “severe” issues at this time. The identified issues have been addressed by the team, according to a blog post

The big question is how much support the revived Yam.finance will generate. The community has been friendly so far, yet any new mishap can quickly erode any remaining confidence. 

Despite the issues affecting Yam.finance, the DeFi craze is not relenting in the slightest. More and more money is being poured into these decentralized finance projects. Currently, all projects combined have a total value locked of over $6.5 billion. 

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OCC Chief Hints at Coming ‘Good’ Actions on Crypto by End of Trump’s Term

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Acting Comptroller of the Currency Brian Brooks predicted a lineup of cryptocurrency banking and clarification actions will emerge from the Trump Administration during its final days.

The chief national banking regulator was speaking on CNBC Squawk Box:

“I don’t think we need 50 regulations, but what we do need is clarity about what’s allowed,” he said. Brooks cited banks plugging into “directly into blockchains as payment networks” as one place where “the answer has to be yes.”

Brooks seemed to imply that the crypto banking clarity coming “in the next 6 to 8 weeks” would have a positive impact on bitcoin‘s price.

“It may have been a bubble two years ago, but with more clarity institutions that see this is a real thing are going to adopt at scale, which they’ve already started to do so,” Brooks said. He said regulatory clarity “are the things that are driving prices at this point.”

Brooks refused to directly answer show hosts’ questions about the rumored self-hosted wallet regulation supposedly coming out of the Treasury Department. Last week, Brooks’ former boss, Coinbase CEO Brian Armstrong, publicly suggested on Twitter that his current one, Treasury Secretary Steve Mnuchin, would stifle crypto innovation with a slap-dash final regulatory push.

“We’re very focused on getting this right, we’re very focused on not killing this, and it’s equally important that we develop the networks behind Bitcoin and other cryptos as it is that we prevent money laundering and terrorism financing so believe me, there’s a balance here and it’s going to work for everybody,” he said.

Source: https://www.coindesk.com/brian-brooks-crypto-clarity

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Over 200,000 Bitcoin Moved Out of Long-Term Storage Since November

Unchained Capital revealed the news via a data visualization on Dec 3. Unchained’s ‘HODL Waves’ metric measures the activity of bitcoin by the length of storage. The total share of the bitcoin supply locked in storage between five and seven years fell from 5.48% to 4.67% between Nov 1 and Nov 30. Some Long-Term Investors … Continued

The post Over 200,000 Bitcoin Moved Out of Long-Term Storage Since November appeared first on BeInCrypto.

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Approximately $4 billion worth of bitcoin which had been inactive for between five and seven years was moved out of long-term storage following November’s massive price rally.

Unchained Capital revealed the news via a data visualization on Dec 3.

Unchained’s ‘HODL Waves’ metric measures the activity of bitcoin by the length of storage. The total share of the bitcoin supply locked in storage between five and seven years fell from 5.48% to 4.67% between Nov 1 and Nov 30.

Some Long-Term Investors Take Profit

Investors who locked their coins into storage in 2013 did so at a price level that averaged between $134 and $1,151. In 2014 and 2015, the price averaged between $500 and $750.

With bitcoin closing at $18,702 on Nov 30, long-term investors would have made anywhere between 1524% and 13,856%.

Bitcoin All-Time Price Chart: TradingView

According to the HODL Waves calculation, 1.19% of the bitcoin total supply left this storage category and became active on-chain.

Given the current total supply of 18,60,637.5 BTC at press time, this represents roughly 200,000 BTC, currently worth just over $3.8 billion.

Bitcoin HODLers Not Relenting

The data reveals a mix of long-term strategies. The vast majority of long-term investors are not only holding, but also increasing their holdings.

Whereas the previous five to seven year long-term storage category fell more than 1%, the over ten-year storage category actually rose 0.19% from 9.73% to 9.92%.

The long-term storage category between seven and ten years also rose 0.2% from 7.08% to 7.28%. Similarly, the three to five year storage category jumped 0.69% from 10.06% to 10.85%.

In fact, the data shows that it’s mostly the shorter-term storage categories that witnessed holding declines. Overall, more than 61% of bitcoin’s total supply has not moved at all in more than a year.

This data, some argue, would seem to validate the position that bitcoin could be viewed more as a store of value asset and an inflation hedge versus just a speculative instrument.

On Nov 19, BeInCrypto reported that Glassnode data had revealed a huge surge in creation of new bitcoin addresses, only bettered in January of 2018.

On-chain analyst Willy Woo predicted that bitcoin’s Network Value Transaction Ratio (NVT) all-time high in mid-November was driven by the presence of “underlying long term investors.” This he said, would drive bitcoin to a new all time high, which subsequently took place on Nov 30.

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Source: https://beincrypto.com/over-200000-bitcoin-moved-out-of-long-term-storage-since-november/

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OMG Network acquisition raises its token price by 18%

TL:DR Breakdown: Ethereum-based OMG Network has been acquired by a Hong Kong blockchain venture capital firm. The announcement brought over an 18 percent price increase for the native token, OMG.  The native cryptocurrency of the OMG Network (OMG) noted a two-digit percentage increase today. The development follows an announcement that the network has been acquired […]

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TL:DR Breakdown:

  • Ethereum-based OMG Network has been acquired by a Hong Kong blockchain venture capital firm.
  • The announcement brought over an 18 percent price increase for the native token, OMG. 

The native cryptocurrency of the OMG Network (OMG) noted a two-digit percentage increase today. The development follows an announcement that the network has been acquired by Genesis Block Ventures (GBV), a blockchain-focused venture capital investment company. GBV’s plans for the blockchain network is geared at accelerating more adoption and expanding its reach across countries in Asia and beyond, according to the announcement on Friday.

OMG Network sets for adoption

In 2017, the OMG Network was established as a subsidiary of SYNQA, a holding computer in Asia that specializes in blockchain development for fintech, online payment, and digital transformation. The OMG Network serves an Ethereum-based network that allows users to process transactions on Ethereum off-chain at a faster and reduced fee. In August 2020, Tether had partnered with the OMG team to host the popular US dollar-backed stablecoin, USDT, on the OMG Network.

However, following the acquisition by GBV, the network’s team and business will be transitioned from the initial parent company, SYNQA, to Genesis Block, in a bid to spearhead more growth and adoption for the blockchain network. Meanwhile, the acquisition today could be viewed as an important development for OMG users, as the native token surged by 18 percent since the announcement today. 

OMG reacts to new acquisition

According to Denis Vinokourov at Brokerage Bequant in London, “OMG surged higher overnight in reaction to the news that Hong-Kong based OTC trading firm is to acquire OMG Network.” The cryptocurrency increased from $3.74 to $4.41, making over 18 percent price growth. In August, the token grew by more than 200 percent due to the craze in the decentralized finance (DeFi) market, which, in turn, increased the activities on the network.

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