Connect with us

Blockchain

Yearn Finance Joins the Billion Dollar DeFi Group with Four Others

Avatar

Published

on

advertisement


Yearn.finance joins the billion-dollar club w.r.t. Total Value Locked (TVL). It becomes the fifth project along with Aave, Maker, Curve, and Compound with a TVL greater than $1 billion.

Advertisement

1xbit

Three of the top DeFi projects are based on a loaning platform, whereas Curve is a DEX pool specifically designed for stablecoins. Yearn.finance works as an intermediate between yield farmers and projects in selecting the top-yielding platforms.

The beginning of Curve Finance liquidity mining pool last week was instrumental for YFI’s yEarn. The Y CRV (Curve) Pool is for $YFI is enormous, accounting for more than 65% of the Curve’s liquidity. 

VAULTS YEARN (governance token stakers) a 5% gas subsidization fee and 0.5% withdrawal fees before the yield gets sent back to YEARN governance. The APR (Annual Percentage Rate) of yCRV is more than 300% which is driving the expansion of the TVL. Moreover, the price of YFI is directly linked to the TVL. 

The governance token for yearn.finance, YFI, made the headlines as it reached parity with Bitcoin in term of price per unit. Currently, 1 YFI is priced at $13700, while Bitcoin [BTC] is trading at $11,700. It remains to be in an uptrend as the yields from DeFi continue to expand.

Advertisement

Blender
yearn.finance ftx
YFI/USDT 4-Hour Chart on FTX (TradingView)

Reportedly, the price earning ratio for YFI governance is more than 4 and is rapidly expanding. Yesterday, $50k per day in true earnings, not inflation, was returned to $YFI governance token holders. 

The only major concern around the growth of these projects is the rising GAS fees on Ethereum. The GAS fees on ETH is greater than 110 Gwei which raises the cost of these transactions, however, it has been at current levels for a while and the high yields on DeFi seems to be compensating for the high fees.

Do you think that the attractiveness for DeFi is increasing with enormous yields or soon to suffer realistic blows? Please share your views with us. 

Yearn Finance Joins the Billion Dollar DeFi Group with Four Others
Article Name
Yearn Finance Joins the Billion Dollar DeFi Group with Four Others
Description
Yearn.finance joins the billion-dollar club w.r.t. Total Value Locked (TVL). It becomes the fifth project along with Aave, Maker, Curve, and Compound with a TVL greater than $1 billion.
Publisher Name
Publisher Logo


To get the daily price analysis, Follow us on TradingView

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Author: Nivesh Rustgi




Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Source: https://coingape.com/yearn-finance-joins-the-billion-dollar-defi-group/

Blockchain

LINK Liftoff Will Lead The Coin Towards $15 In The Near-Term: Analysis

Avatar

Published

on

ADVERTISEMENT

A new LINK Liftoff will lead the coin towards the $15 price level in the near-term as the coin is showing positive signs above the $13.00 level similar to Bitcoin. The price will speed up towards $15.00 or higher so let’s see the price analysis in today’s Chainlink coin news.

LINK’s token price is trading above the $13.00 level against the US dollar and now the price is facing hurdles close to the $14.00 and the 100 simple moving average with a major rising channel forming a support near the $13.50 on the 4-hour charts of the pair. The pair will also continue higher above $15.00 as a new LINK liftoff is preparing. After the sharp decline, there was a steady recovery in all XRP, ETH, and BTC as well as Chainlink so its price climbed above $12.50 and moved into the positive zone as well.

link 24hours
LINK 24-hours Price Chart (Source: Coingecko)

There was a close above the $13.00 level with a price hike above the $14.00 level but failing to clear the $15.00 resistance. A new high was formed close to the $14.89 level before the price corrected to the $13.03 level and now it is trading slightly below it. LINK’s price surpassed the $13.50 level and broke the 23.6% fib retracement level of the recent drop from the $14,89 swing high to the $13.04 swing low. LINK is facing hurdles at $14.00 with a major rising channel forming with support at $13.50 on the 4-hour charts for the pair. On the upside, the price will have to clear the $14.00 level and prepare the coin for more gains.

link.usd
Source LINK/USD on TradingView.com

The 50% fib retracement level from the decline at $14.89 swing high to $13.03 swing low is also set at $13.96. Breaking above the $14.00 level could increase the chances of more upsides above the $14.50 level and the $15.00 resistance level as well. With the initial support for Chainlink’s price nearing the $13.55 level, the first major support will form at $13.50. if there’s another downside break below the $13.50 support zone, there’s a risk of dropping towards the $13.00 support level with the next major support awaiting at the $11.50 level. The 4-hour MACD for the pair is having a hard time gaining momentum in the bullish zone while the 4-hour RSI is declining in the 50 level.

ADVERTISEMENT

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/chainlink-news/link-liftoff-will-lead-the-coin-towards-15-in-the-near-term-analysis/

Continue Reading

Blockchain

TrustToken and Syscoin Partner on a Stablecoin Bridge

Avatar

Published

on

Decentralized marketplace and e-commerce protocol Syscoin has partnered with the stablecoin platform TrustToken.

The goal of the collaboration is to speed up payments and to provide further solutions to Ethereum’s blockchain. It also means that the five stablecoins of TrustToken, namely TUSD, TGBP, THKD, TCAD, and TAUD, will run on Syscoin’s blockchain and be available for users.

A Collaboration Between Syscoin and TrustToken

According to a release shared with CryptoPotato, the popular decentralized marketplace and e-commerce protocol Syscoin has teamed up with stablecoin platform TrustToken.

Right off the bat, this means that the stablecoins provided by the platform will now run on Syscoin’s blockchain as well. These are TUSD, TGBP, THKD, TCAD, and TAUD.

Stablecoins have grown in popularity over the past few months, mainly because of the DeFi boom, where they are used to enable staking, liquidity provision, and so forth. However, there was also an obvious challenge with all of it – scaling. Supposedly, Syscoin is intended to help with that. Using Z-DAG (Zero Confirmation Directed Acyclic Graph), the protocol claims to be able to settle transactions in less than 10 seconds with comparatively low fees.

The partnership will also enable users to mine two cryptocurrencies at the same time – SYS and BTC.

Distribution of the Roles

While Syscoin’s task would be scalability, TrustToken comes in for the stablecoin part. It’s a platform that aims at an open financial system through a selection of stablecoins.

The stablecoins it offers are collateralized, and it has also partnered with Chainlink, as well as other protocols.

The overall partnership is aimed at creating a solution for scalable and secure token payments at a lower risk interoperability with Ethereum’s network. It should make TrustToken’s stablecoins function quicker and cheaper following the enabling of the bridge.

Speaking on the matter was Syscoin’s Foundation Chairman Jag Sidhu, who said:

“Digital assets have growing needs for better usability, robust decentralized security, and a scalable way of ensuring every transaction complies with regulations. Syscoin uniquely aligns with all of these requirements. We look forward to TrustToken’s family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.”

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 CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/trusttoken-and-syscoin-partner-on-a-stablecoin-bridge/

Continue Reading

Blockchain

Visa And BlockFi Partner To Release A Bitcoin Rewards Credit Card

Avatar

Published

on

  • The US-based cryptocurrency lending company BlockFi has partnered with the American multinational financial services corporation Visa to bring Bitcoin to the masses.
  • Bloomberg reported that the two US companies will offer a credit card that rewards clients’ purchases with the primary cryptocurrency, instead of traditional options such as cash and airline miles.
  • Dubbed the Bitcoin Rewards Credit Card, it will allow customers to receive 1.5% of their purchases back in BTC. 
  • Should the user spend more than $3,000 in the first three months after receiving the card, he will be entitled to a bonus of $250 in bitcoin. However, the innovative card will come with a $200 annual fee.
  • Evolve Bank & Trust, a subsidiary of Evolve Bancorp Inc, will be the card’s issuer. All three parties involved plan to launch the card in early 2021.
  • Founder and Chief Executive Officer (CEO) of BlockFi, Zac Prince, commented that his company is “excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of customers.”
  • With the BlockFi partnership, Visa has doubled-down on its endeavors with bitcoin-related collaborations. Earlier this year, the US giant and the BTC-friendly shopping app Fold launched a Visa co-branded debit card that rewards users with up to 10% of BTC back for every dollar purchase on retailers like Hotels.com, Nike, Starbucks, and Uber. 
  • BlockFi raised $50 million in Series C funding earlier this year, and Morgan Creek Capital’s Anthony ‘Pomp’ Pompliano joined its board of directors.
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 CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/visa-and-blockfi-partner-to-release-a-bitcoin-rewards-credit-card/

Continue Reading
Blockchain2 days ago

Greenheart Punt World Debut on DigiFinex

Blockchain4 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain4 days ago

Coinbase unwilling to participate in Spark’s airdrop

Blockchain4 days ago

EOS Finds Support above $2.80, Resumes Upside Momentum

Blockchain4 days ago

ECB Lays out ‘Reinvention of Money’ Strategy

Blockchain2 days ago

Mining City: A Blueprint for Success?

Blockchain20 hours ago

IlCOIN Launches Blockchain-Powered VR First on Steam

Blockchain4 days ago

Bitcoin Price Prediction: BTC/USD Resumes Upside Momentum, Struggles to Break Above $18,000 Price Level

Blockchain4 days ago

Litecoin Price Prediction: LTC/USD Ready to Revisit $80; Further Upside is Limited

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

Ripple price prediction: XRP to hit $0.67 next, analyst

Blockchain4 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain4 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain4 days ago

Ethereum Strengthens Polish City’s Emergency Services

Blockchain4 days ago

Bitcoin Price Prediction: BTC/USD Back Above $17,500 Level as the King Coin Recovers

Blockchain4 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

Guggenheim opens door to bitcoin exposure for $5 billion macro fund via Grayscale GBTC product

Blockchain4 days ago

Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Blockchain4 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

Trading 212, PayPal Crypto User Ban, BTC and ETH Tank: Editor’s Pick

Blockchain4 days ago

Guggenheim Partners prepares to dip investment fund’s toes into Bitcoin

Blockchain4 days ago

Bitcoin (BTC) Surges 5% Above $18,000 As Guggenheim’s Entry Sparks Excitement

Blockchain3 days ago

Yearn Finance Continues Growing with Latest DeFi Acquisitions

Blockchain4 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Guggenheim Partners may be the next big player to bet on Bitcoin

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain4 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain4 days ago

Weekend bull trap? Traders remain cautious as Bitcoin price rebounds to $18K

Blockchain4 days ago

Bitcoin Grows By 5%, $18K Level Holds The Key For More Upsides

Trending