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Yearn.Finance (YFI): From $3 to Over $13K Per Token in Just Over a Month

Around 03:00 UTC on Thursday (August 20), the price of the governance token for decentralized finance (DeFi) platform yearn.finance went above $13,350 while Bitcoin was trading around $11,735. yearn.finance, which was formerly known as iearn.finance, is a hobby project by developer Andre Cronje. It was “semi-launched” in February 2020 as a yield aggregator for DeFi […]

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Around 03:00 UTC on Thursday (August 20), the price of the governance token for decentralized finance (DeFi) platform yearn.finance went above $13,350 while Bitcoin was trading around $11,735.

yearn.finance, which was formerly known as iearn.finance, is a hobby project by developer Andre Cronje. It was “semi-launched” in February 2020 as a yield aggregator for DeFi lending platforms to help people find out where to get the highest yield (APR) for lending their crypto:

Then, on July 17, Cronje announced that, over the preceding few months, his team had released the following products under the “yearn.finance” umbrella:

  • yearn.finance (“profit switching for lending providers, moving your funds between dydx, Aave, and Compound autonomously”)
  • ytrade.finance (once ytrade has launched publicly, it will let you trade $DAI, $USDC, $USDT, $TUSD, and $sUSD “at leverage capped at 1000x with initiation fee pre-paid or 250x without initation fee”)
  • yliquidate.finance (“Automated liquidation engine for Aave protocol”)
  • yleverage.finance (“Creates 5x leveraged DAI vaults with USDC”)
  • ypool.finance (“The first y.curve.fi > sUSD curve.fi meta pool”)
  • yswap.exchange (“a stable automated market maker, allowing single sided liquidity provision while being yield aware and distribution rewards aware”)

Even more interestingly, in this blog post, Cronje announced the release of governance token YFI, which he called “a completely valueless 0 supply token.”

Cronje went on to say:

“We re-iterate, it has 0 financial value. There is no pre-mine, there is no sale, no you cannot buy it, no, it won’t be on uniswap, no, there won’t be an auction. We don’t have any of it.”

He then said the best way to get hold of the “0 value” YFI token was not to buy it, but to earn it:

Earning YFI is simple, provide liquidity to one of the platforms above, stake the output tokens in the distribution contracts (we will provide an interface for this), and you will earn a (governance controlled) amount per day.

“Otherwise, standard voting rules apply, minimum quorum required (>33%) to propose a change, usual veto rights (>25%), and usual agreement thresholds (>50%) required to pass a vote and update a change. All these are configurable, governance can feel free to change as required.

“So if you are an LP to one of the systems (or all of the systems above), the control is in your hands. Good luck.”

On July 24, crypto analyst/investor Andrew Kang sent out the following tweet to summarize the main differences between BTC and YFI:

As Kang pointed out on Tuesday (August 18), just over a month ago, YFI was priced around $3:

At the time of writing (12:45 UTC on August 20), according to data from CryptoCompare, YFI is trading around $13,718, up 38.96% in the past 24-hour period:

One person who has recently made a decent profit from YFI is Arthur Hayes, Co-Founder and CEO of crypto derivatives exchange BitMEX, who started tweeting about YFI on August 17:

One important thing to point out about YFI is that although currently it costs moe than BTC, YFI’s maximum supply is only 30,000 (vs 21 million for Bitcoin).

On Monday (August 17), Jason Choi, the host of the Blockcrunch podcast, tweeted about yearn.finance’s amazing revenue generation:

And the next day, Larry Cermak, Director of Research at The Block, offered this insight on yearn.finance’s revenues:

Featured Image by “SnapLaunch” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Blockchain

Analysts Eye New Top of $74,000 as Bitcoin Comes Within 3% of ATH

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In a move adding to the already monumental rally, Bitcoin prices touched $19,400 during late trading on Tuesday, November 24. This is just 3% away from its peak of $20K which came in December almost three years ago.

Since then, the asset has retreated sharply in a $700 pullback to the mid-$18K level where it currently trades. With momentum still in its favor, analysts and traders are eyeing the next possible peak.

CNBC Touts $74K Bitcoin

During the 2017/2018 rally, mainstream media outlets were renowned for spreading fear, uncertainty, and doubt (FUD) over something they really failed to truly comprehend. CNBC in particular came to be known as a counter trade signal as whenever the news outlet predicted a pump, BTC would dump and vice versa.

In its latest edition of Trading Nation, the channel interviewed a couple of traders who both had very positive things to say about the king of crypto.

Founder of TradingAnalysis.com, Todd Gordon, used Elliot Wave theory to measure herd mentality and market sentiment. He added that the fifth wave is just starting now which will result in a new all-time high in 2021. When asked about a price prediction he added;

“I can’t believe I’m going to go out on CNBC and say this, but it’s about $74,000. The Elliott wave goes very well with … Fibonacci multiples. If it does want to fall short, it can go to 61% of that target, which is only at $34,000.”

PayPal Driving Adoption

Mark Tepper, president and CEO of Strategic Wealth Partners, also commented on the trading show stating that before PayPal and other large corporations stepped in he treated Bitcoin like any other speculative investment, owning a small enough amount.

“The thing that’s always held me back from being an outright bitcoin bull has really been this lack of widespread adoption. But … adoption’s happening and those users, those PayPal and Square users, they’re buying more bitcoin than what’s actually hitting the market on a daily basis,”

He added that Bitcoin could be the Tesla of 2021, stating that it could possibly reach $100K by the end of next year. That certainly fits in with other models and predictions such as stock-to-flow which also predicts triple figures within the next year or so.

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Source: https://cryptopotato.com/analysts-eye-new-top-of-74000-as-bitcoin-comes-within-3-of-ath/

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Coinbase Pro To Disable Margin Trading From December Citing CFTC Guidence

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  • The Coinbase Chief Legal Officer Paul Grewal published a post earlier informing customers that the popular exchange will seize offering margin trading.
  • Clients will not be able to place margin trading orders starting from 2 p.m. PT on November 25th, 2020. At the same time, the platform will cancel all open limit orders.
  • The San Francisco-based exchange will disable the margin trading feature fully at the end of November, “once all existing margin positions have expired.”
  • According to the statement, the decision aims to comply with guidance introduced by the US Commodity Futures Trading Commission (CFTC) earlier this year.
  • Back in March 2020, the federal commodities regulator published a 35-page document with its views on how it will regard “actual delivery” of cryptocurrency assets. The guidance provides rules on when a customer has legally taken control of a digital asset, including acquisition through a margin or leveraged product. The document reads:
  • · (1) a customer securing: (i) possession and control of the entire quantity of the commodity, whether it was purchased on margin, or using leverage, or any other financing arrangement, and (ii) the ability to use the entire quantity of the commodity freely in commerce (away from any particular execution venue) no later than 28 days from the date of the transaction and at all times thereafter; and

  • · (2) the offeror and counterparty seller (including any of their respective affiliates or other persons acting in concert with the offeror or counterparty seller on a similar basis) do not retain any interest in, legal right, or control over any of the commodity purchased on margin, leverage, or other financing arrangements at the expiration of 28 days from the date of the transaction.

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Source: https://cryptopotato.com/coinbase-pro-to-disable-margin-trading-from-december-citing-cftc-guidence/

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VanEck Europe Launches A Bitcoin-Backed ETN Listed On Deutsche Börse

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  • Founded in 1955, VanEck is among the world’s largest investment management firms. Its European branch, VanEck Europe, announced today the official release of an ETN, physically-backed by Bitcoin.
  • The statement came from the company’s digital asset director – Gabor Gurbacs. He noted that releasing such a service has been a “top priority for VanEck.”
  • The ETN will be listed on the Frankfurt-based exchange Xetra. Its price performance will reflect the MVIS CryptoCompare Bitcoin VWAP Close index, directly linked to Bitcoin’s movements.
  • This became possible after MV Index Solutions officially granted access to VanEck Europe to use MVBTCV as an underlying index for the Bitcoin ETN.
  • Apart from being fully collateralized, Gurbacs revealed several other features that will attract investors. Those include “negligible premium/discount to NAV, transparent holdings and prices, investor protections, and professional management by VanEch Europe.”
  • Gurbacs also asserted that VanEck is “committed to support Bitcoin and financial innovation.”
  • Martijn Rozenmuller, Head of Europe at VanEck, outlined that Bitcoin is an “excellent way to contribute to the diversification of a portfolio” because of its low correlation to other asset classes. He added that with the release of the Bitcoin ETN, VanEck will enable its clients to “benefit from the performance of bitcoin.”
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Source: https://cryptopotato.com/vaneck-europe-launches-a-bitcoin-backed-etn-listed-on-deutsche-borse/

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