Andre Cronje has announced his intent to become a Uniswap delegate. Those delegates receiving sufficient community backing will be able to submit governance proposals, influencing the way the platform operates.
The founder of the hugely popular yEARN Finance protocol identified various issues with Uniswap that the platform’s governance could address. These include a reevaluation of the UNI token’s distribution and tokenomics, as well providing support for other projects that may provide value to the exchange platform.
One of DeFi’s Biggest Names Interested in Uniswap Community Governance
One of the biggest stories to break in the world of cryptocurrency this week was the launch of the UNI token. On Sept. 16, UNI tokens were distributed to Ethereum wallets that had interacted with the popular automated market making platform before Sept. 1.
At their highest point during the few days since launch, the 400 UNI tokens that previous platform users received were worth more than $3,400. At the time of writing, the current UNI market cap is over $780 million.
The newly launched token will provide additional incentives to those providing liquidity on Uniswap. It will also allow holders to participate in the platform’s governance.
According to a Uniswap blog post detailing the launch, users can delegate their tokens to others so that they meet the required percentage of the total supply needed to submit governance proposals. Those submitting proposals will need a total of 1% of the total supply of 1 billion tokens.
One of those interested in becoming a Uniswap governance delegate is Andre Cronje. The yEARN Finance founder tweeted as such earlier Saturday:
As part of the above thread, Cronje stated that he did not think the platform should rush to provide incentives to liquidity pools. He added that he believes there are other opportunities to improve the protocol. These include a reevaluation of UNI’s tokenomics and distribution, along with efforts to bring stablecoins like DAI and sUSD back to their pegged values.
Cronje’s Delegation Pitch Prompts Increased UNI Buying Pressure
Having a name as big as Cronje’s is to the DeFi niche taking an interest in serving as a Uniswap delegate appears to have further excited the market. At around the time of his tweet, UNI traded at around $6.40.
The price went on a short-lived run following his announcement, topping at just over $7.30. It has since pulled back slightly to $7.
Cronje is best known for his work on the yEARN Finance protocol. The automated yield farming optimizer grabbed the attention of the DeFi sector earlier this summer.
Cronje inspired the cryptocurrency industry by electing to launch the YFI token without a pre-mine or any reward for himself. This “fair launch” subsequently inspired other teams to experiment with different token distribution models — such as that employed by Uniswap itself.
The YFI price shot from less than $700 at launch to more than $42,000 by Sept. 13. The token’s stellar performance is thanks to both community interest in YFI and its incredibly low circulating supply of 30,000.
Judging by engagement on Cronje’s Twitter post, the developer will be a popular candidate for delegation duties. If he is delegated enough tokens, it should be interesting to see the direction the popular developer attempts to steer Uniswap.
Bloomberg’s ETF whisperer says the SEC could approve a BTC ETF
The Block’s Frank Chaparro talks to Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence.
The post Bloomberg’s ETF whisperer says the SEC could approve a BTC ETF appeared first on The Block.
Episode 11 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Senior ETF Analyst at Bloomberg Intelligence, Eric Balchunas.
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Regulators in Canada approved two bitcoin exchange-traded funds (ETFs) in recent days, marking the first approvals of their kind for North America.
Since launch, the products have seen considerable inflows. With the demand for a bitcoin ETF now proven, many wonder what a Canadian approval could mean for a U.S. offering.
The Scoop spoke with Eric Balchunas, a senior ETF analyst at Bloomberg, about what an approved bitcoin ETF means for the landscape. During this week’s episode Balchunas broke down the winding road to approval and why Canada was always likely to be a first.
Now that Canada has its BTC ETFs, he argued that an approval from the U.S. Securities and Exchange Commission (SEC) is just around the corner.
“I think it’s just a matter of the SEC coming around, and then once they come around mentally, I imagine it will happen pretty quickly,” he said. “But again, I’m not in that bubble. I’m not a regulatory analyst. That’s just my sense from talking to people.”
- How Canada has historically been a proving ground for novel financial products.
- The differences and similarities in the Canadian and U.S. approval processes.
- Why Balchunas thinks 2021 will be the year of a U.S. BTC ETF approval.
- Why it’s only a matter of time before a meme ETF launches.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Bitcoin Bull Run is Far From Over as FOMO Hasn’t Set in Yet, Analysis Suggests
The price of bitcoin moved from little over $11,000 in October of last year to a new all-time high above $58,000 earlier this month. Despite the massive rise, analysis shows that bitcoin’s bull run likely isn’t over as fear of missing out (FOMO) hasn’t set in yet. According to researchers at on-chain analytics platform Whalemap, […]
The price of bitcoin moved from little over $11,000 in October of last year to a new all-time high above $58,000 earlier this month. Despite the massive rise, analysis shows that bitcoin’s bull run likely isn’t over as fear of missing out (FOMO) hasn’t set in yet.
According to researchers at on-chain analytics platform Whalemap, statistics covering bitcoin buys between $5 million and $7 million concluded that despite the recent highs bitcoin still hasn’t hit its “macro top,” as bull runs in 2017 and 2019 saw buys of a similar size, and only retraced after these investments hit a peak.
On social media, Whalemap shared a chart that shows these large BTC buys are far from the highs seen in 2017 and 2019, and have in fact not started receding yet, implying bitcoin’s recent correction is a healthy one before the cryptocurrency’s price moves up again.
CryptoCompare data shows that in the last 24-hour period, bitcoin moved from around $51,000 to a $44,600 low before it started recovering. As CryptoGlobe reported, multiple large transactions have been spotted leaving cryptocurrency exchange Coinbase to custody wallets, implying institutional investors are still buying bitcoin.
The CEO of crypto data firm CryptoQuant, Ki Young Ju, recently pointed to a massive 13,000 BTC movement out of the San Francisco-based cryptocurrency trading platform and pointed out the funds “went to multiple Coinbase custody wallets.” Per his words, this is the “strongest bullish signal” he has ever seen.
Following up on his tweet, Ki Young Ju noted significant outflows from Coinbase at $48,000, which suggests large investors are accumulating BTC and that the major reason for the price drop is the 10-year Treasury note’s yield going up.
An ongoing rally in U.S. bond yields has been putting pressure on tech stocks and the market itself. Popular analyst Alex Kruger noted that interest rates going up could have a negative effect on assets that benefitted from them dropping, including gold and bitcoin.
Featured image via Pixabay.
More Australians Invest In Crypto Than In Gold: Survey
More Australians are investing in crypto than in gold and silver as per the new poll that we discuss today in our cryptocurrency news.
The survey of more than 2000 Australian investors found that cryptocurrency is a more popular investment than gold and silver but still has a long way to go before it nears the shares. The poll was conducted on behalf of the BTC markets in February and found that 12.6% of the Aussie investors hold BTC or other cryptocurrencies compared to the 12.1% who hold the metals. On the other hand, the stock market is a preferred option for investors with 63.6% holding shares directly and 28.8% investing in managed funds or exchange-traded funds. The property was also a great investment while 18% said they invested in collectibles.
Australian crypto investors favor ETH and BTC with 83.2% holding BTC and 42% holding ETH, followed by Ripple, Litecoin, and Bitcoin Cash. The survey shows that about one-third of the crypto investors made their first investment after the COVID-19 induced market crash and the research was backed with a poll revealing that 39% of the respondents found BTC more appealing after the pandemic started.
Despite other cryptocurrencies rallying to a new high in the recent months, More Australians stated that they have no intention of selling their coins with a 31% of them planning to exit after about three years of holding. Of the 49% that are looking to sell or to take profits, one in five investors wants to reinvest. The biggest demographics of Aussie investors were aged between 25-34 following the ones aged between 35-44. Men accounted for 63% of all crypto investors and one in four earned about $100,000 per year.
BTC Markets CEO Caroline Bowler noted that older Australians are also investing in crypto with investors 60+ doubling in number in the past few years to make up to 10% of the client base:
“In the last 12 months, we have seen a shift from 25-45-year-old males to a much broader age group, particularly early retirees who are interested in diversifying their investment portfolio and are catching up with this fastest-growing asset class.”
The research was in line with other polls like the one in December that found almost one in five Australian adults owned crypto last year.
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