Crypto Guides, Knowledge & Insights

Rise of YFI & Woofy May Be a Bellwether for Rotation From Ethereum To DeFi

The rise of Yearn Finances governance token YFI could be a bellwether for another decentralized finance (DeFi) season, according to market players.　　A discussion is currently being led on whether “soonish, money is likely to flow down the [ethereum] risk curve back into DeFi,” as BlockTower Capital founder Ari Paul opined.　　Spartan Capitals Jason Choi seems to agree, stating that the ethereum (ETH) to DeFi rotation may be “one of the most important trades” of the year, adding that gamified finance might be whats needed to “kick this off.”　　Ethereums market capitalization today hit USD 500bn, before correcting lower. One month ago, it was USD 247bn, and one year ago USD 21bn.　　DeFi seems to be readying for another hot summer. YFI recently rallied and surpassed bitcoin (BTC) as the most expensive cryptoasset on the market again. It has today moved beyond the USD 90,000 level, correcting lower since.　　At 11:19 UTC, YFI, ranked 57th by market capitalization, is standing at USD 82,054. In the past day its gone up 21%, as well as 63% in the week, and 82% in a month. Its all-time high is recorded by CoinGecko to be USD 90,786, reached earlier today.　　The projects 24h trading volume continues rising as well,

2021-05-13Deep Dive

Oddz Finance Integrates With Polygon (Formerly Matic Network) To Bring Options Trading To The Masses

Multi-chain options trading platform – Oddz Finance has now integrated with Polygon (formerly Matic Network) to make DeFi accessible to all users. The DeFi craze that started in the summer of 2020 has led to a significant jump in the number of DeFi protocols being developed on the Ethereum blockchain. As more and more users started using these protocols, we saw a rise in the number of pending transactions on the network.　　As shown in the image above, there has been a significant increase in gas fees over the months, which has prevented many newbies to enter this niche space, but Oddz Finance thinks differently.　　They have developed different instruments like Easy Options and Customised Options on their platform, which will help beginners trade options for low quantities of Bitcoin and Ethereum. Their zero gas fee model has been powered by their partnership with Biconomy. Moreover, they are developing Oddz Finance on Ethereum, Polkadot, Binance Smart Chain (BSC) to ensure users have access to multiple blockchain networks.　　This integration of Polygon on Oddz Finance can be summarized in the following points:　　Oddz Finance integrates with Polygon to improve the user experience on the platform by reducing the gas fees and increasing the transactions per

2021-05-13Deep Dive

Which 'green' cryptocurrency is Tesla likely to add for payments?

Elon Musk revealed that Tesla will halt all BTC transactions due to environmental concerns, with the firm set to look at more energy-efficient cryptocurrencies.　　On May 13, Elon Musk sent shockwaves across the crypto markets by revealing that Tesla will no longer accept any BTC payments for cars until Bitcoin mining becomes more environmentally sustainable.　　Musk notes that while Tesla waits for Bitcoin to move to renewable energy, the firm will be looking at “other cryptocurrencies” that use less than 1% of Bitcoins energy per transaction.　　The tweet sent much of the crypto community into a frenzy of speculation as to what other crypto assets Tesla may be exploring.　　Social influencer “The Cryptic Poet,” told his 45,000 Twitter followers that he predicts Tesla will “either use ETH or XRP,” however user “Massimo” pointed out that if Tesla uses ETH in its current state — which uses Proof-of-Work just like Bitcoin does — it might as well be “staying with BTC.”　　According to an analysis by TRG data centers, Bitcoin is estimated to average around 700 kilowatt-hours, or KWh, per transaction. While it uses around as much power each year as the Netherlands, its annual carbon footprint is closer to Singapores according to Digiconomist, presumably due

2021-05-13Deep Dive

Bitcoin's mining difficulty is set to reach a new high with the biggest increase since 2018

Bitcoins mining difficulty, a measure of the networks security and how hard it is to compete for block rewards, is poised to adjust to a new high.　　The average bitcoin block production interval since the last adjustment on May 2 is around 8.25 minutes, which is more than 17% faster than the intended 10-minute-per-block interval.　　Bitcoins mining difficulty is designed to adjust itself every 2,016 blocks based on the average block production intervals throughout the period, which typically lasts for 14 days.　　If the average interval is shorter than 10 minutes, which means more hash rate during the period has been plugged in, the network will increase the difficulty in reaction to the rising level of competition on the network. Similarly, if the average block interval is longer than 10 minutes, the network difficulty will fall.　　Data sources from BTC.com and Poolin currently estimate that the upcoming difficulty epoch is about to jump by over 20%, which is due at block height 683,424, or around 10:00 UTC time on Thursday.　　The last time a single bitcoin mining difficulty adjustment above 20% took place in October 2017. The expected largest difficulty jump in 42 months comes after a speedy recovery of the networks hash rate from

2021-05-13Deep Dive

How New NFT Markets Are Challenging Ethereum

As long as Ethereum gas prices continue to be prohibitively expensive, the masses will continue their search for more affordable blockchains for minting and trading non-fungible tokens (NFTs). Ethereums Berlin hard fork reduced gas prices considerably, but the optional access lists added in the update are not a gas costs reduction tool and, if misused, will increase fees.　　As proof-of-stake gains popularity with the rise of versatile blockchains such as Tezos, Cardano, Polkadot, Polygon, and Solana, NFT-lovers are moving away from Ethereum-based marketplaces. While we wait for Ethereums great merger with proof-of-stake, these environmentally-friendly blockchains could take over a large share of the decentralized digital assets market.　　So what will these new and upcoming NFT marketplaces have to offer？　　Tezos　　Hic et Nunc (H=N) is a Tezos-based NFT marketplace that has more daily active users (DAU) than OpenSeas largest NFT marketplace. Just recently, the NFT platform H=N launched the World Art Day fundraiser, which is centered on a theme of “#NFTsforall.” It will feature work from “200+ artists from 40+ countries.” Many creative minds are flocking to Tezos for minting their AI-generated art and other types of generated or digital art.　　Solana　　The non-fungible token marketplace Solible launched late last year on the Solana blockchain in

2021-05-13Deep Dive

Double Bottom On The Dollar Could Be The End Of Bitcoin Rally

Bitcoin, Ethereum, and just about every other asset on the planet trades against the dollar on its most liquid trading pair, and the greenback is the base currency that all exchanges rates are based on. The power and influence of the almighty dollar cannot be understated, and the crypto market could soon feel the surprising sting of the global reserve currency.　　A double bottom could be forming on the dollar, with a hidden bullish signal that could bring a hurting to the currently overheated stock and crypto market. Here‘s a closer at the double bottom formation that could put a stop to Bitcoin’s bull market.　　Double-Bottom Forms On The Dollar Currency Index　　The slow death of the dollar has let equities and crypto assets like Bitcoin fly like never before, during a time when the economy was on pause and unemployment was climbing. Stimulus money kept things afloat, while those who didnt need the money for essentials bought shares of GameSpot and hundreds of thousands of DOGE.　　The soaring market caps of assets everywhere was a glaring sign that inflation was getting out of hand, and the US government has been taking steps to reel things in. And it has already taken a toll

2021-05-13Deep Dive

DeFi darling Yearn.Finance surges to $4 billion TVL, launches WOOFY coin

The total dollar value of assets locked (TVL) on decentralized finance (DeFi) platform Yearn.Finance has exceeded $4 billion, according to an announcement published today.　　Yearn.Finance comprises several protocols on the Ethereum blockchain that help users automatically optimize their yields earned on crypto via lending and trading services.　　In its turn, TVL represents the total current value of all assets that are being locked up—or staked—on a DeFi platform. Notably, this metric can grow in two ways: actively via new assets being added to a project or passively as the market price of these assets increases.　　According to crypto analytics platform DeFi Pulse, Yearn.Finance is currently ranked 10th among the largest DeFi platforms with a TVL of $4.37 billion. Meanwhile, there is $88.7 worth of assets across the whole sector.　　Notably, it took only 32 days for Yearns TVL to increase from $2 billion to $4 billion. By comparison, it took 226 days for the platform to grow its TVL from $1 billion to $2 billion in the past.　　At press time, the top five largest DeFi projects are MakerDAO ($15.8 billion locked), Aave ($12.28 billion), Compound ($11.89 billion), Uniswap ($8.25 billion), and Curve Finance ($8.19 billion).　　“Woofing into WOOFY”　　According to the announcement, Yearn also decided to

2021-05-13Deep Dive

Bitwise Launches First Crypto-Adjacent ETF In The U.S.

Bitwise, an asset management firm specializing in crypto indexed funds, has launched its Bitwise Crypto Industry Innovators ETF for the (NYSE:BITQ), the first crypto-adjacent ETF (exchange traded fund) for the U.S. market, with listings targeted at companies operating within or related to the crypto and blockchain industry.　　The firm currently has $1.5 billion in assets under management across its diverse portfolio. With the launch of its crypto ETF, Bitwise enables exposure for investors to public companies that are engaged in the crypto and blockchain industry, without directly holding crypto assets such as Bitcoin or Ethereum.　　BITQs Bitwise Crypto Industry Innovators 30 Index is designed for analysis and capture of “pure-play” companies and organizations in the crypto and blockchain industry, which is to say, any company indexed as participants in the crypto sector should be actively engaged in the sector, with at least $100 million of liquid crypto assets on its balance sheet. The index is set for rebalancing at every financial quarter.　　This new index is aimed at capturing the crypto equity market, based on the potential it opens because of its sector-specific aspects. The index maintains a “fast-entry” policy that accepts entry from new IPOs and direct listings a day after their

2021-05-13Deep Dive

All About Dtrade: A Next-Gen Social Trading Platform

The popularity of cryptocurrency and blockchain technology has begun to transcend into other industries and will soon change things forever. The recent uptick in interest can be seen on social platforms like TikTok, and traders streaming their scalping sessions online via Twitch and other platforms has caught fire.　　The problem with this setup is that theres no all-in-one solution that connects these platforms and the crypto world together in a logical way. Twitch is focused on gaming, and TikTok lacks anything in-depth for features. Neither of them integrates with trading or crypto in any way, which leaves the platforms firmly in the past.　　The future, instead, is a socially driven trading platform called Dtrade, powered by the revolutionary Decoin. Heres what to expect from the blossoming brand and why the technology will soon disrupt both steaming and trading platforms at the same time.　　How Decoin And Dtrade Will Disrupt Top Social Media Platforms 　　The new innovative pro-social trading platform, as it is referred to, is from the mindset to the crypto new school, which is accessibility first. The problem with earlier generation crypto technologies is that no one knows how or wants to use them. Decoin and Dtrade make crypto easy for all

2021-05-13Deep Dive

Is Cross-Chain Technology The Best Way Forward For Blockchain and DeFi?

The rapid rise of decentralized finance has changed the economic world forever.　　Popular decentralized exchanges like Uniswap and Sushiswap, and lending platforms like Compound, facilitated a Total Volume Locked growth from $675 million to $16.2 billion across 2020 for the DeFi world.　　DeFis popularity has also made blockchain interoperability through cross-chain interaction a stronger reality than ever before.　　Many hope the decentralized financial ecosystem will be the industry thats able to properly distribute value and functions while maintaining blockchain interaction.　　The World Of Blockchain Needs New Innovation To Keep Growing　　Currently, the vast majority of blockchain networks only operate within isolated ecosystems that make it all but impossible for crypto users to leverage the full benefits of distributed ledger technology.　　A few tout atomic swaps as a way to convert their cryptocurrencies utilizing somewhat of a cross-chain value exchange. However, atomic swaps only work if both blockchain networks have the same hashing algorithm (which many dont).　　Others point towards Wrapped Bitcoin (WBTC), which allows interoperability between Bitcoin and Ethereum. Still, the WBTC contract relies on outside custodians. Its also limited to just Bitcoin-Ethereum interaction.　　Overall, many believe the rise of cross-blockchain compatibility will lay foundations for the mass adoption and use of blockchain technology in ways past technologies

2021-05-13Deep Dive

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