DeFI News & Alerts

2021-12-05 12:30:41 Little-known altcoin soared 100% thanks to Coinbase listing

Biconomy token (BICO) skyrocketed after listing on the popular Coinbase Pro trading platform

BICO is an Ethereum-based altcoin that powers the Biconomy network, which aims to budget user interaction with any decentralized applications (DApps) across multiple blockchains. BICO can be used to pay for network commissions and also as a voting tool for updates.

According to the project's website, Biconomy aims to solve several logistical problems in order to increase the pace of Web 3.0 adoption.

News of the listing lifted BICO from $6.49 to $9.82 in a matter of minutes. A little later, the BICO rate surpassed $12, an increase of nearly 100%. Open / Comment

2021-12-01 20:13:32 Axie Infinity site sold for $2.48 million

In the third quarter of 2021, NFT collections from Axie Infinity were the best-selling in the cryptosphere, with more than $2.5 billion worth of transactions in total during that period. The price of the Axie Infinity token has also seen rapid growth, rising from $4.20 to nearly $160 between June and October.

According to the DappRadar platform, the cheapest digital object from the game's universe is now valued at $72.59. Meanwhile, the average transaction price with NFT reaches the $290.26 mark.

Axie Infinity operates on a play-to-earn model. In it, players can earn real money from the gameplay by buying, collecting and crossing virtual creatures called Axies. The day before, a "rare" in-game plot of land was sold for 550 ETH or $2.48 million at current exchange rates. Open / Comment

2021-11-19 10:38:12 Liquid stacking protocol pSTAKE has raised $10 million in investment

Twelve venture capital firms and three business angels have joined the pSTAKE DeFi funding.

On Tuesday, pSTAKE, a liquid stacking protocol from the DeFi Persistence platform, announced the closing of a $10 million strategic funding round from venture capital firms. Tendermint, the core developer of the Cosmos network, backs blockchain Persistence (XPRT) with its consensus mechanism.

Tushar Aggarwal, CEO and founder of Persistence, said:

"pSTAKE has demonstrated significant organic growth since its unrestricted launch in September, and we are very excited to continue on this upward trajectory."

Shailesh Lakhani, managing director of Sequoia India, gave the following comment on the development:

"The Sequoia India team is excited to support them in developing a roadmap that will bring new utility and further compatibility to the stacking assets." Open / Comment

2021-11-11 14:55:03 Key metrics point to further bitcoin price gains

A moderate increase in spending of "old" coins, combined with a decrease in leverage in the perpetual contracts market, indicates a continued bullish picture for bitcoin. This is the opinion of Glassnode analysts.

After updating to an all-time high, Spent Output Profit Ratio (SOPR) values are consistent with signs of an early bull market. Holders are waiting for higher prices, unwilling to move coins at current levels.

Keeping aSOPR above 1 indicates the market's ability to absorb seller pressure without meaningful bear price pressure.

Analysts looked at the Net Unrealized Profit/Loss (NUPL) difference between unrealized gains and losses based on the last coin move, as applied to coin holders over 155 days. It remained in the zone of 0.5-0.75. Open / Comment

2021-11-03 12:17:52 DAFI Protocol launches dBridge test network with Merkle-Proof cross-chain bridge

DAFI Protocol has announced the launch of its long-awaited dBridge test network, which demonstrates a fast and secure bridge that can support DAFI tokens and dTokens across multiple blockchains. The test network will give users the opportunity to test the bridge functionality and provide feedback to improve the user experience and process before launching the main dBridge network.

In the past, DAFI technology has allowed users to see the power of superstacking and has shown the potential of using Staking 2.0 to create a more balanced incentive network for projects and their communities. dBridge provides a step in the right direction by facilitating bi-directional DAFI transfers between blockchains, including Ethereum and Binance Smart Chain (more to come in the near future). Open / Comment

2021-11-01 16:39:25 SQUID investors can't sell their tokens after a 110,000% jump

This week, the SQUID token rose more than 110,000% in less than a week, but reports of "investors" who were unable to sell their tokens after the astronomical rise began to appear all over the internet. This may not be the miracle everyone was hoping for.

Coinmarketcap has already posted a banner warning of the high risk of investing in the token.

The project promises a sort of crypto-adaptation of the Netflix series "The Squid Game," requiring contestants to participate in several games before they walk away with a solid cryptocurrency prize. Each player must pay about half a million dollars to take part in the game.

But some people simply invested in the token for speculation without participating in the game, and apparently were unable to take home their winnings. Open / Comment

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2021-10-26 14:51:32 Gary Gensler reiterates the need for DeFi regulation

The decentralized finance (DeFi) sector is one of the most innovative, but that does not exempt it from regulation. SEC head Gary Gensler made this statement during the Yahoo Finance Summit.

"While this is all interesting, it reminds me a lot of when P2P lending emerged about 15 years ago. [...] It took us three, four, five years to get investors protected," the official noted.

The SEC chief added that financial stability and public safety concerns came first.

"There's a lot of trading going on there [in the DeFi sector], a lot of credit. And without protections, I'm afraid it's going to end badly," Gensler stressed.

Earlier, the Commission chairman called on the U.S. Congress to bring clarity to the regulation of the crypto industry and expressed the view that regulatory rules are necessary for digital assets to survive. Open / Comment

2021-10-15 20:06:01 TVL in DeFi exceeded $200 billion

TVL of DeFi protocols has surpassed the $200 billion mark. Since January 1, DeFi TVL has grown nearly 855% from $21.4 billion to today's $204 billion.

The total blockchain value recorded in DeFi exceeds $200 billion, Ethereum TVL dominance is 69%

The default total locked-in value (TVL) today jumped almost tenfold from its value in early 2021. On October 5, 2021, the default TVL surpassed the $200 billion mark for the first time, and the value has remained above $200 billion for the past seven days.

Statistics from defillama.com show that DeFi Curve (CRV) has the largest lead at $15.94 billion, up more than 7% from last week. Curve dominates at 7.80% and interacts with six different cryptocurrencies, including Avalanche, Ethereum and Polygon. Open / Comment

2021-10-02 09:32:06 Clearpool raises $3 million to create decentralized capital markets

Clearpool, a decentralized capital markets ecosystem, has received $3 million in funding from a number of prominent crypto investors to pursue its decentralized finance (DeFi) ambitions, allowing institutions to borrow unsecured liquidity.

According to a press release issued by CoinDesk on Tuesday, the project is being incubated by digital asset custodian Hex Trust, which will provide custody and compliance services such as Know Your Customer (KYC) checks and transaction monitoring for Clearpool borrowers.

The new infusion of capital will seek to advance the project's protocol while launching additional features such as decentralized credit derivatives.

The funding came through major players: Arrington Capital, GBV Capital, HashKey Capital, Hex Trust, Sequoia Capital India, Sino Global Capital and Wintermute. Open / Comment