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Cryptocurrency

Crypto: REN, LEND and KNC emerge best performing DeFi assets

DeFi-coins all had an impressive growth on their network activity over the past several weeks.

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total market capitalization of cryptocurrencies, Crypto, Whales move 100,000,000 Tether, USDT in less than 24 hours

While BTC and ETH continue to experience low volatility in the past several days a growing number of DeFi-related assets have managed to gain the attention of many crypto-investors thereby pushing these digital coins to record highs.

Data feeds from Santiment Research Company reveal DeFi-coins that include REN, LEND and KNC all had an impressive growth on their network activity over the past several weeks. The average volume of daily addresses using REN in July so far has been 588, up +36% from June, +181% from May, and +332% from April.

READ ALSO: How GTB posted record N84 billion half year profits despite lending less money

Quick fact; Defi means “decentralized finance” by definition it’s a crypto ecosystem made up of financial apps designed on leading blockchain platforms.

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These digital assets are designed on Ethereum codes, and usually exhibit characteristics that include having protocols and financial smart contracts.

READ MORE: Pigs hit hard at BTC market, plunges 8%

In one month, the balance of the top 100 KNC whales has grown by a total of 30.6 million KNC (~$48.1 million at the time of writing). In the same time frame, the top 100 LEND whales accumulated an additional 39.6 million LEND (~$10.1 million at the time of writing) to their collective bags, while the top 100 REN whales added 5.3 million REN (~$850,000 at the time of writing) more to their holdings.

It’s not just the biggest holders that have been accumulating REN, LEND, and KNC as of late – the amount of ‘retail holders’ has also been experiencing strong growth into the rally.

Explore research data on Nairalytics from Nairametrics

Since the start of the month, the number of addresses holding more than 1000 REN (~$150 at the time this report was drafted) has risen by 550, the number of addresses holding more than 1000 LEND (~$250 at the time of writing) has increased by 817, while the number of addresses holding more than 100 KNC (~$157 at the time of writing) has grown by an additional 150.

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Olumide Adesina is a French-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. A member of the Chartered Financial Analyst Society. Financial Market; Yale University, Behavioral Finance; Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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Cryptocurrency

Bitcoin could potentially become superior to cash

BTC holds a maximum supply of about 21 million digital coins.

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dollars, Bitcoin has halved, what happens next?, Naira should watch out; Nigeria leads in the peer to peer use of Bitcoin than all African countries combined

MicroStrategy, a publicly traded company in the US valued at over $1.2 billion, disclosed via an official statement that it would be adopting the world’s most valuable crypto as a “primary treasury reserve asset”.

“Since its inception over a decade ago, Bitcoin has emerged as a significant addition to the global financial system, with characteristics that are useful to both individuals and institutions. MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made Bitcoin the principal holding in its treasury reserve strategy,” MicroStrategy CEO, Michael J. Saylor said. He also acknowledged that Bitcoin could potentially become superior to cash.

Data from Coin360 showed the flagship crypto-asset was trading above $11,700 with a market valuation above $216 billion and a daily trading volume of about $9.6 billion. This was as at the time this report was being drafted.

Why Bitcoin might be rising

What’s driving the most valuable crypto and its usage as an investment asset lately?

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Well, many financial experts believe the sudden rise of crypto assets’ value might be due to the weakness in the US dollar.

The American dollar has fallen in recent months, on expectations that the Federal Reserve will keep interest rates near zero for the long term as a result of the financial disruption caused by the deadly COVID-19 pandemic.

Quick fact: BTC holds a maximum supply of about 21 million digital coins of which there are about 18.5 million in circulation, while over 4 million BTCs have already been lost forever. These show that its definite supply protects it asset against value dilution.

Recall that Nairametrics earlier gave valuable insights into why Bitcoin is now the most preferred asset to own among institutional investors.

Changpeng Zhao, the CEO of Binance, on his Twitter feed commented on the reasons companies are investing in cryptos. He said:

“Smart publicly listed company buys $250,000,000 worth of bitcoin, as a safe haven asset. Stimulus money flowing from Wall Street into bitcoin. Are you in front of or behind them?”

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Cryptocurrency

Ethereum on rampage, surges to a 2-year high of $430

ETH breaking the strong resistance level of $450, in the nearest future.

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Luno breaks barrier, allows Ethereum/Naira trading pair

The second most valuable crypto surged past its two-year high. Just a day after reaching a two-month low in address activity amid fears of soaring fees, ETH has defied short-term fundamental concerns and soared to a 2-year high of $430.

According to Santiment Research Company’s Twitter feed, Ethereum traders were also elated about sky-high social volume levels.

What’s next?

The two-year high record band is now the new barrier to overcome as ETH sits above $400 per token. If Ethereum manages to stay above $425, Nairametrics could soon see ETH breaking the strong resistance level of $450, in the nearest future.

But not everything is all smooth in the second most valuable crypto market. The growing popularity of Ethereum-based networks and the use of DeFi protocols are both a blessing and a curse.

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The Ethereum network is presently close to reaching its technical limits, as DeFi and Tether are essentially responsible for as many transactions as the network can handle at the moment.

Quick fact: Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without fraud, interruption, control, or interference from a third party.

Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options to make income from Ethereum. These include Ethereum mining, Ethereum faucets, and Ethereum staking.

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Cryptocurrency

Two day old crypto, YAM’s market value drops from $60 million to $0 in 35mins

Given YAM’s governance module, this bug would render it impossible to reach quorum.

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Two-day-old crypto asset, YAM has seen its market capitalization vanish in less than 60 minutes. This happened after developers of the once-promising defi project attempted to fix a bug in the code, but weren’t successful.

Data from BKCoincapital, a crypto hedge fund, revealed how YAM, a liquidity mining protocol which attracted >$400mm in just its first 2 days of trading, had a bug discovered in its code. The bug caused the unaudited defi platform’s Market Capitalization to go from $60 million to $0 in approx. 35 minutes.

READ MORE: Bitcoin is on rampage as it breaks through $12,000 price level

YAM is an experimental protocol mashing up some of the most exciting innovations in programmable money and governance.

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READ ALSO: Tether market capitalization surges close to $10 Billion

What happened?

YAM project developers, discovered a bug in the YAM rebasing contract that would mint far more YAM than intended to sell to the Uniswap YAM/yCRV pool, sending a large amount of excess YAM to the protocol reserve. Given YAM’s governance module, this bug would render it impossible to reach quorum, meaning no governance action would be possible and funds in the treasury would be locked.

At its core, YAM is an elastic supply cryptocurrency, which expands and contracts supply in response to market conditions, initially targeting 1 USD per YAM.

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