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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, YAM's market value drops from $60 million to $0 in 35mins

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

2 Comments

2 Comments

  1. rya

    August 15, 2020 at 7:57 pm

    Why the hell invest so much assets in a brand new product that vaporized your money ,when you already have a solid product that act as monetary system.
    Take a look at the ryacoin project (a real DeFi system without all the hype)

  2. Magic97

    August 15, 2020 at 9:28 pm

    Admin DYOR pchain Buy some bags thank me later.

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Cryptocurrency

3 Tron investors transfer 719,000,000 cryptos

TRX price is up 9.4% in the last 24 hours.

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3 Tron investors transfer 719,000,000 cryptos

Investors have been cashing in big time on Tron, a relatively popular digital asset in the crypto-verse. Data feed on Whale Alert, an advanced crypto tracker, revealed that three whales moved about 719,000,000 Trx worth over $20 million transferred from unknown wallets to other unknown wallets.

READ: Buying signal, Bitcoin whales with 1000 BTC or more continue to rise

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TRON, at the time this report was drafted, traded at $0.02817222 with a daily volume of $1,128 billion. TRX price is up 9.4% in the last 24 hours. It has a circulating supply of 72 Billion coins and a max supply of 101 billion coins.

TRON is a blockchain-based platform that is designed to ensure that its technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON states that its network has capacity for 2,000 TPS — 24/7.

This project is best described as a decentralized platform focused on content sharing and entertainment; to this end, one of its biggest acquisitions was the file-sharing service BitTorrent back in 2018.

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READ: Binance offers DeFi coders $100,000; DeFi market value hits $8 billion

TRON was founded by Justin Sun, who now serves as CEO of BitTorrent. Educated at Peking University and the University of Pennsylvania, he was recognized by Forbes Asia in its 30 Under 30 series for entrepreneurs.

TRON is one the biggest and most popular blockchains globally, ranked fifteen by market value, has entered a strategic alliance with BitGo, the leader in digital asset financial services, to bring Wrapped Bitcoin (WBTC) and a newly minted Wrapped Ether to the TRON ecosystem as TRC20 tokens.

READ: U.S public listed company allocates $425 million into Bitcoin

Justin Sun says that TRON users will not encounter high fees like in the Ethereum ecosystem.

“Everyone may now use their BTC/ETH to enjoy all the benefits of the TRON DeFi ecosystem without the high gas fees on Ethereum! JustSwap, a Uniswap alike service on TRON, has achieved $100 million 24-hour volumes since its start and represents TRON’s strong and growing DeFi ecosystem.” 

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Cryptocurrency

DeFi crypto market value gains over 1000% from June

Defi based crypto market value had risen from $1 billion in June to  $10.71 Billion

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Hidden money making gems in DeFi, what do they mean for Nigerians?

DeFi cryptos are now a force to reckon with, especially since the era of the worst pandemic known to man came to play.

It’s important to note that DeFi-related assets are gaining traction, as data feeds from Defipulse revealed that Defi based crypto market value had risen from $1 billion in June to  $10.71 billion, at the time this report was written, showing an astronomical gain of 1071%.

READ: Crypto: Why investors are rushing to DeFi assets

Why investors are flocking to DeFI cryptos

Several DeFi crypto assets have had their share of the spotlight in recent times, with cryptos such as Chainlink, Compound, YAM, UniSwap, Cream finance, and Melon gaining investors’ capital inflows.

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  • Using “Defi” technology, one can build smart contracts with codes that facilitate the actions of intermediaries, including managing and accepting deposits, handling collateralized loans, and liquidating collateral assets as per the terms of the contracts, should their values fluctuate.
  • Although DeFi assets, about few days back, had experienced some price corrections due to the rebound of the dollar and overbought indicators, the market seems to show a bullish bias relatively in the midterm, as Defi based investors increase their asset purchases momentarily.
  • DeFi crypto owners in some cases can typically receive better interest rates than they would from traditional banks on the basis that lower operating costs is enabled by operating on an automated decentralized network

As a credit to blockchain technology, the contract codes cannot be terminated or manipulated by any entity, and are executed with specific conditions.

READ: Guinness Nigeria finding it hard to refinance its loans due to dollar scarcity

What DeFi means: 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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  • Defi, in short, is the use of blockchain technologies (including smart contracts, decentralized asset custody, etc.) to replace all “intermediaries” with program codes, therefore maximizing the efficiency of financial services and minimizing costs.
  • These digital assets are designed on Ethereum codes, and usually exhibit characteristics that include having protocols and financial smart contracts.

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Cryptocurrency

Unknown entity transfers $166 million worth of Bitcoins

BTC whale moved 15,987 BTC in block  649,777 estimated to be worth about $ 166 million.

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Unknown entity transfers $166 million worth of Bitcoins

The number of transactions done by large entities in the world’s most important crypto market is on the rise.

Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that a BTC whale moved 15,987 BTC in block  649,777, estimated to be worth about $166 million, recently.

READ: Bitcoin whale transfers 11,230 BTC worth $116 million

 

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BTC whales have been moving large stacks of BTCs lately, triggered by the third BTC halving that occurred some months ago.

Much of the recent increase can be attributed to wealthy entities withdrawing their BTCs from crypto exchanges. Apparently, this is not new wealth; rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.

READ: Buying signs: Ethereum whales increase their Ether holdings by 84%

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From a macro level, the increase in the number of these large entities can be considered bullish.

At the time this report was drafted, Bitcoin was still trading around the $10,500 support levels, as investors have kept buying BTC at its support levels.

Explore the Nairametrics Research Website for Economic and Financial Data

Quick fact: At the BTC market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales. This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.

As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.

READ: Bullish Signs: 2.6 million Bitcoins are being held on crypto exchanges

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Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.

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