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Cryptocurrency

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

The crypto exchange will provide liquidity support for DeFi projects that pass its security audits.

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

Binance, the world’s largest crypto exchange by market volume, is offering a big financial reward to crypto coders. The crypto powerhouse recently started a $100 million seed fund to attract more decentralized finance (DeFi) coders to its smart contract-enabled Binance Smart Chain.

Each proposal will go through security audits and due diligence. Approved DeFi projects can get up to $100,000 in funding, while their tokens will benefit from the liquidity available through Binance’s proprietary blockchain. The Malta-based firm says high-quality projects may also be listed on Binance.

READ: CBN discloses conditions for assessing N100 billion credit facility, addresses ‘process problems’

DeFi Pulse, which tracks the value of the DeFi market, in its latest metrics seen by Nairametrics, showed that the total value locked in DeFi is now at about $ 8 billion.

The crypto exchange also stated that it would provide liquidity support for DeFi projects that pass its security audits and the due diligence process. The crypto exchange further stated:

“Selected beneficiaries will also enjoy support from the resources we offer across the Binance ecosystem. This includes access to millions of customers, media information in the ecosystem, knowledge education, incubation financing, derivatives, financial management, and other comprehensive resources and financial support.”

Interested readers can apply by filling the form here.

READ: Ethereum whales on the rise, as Ether hits $420

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What is Defi?

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

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.

READ: U.S Stocks drop for the fourth time in five days

Importance of DeFi assets

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.

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

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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    Cryptocurrency

    Dogecoin investor loses $12 million on Binance as Doge suffers violent dump

    Recent price actions reveal $DOGE lost as much as 25%, dropping as low as $.50 amid record selling pressures.

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    The fast-rising crypto asset, Dogecoin suffered record losses in the early hours of Sunday despite Elon Musk’s debut on the long-awaited Saturday Night Live which surprisingly led to a violent dump.

    At the time of drafting this report the dog meme coin traded at $0.564505 on the FTX Exchange with a daily trading volume of $31 billion. Dogecoin is down 21.34% for the day.

    Recent price actions reveal $DOGE lost as much as 25%, dropping as low as $.50 amid record selling pressures.

    The largest single liquidation order happened on Binance-DOGE value $12.07 million as over $270 million positions in the Dogecoin assets vanished into thin air.

    READ: Dogecoin up 168%, more valuable than Polkadot, Cardano

    READ: Altcoin season? Ether, ADA, Doge and others hit all-time highs

    Supporters of the fast-growing crypto were earlier hopeful that Elon Musk might offer some strong bullish bias in favour of Dogecoin but that was not to be. Although the Tesla CEO has, many times via social media, stated that Dogecoin remained his favourite crypto, he recently warned fans to invest in the asset with great caution.

    Crypto pundits have often frowned at the inflationary properties of Dogecoin considering that it is printed every minute of every day, giving it a potentially infinite supply. The implication of this is that the crypto asset’s unlimited supply could, over time,  impact negatively on its price.

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    Cryptocurrency

    How Nigeria’s ethnic diversity is boosting the crypto market

    The crypto market has facilitated more economic collaboration and cooperation among Nigeria’s geopolitical regions.

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    How Nigeria’s ethnic diversity is boosting the crypto market

    Africa’s biggest crypto market, Nigeria keeps gaining momentum in spite of its exclusion from Nigeria’s financial ecosystem. This reflects dwindling faith in Nigeria’s traditional financial asset classes.

    Adding credence to such bias is data retrieved from Paxful. The global leading Peer to Peer trading platform reveals Africa’s biggest economy and home to over 200 million people has now become its biggest market with 1.5 million users. In just four months, about $1.5 billion worth of Bitcoin exchanged hands.

    In addition, data retrieved from Google revealed that Nigeria is the only country with a perfect score in regards to its interest in the flagship crypto.

    Using local geographical metrics, Delta State has the highest level of interest in the flagship crypto on a state level, followed by Anambra, Bayelsa, Ondo, and Ekiti. This points to Bitcoin’s stronghold in southern Nigeria.

    READ: Dogecoin breaks new high, far more valuable than Nigerian Stock Market

    However, the same can’t be said of the fast-rising crypto, Dogecoin, which was created in 2013 as a joke, to mock the crypto-mania at that time. Data reveals Dogecoin has its strongest trend in the North-central and some Eastern parts of Nigeria such as Ebonyi, Plateau, Imo, Enugu, Niger, and Nasarawa.

    Surprisingly, Borno state, despite being ravaged by conflict showed a high interest in the dog meme coin.

    Anambra, Ebonyi, Bayelsa, Imo, and Cross river have the strongest interests in Ethereum that’s already breaching record highs amid the ongoing bullish run, in play at the crypto-verse.

    READ: Unknown whale moves $440 million worth of Bitcoin as institutional buying drops

    Surprisingly, Lagos, Nigeria’s busiest economic hub on the state level, misses out of the top 10 in any of the rankings despite its strong fintech presence coupled with the fact that it is host to most of Nigeria’s crypto platforms like Buycoins Africa, Quidax, Bittle, and Bundle Africa.

    This data reveals how much the crypto market thrives on Nigeria’s ethnic diversity, taking into account that the country, which is Africa’s biggest fintech community and home to Africa’s only two fintech unicorns – Interswitch and Flutterwave, will benefit from policies that encourage diversification and long-term inclusive growth.

    READ: Unknown whale moves $272 million worth of Bitcoin

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    In a country prone to stringent foreign exchange policy and expensive transaction fees compared to other emerging markets, the crypto industry is thriving and already creating jobs at record levels via the Nigerian crypto start-ups, which are facilitating millions of dollars worth of transactions daily and fostering a new wave of crypto-based solutions.

    Bottom Line: It is important to note that the crypto market has facilitated more economic collaboration and cooperation among Nigeria’s geopolitical regions further boosting the prospects for a strong political and economic entity that many young Nigerians desperately desire.

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