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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:

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“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

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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.

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

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

2 Comments

2 Comments

  1. Ashley Watts Collins

    September 12, 2020 at 7:53 am

    Thank you.

  2. Amah

    October 6, 2020 at 10:09 am

    Mad oo

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Cryptocurrency

Canadian investment company buys more Bitcoin

The Canadian investment company recently disclosed it added about 73.9 BTC to its reserves since the middle of 2020.

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Canadian investment company buys more Bitcoin, Bitcoin price drops $1400 in minutes, Binance, BTC wallets holdings 0.1 BTC reaches all time high, 13,000 BTC wallets are now worth more than $1,000,000

Cypherpunk Holdings a publicly listed Canadian investment company, amid record sell-offs prevailing in the flagship crypto market, has recently purchased more Bitcoin (BTC).

The Canadian investment company recently disclosed it added about 73.9 BTC to its reserves since the middle of 2020. Cypherpunk holdings raised cash by selling other crypto-assets like Monero (XMR) and Ethereum (ETH).

READ: Total credit to the economy rose to N19.54trillion – CBN Governor

With the purchase, Cypherpunk now has 276.5 Bitcoins making it the 9th public Bitcoin holder. At current values, such crypto is worth about $5 million.

The report further added that “During October 2020, Cypherpunk Holdings Inc. was added to the unofficial list of public companies with a treasury position in Bitcoin alongside other companies such as MicroStrategy [MSTR], Square [SQ], and Galaxy Digital Holdings [GLXY].”

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READ: Bitcoin boosts Square earnings in Q3

At the time of writing, Bitcoin price traded at $17,151.39 with a daily trading volume of $44 billion. BTC price is down -3.0% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.

Recall a publicly-traded company based in America, MicroStrategy, adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation. This is seen in many quarters as a big deal and it’s good to see BTC’s being used as intended – a hard money/savings instrument.

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READ: Gold Prices cross $1800, first time since 2011

Bottom-line: The many global economic uncertainties that include inflation and the depreciation in value for most global fiat currencies have made cash an unreliable store of value, pushing well-known companies like Square, MicroStrategy, Grayscale to store their value in a deflationary currency like Bitcoin.

READ: Global companies are buying Bitcoins to hedge against inflation

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Cryptocurrency

Large entity transfers $78 million worth of Ethereum

An unknown crypto entity moved 154,245 ETH ($78,168,076 ) from an unknown wallet to another unknown wallet.

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Unknown identity moves $117 million worth of Ethereum

The bull trend currently in play amidst the record sell-offs seen yesterday has kept Ethereum whales very busy. This confirms the bias that the bearish days look numbered and never again will Ether trade below $200 support, taking to account recent price actions coming to play.

What we know: Data retrieved from Whale Alert, an advanced crypto tracker revealed an unknown crypto entity moved 154,245 ETH ($78,168,076 ) from an unknown wallet to an unknown wallet.

READ: Crypto traders transfer USDT 100,000,000

READ: Pigs on a rampage, Bitcoin drops $2,000

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What this means: Such movements have been tracked by Nairametrics on the bias revealing large entities have purchased almost half of all the Ethereum mined so far in 2020, pushing the value to rise over 150% from March 2020.

  • This is clear evidence that major investors are now looking at the future potential of Ethereum as an investment, despite the recent sell-offs recorded in the second most capitalized crypto market.
  • Ethereum supports smart contracts on which developers can write code in order to program digital value.
  • Examples of decentralized apps (dapps) that are built on Ethereum include tokens, non-fungible tokens, decentralized finance apps, lending protocol, decentralized exchanges, and much more.

READ: Ethereum whale transfers 200,000 ETH, as price drops to $387

At the time of writing, the second most valuable crypto by market value traded at $526.21 with a daily trading volume of $23,939,794,283 USD. Ethereum is down 1.44% in the last 24 hours. The market capitalization of Ethereum stood at $59.77 Billion.

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READ: Reps Committee warns MDAs against failure to render accounts to Auditor-General

What you should know

  • Crypto holders or entities who own a large number of Ethereum are typically called Whales.
  • This means that an Ethereum whale would be a single Ethereum address owning around 1,000 Ethereum or more.

Explore Data on the Nairametrics Research Website

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Cryptocurrency

Pigs on a rampage, Bitcoin drops $2,000

Bitcoin prices plunged by more than 15%, approaching the $17,000 level.

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Pigs on a rampage, Bitcoin drops $2,000, 6 features to look out for in a Cryptocurrency, Cryptocurrency: Discern investors’ goldmine 

It appears the bulls driving Bitcoin upward lately have momentarily gone out of steam. Bitcoin prices plunged by more than 15%, approaching the $17,000 level, after reaching as high as $19,580, owing to heavy losses as large investors cash in on some of their Bitcoin holdings.

READ: Why Bitcoin suddenly lost $1,000

  • The crypto lost $2,000 in a matter of few hours, falling around $17,000 before it sprang up back to the $17,900 price level.
  • Taking into consideration that most bitcoin wallets are in profit, unsurprisingly, some investors are already cashing out some of their gains amid the end of a turbulent 2020.
  • That said, its recent price action shows its tilting towards an overbought position.

READ: Dangote cement post a 52-week high, investors gain N224 Billion

At the time of writing, Bitcoin price was $17,890.84 with a 24-hour trading volume of $33,259,413,581.

The Head of the blockchain intelligence platform further anticipated the likelihood for Bitcoin to go through a period of correction, as more investors deposit their BTC on Coinbase.

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READ: President Trump’s action triggers Ethereum plunge

Too many BTC whales on Coinbase. I’m still long-term bullish, but we might face some corrections or sideways until whales become inactive on spot exchanges.”

READ: NBS hits back at Prof Hanke, says Nigeria’s inflation is not 33%

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Should you buy it?

Although it’s more likely that some Bitcoin whales increase their purchases when prices drop to these levels, Nairametrics, envisages cautious buying, as the volatility in this fast-changing market, could lead to a significant loss of capital.

However, if things get really terrible, Nairametrics believes this could be another chance to buy bitcoin below $15,000.

READ: $66.5 billion worth of Bitcoin lost forever

What you should know

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Recall Nairametrics exclusively broke the news on how a crypto strategist, Ki-Young Ju, recently warned on the high influx of big-time Bitcoin holders moving a significant portion of their BTC holdings to a well-known crypto exchange, Coinbase, obviously to cash out, amid the bullish trend currently in play.

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