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Cryptocurrency

Yearn.finance: Buyers earn 125,322% profits  

Buyers have gained a whopping 125322.3% when the price was $31.65 on July 18th 2020.

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Crypto hedge fund, Polychain capital buys $8.2 million worth of yearn.finance, Yearn.Finance, a lending aggregator scarcer than Bitcoin
Yearn.finance (YFI), an unknown lending aggregator a few months ago, has become a $1.195 billion DeFi powerhouse by market value, and is currently at the center of the hottest trend in the crypto industry.

At the time of this report, Yearn.finance traded at $39,878 with a 24 daily trading volume of $680,002,304. YFI price is up by 7.4% in the last 24 hours. Buyers have gained a whopping 125322.3% when the price was $31.65 on July 18th, 2020. 

It has a circulating supply of 30 000 coins, and a max supply of 30 000 coins.

READ: Investors are rushing in, as Crypto market’s capitalization hit a two-year high

Nairametrics has been tracking the price of the world’s most expensive crypto, ever since it breached the $25,000 price level a few weeks ago, as investors pour funds into this fast-growing lending aggregator. On Saturday, Messari, a crypto analytic firm, via its twitter feed showed $YFI making weekend moves, retesting $38K 

What you must know: There are multiple protocols providing yield (returns) on the capital that you lend. These yields vary from one protocol to the next. YFI automates & optimizes lending, such that you can earn maximum value on your capital without researching each protocol. 

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

With the launch of the YFI governance token, assets under management skyrocketed from $10 million in mid-July to $830 million today. It has two major uses: 

Lend your digital assets: Earn maximum interest among a pool of lending protocols such as Compound, Aaveetal. 

Vaults: Lend your digital assets to yield farming strategists (think hedge fund managers), who deploy advanced strategies, leveraging liquidity mining tokens to maximize returns. 

Yearn.Finance’s advantage over Bitcoin: With a mere 30k token supply making it more scarce than even Bitcoin, and a provably fair launch, $YFI is the hardest money the world has ever known. 

Andre Cronje created yEarn Finance to automate the process of manually moving funds between DeFi money markets, to secure the best lending rate. iEarn Finance, as it was then called, was released to the public. What started as a yield aggregation instrument, evolved into a platform that supported automated liquidity mining strategies. 

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

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Cryptocurrency

Chinese photo-editing app, Meitu buys $40 million worth of Bitcoin & Ethereum

Crypto experts argue that such strong demand in the Bitcoin market is largely attributed to the fact institutions are coming

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Meitu

The Share value of a Chinese photo-editing app, popularly known as Meitu Inc surged as much as 14.4% this morning after the Chinese company known for its beauty-focused app said it had bought $40 million worth of Ethereum and Bitcoin.

The Chinese technology firm, late-night yesterday revealed in its most recent filing that it bought $22.1 million worth of Ether and $17.9 million worth of Bitcoin on March 5 in a report credited to Reuters.

Meitu is the latest global firm holding Crypto as a form of its treasury operations. About a month ago, Tesla Inc revealed it had bought $1.5 billion of Bitcoin, which sent the world’s most popular crypto’s price up 20%.

READ: Why Ethereum transaction fees are often expensive

So fast Ethereum has printed gains of about 530% while the flagship Crypto’s yearly returns stand at about 430%.

Meitu said it was buying the popular Cryptos for investment and partly as preparation to enter the blockchain community and that it would support such purchase from its existing cash reserves.

Meitu is evaluating the possibility of integrating blockchain technologies into its businesses based abroad, which could include projects on the Ethereum blockchain network.

Recall some days back, a leading global bank, Citi had suggested the flagship crypto-asset could “become the currency of choice for international trade,” thanks to its “decentralized design, lack of foreign exchange exposure, fast (and potentially cheaper) money movements, secure payment channels, and traceability.”

READ: Spotify podcast listeners set to surpass Apple podcast for the first time in 2021

Crypto experts argue that such strong demand in the Bitcoin market is largely attributed to the fact institutions are coming.

The market liquidity is tightening at the flagship Crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Grayscale, Paypal, Microstrategy, hedge funds, MicroStrategy Inc.’s Michael Saylor purchased more Bitcoin to raise the enterprise-software company’s holdings to more than $4 billion.

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Billionaire Watch

Dogecoin could eventually hit $1

Dallas Mavericks owner, Mark Cuban is predicting the price of the Dogecoin will eventually hit $1,

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Dallas Mavericks owner, Mark Cuban is predicting the price of Dogecoin (DOGE) will eventually hit $1, after few days of accepting the crypto as a form of payment.

In a recent tweet, posted by the American-based billionaire, Cuban revealed customers had used more than 20,000 Dogecoin — roughly $1,018 at the time of writing this report — in transactions for his basketball team claiming the franchise was now “the largest Dogecoin merchant globally .”

Cuban anticipates that if basketball fans were to purchase 6,556,000,000 DOGE worth of Mavericks merchandise, the price of the token touch will “definitely hit $1.”

READ: Football-based Crypto, is world best performing Crypto in 7 days

Cuban was known for creating the video portal, Broadcast.com with Todd Wagner in the mid-nineties and sold it to Yahoo for $5.7 billion in 1999.

Today he owns the NBA’s Dallas Mavericks and has stakes in Magnolia Pictures, AXS TV, and dozens of small startups.

According to Forbes, Mark Cuban is valued at about $23.4 billion at the time of writing this publication.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

What you should know: Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It’s usually referred to as “the internet currency.”

It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.

READ: Why Bitcoin could be worth $1,000,000

“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation,” said Anil Lulla, a former analyst at Bloomberg and co-founder of the cryptocurrency research firm, Delphi Digital.

  • Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo.
  • The open-source crypto was invented by an American known as Billy Markus and an Australian identified as Jackson Palmer. The crypto asset was forked from Litecoin in December 2013.
  • This fast-rising crypto is being primarily used as a tipping system on popular social media platforms like Twitter and Reddit in order to reward the creation or sharing of quality content.

Crypto exchanges presently having Dogecoin listed include YoBit, BitAsset, Binance, Huobi Global.

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