Crypto News #08
Yoann Choux – 21 Jul 2020
The crypto to watch this week
Once again, this is a DeFi project, which is definitely on a roll. This week is the release of the YFI token of the iearn platform, a platform whose main product is to reinvest funds on other DeFi platforms automatically.
The creator of the YFI token claimed that it had no value and that he was only creating it to get rid of the management of his platform, but the market didn’t listen to him: the token is now trading at more than €800 per unit, even if it is already down more than 30%, as we have seen on other similar tokens. Of course, we anticipate a drop in the price of this new asset.
Scam via celebrity profiles on Twitter
On Twitter, a vulnerability has been exploited to allow an attacker to access very high level profiles and post on their behalf.
Elon Musk, Bill Gates, Jeff Bezos, Joe Biden, Barack Obama… among others.
The attacker was able to compromise the accounts of one or more employees to access internal tools.
~17 BTCs were collected via messages inciting to double their amount.
The attacker could hardly withdraw his loot, not having covered his tracks very effectively.
Vitalik Buterin criticizes the Yield Farming
Vitalik Buterin criticizes the irrational development of Yield Farming.
According to him, these projects cannot work in the long term and continue to offer significant profits.
In particular, he questions the value of the tokens distributed by these platforms.
Paypal confirms its interest in cryptos
PayPal has confirmed to the European Commission its strong interest in the crypto ecosystem.
The company had signed in 2019 a non-binding agreement with the Libra association to finally retract in view of the developments of the project.
They now explain that they are closely following the developments of the ecosystem and wish to develop services for their customers.
PayPal takes this opportunity to slip recommendations on the regulation of the crypto ecosystem.
Beijing accelerates on the blockchain
The Beijing municipal government has published a 145-page master plan to make the Chinese capital a hub of the blockchain.
140 government departments are already using blockchain technologies to improve their infrastructure, including data sharing, electronic certification, and collaborative business management.
Beijing wants to integrate blockchain technologies into the city’s economic development plans.
1 billion borrowed on the Compound platform
Compound crosses the symbolic barrier of one billion dollars borrowed on its platform.
Compound, alongside Aave, is DeFi’s leading lending and borrowing protocol.
Thanks to liquidity mining programs, the use of the platform has increased exponentially.
ENJ and REN arrive on Aave
The Aave lending protocol adds ENJ and REN to its ecosystem.
Holders of these assets can now borrow other assets by using them, or simply earn interest by lending them.
LEND has also been added to the decentralized Loopring marketplace.
Japan’s Central Bank develops a digital currency research team
The Bank of Japan announced on Monday that it has created a new team to research digital currencies. This follows in particular the Japanese Parliament’s call to speed up research in this field. This research will be done in collaboration with the European Central Bank and the Bank of England. That being said, the Central Bank of Japan has announced that although the hypothesis is not ruled out, the creation of a Japanese digital currency is not on the agenda.
This week’s figures
What’s the Bitcoin Hashrate?
The Bitcoin Hashrate reached its all-time high this week, 126 EH/s.
Bitcoin Volatility Index
The VIX index, which measures the volatility of a given asset, is at its lowest over the last fifteen months on Bitcoin.
What progress for the DeFi ?
$3 billion. This is the economic mass of decentralized finance (DeFi). 2 years to reach 1 billion, 1 month to reach 2 billion, 2 weeks to reach 3 billion.
What about Ethereum?
The number of transactions on Ethereum is almost at an all-time high, as are the commissions on transactions.
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