ETH’s Net Annual Inflation Now under 1%, Ethereum Foundation Selling Ether

Since the implementation of EIP-1559, almost 860,000 ETH worth $3.2 billion have been burnt, which is about 40% of the ETH issued in that period.

Daily net ETH issuance has now dipped below zero in 10 days, making the crypto asset deflationary. This has now significantly dropped ETH’s expected rate of net annual inflation. According to Coin Metrics, based on the 30-day moving average, ETH’s net annual inflation has now dropped under 1%.

This is despite the fact that the number of transactions implementing EIP-1559 type fees is still around 60%.

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The total supply of wrapped Bitcoin (WBTC) on Ethereum has also risen to 235,000, representing more than 1% of the total bitcoin supply. The fact that 90% of all average transfer size for WBTC has been greater than $1k in value likely suggests that WBTC is mainly used on Ethereum in DeFi protocols for trading and other financial activity.

Amidst this, Ether has also hit a new all-time high this week at $4,870, up 550% YTD. As of writing, ETH has been trading at $4,550.

As Ether hit new highs, Ethereum Foundation, a non-profit organization supporting the development of the second-largest cryptocurrency and its developers, has moved its ETH to cryptocurrency exchange with an intention to sell them.

On-chain data shows, Ethereum developer, sent 20,000 ETH worth about $95 million to Kraken.

In the past as well, Ethereum Foundation has sold its Ether stash to provide financial support to the ecosystem.

With Ether price surging and activity resuming on-chain, ETH gas fees are rising as well. Over the last week, the Ethereum transaction fee averaged $50, with a median of $26. As of writing, the average fee is still above $50.

Daily active addresses meanwhile have averaged $650,000 over the last week, the highest level since August this year. NFT activity, however, is currently not the main factor behind the jump in gas fees as daily ERC-721 transfers averaged $67k over the last week, down from a peak of $200k per day in early September.

“Activity that might be less cost-sensitive such as trading is likely the biggest contributing factor to the rise in fees,” noted Coin Metrics.

While high network usage means there is high demand for Ethereum block space from users, it also limits scalability on layer-1 Ethereum, pricing out smaller users.

This week, however, the L2 solution Optimism released one of its biggest upgrades to improve the developer experience building on layer 2. With this, Optimism is currently offering the cheapest experience at $0.01 ETH transfer cost, as per Cryptofees.

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Author: AnTy

Over $2 Billion in New Money Has Flowed into CME Bitcoin Futures This Month

Bitcoin price is ready to pounce at its almost $65,000 all-time high after seeing a mild case of volatility in the past 24 hours.

Late on Sunday, the Bitcoin price dropped just under $59k only to climb back above $62,700 on Monday. Currently hovering around $61k, the leading cryptocurrency is awaiting approval on a US exchange-traded fund (ETF).

Ethereum and much of the cryptocurrency market behaved the same way, with the total market cap at $2.55 trillion, down from a high of $2.62 trillion earlier in the day, according to CoinGecko.

While whales continue to accumulate BTC with Bitcoin “Supply Per Whale” basically never dropping since 2017, retail is also just as interested in BTC along with Ethereum, Cardano, and Solana. ETH -2.74% Ethereum / USD ETHUSD $ 3,752.44
-$102.82-2.74%
Volume 17.24 b Change -$102.82 Open $3,752.44 Circulating 117.98 m Market Cap 442.72 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 11 h Over $2 Billion in New Money Has Flowed into CME Bitcoin Futures This Month 2 d Euphoria is Back Ahead of ETF Listings: Bitcoin Hits $63k and Ether Nearly $4k as NYSE Certifies “Approval for Listing”
ADA -1.42% Cardano / USD ADAUSD $ 2.13
-$0.03-1.42%
Volume 2.59 b Change -$0.03 Open $2.13 Circulating 32.9 b Market Cap 70.08 b
11 h Over $2 Billion in New Money Has Flowed into CME Bitcoin Futures This Month 4 d Polkadot Sets Launch Date for Initial Parachain Auctions, DOT Soars 17% Ahead of Crypto Market 6 d Institutions Are Back to Pouring Money into Bitcoin as a “Perfect Storm” Brews for the King
SOL -2.02% Solana / USD SOLUSD $ 157.26
-$3.18-2.02%
Volume 1.68 b Change -$3.18 Open $157.26 Circulating 300.54 m Market Cap 47.26 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 11 h Over $2 Billion in New Money Has Flowed into CME Bitcoin Futures This Month 3 d Decentralized Smart Contract Platform, Cypherium, Joins China’s BSN to Boost Blockchain Development

According to a Bloomberg report, the Indian crypto exchange CoinSwitch Kuber, which launched just a year and a half ago, has 11 million users whose average age is 25. Interestingly, the majority (55%) of this user base is from outside large metropolises like New Delhi or Mumbai and from a generation with no experience with stocks and bonds.

All eyes are currently on the first futures ETF to make its debut which is expected to come on Tuesday. It could easily see us hitting a new all-time high.

While some feel this could result in some profit-taking as traders sell the news, others are pretty clear that it won’t be the case.

Crypto trader Light, who shorted CME launch in December 2017 and then shorted Coinbase listing in April 2021 that marked the top for Bitcoin, says, “it’s not a sell the news event when a large part of the market is worried it may be a sell the news event.”

But no matter the bulls or bears, volatility is expected going into this week, which we already saw last week.

“Overall the volatility on Bitcoin is going to be high irrespective of how the decision plays out,” said Pankaj Balani, chief executive officer of crypto-derivatives exchange Delta Exchange, in a note.

So far this month, Bitcoin has increased more than 43% in value. The technical setups for the cryptocurrency, however, is a concern for Risk Bensignor, the president of Bensignor Investment Strategies and a former strategist at Morgan Stanley, to whom the price action might “make me think twice about buying Bitcoin now, especially as it’s against all-time highs,” he said in a note Monday.

Bensignor further said that open interest (OI) rose dramatically during this rally which means that “there are lots of new shorts on this up move that are badly under water — that still may need to get fully squeezed out before the buying might dry up.”

As we reported, OI has risen significantly since Sept. 29 low of $13.11 bln. On Monday, it went to hit $23.11 bln, as per Bybt.

Binance is leading this race with OI at a new high of $5.5 bln, followed by CME and FTX sitting at second place with new highs at $3.97 bln in notional OI. At the beginning of this month, CME’s OI was sitting at $1.7 bln and just two days before that at $1.4 bln, while today, it is ready to surpass $4 bln.

With the Bitcoin Futures ETF involving the contracts from CME, traders on the regulated exchange are making a lot of purchases as CME Bitcoin futures’ market share rose to nearly 20% from just 13% a week back.

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Author: AnTy

Crypto Exchanges and Companies React to China’s Ban, PBoC Injects 100B Yuan Liquidity in Markets

Despite boosting the net liquidity injection of 510 billion yuan (almost $79 billion) in the preceding six days, the central bank failed to spur risk appetite; meanwhile, crypto-asset prices jumped.

China has taken even more concrete steps towards its crackdown on the cryptocurrency industry. Last week, the central bank declared virtual currency-related business activities, including the provision of services by overseas exchanges to Chinese residents through the Internet, to be “illegal financial activities.”

This time the People’s Bank of China involved the Supreme People’s Court of the Central Cyberspace Administration of PBOC, Ministry of Industry and Information Technology, Ministry of Public Security, China Banking and Insurance Regulatory Commission, and China Securities Regulatory Commission Foreign Exchange Bureau in the crackdown.

Given that the notice that appeared on PBOC’s website was dated Sept. 15, some local crypto users maintain that there was a lot of chatter about the ban in the community before it was announced, while others say while rumors were swirling for weeks, the actual confirmation made it a “material event.”

In response to this, cryptocurrency exchanges Binance, Huobi, and OKEx stopped allowing new users from mainland China to register with the platform.

On Saturday, Huobi Global officially announced that in order to comply with the local laws and regulations, they have already ceased new account registrations and will further “gradually retire existing Mainland China user accounts by 24:00 (UTC+8) on Dec 31, 2021.”

“We have not allowed Chinese people to use it since 2017, and we have no exchange business in China,” the exchanges then told the Chinese media over the weekend.

Besides these popular exchanges, BiONE, TokenPocket, BHEX, HyperDAO (HDAO) Foundation, Loopring Technology Limited, and ZKSwap stated that they would stop providing their services to Chinese users and are withdrawing business in mainland China.

Ethereum mining pool Xinghuo Pool also announced that it wouldn’t provide its mining pool services to users in mainland China the same as graphics card mining machine management software NBMINER, which would no longer provide technical support either.

In Inner Mongolia, so far, authorities have closed 45 crypto mining farms, “theoretically saving 6.58 billion kilowatt-hours of electricity per year,” and confiscated over 10,000 mining machines in its latest operation.

Crypto prices have already taken a hit from the news, and a “panic selling” of USDT was also seen, which went from 6.40 to 6.01 against RMB.

Amidst this, on Monday, the PBOC injected 100 billion yuan (US$15.5 billion) into the local banking system through open market operations, boosting the net liquidity injection of 510 billion yuan (almost $79 billion) in the preceding six days.

Still, the central bank failed to spur risk appetite as crypto-linked stocks Huobi Technology, OKG Technology, and Meitu slumped, and Hang Seng Index lost almost all its advance with no sign of a resolution to Evergrande’s debt crisis, reported SCMP.

The prices of crypto assets, however, have recouped most of their losses and especially the DeFi sector, which is seeing traction among Chinese users.

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Author: AnTy

“I’m Spending Almost All My Time” on Regulatory Compliance, says Binance CEO

“I’m Spending Almost All My Time” on Regulatory Compliance, says Binance CEO

The leading cryptocurrency exchange is currently on a hiring spree to increase the size of its compliance and legal teams along with remedying the issue of not having a headquarters which was a move towards a “decentralized organizational structure.”

The number one priority of Binance right now is to hire people with compliance and regulatory experience, said Chief Executive Officer Changpeng “CZ” Zhao.

“I’m spending almost all my time” on the compliance drive, Zhao said in an interview with Bloomberg TV. “I’m not really involved in the day-to-day operations of the exchange.”

However, he is hopeful that the regulators will get things right, if not right away.

“When new crypto regulations come in, many of them are restrictive and that is expected, but over time we think regulations will adjust with market demand and hopefully will get better.”

According to him, the US is “very mature” on the crypto regulation part and is, in fact, “leading now.”

Zhao is also “fairly confident” that SEC commissioner Chair Gary Gensler will “do the right thing” when it comes to regulating the crypto space and on the prospect of a Bitcoin ETF.

“Gary is one of the most knowledgeable people in the regulatory space about crypto.”.

Besides increasing the size of their compliance and legal teams, Binance is also working on remedying the issue of not having a headquarters which was a move towards a “decentralized organizational structure.”

Meanwhile, commenting on the recovery in crypto prices, CZ said they are seeing “more people buying.”

Hiring Spree

The leading cryptocurrency exchange is on a hiring spree and is also seeking regular meetings with US officials.

The exchange is currently in talks with a former senior Singapore bourse executive, Richard Teng, who stepped down as head of the Abu Dhabi Global Market in March after six years, to be the chief executive officer at its local business in the Asian financial hub, reported Bloomberg citing people familiar with the matter. The exchange has reportedly also approached other executives about the position.

Teng spent 13 years at the Monetary Authority of Singapore (MAS) and was previously Singapore Exchange Ltd.’s chief regulatory officer.

Its Singapore unit, Binance Asia Services Pte, is currently operating within a grace period while the MAS reviews its application for a license to provide digital payment token services. The regulator granted two such “in-principle approval” this month.

Another one is the latest hire Greg Monahan, the former US government criminal investigator at IRS and will lead Binance’s global money laundering reporting.

The exchange faces a probe by the Internal Revenue Service (IRS) and the Department of Justice into potential illicit activities. Monahan said in a statement,

“My efforts will be focused on expanding Binance’s international anti-money laundering and investigation programs, as well as strengthening the organization’s relations with regulatory and law enforcement bodies worldwide.”

The firm said that Karen Leong, who previously held the top money-laundering role at the exchange since 2018, will become a director of compliance. CZ in the statement said,

“We are always expanding our capabilities to make Binance and the wider industry a safe place for all participants.”

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Author: AnTy

GBTC Discount Starts Making A Recovery After Crashing to a Record Low of Almost 12%

GBTC Discount Starts Making A Recovery After Crashing to a Record Low of Almost 12%

GBTC share prices have also been taking a beating along with the sell-off in the traditional market while the price of Bitcoin continues to consolidate in the $40k-$50k range.

Grayscale Bitcoin Trust has been trading at a hefty discount, nearly 12%, before recovering some to just under 3%.

It was on Friday that the GBTC premium took a sharp drop falling to its record low of -11.92%, as per Glassnode. According to CMS Holdings, this discount is just “some people took some pain and got out and took the L.”

Back on Dec. 22nd, this premium was as high as 40%, and from there, it only went down and during the last week of February was when it ventured into the negative territory.

The recent GBTC discount also coincides with the US equities sell-off. Interestingly while GBTC has been crashing, the price of spot Bitcoin has been consolidating between the $40k-$50 range. Even MicroStrategy shares have been getting sold off, and so have been Tesla and many other tech stocks. ParabolicTrav said,

“US markets are basically right at the bottom now, so the discount is reflective of the “panic” selling we just saw in global markets. Spot BTC barely affected by the sell-offQ, league of its own.”

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Though the premium went to its lowest level ever, it wasn’t the first time they went negative. As a matter of fact, these discounts have marked Bitcoin bottoms historically.

As we reported, Bloomberg strategist Mike McGlone sees this discount signaling Bitcoin’s march to $100k. “The steepest ever Grayscale Bitcoin Trust (GBTC) discount is a rare indication of an improving price outlook for the crypto, if history is a guide,” he wrote. “Sharp reductions in the GBTC premium have often marked bottoms in Bitcoin,” added McGlone.

At the same time, December CME-traded Bitcoin futures settled about 20% higher, “a tailwind for the underlying crypto.”

Moreover, the increasing probability of exchange-traded funds (ETF) in the U.S., on the back of the success of the ones launched in Canada, is adding pressure to the trust’s price.

Eventually, as CMS Holdings said, Grayscale is also expected to be turned into an exchange-traded fund (ETF) or get “turned into physical BTC.” Currently, there is no redemption program with GBTC. Still, given that GBTC represented about 4% of the total Bitcoin market cap now versus Q1 of 2017 when it was just 1%, it has a greater influence on the underlying Bitcoin market.

Meanwhile, much like the premium on GBTC, its shares haven’t been having a good time as it crashed nearly 35% from its Feb. 19 ATH. As of writing, GBTC share was trading at $43.8. Currently, the world’s largest asset manager Grayscale Investments holds 655.54k BTC, representing just over 3.5% of Bitcoin’s circulating supply.

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Author: AnTy

Private Aviation Company Sees 20% Revenue Coming from Bitcoin Paying Users

Almost 20% of private aviation company PrivateFly’s yearly revenues are now coming from travelers paying with Bitcoin. The use of cryptocurrency as a payment option has surged over the past two months, which previously made up only a marginal amount of revenue.

According to the company’s latest figures, 12% of flights were paid for using Bitcoin in December. These numbers increased to 13% in January, a huge jump from about 2% of previously paid flights through digital currency.

Those paying with Bitcoin tend to spend it on more expensive flights, notes the company. The company CEO Adam Twidell said,

“Some of these are clients who are looking to realize their gains, while others want to hold onto their cryptocurrency, in expectation of future increases. So, in addition to taking out a membership with us in Bitcoin and converting the account funds into traditional currency (as we have offered for a while), we now offer a membership program that allows the account funds to stay in Bitcoin

The price of Bitcoin has nearly increased 13x since its March 2020 low as it currently trades above $52,000.

The company first started accepting Bitcoin as a payment option in 2014 when a tech entrepreneur flew from Brussel to Nice and paid for that trip with digital currency.

PrivateFly has introduced a new membership program that allows its customers to place Bitcoin in an account that is charged using the value of BTC at the time of booking.

Other cryptos accepted by the company include Ethereum (ETH), Bitcoin Cash (BCH) and USDC, GUSD, PAX, and BUSD stablecoins.

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Author: AnTy

Michael Saylor Offers Elon Musk his ‘Playbook’ to Convert Tesla’s Billions into Trillions

Bitcoin isn’t the world’s second-richest person’s “safe word” and is “almost as bs as fiat money,” it’s just all about DOGE.

Tesla CEO, Elon Musk took over the crypto Twitter on Sunday when he tweeted that Bitcoin is his safe word.

This has been in contrast to his tweet earlier this year when he said “Bitcoin is *not* my safe word.” Over a year before that in 2019, he had said, “Cryptocurrency is my safe word.”

Musk’s Tweet has always been vague, after all, he’s here for the memes.

His weekend shenanigans soon gave way to “Just kidding, who needs a safe word anyway!?” this time as well.

“Bitcoin is almost as bs as fiat money,” came his Tweet soon after.

Bitcoin fanboy, Michael Saylor, the CEO of MicroStrategy, the first public company to replace cash with Bitcoin in their balance sheet as a reserve asset, jumped in and encouraged the billionaire to make a similar decision and “do your shareholders a $100 billion favor.”

“Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor,” Saylor added in his tweet on Sunday.

This made Musk inquire if “such large transactions (are) even possible.”

Here, Saylor took over and explained how he has purchased more than $1.3 billion in Bitcoin in the past few months and “would be happy to share my playbook with you offline – from one rocket scientist to another,” said the Bitcoin proponent.

Crypto derivatives exchanges FTX CEO Sam Bankman Fried also chimed in and recommended his OTC desk and “you can even use TSLA stock as collateral to buy it,” he said.

The price of Bitcoin surged more than 230% this year, having broken above the 2017 peak of $20,000 and now venturing on its price discovery that sees the digital asset making a new all-time high every other day.

In the early hours of Monday or late on Sunday, BTC price BTC -4.90% Bitcoin / USD BTCUSD $ 22 909,7304
-1,122.58 -4.90
Volume 46.98 b Change -1,122.58 Open $22 909,7304 Circulating 18.58 m Market Cap 425.6 b
1 h Crypto Exchange EXMO Hacked; BTC, ETH, XRP, ZEC, USDT, and ETC Stolen By Attacker
actually made yet another all-time high to about $24,300.

Today, the market is actually in risk-off mode with Bitcoin falling to $22,400 and TSLA shares also going down 6.3% in pre-market on its debut on the S&P 500 index.

“If Elon Musk/Tesla decided to also allocate part of its treasury holdings to BTC like Microstrategy did, it will embolden other tech companies around the world to do the same,” said one of the partners of the Crypto fund The Spartan Group.

The share price of Musk’s TSLA actually has been on a bull run itself, wilder than Bitcoin’s. Up a whopping 708% YTD and up 862% from March lows, TSLA made a new all-time high at 695 on Friday. These gains added $140 billion to Musk’s $167 billion net worth, making him the second richest person in the world.

Musk ended his crypto session with the tweet “One word: Doge” and changed his Twitter bio to “Former CEO of Dogecoin.”

DOGE jumped over 25% on this, trading above $0.005.

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Author: AnTy

Bitcoin’s Moon Predictions Make a Comeback, Targeting $25,000 to $500,000

Bitcoin’s price has been on a tear lately, having risen to a new all-time high of almost $19,000 last week, last seen during the peak of the 2017 bull market.

As BTC works on beating an all-time high, the sky-high predictions have made their return.

With Fidelity Investments, JPMorgan Chase, PayPal, and BlackRock embracing the digital asset, the FOMO continues to push the cryptocurrency price higher.

“You suddenly have this nearly perfect backdrop that is not only lending validity to the asset class, but is also really demonstrating its staying power,” said Michael Sonnenshein, managing director at Grayscale Investments. According to him, Bitcoin is,

“once again showing investors no matter how many times it gets challenged, that it has a way of emerging almost stronger or demonstrating its ability to be really, really resilient.”

History doesn’t repeat, but it rhymes

Amidst this bull run, David Grider, the head of digital asset strategy at Fundstrat Global Advisors, has increased his price target to $25,000 by the end of 2021 from $16,500.

Fundstrat co-founder Tom Lee made a had started year-end price target of $25,000 in 2018 only to abandon it after BTC hit its bottom in the bear market at $3,200 in December.

For Grider, “History doesn’t repeat, but it rhymes,” and now “the audience is bigger, the market is bigger, it’s a little more institutionalized — you have different fields of capital coming in.”

Crypto’s resident bull, Mike Novogratz, the founder of Galaxy Digital, known for making some wild predictions just last week, said that BTC would reach $65,000 as Novogratz sees “tons of new buyers” amid “little supply.”

As we reported recently, Tom Fitzpatrick, a strategist at Citigroup Inc., said the flagship cryptocurrency could reach $318,000.

Institutional Momentum Mania

Up 170% YTD and 35% month to date, If all institutions were to assign 1% to 5% allocation to Bitcoin, it could rise “to somewhere in the $400,000 to $500,000 range,” said Catherine Wood, CEO of ARK Investment Management during the Virtual Investing in Tech series of Barron’s.

According to her, this time is different for one big reason – the involvement of institutional investors. A noted booster of disruptive technologies such as Tesla and Bitcoin said the digital asset is “equivalent to the dollar in the fiat currency system. That’s a pretty exalted role.”

However, according to Edward Moya, a senior market analyst at Oanda, “Today’s outlandish calls seem primarily based on momentum mania,” adding, “I doubt institutional traders will allow Bitcoin to only go in one direction.”

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Author: AnTy

Ethereum 2.0 Deposit Contract Almost Ready, Awaiting NCC Group Audit Approval

The Deposit Contract of Ethereum 2.0 is almost ready, according to Danny Ryan, a researcher from the Ethereum Foundation. He revealed this development when speaking on the Blankless podcast last week, noting that the deposit contract will be ready after an audited approval of its BLST crypto library. The audit currently ongoing and being undertaken by the NCC Group crypto audit firm. Ryan was keen to emphasize the criticality of this particular library,

“This library is critical to creating keys, signing messages. Critical, in early phases, [means] that if you use this library, they need to be secure; if you use it to generate your wallets, it needs to have good randomness; and if you are signing your deposits which have a signature associated, it needs to be correct.”

He speculated a release date between early and mid-Nov, slightly later than the anticipated October release. The Deposit Contract will play a fundamental role in the ETH 2.0 ecosystem; touted as the last ‘piece of the puzzle,’ it will facilitate ETH transfer between the current and expected blockchain iteration.

Almost Sunrise for ETH 2.0!

After a very long wait, it appears there is some ‘white smoke’ coming from the ETH 2.0 development team. Last week, BEG reported that the Beacon Chain launch might be a few weeks away, according to an update by Ben Edgington, a developer at ConsenSys. Going by his estimation, this launch is likely to take place in late November or December. Notably, the Beacon chain launch will mark phase 0 of the ETH 2.0 rollout in what will be followed by a series of phases 1 and 2.

The ETH 2.0 upgrade is a much-anticipated event by the whole crypto community as it will mark Ethereum’s shift from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) blockchain. This move is expected to improve Ethereum’s scalability and security to create a sustainable ecosystem. So far, a couple of testnets have been held in preparation for the Beacon chain launch, with the latest being Zinken testnet.

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Author: Edwin Munyui

Survey Suggest 40% of Yield Farmers Can’t Read Smart Contracts; Still Pulling 500% Returns

A recent survey from Coingecko revealed that almost half of the DeFi yield farmers couldn’t read the smart contracts of the project they join. A majority of these yield farmers depend on auditors to monitor the security aspects of the project.

The survey revealed that 40% of the yield farmers could not read the smart contracts of the project they joined in; the report also revealed that the defi yield farming is dominated by males with 90% representation. It further showed that despite these yield farmers not able to read or understand the project, they still managed to make hefty profits; in fact, 90% of the respondents said that they had made a 500% return or more.

Yield Farming Dominated By Limited Users

The Coingecko survey found 1,347 respondents, out of which only a minor 23% of the respondents had participated in some of the yield farming, despite more than 80% being aware of the trend.

However, the most surprising aspect of the survey was that almost half of the respondents never read the code or researched about the projects they were participating in. This is extremely troubling, given the hype around the defi space. This trend could lead to a number of major scams arising; similar to the ICO era of 2017.

Coingecko, in its statement, noted that,

“All farmers should conduct their research before farming in any pools, as there are more copy-paste yield farming tokens that could potentially expose them to a greater risk such as code vulnerability or scams.”

Decentralized Finance (DeFi) has been the trend of the crypto town in 2020, where its market cap grew from a few million to over $15 billion in just nine months, and more defi projects have debuted given the rising hype around the space. People joining the hype wagon is understandable, but one should be aware of the risk factor involved. In fact, in the past couple of months, many meme defi projects have launched, managed to raise millions, see it’s market cap grow into billions, and make an exit scam.

All this happened in a matter of a few days.

The Coingecko survey report suggested that astonishing returns like the current times might fade away from the defi space as the hype fades out, but some projects would still allow for it to garner attention.

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Author: Rebecca Asseh