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

Market Data Aggregator, Coingecko, Rolls Out Reward System; But It’s Not Crypto

  • Coingecko launches its loyalty points reward system, Candy, which are redeemable for non-fungible tokens (NFTs) and in-built free bonuses.
  • The loyalty points are non-transferrable, at the moment, but a plan to add crypto-based loyalty points is in development.

In a tweet thread sent out by Coingecko’s media team, the crypto analytics firm added its own loyalty based points system to boost user traffic and engagement on the site. The Co-founder and COO of Coingecko Bobby Ong explained:

“You can think of Candy as similar to Reddit karma points, where we reward users for usage. The candies are currently a centralized loyalty points system ,though it is not hard to imagine them as ERC-20 tokens to make them transferable in the future.”

Similar to Candy Crush, the popular mobile-based game, the Coingecko Candy Loyalty Program will offer rewards to users every time they visit the website platform or log into their iOS or Android phone app. Users visiting in seven consecutive days will also receive a big bonus, the post states:

“Beyond providing independent and neutral market data, Candy is our way of saying thanks to all of our supporters.”

Redeeming your Candies!

At the moment, users can only redeem the candies with limited collection NFTs, vouchers from crypto staking wallet, Cobo Wallet, and Coingecko’s merchandise, including its “How to DeFi” book, jumpers, T-shirts, etc.

Some of the limited NFTs will be collected in Blockchain Heroes, Axie Infinity, and Proof of Attendance Protocol.

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Author: Lujan Odera

CoinGecko Joins Forces with Coinfirm In an Effort to Fight Against Scams and Hacks Among Others

Coin market ranking chart application, CoinGecko joins forces with blockchain-based financial ecosystem and global leader in regtech for digital assets, Coinfirm. As per the claims made, two things will arise from this partnership:

  1. bettering the former’s exchange, i.e. Trust Score Algorithm
  2. ensuring that users are given the necessary tools to report scams and hacks.

The latter is deemed possible with the help of Coinfirm’s AMLT network and platform, which as per the firm’s guide is described as:

“The first of its kind system where users can report nefarious cryptocurrency addresses related to ransomware, hacks, scams and other fraud, plus also receive protection from further actions by bad players.”

Simply put, said information will be provided to Coinfirm, who will then implement it to its AML platform and block any suspicious users and funds. This system has been created for not only crypto exchanges but also payment processors, wallets, data mining pools, crypto funds and crypto users to name a fraction.

As for how the duo’s partnership will help with the Trust Score Algorithm, CoinGecko plans to make use of Coinfirm’s AMLT Token Network, and its Analytics and AML Platform to strengthen its ranking abilities.

Co-Founder of CoinGecko, Bobby Ong has since expressed that transparency is a vital aspect to the crypto space and, with Coinfirm’s AMLT Network and data, this can be fortified. Furthermore, Ong said:

“Our users will be better able to make judgements on exchanges while also helping provide data to bring even more transparency and security. With this initiative, we hope exchanges will continue improving their practices to ensure a safe trading experience for all users.”

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Author: Nirmala Velupillai

CoinGecko 2019 Q2 Report; Bitcoin Price Dominates With 165% Gains Helping Total Market Cap Jump 125%

CoinGecko 2019 Q2 Report; Bitcoin Price Dominates With 165% Gains Helping Total Market Cap Jump 125%
  • CoinGecko releases a new market report for the second quarter of the current year
  • The market has been positively influenced by the announcement of the Libra cryptocurrency

CoinGecko, a recognized crypto aggregator of news and information, published its new Q2 report for 2019. In this new release, they provide information about many different topics, including the cryptocurrency market, the price increase experienced by virtual currencies and the performance of crypto exchanges.

CoinGecko Releases New Crypto Market Report

The cryptocurrency market has been expanding during the last six months and CoinGecko has analyzed the most important things that took place in the space. During the last quarter, the report shows that there has been a 125% increase in crypto market capitalization due to the price increase in many virtual currencies.

In addition to it, Bitcoin (BTC) has been one of the best performer currencies during that period of time with a gain of 165% increase in value during that time. The digital currency moved from $4,103 to $10,888. At the same time, the Bitcoin market capitalization expanded from 54.6% to 65%.

According to the report, 87% of 302 exchanges that CoinGecko is currently tracking were added in the last 18 months, which means that the space has been constantly growing. Due to a growing and expanding market, crypto hacks became much more sophisticated over time.

Initial Exchange Offerings (IEOs) have also been expanding during the last quarter as well. As per CoinGecko, this was by far the most popular period of IEOs with 66 out of 72 IEOs taking place during that time. These IEOs gathered $262 million during the first half of 2019. The co-founder of CoinGeck, Bobby Ong, commented:

“Crypto summer is undeniably upon us as we see the industry enter the mainstream consciousness again, in part due to Facebook’s recent announcement of Libra. The release of CoinGecko’s Trust Score during Consensus New York has been met with a positive response which emboldens our resolve to empower our users with richer data to make better-informed decisions.”

Thus, this shows that the team at CoinGecko is very excited about the future of the space. The consider that Facebook’s digital currency played an important role in the recent price increase of Bitcoin.

In addition to it, the Lightning Network has grown steadily and it increased its node capacity to 4576 at the end of the second quarter of 2019.

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Author: Carl T