DeFi Projects Yearn.Finance and Pickle Working Together, Two New Tokens to be Created

On Tuesday, Yearn.Finance creator Andre Cronje wrote about Pickle and Yearn developers coming together to work in Symbiosis. Cronje said,

“This is done to reduce duplicate work, increase specialization, and to leverage shared expertise.”

The plan is to merge Pickle Jars and Yearn’s V2 Vaults.

For this, Pickle will be integrated into Yearn’s ecosystem where Pickle Jars will be deployed as Yearn vaults using the forthcoming v2 design and “Pickle and Yearn TVL merges.”

The total value locked in Yearn.Finance is nearly $600 million, while Pickle only has $39 million in TVL, as per DeBank.

Pickle will be introducing rewards Gauges through which tokens will be distributed, and Yearn Vault depositors get to earn additional rewards by depositing vault shares in gauges.

The devs of Pickle Finance will continue to write strategies for which they will earn a 10% performance fee.

Pickle Governance participants will receive DILL in exchange for locking PICKLE for set maturity dates while Yearn vault depositors will earn additional rewards locking Pickle for DILL, up to 2.5x — “the more DILL they hold the greater the rewards” with a minimum locking period of 1 week and maximum 4 years.

The Gauge deposit, withdrawal, performance, and protocol fees will go to DILL holders. Pickle will also earn rewards from all Yearn depositors who use their rewards gauges.

In the announcement, Cronje further shared that a new token, CORNICHON will be distributed proportionally to the victims of the recent Evil Jar attack. This new token is created to track the losses of the attack against Pickle’s DAI Jar.

Following the Pickle and Yearn collaboration news, the price of PICKLE surged past $20. As of writing, it is trading around $17, up from a roughly 66% crash resulting from the hack on the weekend. YFI, meanwhile, is trading at $23,700.

Some community members wondered why there wasn’t a government voting for this collaboration.

A Yearn Finance team member explained that there wasn’t anything for the yearn community to vote on because “creating a Yearn Vault is completely permissionless.” Given that the code is open, anyone can do this. He further pointed out that it is all primarily to do with the Pickle project.

“Yearn is for builders not bureaucrats,” concluded the Yearn.Finance team member.

Also Read: Yearn Finance Creator Andre Cronje Reveals New DeFi Project DeriSwap

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Author: AnTy

“I Don’t Build For Speculators, I Build For Developers,” Says YFI Creator Andre Cronje

DeFi darling YFI’s creator Andre Cronje clarifies that he doesn’t “build for speculators.”

“I do not build to make a number go up. I build for developers,” said Cronje in a post on Thursday.

YFI, the governance token of Yearn.Finance is known as the fairest launch of the DeFi world, which was launched as a zero valueless, 0 supply token with no allocation to the project team members.

The token surged to its all-time high of $43,680 in just two months of its launch and is currently trading around $14,200.

Thrice, there have been reports of Cronje quitting the project only to backtrack. According to him, this project isn’t about him anymore, it’s a big ecosystem with a team, and he is just a contributor.

“Test in prod.”

While token investors seek to gain from their token investments, Cronje said having tokens means “you want to be a contributor, not a bystander,” and they shouldn’t be treated as stocks.

He further explained his famous statement “test in prod,” which he has “come to regret” as it was used so that people use the protocol with caution —

“It exists to deter people from just using systems without investigation.”

It also doesn’t mean he doesn’t test. While explaining his development cycle, Cronje said it involved various stages; the first involved making sure everything is functional, the second is interaction testing followed by composite testing.

Stage four is fake prod, which replicates ETH mainnet and integration testing. Deploying to mainnet happens in stage 5. The last stage is prod deployments that coincide with UI’s and information sharing through medium articles.

“Testing is an iterative process. I have discovered issues on mainnet I never encountered locally, I have failed to replicate mainnet systems locally, and I have encountered errors locally that I can’t replicate on mainnet.”

“Continue building.”

Talking about EMN, which rug pulled on $15 million, he said its “code functioned as designed and at stage 5, 2 different versions were deployed.

As for LBI, which he explicitly asked not to use as they were valueless, unlike YFI, it is “working as intended,” and he’s using it to create real-world examples of how such templates function.

Overall, his focus is on building, which he will continue to, and he doesn’t foresee ETH disappearing or other builders stopping.

Despite Cronje’s explanation, YFI is not showing strength yet and continues to drop with the rest of the market.

“This post should make many people support Cronje while making many others wonder if he is a hypocrite or lives in a bubble. Either way, the Cronje premium had turned into a discount,” said trader and economist Alex Kruger.

While some traders see YFI as “finished” until it brings something new, others are still bullish given that it is still 64% away from its highs, high vol capitulation at $12k, very low supply, and an army of devs building stuff on it that will inevitably get hyped. In the meantime, Cronje said,

“I wish to develop, deploy, and share what I build with fellow developers so that we may collaborate and build more.”

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Author: AnTy

YFI’s Andre Cronje Re-Confirms He’s Not Quitting DeFi and ‘Still Building’

Popular Yearn.Finance creator Andre Cronje came on Twitter after a 10-day hiatus to deny the reports of him leaving the project.

“Still here. Still building. Nothing has changed. Anyone that says otherwise fuck off. I’m just done tweeting and being on social media,” tweeted Cronje.

The clarification came after CoinDesk reported that Cronje is quitting DeFi, and other employees have taken over the project.

Before this, there have been rumors floating in the market about him quitting the project, with some team members saying that is not the case.

“I’m not building anything at all anymore,” he reportedly told the publication earlier this month.

“I do it because I’m passionate, but if people are going to use my test environments, then lose money, and then hold me liable, it means there is 0 upside and only risk for me.”

This has been concerning Cronje’s other product Eminence.Finance rug pulling $16 million.

This isn’t the first time such a thing has happened. In August, Cronje had told another publication that he is quitting DeFi, after having similar thoughts in February this year, only to change the course as he said he won’t leave the space and will continue to build.

On Friday, the price of YFI found its bottom just under $12,300 to rally above $19,500, but today, the price went down to $16,880 before making its way above $17,300 to only fall back down to the current price of $16,630.

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Author: AnTy

DeFi Benefiting from Renewed Risk Appetite, YFI Enjoying a 30% Turnaround

There have been rumors floating on the Crypto Twitter that the creator of the DeFi darling YFI, Andre Cronje, has “permanently left the lead of development and possibly the project after reports he fell in depression.”

Some even say, “the YFI Team is trying to mitigate the situation with a cover-up.”

However, CL, who works on the design at Yearn.Finance refuted these rumors with a simple “he did not quit.”

Cronje hasn’t been active on his Twitter either; his last tweet was on Sept. 29, right after the Eminence.Finance debacle which rug pulled $16 million.

This isn’t the first time the market is talking about Cronje’s exit from the project. In early August, in an interview, he talked about quitting but after a clear mind reaffirmed the crypto community that he isn’t going anywhere any time soon, at least, “until there is nothing left to build.”

“This space won’t get rid of me,” he added.

Before that, back at the end of February, the “toxic community” of DeFi had pushed him to make a similar decision, but he said he learned his lesson.

A Turnaround

Unlike the last time when his quitting crashed the YFI price by 22%, the positive momentum in the market has YFI jumping following the correction, of course.

In mid-September, YFI hit its all-time high at above $44,000, surpassing 1 BTC the previous month and hitting BTC’s ATH before bitcoin.

But before Sept. was over, YFI crashed more than 54%, as the DeFi frenzy started to cool off. The pullback after a wild rally has been expected. But the DeFi correction didn’t stop there.

And yesterday, it went down as low as under $12,300, another about 40% drop and took all the DeFi down with it.

“Volume indicates that may have been the YFI bottom, and the DeFi bottom by extension,” said trader and economist Alex Kruger.

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The trader also added for further confidence in this DeFi bottom; we need stocks not to go on full risk-off mode and “Cronje to behave like a grown-up – Bet he’ll come out of his cave within weeks, release a new product, make YFI pop 30-50% in days, and have his sycophants like his boots.”

And today, we have finally started uptrending that YFI surging above $15,000. With a jump in price, other metrics are growing too.

YFI, however, is not the only one propelled by Bitcoin’s positive move yesterday, small-cap, DeFi related assets are the ones benefiting from the renewed risk appetite.

YFII is leading with 65% gains along with with the likes of bxrz (28%), UMA (27%), AKRO (25%), RUNE (23%), SUSHI (21%), UNI (20%), CRV (17%), and LEND (13%).

“Despite the re-pricing of various tokens that dominate DeFi ecosystem, the actual amount locked remained relatively sticky and largely unchanged,” said Denis Vinokourov of Bequant. “Pointing to profit taking, as opposed to capital flight related flow,” he added.

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Author: AnTy

Brave Partners With iOS Firewall Developer, Guardian For Privacy-Enhanced Internet Browsing

Brave Software partners with iOS VPN creator Guardian Firewall + VPN, to integrate their technology to build the safest, fastest, and most private web browser on Apple devices. The privacy-focused firms aim at providing maximum security for your data and unwavering control over your data while using the “Brave Firewall + VPN, powered by Guardian”.

The new Brave Firewall + VPN is an iOS-only device built in the Brave browser app to offer users a more private, safer, and up to 6x faster browsing experience. According to the statement on Brave’s blog, the new app allows users to set up a firewall and VPN on the iOS browsers as well as protect users from data tracking apps installed.

Over the past few years, data privacy and safety has become a key requirement for most browser users. Brave browser, built on a blockchain, offers users full control over their data and incentivizes users using attention-based tokens, BAT, when they interact with privacy-preserving advertisements.

This new Firewall + VPN enhances the security and safety of private browsers by encrypting data sent over the internet by blocking any unauthorized tracking, encrypting any incoming data to the device, and blocking ads.

Brave Browser has witnessed significant growth over the past few years reaching 15 million monthly and 5.3 million daily users on the platform. This shows an increase in people wanting to keep their affairs private and data secure without the prying corporations and governments spying.

Speaking on the launch of the Firewall + VPN application, Brendan Eich, CEO of Brave Software said, the users are moving towards more “privacy-default rather than surveillance default” browsing platforms and apps.

“We evaluated over a dozen VPNs and chose Guardian because of the shared focus on user privacy of our two companies and the technical capabilities of Guardian,” Eich said.

“The Firewall + VPN is a crucial part of the Web experience that our users have wanted, and we’re thrilled to bring this capability to Brave.”

The partnership brings together like-minded privacy-focused ideas from Brave and Guardian promising protection of the privacy of users against the big companies selling data. Will Strafach, CEO at Guardian said, on the partnership,

“By integrating Guardian’s technology with Brave’s browser, we offer a powerful solution for a much-improved Web experience that’s three to six times faster than conventional browsers, and much safer and more private.”

The firewall comes at a premium of $9.99/ month or a flat annual rate of $99.99. While right now you won’t be able to pay for the service in Basic Attention Token (BAT), developers intend to have that feature live by the end of the year.

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Author: Lujan Odera

40 Ethereum Addresses Blacklisted, Holding Millions of Dollars Worth of Tether’s USDT

Tether, the creator of the leading stablecoin USDT, has been on a blacklisting spree and has blacklisted at least 39 Ethereum addresses since November 2017. Out of these 40 addresses, 25 have been blacklisted this year.

Philippe Castonguay, an Ethereum researcher, has created a dashboard that shows the number and list of addresses blacklisted by Tether up until now. All these blacklisted addresses would not be able to send or receive USDT, and the existing tokens in these addresses became useless. All the blacklisted addresses contain the millions worth of USDT and even one of the latest blacklisted address contain over a $1 million worth of tokens.

The million-dollar Ethereum address received 938,965 USDT tokens from Binance only last month. The owner of the address tried moving the funds the next day. It got blacklisted, but the transactions never went through.

Among all the blacklisted addresses, a majority of them contain around $100 USDT on average. However, the most valuable address consists of $4.5 million worth of USDT, along with 330,000 BUSD tokens and 13,500 ETH in it.

The blacklisting is mainly done if the address is suspected to be involved in any form of illegal or unusual activity and often on the request of authorities. As of right now, no one knows who owns these Ethereum addresses containing millions worth of cryptocurrencies.

Bitfinex, a sister company of Tether’s Stuart Hoegner the general counsel, commented on the recent slew of blacklisting and said,

“Tether routinely assists law enforcement in their investigations… Through the freeze address feature, Tether has been able to help users and exchanges to save and recover tens of millions of dollars stolen from them by hackers.”

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Author: James W

Mt. Gox Victims Can Now Sue Craig Wright for their Losses

Craig Wright, the self-proclaimed Satoshi Nakamoto — the pseudonymous creator of Bitcoin is now claiming that he was the hacker of bitcoin exchange Mt. Gox in 2011, which resulted in the loss of 79,956 BTC, today worth over $750 million.

A letter sent by Wright’s law firm SCA Ontier to Blockstream on June 12, 2020, alleges that he has control over the two mentioned bitcoin addresses. One of them is the one that received the stolen BTC from Mt.Gox.

“Just so we’re clear, Craig Wright has just openly admitted (via his lawyers) to be the guy that stole 80k BTC from Mtgox. The screenshots below show the court documents indicating the “1Feex” address is where the stolen Mtgox funds were sent,” said Monero developer Riccardo Spagni.

Mt. Gox CEO Mark Karpeles also confirmed this. Recently, Japan’s high court upheld a lower court’s decision that he was guilty of manipulating electronic data in this hack but not embezzlement which he called “unfortunate.”

“The 1Feex address contains ~80k BTC stolen from MtGox in March 2011. Craig Wright is claiming to have been in control of this address until recently, admitting legal liability for damages and interest?” said Kareples.

The bitcoin address contains 79,956.55 BTC which are currently unspent. This is not even the first time that Craig tried to claim the Mt.Gox hack addresses as his own. Back in 2018, bitcoin security firm Wizsec debunked it in its report “Kleiman v Craig Wright: The bitcoins that never were.”

According to Wright’s lawyer’s letter, the encrypted file and related information of these addresses were stolen during a hack on Wright’s computer in February 2020.

And they want Blockstream “responsible for the Bitcoin Core blockchain” to do something about it because they “have duties in relation to transactions on that blockchain in circumstances where you have notice of the interests involved, including in particular avoiding illegitimate transactions being entered on the blockchain.”

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Author: AnTy

Litecoin One Step Closer to MimbleWimble, MW LIP Published on LTC Git Repository

Earlier this year, Litecoin creator Charlie Lee announced that soon confidential transactions and MimbleWimble implementation would be introduced to the 6th largest cryptocurrency.

Last month, it has been announced that the Litecoin Project is working with David Burkett, a Grin ++ developer to add MimbleWimble support to the Litecoin network.

Now, a draft of two Litecoin Improvement Proposals to implement MimbleWimble through Extension Blocks has been proposed on GitHub.

The LIP introduces opt-in MimbleWimble (MW) as a new transaction format through extension blocks. These blocks run alongside the main chain blocks at the same interval of 2.5 minutes. Inside the EB is where MW transactions occur.

Initially, it would be opt-in, meaning it’s up to users to use MW by using coins in and out of the EB through an integrating transaction.

MW with EB, the proposal states can be soft forked in via version bits. Old clients won’t be aware of the EB side but will only see the coins ending up in the anyone-can-spend address.

What are the Options?

Due to the fact that transaction history can be publicly traced, it hinders Litecoin’s fungibility. The private transaction is one solution to the problem that provides financial privacy and allows for plausible deniability. But such transactions can be selectively disclosed and validating them requires processing the entire history of transactions.

The team looked at other options like Confidential Transactions and Zk-Stark as well but decided to not go with them because while the former one would have been very expensive with large transaction sizes, the latter came with an estimated 20kb transaction size.

So, they decided to go with MW, which not only hides the amount being sent but also deletes the transaction history from the ledger.

However, it has its own disadvantages in the way that transactions must be built interactively, impossible to implement as a typical soft fork and makes private Litecoin attractions BOLT incompatible. Also, it’s currently unsuitable for the Lightning Network.

But it can be implemented without a hard fork through extension blocks.

As such, Litecoin will be using MimbleWimble protocol whose two components, Transaction Kernels and Transaction Cut-Through the team will be leveraging.

This new privacy protocol will be activated with BIP8. One year from the day the implementation is released, the soft fork will be activated, reads the proposal. The miners will be able to activate it “early with a 75% signaling threshold.”

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Author: AnTy

Litecoin Creator Charlie Lee Explains Why LTC Is Always Profitable for Exchanges

The creator of the Litecoin network, Charlie Lee, recently talked about his creation. He was interviewed by podcaster Dan Gambardelo, known as the founder of Crypto Capital Venture, and talked about the benefits of the cryptocurrency.

Gamberdelo asked his Twitter followers to come up with unique and original questions for him, so they did. One person asked a pretty interesting question: why Litecoin does not need to pay to be listed on any platform while most altcoins do?

Lee’s answer was, that it makes business sense, basically. Exchanges see Litecoin as a highly traded asset that can bring in a lot of revenue because people actually use it. The same cannot be said for many cryptocurrencies in the market.

The community also came up with several other questions. For instance, someone asked Lee if Binance charged him for listing the asset. He affirmed that they did not. When asked if he still mined LTC,  Lee confirmed that he had stopped to mine tokens himself around 2016 or 2017.

Someone also asked him if he ever talked to Satoshi. Charlie Lee affirmed that he did not have the chance to do it because Satoshi was already gone when he entered the crypto space.

Unfortunately, though, the situation is not looking good for Litecoin, despite what Charlie Lee states. The token is entering a bearish trend after losing some of its value recently and several LTC investors are already bracing for a long Winter ahead at this point. After the BTC sell-off, LTC went down together and it is now the 6th largest token by market cap.

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Author: Hank Klinger

Why Satoshi Selected 21 Million as the Maximum Cap Supply of Bitcoin: A Timely Explanation

Satoshi Nakamoto, a pseudonym for the creator of Bitcoin, decided there will only be 21 million BTC coins ever to be mined. In an email published on Satoshi Nakamoto Institute addressed to Mike Hearn on why Satoshi selected 21 million as the cap, the unknown figure said the number is “an educated guess”. However, a number of investors and researchers have come forward to find a logical explanation as to why Satoshi chose that specific number.

The 21 million BTC Capped Supply

Bitcoin (BTC) capped supply at 21 million is both symbolic and calculated as explained by Sasha Fleyshman, a traders and analyst at Arca Traders, in a thread of tweets sent out on Aug 31. Well, as is with most research, there are general assumptions made in the theory proposed by Fleyshman.

Note: The average production time of a block is 10 minutes, but the difficulty adjustment, which happens every 2016 blocks (or 14 days) causes a deviation each side of the block producing time average.

A Timely Calculation

Bitcoin is math. Sasha calculates the 21 million cap as a factor of the blocks produced every hour, the halving effects on BTC rewards and the number of blocks each halving period.

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Source: Sasha Fleyshman

As seen in the image above, the summation of the halving rewards till 2140 –the expected mining end date – that started off at 50BTC reward, then 25, then 12.5 etc. sums up to 100 (well tending to 100). Taking this number and multiplying it by the number of Bitcoin blocks mined before the halving of the BTC rewards – 210,000 BTC – you get 21 million BTC.

Sasha urges the Bitcoin community to continue learning more about Satoshi’s ideas on why he selected the number. He wrote on Twitter,

“Now, pulling on this string opens up a new line of questioning, of which I have no answer (as of yet); just theories. I think it is very important to question what you do not understand with #Bitcoin – the answer is not as important as the thought process.”

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Author: Lujan Odera