ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3

ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3

Whenever it looks like non-fungible tokens (NFT) mania is starting to slow down, the trend gains traction and starts moving towards new highs yet again.

This growing interest in NFT has seen their sales surging to $10.7 billion in Q3, representing an outstanding 704% increase from the previous quarter and a 38,060% increase year-over-year, according to a Dapp Radar report.

In the last two months, the NFT market had an explosion with August’s record-breaking trading volume of $5.2 billion.

While renowned celebrities like Snoop Dogg, Shaquille O’Neal, and Steve Aoki and top fashion brands like Gucci, D&G, and Burberry are the latest members of NFT space, blue-chip NFT projects like CryptoPunks or the Bored Ape Yacht Club continue to propel it into the mainstream.

NFT marketplace OpenSea meanwhile continues to be the economic center of this meteoric rise. 3.8 million NFT purchases on OpenSea in Q3 have beaten Q1 and Q2 by a huge margin which recorded 193k and 357k purchases, respectively.

Its number of unique daily buyers averaged 17.4K in Q3, an 815% increase over the 1.9K unique daily buyers in the previous quarter.

NFT games continued to capture people’s interest and generated $2.3 billion in trading volume, representing 22% of the total NFT volume.

Coming into Q4, Google search interest for “NFT” is slowing down, which could be due to heightened fees on Ethereum “but with Twitter previewing NFT profile verification for its 26 million daily active users, NFTs could see yet another surge in Q4,” states Coin Metrics.

While other blockchains like Solana (SOL) and Tezos (XTZ) are also joining the NFT movement, Ethereum is dominating the space. In Q3, there were a total of 9.88 million transfers of ERC-721 tokens on Ethereum, an increase of 305% over the 2.44 million in Q2. SOL 0.11% Solana / USD SOLUSD $ 154.28
Volume 2.58 b Change $0.17 Open $154.28 Circulating 298.12 m Market Cap 46 b
7 h ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3 1 d Shiba Inu (SHIB) Leads the Crypto Market, Currently the Most Traded Asset on Binance, Coinbase, and Huobi 2 d Citadel Founder Says Regulating Crypto Will Make It “A Smaller Market” And “That’ll Be Good”
XTZ -2.26% Tezos / USD XTZUSD $ 7.64
Volume 707.03 m Change -$0.17 Open $7.64 Circulating 862.31 m Market Cap 6.58 b
7 h ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3 1 d Arab Bank Partners With Tezos (XTZ) for Crypto Custody and Staking 2 d Bitcoin Breaks Above $50,000 Showing Strength Against Weakness in the Stock Market

The success of NFT has been a boon for ETH adoption with the long-anticipated fee burn mechanism implemented to Ethereum amidst the backdrop of JPEG summer. More than 406k ETH worth $1.35 billion were burnt during Q3.

With these ETH burns, daily net ETH issuance has come down, and there have been three such days so far that had negative (deflationary) issuance.

ETH’s annual inflation rate was about 4% in the months just before EIP-1559, with an average of 13.5K issued daily. Since the EIP 1559 launch, the annual inflation halved to about 2%, with daily issuance averaging 6.4K.

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Author: AnTy

BTC Miner Argo Reports a Surge of 332% in H1 2021 Net Income Due to Increase in its Production

BTC Miner Argo Reports a Surge of 332% in H1 2021 Net Income Due to Increase in its Production

The company reported a mining margin of 81%, up from 39% in H1 2020, which further jumped to 83% in July. In late June and July, the miner actually mined more BTC with the same hash power due to a substantial decrease in the global hash rate that led to big changes in mining difficulty after China’s crackdown on crypto mining.

Bitcoin miner Argo Blockchain reported its financial results for the first six months to June 30, 2021, noting an increase of 180% in its revenue to £31.1 million (nearly $43.2 million), reflecting an increase in production and Bitcoin prices.

In the first half of 2020, the company earned revenue of £11.1 million or $15.4 million.

The UK-based miner reported a surge of 332% in its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) to £16 million (about $22.2 mln), despite a £6.2 mln downward revaluation of digital assets and a £1.6 mln share-based payment charge.

The company also reported a mining margin of 81%, up from 39% in H1 2020, while pre-tax profit grew more than 21x during the same period to £10.7 mln. Peter Wall, CEO & interim chairman at Argo Blockchain, said,

“We have capitalised on a change in market conditions in the first half of 2021 to deliver strong growth in both revenues & profits, demonstrating that our smart growth strategy is delivering value to shareholders.”

Argo Blockchain mined a total of 883 BTC compared to 1,669 in 2020; this decline was due to the halving in May 2020, which reduced Bitcoin block rewards from 12.5 BTC to 6.25 BTC.

In late June and July, the miner mined more BTC with the same hash power due to a substantial decrease in the global hash rate that led to significant changes in mining difficulty.

Last week, it reported mining 225 BTC at a mining margin of 83%, bringing its total BTC mined year to date at 1,108 BTC. Wall said at the time,

“We are also pleased to have broken ground at the Texas facility, and are excited to continue to utilise renewable power and to work with the local community in Texas to enact positive change.”

As of June 30, the company holds 1,268 BTC, while it held a mere 127 BTC last year. At the end of July 2021, Argo had 1,496 BTC.

Argo also increased its mining capacity from 685 PH at the end of 2020 to 1,075 PH as of 30 June 2021.

Already listed on the London Stock Exchange under the ticker ARB, trading at $126.70, down from $284 ATH in February, last month Argo also filed for an initial public offering (IPO) in the US market under the ARBK ticker.

Argo, powered by clean energy, expects the proposed offering to start in the Q3 of this year after the SEC has completed its review process and approval.

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Author: AnTy

Altcoins, Not Bitcoin, Drives the Latest ‘Massive’ Surge in Crypto Adoption: Report

Altcoins, Not Bitcoin, Drives the Latest ‘Massive’ Surge in Crypto Adoption: Report

Crypto adoption has been growing at a rapid pace, and in June, the number of global crypto users reached 221 million, up from just over 66 million at the end of May 2020.

In the second half of 2020, the adoption accelerated, and while it took nine months to go from 65 million to 100 million, it only took four months for this to double to 200 million.

Interestingly, while Bitcoin drove this growth in the first two months of this year, “altcoin adoption in May led to a massive surge in crypto users, from 143 million at the end of April to 221 million as of June,” according to a report from

Monthly growth in unique crypto users who have ever owned BTC was 30.2% in Jan., only to drop to 15.2% and 2.9% in Feb. and March, respectively, compared to 13.1% for Ether (ETH) in the first two months and 2.3% growth in March.

When it comes to the Q2, Bitcoin’s adoption jumped to 6.6% in April and 20% in May, only to decline to 5.8% the next month versus Ethereum’s unique user growth of 4.4%, 20.4%, and 16.1% in April, May, and June respectively.

Global Crypto User Growth Rate


When it comes to the top two cryptocurrencies, Bitcoin led the adoption growth from January to April due to institutions like PayPal, Microstrategy, Visa, and Mastercard joined crypto, but in May and June, Ethereum saw significant growth as institutional investors started favoring it.

However, Bitcoin and Ether are losing their market shares as investors get attracted to meme tokens and proof-of-stake (PoS) protocols, especially after Bitcoin mining came under more scrutiny for its energy-intensive proof-of-work (PoW) consensus mechanism, as per the report.

The percentage of Bitcoin owners in global crypto owners fell to 51% in June 2021 from 67% in January. As for Ether, it is down from 13% to 10% during the same period, while the collective ownership of other cryptos has jumped by 18% to 38% in these six months.

“Altcoin adoption was likely spurred by the influx of new users who were interested in tokens like Shiba Token (SHIB) and Dogecoin (DOGE), among others,” it noted.

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Author: AnTy

Seasonal Correction? Retail and Institutions Still Buying Bitcoin & Ether

During the summer of 2017, ETH price corrected 67.8% from $420 to $135 to surge to $1,420 ATH a few months later. As such, investors remain hopeful with EIP-1559 and The Merging coming while OTC desks report their biggest outflows.

The price of Bitcoin made an all-time high at nearly $65,000, which followed a correction to $47k.

But in the first 10 days of May, Bitcoin price had moved back to almost $60k, and it was after this bounce that the market simply started winding down. The price went down to $30k on Coinbase and even lower on other cryptocurrency exchanges, representing a 54% drawdown.

Now, we are ranging between $33,500 and $42,500.

While this may incite fear-like sentiments into some with the market looking extremely fragile, not everyone feels the same.

Mike Alfred, Head of Strategy at NYDIG, is still looking at $100k in the fall.

When it comes to Ether, it plunged 55% to $1,900, which according to long-term Eth investor Tetranode, is “just a season correction to shake out the overleveraged tourists.”

He pointed to the summer of 2017 when ETH price corrected 67.8% from $420 to $135 only to surge to $1,420 ATH a few months later. This time, according to him, EIP-1559 will send ETH prices higher, followed by The Merging, which will push it to “$10,000 minimum,” he said.

According to Chainalysis data, investors spent about $410 billion buying up Bitcoin during this bull market. During the crash, professional investors bought at cheap levels, helping put a floor.

The volatility has noobs, and traditional finance people are hooked on cryptocurrencies, and they are buying the dips.

“We had kept dry powder,” said Felix Dian, former Morgan Stanley trader who is running an $80 million crypto-focused fund at MVPQ Capital, who bought the BTC dip at around $35k.

Charles Erith of ByteTree Asset Management was also among the buyers who told Bloomberg, “It’s obviously not regulated, and it’s a very young asset, but I don’t think this is going to be a revisit of 2018.”

Jill Carlson, principal of Slow Ventures and co-founder of the Open Money Initiative, believes that companies are still considering using this as a balance sheet asset.

While there is some confusion, “the reality is institutions are still buying bitcoin. If you look at the data from yesterday, OTC desks had their biggest outflow, meaning institutions buying, that they’ve seen in three or four months. And that to me indicates that institutions are still coming in and buying the debt,” Carlson said in an interview with Bloomberg.

“People that were borrowing money to invest, they were wiped from the system,” Kyle Davies, co-founder at Three Arrows Capital in Singapore, told Bloomberg. His firm bought more BTC and ETH during this sell-off.

“Every time we see massive liquidation is a chance to buy,” he added. “I wouldn’t be surprised if Bitcoin and Ethereum retrace the entire drop in a week.”

While some retail traders have capitulated from the market, as seen in the $8.60 billion worth liquidations (incomplete figures as it doesn’t include Binance’s numbers fully), they also took the chance to scoop off cheap coins.

One such retailer, Brjánn Bettencourt, a photographer who sees crypto as a “serious long-term investment,” told Reuters, “Investing in crypto is not for the faint of heart.”

These ups and downs of crypto are actually part of crypto’s appeal. Investing in cryptos “feels like that scary rollercoaster,” he had said. “You’re riding it up and riding it down and feeling every twist and turn, which to me is exciting and fun.”

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Author: AnTy

Coincheck Sees 5x Surge in Revenue; Japan Assembly Members Seek ‘Tax-Free’ Crypto Zone in Tokyo

Coincheck Reports 5x Surge in Revenue, Japan Assembly Members Call to Make Tokyo a Special ‘Tax-Free’ Crypto Zone

During the period of Oct. and March, Monex Group acquired a crypto exchange that was hacked in Jan. 2018 gained 210,000 users. Meanwhile, ruling party members want to transform the city into a crypto “trading center.”

Japan is now aiming to boost its cryptocurrency industry with a member of the ruling party Tokyo Metropolitan Assembly wanting to transform the capital into a “trading center” for cryptos. And for this, they are advocating for a 0% tax on cryptocurrency trading.

Assembly member Yuu Ito talked about bolstering the city’s financial sector by increasing its involvement in the digital asset industry.

“According to our research, the number of financial institutions that are gathered in the city is key to our success or failure,” Ito was quoted as saying, “unfortunately, Tokyo is lagging behind in that regard.”

Fellow Tokyo Metropolitan Assembly member Nobuko Irie is of a similar opinion as she said,

“The country is printing deficit-financing bonds in the wake of the corona. Even in Tokyo, we must create new financial resources by setting technology that can generate wealth like blockchain as a growth strategy.”

While praising the rising bitcoin adoption, she raised concerns about how politicians were handling the situation and urged for necessary action to make Tokyo a crypto trading center.

“Politicians should now tackle the issues of monetary policy and taxation around bitcoin. If you do it in the nation, you will lose the sense of speed, so create a special zone in Tokyo to use it tax-free in the city. I think it is the role of politicians to identify issues and clear them systematically while running.”

Virtual currency and blockchain can also be used to turn its economy around, Irie said.

Gains on cryptocurrencies are taxed as capital gains, but Bitcoin “is originally a currency, therefore, it’s not easy to use unless taxation is set to 0%,” said Ito.

Moving Forward

Japan has been seeing a growth in crypto adoption until the crypto exchange Coincheck was hacked in January 2018, which has been acquired by online brokerage Monex Group. Hindering the growth of the crypto frenzy in the country, people are now hopeful of moving to the next stage after undergoing a period of scrutiny and renewal.

Coincheck’s revenue actually increased fivefold to ¥20.8 billion (over $191 million) in the 2020 fiscal year compared to the previous year, as per earnings released by the Monex Group last month.

The exchange also gained 260,000 users, out of which 210,000 were accumulated in the second half of the business year ending in March, reported Japan Times. However, the volume on the exchange only including the BTC/JPY pair, is still only about $150 million, as per CoinGecko.

According to CryptoCompare, JPY has the fifth biggest share of BTC volume by currency after Tether (USDT), USD, Binance stablecoin BUSD, and EUR.

“Due to our hacking problem, not only us but each Japanese cryptocurrency exchange had to strengthen measures to protect customers” and prevent cyberattacks, money laundering, and other inappropriate transactions, said Yusuke Otsuka, an executive, and co-founder of Coincheck.

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Author: AnTy

A ‘Surge in Interest’ in DOT Leads 21Shares to Launch World’s First Polkadot ETP on SIX

A ‘Surge in Interest’ in DOT Leads 21Shares to Launch World’s First Polkadot ETP on SIX

Amidst the growing interest in decentralized finance (DeFi), investment product provider 21Shares AG, previously known as Amun, has launched the world’s first Polkadot (DOT) exchange-traded product (ETP).

Zurich-based 21Shares is the issuer of crypto ETPs and will be launching the DOT ETP on the Swiss stock exchange (SIX Exchange) on Feb 4th, 2021.

The move came right on the heels of 21Shares adding DOT to its HODL basket. DOT is the second-largest constituent after Bitcoin in the product. Hany Rashwan, CEO 21Shares AG, said in a statement,

“We remain committed to the unprecedented demand we are seeing from institutional investors wanting exposure to crypto-assets.”

According to the chief executive, investing in other crypto-assets is a natural transition from Bitcoin for investors, and European investors have been approaching the company to launch new products.

While the company has been seeing a 5-fold increase in demand, mainly from institutional investors, across its suite of crypto ETPs since Q3 2020, it says there has been a “recent surge in interest” for DOT.

With DOT, 21Shares AG aims to provide “exposure to the multi-chain application environment that enables cross-chain interoperability on a level previously not possible via their traditional broker or bank.”

Created by Ethereum co-founder Gavin Wood, DOT is the 5th largest cryptocurrency with a market cap of $15.28 billion. Currently trading at $16.84, DOT is up 104% so far in 2021.

The firm says that despite the rising popularity of the DOT token, it is “not easy for non-technical users to buy and hold and interact with it,” as such, with its ETP, they are lowering the barriers to entry for newcomers. Rashwan said,

“We are launching the DOT ETP to give investors a safe, regulated, and easy way to obtain exposure to this exciting new blockchain technology.”

Each share of the product is fully collateralized by the corresponding amount of physical DOT tokens.

The company is preparing to add more ETPs in the next three months and new European exchange listings.

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Author: AnTy

Crypto ETP Volume Surges in January as Institutions Flood the Market

Data shows that the trading volumes for crypto-denominated ETPs saw a significant surge in January 2021. Institutions also appear to be cutting their losses as the crypto market braces for a more significant pullback.

All eyes are on institutional crypto investors this week again, as it appears that some have been making significant plays to begin the year. In its recent weekly report, market data and metrics provider CryptoCompare has confirmed a spike in the volume of assets under management (AUM) in crypto-denominated exchange-traded products (ETPs).

Promising Numbers Across the Board

Per the report, there has been a staggering 93.7 percent increase in the AUM for crypto ETPs across the board. In nominal terms, crypto ETPs now holds an impressive $36 billion. Aggregate daily volumes also jumped above $1.5 billion, marking healthy institutional participation to kick-off 2021.

CryptoCompare noted that Grayscale Investments makes up a significant chunk of these figures, with its various investment trusts housing $22.6 billion, 63 percent of all capital invested into crypto ETPs. The New York-based asset management firm’s products were also found to have represented 64 percent of the entire industry’s ETP volumes, pushing $972 million in daily trading volumes.

Grayscale’s dominance in the institutional investment space has been nothing short of astonishing. The company, which operates several investment trusts for large-cap cryptos, has been the go-to source for institutions looking to get their bit of the crypto pie. As a result, its AUM has been on the rise for months.

Earlier this week, Danny Scott, the CEO of crypto exchange CoinCorner, confirmed that Grayscale purchased 16,244 BTC ($607 million) in 24 hours. Even with the threat of a liquidity crunch, the company has continued to suck up Bitcoins from the open market at incredible levels.

While Grayscale dominated trading volumes, the company’s products still trailed in the spot markets, as the premiums on its shares fell by 8 percent this month.

As for exchange-traded notes (ETNs), trade volumes almost tripled in January. These were dominated by the BTCE product from ETC Group, which saw nearly $50 million in daily trades.

The second-most traded ETN was the BTCW/USD ETN from WisdomTree, which had $7million in trading volumes, while VanEck’s Bitcoin Vectors saw $5 million in daily trades.

Profit-Taking from Investors

Although the commitments into crypto ETPs have been impressive, institutions are also staying vigilant as Bitcoin’s price begins a significant pullback.

Crypto fund provider CoinShares reported that institutional crypto products had seen $85 million in outflows this past week, asserting that some investors seem to be taking profits following Bitcoin’s bull run over the past month.

CoinShares noted a similar trend in Ether-derived investment products, with $3 million exiting the past week’s market.

Despite the strong profit-taking, institutional inflows are still strong, with $359 million entering crypto investment products this week. CoinShares noted that Bitcoin remains investors’ top prize, with the leading cryptocurrency representing 99 percent of all capital inflows this week.

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Author: Jimmy Aki

3 Reasons Why Bitcoin Price Crashed 17% to $16,300

Well, this was to be expected after a surge of 85% in the price of Bitcoin since October.

People got a Thanksgiving sale as the BTC price dumped nearly 17% to almost $16,300. Still, the last time we were at this level was just last week, so all good. The lowest we were in November was about $13,200.

Trading around $17,000, the ‘real’ trading volume continues to go up, reaching $6.68 billion.

What else did you expect?

It has been glaringly obvious that Bitcoin is overextended as it kept on breaking above one level after another in quarter four of 2020.

In less than two months, from just above $10,000, we made a new 2020 high of $19,500 just yesterday. After such a wild run, it is to be expected the market would see some correction. Not to mention the leverage started “dangerously” creeping up this weekend.

As we have reported and market participants have been vocal about all this time has been the expectation for a pullback.

“Conditions are very massively overbought and bound for a correction,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. “So I don’t think it’s unusual, frankly.”

Ayyar expects Bitcoin to stabilize and achieve all-time highs but warned that it would be followed by a larger drop in the cryptocurrency.

It’s Usual and Bullish as F

During the last bull run, the digital asset had an average of 30% drop about nine times.

By this standard, we only had half of the correction, another such drop, and we would be going under $15,000, which could give us another Black Friday sale.

Bitcoin trader @CryptoCobain called this a “very bullish dumping.”


It’s “not unusual to see a short-term pullback following periods of significant, accelerated gains as traders look to take profits before resetting once volatility subsides,” said Ryan Rabaglia, global head of trading at OSL brokerage in Hong Kong.

“Once the dust settles, we’re back to business as usual with all medium to long-term bullish indicators still in play,” he added.

You can Blame Some These Too

If you are still looking for a reason why this happened, an assortment of reasons could be blamed.

Just today, OKEx restored the full range of withdrawal services, reopening at 08:00 UTC.

Around the time of the fall in prices, Coinbase CEO forewarned the community on Twitter that the US Treasury Secretary is planning to “rush out some new regulation regarding self-hosted crypto wallets before the end of his term.” This led to the transfer of 1,008 BTC worth over $18.7 million to Binance.

“This tweetstorm made a difference for some market participants, and likely triggered selling flows, which against a backdrop of unsustainable high leverage (present since Monday) led to the largest 24h drop since March,” said trader and economist Alex Kruger.

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Author: AnTy

Poker Websites Buying Millions of Dollars Worth of BTC Per Day to Meet Crazy High Customer Demand

Bitcoin is helping people get hilariously rich as it continues to surge. According to Bloomberg, online gamblers have also taken to cashing out in BTC to get their winnings bigger and bigger.

Winning Power Network, which operates is one of the poker websites that reported buying millions of dollars worth of Bitcoin a day from the over-the-counter (OTC) trading desks in recent weeks to meet the demands of its players, which is dominated by Americans despite online poker being illegal in most states, said Chief Executive Phil Nagy. He said,

“Right now, 90-95% of our payouts are people asking for Bitcoin because it’s going up.”

“We are constantly having to go out and buy Bitcoin — lots. Lots. More than we’ve even had to before.”

More than 60% of its transaction volume, which is about $100 million a month, is currently in Bitcoin. Due to this crazy high demand, brokers are charging up to a 1.5% premium.

This makes sense given that Bitcoin beats the traditional asset by a wide margin, up 150% YTD reaching $18,600, a level last seen right around the peak of December 2017.

While before this rally, 60 of WPN’s customers were cashing out in Bitcoin, this has now shot over 90%.

Poker sites have been accepting Bitcoin since 2014. Just last year, a Guinness World Record for the largest crypto jackpot in online poker was set for $1 million.

In 2020, during the Covid-19 pandemic, the poker business exploded, growing a whopping 43%, as people were stuck home with business shutdowns as part of the lockdown measures.

WPN, whose long-term customers can make both the deposits and withdrawals in Bitcoin, doesn’t hold it but instead converts BTC into fiat right away. Nagy said,

“When Bitcoin drops or does something significant, inevitably, we have people send us $100,000 or $200,000 in Bitcoin because it’s the fastest way to liquidate it.”

“And we are kind of stuck with it.”

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Author: AnTy

DeFi Pushes Crypto Hedge Funds to ‘Exceptionally’ Outperform Traditional Counterparts

  • Cryptocurrency hedge funds have witnessed a surge in returns over the past year with the rise in the decentralized finance (DeFi) ecosystem, Reuters reported on Thursday.
  • These crypto hedge funds, who also took up Bitcoin positions, outperformed their traditional hedge fund counterparts, as the top crypto coin recorded over 180% increase in 2020.

According to statistics shared in the Reuters article, non-crypto hedge funds, such as BarclayHedge, an alternative investments firm, recorded a 1.70% increase in the first nine months of 2020. However, this is very modest considering the crypto-focused hedge funds, e.g., Vision Hill Group recorded 129% returns across 2020.

The CEO and founder of Vision Hill Group, Scott Army, attributes the explosive growth in returns to the growing DeFi market. The decentralized finance ecosystem takes over traditional banking roles, facilitating lending and borrowing between parties without a bank or financial institution.

One of the biggest institutional investors in the DeFi market, Framework Ventures, a $100 million venture capital firm, sets its sights on the DeFi market exploding in the coming months. Praising the growth of DeFi platforms as Uniswap DEX, which has time and again surpassed centralized exchanges daily volume, Michael Anderson, co-founder of Framework Ventures, said,

“Users are trying to vote with their dollars in terms of how they view the capabilities of DeFi.”

Another crypto hedge fund enjoying the rising crypto market is Off the Chain Capital, who helped Mt. Gox users affected by the 2014 hack to discount their bitcoin claims. The firm recorded 94% in returns across 2020 and has been a top performer since launch in 2016, averaging 112% in returns for the past four years.

At the peak of DeFi euphoria, the ecosystem embraced yield farming and liquidity pools through protocols such as Uniswap, Compound, and Aave, causing an upsurge in the capital deposited to these platforms. According to DeFi Pulse data, the total value locked (TVL) in DeFi protocols has skyrocketed from $657.6 million to over $12 billion in October – currently at $10.8 billion.

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Author: Lujan Odera