DeFi Money Market DAO Shutting Down; DMG Token Falls off a Cliff

DeFi Money Market DAO Shutting Down; DMG Token Falls off a Cliff

DeFi Money Market DAO, DMM is ceasing its operations following the regulatory inquiries.

The team announced late on Friday that “DMM regrets the necessity of this action,” but mToken minting will no longer be available, effective immediately. The redemption of mToken, however, will be available for an indefinite time period. But the interest rate on mTokens will drop to 0% around Feb 10, 2021.

“Capital and interest are currently available to fund the redemption of all outstanding mTokens plus accrued interest,” noted the team. As such, mTokens holders are advised to redeem them as soon as possible.

The governance token of the project DMG also lost more than 84% of its value and is currently trading around $0.104 ever since the news of shut down broke out. For DMG tokens’ redemption as well, an additional fund of available assets is rolled out, details of which will be shared soon.

“Sad to see what happened with DMG today,” tweeted derivatives exchange FTX, which is keeping the DMG market open to let people trade if they want, though leverage will be reined in. Since its drop to $0.045, DMG has been up 28%.

“We don’t know of any nefarious things that happened but will investigate given the unusual price pattern,” added FTX.

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Author: AnTy

Here’s What Makes Up Billionaire Mark Cuban’s Sh*tcoin Portfolio

The billionaire investor pumped the RARI token by putting up his digital collectible on sale on the marketplace. The Shark Tank investor is most heavily involved in DeFi blue-chip AAVE.

The billionaire owner of the Dallas Mavericks, Mark Cuban, has started to warm up to Bitcoin and altcoins publicly after calling them worth less than a banana and baseball cards.

In January, he likened crypto trading to the internet stock bubble, further adding that much like gold, crypto is “supply and demand-driven.”

One of the investors on Shark Tank, Cuban, raised many eyebrows on Wednesday when he pumped the NFT RARI and talked about owning shitcoins.

Cuban is actually all up in non-fungible tokens (NFTs) and even has some blockchain-based ideas for his Dallas Mavericks as he told a media publication, “You can sell anything digital using NFT.”

The billionaire put up his collectible on the Rarible marketplace, which currently has a bid of 7.3 WETH, about $9,426.

This, of course, pushed the prices of RARI, the native non-fungible token of the Rarible marketplace where one can create, buy and sell the digital collectibles. Founded early last year, Rarible is a platform that focuses on art and digital collectibles, and it was only in the summer of 2020 that the governance token RARI was issued.

Up 80% in the past 24-hours, RARI is currently trading at $5.17. RARI 9.62% Rarible / USD RARIUSD $ 5.27
$0.519.62%
Volume 1.88 m Change $0.51 Open $5.27 Circulating 855.33 K Market Cap 4.5 m
8 h Here’s What Makes Up Billionaire Mark Cuban’s Sh*tcoin Portfolio

“If celebrities & hedge fund managers can pump assets for their own benefit, why can’t the WallStreetBets hive mind do the same?” commented trader and economist Alex Kruger.

As Cuban put up his digital collectible, the blockchain transparency helped CT track his Ethereum address that revealed Cuba’s shitcoin portfolio, and he is found to be having his eyes set on DeFi blue chips.

“I definitely got my share of shitcoins lol,” Cuban also responded.

The majority of the $1.3 million net worth is actually tied up in the leading lending protocol Aave. He has supplied $1.17 million to Aave V2 WETH ($1.16 million), AAVE ($10k), and DAI ($16.66), as per DeBank. Cuban also has $127k staked on Aave.

Cuban had previously mentioned AAVE when earlier this month he complained about extremely high fees on DeFi.

His small $2,362 wallet holdings comprise quite a few tokens,17 exactly, including ETH, SRM, ALPHA, BADGER, FWB, GRO, RGT, PAR, RSR, LAYER, TRAC, FTM, TKN, VALUE, OPEN, FLOW, and SNTVT.

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Author: AnTy

Over 3 Billion XRP Held on Coinbase Exchange to Miss Out On Flare Network’s Spark Airdrop

  • Ripple is ready to airdrop a new token to all XRP holders on major cryptocurrency exchanges.
  • Coinbase and Binance.US users will miss the airdrop as the exchanges do not support the token.

Flare Networks, a Ripple funded blockchain firm, will airdrop free Spark tokens (FLR) to anyone holding XRP in supporting wallets and exchanges on December 13. However, with over 3 billion XRP tokens held on California based crypto exchange, Coinbase is likely to miss out on the airdrop, Flare Networks, the firm conducting the Spark token airdrop, confirmed.

According to a tweet sent out over the weekend, Flare Networks claimed that the exchange “is likely too late” to participate in the airdrop.

On November 13, Flare Networks launched the airdrop campaign promising users holding XRP free Spark tokens at a ratio of 1:1. Every XRP holder on supported wallets and exchanges as of Dec 12 00.00 GMT (when the snapshot will take place) will be eligible to receive the free tokens.

The XRP Army is enraged with Coinbase and several top crypto exchanges that have yet to announce any plans to support the airdrop. According to Flare Networks, any XRP user on exchanges and wallets not supporting the airdrop will not receive the Spark tokens.

In a message targeting these crypto exchanges, Flare Networks reminded most of the exchanges to announce their position on Spark token distribution on November 24. Binance (except Binance US), Bittrex, and Bitfinex have since replied in support of the Spark token distribution, which will allow XRP users on their platform to enjoy the airdrop.

Coinbase has yet to respond to the distribution despite holding over 3 billion XRP tokens (approx. $1.87 billion) in its wallets. Kraken exchange responded, stating they “do not have plans to support this airdrop/fork.”

Users who hold their XRP in non-supporting exchange wallets and wish to participate in the airdrop need to move their tokens to another supportive exchange.

If you don’t move your tokens from unsupportive exchanges, you are bound to lose the rewards with Flare Networks planning to redistribute the remaining tokens to the eligible XRP holders.

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Author: Lujan Odera

Blockchain Coalition, Universal Protocol Alliance, Launches The First Tradeable Carbon Token

The Universal Protocol Alliance (UPA) has launched the first tradeable carbon token, according to a press release shared with BEG. This group comprises prominent players in the blockchain industry, including Bittrex Global, Uphold, Infinigold, Certik, and Ledger. UPA’s goal is to eventually digitize or tokenize every asset class in preparation for a new era of finance.

The newly introduced tradeable carbon token is dubbed ‘UPCO2’, represents a year of carbon dioxide or a similar reduction from ‘Verra-approved REDD+ voluntary projects in the world’s rainforests.’ This new carbon token is available for trading on the Uphold digital asset platform and marks the first of its kind to trade in a public blockchain ecosystem.

Democratizing the Global Carbon Market

Recent years have seen the demand for carbon skyrocket as the world became more environmentally aware of pollution’s looming risks. According to World Bank stats, the need for carbon credits is currently more than its supply by close to 4 times. Universal Protocol Alliance is among the groups that are presently working to offset this gap.

The UPCO2 token is built to democratize carbon demand and supply by introducing a global playing field for clearing prices, just like other commodities, including gold and oil. Each UPCO2 token will be backed by a Voluntary Carbon Unit (VCU), while Verra will issue the same certificate. This is the standard International Agency that permits the conversion of greenhouse gas to tradeable carbon credits.

Mathew Le Merle, the chairman of UPA, explained that supporting projects through credit purchases prevents deforestation in areas like the Amazon and Congo Basin. He went on to highlight the value proposition of UPCO2 carbon token as an asset of the ‘future’ investor,

“For a new generation of investors looking for more than mere financial return, UPCO2 offers attractive social, economic, and environmental benefits. At a key moment for climate change, UPCO2 allows people worldwide to do good for the planet and potentially do well for themselves.”

A Lucrative Macroeconomic Outlook

In the future, there is a likelihood that combating climate change will be among the dominant discussion points across the globe. World Bank stats indicate that only 22% of emissions are compensated for by humanity; meanwhile, the percentage of countries that operate in regulated carbon markets has grown from 40% to 70% within the past four years.

Uphold CEO and Co-founder of the UP Alliance, JP Thieriot, emphasized this trend noting the underlying potential of the UPCO2 carbon token,

“Combating climate change is likely to become the dominant economic issue of the next 20 years.  The UPCO2 Token allows people everywhere to participate in this hugely important – and potentially lucrative – new market, as well as do the right thing for the planet.”

Notably, the Voluntary Credit Units offer some perks compared to the regulated credits, including global recognition and the ability to retain value until used or retired as compensation for carbon footprints.

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Author: Edwin Munyui

Kucoin to Launch a Non-Fungible Token (NFT) Exchange and Trading Services

Kucoin crypto exchange has announced that it is making a debut into the Non-fungible token (NFT) market through Pool-X, the exchange’s liquidity trading platform. According to the announcement, Kucoin will roll out its NFT exchange within the next few months. Meanwhile, the exchange has already opened an NFT deposit service through Dego.Finance NFT assets.

NFT’s gained momentum in the crypto space this year and almost picked up from where the DeFi bull-run topped. Well, it appears that these digital assets could actually cause another market hype, given their value proposition. Basically, NFTs can be leveraged in different industries to store value on a decentralized/blockchain ecosystem. Some of the most compatible niches include artwork, collectibles, and Gamefi.

Kucoin will be among the pioneer centralized crypto exchanges to feature NFT trading; a milestone that the firm touted in the announcement,

“KuCoin’s support on deposit and withdrawal of NFT assets indicates that NFTs will soon enter the centralized trading platform for circulation.

At present, trading NFT assets is difficult for users because many of them are unfamiliar with on-chain transactions.”

Notably, Kucoin opened NFT deposit services on Nov 16 as withdrawals are scheduled to commence on Nov 20. Plans to launch the NFT exchange and NFT trading service have been set for early next year. According to Kucoin’s CEO, Johnny Lyu, the firm has been paying close attention to NFTs despite minimal action at the moment,

“KuCoin is paying close attention to the NFT market. Although NFTs don’t have enough market attention at present, the potential is great.

Moreover, it has many application scenarios in insurance, bonds, options, and other fields. It can even create a virtual real world on the blockchain.”

He highlighted that Kucoin launched the NFT trading board to increase market participation, noting that the exchange will continue to contribute to the NFT space. Stats from NonFungible.com, an NFT data analysis platform, revealed that this space grew by 300% year-on-year to record $230 million in transaction volumes during the first half of 2020.

Kucoin is still recovering from a $280 million hack at the end of September. So far they have recovered close to 84% of the stolen funds, in which they believe they know who the hackers are and are working with local law enforcement to trace and arrest the attacker.

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Author: Edwin Munyui

Uniswap (UNI) Farming to End Today, Billions of Dollars to be Released

Launched in the mid of September, the governance token of DEX Uniswap, UNI, is currently down over 10%. In the first week of November, the DeFi token crashed 72% from its all-time high, achieved right after its launch.

Since then, the 26th largest cryptocurrency by market cap of $803 million has doubled in value, trading at $3.56.

Uniswap actually has been the first DeFi project to hit $3 billion in total value locked (TVL), which is currently down at $2.84 billion. Meanwhile, it has 3.1 million ETH, 29.5k BTC, and nearly 190 million DAI locked.

The project, however, maintains its dominance in the market at 21.18%.

Interestingly, in the next few hours, UNI farming on Uniswap Protocol will end with about $1 billion to be released into the market.

As it stands, around $2.3 billion funds are deployed farming the native token, and with Ethereum being the reference token, it means there is currently $1.1 billion ETH locked. Although it remains to be seen how much ETH will actually leave, the portion that chooses to stay will get to enjoy the high fees.

This could still mean some selling pressure for Eth, which is trading just around $462, already “at resistance with a potential double top.”

DeFi-Inflow-of-Money
Source: IntoTheBlock

With this new influx of money flowing into the DeFi sector, it’s to be seen where it will exactly move to.

It is possible this money flow will potentially make its way to SushiSwap. While liquidity has been coming off its recent highs on Uniswap, SushiSwap’s liquidity has increased substantially.

Even SUSHI token is currently enjoying gains of over 17% at $1.36, up 109% month-to-date (MTD) basis compared to Uniswaps’ 62%.

However, both are still cheap when it comes to their valuations based on the price/sales ratio. While Uniswap P/S is around 10x and SushiSwap’s even much lower than that, its competitors like Curve and Balancer trade close to 80x.

In other news, over the weekend, the decentralized exchange Uniswap’s app interface went down due to issues with its gateway provider Cloudflare.

The automated market maker (AMM) built on top of Ethereum took to Twitter to share the outage issues and point out how “now is a good time to remember the benefits of decentralization.”

Unlike a CeFi, which, if goes down, has no way to access it, a “true DeFi on Ethereum there are no central points of failure” and “there is no downtime,” as pointed out by Uniswap creator Hayden Adams.

As can be seen with Uniswap, it is available on other IPFS gateways, can be run locally, easily be forked and re-hosted, and can be traded over Uniswap natively from Dharma and other Ethereum wallets. One can also trade on Uniswap through a wide range of aggregators, a command-line, and over Etherscan.

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Author: AnTy

YFI Continues to Tank, Wiping Out All the Gains It Made Since August

YFI is not having a good day.

As a matter of fact, the popular DeFi token didn’t have a good week or month either.

Falling out of the top 50 coins, YFI is currently trading around $8,500 down 12.50%, slightly up after falling under $8,445 today.

In the past seven days, YFI has actually been the biggest loser among the DeFi tokens with 32% losses. Meanwhile, in the past 30 days, YF’s price went down 55%.

“YFI is the worst performing coin of the last 7 days among the top 100 coins. That’s quite an achievement,” commented trader Alex Kruger on this downslide.

YFI is the same coin that leveled the price of Bitcoin in mid-August only to hit $20,000 before BTC, which is currently under $14,000.

This is the same coin that surged past $44,000 in mid-September to its all-time high, and since then, it has only been going down.

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Some are still calling for more pain ahead for this DeFi darling, with one trader saying “capitulation around the corner,” targeting $7,500.

When it comes to the Yearn.Finance protocol, the amount of funds locked in it is also on a decline, which started around the same time the price of the token started crashing.

From about $952 million on Sept. 1st, the TVL in Yearn.Finance went down to almost $330 million on Oct. 28. Currently, it is trying to make it back to $400 million, as per DeFi Pulse.

The amount of Ether locked in the project has also fallen to a mere 55.4k ETH from over 323k in early Sept. besides 51 million DAI and less than 2 BTC.

Amidst this, today, its team announced the integration of Yearn yVaults into Frontier’s interface, which means “users can now seamlessly Track and Manage their vault positions with Frontier Mobile interface.”

Meanwhile, the project creator Andre Cronje is busy with the latest project, Keep3r Network, whose token KP3R is currently trading around $130, down 27% in the past 24 hours. The token hit its ATH the day after its launch at $366.

After all, last month, he had explained that Yearn is more than just him. The project now has its own team, which is “far more skilled and capable than I am,” he had said.

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Author: AnTy

Andre Cronje’s Latest Project Keep3r Network Getting Hot While YFI Continues to Nuke

While YFI is getting nuked, the latest token KP3R of Andre Cronje’s latest product Keep Keep3r Network launched yesterday in beta rallied to $381 today.

Keep3rV1 (KP3R) is currently trading at $290, as per CoinGecko.

Already, the token has reached a market cap of over $60 million and became the “most traded pair across DEXes after it spikes over 2,000% within 24 hours of launching.” Currently, it is managing $257 million in daily trading volume.

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Meanwhile, DeFi darling YFI has slipped about 54% in the past month and continues to do so as it currently trades at $11,550. And at the current price, “86.6% of the addresses with a balance in YFI are out of the money,” as per IntoTheBlock.

Cronje, who is known for Yearn,Finance project, first shared this project last week, which only went live this week.

Launched in beta, the network is still under audit. Although Keep3r Network v1 contracts have been released and have been audited and reviewed, bugs could still be found; as such it is advised not to invest one is not willing to lose.

It is basically a decentralized network for projects that need external DevOps and for external teams to find keeper jobs.

Here a keeper is an external person or a team that executes a job, which refers to a smart contract that wants an external entity to perform an action.

To join as a Keeper, you call bond on the Keep3r contract that needs 3 days to be activated. For this, KRP tokens aren’t needed.

As for registering a job, it can be done by submitting a proposal via Governance or through a contract interface.

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Author: AnTy

COVER Protocol to Update Tokenomics After Receiving Backlash from the Community

  • So, the new lease on life is not really working out well for SAFE.
  • The token price dropped nearly 170% in the past 24 hours to under $100, only to find its ground just above $150 today.
  • This severe drop in the token price has been the result of the latest update shared by the rebranded COVER protocol.

Over the weekend, Cover protocol, originally called SAFE, shared its tokenomics with the community that the maximum supply of COVER tokens will be 160,000. The token generation will start on Nov. 20.

While 1% will be vested to the treasury, 12% of the COVER supply will go to the team. But what the community is finding problematic is the “significantly diluted early supporters of the project.”

Out of the 87% COVER token supply allocated to its community members, only 12% goes to original SAFE token holders “who backed the project,” with 90 days vesting period.

70% of the new supply is to be earned through shield mining in a new yield farm that is to be launched in the following 12 months.

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“Early supporters of COVER ( SAFE holders, not farm and dumpers) are now diluted by 5.8x,” noted Jason Choi of crypto fund the Spartan Group. He added,

“Was hopeful that COVER Protocol could be a viable addition to DeFi insurance, but the team’s repeated reckless decisions suggests otherwise. Still Nexus Mutual’s market to lose.”

The COVER protocol aims to “allow anyone to buy coverage on anything.” It is basically insurance coverage on smart contract risk.

The crypto community had questions for all the prominent advisers of the project, including YFI’s Andre Cronje, FTX CEO Sam Bakman-Fried, @bluekirby — who was involved in the Eminence.Finance $15 Million rug pulling, NFT project Off Blue chaos, and YFI dump and has now disappeared after making millions — and others.

Around the mid of September, SAFE enjoyed a pump after its revival as the COVER protocol. More importantly, it was the names of these advisors that had the community excited about the project again following the initial setback of inexperienced developers and early dumping.

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To clear his name from the COVER debacle, Sam said he has “no idea” what’ is happening with the project and that he is “not involved in any of the decision making.”

In response to the heavy criticism, the COVER team shared its intention behind the new tokenomics was to “ensure users who participate in the product directly benefit the most” which they say will “benefit the product in the long-term.”

But they acknowledged that the proposed plan has neglected the existing supporters and “reached out to ALL our advisors” and is now working on a revised tokenomics plan that will be released shortly.

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Author: AnTy

Coinbase Adds Compound to Its ‘Learn & Earn’ Program; Users Rewarded With Free COMP

  • Coinbase Earn adds Compound (COMP) rewards.
  • COMP token is the ninth token users can learn about to earn rewards.

Coinbase, the largest crypto exchange in the U.S., offers Compound (COMP) token rewards for users to learn about the governance protocol. In a blog post released on Wednesday, Coinbase Earn, the learning wing of the exchange, announced users could start earning COMP rewards by “watching videos and completing quizzes about the Compound protocol and its governance token, COMP.”

The Coinbase Earn project aims to educate and explain the vast world of crypto and new developments in the ecosystem. As the world of decentralized finance surges, Coinbase aims to have a wholesome view in pushing forward adoption in the space, including voting, buying, staking, and mining – pairing them with intense and incentivized education.

“You can now start advanced tasks for Earn Compound (COMP) on Coinbase. Learn how to use USD Coin with Compound Finance, natively within the Coinbase Wallet app. Start learning how to earn interest with Compound today”. – Coinbase on Twitter.

Coinbase Earn launched in 2018, offering users an opportunity to learn while stacking up cryptocurrencies in rewards. Compound joins the program as the ninth token allowing users to earn from learning on various blockchain projects.

So far, Coinbase Earn has collected over $100 million in rewards to distribute to customers in the program from 0x (ZRX), Basic Attention Token (BAT), Zcash (ZEC), Stellar Lumens (XLM), EOS, Dai (DAI), Tezos (XTZ), Orchid (OXT) and now Compound (COMP).

This allows unbanked and underbanked users to receive crypto straight to their wallets, enhancing global financial inclusion.

At launch, Coinbase Earn will allow users to earn $10 worth of COMP tokens. While the rewards are not great, the value arises from learning how the DeFi governance protocol works.

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Author: Lujan Odera