AnySwap and Aave Fork Geist Finance Send Fantom TVL Past $9 Billion, FTM Makes a New ATH

The total value locked (TVL) in the decentralized finance (DeFi) sector continues to hit a new all-time high, the latest being $209.8 billion, according to DeFi Llama. This growth reflects the growing world of multi-chains.

While Ethereum remains the king, accounting for about 68% of this TVL with $142.58 billion coming from the second-largest network, other chains like BSC ($$17.4 bln), Terra ($8.85 bln), Avalanche ($4.93 bln), and Polygon ($4.56 bln) are also growing.

Solana is currently the most popular one with a $10.6 bln TVL. While Fantom comes in third place with $9 billion in TVL, it had seen explosive growth in the past 24 hours when its TVL was at just $3.25 bln.

This growth is also reflected in FTM price, up 85% in less than two days to make a new all-time high at $2.43 on Friday. As of writing, FTM is trading at $2.34.

The majority of Fantom’s growth comes from AnySwap, a trustless MPC protocol to cross-chain any assets and data between chains. With 43.6% dominance in the Fantom ecosystem, AnySwap is responsible for almost $4 billion of Fantom’s TVL.

Decentralized non-custodial liquidity market protocol Geist Finance is another significant contributor with $3.19 billion of TVL. Geist Finance, a fork of popular lending protocol AaveAave, has been “giving LPs ridiculous incentives.”

Together, AnySwap and Geist Finance account for almost 78% of Fantom’s total TVL.

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Flows from Ethereum to FantomFDN have also been averaging $10-25 million per day over September. But it was over the last two days that it “increased by an unprecedented amount on the back of a new yield farm,” noted Delphi Digital.

Some notable mentions include SpookySwap, SpiritSwap, Beefy Finance, Curve, Scream, Tarot, Abracadabra, and Yearn Finance.

Abracadabra Money has launched a new stablecoin, Magic Internet Money, or MIM, which taps into yield tokens allowing people to borrow stables against them.

“Yearn alone has over $5B in TVL, meaning there were a lot of idle tokens to loan against,” said Delphi Digital.

On Thursday, Yearn Finance finally launched on Fantom as well, tweeting,

“Today, we go multichain with the launch of Iron Bank Fantom and the first Fantom vaults on http://beta.yearn.finance.”

The first vaults on Fantom include yvWFTM, yvUSDC, yvDAI, and yvMIM.

Yearn decided to go multichain because they need specific infrastructure to function safely and efficiently, both externally and internally.

“Our v2 vault codebase has hardened over the past few months, and the new beta website is a vast improvement, allowing us to switch chains relatively easily, something we simply could not have done in the past.”

As for choosing Fantom, it is fast and simple to use, not to mention easy to bridge thanks to Anyswap Network. “It doesn’t hurt that @AndreCronjeTech is a big fan,” it added.

Fantom, however, is just the beginning for Yearn as they plan to add support for other chains as well.

“The Realm expands, and we go with it. We want to meet people where they are, including new users and users with smaller deposits. Multichain expansion is a natural way to do this.”

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Author: AnTy

Insurance Giant Sees Bitcoin As A “Store Of Value” And A “Potential For Significant Price Appreciation”

Insurance Giant Sees Bitcoin As A “Store Of Value” And A “Potential For Significant Price Appreciation”

MassMutual CIO says it would take multiple market cycles to determine if Bitcoin serves as an inflation hedge. Meanwhile, Billionaire private equity investor Orlando Bravo asks, “How could you not love crypto?”

Billionaire private equity investor Orlando Bravo revealed that he is a Bitcoiner and is “very bullish” on cryptocurrency.

“How could you not love crypto?” said Bravo at this week’s Delivering Alpha conference on CNBC.

Bravo is the founder of Thoma Bravo and has a net worth of $6.3 billion. His firm has invested in the crypto derivatives platform FTX. On Wednesday, he shared that he personally owns Bitcoin.

“Crypto is just a great system. It’s frictionless. It’s decentralized. And young people want their own financial system. So it is here to stay.”

“For me, it’s pretty simple. More people are going to use it in the future than today, and it’s going to be more established. Institutions are just beginning to go there, and once that happens, I think it will increase significantly over the years. I’m very bullish.”

According to Bravo, regardless of what protocol or system one is building on, the underlying blockchain technology can be “very powerful” and “provide better use cases than data-based software.”

New And Still Undergoing Price Discovery

Much like Bravo, Chief Investment Officer of MassMutual, an insurance company with $616 billion assets under management, is bullish on the future of cryptocurrencies.

In a LinkedIn post titled “Bitcoin and beyond: evolving for the digital world of tomorrow,” published on Thursday, ​​Tim Corbett talked about Bitcoin has the potential of being a store of value over the long term.

MassMutual first ventured into cryptocurrency last year with an investment in Bitcoin for its General Investment Account (GIA).

“We have come to believe that cryptocurrency and the blockchain ecosystem have the potential for significant growth and transformation across our industry, amongst others, in the years to come,” as such the company found it imperative to invest in crypto itself and lay the groundwork for ways to incorporate it into their business.

Corbett further wrote that they have come to “view bitcoin as a potential store of value over the long-term.”

According to him, Bitcoin may also serve as a “digital gold,” thanks to its unique characteristics including digital scarcity, known supply growth, transfer characteristics, and hard cap, “with the potential for significant price appreciation.”

Overall, he says the “asset class is new and still undergoing price discovery,” with significant uncertainty, risk, and volatility, which is expected to decrease as more institutions join in but added that,

“it will take multiple market cycles before we have robust data to further describe the characteristics of the investment, such as correlations to other asset classes or whether it will serve as an inflation hedge.”

Still, Bitcoin is not untested, and while the regulatory environment is still developing, Corbett says thoughtful and prudent regulation will accelerate the industry while protecting investors.

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Author: AnTy

Lebanese Rush into Crypto as Fiat Currency Loses Over 90% of Its Value and Inflation Soars

Lebanese Rush into Crypto as Fiat Currency Loses Over 90% of Its Value and Inflation Soars

Lebanese people are turning to cryptocurrency as their fiat currency continues to lose its value drastically.

The Lebanese pound, or lira, has lost more than 90% of its worth in a matter of two years. At the same time, inflation is skyrocketing, with food prices increasing by up to 400% as of December 2020 while clothing prices have risen 560% and furnishing, household equipment, and maintenance soaring by 655%.

“(Security) officers, politicians, media personalities, everyone is buying crypto,” a Lebanese cryptocurrency trader Mario Awad told Reuters.

“Increasingly, it’s also your average person who is trying to get out of the collapsed banks and cut their losses.”

The cryptocurrency market is fueled by the collapse of Lebanon’s financial system in 2019.

The Lebanese pound has been pegged to the US dollar for more than two decades, and by September this year, it slid from 1,500 to the USD to roughly 15,000 on the parallel market.

Citizens are forced to withdraw money in local currency at a passive loss. Even if they take out US dollar-denominated cheques that are sold for a fraction, currently about 20%, of their price.

Last year, the government proposed a recovery plan to the International Monetary Fund (IMF) that estimated the losses in its financial system at about $83 billion.

“It’s funny when people say crypto isn’t real because what we found out in Lebanon is that this digital currency is 100 times more real than the lollars (slang term for USD stuck in Lebanon’s financial system) we have in the bank,” said a crypto enthusiast.

In Lebanon, the popular mode of transaction is peer-to-peer (P2P) on popular apps like WhatsApp and Telegram. The majority of these transactions ranging between a few hundred and a few thousand dollars’ are happening in stablecoins like Tether (USDT).

According to a World Bank report, the country’s economic crisis is likely among the world’s worst since the 1850s due to systemic corruption.

“The developers of bitcoin were definitely thinking about the exact things that happened here … about corrupt institutions with bad monetary and fiscal policies leading to the debasement of currencies,” said a cryptocurrency user.

Lebanese, however, are not just trading crypto but also mining them in a country that suffers power cuts. Crypto miners, however, can take advantage of heavy fuel subsidies that make electricity available in the region at some of the cheapest rates in the world.

However, regulation is still a grey area, with a Lebanese executive at a crypto exchange called CryptoLira saying, “It’s a regulatory desert.”

“For many, that’s seen as good because we’re not living in a country where regulations and politicians give us hope – quite the opposite. But it does harm widespread adoption (of cryptocurrency),” he said.

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Author: AnTy

Total Value of Zcash Shielded Pools Hits A New ATH Above 850k ZEC

Total Value of Zcash Shielded Pools Hits A New ATH Above 850k ZEC

Zcash users are increasingly storing more and more of their ZEC tokens in shielded pools.

Surpassing the all-time high from earlier this year from just over 700k, the total value of the shielded pool has now reached a new high above 850k ZEC. After experiencing a pullback in the year’s first half, it started trending back up in July.

Zcash transactions over time are also uptrending, with the 24-hour transaction count ranking in the top 15, according to Zcash Metrics. Shielded Zcash transactions have been steadily increasing as well, since 2019. In Q2, more than 520k of total transactions were recorded on the blockchain.

The privacy-focused cryptocurrency provides anonymous value transfer using zero-knowledge zk-SNARKs cryptography. It further provides the option for transactions to be either shielded, which makes them completely anonymous, or transparent, so that they will be visible on the Zcash blockchain.

Its token ZEC is currently trading at $163, up 187% YTD down 95% from its all-time high from 5 years back, according to CoinGecko.

Zcash pays out a portion of its block rewards to fund protocol development as “Founder’s Reward.” Currently, it allocates the Founder’s Reward to the Electric Coin Company and the Zcash Foundation, who develop and stewards the protocol.

As we reported, Electric Coin Company CEO and Zcash founder Zooko Wilcox proposed making a shift to a proof-of-stake (PoS) consensus mechanism, less energy-intensive than proof-of-work (PoW), like Ethereum. ETH -4.42% Ethereum / USD ETHUSD $ 3,172.46
-$140.22-4.42%
Volume 20.13 b Change -$140.22 Open $3,172.46 Circulating 117.24 m Market Cap 371.95 b
9 h Total Value of Zcash Shielded Pools Hits A New ATH Above 850k ZEC 10 h NFT Summer: Art Blocks Leads the NFT Mania This Week while an EtherRock Is Now Worth Over $1 Million 11 h Bitcoin Unable to Attract Funds, Altcoins Recording Inflows with Ether’s Competitor Seeing the Largest

“While there are many who prefer PoW, I believe that PoS would make ZEC more valuable to more people! The benefits are great, and they far outweigh the drawbacks and risks,” he said at the time.

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Author: AnTy

Bitcoin Stays Above Critical 200-Day Moving Average as DeFi and Meme Coins Pump

The total market value of the cryptocurrency has risen above $2.11 trillion on Monday, down just 19% from its May 12 all-time high of $2.61 trillion.

This spike in the overall crypto market cap came as Bitcoin went above $48,000 only to slide back just under $46k. Reaching the highest level since May 16 is showing its staying power above its 200-day moving average.

To start the week, a US Securities and Exchange Commission (SEC) filing by the Northern Investment Advisors disclosed that the Denver-based wealth management firm increased its Grayscale Bitcoin Trust (GBTC) holdings to 8,955 as of June 30, from 4,811 shares at the March-end.

The second-largest crypto Ether went past $3,345 and is currently trading just over $3,200, last recorded during the May 19 sell-off. ETH/BTC is also maintaining its support at around 0.07.

“Bitcoin continues above its critical 200-day moving average,” wrote Fundstrat strategists in a note Friday. “Also on our radar is Cardano (ADA), which after signaling smart contracts are soon to hit the platform earlier this week is up” significantly.

The biggest gains over the past week have been seen by Ravencoin (65.5%), XRP (64.7%), Axie Infinity (63.2%), Solana (62.7%), Terra (60%), Cardano (52.8%), Waves (51%), Holo (46%), Dogecoin (46%), Arweave (45.2%), and Polygon (42.1%).

And in the past 24 hours, AR, SOL, LUNA, DOGE, and SHIB really started going up.

Trader DonAlt, however, isn’t confident in the bullish market setup given that retail favorites DOGE and SHIB are pumping.

“I’ll give it 10-30 days and will cut every position I’ve got no matter how much I like the setup as we approach that window,” said the trader.

“Hope there is some retail blood left to squeeze otherwise we’ll be the bagholders this time.”

Much like the revival of meme coins, the DeFi ecosystem is also back on track, with the DeFi market cap surpassing $122 billion, the highest level since May 19th and nearing the May 12th peak of $150 billion.

Meanwhile, the latest gains came despite the fact that the amendment in the crypto provision of the trillion-dollar infrastructure bill failed to win as the original bill passed the Senate and is now in the House.

“The price of Bitcoin was surprisingly resilient in the wake of the news,” wrote NYDIG Global Head of Research Greg Cipolaro in a note on Saturday. “We interpreted this price action as extremely bullish,” and, “we think the recognition of the crypto industry by lawmakers was ultimately a legitimizing event, one that should give investors comfort that this industry is here to stay.”

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Author: AnTy

Bitcoin and Gold “Inversely Correlated,” One is a Risk Asset and Other Safe Asset: BofA Head

According to Francisco Blanch, bitcoin is good for “creating a new ecosystem of value transfer” and a new economic organization based on the stakeholder economy as opposed to the current shareholder economy.

For the last few months, Bitcoin price has been moving in the opposite direction of gold as people turn to digital gold as a store of value rather than the traditional safe-haven asset.

But to Francisco Blanch, head of global commodities and derivatives research at Bank of America Securities, Bitcoin is more of a risk-on asset.

Back in March, Blanch argued that Bitcoin had serious environmental issues and that it was completely uncorrelated to the asset classes.

But it “became more of a risk asset in the past twelve months,” which was “highly correlated to equities to Mexican peso to copper,” he said.

Meanwhile, gold as a safe asset is typically correlated to 10-year Treasuries and the Japanese yen.

So, when it comes to whether bitcoin and gold are linked, “in a way they are because one is a risk asset and the other is a safe asset,” said Blanch in an interview with Bloomberg, adding, they have very different characteristics.

According to him, “gold’s been a safe asset for a very very long period of time” as such, he’s pretty confident that precious metal stays that way while bitcoin can keep on changing, “but for now, they’re inversely correlated, quite inversely correlated.”

Bitcoin Is A Better Version

Meanwhile, Michael Novogratz, founder, CEO, and chairman at Galaxy Digital, continues to see the leading cryptocurrency as a better bet than the bullion.

With central banks all over the world printing more and more money, Novogratz said one needs to be long hard assets which are real estate, gold, stocks, and crypto. In a separate Bloomberg interview, he said,

“So, I look at bitcoin in particular as digital gold, and so if you’re going to be long gold, bitcoin is a better version because it’s got the same macro tailwinds, but it’s also very early in the adoption curve.”

While people were scared of bitcoin a few years ago, now from hedge funds to real money managers and insurance companies, they all are ok with it.

“So you’re playing an adoption game, and you’re playing a macro game. And so I’m still a big buyer of Bitcoin.”

Meanwhile, according to Blanch, what bitcoin is good for is “creating a new ecosystem of value transfer.” As opposed to the shareholder economy that we have today, it is creating a new economic organization based on the stakeholder economy, he added.

Bitcoin is the base on which all the other coins are built, and that’s what is ultimately going to shape up — basically, communities of people that transfer value using these cryptocurrencies, said Blanch.

“This is why the IRS is so interested in taxing this because they realize there is a lot of economic activity, real economic activity, not just criminal gangs.”

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Author: AnTy

New Forms Of Digital Money Should Be “Trusted As A Store Of Value & An Accepted Means Of Payment”

New Forms Of Digital Money Should Be “Trusted As A Store Of Value & An Accepted Means Of Payment” Says BoE Governor

Amidst the growing digitization, Eurozone citizens have stocked up on banknotes as a safety buffer. Meanwhile, over half of German households are skeptical about a digital euro as “not convinced that it would deliver sufficient added value.”

Bank of England Governor Andrew Bailey said the central bank does not oppose competition but wants financial innovation to serve the wider public interest and ensure that it doesn’t create financial instability.

“There will inevitably be elements of tough love in such a process, and some disappointed ambitions, but I am confident that out of it will come a robust form of innovation,” said Bailey while speaking to the annual conference of TheCityUK, a financial trade body, on Tuesday.

According to him, regulations should encourage financial innovation, but finance shouldn’t get a “free pass.” New forms of digital money should be “trusted as a store of value and as an accepted means of payment,” he added.

Bailey, who also oversees banking regulation, further said that he does not agree with the views of crypto enthusiasts “who take the libertarian view that something backed by nothing has more confidence in value than something backed by the state.”

But he also said that central bank digital currencies (CBDC) risk attracting “money launderers and cybercriminals.”

Skeptical of Digital Euro

On Tuesday, European Central Bank board member Fabio Panetta also said that Eurozone citizens have stocked up on banknotes as a safety buffer since the beginning of the coronavirus pandemic.

Demand for euro banknotes rose by 190 billion euros between March 2020 and May 2021, a 4% increase compared to the trend in the previous five years.

During the same conference, a Bundesbank survey showed 56% of German households interviewed were skeptical about introducing a digital euro in the future.

“Many of them were not convinced that it would deliver sufficient added value compared with the existing range of payment options,” said Bundesbank board member Johannes Beermann in his speech.

Key Requirement

Last week, a BoE discussion paper was published that covered the impact of a fifth of all retail banking deposits going digital. This digitization may impact money markets, it said. As such, Bailey said, the central bank may limit the speed and scale of any transition to digital money in order to maintain financial stability.

During his speech on financial innovation, he also commented on stablecoins, saying they have to ensure a key requirement. As per this, the backing assets for stablecoins will have to “cover the outstanding coin issuance at all times” unless it is operating as a bank, he said.

Stablecoins are attracting increasing scrutiny from regulators around the world. Just last month, Federal Reserve Chairman Jerome Powell noted that they could pose risks to the financial system.

Then days after Powell’s statement, Fed Governor Lael Brainard warned that the widening use of stablecoins could fragment the financial system. If consumers lose confidence in them after their wider adoption, it could potentially create a “run on the bank” panic, raising costs for U.S. households and businesses, she said.

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Author: AnTy

Layer 2 Scaling Solution Polygon (MATIC) Sees Nearly $4B in TVL as QuickSwap Gains Traction

Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction

Increasing use of Ethereum, leading to extremely high fees on the network, has been resulting in BSC and Solana (SOL) getting traction. But it is not only layer 1 chains that are gaining support, but layer 2 solutions are getting just as much usage.

Polygon, previously known as Matic, is one such project that is working on transforming Ethereum (ETH) into a multi-chain ecosystem with secured Layer 2 chains and standalone chains. ETH 15.91% Ethereum / USD ETHUSD $ 3,425.84
$545.0515.91%
Volume 49.15 b Change $545.05 Open $3,425.84 Circulating 115.73 m Market Cap 396.46 b
4 h Canadian Fintech Firm Mogo Adds Another 146 Ethereum to Its Crypto Portfolio 5 h eBay CEO says Company Is Looking at Crypto as Payment Option & Selling NFT on the Platform 6 h Ethereum Co-Founder Vitalik Buterin is Now a Billionaire, Holding Over 333,520 ETH
BNB 8.83% Binance Coin / USD BNBUSD $ 676.92
$59.778.83%
Volume 5.28 b Change $59.77 Open $676.92 Circulating 153.43 m Market Cap 103.86 b
7 h Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction 9 h Another Binance Smart Chain (BSC)-based DeFi Protocol Gets Exploited for Over $30 Million 2 d Binance Smart Chain (BSC) TVL Reaches $45 Billion, Catching Up Fast to Ethereum
SOL -2.45% Solana / USD SOLUSD $ 45.71
-$1.12-2.45%
Volume 609.8 m Change -$1.12 Open $45.71 Circulating 272.64 m Market Cap 12.46 b
7 h Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction 6 d BadgerDAO & RenVM Launch A ‘Bridge’ to Bring Bitcoin to Ethereum in ‘One Click’ 6 d USDT Supply on Tron Surpasses Ethereum as Tether Hits $50 Bln in Market Cap

Currently, the side chain has $3.88 billion of value locked in it, the highest among any other side chain. Next in line is ZKSwap, with under $600 million in value locked. Sidechain xDAi has under $200 million, while Optimism has just under $100 million locked on it.

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Polygon’s Proof of Stake sidechain also sees a significant increase in its transaction volume, so much so that it is exceeding Ethereum’s transaction count by nearly 20%.

“Polygon is currently doing ~1M daily txs and has onboarded numerous DeFi blue chip projects, including AaveAave, which has >$2B in liquidity there — disproving the “Ethereum can’t scale” narrative,” noted Spencer Noon, general partner at Variant.

Compared to Ethereum’s 150 million unique addresses and BSC’s 61 million, Polygon still has only about 400k unique addresses. And top 3 addresses sent 573,000 transactions last week, with arbitrage trades making up a large majority of it, as per Nansen. Also, only 25% of all Polygon addresses ever sent transactions on Ethereum.

One of the primary reasons for the growth in transactions can be attributed to its native DEX Quickswap, which is accounting for half of those transactions.

A big increase was seen at the end of last month, seeing as much as $260 million in volume and over half a billion dollars in liquidity on QuickSwap.

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As a result of this growth, the tokens are also enjoying an uptrend. Quick is currently trading at $1,053, near its all-time high of $1,590 hit on Friday, presenting a 500% gain in the last week.

The same day, Matic hit a new ATH of $0.937. Currently, at $0.8118, MATIC is up from $0.3 at the beginning of last month and $0.0176 at the start of the year.

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Author: AnTy

Tesla Simply Trimmed its BTC Position, Which Remains Increased as a Percentage of its Balance Sheet

While CEO Elon Musk points to liquidity, CFO reiterates the company’s long-term belief in the value of Bitcoin.

Electric car maker Tesla released its earnings report, which revealed that the company sold a small portion of their $1.5 billion Bitcoin investment.

Tesla sold about 10% of its holdings and generated $101 million in income from it.

But of course, the BTC sold wasn’t at the cost of acquisition. Tesla’s $1.5 billion investment was already doubled, increased in value by $1.7 billion. The company only sold $272 million out of the total increased holdings in USD terms at $3.2 billion.

Tesla just trimmed its position, and as Nic Carter of Coin Metrics noted a few days back, many allocators have target bands, and they aim to keep the share of their portfolio relatively fixed.

“So if BTC rallies, they take profits, and if BTC sells off, they buy. This is countercyclical & suppresses volatility,” he said at the time.

Reporting a $272 million gain on “digital assets,” the company said on Monday that it generated $101 million in income from the Bitcoin Investment that helped it beat analysts’ estimates for profit in the first quarter.

Bitcoin accounted for much of Tesla’s record profit in Q1 as stripping out the Bitcoin gain, Tesla’s adjusted net income was $337 million, roughly the same as the Q3 2020 at $331 million.

The crypto market was initially perturbed by the news, and the price of Bitcoin dipped about 3.3%. But soon, the concerns were lifted as CEO Elon Musk explained,

“I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”

The price then went even higher, and currently, it is trading around $55k, as Tesla’s chief financial officer further reiterated the company’s commitment to the cryptocurrency.

“We do believe long-term in the value of Bitcoin,” CFO Zachary Kirkhorn said on the conference call. “It is our intent to hold what we have long-term and continue to accumulate Bitcoin from transactions from our customers as they purchase vehicles.”

The company reported a record quarter with its automotive gross profit margin at 25.8% or 21.1% after slashing the regulatory credits. In absolute dollar terms, this was the biggest quarter ever at about $2.25 billion.

Vehicle deliveries also set a new record recording an increase of 31%. But model S and X only had 2,000 deliveries, 89% fewer than the last quarter.

Tesla, which has been leading the global market with a 24% market share, sees a slight drop as the share of other companies like Volkswagen AG is seeing a jump, from 4% to almost 9%.

But according to Tesla, “As more OEMs join our mission by launching EVs, we believe consumer confidence in EVs continues to increase, and more customers are willing to make the switch,” it said in a statement.

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Author: AnTy