Investors in Top Crypto Asset Chainlink Can Now Earn Interest on Their Holdings

Crypto lending platform BlockFi is now offering interest payments to investors who deposit Chainlink (LINK).

Currently, BlockFi offers interest on Bitcoin, Ethereum and stablecoins. According to CEO and co-founder Zac Prince, $35 million worth of interest payments were distributed to investors in February alone.

BlockFi announced on Twitter the service is being extended to Chainlink.

“It’s happening, @chainlink Marines: Starting March 2, you can earn 5.5% APY in crypto on your #LINK with BlockFi. RT to spread the word.”

Founded in 2017, BlockFi has expanded its services in multiple ways since the beginning of 2021. In January, the lending platform announced the launch of an over-the-counter (OTC) trading desk for institutional and ultra-high-net-worth clients. The desk will support large-cap cryptos like Bitcoin, Ethereum and Litecoin with services including spot trading, credit capabilities and margin trading products.

In February, the company launched the BlockFi Bitcoin Trust. According to Prince, the new trust is aiming to spur more institutional investments in crypto.

“Given the level of institutional activity in recent months and demand for new, professional-grade investment vehicles, the timing of BlockFi Bitcoin Trust is ideal. As we work to broaden the availability of this vehicle to retail brokerages, we expect this product will facilitate greater investments in digital assets — at the core of BlockFi’s mission in bridging crypto with traditional finance.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Sergey Nivens

The post Investors in Top Crypto Asset Chainlink Can Now Earn Interest on Their Holdings appeared first on The Daily Hodl.

The Evidence Is in on Negative Interest Rate Policies

Luis Brandao-Marques is a Senior Economist in the Global Financial Stability Analysis Division in the Monetary and Capital Markets Department of the International Monetary Fund (IMF). Gaston Gelos is Assistant Director in the IMF’s Monetary and Capital Markets Department, where he heads the Monetary and Macroprudential Policies Division. ________ Interest rates are

Much wow! The Dallas Mavericks to accept Dogecoin for tickets and merch

"We will HODL any we get," Mark Cuban told Cointelegraph.

Dogecoin (DOGE), a cryptocurrency borne out of a joke, can now be used as payment for tickets and merchandise for the Dallas Mavericks basketball team. 

The National Basketball Association franchise confirmed Thursday that it has become the first major business to accept DOGE, allowing users to convert the digital currency to fiat using BitPay.

The Mavericks have been accepting Bitcoin (BTC) payments through BitPay for almost two years. Interestingly, they were the second NBA team behind the Sacramento Kings to starting accepting BTC.

In addition to DOGE and BTC, Mavericks’ fans can pay for merchandise using Bitcoin Cash (BCH), USDC, GUSD, PAX and BUSD.

BitPay CEO Stephen Pair says the NBA franchise is helping to pave the way for cryptocurrency adoption:

“BitPay believes that with continued cryptocurrency adoption, the industry is reaching an inflection point that will forever change consumer confidence, trust and pave the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.”

Mavericks owner Mark Cuban confirmed the news to Cointelegraph and explained his rationale for incorporating DOGE payments:

It's real. And why wouldn't we take it? Our payment gateways support it. We will HODL any we get. And it's great PR and fun to take it!”

The billionaire owner has flip-flopped on cryptocurrency in the past but appears to have embraced the digital asset class in recent months. He recently warned Bitcoin naysayer Peter Schiff that gold will cease to exist as a store of value as innovations in cryptocurrency make it easier for people to become their own bank.

As for Dogecoin, the cryptocurrency exploded in popularity earlier this year — even surpassing Bitcoin in terms of tweet volumes — after the same Reddit crowd that pumped GameStop focused their efforts on DOGE. Elon Musk’s warm embrace of the meme-based coin also contributed to its rise.

Chainlink Price Analysis: 04 March

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice Chainlink’s price registered quite a lot of sideways price movement towards the end of February. However, over the last few days, LINK has been able to initiate an uptrend on the charts. At […]

Crypto startups to get $200M investment fund from Crypto.com

TL;DR Breakdown

  • Crypto.com proposes to invest $200 million in the seed and Series A funding rounds of crypto startup companies.
  • The CEO revealed that the platform aims to build lasting partnerships with entrepreneurs in the crypto space.

Crypto.com proposes to invest in crypto startups

A crypto retail platform, Crypto.com, recently announced that it would be investing $200M in emerging startups in the blockchain space. The platform revealed that the move is part of its plans to promote a smoother transition into the crypto world.

The company has purported to invest a sum between $100,000 and $3M in the seed rounds. it would also release a sum between $3 million and $10 million for Series A round. The firm made its stance clear that it is willing to build lasting relationships with entrepreneurs in the crypto space.

Since Crypto.com launched about 5 years ago, it has provided its users with several earning opportunities. The platform gives up to a 20% discount to users who makes purchases with the blockchain’s native coin. Stakers on the platform can earn up to 14% as returns. Also, crypto.com has provided its users with a Visa card that supports both fiat and crypto.

Crypto startups to benefit from the platform

According to the CEO, Kris Marszalek, he said that building lasting partnerships is a top priority for the company. Therefore, the firm launched a cryptocurrency arm called crypto.com capital this month.

The platform promised to support crypto startups with their influence as the lead investor. It also said it would give them the chance of a preferential launch on the crypto.com platform.

This will give the startup firm access to the platform’s broad user base, said Bobby Bao, Crypto.com co-founder. A few days ago, the firm had invested in a particular Aston Martin Formula 1 team. Starting this season, the team’s cars would bear the platform’s logo.

Bitmain transition complete after Micree Zhan officially replaces Jihan Wu

Beijing-based Bitcoin mining company, Bitmain has officially replaced its general manager and executive director. The legal representative of Bitmain is now Micree Zhan after its former CEO Jihan Wu withdrew from the position. The official transition took place earlier today, with the same a result of an agreement reached by the two founders in December […]

Jim Rogers Optimistic About Bitcoin, But Fears It Could Be Outlawed

Jim Rogers Optimistic About Bitcoin, But Fears It Could Be Outlawed

It shows that bitcoin is the most sizzling new asset in town as everyone, from the legions of new retail investors to Wall Street big wigs, is snatching up bitcoin as fast as possible. For many, the recent bull run that saw the bitcoin price come firmly close to $60,000 is an indication that the coin should be obtained in order to gain from future bull runs.

Jim Rogers Optimistic About Bitcoin, But Fears It Could Be Outlawed
BTCUSD Chart Via TradingView

A common sentiment among many bitcoin enthusiasts is a desire to have bought bitcoin in its earlier days when the digital asset was very low-priced and making a higher profit margin. It now seems that Jim Rogers, a veteran investor, is among those with regrets regarding this matter.

Rogers’ Regrets

Rogers recently conducted an interview with RealVision where he was quizzed on the current state of the world of investing. In the interview, he expressed regret for not buying bitcoin earlier as bitcoin is one of the few digital assets that have stood the test of time.

“I wish I had bought bitcoin. I will point out that many cryptocurrencies have already disappeared and gone to zero. We all hear about bitcoin. We don’t hear about the dozens that don’t exist anymore,” he said.

While he is optimistic about bitcoin, Rogers believes that world governments will work to outlaw bitcoin if it becomes too powerful as a medium of exchange as opposed to an investment vehicle so as to maintain their control.

“If bitcoin ever becomes a viable currency instead of a trading vehicle, they can outlaw it. Governments don’t want to lose control; they like their monopoly. Do you think they’re going to say, ‘OK, here are US dollars, and they’re on the computer, but if you want to use something else, you can’? That’s actually not my experience with governments at any time in history,” he suggested.

Since bitcoin and other cryptos have become more popular, various world governments have moved forward with developing their own national cryptocurrencies. These include France, China, Canada, and the Bahamas. Many believe that this is in a bid to prevent privately-issued cryptocurrencies from becoming too dominant in terms of everyday use.

Bitcoin, ironically, was created partially in response to the 2008 global economic meltdown in which millions around the globe faced financial hardship. Several clues left in the original bitcoin documents suggest that Satoshi Nakamoto, the creator of bitcoin, was critical of the government and the global financial elite.

Watershed moment? Bitcoin price exceeded all expectations in February

Is this the moment of truth for the real value of Bitcoin? February seems to have been a watershed moment in its history.

In hindsight, February can be viewed as a watershed moment in the history of Bitcoin. The entire month could be looked back upon by market specialists and economists, as the markets saw an enormous surge before correcting themselves later in the month.

The flagship cryptocurrency asset, Bitcoin (BTC), hit its all-time high of $58,352 on Feb. 21 while finally breaking the $1 trillion mark in market capitalization. On the same day, the second-most prominent asset in the space, Ether (ETH), hit its all-time high of $2,033.08.

In February, Bitcoin’s price was a bit of a rollercoaster, almost drawing a bell curve of sorts. At the start of the month, BTC was trading at $32,889, gradually rising to an all-time high of $58,352 on Feb. 21 before flash crashing to around the $43,700 range toward the end of the month.

So, what’s behind this meteoric rise and subsequent pullback that now leave many in the community questioning if the crypto bull run is still ongoing?

“The weeks where decades happened”

Bitcoin has seen institutional involvement in the asset increasing since 2020 ended. In February, one of the oldest banks in the world, BNY Mellon, stepped into crypto as a custodian. Considering the size and legacy of such banking institutions, it says a lot about where Bitcoin has reached in its maturity from the old-timer perspectives of the likes of Warren Buffet, who has called the asset a worthless “delusion” and even “ rat poison squared,” indicating how strong his stance against Bitcoin is.

In fact, such perspectives are often subject to change. The latest naysayer to have now become an investor is Kevin O’Leary, the Shark Tank star, who will now allocate 3% of his portfolio to Bitcoin. He also implied that every company he is invested in is considering putting Bitcoin on its balance sheet. In the past, he has referred to cryptocurrencies as a “crypto trap” and Bitcoin’s value to be a “giant nothing burger.”

On these changing perspectives, Shane Ai, who is responsible for product research and development of crypto derivatives at Bybit — a cryptocurrency derivatives exchange — told Cointelegraph:

“The month of February saw a slew of bullish news, from Tesla, MicroStrategy, Square, and BlackRock adding BTC to their balance sheets, to BNY Mellon, Deutsche Bank, and Mastercard embracing Bitcoin. The Bitcoin rally to $58,352 was a proportional response to the weeks where decades happened.”

Besides BNY Mellon and Deutsche Bank, tier-one investment banks like Goldman Sachs and Citigroup have recently taken a stance on Bitcoin. Goldman Sachs announced that it would be restarting its cryptocurrency desk, which it had shut down in December 2017. Veteran trader Peter Brandt took to Twitter to claim that “it is time to guard your money” when Goldman Sachs steps into a niche market.

A Citigroup report stated that Bitcoin is currently at its “tipping point” of either becoming the preferred currency for international trade or seeing a “speculative implosion.” The report says that the involvement of Tesla and MasterCard is proving to be the beginning of a transformation toward going mainstream.

Among the various institutions that are now flocking to the cryptocurrency markets, Tesla is probably the most prominent and the one that has most marked the paradigm shift due to the influence of its CEO, Elon Musk, on the crypto markets.

Now, his impact on the markets is often referred to as the “Musk effect.” On Feb. 8, Tesla announced its purchase of Bitcoin worth $1.5 billion at the time as a treasury asset on its balance sheet. The move sent Bitcoin’s price soaring, posting a price surge of $10,000 within a week. Just two weeks later on Feb. 21, Bitcoin reached its all-time high.

Apart from the obvious institutional interest, flaws and insecurities from the global economy and traditional financial markets also seem to overflow into the Bitcoin markets. Ai further opined: “Bitcoin is a highly reflexive asset — the viability of it being a corporate reserve asset increases alongside its market capitalization.” He further added: “In a world starved of yield, financial institutions are naturally converging on crypto — which still offers superior, liquid returns relative to Traditional Finance.”

Related: Can’t beat ‘em? Join ‘em: Mastercard and Visa make a case for Bitcoin

The evidence that the recent asset movement in the cryptocurrency markets is institutionally driven is revealed by analyzing The TIE’s proprietary NVTweet Ratio, which compares a cryptocurrency's social conversation with its market capitalization. The ratio looks at how many tweets a particular coin has per each $1 million in market cap.

A rapidly increasing NVTweet Ratio suggests that a certain coin’s market is becoming institutionally driven. If a coin’s market capitalization is rising faster than social volume, this may suggest less retail involvement in the market for a particular coin. When observing the NVTweet Ratio when Bitcoin’s price passes major support levels like $20,000 and $40,000, it is evident that the ratio surges rapidly, pointing to disproportionately less social interest despite an aggressively increasing market capitalization.

Retail investors also get involved

As a byproduct of the rise in institutional involvement, millions of new retail investors have also been lured into the cryptocurrency markets due to the gains offered in the recent timelines and the hype surrounding it.

Joshua Frank, CEO of The TIE, pointed out further evidence to Cointelegraph: “From a retail lens, we have seen Bitcoin’s tweet volume continue to soar for the most extended period of time that we have ever witnessed.”

This continuous rise in tweet volumes regarding Bitcoin is driven mainly by all the landmark events that Bitcoin witnessed in the month of February, such as its all-time high and its market capitalization smashing the $1 trillion mark.

Cointelegraph discussed with Marie Tatibouet, the chief marketing officer of cryptocurrency exchange Gate.io, the question of whether this is the right moment for retail investors to jump into Bitcoin despite the prices being much higher than just a year ago. She opined:

“It is the best time possible since this bull run is unprecedented due to the parties involved. [...] These investors are not going to let BTC go through catastrophic drops. Also, keep in mind that not only are we in the early stages when it comes to overall adoption, but we are also in the early stages of this bull cycle.”

Despite the fact that prices might seem high, the retail investors don’t seem to be deterred by this at all. In Robinhood’s recent report “Crypto Goes Mainstream,” the company revealed that there were over 6 million new crypto users who registered on its platform. January had more than 3 million new users, while February had more than 2.9 million new users as of Feb. 25. This is a significant increase compared with 2020 when Robinhood had only 200,000 average monthly new crypto traders.

The report also pointed out that the average transaction size on the platform in 2021 is $500, a 100% increase when compared with the first three quarters of 2020. Tatibouet further elaborated that Bitcoin is seen as a lucrative investment proposition for retail investors due to its impressive gains over the past year: “Bitcoin has outperformed every single asset class, and that too by a significant amount. At one point, it was outperforming Nasdaq 100 by 300% and S&P 500 by almost 1600%.”

While Bitcoin witnessed the initial price breakout beyond the $40,000 mark in January, February proved to be the month when most of the groundbreaking news came out, which led the price of Bitcoin to its all-time high. Furthermore, if Bitcoin avoids a big price correction like the one seen almost a year ago on March 12, 2020, BTC could post its most impressive quarter in recent history.

Thai Financial Regulator Claims Controversial Crypto Rule Proposal Was Just to Gauge Public Opinion

Thai Financial Regulator Claims Controversial Crypto Rules Proposal Was Just to Gauge Public Opinion

The Thai financial watchdog has reportedly retreated from its initial controversial crypto rule proposal. Citing the country’s Securities and Exchange Commission (SEC), a local media outlet stated that public criticism was significant regarding the matter.

People ‘Misunderstood’ Minimum Annual Income Rule, Claims the SEC

According to the Bangkok Post, the Thai SEC is retracting from its plan to supposedly require crypto investors to have a minimum annual income of over one million baht ($33,000). The proposed measure sparked controversy, as the amount is well above the national income average.

In fact, the Thai financial regulator claimed that the initial proposal was published just to “test public sentiment from stakeholders.” The results of the test have ignited “a huge wave of public criticism,” said the SEC.

Ruenvadee Suwanmongkol, secretary-general of the SEC, confirmed the testing’s purpose of the initial draft:

I proposed the criteria that many considered too tough to prompt people to express their opinions on the matter and did not intend to say these are the exact qualifications that will be implemented.

The regulator wanted to gauge public opinion, as the official stated that it’s a “normal protocol” made before an official proposal is submitted to be reviewed.

The SEC’s secretary-general, however, clarified that the $33,000 annual income is not the minimum required, as people “misunderstood” it. Still, she didn’t explain what the exact amount is.

Watchdog Already Held Talks With Domestic Exchanges

Despite the controversies, the SEC still calls for the implementation of crypto rules as soon as possible in the domestic industry. Ruenvadee commented on the matter:

If the SEC just stands by and does nothing, it would be totally our responsibility if investors lose on cryptocurrency.

Moreover, she confirmed that the regulator had conversations with domestic crypto exchanges on Feb. 26.

As news.Bitcoin.com reported on Feb. 24, the secretary-general also suggested that non-qualified crypto traders could invest via financial advisers only if they’re licensed by the SEC.

What are your thoughts about this latest move by the Thai SEC? Let us know in the comments section below.

Thai Financial Regulator Claims Controversial Crypto Rule Proposal Was Just to Gauge Public Opinion

Thai Financial Regulator Claims Controversial Crypto Rules Proposal Was Just to Gauge Public Opinion

The Thai financial watchdog has reportedly retreated from its initial controversial crypto rule proposal. Citing the country’s Securities and Exchange Commission (SEC), a local media outlet stated that public criticism was significant regarding the matter.

People ‘Misunderstood’ Minimum Annual Income Rule, Claims the SEC

According to the Bangkok Post, the Thai SEC is retracting from its plan to supposedly require crypto investors to have a minimum annual income of over one million baht ($33,000). The proposed measure sparked controversy, as the amount is well above the national income average.

In fact, the Thai financial regulator claimed that the initial proposal was published just to “test public sentiment from stakeholders.” The results of the test have ignited “a huge wave of public criticism,” said the SEC.

Ruenvadee Suwanmongkol, secretary-general of the SEC, confirmed the testing’s purpose of the initial draft:

I proposed the criteria that many considered too tough to prompt people to express their opinions on the matter and did not intend to say these are the exact qualifications that will be implemented.

The regulator wanted to gauge public opinion, as the official stated that it’s a “normal protocol” made before an official proposal is submitted to be reviewed.

The SEC’s secretary-general, however, clarified that the $33,000 annual income is not the minimum required, as people “misunderstood” it. Still, she didn’t explain what the exact amount is.

Watchdog Already Held Talks With Domestic Exchanges

Despite the controversies, the SEC still calls for the implementation of crypto rules as soon as possible in the domestic industry. Ruenvadee commented on the matter:

If the SEC just stands by and does nothing, it would be totally our responsibility if investors lose on cryptocurrency.

Moreover, she confirmed that the regulator had conversations with domestic crypto exchanges on Feb. 26.

As news.Bitcoin.com reported on Feb. 24, the secretary-general also suggested that non-qualified crypto traders could invest via financial advisers only if they’re licensed by the SEC.

What are your thoughts about this latest move by the Thai SEC? Let us know in the comments section below.

Here’s a reality check on Bitcoin’s much-discussed volatility

Bitcoin skeptics have always kept the argument of volatility in their back pocket whenever the asset’s valuation has undergone a significant correction in the market. During price discovery in December and most of January, Bitcoin faced little criticism, but over the past two weeks, comments such as “speculative bubble” and “extremely inefficient” have all been […]

Creator of $4.1 Billion Crypto Asset EOS Unveils New Altcoin Project

Blockchain developer Dan Larimer is announcing Clarion, a new crypto project that aims to provide a decentralized social networking experience.

Larimer created the crypto platform EOS in 2017, which raked in an historic $4.1 billion in its initial coin offering (ICO).

He says that Clarion will offer a revamped solution to the problem of creating a censorship-free social network. The team aims to provide “the performance and reliability of a ‘centralized service’ with the freedom and independence of a logically decentralized network.”

Because the project intends to utilize a progressive Web Application and will focus on building a messaging protocol rather than another blockchain, Clarion may be able to achieve scalability much easier than some of its crypto counterparts as it does not have to carefully confirm transactions.

The Clarion OS hopes to offer users the ability to interact with other individuals on large and small scales.

“The core of the Clarion OS is a friend-to-friend message propagation protocol that enables the following kinds of message flows between cryptographic identities:

  1. asynchronous person to person (like email)
  2. realtime person to person (video/chat)
  3. one to many (like tweet/Facebook)
  4. many to many (like an open chatroom/blockchain)”

Ultimately, the team hopes to rival Big Tech and bring back a more decentralized form of the internet that existed before companies like Facebook and Twitter took control of such a large portion of the market.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/FlashMovie

The post Creator of $4.1 Billion Crypto Asset EOS Unveils New Altcoin Project appeared first on The Daily Hodl.

Monero, Aave, Nano Price Analysis: 04 March

Bitcoin‘s market bulls were defending the $49k-mark valiantly as they attempted to push higher on the charts once more. Monero and Aave formed triangle patterns and were likely to see a breakout soon, while Nano could see a dip to $5. Monero [XMR] Monero formed an ascending triangle pattern on the 4-hour chart, and trading […]

Mark Cuban’s Dallas Mavericks will now accept Dogecoin as payment for tickets

Entrepreneur Mark Cuban who owns Dallas Mavericks has recently been bullish on matters of cryptocurrencies and blockchain. The Shark Tank host recently declared his fondness for the Ethereum Network and said that Bitcoin is better than gold. But now, he may be warming up to another popular cryptocurrency. Cuban’s NBA team which currently accepts Bitcoin […]

Mark Cuban’s Dallas Mavericks Becomes First NBA Team to Accept Dogecoin

Dogecoin [DOGE] Price On Leap As Largest Exchange Bid To Support DOGE on Official Wallet

Dallas Mavericks, the NBA team owned by billionaire Mark Cuban has become the first professional sports team to accept Dogecoin as a form of payment. The basketball team was already accepting Bitcoin and going by Cuban’s word, the team did not receive any significant payment in Bitcoin. While many were wondering the reason behind the decision, the official press release seems to have answered it and in true Mark Cuban style he said “because we can”

“We have chosen to do so because sometimes in business you have to do things that are fun, engaging, and hopefully generate a lot of PR. So we will take Dogecoin, today, tomorrow, and possibly forever more. For those of you who would like to learn more about Dogecoin, we strongly encourage you to talk to your teenagers who are on TikTok and ask them about it.”

The billionaire entrepreneur has been making crypto headlines for years in what started with bashing Bitcoin with the same old rhetoric of no intrinsic value to his newfound interest in Defi tokens, Ethereum and NFTs. Cuban says his team started accepting Bitcoin almost five years ago and his only aim was to prove that no one buys anything in Bitcoin.

BitPay to Feciliate Dogecoin Transaction For Dallas Mavericks

The Dogecoin payments would be facilitated by crypto payment processor BitPay which added Dogecoin to their platform only today and Dallas Mavericks became the first client to tie-up for Dogecoin payments. As evident from Cuban’s response, the addition of the meme digital currency seems to be more PR-centered than a payment goal.

Cuban seems to be more of an Ethereum proponent who believes the second largest blockchain network would become a gateway for the decentralized world. He also believes Bitcoin would be more prominent as a store of value than a payment solution.

The post Mark Cuban’s Dallas Mavericks Becomes First NBA Team to Accept Dogecoin appeared first on Coingape.

XRP Price Analysis: 04 March

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice XRP’s price action has seen it move in both directions rapidly over the past two months. In fact, the first half of February alone saw the coin make significant strides north before it corrected […]

Filipino Gamers Can Make Triple the Minimum Wage Playing Crypto Games

Gamers in the Philippines can now earn triple the minimum wage by playing crypto games in the latest craze to hit the NFT world.

Earn a Minimum Wage Playing Crypto Games

That’s according to one investment fund, Yield Guild Games, which has raised over $1 million to make this happen. 

Decentralized Yield Guild Games, which comprises 2,500 investors, is pumping money into yield-farming NFTs that can be snapped up on crypto-based esports. 

With NFT gaming, you can earn cash by simply playing the game. The more you play, the better you (hopefully) become and the more in-game rewards you can collect. The rewards are often the NFTs being sold on the blockchain. For example, in the case of the most popular crypto game now, Axie Infinity, players can breed more Pokémon-like NFT creatures the more they play. These additional creatures are NFTs which can be resold for more than $100.

The fund’s founder Gabby Dizon plans to bring NFT gaming to the masses by showing that you can actually make big money playing. Yield Guild Gamer pools its fund members’ winnings and then reinvests their money in new NFTs in the game.

“Some people are finding Axie Infinity because they were blockchain and crypto enthusiasts. They quickly learned you could earn two or three times the minimum wage by playing this game,” told VentureBeat in an interview.

Axie Infinity has already found backing from Ubisoft and Binance, and growing interest has led to the most expensive NFT sale of all time.

In February, a  special plot of land sold for 888.25 ETH or more than $1.5 million to become the most expensive NFT ever at the time. And these developments have not escaped mainstream gaming companies either: Ubisoft has recently partnered up with the NFT soccer trading card game, Sorare.

Disclosure: The author held ETH at the time of press.

Bitcoin Breakout Signal Shows Top Crypto Likely Heading to $100,000 As Investors Choose BTC Over Gold: Bloomberg Analyst

Mike McGlone, a senior commodity strategist for Bloomberg Intelligence, says Bitcoin (BTC) appears to be heading to $100,000 as it edges closer to replacing gold as a reserve asset.

In a new edition of the Bloomberg Crypto Outlook, McGlone writes that the Grayscale Bitcoin Trust (GBTC), which closed at a 2.7% discount at the end of February, signals that the king coin’s value could be preparing for a two-fold increase.

The analyst suggests that GBTC’s price drop, along with CME-traded BTC futures trading significantly higher, suggests the world’s leading cryptocurrency has formed a solid price foundation.

“Bitcoin’s end of February price disparities on U.S. regulated exchanges portend a firming price foundation, if history is a guide, and are evidence of just how nascent the crypto is. Indicating capitulation selling, the Grayscale Bitcoin Trust closed at its steepest discount ever, while December CME-traded Bitcoin futures settled about 20% higher.”

McGlone goes on to say the top cryptocurrency appears to be in the process of replacing gold as a growing number of investors now choose Bitcoin over the precious metal to diversify their portfolio.

He says the change in investment preference comes as Bitcoin undergoes a decline in volatility.

“Undistorted by price, we see the rising tide of Bitcoin adoption as simply prudent, notably for the gold allocators through history, increasing risk of the metal heading toward redundancy in a world quickly going digital…” 

“Annual Bitcoin volatility will decline below that of Amazon.com in a few years, if past patterns prevail, we believe.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/graphicINmotion/Mishainik

The post Bitcoin Breakout Signal Shows Top Crypto Likely Heading to $100,000 As Investors Choose BTC Over Gold: Bloomberg Analyst appeared first on The Daily Hodl.

Mark Cuban: ‘We Will Take Dogecoin, Today, Tomorrow and Possibly Forever More’

On Thursday (March 4), crypto payment processor BitPay announced that it is now allowing merchants to accept the internet’s favorite meme cryptocurrency Dogecoin (DOGE) for payments, and that “the Dallas Mavericks will be the first to accept Dogecoin.” According to BitPay’s press release, “Mavs Fans for Life (MFFLs) can now use Dogecoin to buy tickets […]

A dark horse in the Ethereum scaling wars? Chainlink’s oracles find fertile ground on xDai

Chainlink is rolling out support for xDai, a layer-two sidechain whose perceived centralization hasn’t stopped major DApp players.

Chainlink (LINK) oracles have made their way to xDai, an Ethereum sidechain that has seen growing adoption among DApp developers who cannot afford to stay on the Ethereum mainnet.

As announced by Chainlink on Thursday, its price feeds are live on the xDai mainnet, offering price data for an initial set of trading pairs including LINK/USD, AAVE/USD, DOT/USD and SUSHI/USD. More pairs can be quickly added if there is demand, the company said.

The integration was completed by Protofire, a development workshop and xDai validator. The team received a Chainlink Community Grant to port native Chainlink oracles on xDai, including a token bridge adapter that enables native LINK payments for the oracle’s functionality.

The integration of Chainlink price feeds is the latest in a series of positive adoption news for the xDai project. The chain was already hosting major Ethereum-based DApps like Perpetual Protocol, a derivatives platform, and Omen, a prediction market developed by Gnosis. The inclusion of native Chainlink oracles removes a major barrier for projects relying on them, potentially opening up xDai for more DApps who wish to escape from the congested Ethereum mainnet.

Decentralization is good, but it won’t pay for gas

xDai is a relatively centralized sidechain secured by an independent set of validators. Sidechains are a type of chain where a standalone blockchain uses another’s token as a native currency for paying transaction fees — in xDai’s case, that token is MakerDAO’s Dai. The architecture binds the economies of the two environments, but the sidechain is otherwise a completely independent entity with its own security rules.

In the Ethereum community, xDai is commonly known as a centralized layer two solution. It was launched by PoA Network, a project whose name directly hints to centralization — Proof of Authority is the somewhat euphemistic name of a consensus model where the validators are chosen by the project’s insiders, instead of a community.

The xDai chain has since its launch transitioned to a Proof-of-Stake model very similar to that used by EOS or Binance Smart Chain. The total number of validators can never exceed 19, compared to the tens of thousands of validators in Ethereum’s Beacon Chain. The benefit this architecture provides is faster scalability, with xDai offering an advertised 70 transactions per second for simple token transfers.

In a conversation with Cointelegraph, Friederike Ernst, chief operating officer at Gnosis, agreed that xDai is somewhat centralized:

“It is not as decentralized as mainnet, this goes without saying. Obviously these are for very different use cases: you don’t want to do things on xDai where you need the economic consensus guarantees of layer one. But for many things, you don't actually need them.”

The allure of xDai comes in part from its almost plug-and-play compatibility with Ethereum. Its OmniBridge allows moving any token to xDai and back, while its blockchain architecture is almost identical to Ethereum. This makes porting DApps or infrastructure elements like oracles very easy.

The centralization concerns seem to be not enough to stop adoption. Chainlink sees itself following developer demand, with Johann Eid, head of integrations at Chainlink Labs, telling Cointelegraph that “smart contract developers should have the option to work with whichever chain is the best fit for their use case.”

For Omen, the decision to set up shop on xDai was a matter of immediate necessity, Ernst explained:

“For most things, the gas costs outweigh the downsides of being on a PoA chain. And the fact of the matter is, while people are betting on a lot of layer two solutions, very few of them are in production.
Array

The growing adoption of xDai or Binance Smart Chain is seemingly at odds with the crypto community’s preference of decentralization. Ethereum fans often believe that the prevalence of DeFi on the blockchain is the result of its more decentralized architecture and community spirit. Indeed, the rise in usage of blockchains like Tron or BSC occurred after it became clear Ethereum could not cope with its load.

At the same time, decentralization appears to be not enough by itself. For example, the most Ethereum-like blockchain in existence is Ethereum Classic, which was formed by a community who believed that Ethereum was not decentralized enough. It has failed to attract almost any interest from DApp developers.

More centralized solutions have a major benefit going for them — they work, right now. Rollup-based layer two solutions are still in development, with Optimistic Rollups being closest to release. Ernst was not particularly enthusiastic about its one week withdrawal waiting period, though. “I’m a huge fan of zkRollups. There you don’t have the withdrawal limitations, but the technology is not developed enough.”

While some developers continue waiting for rollup-based solutions, platforms like xDai can advance unimpeded. “Ultimately, it’s a tradeoff between the higher security guarantees offered by Ethereum and the usability, innovation, speed and cost savings right now on L2 sidechains,” an xDai spokesperson told Cointelegraph. As long as gas fees on Ethereum remain high, DApps may bforced to choose practicality over ideology.

Wat is een hardware wallet, hoe werken ze en waarom zou je ze gebruiken?

Vrijwel iedere bitcoiner heeft het er wel eens over: hardware wallets. Volgens velen zijn ze de meest praktische manier om bitcoins tegen digitale diefstal te beschermen. In dit artikel lees je wat een hardware wallet is, wat ze doen en waarom je ze misschien wil gebruiken.

Eén van de grootste zorgen die je als bitcoiner hebt is het beveiligen van je bitcoin tegen diefstal. Bitcoins zijn immers digitaal en dat maakt ze kwetsbaar voor hackers en malware. Veel computers genieten wel enige bescherming, maar vertrouw je daar genoeg op om je er je spaargeld aan toe te vertrouwen?

Hardware wallets

Boven: Trezor Model T hardware wallet

Een hardware wallet kan veel zorgen wegnemen. Dat zijn kleine, losse USB-apparaatjes die gemaakt zijn om bitcoinwallets te beveiligen.

Ze werken in de praktijk een beetje zoals de apparaatjes die bij internetbankieren worden gebruikt: bij het maken van een transactie bevestig je de transactie met het apparaatje. Wanneer je dat niet doet is een transactie niet mogelijk.

Het is een vorm van Two-factor-authentification (2FA) die jouw wallet beschermt tegen hackers en malware, omdat zij mogelijk wel digitale toegang kunnen krijgen tot je computer maar daarmee nog geen fysieke toegang hebben tot de hardware wallet.

Het gevaar

Bitcoinwallets zijn virtueel en bestaan alleen op de Bitcoin blockchain. Toegang verkrijg je via een walletapplicatie in combinatie met jouw unieke seed phrase (een unieke reeks van 12 of 24 Engelse woorden).

Boven: Coldcard hardware wallet

Het risico schuilt in de seed phrase. Als iemand jouw seed phrase weet te bemachtigen kan diegene daarmee via iedere walletapplicatie toegang krijgen tot jouw bitcoinwallet. Daarna zijn alle fondsen in de bitcoinwallet slechts een muisklik verwijderd van diefstal.

Het is dus belangrijk om je seed phrase zo goed mogelijk te beschermen. Iedere keer dat je jouw seed phrase in een computer of smartphone invoert is dat een risico. Als het apparaat niet veilig blijkt te zijn zou een kwaadwillende immers kunnen meelezen. Het veiligst is dus om je seed phrase nooit via een computer in te voeren.

In plaats daarvan kan je een hardware wallet gebruiken. Een hardware wallet is bedoeld om jouw seed phrase te beschermen. Het is een los apparaatje waarmee je een seed phrase kunt genereren die nooit het apparaatje verlaat.

Die seed phrase hoef je vervolgens nooit in een walletapplicatie in te vullen. Dat regelt de hardware wallet voortaan. In plaats daarvan verbindt je de hardware wallet en ontgrendel je deze met een veel makkelijker te onthouden pincode.

Hoe werkt het?

Onder de motorkap werkt het ongeveer als volgt. Wanneer je met een walletapplicatie op een computer of smartphone een transactie aanmaakt, stuurt de walletapplicatie de transactie naar de hardware wallet. Het schermpje van de hardware wallet toont vervolgens de transactiedetails. Als die kloppen druk je ter bevestiging op een knopje van de hardware wallet.

Boven: Ledger Nano S hardware wallet

Daarna ondertekent de hardware wallet de transactie met de private keys bijbehorend aan jouw seed phrase. De hardware wallet versleutelt de transactie na ondertekening, zodat de data niet meer te ontcijferen is. Dan stuurt de hardware wallet de ondertekende en versleutelde transactie terug naar de walletapplicatie, die het erna doorstuurt naar het Bitcoinnetwerk.

Aangezien de hardware wallet de seed phrase strikt gescheiden houdt van computers en het internet kunnen hackers en andere kwaadwillenden er niet bij. Hardware wallets bevatten gespecialiseerde, sterk beveiligde hardware en bieden in principe geen andere mogelijkheden anders dan waarvoor ze ontworpen zijn. De versleutelde en ondertekende transactie die de hardware wallet terugstuurt is veilig - dat is namelijk dezelfde data die publiekelijk op de blockchain aangeboden wordt.

Makkelijk & gebruiksvriendelijk

Boven: KeepKey hardware wallet

Behalve veiligheid bieden hardware wallets bieden ook gebruiksvriendelijkheid. Je hoeft ermee immers nooit handmatig de seed phrase in te vullen. In plaats daarvan sluit je gewoon de hardware wallet aan en ontgrendel je die met de pincode.

Vaak bieden fabrikanten van hardware wallets bijbehorende walletapplicaties aan. Er zijn meestal ook diverse andere walletapplicaties die je kan gebruiken. Je bent dus niet afhankelijk van de fabrikant en ook niet van de meegeleverde software. In de meeste gevallen kan je met een hardware wallet vrij eenvoudig en zonder risico's overstappen naar een andere walletapplicatie.

Back-up op papier

Je hebt nog steeds wel een back-up van je seed phrase nodig, op papier of een duurzamer materiaalsoort. Die heb je nodig voor het geval je hardware wallet stuk gaat of een ander probleem zich voordoet. Met behulp van je back-up kan je dan de seed phrase in een nieuwe of andere hardware wallet invoeren. Deze back-up vul je nooit in op een computer of smartphone.

Verschillende merken

Er zijn verschillende merken die soms meerdere soorten hardware wallets aanbieden. De hardware wallets van Trezor, Coldcard, Ledger en KeepKey zijn het meest bekend, maar er zijn ook andere merken. De prijzen variëren van enkele tientjes tot een paar honderd euro.

Boven: Blockstream Jade hardware wallet

Duurdere varianten hebben soms een groter scherm, bieden extra functionaliteit of hebben een betere bouwkwaliteit. De basisfunctionaliteit is in principe echter hetzelfde. De goedkoopste is in die zin niet slechter dan de duurste.

Wel verschillen hardware wallets van verschillende merken soms van elkaar in het ontwerp en de gebruikte technologieën. Die verschillen zijn soms klein, vaak genuanceerd en voor veel consumenten te technisch om te beoordelen. Recensies op het internet kunnen je hierbij wellicht helpen.

Geen enkele hardware wallet staat echter bekend als ronduit slecht en waarschijnlijk zijn ze allemaal veiliger dan wanneer je er geen gebruikt. Sommige merken hebben in de loop der tijd wel een betere reputatie opgebouwd dan andere. Ook als je hierover meer wil weten biedt je favoriete zoekmachine waarschijnlijk uitkomst.

Risico's

Een hardware wallet beschermt tegen veel gevaren, maar niet tegen alles. Aangezien hardware wallets goed beveiligd zijn richten de meeste aanvallers zich op de enige overgebleven zwakke schakel: de gebruikers zelf. Via allerlei methodes zoals phishing, en malware proberen zij gebruikers voor de gek te houden en ertoe te drijven een fout te maken.

Onthoud het volgende:

  • Zolang je het knopje van de hardware wallet niet indrukt is er geen transactie mogelijk. Pas wanneer je het knopje indrukt kan er iets fout gaan.

  • Je hardware wallet is in principe betrouwbaar en liegt niet, maar je computer of smartphone kan mogelijk door kwaadwillenden gemanipuleerd worden. Controleer altijd goed of de informatie op je computerscherm of smartphone overeenkomt met de informatie op het schermpje van de hardware wallet. Als er iets niet klopt druk je niet op het knopje.

  • De seed phrase van een hardware wallet vul je nooit ergens in, behalve in het apparaatje zelf. Als je de seed phrase toch ergens anders invoert loop je grote risico's.

  • Vraagt een melding, e-mail, update of walletapplicatie toch om je seed phrase? Dan verstrek je die niet. Een hardware wallet is er immers juist voor zodat je nooit je seed op een computer of smartphone hoeft in te vullen.

  • Bewaar altijd een (papieren) back-up van de seed phrase van je hardware wallet. Bescherm de back-up beter dan de hardware wallet zelf. Je hardware wallet is met een pincode vergrendeld, maar als iemand jouw back-up weet te bemachtigen biedt een hardware wallet geen enkele bescherming.


Neem ook eens een kijkje tussen onze eerdere artikelen over hardware wallets. Is Bitcoin nieuw voor je? Begin dan met onze korte gids voor beginners.

Binance Smart Chain ‘copykat’ project loses $31 million in possible rugpull

Users now need to ask: how many more protocols are at risk?

At roughly 9 am UTC today Meerkat, a decentralized finance (DeFi) protocol on Binance’s smart contract platform, lost $31 million worth of BNB tokens. While the team initially claimed that they had been the victim of an exploit, they have since deleted all social channels, and due to the nature of the exploit some believe the team liquidated and pilfered user funds — a type of scam colloquially referred to as a “rugpull.” 

A fork of Ethereum-native yield vault protocol Yearn Finance, Meerkat was just a few hours old when the attack drained its vaults. On-chain transactions show that an address upgraded the Meerkat deployer contract, granting the address permission to liquidate vault holdings. Users have now taken to Binance community channels to report their losses.

As of publication, Binance has released no official statement on the loss.

Given BSC’s centralized nature and the lack of a privacy-preserving “mixer” tool like Tornado Cash on the chain, some users are hopeful that Binance will be able to track down the responsible party and step in to mitigate the effects of the hack.

However, Binance has yet to intervene in BSC traffic in such a manner, despite significant goading in the form of a racist yield farming project released last week. 

Rugpull or exploit, there is now ongoing cause for concern for BSC users.

Last week an Ethereum-native yield vault project, Yeld, was drained of all funds from their stablecoin DAI vault. In a since-deleted blog post, the team warned that the exploit was the result of a flaw in the code they’d forked from Yearn, which the Yearn team had since patched. Dozens of other forked projects could be similarly exposed, they said. 

While forking is common in Ethereum DeFi circles, BSC has elevated it to an art: many of the staple Ethereum dapps and even art projects have an exact Binance replica, meaning that previous attack vectors that plagued the DeFi summer may now have been reopened on the increasingly-popular chain.

Centralization and forking risks aside, the allure of cheap BSC transactions has nonetheless been too potent for many Ethereum developers to resist. A swath of teams including Harvest Finance, Value DeFi, Sushiswap, and 1inch have announced implementations on the chain.

Crypto Insurance: $2million raised by Unslashed Finance for insurance project

TL;DR Breakdown:

  • Unslashed  Finance has raised over $2million for its crypto insurance project.
  • Unslash Finance to improve on its insurance services with funding for new product. 

Since its inception last month, Unslashed  Finance has raised over $2million for its crypto insurance project. According to various sources, the DeFi insurance protocol is set to use funds generated to work on its latest project — tokenized insurance merchandise. 

It is said that the funding was done via a means similar to an auction. However, it is entirely different from an auction because investors who took part in the funding sessions were not purchasing any product. The funding round, anchored by investors, Lemniscap, and P2P capital will help the crypto insurance platform, Unslash Finance to improve on its insurance services, which includes its new product.

The product will help both buyers and sellers of the platform, bringing them together in the process. This means that whenever a customer wants to buy insurance, the product will connect them with investors looking to make a profit from their insurance service. 

Unslashed Finance crypto insurance comes with a lot of benefits 

When it comes to making cryptocurrency transactions, there are a lot of risks any user might face. However, with crypto insurance, the risks of trading may be minimized. The insurance project will stop the hacking of smart contracts, slashing of validators, and a lot of other risks which many regular insurance firms do not offer. 

Unslahed Finance was launched in February and since then, the insurance protocol has exchanged insurance coverage worth $400 million, receiving $90 million in capital deposits. Presently, the platform has a lot of clients using its insurance services including Enzyme ParaSwap, and a host of others. 

The CEO of Unslashed Finance, Marouane Hajji, while speaking to Cointelegraph in a recent interview, said that the company’s growth was substantial. He added that the majority of the people who use Unslashed Finance’s crypto insurance service are protocols that seek protection, including DeFi exchanges. 

With the blockchain industry and DeFi exchanges gaining huge support from the masses, Unslashed Finance will use the latest product to improve crypto insurance in the long run. 

Bloomberg: Bitcoin Price Expected to Rise 100x an Ounce of Gold

A Bloomberg Intelligence report has analyzed the bitcoin market and its growing stature as the digital store of value. The report looked into various aspects of the top cryptocurrency, including its declining volatility, rising adoption, and growing inflow of funds from a traditional store of value assets such as gold, stocks, and bonds.

Bitcoin in 2021 is transitioning from a speculative risk asset to a global digital store-of-value, in a world going that way, in our view.

We see prudent diversification sustaining a rising tide in this price-discovery stage for nascent Bitcoin.

Bitcoin in this bull run has not just seen its price nearly triple from 2017 high but more importantly seen a massive adoption from institutions that are using it as a treasury reserve asset amid declining US Dollar value.

$100,000 Could Be Bitcoin’s Next Threshold

Bitcoin in 2021 has managed to surpass its earlier threshold of $50,000 price target and $1 trillion market cap that too only within two months of this year. With the rising demand vs. declining supply and an increasingly favorable macroeconomic environment, the report cites Bitcoin has matured as an asset class and could reach the $100,000 price threshold by the end of 2021.

It’s unlikely there will ever be a Bitcoin equivalent that’s no one’s liability or project.

The report also cites that Bitcoin’s relative volatility is on a decline against gold and if the nascent digital asset continues to behave similarly, its volatility would be less than that of Amazon and other stocks in a couple of years. Bitcoin is gaining momentum entering the 60/40 mix partly due to when paired with gold the top cryptocurrency outperforms and has less risk than the S&P 500.

The report also cites that the current price volatility and selling come from majorly from retail traders and quite similar to the early 2017 selling pattern, however in the long run hodlers would outnumber these weak sellers.

Potential For Bitcoin Price to Stabilize Around 100x an Ounce of Gold

The current selling patterns and outflow of funds from stocks and the Gold market and if the trend continues the price of one Bitcoin is expected to rise 100X the price of an ounce of gold.

A potential path for the Bitcoin price is to stabilize around 100x an ounce of gold and for volatility to resume its downward trajectory.

The report analysis suggests that bitcoin price would continue to rise by 55X to 15X as supply diminishes after every block reward halving.

The post Bloomberg: Bitcoin Price Expected to Rise 100x an Ounce of Gold appeared first on Coingape.

Aave CEO Says Yield Farming “Craze” Is Coming to an End

Stani Kulechov, the CEO of Aave, highlighted some of the problems with the copy-and-paste nature of today’s DeFi space, adding that the overall fundamentals are still strong.

Aave CEO Defines Decentralization

The DeFi economy can be imbalanced, often favoring wealthy whales over average users. This is especially true when high Ethereum fees shut out retail investors. 

Aave founder and CEO Stani Kulechov spoke to Crypto Briefing about DeFi’s problems and potential solutions.

While distribution models favor larger accounts, “this can be solved by simply creating more democratic incentives instead of copy/pasting the same model all over again,” said Kulechov.

Decentralization is, of course, the answer. As Kulechov pointed out, decentralization in DeFi can be something of a misnomer, and he offered his own method for evaluating projects in the space.

“I personally believe that a protocol is decentralized when the founding team’s proposal can be voted successfully against,” said Kulechov, “and the team, including its early investors, do not hold over 50% of the tokens.”

Yield Farming “Craze” Is on Its Way Out

Speaking to Crypto Briefing, Kulechov said that DeFi has always been about incentives, adding that “yield farming is indeed an interesting way to reward user behavior such as providing liquidity. The sad part is that many yield farming protocols are offering yields that are absolutely unsustainable.”

He went on to say that the yield farming practices we see today are “pretty much money printing.”

“I believe that the craze will end at some point and we will see more sustainable incentives.”

Kulechov commented on the “fatigue” suffered by the yield farming industry in recent months, adding that “the fatigue is related to innovation.”

“Most of the liquidity mining incentives are copy-pasted from other notable projects and do not provide creative ways for communities to distribute token governance and let communities get more involved into the project.”

While liquidity mining may endure for a while longer, said Kulechov, projects must involve their entire communities in decentralized token distributions.

Kulechov added that innovation continues on his own project, Aave, which recently released v2 of its governance model, allowing the community to delegate voting power. Aave is exploring Layer 2 solutions, he added, saying, “we will see some progress there soon.”

Aave ranking on DeFi pulse
Aave is currently ranked  #3 by market cap on DeFi Pulse

The DeFi founder’s comments on the nature of the space highlight ongoing problems that have been the subject of criticism since the onset of the industry.

DeFi projects market themselves as decentralized while project teams retain disproportionate control over the token supply. A recent report by the St. Louis Fed listed this as a serious and common risk in DeFi.

It’s all too easy to copy and launch an existing project in a somewhat unregulated atmosphere, adding little value in the process. However, as both Kulechov and the St. Louis Fed report pointed out, the space is full of potential, and projects that truly innovate and offer value could be hugely disruptive.

When asked about what other projects he was following in the space, Kulechov mentioned Pods Finance, a project working on reducing the cost of options using Aave’s aTokens as collateral. He also expressed an interest in Aavegotchi, a DeFi and NFT hybrid project which launched on Mar. 2.

Disclosure: The author held Bitcoin at the time of writing.