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DeFi Token Aave Continues To Tear Through Highs, Hits $436

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Aave, the open-source decentralized finance [DeFi] protocol has witnessed a massive rise over the last few weeks. In terms of the total value locked [TVL in USD] surged by nearly 24% over the past day alone pushing the figures to a new all-time high of $4.96 billion.

Aave TVL

The above chart by DeFi Pulse evidenced that money has been flowing through the second-largest DeFi protocol. The latest stats have positioned it as the best performing protocol of recent time.

AAVE’s Soars To New ATH

Interestingly, the protocol only had a few million dollars worth of crypto in it this time last year; since then it has risen to become the second-largest DeFi project on Ethereum. Its native token, Aave also followed the bullish trend, logging historic high prices and recorded a surge of more than 93% over the past week.

In fact, the DeFi token has risen by over 41% in 24-hour alone which drove its price to $436.01, at the time of writing.

Aave2

Aave has been on an absolute tear even as the rest of the DeFi tokens cooled down. What has helped the token sustain the latest rally?

Aave’s 24-hour trading volume scored a record $1.86 billion according to CoinMarketCap which is partially driven by investors acquiring more tokens for staking. Hence, the rising volume, as well as the growing demand for flash loans among the market participants are the main forces behind the price action.

In addition, the renewed uptrend in the cryptocurrency space has further bolstered the already building momentum.

According to the crypto-analytic platform, Santiment, Aave whales were also fueling the recent rally. Its tweet read,

“Aave whales, which we deem addresses holding 1,000 tokens or more (~$397k+ USD), have ballooned from 266 to 327 addresses this past month, fueling this rally.”

Santiment

In general, the DeFi tokens have garnered widespread adoption in the latest bull run. So much so that Mike Novogratz, the CEO and founder of crypto-focused merchant bank Galaxy Digital, said that while Bitcoin is probably a” safer option on a risk-adjusted basis”, another class of digital assets such as Aave, Chainlink, Compound, YFI, and Uniswap has the potential to take over in the coming years.

DeFi Token wANATHA Surges By 470% After Uniswap Listing

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Riding on the DeFi wave is yet another project dubbed Anatha, a vertically integrated DeFi ecosystem that feeds rewards directly back to the participants in the form of native tokens. In the latest developments, the price of Wrapped Anatha [wANATHA] has surged more than 470% since it was listed as the world’s largest DEX Uniswap on 1 October.

The project recently unveiled its community liquidity access event with a $4.5M value of Ether in Uniswap Liquidity, paired with 300 million wANATHA using a multi-sig solution for secured Liquidity injection into DEX on the 4th of October.

wAnatha

Shortly thereafter, Anatha went on to become the most successful initial liquidity offering fair launch event on Uniswap witnessing over 13,000 ETH raised in just 24-hours. Notably, during this time, there were 2,000 wallet holders with a $30 million transaction volume which drove the price of wANATHA to rally over 470%.

According to its official blog post, Anatha aims to build systems that are an alternative to fiat insider greed and systems that are inclusive. On the first day of its Wrapped Anatha [wANATHA] Uniswap listing, the project also launched Cosmos Tendermint powered network and the DeFi wallet solution.

Explaining how Anatha is different from other players in the market, CEO Edward Deleon Hickman stated,

“Unlike most projects we’ve actually built most of what we are describing before going to market. I think that’s a key indicator of the seriousness of our approach. That said, the key driver for both myself and my team is our ETHOS. We believe that the advent of non-national digital money opens up an entire universe of possibility, as value is multiplied in the newly emerging information age economy we must ask ourselves where that value should go.”

The total supply of ANATHA on Mainnet is fixed and is set to 7.7 billion. while the total amount of wANATHA for liquidity event as ERC-20 is set at 300 million.  The inflation rate is 1% per annum and the new tokens will be minted daily at a rate of 0.0028% of the total supply. These tokens will be not be sold. Instead, it will be distributed such as

  • 50% is allocated to the Network Validator Reward Pool [NVRP]
  • 25% will be handed out to DeHRA Holders [$ANATHA Token holders who have registered their “screenname” on the network, such as “@human” “@samatha”]
  • 12.5% will be allocated to the Developer Fund
  • 12.5% will be distributed to the Security Token Holders

In related news, the platform’s Wrapped Anatha [wANATHA] ERC 20 contract for their Community Liquidity Event was audited by cybersecurity firm Halborn.

Binance Dives Into DeFi With Launch Of Automated Market Maker Pool

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Touted as the world’s largest cryptocurrency exchange, Binance made its way to the top with consecutive developments for the exchange as well as the ecosystem. The last two years have been eventful for the exchange following an array of partnerships across the globe. While global expansion has been one of Binance’s major missions, it hasn’t lost focus on the upgrades pertaining to the platform. Recently, the Malta-based exchange announced the launch of a new trading platform, Binance Liquid Swap.

Binance Steers Towards DeFi

Off late, Decentralized Finance [DeFi] has been the talk of the crypto town. While several platforms have been exploring the prospects of the DeFi space, Binance seems to have jumped on to the bandwagon. In a recent blog post, the exchange revealed that it had launched an automated market maker [AMM] pool, Binance Liquid Swap. This would permit users who provide liquidity to earn both income as well as interest via trading fees. However, unlike DeFi, Binance’s latest venture, is reportedly centralized.

The Malta-based crypto exchange claims to be the first to roll out a centralized exchange with AMM. The post further read,

“When you place your crypto funds into the liquidity pools on Binance Liquid Swap, you get to harness the power of an AMM pricing module. This can give you stable prices and lower fees for transactions both small and large, which are done via instant swaps.”

Currently, the platform supports just three coins, stablecoin Tether [USDT], Binance USD [BUSD] as well as Dai [DAI].  The liquid trading pairs available were USDT/BUSD. BUSD/DAI and USDT/DAI.

Furthermore, Binance affirmed that the prices and the transaction fees pertaining to the Binance Liquid Swap was entirely dependent on the assets in the liquidity pool. When a user adds, removes, or swaps funds present in the pool, the fees as well as the price changes. The exchange added,

“You’re entitled to your interest plus a cut of the transaction fees when you pool your tokens.”

Since the latest platform is still in its promotional period till 4 October 2020, the trading fee will be as low as 0.04 % However, it would soon return to 0.1% after the aforementioned date.

Binance Futures Launches YFI/USDT Perpetual Contract as DeFi Demand Surges

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DeFi (Decentralized finance) is currently one of the hottest corners of the crypto industry this year and, as a result of the boom, many project tokens have shown incredible price surges. One of the prominent tokens is Yearn. Finance ‘s native YFI, which has gained significant traction over the last few weeks.

DeFi, the big hype

In a bid to cash in on the mania, several centralized platforms have now jumped on the DeFi bandwagon.

In the latest development, one of the world’s largest centralized cryptocurrency exchange, Binance announced the launch of the YFI/USDT perpetual contract on its Futures platform wherein the users will be able to choose between 1-50x leverage.

The YFI/USDT perpetual contract is a USDT-margined futures contract that uses USDT as collateral. According to the official blog post, the contract will be made available to users from 31st August 7:00 AM [UTC].

This news follows Binance‘s announcement of offering ‘DeFi Index Perpetual Contracts’ to cater to the huge customer demand to get exposure to a broad base of DeFi products.

yearnfinance charts

YFI’s meteoric rise

Meanwhile, in a little over a month, YFI has soared by a staggering 4008% since it was created $764.42 in July to the press time price at $31,682. Following the path of Bitcoin, the creators of the project have limited the supply of the governance token to 30,000 YFI coins. This could be an important contributing factor to the rapid surge in its price.

This new rally was also speculated to be triggered after, one of the largest DeFi protocol, Aave announced the listing the token. This was a significant development for the YFI ecosystem primarily because Aave has successfully outpaced the likes of Maker, Curve Protocol in the race for the first place in terms of TVL.

As previously reported, yet another catalyst for the token’s upward momentum was directed towards a  potential collaboration between the crypto derivative platform FTX and Yearn.Finance.

Besides, the protocol also recently announced the launch of ‘yinsure.finance’ which is essentially a prototype for a new tokenized insurance, the first of its kind in the DeFi ecosystem.

DeFi Project ‘Curve’ Eyes for $1B TVL Days After ‘Unexpected Deployment’

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The DeFi boom of 2020 is real and is showing no signs of slowing down. Over the past couple of years, the DeFi ecosystem has evolved significantly with the foray of new market participants which are continuously building new infrastructure.

The new kid in the block is a decentralized Ethereum liquidity exchange pool called Curve Finance. According to DeFi Pulse, the protocol is getting closer to a $1 billion mark in total locked value [USD]. As the upward movement continued, a TVL of $922.7 million was recorded.

defi pulse

The figures first shot up on 14th August from a mere $254.5 million, surging by an astonishing 262.5% in a period of two days. With this, Bitcoin locked in Curve Finance’s exploded to 11.637.

This comes after popular cryptocurrency exchanges such as OKEx, Huobi, and Binance announced support for its native token, CRV.

This token is used for the purpose of voting in platform governance. In addition, CRV is also used as a reward for liquidity providers. In addition, a portion of the trading fees collected is used to conduct constant token burns.

Unexpected deployment fuels Curve adoption

Initially developed as a viable alternative to trading stablecoins on general-purpose DEXes, Curve is a well-known name in the space and hence, the anticipation surrounding the launch was also quite high.

It was the unfolding of an interesting turn of events that multiplied the hype. This involved an anonymous DeFi user who deployed the Curve token and contracts on the Ethereum mainnet well before the team’s official announcement. The user, with a relatively new Twitter account, revealed,

“Yo, @CurveFinance! Saw your DAO is ready to rock and I gots to MAXIMIZE MY ALPHA ! So I went ahead and deployed it for you. Get at me in DM to verify and lets get this party started!!”

While the Curve team had no prior knowledge about the contract deployment, hours after the above Twitter post, however, the officials of the DeFi platform verified the deployment process and confirmed the legitimacy. This subsequently forced Curve Finance to launch its decentralized autonomous organization or DAO and governance token CRV.

In an official statement, the Curve team announced,

“Someone deployed $CRV based on smart contracts we had published on github, front-running our efforts. While we initially were skeptical, it appeared to be an acceptable deployment with correct code, data, and admin keys. Due to the token/DAO getting traction, we had to adopt it.”

The Curve team further added that the deployment had correct code, data, and admin keys and also went on to add that the community member who deployed it relinquished any admin power.

Pre-mining accusations

Curve Finance is touted as one of the most prominent platforms in the space. But speculations regarding users’ pre-mining CRV token surfaced in the DeFi community. This was due to the fact that contracts were already deployed by the anonymous user unexpectedly. Soon after which some DeFi users started staking yCRV, tokens that represent shares of Curve’s liquidity pools, in a bid to earn CRV tokens even before the team could verify that the contracts had been properly deployed.