Fifth Largest DeFi Protocol Aave’s LEND Token Listed on OKEx
The leading crypto exchange and trading platform, OKEx has extended support to the popular DeFi platform, Aave by listing its LEND tokens. According to yesterday’s announcement, LEND spot trading against BTC, ETH and USDT went live on OKEx at 9:00 AM UTC, August 12, 2020 – a day after LEND deposits were allowed on the platform.
Aave, formerly known as ETHLend has been around since 2017, enabling the creation of money markets by offering crypto deposits and lending facilities. ETHLend transitioned to Aave lending platform at the beginning of 2020 with a market scale of over $630 million, making it one among the top 5 DeFi protocols in terms of total locked value. Backed by a 100k+ strong community, Aave continues to register strong growth, as many expect the DeFi project to breach the $1 billion mark in terms of market scale soon.
Recent surveys indicate an increased interest in the Aave lending platform in the past few months. ICO analytics report shows a 63% rise in visitors since June 2020 which makes it the seventh-largest decentralized trading platform in terms of web traffic. Aave’s positioning in the market makes it an important player in the industry capable of promoting the use of DeFi among the masses. Its collaboration with OKEx, which is also a strong proponent of DeFi further enables both the parties to collectively create an environment where financial services over blockchain could address the issues faced by the unbanked population.
The CEO of OKEx Jay Hao, while reiterating the importance of decentralized lending projects like Aave in the DeFi ecosystem said, “In the existing DeFi ecosystem, lending projects occupy approximately 14% of the market share and are one of the largest spaces. Compared with the traditional credit system, DeFi lending has significant advantages in terms of trustless transactions, low barriers of entry, and simple procedures. We believe that lending will become an important engine for the development of DeFi.”
Mr. Hao also hinted on a possible extended partnership with Aave, “As one of the earliest participants in the lending space, Aave has made significant contributions to the development of DeFi. Stay tuned for our upcoming CEO roundtable later this month, as OKEx is very pleased to join forces with Aave to promote the further growth of decentralized finance.”
LEND is the governance token of the Aave platform, and the backbone of what the project calls, ” Aavenomics”. With the token now available to the global trading community, Aave will continue to support LEND staking while using a portion of revenues to implement LEND token buyback-and-burn scheme.
LEND withdrawals will be activated on OKEx from 9:00 AM UTC on August 13, 2020.
Author: Guest Author
India May Be Starting Its Biggest Bitcoin Bull Run Yet
Author: News Bureau
How To Buy Your First Ethereum in Nigeria 2020
If you see this, you must have recently heard about Ethereum, or you have decided to buy your first ethereum (ETH). In this article, we provide a step-by-step guide on how to buy your first ethereum in Nigeria.
Before you buy your first ethereum in Nigeria, you will need to get a wallet. Ethereum wallets are applications that allow you to receive, send, and store coins. There are different kinds of ethereum wallets you can choose from.
It is best practice to choose non-custodial wallets. These are wallets that give you full control of your coins. They provide you with a ‘seed phrase’ that allows you to back up your wallet and move from a wallet provider to a different one.
The two sorts of wallets you can choose from are software wallets and hardware wallets. Software wallets are free applications available on mobile and desktop. For this article, we recommend Trust wallet. Trust wallet is a multi-cryptocurrency wallet that comes with an in-app exchange and stats page and a great user interface.
Hardware wallets, on the other hand, are unique devices made for storing cryptocurrencies. They are safer than regular wallets since funds are kept offline and are only connected to the internet when you have to make a transaction. This reduces potential risks, like phishing attacks and hacking. Trezor is an example of a good hardware wallet.
After you have selected a wallet, you need to select a platform to buy your first ethereum in Nigeria.
Different platforms make it possible for you to purchase ethereum in Nigeria. You can use a broker, exchange, or Peer-to-Peer (P2P) marketplace.
Most people in Nigeria, buy and sell bitcoin with bank transfer or bank cards as their payment method. Binance provides the most options for anyone looking to buy ethereum in Nigeria. Binance gives you access to an exchange and P2P platform.
The biggest cryptocurrency exchange by volume has been in existence for three years and has quickly captured the top spot among crypto platforms.
Binance is available in most parts of the world. For instance, in Africa, Binance supports direct deposits from Uganda, South Africa, and Nigeria. In countries where direct FIAT deposit is not supported yet, users can still trade hundreds of cryptocurrencies on the spot, margin, or futures exchange.
You can buy ethereum in Nigeria on Binance by depositing cash via bank transfer or bank cards or use Binance P2P.
To purchase ethereum on Binance, you will need to create an account (use the referral code ‘O4EY05O6’ to get a 10% discount on fees).
After, you will need to complete verification to have full access to all features on Binance. You will need a government-issued identification card to finish the process.
Once you complete the verification, you can buy your first ethereum on Binance. As mentioned earlier, you can deposit on the platform directly or use Binance P2P.
To deposit naira on Binance directly, go to the wallet section, search for ‘NGN’ or scroll down till you find the naira. Click on deposit to open a new page.
On the deposit NGN page, select bank transfer or credit/debit card to continue. Follow the steps to complete the transaction. Your balance will be credited with the naira.
The most simple way to make the final purchase is to find the ‘Buy Crypto‘ tab and select NGN as your base currency and select ETH as the crypto you want to buy.
Enter the amount on naira you want to spend and click ‘Buy ETH’ to complete the purchase. On the other hand, you can use Binance P2P to make the purchase. Read our Binance P2P in Nigeria review to understand how that works.
Now that you have bought your first ethereum in Nigeria, you can move your funds to your wallet if you intend to hold for a long time. You can also look into ways to spend your bitcoin online and make payments in the real world.
The post How To Buy Your First Ethereum in Nigeria 2020 appeared first on BlockNewsAfrica.
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What is the exchange rate of USD (US Dollar) / CAD (Canadian Dollar) on Tuesday August 11, 2020
Get the latest mid-market rate for USD (US Dollar) / CAD (Canadian Dollar) for Tuesday August 11, 2020 right here.
The latest rates for USD (US Dollar) / CAD (Canadian Dollar) are available below. As a leading finance news site the team at Born2Invest collates and analyses the latest Forex Market data to bring you live information to help you make the right forex trading decisions.
Tuesday August 11, 2020 1 USD (US Dollar) is worth 1.328435 of CAD (Canadian Dollar) .
Remember to always trade with a reputable broker. It’s also possible to apply forex concepts to cryptocurrency trading.
Forex trading is risky and complicated. There are countless pairs to choose from and it’s easy for a novice trader to become overwhelmed. Information is power and Born2Invest has curated some beginners forex trading tips to help you get started.
Currency pairs are the foundation of forex trading. Whenever you purchase one currency you sell another. Every pair has a base currency, in this example USD (US Dollar) and a quote currency, or CAD (Canadian Dollar).
A currency pair represents how much quote currency, or CAD (Canadian Dollar), that needs to be spent in order to purchase one unit of USD (US Dollar), the base currency. In the current example you would need to spend 1.328435 of CAD (Canadian Dollar) in order to purchase 1 USD (US Dollar).
Forex pairs fall into three categories; the majors, the commodity currencies, and the cross currencies:
Cryptocurrencies share many aspects with forex trading, namely the concept of currency pairs and high volatility but there are some key differences. Cryptocurrencies aren’t currencies persae, and are usually traded against Bitcoin, which takes the role of USD on many exchanges.
It is also difficult to trade cryptocurrency outside of exchanges and there is more security risk than trading with a registered broker. One way around this is to use a CFD broker which enable traders to purchase contractors for specific amounts of crypto, without directly owning it.
What is the exchange rate of USD (US Dollar) / JPY (Japanese Yen) on Tuesday August 11, 2020
Get the current mid-market rate for USD (US Dollar) / JPY (Japanese Yen) for Tuesday August 11, 2020 right here.
The latest rates for USD (US Dollar) / JPY (Japanese Yen) are available below. As a leading finance news site the team at Born2Invest collates and analyses the latest forex market data to bring you live information to help you make the best forex trading decisions every day.
Tuesday August 11, 2020 1 USD (US Dollar) is 106.012504 of JPY (Japanese Yen) .
Remember to always trade using a reputable broker. It’s also possible to apply many forex concepts to cryptocurrency trading.
Forex trading is inherently risky and there are countless forex pairs to choose from. The only way to make a profit from forex trading is to understand how the market works. Luckily for you the Born2Invest forex team has collated some forex trading tips to get you started.
Forex trades are always made using currency pairs. Whenever you buy one currency you are selling another. In every pair there is a base currency, for example USD (US Dollar) and a quote currency, which would be JPY (Japanese Yen).
The price of a currency pair represents the amount of quote currency, or JPY (Japanese Yen), that you will need to spend in order to purchase a single unit of USD (US Dollar), the base currency. So using the current example you would need to spend 106.012504 of JPY (Japanese Yen) in order to purchase 1 USD (US Dollar).
Forex pairs fall into three categories; the majors, the commodity currencies, and the cross currencies:
Cryptocurrency trading shares many similarities to forex trading. Specifically the concepts of currency pairs and high price volatility. That being said there are some key differences. Cryptocurrencies don’t operate like fiat currency and many are tied to a project or product. The crypto market is also highly unregulated, which makes it inherently risky compared to trading forex.
Additionally most cryptocurrency trades happen on exchanges. These are generally unregulated and come with a certain degree of risk that many investors would find unacceptable. One alternative is to trade using a CFD broker which allows crypto pairings, but this means you will not directly own and cryptocurrency you buy.