DeFi Craze Drives Uniswap’s Monthly Volume To $ 15.3B, Outperforming Coinbase.
Data from Dune Analytics shows that in the month of September, the decentralized exchange Uniswap processed $15.371 billion in volume. In the same period, reports indicate that Coinbase processed $13.6 billion.
The significant increase in Uniswap’s volume can be attributed to two main factors. First, the explosive growth of decentralized finance (DeFi) and the production of governance tokens made decentralized exchanges thrive. Second, the launch of Uniswap’s governance token, UNI, sparked a frenzy on the platform.
June ushered in a frenzy in DeFi governance tokens, with Compound’s COMP token driving the phenomenon.
The process is relatively simple: DeFi users “farm” new government tokens by staking various cryptocurrencies, such as Ether (ETH).
DeFi protocols that release their underlying governance tokens in a decentralized manner distribute them over time to interested users.
Once users successfully cultivate the new tokens, they usually hold onto them until they can be sold on centralized exchanges, but sometimes the market capitalization of the token is too small.
Major cryptocurrency exchanges must consider several factors before listing tokens. Some of the criteria include liquidity, history, and developer activity. For new governance tokens or DeFi-related cryptocurrencies, it’s almost impossible to meet those requirements.
Hence, Uniswap eventually evolved into the go-to platform to trade DeFi tokens and as the total value locked in DeFi surged it intensified the growth of Uniswap’s volume.
Is DEX volume a one-off or a trend?
Uniswap first surpassed Coinbase Pro in daily volume on August 30. Since then, it has remained continuously competitive with the leading US exchange.As of late August, Uniswap creator Hayden Adams said:
“Wow, Uniswap’s 24-hour trading volume is higher than Coinbase for the first time. Uniswap: $426 million, Coinbase: $348 million It’s hard to express how crazy this is.”
Uniswap’s consistently high volume came despite a considerable slowdown in yield farming and the madness of governance tokens. This suggests that the uptrend of decentralized exchanges holding high volume is sustainable in the long term.
In recent weeks, DeFi token prices have fallen and user activity in the yield cultivation space has slowed, but Dune Analytics researchers are not interpreting this as a bearish sign. The researchers said:
“Even as the craze of yield farming calmed DEX volumes, they smashed old records in September: $24 billion traded, 100% more than in August. While the last few weeks were below the beginning of the month, every week in September was well above the peak week in August.”
Ethereum analysts, including Ethhub founder Anthony Sassano, said it also reflects the overwhelmingly positive sentiment investors have for Ethereum. Sassano said:
“They told you decentralized exchanges on Ethereum were a fad, they were incredibly wrong. DEXs turned in volume of $23.5 billion in September alone! Betting against Ethereum will always be and always will be a bad move.”
Author: Souvik Sarkarhttps://news.triunits.comCrypto Expert And Blogger .
Bad crypto news of the week
Bitcoin ends the week about 6 percent up, still beneath $11,000 but having set a record of 63 days above $10,000. Some traders are starting to find the digital coin’s stability boring. They’re looking for more excitement in altcoins and DeFi tokens. OMG network recently jumped more than 25 percent.
Maybe the decline in mining will inject some excitement back into the coin. ChartBTC has pointed out that only 2.5 million coins remain for mining; half will be mined in the next four years.
Jack Dorsey, at least, still finds Bitcoin exciting. He sees a role for the coin and its blockchain technology in securing Twitter’s content. Decentralization, he argues, could ensure that content lasts forever. He’ll have to explain that move to Twitter’s users though. A survey has found big gaps in mainstream understanding of the cryptocurrency industry.
But plenty of people do get it. IoTeX, a connectivity company, has partnered with camera manufacturer Tenvis Technology to make an indoor security camera powered by the blockchain. Ucam uses a decentralized system with a private key to let users control all their own data.
In Congress, the House of Representatives has passed an updated Consumer Safety Technology Act. The act includes regulations that define digital terms and require the Federal Trade Commission to report on the blockchain’s role in consumer protection. In Europe, the European Commission has taken another move towards giving its cryptocurrency industry a stronger legal foundation. The EC adopted a new digital finance package that includes its first legislation on crypto assets.
If you’re looking to cash in on that progress, you can do worse than follow Tim Draper. The venture capitalist has described his crypto-portfolio. He holds Bitcoin Cash, Ripple, Tezos, and Aragon.
He didn’t mention whether he was holding any of the tokens on Kucoin. Analysts have now estimated that hackers might have taken almost $280 million during that hack. About $129 million worth of ERC20 tokens though, are now considered safe.
And if you’ve been wondering what happened to Didi Taihuttu and his Bitcoin family, they’re still doing fine, traveling the world and living on cryptocurrencies. That’s certainly not boring.
Finally, we chat with Ido Sadeh, Sögur’s, Founder and Chairman of the Board. Sögur is a digital coin built to provide a self-sustaining, democratic and global currency. It is modeled to incorporate the volatility crypto markets seek, while also using stabilization mechanisms to temper volatility risk when market conditions are fast-changing and unpredictable.
Check out the audio version here:
Joel Comm is an internet pioneer, New York Times best-selling author, futurist speaker and co-host of The Bad Crypto Podcast. That’s a fancy way of saying he writes words, says things and loves to play with cryptos.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Author: News Bureau
No BS Crypto Price Down 18.5% This Week (NOBS)
No BS Crypto (CURRENCY:NOBS) traded down 2.6% against the US dollar during the twenty-four hour period ending at 12:00 PM E.T. on October 4th. One No BS Crypto token can currently be purchased for approximately $0.0000 or 0.00000000 BTC on major cryptocurrency exchanges. No BS Crypto has a total market capitalization of $24,829.44 and $22,596.00 worth of No BS Crypto was traded on exchanges in the last day. In the last seven days, No BS Crypto has traded down 18.5% against the US dollar.
Here’s how other cryptocurrencies have performed in the last day:
No BS Crypto Token Profile
NOBS is a token. Its launch date was May 4th, 2018. No BS Crypto’s total supply is 2,228,709,717 tokens and its circulating supply is 977,173,917 tokens. No BS Crypto’s official website is nobscrypto.com. No BS Crypto’s official Twitter account is @noBScrypto and its Facebook page is accessible here.
Buying and Selling No BS Crypto
No BS Crypto can be purchased on the following cryptocurrency exchanges: . It is usually not currently possible to purchase alternative cryptocurrencies such as No BS Crypto directly using U.S. dollars. Investors seeking to acquire No BS Crypto should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as GDAX, Coinbase or Gemini. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase No BS Crypto using one of the exchanges listed above.
Receive News & Updates for No BS Crypto Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for No BS Crypto and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.
Author: Sarita Garza
Crypto.com Chain (CRO) Market Cap Hits $371.37 Million
Crypto.com Chain (CURRENCY:CRO) traded down 0.3% against the dollar during the 1 day period ending at 11:00 AM Eastern on October 4th. During the last week, Crypto.com Chain has traded 0.4% higher against the dollar. One Crypto.com Chain token can currently be purchased for about $0.0381 or 0.00000379 BTC on popular cryptocurrency exchanges. Crypto.com Chain has a total market cap of $371.37 million and approximately $6.21 million worth of Crypto.com Chain was traded on exchanges in the last day.
Here’s how similar cryptocurrencies have performed during the last day:
Crypto.com Chain Profile
Crypto.com Chain Token Trading
Crypto.com Chain can be traded on the following cryptocurrency exchanges: DigiFinex. It is usually not possible to buy alternative cryptocurrencies such as Crypto.com Chain directly using U.S. dollars. Investors seeking to trade Crypto.com Chain should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Changelly, Coinbase or Gemini. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Crypto.com Chain using one of the aforementioned exchanges.
Receive News & Updates for Crypto.com Chain Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for Crypto.com Chain and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.
Author: Kim Johansen
WazirX Talks DeFi, India’s Crypto Ban & More
Decentralised Finance or DeFi is a framework wherein the entire financial system and all the services it offers such as lending, borrowing and insurance, among others, are decentralised
While in a traditional crypto exchange platform, users would have to register, do their KYC, deposit some amount into an exchange account before making a transaction, DeFi doesn’t require the user to do these things
While DeFi offers certain tangible benefits which are espoused by its users, the fact that it furthers the anonymity associated with cryptocurrencies also leads to more risks associated with its use
Beyond decentralised virtual currencies such as Bitcoin and Ethereum, blockchain technologies today also power Decentralised Finance (DeFi), a term used to describe financial services with no central authority. To put it simply, DeFi offers its users all the financial services offered by a traditional financial system that is centralised, but without banks or exchanges acting as intermediaries or overseers of all transactions.
Certain cryptocurrencies, usually stablecoins, are used in DeFi to create exchanges, lending services, insurance companies, and other organisations without any owner. In essence, where Bitcoin and other cryptocurrencies decentralised money, DeFi looks to decentralise the entire financial system as a whole. As such, DeFi is touted as the harbinger of an open economy, which is permissionless and hence, inclusive.
The DeFi infrastructure is built on Ethereum, a platform that can be used to write decentralised programs, also known as decentralised apps or Dapps. Ethereum can help users write automated or smart contracts, to manage any financial transactions in the DeFi space. In effect, users can determine the rules of how certain financial transactions will function. The catch being that the rules, once set, cannot be changed.
For a comprehensive understanding of DeFi and what it entails, one can refer to this explainer video.
Nischal Shetty, the founder and CEO of Mumbai-based cryptocurrency exchange platform WazirX said that one of the more tangible benefits of DeFi is that it furthers the scope of cryptocurrencies. “For a centralised crypto exchange like ours, you would have to register, fulfil your mandatory KYC (know your customer) requirements, deposit some amount in the exchange account before making a transaction. In a DeFi system though, all that goes out the door. In DeFi, you’re trading globally, without any KYC.”
In essence, while anonymity has always been of the unique features of cryptocurrencies, DeFi only furthers this essential feature associated with cryptocurrencies. And as with cryptocurrencies, DeFi is fraught with risks.
“It’s in its infancy and not very easy to use. Your crypto is not being managed by any exchange but yourself, so you have to be safe, or you could lose your crypto if you enter into the wrong places or transactions,” said Shetty.
The fact that DeFi enhances anonymity in transactions by eliminating the centralised crypto exchange and KYC requirements only amplifies the risk of cryptocurrencies being used for terror financing and other anti-social activities.
Nevertheless, one of the better use cases of DeFi is for lending and borrowing. Users can lend their crypto assets, and earn interest on them. Shetty points out that what makes lending crypto assets an attractive proposition, is the interest rates offered on one’s crypto assets in the DeFi space. “Currently, the interest rates offered by banks are measly, just around 2.5-3%. However, in DeFi, some protocols are offering 500-1,000% interest rate on an annual basis.”
Lending and borrowing in the DeFi space are facilitated through a Decentralised Exchange (DEX), of which, WazirX is the earliest proponent in India. The Binance-acquired crypto exchange is currently developing its own DEX platform.
A DEX is built on the Ethereum platform, requires no accounts, sign-ups, or ID verification and by extension, is completely autonomous and free for all. DEX doesn’t have a centralised exchange operator, but smart contracts which enforce the rules, execute trades and securely handle funds. A DEX doesn’t charge any withdrawal fees from its users.
Further, unlike in centralised exchanges, a DEX doesn’t require the users to deposit funds into an exchange account before conducting a trade. This eliminates a major risk associated with cryptocurrencies and centralised exchanges, of exchange hacking.
“If users feel that they don’t want to park their funds in a centralised exchange such as ours, they can opt for our DEX platform and make transactions without the mandatory registration requirements with our centralised exchange,” said Shetty.
As of June, the entire DeFi sector was valued at $1.05 Bn in total volume locked (TVL) in various cryptocurrencies including Bitcoin. Today, DeFi’s combined capitalisation across all cryptocurrencies stands at $8.57 Bn.
When asked whether developing its DEX platform was wise at a time when the Indian government has reportedly moved into inter-ministerial consultations for a blanket ban on all virtual currencies, Shetty’s reply was laced with cautious optimism. “I don’t think this ban will spring upon us. The monsoon session of the parliament has just begun and cryptocurrency ban doesn’t figure in the list of items tabled to be taken up during this session. We see no reason why the government will make this a surprise entry in this session.”
Shetty also offered his insights on the bill, “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019”. “If you read the bill, it is very vague. Cryptocurrencies and its various use cases aren’t even defined properly. It is unclear in the bill what virtual currencies are and their different types. We are working with the government to assuage their concerns about virtual currencies and their benefits for the Indian economy.”
Shetty added that the various crypto exchange platforms in India were also working together, under the aegis of the Internet and Mobile Association of India (IAMAI) to develop a code of conduct which all cryptocurrency exchanges in India would have to abide by.
“We don’t want to further the notion that because there is no regulation, all crypto exchanges have a free hand in India. We believe in self-regulation. Our code of conduct will be released in a month or so and all of us will abide by it,” he said.
Meanwhile, by the time of writing, Bitcoin was trading at $10,879, a marginal increase from last week’s price of $10,825. Bitcoin’s market cap was around $200.6 Bn.
Ethereum was trading at $370, an increase of around 9% from last week’s price of around $338. Ethereum’s market cap was around $41 Bn.
Less than four months ago, in June, the total value locked in DeFi stood at $1.05 Bn. Today, more than $1 Bn in Bitcoin alone, has been tokenised to access Decentralised Finance products on the Ethereum network. Bitcoin makes up more than 12% of the DeFi sector’s $8.57 billion combined capitalisation. From June, the share of DeFi’s capitalisation represented by Bitcoin has increased by more than 150%. The increase in Bitcoin value on Ethereum network for DeFi purposes highlights the increased propensity of users to generate passive returns on their crypto assets. You can read the entire story here.
Decentralised applications (Dapps) on the DeFi network will soon be able to send push notifications to Ethereum wallet users. While most smartphone applications send push notifications to users whenever an action or response is required from them, Dapps in the DeFi space don’t offer that feature. This is the problem that Richa Joshi, the founder of Ethereum Push Notification Service (EPNS) is trying to solve.
Author: News Bureau