Despite volatility in the Ethereum market, decentralized finance (DeFi) — which some argue is the killer use case for the cryptocurrency — has continued to see rapid growth in recent months.
Spencer Noon, the head of the cryptocurrency fund DTC Capital and an on-chain analyst, noted on August 4th that four pivotal metrics show DeFi is ‘breaking out in spectacular fashion.” These four metrics are as follows:
DeFi, an industry that is barely a few years old, is breaking out in spectacular fashion:
1⃣ $4.27B total value locked
2⃣ 300K users w/ 1M in sight
3⃣ $10B trailing 12-mth DEX vol
4⃣ $1.42B debt outstanding
Once again in the crypto world it’s all eyes on Ethereum, not Bitcoin. pic.twitter.com/iG7lO2v2hE
— Spencer Noon (@spencernoon) August 4, 2020
The growth of Ethereum’s decentralized finance sector is likely to cause growth in the value of ETH.
Ryan Sean Adams, the founder of Mythos Capital, expects for DeFi to drive record levels of demand for Ethereum transactions and ETH. Assuming decreasing supply due to the implementation of proof of stake and EIP-1559, this means that the asset may appreciate over time.
This optimistic sentiment has been echoed by Spencer Noon. Noon recently wrote on Twitter that from his contacts, institutional interest in DeFi is first materializing in interest in Ethereum, not DeFi coins or protocols:
“My read on #DeFi after speaking with instl investors, fund mgrs, OTC desks, and FOs over the last few wks: The herd is coming. They’re excited about DeFi but new to it, so they’re buying $ETH first. Once positions are set, I expect them to move up the risk spectrum to protocols.”
My read on #DeFi after speaking with instl investors, fund mgrs, OTC desks, and FOs over the last few wks:
The herd is coming. They’re excited about DeFi but new to it, so they’re buying $ETH first. Once positions are set, I expect them to move up the risk spectrum to protocols.
— Spencer Noon (@spencernoon) August 3, 2020
DeFi increasing demand for ETH is a trend that some are already noticing. A cryptocurrency commentator noted recently that the number of ETH locked in DeFi protocols (their smart contracts) is a metric up nearly 30% in the past 30 days:
“Here’s a chart which didn’t correct last night, and it’s up by nearly 30% over the past month. More people are LOCKING & USING their $ETH as a high quality collateral asset / store of value, to use in #DeFi on #Ethereum.”
How much ETH will rally off of DeFi-related network effects, though, is not yet clear.
Opaybinary Ethereum Investment Scheme Folds Up With Investors’ Millions of Naira
Last Updated on August 4, 2020 at 3:28 pm
Thousands of Nigerians have taken to Facebook to lament over their inability to access opaybinary investment dashboard, a platform that promised them 2.2% daily interest.
A sane business or investment will never promise you a 66% monthly interest rate on your investment, 2.2% is 66% per month
The scam investment scheme was launched in early June 2020, it promised Nigerians that they would get 2.2% daily interest on their investment, amounting to over 60% interest per month.
The company promised investors that they would trade ethereum on a popular trading platform and share 2.2% of profit with investors.
The maximum investment was pegged at 100, 000 while the minimum was 10, 000, 30% is deducted from every deposit as “service charge.
Depositors could only fund their accounts by ethereum.
With its similarity to Nigeria’s popular payment app, Opay, research by our team showed that it isn’t in any way affiliated to Opay mobile App.
It describes itself as, “An online community of expert binary options traders and investors,” which claims that you could “earn a minimum of 2.2% daily compound interest on your investment“.
It also promised to pay 20% as referral commission to its existing customers, promising that investors don’t have anything to lose, “Withdraw both capital and accumulated interest any time you want”.
Most times, investment scams impersonate a genuine business name to create the impression that they’re affiliated to the legitimate one.
Initially, the platform’s means of deposit was one of the payment apps in Nigeria and suddenly announced that it was switching to cryptocurrency, stating that it’d be more convenient for investors to fund their accounts through ethereum.
Making the announcement on its Facebook page on July 27, 2002, Opaybinary ethereum investment platform states:
“Hello everyone, it’s been a while since we made our last post here, this is largely because most of the issues that we would have wanted to communicate to you about are addressed daily via our email and Facebook chat channels.
“We honestly hope that the experience so far has been a good one, if there have been any complications so far on your part or any recurring difficulties kindly use the comment section as we will readily attend to you as always.
“Over the last few days, our payment gateway has given us more than enough reasons to decide against continuing with them, we believe most of you who just joined recently have had to make deposits in bits just to be able to complete your transactions and we honestly cannot have that, so as a result of this we have decided to implement the use of cryptocurrency for our services.
“This message is meant to inform you that you are expected to own an Ethereum wallet and update the address on your Opaybinary dashboard, this is as a result of our need to ensure that you get the best services, exactly what you deserve,” it says.
On August 1, one of the investors who doesn’t want to be mentioned told InfomediaNG that he couldn’t access his dashboard or make a withdrawal on the official portal opaybinary.com
“Opaybinary are scammers nobody should invest his/her money with them if you check your dashboard you will notice that you can deposit but they blocked the withdrawal page every one of us here should tag them a scam,” says Gozie Eze.
Meanwhile, reports we just received from some of the investors say the official portal of the scheme isn’t accessible any longer, a possible indication that opaybinary has folded up.
Opaybinary investment isn’t the first cryptocurrency scam in Nigeria, there are more than five of such operating right now in Nigeria, Inksnation is one of them.
On why the cryptocurrency is popular among excited crypto enthusiasts in Nigeria, news.bitcoin attributed the phenomenon to greed and ignorance.
It must also be noted that this isn’t peculiar to Nigeria. It’s like that all over the world, most especially at the time when the upward price of bitcoin has forced the value of other coins to wake up from their slumber.
Just recently, over 100 members of the biggest crypto scam, PlusToken Project were arrested in China, investors had lost several billions of US dollars.
For instance, at the time of this report, btc is trading at over $11, 000 USD while ETH which was hovering round $200 USD a few months ago is now trading at $388 USD, according to the latest cryptocurrency price at the time of this update, Tuesday, August 4, 2020 (1500).
It may be difficult to say the specific amount Nigerians have put into the scheme, but due to greediness, monies running into millions of naira may have been lost because of the fake-sweet interest rate.
Most investors may have left their deposits and interest in the scheme because of the expected high interest on investment.
Opaybinary runs several campaigns including publications on social media platforms and Google Ads, but InfomediaNG can confirm that the platform is a smart refined MMM scheme.
We understand that some Nigerians invested as much as N100, 000, hoping to get 2.2% interest daily, this post may not stop the scheme, it’s aimed at getting you enlightened on the ploy of online fraudsters who exploit individuals hiding under cryptocurrency.
Note that any individual or company that offers to pay 2.2% daily interest can NEVER be real. A sane business or investment will never promise you a 66% monthly interest rate on your investment, 2.2% is 66% per month.
If money could be doubled easily as claimed by the guys behind the scheme, everyone would have been rich by now.
Author: Ope Quadri
Coca-Cola Embraces DLT and Ethereum for Supply Chain Efficiency By Cointelegraph
Coke One North America (CONA), a partner of the largest U.S.-based Coca-Cola (NYSE:) bottling company, will use The Baseline Protocol to enhance transparency and reduce friction in “cross-organization supply chain transactions.”
The project will see CONA partner with distributed ledger technology (DLT) firms and Baseline Protocol founding members Unibright and Provide to establish a “Coca-Cola Bottling Harbor” — allowing streamlined transactions among both internal bottler-suppliers and external suppliers of raw materials.
Continue Reading on Coin Telegraph
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