Could Compound’s Governance Token COMP Be Deemed a Security?

Innovation springs eternal in the digital asset ecosystem, and with Compound’s launch of its governance token, COMP, last month, the burgeoning world of decentralized finance continues to pick up steam. The broader cryptocurrency community has embraced COMP, which now trades on OKEx, Binance and Coinbase Pro, among other digital asset exchanges, while other investors were dumping Compound tokens after listing on major exchanges, according to the report by Flipside Crypto. By democratizing access to liquidity and yield, DeFi is in many ways the next logical step in cryptocurrency’s seemingly unstoppable…

DeFi Token Rally Pushes Aave (LEND), (SNX) Market Cap Above Maker (MKR)

Decentralized Finance (DeFi) tokens continue to make drastic moves on the price charts, compensating for Bitcoin’s low volatility which has recently hit a three year high. Earlier today, Aave (LEND) and Synthetix Network (SNX) token briefly surpassed MakerDAO’s (MKR) token as each rallied to $0.375 and $4.09 respectively.  The ‘flippening’ was short-lived and MKR has now reclaimed its position above LEND, SNX and Compound (COMP) and currently sits at number 28 on Coinmarketcap with a market capitalization of $453 million.  The switch up likely occurred as LEND price corrected sharply…

Latest DeFi Craze Involves a One-Man Project With a ‘Worthless’ Token

The trend of usage incentives in decentralized finance kicked off with Compound’s COMP token distribution, and it continued through several other platforms that sought to replicate its perceived success. But the latest DeFi yield farming mania involves yEarn, a yield aggregating platform developed by just one man, Andre Cronje. Despite his warnings that the platform’s token, YFI, is worthless and “won’t be on Uniswap,” it was in fact listed on Uniswap. A price run for more than 4,000% in a single day kicked off as a consequence. That made YFI…

Cryptocurrency Exchange OKEx Lists Polkadot’s DOT Token

OKEx has listed the native token of Polkadot (DOT) on its trading platform. According to an announcement shared with Cointelegraph on July 17, DOT spot trading against Tether’s USDT stablecoin on OKEx started at 8:00 AM UTC today. As Cointelegraph recently reported, Pokadot’s technology allows developers to spin up a new blockchain within one hour. Per the announcement, DOT deposits and withdrawals aren’t supported yet, and the tokens can currently only be obtained by claiming them on the mainnet from Ethereum’s blockchain. OKEx also recently published a detailed guide on…

Aave (LEND) Mounts 1,500% YTD; What’s Pumping This DeFi Token?

Aave, an Ethereum-based peer-to-peer lending platform, has emerged as one of the top investments in 2020. On Friday, the project’s native token, LEND, was trading 1,500 percent higher on a year-to-date (YTD) timeframe. Its parabolic rally appeared following a long string of positive fundamentals, including a $3 million inbound investment. Aave has reached the moon before its top cryptocurrency rival, Bitcoin. The Ethereum-based peer-to-peer lending platform allows users to earn interest on deposits and borrow assets with a stable or variable interest rate. At the core of Aave’s business model…

Investors Are Dumping Compound Token as Soon as It Gets Listed

A report by Flipside Crypto states that investors are liquidating their Compound (COMP) holdings as soon as the opportunity presents itself; with major exchange listings acting as catalyst. COMP flows. Source: Flipside Crypto. Exchange listings led to dumps The report states that as soon as COMP was getting listed on major exchanges like Binance (BNB) or Coinbase, there were observing major flows from the investors to exchanges. In addition, there was allegedly a larger transfer made from “the Compound team to DeFi. This correlates with the unannounced listing of COMP…

DeFi Earnings Fell 42% in Q2 Even as Token Prices Surged

The DeFi industry may be booming this year, but a new report shows earnings have fallen despite a huge surge in token prices. The second quarter token report from Bankless, a DeFi focused newsletter from Mythos Capital founder, Ryan Sean Adams, revealed that earnings fell by 42% in the second quarter, from $5.5 million in Q1 down to $3.9 million in Q2. The findings are somewhat surprising since most DeFi related tokens have been on fire recently.  Dai Savings Rate decline blamed  One big factor was MakerDAO shifting the stability…

Brazil’s Top Exchange Mercado Bitcoin Lists Sport Token Chiliz

Chiliz (CHZ), a major sports-focused digital currency, is getting its first listing on a Brazilian cryptocurrency exchange. Mercado Bitcoin, the largest crypto trading platform in Brazil, will soon roll out Chiliz trading against the local currency, Brazilian real (BRL). Chiliz token is the first utility token listed on Mercado Bitcoin As officially announced on July 13, Mercado Bitcoin users are already able to make Chiliz deposits with BRL. Trading will be launched on July 14. Chiliz token is the seventh digital currency supported on Mercado Bitcoin exchange. According to data…

How Did Basic Attention Token (BAT) Become the Most Used DeFi Token?

According to recent research from blockchain analytics firm Flipside Crypto, Brave’s Basic Attention Token (BAT) became the most used ERC-20 token in the decentralized finance (DeFi) sector from June 19 to July 2. According to Dapp.com, “there was a transaction volume of $931 million generated from BAT token, more than the combined volume of Ether and Dai”. BAT is the token used to incentivize and reward advertisement viewing by Brave Browser users. The idea behind blocking advertisements is to encourage ad makers to share revenue with the end users who…

Uniswap’s Daily Volume Nudges $25M Despite Scam Token Concerns

Daily trade volume on the decentralized exchange (DEX) and liquidity pool Uniswap has rallied to $25 million on the back of a strong first day of trade for the digital asset protocol Ampleforth’s AMPL. ETH-AMPL currently comprises Uniswap’s top pairing by volume, with nearly $2.9 million in trade activity over the past 24 hours. The past day comprises the second-strongest on record for Uniswap V2, however, the first incarnation of the exchange has seen brief spikes into the hundreds of millions three times in the past 12 months. Uniswap is…