Category: DeFi

Ethereum Jumps 21% Higher This Week, Second Largest Crypto Market Nears All-Time High

Ethereum Jumps 21% Higher This Week, Second Largest Crypto Market Nears All-Time High

After bitcoin reached its all-time high (ATH) on Wednesday, the second-largest crypto asset in terms of market capitalization, ethereum, is nearing its own ATH. The last time the crypto asset hit an ATH was five months ago on May 12.
Ethereum Climbs 46% in 30 Days, Commands Half Trillion Market Cap
The digital currency ethereum (ETH) came awfully close to surpassing its all-time high this week, reaching $4,379 per unit on the exchange Deribit. That’s only 0.1141% away from the ATH ethereum tapped five months ago ($4,384) on May 12, 2021.
Ethereum’s market movements have been slower over the last week, taking a backseat to bitcoin (BTC) after the first U.S.-based bitcoin exchange-traded fund (ETF) was launched. Three days after the listing, ethereum and a slew of other crypto assets started to pick up the pace in terms of market performance.
Ethereum/USD prices on Deribit as of Thursday, October 21, 2021.
Seven-day statistics show ethereum is up 21.0% this week and during the last month, ether has risen 46.5%. Year-to-date, ether has gained more than BTC, rising 1,084.4% during the last 12 months. ETH has a market capitalization of $513.6 billion today and is hovering at half of a $1 trillion market cap. Additionally, ether is much more valuable than it was during the bull run in 2017, as it has increased 8,985% since the high in December that year.

ETH Dominance Increases Over Last 2 Days, Ethereum Blockchain Still the Defi King
As far as dominance is concerned, BTC currently has 44.5% of the aggregate market cap of $2.79 trillion. Ether has 18.3% and its dominance has increased a great deal during the last 48 hours. At the time of writing, Ethereum’s network hashrate is 717 terahash per second (TH/s) which is equal to 0.717 petahash per second (PH/s). Ethereum proponents that stake ETH with a validator get around 4.89% annualized staking yield.
The top trading pair with ethereum today is tether (USDT) with 43.85% of all ether trades on Thursday. This is followed by USD (19.46%), BTC (12.11%), BUSD (7.38%), EUR (4.14%), KRW (2.68%), and JPY (1.74%). The top exchanges swapping the most ether today include Binance, Coinbase, FTX, Huobi Pro, Bitforex, and Huobi Japan.
The gray section of the chart represents the decentralized finance (defi) TVL held in the Ethereum blockchain on Thursday.
Furthermore, there is $240 billion total value locked in decentralized finance (defi) today and the Ethereum network commands $165.25 billion of that aggregate total. That’s 45.45% of the entire TVL in defi today which is lower than ETH’s 69% defi dominance just a few weeks ago.
Today there’s $86.25 billion in stablecoins on Ethereum, alongside 284,009 BTC, or $18.4 billion using today’s BTC exchange rates. Charts measuring bridges to Ethereum indicate there is $15.29 billion in cross-chain bridge funds held.
What do you think about ether’s market performance this week and the second-largest crypto asset nearing its all-time high? Let us know what you think about this subject in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Ethereum nears its own all-time high as ETH price retakes $4K

Ethereum nears its own all-time high as ETH price retakes $4K

Ethereum’s native token Ether (ETH) is likely to hit its own record high in the short term as ETH has broken above $4,000, a crucial resistance level.Ethereum breaks $4,000, nearing new all-time highETH price rallied on Oct. 20 by over 5% to approach $4,100 on the Coinbase exchange for the first time since May 2021. The cryptocurrency’s run-up above $4,000 appeared primarily in the wake of Bitcoin (BTC) breaking above $65,000 to enter price discovery.According to data provided by Crypto Watch, the 30-day correlation between Bitcoin and Ether came out to be 0.81. That shows an 81% linear positive correlation between the two assets.ETH/USD versus BTC/USD daily price action. Source: TradingViewAs a result, Bitcoin’s ability to enter price discovery opens up similar prospects for Ether, which still trades a few hundred dollars below its current all-time high of $4,385.Related: This Ethereum price chart pattern suggests ETH can reach $6.5K in Q4″If BTC broke to new all-time highs, I don’t see why ETH wouldn’t,” commented Rekt Capital, an independent market analyst, adding:”Turn ~$4,000 into support, and ETH will levitate towards $4,400 for a break to new All-Time Highs.”ETH price ascending triangle setupETH’s latest pump boosted its year-to-date profits by almost 450%, compared to Bitcoin’s 130% returns in the same period. That also raised the possibility of Ether posting better gains than Bitcoin in the coming sessions, thereby achieving levels much higher than Rekt Capital’s $4,400-target.On Wednesday, ETH price broke above the Triangle’s upper trendline. Nevertheless, the move upside accompanied lower trading volume, which could see ETH retest the trendline as support in the near term.ETH/USD daily price chart featuring ascending triangle setup. Source: TradingView.comAs Cointelegraph reported earlier, ETH had been painting an Ascending Triangle structure with a $6,500 upside target.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Stablecoin USDC Launches on Hedera Network

Stablecoin USDC Launches on Hedera Network

Circle announced today the launch of its trademark stablecoin USDC on top of the Hedera network. This action is part of the multichain commitment that Circle announced earlier this year, with the objective of further expanding the reach of the currency in the cryptocurrency market. With the addition of USDC as the first stablecoin in its ecosystem, Hedera aims to start developing its own decentralized finance (defi) environment, and it is now offering more than $2.5 billion in ecosystem grants.
Circle to Support Hedera-Based USDC
Circle, one of the leading crypto payment companies, has announced the launch of usd coin (USDC) on top of Hedera, a high-throughput blockchain network. With this move, Circle customers with a Circle Account will have the opportunity of leveraging the stablecoin on top of Hedera network to make payments and settlements like with any other supported network.
The launch of the stablecoin on top of Hedera is part of an expansion strategy established by Circle earlier this year when it declared USDC would launch on ten more blockchains, with Hedera being one of the protocols in the list. Circle wants to establish its stablecoin as the defacto choice for decentralized finance (defi) protocols, and making it natively available in many of these chains is the first step to do that.
About the launch of Usdc in Hedera, Circle CEO Jeremy Allaire stated:

Support for Hedera USDC means more people can take advantage of dollar digital currencies. With Hedera, enterprises and financial institutions can access deep liquidity across countries and platforms.

Hedera Welcomes USDC
Hedera is hoping to get a boost for its in-development defi strategy with the arrival of USDC on its platform. Hedera claims it has a great opportunity of becoming one of the most used chains in the USDC environment due to its high transaction output and low fees. On this, Shayne Higdon, CEO and Executive Director of the HBAR Foundation stressed:

With the USDC launch on the Hedera network, The HBAR Foundation is taking an important step toward fulfilling its mission to ease the development and launch of Defi applications on the network.

Hedera is now offering a $2.5 billion ecosystem grants program destined to build applications using Hedera’s blockchain. Some of these funds will surely be directed to defi applications, that will have now much more utility with a known, established stablecoin present in the platform.
USDC’s popularity has been growing during the last four months when it added more than $10 billion to its market cap, threatening the dominance of tether (USDT), the leading stablecoin.
What do you think about the launch of Usdc on top of Hedera? Tell us in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Cosmos announces launch of new blockchain, Sagan

Cosmos announces launch of new blockchain, Sagan

The Cosmos cross-chain network is building a new blockchain aimed at allowing developers to experiment with different protocols.In its quarterly keynote report published on Oct. 19, Cosmos said its Sagan blockchain was currently in development. The project teased the release of the blockchain in a video message with a quote from famous astronomer Carl Sagan and a picture of a canary among the stars. The canary imagery may refer to the blockchain being an experimental “canary network,” the term used by interoperability protocol Polkadot to describe its Kusama test network. In Kusama’s case, the blockchain enables developers to build and use a parachain or test Polkadot’s governance, staking, and other functions in a real environment.Cosmos has been growing steadily following the March launch of its inter-blockchain communication protocol, which allows crypto assets to be transferred easily between compatible blockchains, including those in decentralized finance. According to data from Mapofzones, there have been 1,285,426 transfers across the Cosmos ecosystem in the last 30 days. Related: Cosmos sees 1 million transfers in a month across the ecosystemThe Sagan announcement comes as Cosmos is also working on rollup scaling technology to allow developers to build Cosmos-based blockchains as rollups that can be deployed as clusters within the zones of the inter-blockchain communication protocol. The solution, called Optimint, is intended to be a “drop-in replacement” for the Tendermint framework on which it’s built.

Arbitrum extends lead over Optimism as Uniswap posts record volume on L2

Arbitrum extends lead over Optimism as Uniswap posts record volume on L2

The world’s most popular decentralized exchange, Uniswap, is seeing layer two volumes surge as Ethereum transaction fees surge once again.On Oct. 19, Uniswap founder Hayden Adams tweeted that daily volume across v3 deployments of the decentralized exchange on layer-two networks has pushed into record levels. Adams estimated that Uniswap v3 processed an unprecedented $115 million in combined daily volume across the Arbitrum and Optimism networks without providing a source. Uniswap v3 on layer 2 (arb + OE) doing an all time-time high of $115m volume!!2⃣ L2 season is here :)— hayden.eth (@haydenzadams) October 18, 2021While Adams’ post was published amid peak U.S. trading hours, data sourced from analytics provider Nomics at the time of writing (3 am UTC) suggests that Uniswap v3 drove $80 million in volume on Arbitrum and roughly $14 million on Optimism over the past 24 hours respectively.However, Uniswap v3’s combined layer-two volumes are still tiny compared to its mainnet deployment — which currently represents $1.3 billion in daily activity according to CoinGecko.Related: Ethereum layer-twos reportedly processing more transactions than BitcoinDespite the Ethereum Foundation and crypto venture giant Andressen Horowitz backing Optimistic Ethereum, Arbitrum appears to have emerged as the DeFi community’s second-layer rollups solution of choice.According to layer-two data aggregator L2beat, Aribtrum represents 60% of the total value locked (TVL) across layer-two networks combined since its mainnet launch in early September. Arbitrum’s TVL currently sits at $2.29 billion after increasing by 14% over the past week.Decentralized derivatives exchange dYdX ranks second behind Arbitrum with $838 million or 22% of value locked in the sector. Comparatively, Optimism has just attracted just $269 million in locked capital, ranking as the third-largest layer-two with a 7% share of second-layer TVL.The combined TVL of layer-two networks tagged a record-high $3.8 billion on Oct. 17.

A Slew of Defi Tokens Outperform Bitcoin’s Weekly Gains, Defi TVL and NFT Sales Spike

A Slew of Defi Tokens Outperform Bitcoin’s Weekly Gains, Defi TVL and NFT Sales Spike

October has been a strong month for cryptocurrencies like bitcoin but a number of decentralized finance (defi) tokens have seen higher double-digit gains this past week. Moreover, non-fungible token (NFT) sales have picked up and after the total-value locked (TVL) in defi crossed $200 billion on October 5, two weeks later another $22 billion has been added to the TVL.
Defi Network Tokens Polkadot, Polygon, Binance Coin, Stacks Outperform Bitcoin’s Weekly Gains
Bitcoin (BTC) has been doing extremely well and BTC dominance has increased to 45.3% during the last week. However, a decent quantity of defi tokens from specific blockchain networks have outperformed BTC during the last week.
In fact, out of all the crypto assets in existence today, nine different digital assets saw better gains than bitcoin and a great deal of them are focused on defi. Polkadot (DOT) was this week’s leader with an increase of 19.6% and those gains were followed by polygon’s (MATIC) 19.4% percentage gains. Other strong gainers that outperformed bitcoin included binance coin (BNB), stacks (STX), and stellar (XLM).
Total-Value Locked in Defi Sees $22 Billion Added in 2 Weeks
Two weeks ago, on October 5, the total-value locked (TVL) in defi surpassed $200 billion and today defillama.com stats indicate the TVL is $222 billion. The decentralized exchange (dex) platform Curve holds the largest dominance with 7.72% of the TVL in defi. Curve is followed by Aave, Makerdao, and Wrapped Bitcoin in terms of defi dominance on October 18.
$22.42 billion has been added to the total-value locked in defi since October 5, 2021.
Ethereum captures $152.27 billion of the total TVL in defi and the Binance Smart Chain (BSC) commands $19.22 billion. Blockchains that have seen significant increases in TVL in defi include networks like Solana, Terra, and Avalanche. While Avalanche saw a 31.24% TVL gain, Harmony’s TVL increased by 24% during the last week.
Monthly Non-Fungible Token Sales Increase, Opensea Nears $10 Billion in All-Time NFT Sales
Metrics from nonfungible.com’s 30-day market history indicates that NFT sales jumped a great deal on October 5, and have continued to rise. NFT sales recorded during the last month were around $1.836 billion across 174,529 active market wallets.
30-day NFT sales according to nonfungible.com’s 30-day market history since October 5, 2021.
Statistics from Dune Analytics show that the total transaction volume for NFTs measured in ETH, across 5.9 million transactions, is around 3,886,298 ether or $11.1 billion using today’s exchange rates.
Monthly sale data for the trailing 30 days according to nonfungible.com statistics.
Moreover, dappradar.com data shows that the NFT marketplace Opensea is nearing $10 billion in all-time sales and currently has $9.19 billion recorded so far. Axie Infinity has $2.61 billion and the NFT marketplace Rarible has recorded $230.76 million in all-time sales.

Polygon, Binance Smart Chain Addresses Tap All-Time Highs, Dex Trade Volume Remains Flat While Sushiswap Volume ‘Increased Sharply’
Additionally, statistics recorded by Coin98 Analytics weekly defi report indicates that the number of BSC active addresses reached an all-time high. However, the Polygon (MATIC) network surpassed BSC as far as the quantity of wallets created onchain.
“It also reached the ATH of 100 million wallets,” Coin98 Analytics said in its report. “The number of Ethereum wallets has remained unchanged from last week.”
“Total Addresses by Chain” chart via Coin98 Analytics weekly report published on October 16, 2021, features Ethereum, Binance Smart Chain, and Polygon addresses.
The weekly report also discusses defi’s liquidity by protocol, dex platform weekly trading volume, and the daily active dex users as well. The report highlights that while dex trade volume has not grown much, it maintained $20 to $22 billion each month. Coin98 Analytics detailed, however, that Sushiswap volume “increased sharply, reaching $2.7 billion.”
What do you think about the defi tokens outperforming bitcoin and the TVL increase during the last two weeks? What do you think about the NFT sales volumes increasing and the address increase on Polygon and Binance Smart Chain? Let us know what you think about these subjects in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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How blockchain technology can pave the way to a new future, explained

How blockchain technology can pave the way to a new future, explained

ArpaChain, a secure computation network compatible with blockchain, uses an MPC protocol that creates ways for multiple entities to collaboratively analyze data and extract data synergies while keeping each party’s data input private and secure. Earlier this year, Arpa joined the commission on Blockchain technologies and the crypto economy of Russia. The development team also engaged in a large-scale test for preserving privacy. ARPA’s team is currently focused on architecture design for Randcast.  The project proposes a blockchain-based secure computation network of multi-party сomputation (MPC). ARPA cryptographically enables private smart contracts, unprecedented data-at-use privacy protection, as well as scalable computational sharding.  Learn more about ArpaChain here Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

How to make DeFi easier for newcomers, explained

How to make DeFi easier for newcomers, explained

The increased development and investment in DeFi means that there is a constant stream of new products and ways for users to engage with the DeFi community.  This also means more research is required into what protocols are offering and what services are available. One such aggregator, Feeder Finance, offers a user-friendly interface that supports smart contracts, attracts new users and maintains an ever-growing DeFi community. As a leading aggregator with a community of over 10,000 monthly users, the platform offers an efficient front end and focused user experience that provides increased access to a wide range of DeFi protocols. The company plans to add additional products and expand upon its infrastructure, some of which are already available such as swapping and auto-converting tokens to provide liquidity in one click. Learn more about Feeder Finance here Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

Finance Redefined: Celsius raises $400M, and Rari’s 7.5K% yields, Oct. 11—15

Finance Redefined: Celsius raises $400M, and Rari’s 7.5K% yields, Oct. 11—15

Welcome to the latest edition of Cointelegraph’s decentralized finance (DeFi) newsletter.In a week where Rari Capital achieved the $1billion TVL milestone, read on to discover why OlympusDAO is yielding four-figure sums on its most popular protocol. What you’re about to read is a shorter, more succinct version of the newsletter. For a comprehensive summary of DeFi’s developments over the last week, subscribe below.Celsius Network raises $400M to expand institutional serviceCryptocurrency lending platform Celsius Network announced a $400 million equity fundraise this week led by Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) and equity firm WestCap, taking the company’s valuation in excess of $3 billion.The firm has expressed intentions to utilize the funds in a two-fold strategy: enhance its institutional product and service offering, as well as doubling the workforce to nearly 1,000 employees across the globe.Celsius Network CEO Alex Mashinsky revealed to Cointelegraph the financial impact the platform is having on the lending sector:“With more than $25 billion in assets and over $850 million in yield paid to over 1.1 million users, Celsius has distributed 10x more yield for the crypto community than any other lender.”This funding news coincides with enhanced political scrutiny for crypto lending platforms in the United States. In September this year, Celsius encountered legislative resistance from the Texas State Securities Board and New Jersey Bureau of Securities, which threatened to terminate activity due to the alleged selling of unregistered securities.Despite this, Celsius has consistently maintained its innocence of wrongdoing and has been willing to communicate and cooperate with regulatory agencies.Rari Capital smashes $1B in TVL DeFi protocol Rari Capital surpassed $1 billion in total value locked (TVL) this week to reach an all-time high of $1.225 billion according to analytical data from ranking platform DeFi Pulse.The eight-figure total marks a monumental rise from $500 million two weeks ago and just $100 million three months ago. Launched in July 2020, Rari provides an automatic yield optimizing strategy to participants in the DeFi space seeking to secure the highest possible return from their investment.A number of its liquidity pools have garnered noticeable attention for their lucrative returns, such as the USDC deposits, which offer a 21.67% annual percentage yield (APY), and the Dai pool, which offers 26.43% APY.Despite these higher-than-average returns in comparison to the industry standard, it has been the OlympusDAO within the Fuse Protocol’s Tetranode’s Locker that has truly stolen the headlines over the past few months.OlympusDAO is an algorithm-centric rebase model whereby token balances fluctuate over time depending on changes in the token price and the supply in circulation. As of writing, the OlympusDAO sOHM token is yielding a seismic 7,594% APY. North America’s surging DeFi volume Monthly cryptocurrency transaction volume in the North American region expanded 1,000% over a one-year period from July 2020 to June 2021 by virtue of the flourishing DeFi sector according to data released this week by analytics platform Chainalysis.The annual Geography of Cryptocurrency Report revealed that monthly volume peaked at $164 billion during May 2021 before descending to $100 billion in June. In addition, DeFi transactions equated to 37% of the region’s total volume at $276 billion.David Gogel, growth lead at decentralized derivatives exchange dYdX, commented on the findings that the biggest volume recorded was driven by retail consumers:“Right now, DeFi is targeted towards crypto insiders. It’s people who have been in the industry for a while and have enough funds to experiment with new assets.”Token performancesAnalytical data reveals that DeFi’s total value locked has increased 8.11% across the week to a figure of $146.89 billion.Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization performed varied across the last seven days.Perpetual Protocol (PERP) secured the podium’s top spot with a respectable 29.7%. RenBTC (renBTC) came in second with 6.03%, while Wrapped Bitcoin (wBTC) came a close third with 6.00%.Analysis and deep dives from the last week:Thanks for reading our summary of this week’s most impactful DeFi developments. Join us again next Friday for more stories, insights and education in this dynamically advancing space.

Uniswap taps former Obama campaign spokesperson to handle comms

Uniswap taps former Obama campaign spokesperson to handle comms

Decentralized exchange Uniswap has been making some interesting hires, the latest being a communications expert with close ties to the U.S. Democrat party.Former senior spokesperson for Barack Obama, Hari Sevugan, has joined the Uniswap Labs team according to protocol founder Hayden Adams who welcomed him aboard on Oct. 14.The hire may be part of the team’s ongoing effort to prepare for stormy regulatory weather ahead in the United States.The Washington insider was well known for his role in former President Barack Obama’s 2008 campaign. Sevugan will be managing media affairs for Uniswap in addition to assisting the firm with relations to new and existing users.Sevugan stated that it is “no longer in question” that blockchain and crypto will be part of the future, before adding:“I’m excited to join the brilliant team at Uniswap because they’re committed to making sure we build in a way that reaches crypto’s potential of giving more people ownership of their own financial futures and the value they create.”The hire comes at a time when Uniswap and the entire decentralized finance sector are coming under increasing scrutiny by U.S. financial regulators and policymakers.In early September, Cointelegraph reported that the Securities and Exchange Commission had launched an investigation into Uniswap Labs, the firm behind the world’s most popular decentralized exchange. It was reported at the time that enforcement attorneys were seeking more information regarding Uniswap’s marketing and investor services.Related: DeFi regulation must not kill the values behind decentralizationIn June, the Uniswap community voted in favor of a controversial DeFi Education Fund backed by UNI treasury tokens allocated to lobbying and educational initiatives to support the DeFi sector and protect it from over-regulation.Sevugan’s role is likely to see him involved in liaising with lawmakers in an effort to increase awareness for the protocol and the DeFi ecosystem.“Crypto is opaque and intimidating to many outside of it. I want to help more people connect to it by making it more relatable and understandable,” he stated.

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