Archiv für den Tag: Dezember 27, 2020

Value of bitcoin for the first time beyond USD 28,000, up 14%

Yesterday we wrote that bitcoin was worth $25,000, a new record…. that hasn’t lasted a day. Meanwhile, the bitcoin exchange rate has risen to $28,300 (€22,800).

Next stop: moon
Bitcoin went to the moon in a rocket at the end of December. Since 11 December, the bitcoin rate has risen by no less than 62%. And since Christmas Day, on a day when everyone is free, the course has been moving parabolically upwards.

The bitcoin price has risen by more than 14% in the last 24 hours alone, and investors Bitcoin Circuit are now monitoring the psychological limit of $30,000 per bitcoin for the first time. As a result, the combined value of all bitcoin tokens in circulation has passed half a trillion dollars (500 billion dollars) for the first time.

Mainly consumers
The huge increase in bitcoin prices at Christmas is mainly caused by consumers because traditional markets are closed,“ said Marc Bernegger, member of the board of Crypto Finance Group.

I wouldn’t be surprised to see a healthy correction when these markets open on Monday. Compared to the huge short-term price gains of bitcoin in the past, there are many more professional investors involved in the market today. This will lead to faster price corrections and a reduction in long-term price volatility‘.

Money printer confirms bitcoin
A growing number of major investors and Wall Street giants have cited bitcoin as a potential inflation hedge this year. They, too, want to protect themselves from a wave of inflation they see on the horizon as a result of unprecedented public spending in the wake of the coronavirus pandemic.

Last week the British fund manager Ruffer Investment Management pushed bitcoin above the price level of USD 20 000. That happened after they revealed that the fund had bought USD 745 million worth of bitcoin.

There is no end in sight, the Central Banks keep printing money. This only confirms the bitcoin story even more,‘ said Charles Hayter of CryptoCompare. Funds are exposing their portfolios to bitcoin and the herd is just starting to move.

Dieser Beitrag wurde unter Bitcoin abgelegt am von .

With the YETI token, the indices arrive in decentralised finance

With the YETI token, the indices arrive in decentralised finance (DeFi)

Power index launches its YETI token, gathering 8 tokens from the Yearn Finance ecosystem. A way to get exposed to decentralised finance (DeFi), to participate in farming and governance programmes in one place.
With the YETI token, the clues to decentralised finance (DeFi) are there.

What if you were told that it was possible to hold 8 tokens of the Yearn Finance ecosystem in one in Crypto Code order to benefit from their farming programme and access their governance? This is what PowerIndex offers, via the YETI token.

Investing in the Yearn ecosystem using a single token: the YETI.

The YETI does exist. But at the risk of disappointing you, it is not a monster, but an ERC20 token gathering 8 tokens of the Yearn ecosystem, distributed as follows : YFI 35%, SUSHI 17%, CREAM 8%, AKRO 8% , COVER 8%, K3PR 8%, CVP 8% and PICKLE 8%.

It is proposed by PowerPool, which wants to enable token holders to lend, pool, borrow and earn income from governance tokens. All this while accumulating the governance power of protocols based on the Ethereum network.

At the beginning of December, they formalised their partnership with Yearn Finance, offering an index based on the eight protocols: the YETI token. This is a Balancer fork updated and audited and created by PowerPool. This means that the token is not part of the Yearn ecosystem itself. #MoreDecentralization.

And yes, in case you didn’t know it, the Yearn giant, which broke all price records this summer with its YFI token, is becoming a real boulevard of DeFi projects and is surrounding itself with brand partners.

As a reminder, here are the roles and functions of each protocol of the index :

Composition of the Yeti protocol

  • YFI: web3.0 fund management protocol
  • SUSHI: AMM-based liquidity provider, such as Uniswap
  • CREAM: Credit market
  • AKRO: Business development, involvement of institutional actors
  • Cover: Insurance protocol for DeFi protocols
  • K3PR: Ecosystem maintenance protocol and incentive layer for developers
  • CVP: Meta-Governance Protocol and Intelligent Index Provider (this is the PowerIndex token)
  • PICKLE: Supplier of high-performance agricultural robots

Everyone has a role to play. And exposing yourself to each of them can quickly cost a lot of gas. That’s where the clues come in.

A powerful tool to diversify your portfolio

At the first level, YETI is an index. It therefore allows exposure to many tokens in a simplified and balanced way. This is for comparison with traditional finance. The DeFi brings its share of novelties, beyond the decentralisation we know about.

Among the opportunities offered by the DeFi, let’s retain three:

  • Interaction with eight protocols without paying too much for gas;
  • Access to the governance programmes of each of the protocols;
  • Access to farming programmes to collect rewards.

This is called meta-governance. In a single interface, the user can access all the functionalities of the DeFi protocols present in the index.

At the time of writing, PowerIndex offers a programme to extract liquidity from up to 300% of the rewards in CVP, the PowerIndex token – by blocking its YETI tokens, or by providing liquidity.

To get your YETI, there are two options; buy it on Balancer, or from the PowerIndex website.

For Token Brice, a DeFi specialist and facilitator for DeFi France and Bankless France, this novelty is very interesting for the ecosystem.