One of the most successful innovations to come out of blockchain technology is the introduction of decentralized finance. Decentralized or DeFi is a broad term used to catalog the decentralized applications that integrate traditional financial services into the crypto world.
Decentralized finance applications and protocols are constantly evolving to integrate emerging trends. Over the last few months, the DeFi industry has seen a sudden influx of liquidity-focused decentralized finance projects introducing a new generation of DeFi called DeFi 2.0.
Introducing DeFi 2.0
DeFi 2.0 is a new phrase used in the blockchain world to refer to the subset of DeFi protocols built on breakthroughs such as yield farming. Several on-chain systems powered by native tokens are experiencing new development in liquidity due to DeFi 2.0.
DeFi 2.0 aims to capitalize on the first generation of DeFi products that establishes an initial user base before developing the primitives for the construction of DeFi apps. It rectifies the new trend of creating dApps in a business-to-business focus and takes the utility back to the users, which was the initial intention of decentralized finance.
Moreover, DeFi 2.0 acts as the catalyst to promote emerging market trends and solve the biggest challenges, such as the rising Ethereum gas fees. DeFi 2.0 deploys a two-layer solution with expansive scalability and introduces a new wave of decentralization that has ironically been missing in the earlier model of decentralized finance.
Apart from decentralization and scalability, DeFi 2.0 has also given the process of staking, multi-chain swaps and NFTs a new life by empowering new protocols with robust functionality and usability.
Several projects have embraced DeFi 2.0, and one of the most promising projects that stand out of the bunch is Asgard DAO.
Asgard DAO – Decentralized Currency Reserve Protocol on BSC
Asgard DAO is one of the early solutions readily embracing the emerging DeFi 2.0 by creating a decentralized protocol based on the $Asgard Token and backed by a robust DAO. The project aims to bring protocol-owned liquidity to DAOs and prioritize decentralization when developing a project.
Asgard DAO is combating the sharks who heavily control the number of protocols in DeFi. The protocol gives every user with more than 1% of the current supply of the native token $Asgard the ability to vote, suggest and debate on the project’s development. The proposal passed with a majority vote will be automatically deployed as executable codes following a three-day voting period. This DAO model has lowered the entry barrier to create an unbiased environment for governance.
Asgard DAO also incorporates the need for robust staking protocols by allowing users to stake $Asgard through Asgard’s dApp website to earn rewards. These rewards derive from bond sales processes that vary on the number of tokens staked and the reward rate. Bonds is the process of trading Liquidity Provider tokens for Asgard tokens at a discount price. With Asgard DAO the process of purchasing bonds is simplified to a single-step process.
Asgard DAO expertly demonstrates the potential of DeFi 2.0 to battle the shortcomings and bad factors in the crypto and DeFi space.
Photo by Tezos on Unsplash
Will Ethereum Classic’s Bearish Trend Ever End?
Ethereum Classic (CRYPTO: ETC) is trading higher Monday, moving higher in a crypto market that is trading slightly higher as a whole.
Ethereum Classic has been in a strong downward trend for the last few months and has not yet shown signs it is making a reversal.
Ethereum Classic was up 2.45% at $25.53 at last check.
Ethereum Classic Daily Chart Analysis
Since the break below the $40 support line, Ethereum Classic has been steadily trending down. The strong downward trend can be shown by the …
Original Source: benzinga.com
Why Shopify CEO Tobi Lütke Is Joining the Coinbase Board
Coinbase Global Inc. (NASDAQ: COIN) recently added the CEO of one of the largest e-commerce brands to its board.
Coinbase CEO and co-founder Brian Armstrong said that Lütke is one of the first crypto adopters “through Shopify’s integration with Coinbase …
Source Here: benzinga.com
Bitcoin Bears to Resume Assault? Why BTC Could Crash to $33K
Bitcoin has been trading around its current levels for several days, leading to an apparent shift in sentiment across the crypto market. As BTC’s price trend to the upside after the U.S. Federal Reserve FOMC meeting, there seems to be an increase in optimistic on the crypto market.
Related Reading | TA: Bitcoin Faces Hurdle, Why BTC Could Resume Downtrend
In the short term, our Editorial Director Tony Spilotro has identified a TD Sequential buy signal on the 12-hour chart. As seen below, he highlighted a 13-buy setup with a trend to the downside which has been identified for some market participants as a bear flag.
Source: TonyTrades BTC via Telegram
On this timeframe, larger investors could be “baiting” retail into trading the bear flag. However, the TD Sequential suggest these investors could be entering a trap, as it suggests a short squeeze which could play out as soon as today’s daily close, according to Tony’s analysis.
Data from IntoTheBlock records major resistance level for Bitcoin bulls between $37,500 to $38,500. There are over 822.210 BTC which were purchased by 1.06 million addresses which could be seeking to take profit. A successful break above these levels could push BTC back to the $42,000 price mark.
Source: IntoTheBlock via Ali Martinez (Twitter).
Investment firm QCP Capital supports the short squeeze thesis due to the extend of the current bearish price action. The firm presented two key reasons on why Bitcoin and the crypto market could see a relief in February.
First, the U.S. FED has a “light agenda” for the coming month until 17 March. On this date, the financial institution could announce a decision on interest rates and a change in monetary policy. However, a 25 basis points (bps) seems to be priced in.
This could contribute with a relief in the crypto market, unless the FED decides to implement a more aggressive monetary policy. In any case, March could mark a turning point for Bitcoin and traditional markets, as investors will have their eyes on the FED.
The Long-Term Perspective For Bitcoin, More Downside Likely?
Historically, QCP Capital Noted, February has been a bullish month for Bitcoin which records over 10% in average profits since 2015, with exception of 2020. The bearish price action at the time could have been driven by the COVID-19 pandemic which eventually also contributed with that year’s rally.
However, the firm expects 2022 to be a tough year for the crypto market due to significant macro-economic factors, mainly the actions to be adopted by the U.S. FED. The time at which these changes will be implemented, remain the most important factor and will have an important impact for either bulls or bears. QCP said:
(…) while we think a short-term squeeze higher is likely, we are not overly optimistic for 2022. We remain of the view that crypto prices will remain under pressure and struggle to break the all-time highs this year (…). Any indication of QT (Quantitative Tightnening) starting earlier than expected would be taken very badly by the market.
Related Reading | Go With The FED, Why Bitcoin Could Benefit From Interest Rate Hikes In 2022
As of press time, Bitcoin trades at $37,800 with sideways movement in the past 24 hours.
BTC with some small profits in the daily chart. Source: BTCUSD Tradingview
Original Source: newsbtc.com
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