Weekly Crypto Update ⚡️

By Cryptoonestop | CryptoOneStop | 11 Jul 2020

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Here's the wrap of the biggest news in the digital assets space. To get email update delivered to your mail box check out this free newsletter. Here's a sample of what you'll be receiving. Everything is archived so you can access it any time. 

  • Chainlink is expected to spend $25M more on development than Ethereum, despite Ethereum having a marketcap 15 times that of Chainlink. LINK's massive price rise over the last year has ballooned Chainlink's reserves. Despite raising 32 million in their ICO back in September 2017, they continue to sell LINK tokens to raise cash for their development push. It's starting to pay off as achieve key milestones such as the integration with China's Blockchain Service Network (BSN), Tezos, and Ethereum DeFi ecosystem. They've only been digging into their development fund, they've yet to touch their node operators fund. The node operators fund was allocated to incentivize enterprises to expand the oracle ecosystem by running their own nodes. Despite getting BSN and other big players to start their own nodes, this fund has remained untouched. Coin telegraph reached out to the team and was declined a response. 
  • Maker popularized liquidity mining with the airdrop of COMP governance tokens. The yields for liquidity providers reached 30% APY at one point. The scheme was so successful other projects were quick implement similar models. For instance, Curve Finance partnered with Synthetix to introduce a new incentivized liquidity pool for farming CRV, BAL, SNX, and REN. The pools consists of the following BTC variants; renBTC, WBTC, sBTC. Liquidity provides will receive 10k SNX and 25k REN in the weekly distribution of BPT. The incentive will run for 10 weeks. 
  • ParaFi, a Silicon Valley DeFi VC fund, has invested $4.5 milloin in a DeFi money market protocol, AAVE. They've invested in KNC and Maker prior to this. AAVE main net was launched in January 2020 with lend and borrow functions. Recently, they added the ability to take out under collateralized loans. This is revolutionary in the space given most platforms only offer over collateralized loans. Moreover, ParaFi bought the LEND tokens instead of equity. They plan to be heavily involved in the launch of the decentralized autonomous organization. This may indicate a paradigm shift where VC's obtain partial ownership through governance tokens rather than equity. 
  • The coin of the week is Statera (STA). STA is a smart contract powered indexed deflationary token which gets burned every time there's a transaction. One of the total transaction amount gets burned so there's constant supply pressure on the token. Click here to go directly to this segment of the video review. 

For those interested in a video format:

Chainlink Updates [1:10]

Liquidity Mining: REN & SNX [12:08]

VC Money Buying Tokens [13:34]

Coin of the week [18:41]

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Accredited Investor | Digital Asset Consultant | Keto Diet Adherent | Part Time Market Analyst | PharmD | Former Writer for Altcoin Magazine

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