(21-Aug-20) This Week in Crypto:
Yield farming’s evolution, USDT, DEX Aggregators!
- A few weeks back we covered YFI. Since then, the community over at ‘Yearn.Finance’ has grown immensely with YFI now trading at ~$14,000. The project now has a multi-sig governance contract, with the power to mint YFI solely in the hands of its token holders. Interestingly, Andre Cronje (YFI’s founder), appears to have excluded himself from holding a stake in the governance contract. This makes the project’s governance more decentralised, and perhaps is part of the reason that so many are assigning value onto this network. The YFI saga has kept many engaged and resulted in spinoffs such as YAMs, YFII, and BASED.FINANCE. We’ll keep following this, and are curious as to where it goes next.
- Tether (USDT), have now gone live on the OmiseGo (OMG) Network amid extreme Ethereum congestion. Vansa Chatikavanij, CEO at OMG Network, stated that he is "excited to announce the launch of Tether on the OMG Network that supports thousands of transactions per second at a third of the cost of the same transaction on Ethereum”. Last week, we mentioned that the growth of USDT transactions was contributing to the increasing TX fees on the Ethereum network. Initially announced in May, this network transition could facilitate a reduction in fees on ETH.
- 1inch Exchange has received fresh backing of 2.8m in a funding round led by Binance Labs. 1inch Exchange acts as a DEX aggregator, allowing for the ‘best’ prices when swapping between assets running on the Ethereum network. After significant investment into Uniswap two weeks ago, it is clear that many funds are seeing value in DEX’s and their aggregators. Let’s wait and see how they evolve.
This Week’s Top Crypto Conversations:
FTX have removed Maker fees for the rest of 2020:
Synthetix are launching Futures:
BlockFi have raised 50m in Series C funding:
Sign up to Vega’s latest event - Deconstructing Derivatives:
Greenfield’s broad overview of blockchain governance in 2020: