WEEK IN REVIEW
Interviews with key leaders in the crypto space
We managed to pull some key movers and shakers in this space and sit them down for an exclusive interview. We asked them all about DeFi, trends for 2020 and most importantly…when bull run?
- Bobby Ong, COO of CoinGecko: Video + article
- Sam Bankman-Fried, Co-founder and CEO of FTX Exchange (Video)
- Changpeng Zhao, Founder, and CEO of Binance (Video)
Yam Experiment ends due to bugs
Yam Finance took over Twitter and social media this week both a fun meme and experiment in elastic token design. However, as the token was gaining popularity a bug was discovered that rendered the governance features of $YAM permanently inaccessible. Yield farming principle / Total Value Locked was not affected by this bug.
At one point, there was almost a glimmer of hope that the project could be salvaged as the community banded together to save YAM. This was a big display of strength and unity in the YAM community. Even though the community achieved the votes needed, a serious bug prevented the fix from deployed, forever dooming the governance features and the YAM treasury.
Zeus Capital vs ChainLink
This all started in late July 2020 when Zeus Capital LLP issued reports alleging that ChainLink was operating a pump and dump scheme and recommending people short sell LINK at 7 cents. Zeus Capital were persistent, advertising their reports on Twitter and allegedly paying influencers to post price analysis showing that LINK prices would fall. Zeus Capital did seem to have some monetary interest in this, disclosing that they hold a short position. However, things got really interesting on 8th August 2020 when $LINK prices crossed the $11 mark and millions worth of short positions were entirely liquidated. It’s unknown whether Zeus Capital’s short position was one of them, but this and the continued rise of $LINK past $14 really gave the Link Marines something to celebrate about Read our TL;DR summary of this dispute here.
Calm down, $YFI’s Andre Cronje isn’t going anywhere
On 8th August 2020, Decrypt- a cryptocurrency media outlet published an interview with Andre Cronje-creator of yEarn.finance ($YFI) titled “Exclusive: YFI’s Andre Cronje is tired, broke and close to quitting DeFi“. The article goes on to say that when interviewed, Cronje expressed he was “Close to rage quitting again” because of DeFi’s “toxic community” and that he gets nothing from the skyrocketing value of the $YFI coin that he created. This did not sit well with Cronje, who took to Twitter on the same day to express his dissatisfaction with the sensationalism of the article and that he was taken out of context. He also mentioned that he received donations from concerned members of the cryptocurrency community, but would return them. Cronje subsequently was interviewed by the Defiant, where he basically said his drive comes from his excitement to add new things to the DeFi ecosystem, and that he is not going anywhere.
You can also learn more about his journey to cryptocurrency and eventually DeFi, and the yEarn ecosystem he is building in our summary of his interview with FTX exchange.
Serum (SRM) begins trading, breaks the Internet
Serum is the first decentralised exchange ever built on Solana and is the creation of the team behind FTX. Here’s our first look at Serum.
On 11th August 2020, Serum ($SRM) started trading on Binance, BitMax, FTX, Uniswap (v2), Balancer and more. Cryptocurrency users started flocking onto the exchanges and even our site to trade and learn more about the project. The volume of people interested was so much that we even noticed a slowdown on FTX and on our site itself.
Within the first 30 minutes of listing, SRM prices shot up to $1.25. By morning of 12th August 2020, attempts were made to break the $2.00 threshold but were met with resistance. However, prices are consistently hovering well above $1.50.
Thankfully prices have not plummeted since the listing as we saw with many ICO projects in 2017. And with Serum hopefully launching this year, we are interested to know where this will take $SRM.
Winner of FTX Serum ($SRM) staking competition announced (4:00am UTC on Fri 14th): https://ftx.com/staking
Sandbox ($SAND) IEO (8:00am UTC on Fri 14th): shorturl.at/qrKVY
DIA ($DIA) token sale ends (1:00am UTC on Tues 18th): https://token.diadata.org/
What we’re watching
Serum ($SRM): With the listing just days ago. People are going to be watching closely to see which direction token prices move. Long term, there is also a lot of interest in what the team at FTX will come up with for Serum.
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