DeFi Rally Signals ETH/BTC is Ready for Take Off

Hello Defiers! Here’s what we’re covering today,

• An accelerating DeFi rally may signal ETH/BTC is ready for take-off
• Idle Finance assets soar after it issued its IDLE token
• Yield raises almost $4.9M inequity and token round

and more :)

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ETH/BTC Ready for Take-Off?

By Christopher Attard

If history is a guide, an accelerating DeFi rally is a sign that ETH/BTC may be ready for take-off.

Idle Finance Assets Soar After Issuing $IDLE Token

Assets in Idle Finance have shot up by 100x since it started rewarding users with its native IDLE token, highlighting once more the power of incentives in DeFi protocols.

Assets in Idle, a DeFi protocol that automatically transfers users’ savings to lending platforms with the best yield, jumped to cross $100M today, from $1.7M on the day before the token went live, according to data compiled by Dune Analytics.

Image source: Dune Analytics

Idle relinquished its control over the protocol to token holders on Nov. 26, unveiling a DAO powered by the IDLE token. Anybody with 1% of IDLE delegated to their address, and who holds it during the entire voting process, can create an Idle Improvement Proposal. IIPs are executed if the majority of the voters cast a “For” vote and at least 4% of the total voting supply participates.

Most important to explain the jump in assets is that IDLE tokens are distributed among users who depositing funds in any pool.

While Idle had an increase in assets, which would leave it at the 16th place in DeFi Pulse’s total value locked leaderboard, there are only 441 token holders, according to Dune Analytics, and 611 unique deposits.

DeFi Platform YIELD Raises $4.9M

YIELD (yield.app) has raised $4.9 million from a private venture round, its YLD token pre-sale, and in an online equity crowdfunding platform.

YIELD raised $297k on the online investment platform BnkToTheFuture, in addition to $3.4 million in private funding from Alphabit Fund, Digital Strategies, PALCapital, Yeoman’s Capital, and Chronos VC. It also raised $1.2 million from its token pre-sale via TrustSwap.

S&P Global, State Street Back Crypto Data Firm Lukka in $15M Funding Round: The Block

Lukka said it closed a Series C fundraising round with S&P Global, State Street and CPA.com, The Block reported. Lukka did not share how much it raised, but a filing with the Securities and Exchange Commission shows it raised $15 million.

Grayscale Buys $266 Million of Bitcoin and $58 Million of ETH: Decrypt

Crypto asset manager Grayscale has bought an additional 14,591 Bitcoin (around $266 million currently) and 105,000 Ethereum ($58,5 million) on behalf of its investors, according to financial reports published this week, Decrypt repoted.

JPMorgan Completes Live Blockchain Repo Trade Ahead of New Product Launch: CoinDesk

The intraday repo application was developed by the bank's blockchain business arm Onyx and used the banks stablecoin JPM Coin for the cash leg, while blockchain was used for both collateral and cash legs, CoinDesk reported. The application enables settlement and maturity of such transactions in hours rather than days.

The Ethereum network will process more than $1 trillion this year. That’s more than PayPal, Messari tweeted.

Messari @MessariCryptoEthereum is a five-year-old technology that will process more than $1 trillion in real value transfers this year; a figure that's already eclipsed @PayPal Full report: bit.ly/2W50qIJ

10:21 PM ∙ Dec 9, 2020440Likes124Retweets

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About the founder and editor: Camila Russo is the author of The Infinite Machine, the first book on the history of Ethereum, and was previously a Bloomberg News markets reporter based in New York, Madrid and Buenos Aires. She has extensively covered crypto and finance, and now is diving into DeFi, the intersection of the two.