ETH Bears Preparing to Rain on Bull Parade
Hello Defiers! Today crypto reached a new milestone with Bitcoin crossing the $20k milestone, and CME Group announcing the launch of ETH futures in February. Here’s what we’re covering today:
- Short sellers are piling on ETH as price soars; the same is not true for BTC
- LINK might be due for a stronger rebound
- Rally Ethereum bridge to bring liquidity to social tokens
and more :)
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Short Sellers Pile in as ETH Rallies to Highest Since 2018
It’s a good day for crypto bulls today; bitcoin is rallying to record levels, smashing through the $20k milestone, while ether climbs past $620 for the first time since TK. But while Bitcoin bears have receded to their caves, Ether bears are rearing their heads.
Chainlink Primes for Big Leap as Sellers Lose Steam
Chainlink took the back foot over the past few days as both buyers and sellers fought neck and neck before finally reclaiming the $13 mark.
Rally Ethereum Bridge to Bring Liquidity to Social Tokens
Rally, a platform enabling the issuance of social tokens, is now connected to the Ethereum mainnet, paving the way for liquidity.
Rally on December 9th launched the Bridge Exit functionality of its Rally Bridge, which connects its $RLY token between the Rally sidechain and Ethereum.
Connecting the Ethereum mainnet with the Rally sidechain provides a significant liquidity option, which allows for the potential of social tokens to be traded and hold value. Before the integration of a bi-directional capability, users could only see their $RLY in their sidechain wallet. This rollout allows direct conversion of $RLY to mint Creator Coins, and move that $RLY to an Ethereum mainnet wallet.
Users can then use their $RLY to participate in Rally Network governance or convert to other cryptocurrencies or into US dollars. If a Creator Coin worth 10 $RLY is purchased on the side chain by a user through a credit card swipe, 10 $RLY will accordingly be market purchased on Ethereum mainnet by the $RLY bridge smart contract.
Rally enables creators and influencers to issue their own branded cryptocurrency called Creator Coins to provide value and utility to their fans. In the current financial economy, creators lack control of how they monetize on centralized platforms. RALLY offer creators new opportunities to engage with their fans while earning new monetization streams to lessen their dependence on any individual social media platform.
Harvest Finances Launched $GRAIN to Compensate Hack Victims
Harvest Finance, a yield farming platform, launched a new $GRAIN token to compensate those affected by a $24M flash loan attack. Bounties were placed on the hacker to incentivize the community to track, find, and retrieve the stolen stablecoins, and $2.4M was sent back by the attacker. The funds will be allocated to the affected depositors, pro-rata.
Those affected will be able to receive their claim for USDT, USDC, and GRAIN. The GRAIN token will entitle holders to 0.5% of total weekly emissions, in the form of GRAIN buybacks and GRAIN liquidity incentives.
Loopring & DeversiFi announce a Layer-2 Committee — L2²
Layer 2 exchanges Loopring & DeversiFi have joined forces to establish an L2-specific committee and working-group called L2 Squared (or L2² for short), according to a blog post on DeversiDi’s website. The group is designed to collaborate in accelerating the transition to Layer-2. DeversiFi and Loopring will be conducting a token swap, swapping LRC for NEC to formalize their commitment to working together.
Perpetual Swap Launches on Mainnet
Perpetual Swap is live on mainnet, the project said in a tweet. Users can now trade ETH and BTC perpetual contracts with up to 12x leverage on-chain at https://perp.exchange, with no gas fees.
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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.
