Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis.
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No Video today but you can check out the one from October, 10th below
🗞 Ethereum miners made 450K ETH from high network fees during DeFi peak
Ether (ETH) miner revenue skyrocketed during the month of September according to data from glassnode, an onchain analytics resource. While the price of Ether did not rise significantly during this time, miners on the Ethereum network saw their revenue increase due to high fees.
Miners took home 450,089 ETH in fees ($168.7 million) and this represents a 39% increase over last month in which miners made roughly $113 million in fees.
During the same period, Bitcoin miner revenue from fees not only paled in comparison but actually decreased. BTC miners made $26 million in September, a 50% decrease compared to the $39 million earned in August. According to data from crypto mining pool F2Pool, it is now three times more profitable to mine Ether than it is to mine Bitcoin
DeFi is great for farmers and miners
DeFi has not only revealed a powerful use case for Ethereum, but has also created renewed demand for Ether to be used as gas to pay for transactions and smart contracts. All of these factors pushed the price of Ether forward in 2020, allowing it to outperform Bitcoin by a significant margin.
While this is good for miners in the short-term, it may put casual users off using DeFi altogether as smart contracts become too expensive to use. In fact, this very issue may be one of the main reasons for the sharp correction seen in DeFi token prices over the last month.
🗞 Pelosi Rejects, Senate GOP Bridles at White House’s $1.8T Stimulus Offer: Reports
Democratic House Speaker Nancy Pelosi rejected the White House’s recently boosted $1.8 trillion stimulus offer, saying it doesn’t provide enough in the way of coronavirus testing, worker safety and child care, the Financial Times reported.
*Meanwhile, the Wall Street Journal quoted people familiar with a Saturday call between the president's chief of staff and Senate Republicans as saying several of the GOP members said they were opposed to another large stimulus package.
- The Senate Republicans instead are backing a measure along the lines of one they proposed in September that was less than half the size of the president's most recent proposal and would cut spending in other areas as a partial offset, the WSJ reported.
🗞 CryptoKitties Team Raise $18 Million in Flow Crypto Token Sale
- Flow, a blockchain built for the entertainment industry, has raised $18 million in a public token sale.
- Flow hopes to be the go-to blockchain for projects using non-fungible tokens (NFTs).
- And so far, so good—the blockchain is attracting huge amounts of attention and funding.
The Flow blockchain, designed by Dapper Labs (the company behind CryptoKitties, collectible cat tokens—and a runaway hit), held a public sale via fundraising platform CoinList from September 21 to October 2. CoinList announced yesterday that the sale raised $18 million from nearly 13,000 participants.
🗞 Yearn finance (YFI) gains 36% as DeFi tokens follow Bitcoin’s bullish trend
Yearn.finance (YFI) price surged by 58% in the last few days as three key factors suggest investors expect further upside.
YFI was deeply oversold
Over the past month DeFi tokens endured a brutal correction which saw the value of many DeFi tokens drop by 40%-70%. The sell-off appears to be primarily led by corrections in Bitcoin (BTC) and Ether (ETH) but now that BTC has turned $11K to support, traders are watching to see if YFI and other tokens will continue to rise higher.
At the time data showed that revenues of most DeFi protocols were actually increasing while token prices fell sharply, indicating that they are likely below fair value.
The total value locked across Yearn.finance products is also hovering above $900 million. This indicates that almost $1 billion worth of capital has been deployed across the Yearn.finance platform.
Vault V2 development is nearing completion
Facu, a developer at Yearn.finance, said that the team has taken “one step closer to vaults v2.”
“Yearn v2 Vaults are under active development. Will include new vaults and strategies. We are very excited for this. Additional details will be shared when available.”
🗞 Daily Crypto Calendar, October, 12th💰
- Yearn Finance Protocol (YFP)
"Introducing YFPI LaunchPool"
- Horizen (ZEN)
Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.
- Loki (LOKI)
"The hardfork will occur at block height 641111 (approximately 12 October 01:00:00 UTC)."
- Vexanium (VEX)
Vexanium and Nodes Community will hold a webinar titled Blockchain and Cryptocurrency Opportunities in Q4 2020.
- Kava.io (KAVA)
"Kava Gateway Testnet 11k Launch: 14:00UTC Oct 12th. Gateway Testnet 11k is an exact replica of Kava Gateway Mainnet."
- TomoChain (TOMO)
".@Binance Futures will launch a $TOMO/ $USDT perpetual contract!!! Trading will be opening at 2020/10/12 7:00 AM (UTC). Users..."
- Azbit (AZ)
Weekly token destruction is carried out to increase the value of existing AZ.
Last Updates
- 🗞 Daily Crypto News & Video, October, 10th💰
- 🗞 Daily Crypto News & Video, October, 9th💰
- 🗞 Daily Crypto News & Video, October, 8th💰
- 🗞 Daily Crypto News & Video, October, 7th💰
- 🗞 Daily Crypto News & Video, October, 6th💰
- 🗞 Daily Crypto News & Video, October, 5th💰
- 🗞 Daily Crypto News & Video, October, 4th💰
- 🗞 Daily Crypto News & Video, October, 3rd💰
- 🗞 Daily Crypto News & Video, October, 2nd💰
- 🗞 Daily Crypto News & Video, October, 1st💰
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