Yearn Finance’s Limited Total Supply at the Stake!
Yearn Finance, the token due to which the DeFi space attained mainstream attention, mainly due to its limited supply of 30,000 tokens is at threat. A proposal that intends to compensate the contributors by minting more YFI tokens is under discussion on the governance forum.
Infact, one of the members of the community has wholeheartedly committed to match up 20 YFI tokens for this cause. Moreover, if the newly minted tokens which will be worth more than $32 million at the press time will be kept locked in a multisig would probably make many people in the YFI community uneasy.
The reason is much simpler, more influx of liquidity into the platform might hammer the YFI price which may slide down as many of them may just walk out of the community selling off their holdings. However, not many people are in favor of the proposal and they hope if the rewards are necessary then let them be in the form of existing YFI tokens or fiat.
Too Many Ascending Triangles, What Awaits the YFI Price Ahead?
The YFI’s roller coaster is one of the most thrilling rides not only in the DeFi space but the entire crypto space. This token reached its highs above $40k twice and also declined to as low as $7K too, which clearly manifested the capacity of the token to fight to regain lost positions.
Currently, the YFI price is $31747 at press time, trading in a very narrow range and formed as many as multiple ascending triangles and some fake breakouts. In some instances, the price broke the resistance line of the triangle and also broke down below smashing the support line of the triangle.
However, currently the price is yet again trending in an ascending triangle where-in a upward break out is the need of the hour. The rebound from the support levels may end up the token to surge to new highs, heading strongly towards it’s ATH, else may slip to the lowest levels below $30,000.
However, the coming couple of hours are pretty decisive for the YFI price which showcases the upcoming movements of the YFI price. One of the popular analysts CryptoBoss believes the YFI bull rally will continue as the triangle breakout forecasting an uptrend is imminent.
Interesting Read: BTC and YFI Competing to Be Exorbitant, Which Will Hit $50k First?
COVER Price Crashes Following Disperse With Yearn Finance
Decentralized finance portal (DeFi), Yearn has decided to end its merger with the Cover protocol.
It’s previously announced merger in the month of November has been called off and Yearn took to Twitter to announce their parting ways. They did not provide a specific reason for the termination but most of the users have backed Yearns decision.
Anyhow, yVault depositors who have purchased the coverage remain unaffected.
Andre Cronje tweeted that,
“I personally find it sad. I had very high regard, trust, and faith in the Cover team. Lesson learned. Won’t trust them again.”
(The above tweet now stands deleted)
Shortly after deleting the above tweet Andre Cronje, said that it was an emotional response and he kind of mixed ethics and money.
Cover protocol is yet to break their silence on the ongoing issue and this breakup has brought a huge loss for Cover.
Cover was on a bullish run as it’s price rose from about $380 in the start of the year to around $1700 around two weeks ago.
The cryptocurrency is now down by 40% after the news of Yearn finance and Cover protocol broke out. The parting of ways had a serious impact on Cover.
On 28 December Cover protocol was hacked and tricked into minting 40 quintillion of its native tokens and also cashed them out. “White hat” hacker Grap finance claimed responsibility for the same and returned the funds which amounted to $3 million.
Right after this demerger, Yearn Finance announced a Free-For-All Partnership Program that will be open to anyone who wants to integrate yearn vaults into any products. All partners tend to receive a 50% profit share.
HOGE and PAID Price Analysis: Altcoins With Massive Price Variations
The crypto market is anticipated to be more volatile in the coming days as many of the altcoins are enduring massive price variations including the top currencies like Bitcoin and Ethereum.
BTC is diverging between $47,000 and $51,000 and ETH between $1400 and $2000. As result prices of the newly entered altcoins like HOGE and PAID have encountered massive price variations.
Effectively, HOGE attained more than 130% impulse in the last 24 hours. Unfortunately, PAID has devastated over 90% in the past 24 hours.
Hoge Finance: HOGE Price Analysis
HOGE entered the crypto space on 15 February at a low trading value of $0.000001 and continued to trade at the same price and reached $0.000007 by March. Currently, Hoge finance is currently under the control of bulls with gaining more than 130% momentum.
In the last 24 hours and also listed a new all-time high on 6 March. Before the surge, the currency differentiated between the $0.000001 and $0.000007 mark.
What poised the sudden surge?
Hoge finance defines itself as a deflationary and Dogecoin of the DeFi world. It intends to offer features like auto staking and frictionless yield farming. It burns the token on every transaction.
One of the main causes for the surge may be the announcement by the exchange platform WhiteBIT regarding the listing of Hoge Finance.
At a press time, HOGE price is $0.00004484 with a 24 hours trading volume of $4,185,042. It is up 123.81 in the last 24 hours and the current coinmarket rank is #2355.
PAID Price Analysis
PAID made an existence in the crypto market on 26 January with a trading value of $0.43. Further the price steadily started to escalate and drastically hit $6.38 to achieve a new all time high on 18 February and plunged to $2.35 at the end of February. Currently, the currency is in a bearish divergence and suffered with losing over 90% momentum in the last 24 hours.
Reason behind the massive plunge
PAID network is a comprehensive toolkit for business transactions. It is the first platform to introduce Smart Agreements, a simplified business contract. Unfortunately, the community terminated the trade. One of the main reasons behind the massive price drop is the exploitation suffered by the community.
Someone minted and sold the PAID tokens worth around $51 million. The attacker potentially hacked the community with accessing the private keys of the team.
Despite the exploitation the PAID Network has not anything but the community has announced that it is actively investigating the problem and also it has also removed the liquidity and trading until the resolvement of the issue.
At a press time, PAID price is $0.29 with a 24 hours trading volume of $37,182,485. It is down 89.46% in the last 24 hours. The market capitalization is $5,768,627 and the current coinmarketcap rank is #1161.
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