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Yearn Finance made almost as much as in March as it did in 2020

Fees from yVaults were the biggest contributors to Yearn’s revenue.

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Decentralized finance yield aggregator Yearn has released its financial report for the first quarter revealing some impressive earnings for the period.

According to the Yearn Finance quarterly report, published on GitHub on April 27, the platform had earnings of $4.88 million for the quarter.

Declaring that these were earnings before interest, taxes, depreciation, and amortization, or EBITDA, Yearn Finance has made more in the first three months of 2021 than it did in its six operational months in 2020, which totaled $3.7 million.

Earnings for March alone totaled $3.16 million which alone was almost as much as its operational six months for the previous year. Not every month broke records, however, and in January and February this year, the DeFi protocol earned $528K and $1.19 million respectively.

The report stated that the yVault product line is the leading revenue generator and remains critical to Yearn’s core business. Vaults employ strategies to automate the best yield farming opportunities available by staking on other protocols. The version 2 vaults launched in January have increased top-line revenue for the period.

There were 36 new yVaults launched in the first quarter including five new v2 vaults. The y3CRV vault, which consists of three stablecoins — USDT, USDC, and DAI — was the most profitable generating $1.1 million in revenue for the quarter. A similar report from 2020 revealed that two-thirds of its revenue at the time came from the yUSD vault.

The yYFI vault saw a large increase in revenue for March as the protocol encouraged yield farmers to migrate to the v2 vault generating more income.

Previously, Yearn Finance earned its money from withdrawal fees with v1 vaults, some of which are still running, taking 0.5% when the collateral is withdrawn. The fee structure changed slightly when v2 vaults were launched, with the elimination of the withdrawal fee and the addition of a 2% management fee and a performance fee which can be as high as 20%. It claims the aim is for users to pay the most fees on the vaults that are performing the best.

The protocol launched yield farming with treasury assets in late February which also started to generate significant earnings. Yearn formed a committee to begin earning yields on idle assets held in its treasury with capital obtained from opening CDPs (collateralized debt positions) on other DeFi protocols such as MakerDAO.

“yVault revenue was the key driver of adjusted EBITDA [earnings], however, we anticipate Treasury yield farming to contribute an increasing amount of revenue in the future.”

At the time of writing, the total value locked on the protocol was a little over $3 billion according to DappRadar.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/yearn-finance-made-almost-as-much-as-in-march-as-it-did-in-2020

Blockchain

Bitcoin crisis, Elon Musk criticized, Ether thrives, Dogecoin survives: Hodler’s Digest, May 9–15

Bitcoin crashes after Tesla abandons the cryptocurrency as a payment method, the crypto world criticizes Elon Musk and DOGE staves off competition from a furry rival.

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Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Bitcoin loses 6% in an hour after Tesla drops payments over carbon concerns

Already losing dominance in the crypto rankings as altcoins were gaining strength, things went from bad to worse for Bitcoin this week as Elon Musk made a shock announcement.

On Twitter, the billionaire CEO declared that purchases of Tesla cars using BTC had been stopped amid concerns about the cryptocurrency’s impact on the environment.

Although Musk said Tesla had no plans to sell any more of its Bitcoin, he confirmed that the company is looking at other cryptocurrencies that are much less reliant on energy.

BTC went into freefall following the sudden statement, which appeared to take traders by surprise. It tumbled as low as $46,980.02 and has struggled to remain above $50,000 since.

Backlash to Elon Musk’s bombshell as traders start to buy the dip

Unsurprisingly, Musk’s statement was met with a barrage of fury from the crypto community.

Given that this blockchain’s energy use is nothing new, many were confused as to what’s changed since Tesla invested $1.5 billion in Bitcoin just a few months ago.

Some have accused the CEO of engaging in a “pump and dump” scam by manipulating the market with his 280-character missives. Others insisted that miners primarily use renewable energy — but data suggests this might be a slight embellishment. While 76% of miners use renewable energy some of the time, the University of Cambridge estimates just 39% of total power consumed by proof-of-work cryptocurrencies is eco-friendly.

Barstool Sports founder David Portnoy also ripped into Musk, accusing him of “playing with people’s futures and their fortunes.”

Others pointed out that proof-of-work is crucial for Bitcoin, and attempted to reassure investors that the cryptocurrency is proving resilient to criticism.

Saifedean Ammous, author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, also didn’t mince his words, telling Musk: “Unless you’ve also switched your rockets and battery manufacturing to ‘more sustainable energy’ you’re going to look like a clueless big hypocrite here. The world needs sound money far more than it needs your rockets & government-subsidized electric cars.

Ether breaks $500 billion market cap for the first time

ETH inevitably got caught up in the crypto market tanking. But prior to the Tesla drama unfolding, it was stealing the show by reaching a slew of astronomical milestones.

The world’s second-biggest cryptocurrency surged as high as $4,362.35 — briefly propelling its market cap above $500 billion for the very first time. This came hot on the heels of ETH entering unprecedented territory by surpassing the $4,000 mark on Monday.

Ether’s parabolic surge gave it a valuation that was bigger than the likes of Visa and JPMorgan too.

While any lasting impact from Tesla’s announcement remains to be seen, analysts believe that ETH hitting $5,000 is still a matter of if, not when.

DOGE surges as Elon Musk says he’s working with devs to “improve efficiency”

Musk’s fingerprints haven’t just been on Bitcoin this week. It seems like a lifetime ago that he hosted Saturday Night Live — and sent DOGE’s price tumbling after the eccentric entrepreneur described the joke cryptocurrency as a “hustle.”

Dogecoin lost 40% of its value in a 24-hour period from last Saturday to Sunday, hitting lows of $0.43. Whereas some analysts had been expecting that the altcoin would rally after the broadcast, the opposite ended up being true.

However, warnings of a devastating crash reminiscent of XRP’s fall in 2018 have been unfounded… at least for now. In recent days, DOGE has headed back up above $0.50 on the back of two pieces of good news.

The altcoin reacted enthusiastically after Musk revealed that he is working with Dogecoin’s developers to improve the cryptocurrency’s efficiency. A few days earlier, he had released a Twitter poll asking whether Tesla should accept DOGE as a payment method. The markets were also cheered by Coinbase, confirming that it plans to list Dogecoin in the next six to eight weeks. All of this resulted in DOGE being one of the few gainers in a sea of red.

This wasn’t the only drama to face DOGE this week, with a number of “Dogecoin killers” bursting their way onto the scene. One of them was Shiba Inu, which surged dramatically after being listed by a number of high-profile exchanges.

Unfortunately, Shiba Inu’s bark turned out to be much worse than its bite. The coin’s website said 50% of token supply had been sent to Ethereum co-founder Vitalik Buterin as a “burn” gesture given how he was unlikely to use it. But in a shock twist, Buterin made full use of the uninvited donation — giving a large chunk of his SHIB tokens to a fund providing relief to India as it battles COVID-19. Prices have since collapsed.

Coinbase revenue triples in Q1 as exchange plans to add bank-like services

Fresh from listing on the Nasdaq, Coinbase released Q1 revenues on Thursday — and, as expected, the bull market helped the exchange secure a very healthy set of numbers.

Total revenues came in at $1.8 billion or $3.05 per share, slightly less than the $3.07 per share that analysts had been expecting. Nonetheless, this is three times higher than the $585 million generated in the preceding quarter.

Net profits also surged to $771 million, quadruple what was seen in Q4 and 24 times higher than the first quarter of 2020.

Coinbase stopped short of providing detailed guidance for future performance, warning: “It is important for investors to remember that our business is inherently unpredictable.”

Unfortunately, none of this translated into a boost for COIN’s share price, which has drifted closer and closer to the reference price of $250 seen when it made its debut in mid-April.

Veteran Wall Street analyst and New Constructs CEO David Trainer expects Coinbase’s stock to decline to $100 or even lower as increasing competition bites, warning, “The company is unlikely to meet the future profit expectations baked into the stock price.”

Winners and Losers

At the end of the week, Bitcoin is at $49,594.02, Ether at $4,028.01 and XRP at $1.40. The total market cap is at $2,329,213,762,738.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Shiba Inu, Polygon and Revain. The top three altcoin losers of the week are Dogecoin, Holo and Siacoin.

For more info on crypto prices, make sure you read Cointelegraph’s market analysis.

Most Memorable Quotations

“We see Web3 as the future of the internet, where everyone has ownership and control of their own content.”

Matthew Gould, Unstoppable Domains CEO

“We know that replacing Gold as a store of value will help the environment […] and shrinking big bank and coin usage will benefit society and the environment.”

Mark Cuban, billionaire investor

“These moments have historically been good buying opportunities as they indicate panic on the market.”

Whalemap

“The emergence of digital property rights, whether via Bitcoin or NFTs, is perhaps the greatest opportunity for financial inclusion for the bottom three billion frontier and emerging market consumers.”

Manuel Stotz, Kingsway CEO

“The world needs sound money far more than it needs your rockets & government-subsidized electric cars.”

Saifedean Ammous, Bitcoin Standard: The Decentralized Alternative to Central Banking author

“Coinbase will likely not be able to sustain blowout earnings going forward as competition enters the market.”

David Trainer, New Constructs CEO

“Long-term, I’m still very bullish on Bitcoin and don’t believe that this announcement will significantly impact price or adoption.”

Adrian Przelozny, Independent Reserve CEO

“Barring some black swan event, I don’t see this rally ends any time soon.”

Lex Moskovski, analyst

“DOGE is a fad, within a growing movement that is here to stay.”

Nick Spanos, Zap Protocol founder

“There are thousands of coins, and DOGE is in that category that really are useless. They’re just utility tokens that have no underlying value or use case, and they’ll eventually disappear.”

Mark Yusko, Morgan Creek Digital Management founder

Prediction of the Week

BTC could trade for $250,000 within five years: Morgan Creek Capital CEO

Although there has been a short-term shock for Bitcoin, there’s no shortage of optimism when it comes to the long-term forecast.

Just look at Morgan Creek’s Mark Yusko, who believes BTC has a strong chance of trading at $250,000 per coin by 2025.

His prediction is based on an assumption that Bitcoin will rival gold by “monetary value.”

Yusko’s appearance on CNBC did come with a sting in the tail for investors who prefer altcoins. He added: “There are thousands of coins, and DOGE is in that category that really are useless. They’re just utility tokens that have no underlying value or use case, and they’ll eventually disappear.”

FUD of the Week

Binance is reportedly under investigation by the IRS and the Justice Department

Binance is reportedly under investigation by both the United States’ Department of Justice and Internal Revenue Service.

According to Bloomberg, the two government agencies are looking into Binance Holdings Ltd. as part of an investigation into U.S. residents using cryptocurrencies for illegal transactions.

Officials are reportedly seeking information from Binance employees and customers, but not all their inquiries are necessarily tied to allegations of wrongdoing.

A Binance spokesperson said the company took their legal obligations “very seriously and engage with regulators and law enforcement in a collaborative fashion.”

The IRS will seize your crypto if you can’t pay back taxes

The U.S. Internal Revenue Service, or IRS, is prepared to seize the holdings of cryptocurrency owners who are struggling to pay their unpaid tax debts, sending a strong signal that the agency is treating digital assets the same as any other type of property that can be confiscated.

Robert Wearing, deputy associate chief counsel for the IRS, told a virtual conference held by the American Bar Association that the government classifies digital assets as property. As such, these assets may be confiscated to satisfy outstanding tax debt that hasn’t been repaid.

According to Bloomberg, he said: “The IRS will seize that property and will attempt to follow its usual procedures to sell it and use it to satisfy collection.”

BTC and other cryptocurrencies are classified as property from the perspective of U.S. federal tax law.

Turkish customs confiscates over 500 smuggled Bitcoin mining rigs

Turkish customs enforcements brought down a smuggling operation in what is said to be a record bust against illegal Bitcoin mining equipment in the country.

After receiving a tip, Turkey’s Customs Protection’s anti-smuggling and intelligence teams raided a warehouse earlier this week in İzmir, where they found 501 ASIC Bitcoin mining rigs in closed cardboard boxes.

Customs enforcement reported the estimated value of the seized equipment at $600,000. Four suspects were detained as part of the investigation.

Best Cointelegraph Features

I spy with my laser eye: A Twitter phenomenon to make Bitcoin mainstream?

An increasing number of high-profile celebrities have continued to adopt the “laser eye” meme on Twitter in recent months.

Quiet down, Elon: 5 crypto stories that didn’t need Musk’s Twitter antics to move markets

Yeah, yeah, we get it: Elon loves attention. Meanwhile, let’s take a look at five crypto news stories this month that didn’t require us to fawn over his influence…

When dollars meet the hype: The biggest NFT hits from celebrities

Nonfungible tokens continue to drive millions of dollars in sales. Here are the biggest NFT earners of 2021 so far.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/bitcoin-crisis-elon-musk-criticized-ether-thrives-dogecoin-survives-hodler-s-digest-may-9-15

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Blockchain

Elon Musk On Why Dogecoin is Superior to Bitcoin

Elon Musk On Why Dogecoin is Superior to Bitcoin

The Dogecoin saga with Elon Musk is one that continues giving. The market also seems to continually be swayed by the hot takes from the cryptocurrency community, and with Elon Musk responding to critics back to back, giving little to no room for critics to create misconceptions, it becomes easier to see where the Billionaire […]

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Elon Musk On Why Dogecoin is Superior to Bitcoin

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The Dogecoin saga with Elon Musk is one that continues giving. The market also seems to continually be swayed by the hot takes from the cryptocurrency community, and with Elon Musk responding to critics back to back, giving little to no room for critics to create misconceptions, it becomes easier to see where the Billionaire is coming from.

What his beliefs are, and what Cryptocurrency he finds promising and worthy of his support in the long term.

For Elon Musk, Doge has already won the battle

There have been questions poking at Musk’s decision to prioritize DOGE over Bitcoin. Top Bitcoin proponents are surprised by the fact that Musk is willing to dump the most valued cryptocurrency, with a fixed supply, for an altcoin like DOGE. We can see Anthony Pompliano mirroring the sentiments of other Bitcoiners in the trending tweet which reads:

“The richest guy in the world bought billions of dollars in the best performing asset in the world for the last decade but is now spending time trying to make an internet joke become more technically efficient. Unreal.”

However, Musk is not swayed by the unending criticism from the Bitcoin community. The unconventional Billionaire has stuck with his decision to build upon Dogecoin and transform it into what he believes the asset should be.

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However, beyond what Musk is preparing Dogecoin to become in the future, the Billionaire seems to be clear on the fact that Bitcoin is not a DOGE competitor, as far as network efficiency is concerned. Musk has just set the records straight on why he believes Bitcoin doesn’t come close to Doge at all, in terms of performance.

When one Twitter user wrote:

“Elon is choosing DOGE because Dogecoin is better than Bitcoin in many fundamental ways. Dogecoin has faster transaction speeds, lower fees, and less environmental impact than BTC. DOGE is affordable for regular folks because of its high supply.” 

Elon Musk responded in affirmation to the above claims that he chooses Doge for being a superior asset saying “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”

It is clear that for Musk, Bitcoin’s structure is more important than the asset’s price value and adoption rate. Meanwhile, the free PR Doge continues to get from Musk has continued to pump the price of Doge as the asset, at press time, is one out of the few that has accumulated gains, to now hit a price of $0.512.

Elon Musk On Why Dogecoin is Superior to Bitcoin
DOGEUSD Chart By TradingView

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/elon-musk-on-why-dogecoin-is-superior-to-bitcoin/

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Blockchain

Tech Mogul Jack Dorsey Doubles Down on Bitcoin As BTC Faces Wave of Criticisms

Jack Dorsey, the CEO of Twitter and Square, is coming to Bitcoin’s defense after Elon Musk announced that Tesla will no longer accept BTC as payment. In a string of tweets, Musk tells his more than 50 million followers that Tesla is suspending Bitcoin payments, citing concerns over the flagship cryptocurrency’s harmful impact on the […]

The post Tech Mogul Jack Dorsey Doubles Down on Bitcoin As BTC Faces Wave of Criticisms appeared first on The Daily Hodl.

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Jack Dorsey, the CEO of Twitter and Square, is coming to Bitcoin’s defense after Elon Musk announced that Tesla will no longer accept BTC as payment.

In a string of tweets, Musk tells his more than 50 million followers that Tesla is suspending Bitcoin payments, citing concerns over the flagship cryptocurrency’s harmful impact on the environment.

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Musk’s changed stance on Bitcoin renews long-time concerns that the cryptocurrency is an energy hog. According to a report from the Cambridge Center for Alternative Finance, Bitcoin mining consumes more energy than small countries like Sweden.

Amid a wave of criticisms surging toward Bitcoin, Dorsey unveils his stance on the leading crypto asset by replying to a tweet by Square CFO Amrita Ahuja, which addresses concerns that the payment platform no longer plans to buy more BTC for its Bitcoin holdings currently worth over $400 million.

Dorsey says his firm will continue to help improve the Bitcoin network.

“Bitcoin changes *everything*…for the better.

And we will forever work to make bitcoin better.”

Square already committed $10 million for the Bitcoin Clean Energy Initiative to support companies that help drive the use of clean energy sources. In April, the firm released the paper “Bitcoin Is Key To An Abundant, Clean Energy Future,” which discusses how Bitcoin can encourage the transition to renewables.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/gyn9037

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://dailyhodl.com/2021/05/16/tech-mogul-jack-dorsey-doubles-down-on-bitcoin-as-btc-faces-wave-of-criticisms/

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Blockchain

Solana, Theta, MATIC Price Analysis: 16 May

Solana’s rise above its sloping trendline fueled strong buying behavior and a breakout above $49.6 could trigger an extended rally. THETA remained between $12.4 and 8.4 while its technicals indicated

The post Solana, Theta, MATIC Price Analysis: 16 May appeared first on AMBCrypto.

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Solana’s rise above its sloping trendline fueled strong buying behavior and a breakout above $49.6 could trigger an extended rally. THETA remained between $12.4 and 8.4 while its technicals indicated the lack of a strong trend. Lastly, a correction seemed likely for MATIC before resuming its northbound trajectory.

Solana [SOL]

Source: SOL/USD, TradingView

A breakout above the upper sloping trendline showed gains of 14% as Solana was quite bullish at the time of writing. Since the breakout occurred on strong volumes, SOL made a strong case for trending in the upward direction but there lay some resistance around $49.6. A jump above this upper ceiling could result in an extended buy scenario.

RSI traded in the bullish territory around 60, while MACD line closed in on the Signal line. A successful crossover could result in another bull run moving forward. If a move above $49.6-resistance is denied, consolidation would be likely.

THETA

Source: THETA/USD, TradingView

Since the start of May, THETA has largely traded between the channel $12.4-8.4. Meanwhile, ADX has gradually made lower highs as the market has become less directional. At press time, ADX floated around 17 and highlighted a weak trend. Since trading volumes were also muted across exchanges since mid-April, sharp movements have been rare.

MACD floated below half-line as THETA slipped below its 20-SMA (blue) and 50-SMA (yellow) on the daily timeframe. Support levels rested at $6.4 and $4.8 in case of another breakdown. A dip towards the latter level could present buy opportunities for long-term traders.

MATIC

Source: MATIC/USD, TradingView

The 4-hour chart noted some selling volume as MATIC traded above the 161.8% Fibonacci Extension level. However, targets mentioned in a previous analysis were yet to be realized and a 14% dip in trading volumes suggested weakening.

RSI showed a bit of a bearish divergence with the price as it formed two lower peaks and moved south from the overbought territory. Pullbacks can be countered at $1.54 or $1.3, but a stronger buy zone lay around $1.0  and close to the 50-SMA (yellow). MACD closed in on a bearish crossover, suggesting that MATIC’s impressive bull run was coming to an end.


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Source: https://ambcrypto.com/solana-theta-matic-price-analysis-16-may

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