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YFFI

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The success of yEarn finance (YFI) has led to the creation of fresh copies and hard forks of the platform. YFFI is a DeFi-based system that branched from yEarn to provide better features than what was previously available. The platform claims that it offers everything yield farmers and liquidity miners want since it owns “the Freshest Crops in Town.”

Table of Contents

What is YFFI?

The protocol is a hard fork of YFI that seeks to change how new tokens are created on its mother platform. YFFI claims that YFI tokens have a low supply, which directly fuels their volatility. 

By blocking initial mining and allocation of team tokens, yield farmers or liquidity providers will be able to produce the initial coin supplies. This is a move that would later lead to an extreme coin supply. Furthermore, the network initiates a halving event after every seven days.

How to farm YFFI

In the DeFi scene, yield farming or liquidity mining is divided into pools, with each one supporting a specific virtual currency. On the YFFI protocol, farming is divided into two pools.

Pool 1

This pool supports tokens generated on the Curve DeFi network. To use these tokens, a user has to get into their account on Curve.finance and deposit either Tether (USDT), USD Coin (USDC), True USD (TUSD), or DAI.  The yCurve tokens generated are then staked on the YFFI.finance on the yearn pool.

Before depositing funds on Curve, note that the platform distributes deposited funds into different DeFi protocols. While this has a chance of generating high rewards, it also exposes your investment to more vulnerabilities hence higher risks.

Pool 2

Here, only YFFI and DAI can be staked in the Balancer Liquidity pool to farm YFFI. Staking funds in the Balancer Liquidity pool generates BPT tokens that can be staked on the Balancer (YFFI-DAI) pool.

Note that the platform shows the balance in BPT, the amount currently staked, and available YFFI rewards. You can also choose to stake more funds, unstake funds, claim rewards, and exit (claim and unstake).

YFFI Started off on the Wrong Foot

The project started on the wrong foot after its founders were accused of a pre-mine scheme. In what is thought to have led to its crash, the founders engaged in a pre-mine activity five hours before the project was officially launched. 

Therefore, they had the upper hand compared to those who joined after the launch. As such, the founders could dump their holdings, forcing the price to tank. The token creators have burnt 175 pre-mined tokens. The protocol has 58,125 YFFI tokens.

With DeFi hard forks rising and falling within very short periods, the founder of YFI, Andre Cronje, suggested that forks should at least add something new into the code because “repeating the same experience isn’t fun.”

Conclusion

The DeFi scene is, from a distance, resembling the initial coin offering (ICO) craze. In some cases, the reasons for forking a DeFi protocol are not clear enough or fully implemented. 

This has caused the DeFi community and yield farmers to lose funds through token dumps and hacking of smart contracts powering DeFi systems. And YFFI is here to make a difference.

Source: https://www.asiacryptotoday.com/yffi/

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Seoul Police Summons Bithumb Chairman For Interrogation

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The Seoul Metropolitan Police Agency has summoned the chairman of Bithumb for interrogation regarding the alleged fraud. The chairman of the firm, Lee Jung-hoon has been accused of a lot of fraud activities. The fraud is related to the failed listing of the BXA token and defrauding the investors.

As revealed in earlier reports, this token has been promoted as the native token of Bithumb. However, the token has never been launched or listed on any platform. Due to the promotion of a fake token, Lee is now involved in a huge fraud, which includes the damages of around $25 million funds of the investors.

Seoul Police Conducted Initial Investigation at Bithumb Office

It needs to be mentioned that this police raid did not happen all of a sudden as earlier also Seoul police had investigated this case. The initial investigation that police conducted was on September 02, 2020 at the office of Bithumb. Lee has also been accused of using the investors fund purchasing the properties overseas or some other offshore investments.

According to the latest report, Kim Byung-gun who is another chairman of Bithumb, is also accused of getting involved in this BXA fraud along with Lee. However, the Seoul Police did not send any summon for investigation to Kim regarding this case. 

Police Siezed The Shares Related to Lee

Along with this summon, the police has also siezed a lot of shares of the Bithumb Holdings that belonged to Lee. Not only this, the firm is also help responsible for a data breach incident which took place in 2017. Even though the exchange is accused of different allegations, it is still holding quite a firm position in the South Korean market. Not only in South Korea, it is still counted among the top ten largest crypto exchanges across the world. The daily trading volume of the exchange is around $250 million, which might be due to its huge user base.

READ  Tokenomica Begins OTC Desk Including BTC-EUR Pair

#Bithum Holdings #Bithumb #BXA token #Investigation at Bithumb Office #Kim Byung-gun #Lee Jung Hoon #Seoul Police

Source: https://www.cryptoknowmics.com/news/seoul-police-summons-bithumb-chairman-for-interrogation

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Binance US Joins Chicago Defi Alliance For Defi Industry Development

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Binance US, the United States arm of the largest exchange Binance, has recently joined the Chicago Defi Alliance (CDA). This has been revealed by the firm on September 17 via blog post. This Defi Alliance is backed by different firms, including Volt Capital, TD Ameritrade, CMT Digital, Compound Finance and many others. 

Binance US Will Help Mature Defi Space

It is revealed that by joining this alliance, Binance US is aiming to contribute towards the development of the Defi industry across the US. Catherine Coley, the CEO of the firm, has said that by working with CDA, the firm will help in the development of the Defi space. Along with this, it will also support startups as now it will be able to unlock many Defi offers. 

CDA was launched a few months back in this year only and is aimed to provide support and guidance to the startups and entrepreneurs that are focused on Defi. It aims to fulfill all the requirements which are related to the trading regulations. 

CDA Formed When Defi Industry Collapsed in April

Back in April, there were reports that the DeFi industry had collapsed to $360 million and that was the time when CDA was formed. In a few months, the industry is able to get back on track as now there is more than $9 billion which is locked in the Defi applications. Binance US has also joined Blockchain Association last month i.e. August 2020. 

It has been seen that Binance is involved in many blockchain related alliances and now CDA has added another one to its network. During the start of this month, Binance has also sided with Blockchain for Europe which is a huge association in Europe related to blockchain technology. Binance’s partnership with so many blockchain-driven organizations demonstrates the significance that it places on this technology.

READ  Binance.US Partners With Crypto Brokerage Tagomi To Offer Institutional Liquidity

#Binance.US #Catherine Coley #Chicago DeFi Alliance #Defi Industry Collapsed #Defi Industry Development #Mature Defi Space

Source: https://www.cryptoknowmics.com/news/binance-us-joins-chicago-defi-alliance-for-defi-industry-development

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Nvidia Signs Definitive Agreement With SoftbankGroup Corp. To Acquire ARM

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California-based multinational technology company, Nvidia, has recently inked a deal of $40 billion with Softbank Group Corp. to buy the computer chip maker Arm Holdings.

A public statement released by Nvidia indicated that the company processed its payment in a combination of cash and shares. 

In the year 2016, the Japanese multinational conglomerate, Softbank Group Corp. purchased ARM for $32 billion.

Nvidia To Build Original Computing Company

Recently, the chief executive officer of Nvidia, Jensen Huang, said that now they will develop an original computing company for the age of artificial intelligence (AI).

Although Nvidia has purchased ARM, its headquarter will still be in Cambridge, England. 

Huang has further stated, “We will expand on this great site and build a world-class AI research facility, supporting developments in healthcare, life sciences, robotics, self-driving cars and other fields.”

Nvidia develops the graphics processing units (GPUs) which basically are used in video games. But apart from that, the company has deployed these units among mining fields in order to mine cryptos like Ethereum (ETH), Monero (XMR) and Zcash (ZEC). 

In the present time, mining bitcoin (BTC) with the help of GPU will be completely useless because now the world’s largest digital currency has been using an application-specific integrated circuit (ASIC).

Smartphone Technologies Based On Arm

As per the report, currently, most of the smartphone technologies are based on Arm Holding’s technology. 

Arm Holding develops designs for companies like Apple, Samsung and Huawei. Later, these companies use Arm’s design to build a customized chip. 

In the present scenario, the cloud data centers have also started using Arm’s technology. 

It is to be noted that to date, the companies have created 180 billion chips which are based on the design of Arm.

The CEO of Arm, Simon Segars, has recently stated that Arm Holdings along with Nvidia will be developing new solutions for the global ecosystem fo innovators.

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#application-specific integrated circuit (ASIC) #Arm Holdings #Artificial Intelligence (AI) #Bitcoin (BTC) #California #Cambridge #chief executive officer of Nvidia #England #Ethereum (ETH) #graphics processing units (GPUs) #Jensen Huang #Monero (XMR) #NVidia #Softbank Group Corp. #Zcash (ZEC)

Source: https://www.cryptoknowmics.com/news/nvidia-signs-definitive-agreement-with-softbankgroup-corp-to-acquire-arm

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