Submitted August 31, 2020 at 01:17PM by sylsau https://ift.tt/3lATCyg https://ift.tt/2Z7cX2s
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There are so many benefits to using a cryptocurrency, that it would seem foolish to neglect such an invention. For example, it allows you to send money anywhere in the world in an instant, with basically no fees involved. Everyone can be included in the financial system, it will change the way we interact with money, it can prevent fraud, and much more.
Author's forenote: this comes from my place as a cryptocurrency holder and trader, not a moderator of this sub.
This post in some ways has been inspired by a couple of other threads here and I was wondering whether or not I should post this thread for the past few days.
I guess now it is relevant though. Why i prefer using coingecko over cmc:
1.ERC20 Contract addresses are listed on the coin's page.
2.Im not sure what their criteria for coin "rankings" are besides market cap, but as an example, coingecko lists polkadot as a top 10 coin by volume, but on cmc it's in the top 2000.
3.AFAIK I haven't seen any "paid shillings" like the recent band protocol educational shit on cmc.
4.I think it's nice to see how a coin has performed in the past 24 hours to 7 days without having to click on anything else on screen.
The only thing I dont like about coingecko: when you click on a coin, it shows the 24 hour graph by default.
last I checked cmc gets 30 million visitors a month while coingecko gets about 1 3rd of that.
As always, DYOR.
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A lot has changed during the last month, as the popular decentralized finance (defi) ecosystem has swelled considerably in value. Since the first week of August, the total value locked in defi jumped over 85% in 27 days from $4.2 billion to $7.88 billion on August 30.
The total value locked (TVL) in the decentralized finance (defi) economy is nearing $8 billion in value, as crypto funds have poured into the surrounding infrastructure. Statistics from the website defipulse.com show that the current TVL on Sunday, August 30, 2020, is $7.8 billion. The defi lending platform Aave makes up 21.86% of that value.
Aave just recently jumped to the number one position as far as dominance is concerned. When news.Bitcoin.com reported on the defi economy crossing $4 billion, Maker captured 31.9% of the dominance on August 3.
Another defi project that has been making waves is the Yearn Finance protocol and the native token YFI.
Yearn Finance essentially lets users leverage a variety of defi applications like Curve, Aave, and Compound in order to maximize yield or lending schemes. Basically, yield farmers strategically utilize a number of liquidity pools, as Yearn gives the best returns on all the liquidity within the ecosystem.
The project’s token YFI has amassed great value recently and on Saturday evening the token topped a high of $39,189 per coin. On Sunday, YFI is hovering just above the $30k mark as the price dipped to $27k a touch after midnight (ET).
Decentralized exchange (dex) platforms have seen massive trade volume during the last 30 days. Dex stats on Dune Analytics shows that there was $10.42 billion in global dex trade volume during the last month. $2.8 billion swapped on dex applications in the last seven days and $699 million in dex trade volume recorded today.
The last 30 day’s dex trade volume has increased by 142% and Uniswap is the most dominant decentralized exchange. The dex Uniswap captures 60% of the global dex trade volume which is followed by Curve (18.1%), and Balancer (8.9%) respectively.
Defi users over the last month have increased by 32% since August 1 from 293,475 users to 388,011 users recorded on August 29. Dune Analytics data considers each user as a unique address among the myriad of defi applications.
For instance, the count of unique addresses that traded in the last seven days on Uniswap was around 72,624 while Idex had around 4,007. Kyber (3,424), Curve (1,330), 0x (556), and Bancor (520) follow respectively with the trailing last seven days.
What do you think about the phenomenal growth defi has seen during the last 30 days? Let us know what you think in the comments below.
The post Total Value Locked in Defi Jumped 85% in August, $8 Billion in Assets Held appeared first on Bitcoin News.
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Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.
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This is my 7th week of my crypto trading experiment, where I run four simulated portfolios, each started with $1000. Every week I sell the coins and rebuy, with the following allocations:
For a control, this is compared against an initial $1000 of bitcoin (bought 7 weeks ago).
And just for fun, for the last 2 weeks I've recorded my own trades, with five coins bought as I see fit.
Now we are at week 7, with 6 weeks of trades recorded. I have also recorded all of the existing portfolio positions, so we can also compare how they performed if they had simply stopped trading and held.
First = the bitcoin portfolio stands at $1,223 - a 22% gain in 6 weeks.
Here is the most recent week portfolios and results (compared to my last update 2 weeks ago)
FOMO 100: OMG, YFI, RSR, UTK, REN $1196 (DOWN from $1307)
FOMO 200: OMG, YFI, OXT, RSR, UTK $1087 (DOWN from $1512)
FEAR 100: ANT, AMPL, BNT, SXP, DIVI $1204 (UP from $1197)
FEAR 200: PNT, ANT, DGXT, AMPL, ETHOS $1093 (UP from $995)
My picks: OMG, LINK, TRAC, YFI, SNX $1386 (UP from $1253)
So interestingly, while altcoins have possibly had a slightly rough journey over the last 2 weeks, the FEAR portfolios have recovered slightly, and the FOMO portfolios had a huge retrace.
And here is a table showing ALL the portfolios over 6 weeks. So week 1 shows the position if I had bought but never traded again, while week 6 shows the effect of buying and re-selling over six weeks.
Week 1 | Week 2 | Week 3 | Week 4 | Week 5 | Week 6 | Average | |
---|---|---|---|---|---|---|---|
FOMO 100 | $1275 | $1386 | $1051 | $1201 | $1063 | $1196 | $1195 |
FOMO 200 | $1036 | $1382 | $948 | $1264 | $1227 | $1087 | $1156 |
FEAR 100 | $1032 | $1177 | $1483 | $1035 | $1001 | $1204 | $1155 |
FEAR 200 | $973 | $1119 | $1391 | $840 | $908 | $1093 | $1054 |
My picks | $1383 | $1386 | $1385 |
So looking at the current positions (week 6) the experiment has failed to matched bitcoin's movements, with the FEAR 100 portfolio close but not quite there.
On the other hand if we average the results of all the portfolios over the six weeks, we see that the ranking favours the "FOMO" strategy (skewed towards the top 100) but only just.
Quite happy with the performance of my picks so will try and keep that up.
Also - a fun fact. The best buy over the entire 6 weeks was Solana, bought on July 30 and up 150% (bought in the FOMO 200 portfolio in week 4). The worse buy was not in fact Ampleforth (though that was close) - it was in fact Ditigtex, bought July 23 in the FEAR 200 portfolio in week 3 - down 52%.
Week 8 portfolios as below with prices (recorded 2 days ago):
My picks: Lend 0.836 , Cosmos 7.82, YFI 15206, Kusama 30.90, Serum 2.04
FOMO Top 100 Kusama Ant (9.53) Celo 4.09 OMG 5.25 LEND 0.836
FOMO top 200 Kusama Stake (19.64), Ant (9.53) Storj (0.464) Celo, OMG 5.25
FEAR Top 100 Nervos (.007154), Wave 3.24 Hedgetrade 1.58, Holo 0.000741 ADA .1144
FEAR Top 200 Swap (.8511) Handshake (.142) Trac (.197) Hive 0.23 Nervos
Will any of these be able to stand their ground vs BTC? Final update in 2 weeks!
Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.
Disclaimer:
Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.
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To see prior Skeptics Discussions, click here.
Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.
Disclaimer:
Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.
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A number of university researchers published a study that demystifies the “fake deposit vulnerability” in Ethereum-based smart contracts. The findings show that over 7,000 tokens worth more than $1 billion built on top of Ethereum are vulnerable to two types of attacks that exploit smart contracts.
Researchers from the University of Queensland, Beijing University of Posts and Telecommunications, Zhejiang University, and Peking University have published a paper that describes a vulnerability held by over 7,000 Ethereum-based tokens.
Essentially, the tokens created have verification methods that are subpar to ERC20 contracts released after 2017. The vulnerability allows the token’s codebase to be manipulated and hackers can easily steal millions of dollars by executing the “fake deposit vulnerability.”
What is worse is that there are more than 25 million smart contracts built using the Ethereum network and the researchers say only “0.36% of them have released their source code according to our dataset.”
Moreover, the paper discusses that the tokens are vulnerable on both decentralized exchanges (dex) and centralized exchanges (cex) because they allow these coins to be swapped “without comprehensive verification.”
The team of researchers leveraged a tool called “Deposafe,” which allows the testing of a large number of ETH-based smart contracts.
“In this work, we have systematically characterized the fake deposit vulnerability in Ethereum. Deposafe, an automated tool is proposed to perform the detection and verification of the vulnerability,” the paper states.
“We demonstrate the efficiency of Deposafe with experiments on a large number of smart contracts. Our observations reveal the prevalence of fake deposit vulnerability in the ERC20 smart contracts,” the university’s scholars wrote.
The investigators found that 7,735 tokens can be influenced by the fake deposit vulnerability using a “Type-I attack.” While “7,716 tokens that are vulnerable to “Type-II attack” with a market cap of over $1 billion.
“The number of holders and transactions would be 695K and 4.6 million respectively,” the paper stresses.
The paper also identifies the dexes that have high active trading on a daily basis and could suffer from the fake deposit attack. Dex platforms listed in the researcher’s paper include Ether Delta, DDEX, and IDEX.
Centralized exchanges (cex) that fall victim to the fake deposit attack could lose substantial amounts of funds.
“If a cex allows these tokens to be traded without comprehensive verification, the financial loss will be tremendous,” the paper highlights.
The authors of the report say that the efforts they have provided can “contribute to bring developer awareness” and hopefully “promote best operational practices across blockchains.”
The listed cex platforms mentioned in the researcher’s study include companies like Kraken, Binance, and Coinbase. ERC20s who are allegedly vulnerable to the fake deposit exploit include BRC token, PWR token, BAT, HPT token, Cloudbric, RPL token, Moviecredits, and more.
What do you think about the fake deposit attack? Let us know what you think about this subject in the comments section below.
The post Over $1 Billion Ethereum-Based Tokens Vulnerable to ‘Fake Deposit Exploit’ appeared first on Bitcoin News.
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