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As DeFi Booms Yearn Finance YFI Shifts 100 of Token Supply to Users

As DeFi Booms, Yearn Finance (YFI) Shifts 100% of Token Supply to Users

The DeFi sector recently achieved a record $4.23 billion in total value locked, so why did Yearn Finance distribute its full token supply to its users?

As Decentralized Finance protocols continue to grow on all fronts, their infrastructure grows alongside them. 

While the total value of USD locked in DeFi recently hit a new all-time high at $4.23 billion, liquidity issues have also been a challenge and this led to the creation of decentralized liquidity pools like Uniswap and Balancer. These pools provide liquidity to DeFi platforms through smart contracts and offer interest to the liquidity providers. The latest DeFi boom is partially driven by the addition of reward incentives in lending and the rapidly increasing popularity of yield farming. The process involves users gaming the protocol to “mine” reward tokens by moving from one asset to whichever one is the most profitable.

This appears to have been kicked off by lending and credit protocols like Compound rewarding lenders with COMP tokens, along with the base interest rate in an effort to improve liquidity. In July, a new liquidity pool called Yearn Finance took the mainstage as 30,000 Yearn (YFI) tokens were minted and distributed to users, according to Flipside Crypto.

Decentralized governance and fair distribution comes to DeFi

In an effort to automate the process of yield farming, Yearn.Finance launched a set of smart contracts that maximize earning by automatically changing liquidity pools according to who the highest payer is. Through a multi-token staking mechanism, users of the Yearn.Finance protocol can also receive YFI, a governance token. Governance tokens don’t give access to dividends or any other monetary incentive. Instead, they are used as voting chips that allow users to collectively decide the platform’s trajectory, thus making it truly decentralized. 

On July, 17, Yearn.Finance founder, Andre Cronje, distributed the entire initial supply of YFI to users of the protocol in three separate liquidity pools. Yes, this is correct. The entire supply of YFI was distributed and the team kept none for themselves.  According to the team behind YFI the distribution was carried out

in an effort to:

“Give up this control (mostly because we are lazy and don’t want to do it), we have released YFI, a completely valueless 0 supply token. We reiterate, it has 0 financial value. There is no pre-mine, there is no sale, no you cannot buy it, no, it won’t be on uniswap, no, there won’t be an auction. We don’t have any of it.” 

Ultimately, the intention of the distribution was to delegate governance rights (and responsibilities) to the community in a decentralized and fair manner, something which remains fairly revolutionary for the post-ICO crypto space. 

Is DeFi maturing or in a bubble phase? 

Since being listed on Uniswap, YFI’s price rallied by more than 4,000% in a single day and currently sits at $3,674. Cronje previously told Cointelegraph he has “no clue” why the token price grew so much since he only wanted to “distribute voting rights”. As such, the current DeFi and yield farming mania is somewhat reminiscent of the 2017 ICO craze when tokens with no value were pumped for no apparent reason and even projects with names like “Useless Ethereum Token” were able to raise considerable sums of money. 

Some may conclude that rampant speculation is taking over the sector and that the latest yield farming craze will eventually have an outsized negative impact on the entire DeFi ecosystem. For example, in mid-July, Compound’s reward mechanism propelled Basic Attention Token (BAT) price to unreasonable heights before COMP altered their reward mechanism. While this is a valid concern, liquidity pools appear to be adding value and increased utility to numerous DeFi platforms. The fact that YFI and an increasing number of governance tokens are fully operated by their repsective communities is inarguably a positive step forward as this will further democratize the crypto space and preserve the decentralized ideas the entire sector was built upon.

Article Produced By
António Madeira

António Madeira is a cryptocurrency enthusiast and writer from Portugal. Drawn by the potential for world change found in cryptocurrencies, and fascinated by their technical and economic aspects, António has been writing about blockchain technology, cryptocurrencies and fintech for publications since 2016.

https://cointelegraph.com/news/as-defi-booms-yearn-finance-yfi-shifts-100-of-token-supply-to-users

Heiko Closhen, Entrepreneur

Bitcoin-Friendly Retailer Overstock Moves To Dismiss Lawsuit Ahead Of Token Distribution

Bitcoin-Friendly Retailer Overstock Moves To Dismiss Lawsuit Ahead Of Token Distribution

Global retailer Overstock has filed for a dismissal of a lawsuit that alleges the company is misrepresenting a “digital dividend” token to its shareholders.

Accused On Misleading Information To Shareholders

The online retailer Overstock has been among the firms that adopted and advocated Bitcoin early on. Now the company is caught in a legal battle, accused of spreading misleading information in representing the essence of its new digital token to its shareholders. The so-called OSTKO security tokens were supposed to be released on May 19 and ought to be distributed between shareholders, respectively, one token for every ten company shares. Now, however, there’s an accusation that the announcement has caused a serious price outburst because Overstock has allegedly withheld information about the distribution.

Rejecting The Accusations

The company argues that The Mangrove Partners Master Fund is rather a “well-known short seller” than an institutional investor. Overstock claims that there is no misleading or misrepresented information on the nature of the Dividend they offer or any intentional plan to hide the impact it could’ve had on the market. The company adds that this influence was specified from “day one,” using it as the main reason for the lawsuit dismissal.

Violating Securities Laws

Overstock is also being accused of violating securities laws. The reason – last year’s unexpected departure of ex-CEO and founder Patrick Byrne from the company, and the subsequent liquidation of 20% of his Overstock shares for that matter. These allegations also concern former CFO Gregory Iverson and current retail president David Nielson. It claims that Overstock has released misleading data and year-end predictions on the profitability of its security token exchange tZERO to boost the price of OSTK shares, helping ex-CEO Byrne to walk away with a considerable premium. Overstock has been a well-known Bitcoin proponent for quite some time. In fact, it not only accepts BTC as a payment method but also paid some of its Ohio state business taxes using Bitcoin through the state’s cryptocurrency taxpayer platform.

Article Produced By
George Georgiev

Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping.

https://cryptopotato.com/bitcoin-friendly-retailer-overstock-moves-to-dismiss-lawsuit-ahead-of-token-distribution/

Heiko Closhen, Entrepreneur

Taklimakan Token TAN Created on the basis of Ethereum blockchain Used as the main means of payment a following tool fees referral rewards a share in the vote

 

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Heiko Closhen, Entrepreneur

Microsoft and Partners Make it Easier for Businesses to Issue Crypto Tokens

Microsoft and Partners Make it Easier for Businesses to Issue Crypto Tokens

                                

The cryptocurrency industry sees an influx of new tokens and assets on a regular basis.

The new service launched by Microsoft will only accelerate this trend moving forward. Microsoft has shown a keen interest in blockchain technology in recent years. It allows corporations and users to deploy ledgers as-a-service. This lowers the barriers to entry significantly for novice users and enthusiasts. 

More Crypto Tokens are Coming

In a new announcement, the technology now shifts its focus to issuing crypto tokens. This is a new approach aimed directly at enterprise clients experimenting with blockchain-as-a-service. Any company can select a set of token-building templates and deploy their own offering accordingly. How the companies decide to use such tokens in the end, is entirely up to them. Potential use cases for this technology include loyalty rewards, incentives, and even letters of credit. 

Creating such a new ecosystem where tokens can be issued and put to use directly is a bold move. It will also pave the way for building additional applications utilizing these new tokens accordingly. The new service is known as the Azure Blockchain Tokens platform. When it launches, there will be a list of “examples” for token issues to look at. It is also worth pointing out this is not just a Microsoft venture either. The company received the support from IBM, R3, and Digital Asset. It is plausible to assume this list will be expanded upon further as more time progresses. 

Article Produced By
JP Buntinx

https://cryptomode.com/microsoft-and-partners-make-it-easier-for-businesses-to-issue-crypto-tokens/

Heiko Closhen, Entrepreneur

Tokyo-Based Bank Announces The Tokenization Of Real Estate In The EU

Tokyo-Based Bank Announces The Tokenization Of Real Estate In The EU

                                 

MBK, a Tokyo Stock Exchange-listed merchant bank has announced its plans

to begin with the tokenization of property in Estonia. According to the announcement published by the company, through an alliance with BitOfProperty (BOP), a Singapore-incorporated enterprise that sells fractional ownership of real estate properties in the European Union, both companies will begin with the tokenization of their assets. As detailed in the announcement, BOP will handle the acquisition of the properties and will work alongside MBK to transform these assets into blockchain-based tokens (a process known as the tokenization of assets), which then will be traded through Angoo Fintech, an Estonian company acquired by MBK a few months ago. 

As explained by Deloitte, the tokenization of assets refers to the process of issuing a blockchain token (specifically, a security token) that digitally represents a real tradable asset—in many ways similar to the traditional process of securitization, with a modern twist. These security tokens are created through a type of initial coin offering (ICO) sometimes referred to as a security token offering (STO), which can produce different tokens such as equity, utility, or payment tokens. An STO can be used to create a digital representation – a security token – of an asset, meaning that a security token could represent a share in a company, ownership of a piece of real estate, or participation in an investment fund. These security tokens can then be traded on a secondary market. 

Last month, MBK also signed a deal with Hong Kong Stock Exchange-listed BS Securities to further expand its reach in the security token offerings, providing more support for the development of business in Japan and China. The tokenization of assets has been discussed by experts for quite some time now, with many claiming the advantages that blockchain technology could bring to the process of transferring assets through its tokenization. The security and untampered ledger only blockchain technology can offer and the cost-effective and speedy process that this tech could bring to the table are just a few examples of what blockchain could offer. With Bitcoin (BTC) turning 11 years old, companies are becoming more aware of where the future is heading, which makes sense as to why many industries are applying or beginning to apply blockchain technology at some level. 

Article Produced By
CryptoCoin.News

CryptoCoin.News is the central news source for information on cryptocurrencies. We cover crypto news and analysis on the trends, price movements, ICO reviews, companies and people in the Blockchain world.

https://cryptocoin.news/news/tokyo-based-bank-announces-the-tokenization-of-real-estate-in-the-eu-31773/

Heiko Closhen, Entrepreneur

Telegram to Delay TON GRAM Token Launch for Spring of 2020

Telegram to Delay TON (GRAM) Token Launch for Spring of 2020

Ahead of a US Securities and Exchange Commission court hearing, the Telegram team decided to delay the actual token launch.

                             

Telegram may want the least complications in its upcoming hearing with the Securities and Exchange Commission.

For that reason, the project sent out a message to ICO participants, stating the distribution of TON tokens would be delayed at least until April 2020. At this point, the token distribution may give the SEC more grounds to state that Telegram will distribute an

unregistered security via exchanges.

“Telegram never held a public ICO and instead raised funds directly from 171 private investors, each of whom were verified as "professional clients," meaning that they have sufficient wealth to avoid the usual level of protection provided by the SEC. Nevertheless, the government claims that the distribution of those tokens itself should be considered as a public offering of securities, even though Gram tokens are clearly meant to be used as money and not as shares in the Telegram app,” commented Mati Greenspan, senior market analyst at eToro.

The SEC called for a court order to halt the activity of the Telegram token-based project, based on claims that the TON digital asset was an unregistered security. Currently, large-scale ICO backers still hold onto the tokens, with only a small-scale secondary market on derivatives

based on TON (GRAM) tokens.

The SEC's move to shut down Telegram's crypto project raises questions about the big venture capital firms that gave it $1.7 billion and convinced themselves that it would pass regulatory muster. That includes Benchmark, Sequoia and Lightspeed.

The Telegram ICO, which reportedly gathered the equivalent of $1.7 billion, did not go through a crowdsale, which may diminish the impact of the SEC action. Unfortunately, all backers had to wait for more than a year until the token launch. The SEC announced its decision to block the token project just two weeks before the tokens were supposed to be unlocked for trading. The Telegram ICO was supposed to be an event to boost the performance of the altcoin market, with a long-awaited asset that also has a strong use case within the Telegram ecosystem. Unfortunately, the announcement that the token sale was illegal broke down optimism further. The GRAM token was also supposed to be another instance of using a digital asset within a well-established product, the Telegram chat app. Unfortunately, the launch is not going to be used as a gauge on the potential success of Facebook’s Libra. In the past, multiple projects tried and failed to link mainstream chat products with a token. The Status Network project did not have an appealing chat product, and Kik saw

its token attacked by the SEC as well.

The SEC's move to shut down Telegram's crypto project raises questions about the big venture capital firms that gave it $1.7 billion and convinced themselves that it would pass regulatory muster. That includes Benchmark, Sequoia and Lightspeed. 

The Telegram ICO, which reportedly gathered the equivalent of $1.7 billion, did not go through a crowdsale, which may diminish the impact of the SEC action. Unfortunately, all backers had to wait for more than a year until the token launch. The SEC announced its decision to block the token project just two weeks before the tokens were supposed to be unlocked for trading.

The Telegram ICO was supposed to be an event to boost the performance of the altcoin market, with a long-awaited asset that also has a strong use case within the Telegram ecosystem. Unfortunately, the announcement that the token sale was illegal broke down optimism further. The GRAM token was also supposed to be another instance of using a digital asset within a well-established product, the Telegram chat app. Unfortunately, the launch is not going to be used as a gauge on the potential success of Facebook’s Libra. In the past, multiple projects tried and failed to link mainstream chat products with a token. The Status Network project did not have an appealing chat product, and Kik saw its token attacked by the SEC as well.

Article Produced By
Christine Masters

Business writer with a knack for bubbles and market madness. Has tracked it all: the financial crisis of 2008 and the implosion of Lehman Brothers; bank bailouts and peak gold and silver, penny stocks…and now Christine has moved to cryptocurrencies for fresh stories.

https://cryptovest.com/news/telegram-to-delay-ton-gram-token-launch-for-spring-of-2020/

Heiko Closhen, Entrepreneur

The Perth Mint Issues a Digital Token Backed by Physical Gold Reserves

The Perth Mint Issues a Digital Token Backed by Physical Gold Reserves

The issuance of new digital currencies has almost become a given in this day and age.

Not all of these currencies are linked to companies active in the world of blockchain and cryptocurrency. The Perth Mint Gold Token is a good example. It is issued by a recognized financial institution and aims to revolutionize payments.

Back to the Gold Standard?

It is somewhat remarkable to see so many companies and service providers show a desire to go back to a form of money tied to physical gold. Although the gold standard was removed from the equation many decades ago, there appears to be a chance it will make a comeback. Whether that will be through digital currencies or other means, remains to be determined. For the Perth Mint, a digital currency is seemingly the way to go.  Earlier this week, the institution introduced its own currency, known as the Perth Mint Gold Token. It may not be the catchiest name by any means, but it does serve a purpose. This currency is tied directly to a real commodity in the form of gold. Those god reserves are located in a physical vault owned by the Perth Mint. It is a sensible business model, and one that may help put digital currencies on the map as a whole. 

What is its use?

There are several reasons as to why the Perth Mint decided to take this course of action. Although the trading of gold has been going on in physical form for some time now, it is not all that easy to trade it in a digital format. Several service providers exist, but it seems investors and traders have waited for a legally recognized entity to get in on the action. The Perth Mint is a major institution in Australia, thus their venture will undoubtedly attract a lot of attention. Clients who use the Perth Mint Gold Token can exchange it to cash through a mobile application. The mint also confirms the value of the currency will be certified. Users can have the physical product – i.e. the gold linked to this digital currency – delivered to their door for safekeeping. In doing so, the Mint instills a lot of trust, as the user is not reliant on their vault to move money around. All of the tokens are tracked using a proprietary blockchain, which will allow for instantaneous transactions between users at all times. 

An Interesting Venture

Regardless of how one feels about this new digital currency, it sends an interesting signal to the financial sector. Gold often gains popularity during times of financial instability and looming recession. It is no coincidence the Perth Mint decides to embark on this journey at this exact moment. There has been plenty of volatility across all financial markets, and investors have flocked to gold as a result. By digitizing this commodity, it suddenly becomes a lot more accessible for everyone to get their hands on bullion, at least in Australia. 

Article Produced By
JP Buntinx

https://themerkle.com/the-perth-mint-issues-a-digital-token-backed-by-physical-gold-reserves/

Heiko Closhen, Entrepreneur

Terra and Mining Token Luna Listed on KuCoin Cryptocurrency Exchange

Terra and Mining Token Luna Listed on KuCoin Cryptocurrency Exchange

                            

August 30th, 2019, Singapore

Stablecoin Terra SDT (SDT) and mining token Luna (LUNA) listed on BTC and USDT markets.

Terra, the project building the next-generation payment system on the blockchain, announces today that its stablecoin Terra SDT (SDT) and mining token Luna (LUNA) will both list on global cryptocurrency exchange KuCoin. Deposits will open on August 28, 8:00 am UTC, and trading will start at 10:00 am UTC with trading pairs LUNA/BTC, LUNA/USDT, and SDT/USDT.

Terra is a blockchain payments network that is powered by two tokens: Terra and Luna. At its core lies the algorithmic stablecoin Terra, which refers to a family of cryptocurrencies that are each pegged to the world’s major currencies. Terra’s flagship currency, Terra SDT, is pegged to the IMF’s SDR and serves as the unit of account for the Terra protocol. Terra is backed by a second token called Luna, the mining token that not only powers Terra’s blockchain, but also derives its value from receiving Terra’s transaction fees.

Terra is making blockchain-powered payments commonplace by providing incentives to consumers and merchants alike. Terra offers significantly cheaper transaction fees to merchants by cutting out unnecessary middlemen, and also offers 5-10% off every purchase to shoppers which is funded by growth in its underlying stablecoin economy. Terra’s plan to get its stablecoin into the hands of millions is propelled by an ever-growing e-commerce alliance, which includes Asia-Pacific giants such as TMON (e-commerce, Korea), Woowa (food delivery, Korea), Carousell (C2C, Singapore), and Tiki (e-commerce, Vietnam).

Michael Gan, CEO at KuCoin, said:

“As the People’s Exchange, KuCoin is committed to empowering promising blockchain projects and providing a wide range of digital assets to crypto investors. The next-generation payment network developed by Terra has the potential to grow the blockchain economy. We are happy to see this great project join our trading platform and we really appreciate their contribution to driving the mass adoption of cryptocurrencies.”

“Since launching in June, Terra’s transaction volume has been growing at a rapid pace, with usership already exceeding 400,000. We are excited that a global exchange like KuCoin is listing Terra and Luna at a time of unprecedented growth, and we look forward to continue growing Terra’s economy as more and more e-commerce partners offer Terra as a payment option,” said Daniel Shin, Co-Founder of Terra.

Terra recently announced new e-commerce partners such as Korea’s music-streaming giant Bugs and Sinsang Market, the largest B2B fashion platform in Korea. It has also recently announced investments from Hong Kong’s HashKey Capital, Singapore’s LuneX, and U.S. hedge fund Ulysses Capital. Terra’s mining token Luna (LUNA) is also listed on global cryptocurrency exchanges Bitrue (BTC/XRP) and Bittrex (BTC).

About Terra:

Terra is designing a price-stable digital currency that will power the next-generation payment network on the blockchain. Terra partners with an ever-growing alliance of global e-Commerce platforms to bring blockchain’s benefits such as low transaction costs to merchants and everyday consumers. By bridging the gap between digital currencies and real-world application, Terra aims to evolve into an open platform for innovative financial dApps and grow the real GDP of the blockchain economy. Founded by a team of business, finance and blockchain experts, Terra has offices in Singapore and Korea.

About KuCoin

The KuCoin Exchange opened for cryptocurrency trading in September 2017 and enjoyed steady growth into 2018. The KuCoin Exchange puts a high priority on the quality of the projects listed based on a well-trained research department that scours the blockchain industry for the highest quality projects. KuCoin provides an exchange service for users to conduct digital asset transactions securely and efficiently. Over time, KuCoin aims to provide long-lasting, increased value to its more than five million registered users, in over 100 countries. In November 2018, ‘The People’s Exchange’ officially partnered with IDG Capital and Matrix Partners.

Article Produced By
Bitcoin Blast, Bitcoin Press Release

https://bitcoinprbuzz.com/terra-and-mining-token-luna-listed-on-kucoin-cryptocurrency-exchange/

Heiko Closhen, Entrepreneur