![]() ![]() Yearn Finance began its operations in February 2020 with another project known as iEarn Finance. Let’s learn what’s unique about each project and why it has been created? If you are not very familiar with yield farming, check out our detailed guide on yield farming. This article takes a look at all the different Yearn Finance projects and forks. At the moment, there are 29,968 YFI tokens in circulation already, according to CoinMarketCap. The maximum supply can never exceed 30,000 YFI tokens. The YFI token attained highs of over $38,000 in August and even peaked above $43,000 in mid-September 2020.ĭo you know what’s the difference between the YFI project and other majority governance tokens in DeFi? Scarcity! Yes, there’s a very limited supply of YFI tokens. It broke Bitcoin’s record of the all-time high in terms of USD prices. Fasten up and hold on to your seats.Have you heard about Yearn Finance’s YFI token? It acts as a governance token for its decentralized finance platform. As more traditional finance operations come to terms with crypto’s role across a variety of industries, adoption is only set to increase. In all, BofA is admittedly optimistic looking forward. Illicit activity with crypto has been a staple for bears, however BofA notes that digital assets associated with illegal activities have been cut in half compared to 2019. While acknowledging regulatory hurdles that the market will need to overcome, the BofA report doesn’t shy away from difficult topics either. Meanwhile, engagement in NFTs and DeFi products are increasingly rapidly as well. Bank of America approximates that countries encompassing roughly 90% of global GDP are reportedly exploring CBDCs. ![]() In the meantime, Bitcoin volatility has decreased relative to the early years, as increased adoption leads to more “diamond hands.”Īdditionally, CBDCs are on the horizon. The BofA report dives into Twitter mention analysis, which showed that Bitcoin mentions decreased year-to-date (as of August) while many altcoin mentions increased. Bitcoin has amassed one of the largest market values on the planet, and in this case is the rising tide that is lifting altcoin boats. However, rising interests are just limited to individuals, but also live within corporations.įurthermore, growth in ownership, interest, etc. adults own digital assets (roughly 14%) while an additional 19M+ plan on buying digital assets sometime this year. ![]() In summary, we’re watching it all unfold in real time. Related Reading | Grayscale Report Shows The Good, The Bad, And The Ugly Of The Cardano Network Close The Curtain That regulatory risk may be exacerbated with stablecoins, however the report noted that despite less liquid reserves (which could lead to heightened regulatory scrutiny), stablecoins are “a waiting zone between fiat currencies and digital currencies, which could further accelerate adoption of the latter.” The report adds that central bank digital currencies (CBDCs) are a “when, not if” situation.īank of America only began it's crypto division earlier this year, however the banking behemoth has already released a bullish report on the crypto market. The firm describes NFTs as “changing the way creators connect with fans and receive compensation.” Indeed, as BofA acknowledges, NFTs have immense potential in demonstrating ownership without any sort of middleman fee – and that this is substantial demand for this across a wide variety of verticals.įinally, regulatory uncertainty was cited in the report as the largest near-term risk in the firm’s view, and understandably so. When it comes to NFTs, the short stroke is that the sentiment reflects digital assets in general: Bank of America is bullish. What many crypto advocates and loyalists have been thinking and working towards is now becoming widely acknowledged by some of the biggest traditional institutions in the game. BofA described Dapps as having the potential to bring financial services to nearly 2B unbanked individuals across the globe. The report soberingly acknowledges the emergence of DeFi, despite it being seen as a continual threat to traditional financial firms like Bank of America themselves. Nonetheless, that’s what we’ll do here to provide a brief recap on Bank of America’s thoughts on everything that isn’t a fungible token or straightforward blockchain project. It’s hard to justify bucketing the immense growth of DeFi, Dapps, and NFTs all in one place while still giving the respective categories their fair shake. All The Rest: DApps, NFTs, And The Regulatory Battles If there is one thing that is abundantly clear, it’s that digital assets are on major corporate radars, and as BofA states – “corporations aren’t risking being left behind.” These earnings calls included companies in information technology and finance, but also included consumer staples, real estate, health care, and more. ![]()
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