Quick weekly news:
- DeFi sites are seeing a surge in web traffic
- Bitcoiners launched a cryptocurrency relief fund for Beirut
- Kazakhstan wants to put a 15% tax on Bitcoin miners
Other notable events include:
- Coinbase will allow U.S. retail customers to borrow fiat loans against as much as 30% of their bitcoin holdings
- YAM’s Market Cap Falls From $60M to Zero in 35 Minutes
Also, be sure to check out top altcoin gainers and losers of the week.⬇️
Crypto Credit Line
Coinbase will allow U.S. retail customers to borrow fiat loans against as much as 30% of their bitcoin holdings, without filling out an application or going through a credit check. The exchange is setting conservative parameters on the product, capping credit lines at $20,000 per customer, and offering an interest rate of 8% for bitcoin-backed loans with terms that are a year or less. Coinbase claims it will keep the bitcoin at the exchange without reinvesting it.
Has YAM been mashed?
The memetic token project which launched on Tuesday and crashed on Wednesday – erasing nearly $60 million in value – announced itself to the world as an “experimental protocol mashing up some of the most exciting innovations in programmable money and governance,”
Liquidity providers piled into YAM tokens, developed by Yam Finance, in an attempt to make a quick profit before catching the hot potato.
Profits would be derived from YAM’s elastic supply schedule, which was programmed to keep the token close to the value of U.S. dollars by creating or destroying tokens at set intervals, called a rebase.
It was this very mechanism that contained a bug that destroyed the harvest, disabling the project’s on-chain governance feature.
No comments:
Post a Comment