yearn.finance(YFI)

Binance announced the impending delisting of three crypto tokens, Serum (SRM), Sonm (SNM) and DFI.Money (YFII) citing non-compliance with quality standards.

Curve Finance suffered a significant exploit over the weekend, with attackers managing to siphon off around $70 million worth of assets from users. Curve founder Michael Egorov has a loan of around $70 million in USDT on Aave v2, using CRV as collateral. Curve Chaos Could Have Major Implications The exploit at Curve Finance resulted in the price of the protocol’s CRV token experiencing a sharp decline. This decline has put a $168 million lending position held by Curve founder Michael Egorov at risk of liquidation. If the position gets liquidated, it could have disastrous implications across the decentralized finance (DeFi) ecosystem. The Curve founder has around $168 million worth of CRV, which he has used to secure loans from several DeFi protocols, according to data from the blockchain analytics site DeBank. This amount equals nearly 34% of CRV’s total market capitalization. The exploit has led to a decline of over 20% in the CRV price, putting Egorov’s position in danger of liquidation. A Major Blow A forced liquidation would be a devastating blow to Curve after its weekend exploit. As a result of the exploit, the total value of assets locked on the DeFi protocol dropped from $3.7 billion to $2.1 billion, with investors pulling their funds as a precaution. Thanks to DeFi’s interconnected nature, the liquidation of Egorov’s position could put significant pressure on CRV’s price and other decentralized lending protocols. The CRV token is extremely popular on Uniswap and Sushiswap and is used as collateral on platforms such as Aave. Aave’s Exposure Michael Egorov has a $70 million loan in USDT on Aave v2, for which he has used CRV as collateral. Based on risk parameters set by Aave, if the CRV token’s price drops below $65%, it would be at risk of liquidation. When liquidations occur, the collateral the borrower deposits is sold in exchange for the borrowed asset. In the case of Aave, the CRV would be sold for Aave, leading to considerable bad debt. The concerns around bad debt were already flagged by Gauntlet, who recommended freezing CRV and setting its loan-to-value to zero on Aave v2. “The amount of CRV concentrated on Aave, relative to the circulating supply of CRV, is already high. Given the limitations of V2 mechanisms, including the possibility of circumventing an LTV of 0, the only way to truly prevent more risk of this position is to prevent borrowing of all assets on V2.” However, this proposal failed to pass. Aave’s GHO stablecoin also lost its peg for a few hours on the 31st of July. The stablecoin subsequently regained its peg, with analysts working to determine why the de-pegging occurred. According to most, the de-pegging was a result of the reentrancy attack on Curve Finance. The GHO stablecoin had dropped to $0.96 on the 31st, losing its $1 peg for a few hours. However, it regained its peg and is currently trading at $0.98. Other Protocols At Risk Aave is not the only protocol that the Curve Finance fiasco could impact. Egorov has also borrowed $17 million worth of the FRAX stablecoin, putting $32 million worth of CRV as collateral. Since the exploit, Egorov has made several transactions to repay part of the amount he borrowed on Fraxlend. According to DeBank data, Egorov also has an $18 million loan on DeFi protocol Abracadabra. Egorov has moved to shore up his capital by selling LDO, the governance token for liquid staking protocol Lido, in exchange for the USDC stablecoin. These transactions have been done in several batches valued at between $10,000 and $50,000, according to data from EtherScan. The developments have raised several questions for decentralized lending protocols, and whether they should implement measures to prevent large positions, such as the ones taken by Egorov, that could potentially introduce systemic risk. Egorov came under fierce criticism in 2020 after he took control of over two-thirds of a Curve voting token, veCRV. He later apologized and called the move an overreaction to what he thought was a takeover attempt by Yearn.Finance. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Grizzly.Fi, the trailblazing DeFi platform committed to democratizing innovative financial solutions, has shared a momentous announcement that transcends its vibrant community. On July 21, 2023, Grizzly Trade, their decentralized perpetual platform built on opBNB in collaboration with Metavault Trade, officially launched on BNB Mainnet. This highly anticipated release marks the platform's advancement into a new realm alongside its existing range of earning products, further benefiting the Grizzly ecosystem. The First Decentralized Perpetuals on opBNB Grizzly, one of the most promising projects in the DeFi span, has launched its decentralized perpetual exchange, Grizzly Trade. This strategic expansion marks a significant milestone for the Grizzly Ecosystem, as it taps into a new market and propels the platform towards its vision of becoming a decentralized hub for DeFi's finest utilities. In collaboration with Metavault Trade, Grizzly.Fi has extended its product line to include a futures trading platform, providing additional benefits to the Grizzly ecosystem. The opBNB (BNB Layer 2) deployment process commenced on June 30, 2023, and made Grizzly Trade available for testing. Following the initial deployment on the opBNB Testnet, the platform was also launched on the BNB mainnet on July 21. Grizzly Trade allows users to trade blue-chip cryptocurrencies such as BTC, ETH, and BNB with leverage of up to 50x while ensuring a fully non-custodial experience. The platform boasts an intuitive and user-friendly interface, providing a glimpse of the upcoming V2 update, which aims to transform the growing ecosystem into a beginner-friendly crypto hub. Beyond its appeal as a new product catering to a broader audience, Grizzly Trade plays a vital role within the Grizzly ecosystem, serving as a lucrative real yield source for yield farmers. By providing liquidity, users can earn 50% of all platform fees while simultaneously being exposed to BTC, ETH, BNB, and stablecoins. One of the most notable features of Grizzly Trade is the built-in Buyback & Burn functionality for Grizzly's native token, "GHNY." This unique feature utilizes 25% of all generated platform fees to purchase GHNY from the open market and burn it. This mechanism effectively curbs inflation, transforming GHNY into an ultrasound (deflationary) token. Grizzly Trade not only expands the potential market size by introducing a utility already utilized by thousands of individuals regularly but also stabilizes inflation and drives the protocol's traction. It signifies an important step towards achieving the overarching goal of the Grizzly ecosystem: to lead and onboard the next million users into DeFi. Win Big with GrizzlyFi's "Trade to Earn" and "Trade to Win" Challenges! In parallel with this launch and to celebrate it, GrizzlyFi establishes new trading challenges to reward and encourage new users to explore the platform: 'Trade to Earn' and 'Trade to Win.' With these two challenges, users can win impressive prizes from a reward pool of $20,000 in the 'Trade to Earn' challenge with a $1,000 transaction volume. Also, they can compete for some of the $50,000 and $30,000 prize pools in the 'Trade to Win Beginner' and 'Trade to Win Pro' challenges, respectively. Discover Grizzly.Fi Grizzly.Fi is a tech company founded in 2021, and it incorporates a DeFi platform dedicated to democratizing decentralized finance for all. Today, Grizzly.Fi is also one of the most intuitive Liquidity Mining platforms. Renowned for its solutions and unwavering dedication to inclusivity, the company sets the benchmark in the industry. Apart from its exceptional accessibility, Grizzly.Fi upholds an unwavering focus on security and transparency. Employing cutting-edge security protocols, the platform ensures the utmost protection of users' funds and personal information while fostering a culture of complete operational transparency. Stay Updated For more information, discover the honeycomb of Grizzly.Fi and explore its exceptional range of products by visiting its official website. Also, engage with the company through social media on LinkedIn, Twitter, Discord, Telegram, Reddit, Instagram, and YouTube, to stay connected with the latest news and updates. Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

Digital asset firm Bakkt has delisted 25 out of the 36 tokens on its recently acquired Apex Crypto platform. The decision was presumably made in compliance with regulatory guidance, and the delisted tokens mainly belong to popular decentralized finance (DeFi) and nonfungible token (NFT) ecosystems. The announcement comes after the digital asset firm's finalized acquisition of Apex Crypto in April, with negotiations that began in November 2022. Another influence to the decision is a perceived shift on Bakkt's overall strategy from crypto retail towards business-to-business (B2B) services. A Bakkt spokesperson claims that the delisting decision was made in the interest of consumer and client protection, based on the firm's regular, internal review of listed coins. Among the tokens delisted are Aave (AAVE), ApeCoin (APE), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), Compound Token (COMP), Cosmos (ATOM), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Maker DAO (MKR), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Tezos (XTZ), Uniswap (UNI), and Yearn Finance (YFI). Bakkt's acquisition of Apex Crypto, an unprofitable platform, cost the company $55 million in cash and $145 million in stock. Apex Crypto is a "turnkey" service that provides execution, clearing, custody, cost basis, and tax services to 5 million customers through 30 financial technology partners. Bakkt secured a broker-dealer license from Bumped Financial earlier in February this year, which it disclosed in a financial statement. The license was part of Bakkt's strategy to expand its presence in the fintech market, catering to a growing clientele. However, Bakkt's focus shifted when it decided to shut down its retail-oriented app in March, concentrating instead on business-to-business (B2B) operations. Bakkt now aims to provide crypto and loyalty solutions to businesses through Software-as-a-Service (SaaS) and API solutions. Intercontinental Exchange, the majority owner of Bakkt, also owns the New York Stock Exchange. Bakkt's stock experienced a 7% decline on May 12, the day of the announcement. However, it is also down by 40% over the last six months, although it is up 3.45% on a year-to-date basis. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The global cryptocurrency market has delivered huge returns in the past and people have become more confident about these blockchain-based assets. Today's cryptocurrency market is replete with options that have varying use cases &ndash; from a digital payments portal to developing dApps to play-to-earn platforms and meme coins. DigiToads is among the best crypto for beginners that has achieved a lot of attention from buyers due to its state-of-the-art features. Built on the Ethereum network, DigiToads sports a dynamic economic model that enables users to stake NFTs, swap tokens, play games, and do much more. It is always a good idea to invest in new cryptocurrencies that can deliver potentially rapid gains after listing. The following list features eight new top crypto coins which have been creating a buzz in the cryptoverse. 1. DigiToads: The latest ico everybody is talking about DigiToads' secret to success is its powerful economic framework developed by leveraging the attributes of three different crypto models &ndash; a play-to-earn game, a stake-to-earn platform, and a meme coin. The hybrid model means that you can derive thrice the benefit by opting for DigiToads rather than any other regular cryptocurrency. For an average crypto user, the latest ico brings to the table multiple options to earn residual income. You can stake NFT, trade tokens, participate in its Web 3.0 game, and earn rewards by actively interacting with the platform. Even if you are a rookie investor and want to start with a beginner cryptocurrency, DigiToadscan still help you earn tokens. The DigiToads team organizes regular giveaways and gives away bonuses to encourage users. All you need to enter these giveaways is to buy DigiToadsnative token TOADS. You can buy the TOADS token by participating in the presale process, which has been split into 10 stages. Three stages have been completed so far and the fourth stage is in full swing. So far, the team has collected over $1.8 million via the presale process. To buy the token, you don't need any specific cryptocurrency as the platform accepts all major altcoins. For storing and holding your tokens, you can choose between Moonpay, Trust Wallet, and Meta Mask. While the platform will be minting 585 million tokens, around 69.2% of the coins will be utilized for the presale stages and funding community rewards. If you are wondering why so many analysts have been rooting for this cryptocurrency ico, the top reason is DigiToads staking mechanism. One can easily stake NFTs securely on the platform and earn rich rewards. These rewards will be varying with the duration for which you are willing to stake the digital asset. The rewards are given from a staking pool that is maintained by funds received from 2% of DigiToads' annual profits. >> Buy DigiToads Now << 2. Glory Finance: Catalysing microfinance with DeFi tools GloryFinance has been developed as a liquidity protocol that aims to make decentralized finance (DeFi) more accessible to people and drive the use of cryptocurrencies in microfinance. The platform serves as an ideal cryptocurrency for beginners and bridges the gap between the underbanked population of the world and financial services. Plus, the Glory Finance dashboard can be easily customized to help its users interact more effectively with the protocol. Its native token is GLORY which functions as both the governance and utility token. Through Glory Finance's peer-to-peer protocol, borrowers can secure loans across multiple blockchain-based networks at flexible rates. At the same time, lenders can stake their assets and earn attractive rewards for contributing to the liquidity pool. As Glory Finance uses a decentralized governance structure, token holders also get to move and vote for proposals seeking systemic changes. These changes can include proposals to support new markets, introduce new parameters, and introduce new functionality to the protocol. 3. Reality Metaverse: A real estate boom in Metaverse Reality Metaverse is among the new altcoins that are striving to drive impact with Metaverse-based solutions that are both practical and profitable for crypto users. The platform leverages tokenization to convert famous landmarks across the world into an NFT. Users can buy these NFTs and earn royalties on them. These NFTs can be used in multiple games that are available on the network. In addition, NFT holders will be earning trading fees from both primary and secondary NFT marketplaces. Reality Metaverse's native token RLTM is the main crypto coin on the network. One of the most famous games available on the network is Landlord Go where players go around the globe collecting rent from popular landmarks. The team's collection of landmarks includes over 2000 properties. Each NFT will represent actual cities, countries, and buildings. Built on a 1:1 scale, these NFTs are 3D assets that can be used in several other games too. 4. ChainGPT: A one-stop AI solution for all your blockchain needs ChainGPT is an artificial intelligence-powered solution for all your blockchain needs. The platform leverages next-generation algorithms and high-speed computing tools to address challenges in blockchain and cryptocurrency adoption. What makes ChainGPT a good crypto to buy is the wide array of services that it has to offer. From any kind of information about blockchain or cryptocurrencies to smart contracts auditor, no-code smart contracts generator, blockchain-based analytics, APIs to deploy dApps, and on-chain data, among others. Its native token is CGPT and it serves as the main medium of exchange on the network. A key USP of this token is its deflationary model which keeps the token price stable. Almost 50% of all CGPT tokens are collected as profits and fees are burned to keep the supply scarce and fluctuations minimal. By holding the CGPT token, users can look forward to enjoying staking and farming opportunities on the ChainGPT network. 5. Zenland: Secure transfers with no-code smart contracts Zenland is a decentralized platform for deploying no-code smart contracts for guaranteeing fair and secure exchanges in online transactions. It's a top crypto to invest in especially if you consider the kind of value it offers to professionals without a technical background like freelancers and OTC participants. The platform has rolled out a native token for its network which is called the ZENF token. The platform has been audited by Quillshare and it is compatible with MetaMask. Another feature of Zenland that has won it many users is the availability of escrow accounts. In case of any disputes between the trading parties, Zenlandhas set up a dispute resolution team to help them reach an amicable solution. 6. PlayZap: Use your skills to win lucrative rewards If you are looking for a cryptocurrency that is a top crypto to invest in and enables you to have a good time for hours, PlayZap is an option that you should consider. Developed as a competitive gaming platform, the PlayZap network features a wide array of games where they can use their skills to own assets and win tokens and NFTs in prizes. The platform's native token PZP is the primary cryptocurrency on the network. The network has been developed with a user-friendly interface where players can easily switch between games and get a chance to compete with players in live settings. At the same time, they can connect with a thriving community of other gamers to boost their network. PlayZap encourages its token holders to participate in its governance and operations by voting for proposals focusing on games and new features. They can also attend the exclusive events and tournaments that the platform organizes from time to time by buying tickets, which represent NFTs. 7. Kepler Homes: 3D gaming at its best Kepler Homes is a 3D and massively multiplayer online role-playing game (MMORPG) that aims to draw more crypto users to NFTs and encourage game content creators to build more exciting games. The storyline entails a futuristic setting on a planet called Kepler where everything is unknown. Players would be required to choose a profession and fight unknown creatures. The platform has rolled out two tokens &ndash; KEPL and KEME. Any rewards that players win in the game would be in terms of the KEPL token. The other token KEME is the platform's governance token which can be used for voting for community proposals. The KEME token would also be the medium of exchange on the network. Users will be eligible for rewards, shall they choose to stake the KEME token. 8. Blue Sale: Launch your token without any hassles If you thought the journey of becoming a blockchain innovator and launching a crypto token is too complicated for you, think again. Blue Sale is a nuanced beginner cryptocurrency that enables you to launch your own token and even host initial token sales without requiring coding knowledge. The platform has many templates with varying features like listing the token on any decentralized exchange, options to lock the liquidity pool, or adding a vesting period to the token sale process. Its native token is BLS which is the primary cryptocurrency on the network. Another token rolled out by the platform is xBLS which is used for governance and community-based voting. One of the most distinctive features of the BlueSale network is the high-end security framework. With its strict KYC procedures, the platform takes care to weed out malicious actors or security concerns. Is DigiToads a good crypto to buy? These eight crypto tokens are among the new alt coins that have been all over the news with their impressive performance. Despite being launched just a little while ago, these new alt coins tick all the right boxes for a dependable cryptocurrency. From being secure to scalability to utility and versatility, they offer the right mix of features that will amp up your returns while diversifying your portfolio. Among these names, the one crypto project that has won over a lot of cryptocurrency analysts is DigiToads. The latest ico has garnered largely positive reviews owing to its exclusive yet impactful economic model that can help its users build a sustained source of passive income. Many analysts who have reviewed the TOADS token feel that it has the potential to cross 50x in return in the coming months. For more Information on DigiToads visit the website, join the presale or join the community for regular updates. Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.