DeFi

Why the Lido LDO rallied after the resignation of Jump Crypto president Kanav Kariya – DL News

Published

7 months ago

25 June, 2024

CoinFlix Staff

Why the Lido LDO rallied after the resignation of Jump Crypto president Kanav Kariya – DL News

Lido’s LDO token is up 7% since Jump Crypto’s president announced his departure on Monday.
Some have blamed Jump for LDO’s disappointing performance over the past two years.

When Jump Crypto President Kanav Kariya announcement On the

At least two dozen people rejoiced: a great weight had been lifted from the Lido token LDO, they said on social media.

Indeed, the token is up sharply this week, rising more than 7% since Kariya’s announcement on Monday.

Maybe it wasn’t a coincidence.

During the “crypto winter” triggered by the collapse of Terra in May 2022, Jump Crypto sold more than 5 million LDO tokens, according to data from Arkham Intelligence. As of September 2022, the company has approximately 6 million LDOs. As of Tuesday, there were just over 500,000, worth about $1.4 million.

This two-year fire sale cemented Jump as a villain to LDO’s retail investors, who came to view the company’s constant selling as an albatross driving down the token’s price.

It is unclear whether Kariya was personally involved in Jump’s sale of LDO. He did not immediately respond to a request for comment.

“It’s both a joke and a bit true,” Will Sheehan, founder of crypto data firm Parsec Finance, said of the tweets celebrating Kariya’s departure. “Jump sold Lido until 2022 and 2023, and sometimes in cryptocurrency. [crypto Twitter] the joke becomes a real negative narrative.

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Lido is the largest decentralized finance protocol, with around $33 billion in user deposits, according to data from DefiLlama.

Lido is the largest decentralized finance protocol.

The protocol simplifies the process of “staking” Ether, or locking it in for an annualized return.

Lido also issues derivative tokens that track the value of the Ether deposited. These tokens are widely accepted in Ethereum’s DeFi ecosystem and allow users to avoid the opportunity cost associated with vanilla staking.

It was one of the most profitable protocols followed by DefiLlama, generating $100 million in fees over the last 30 days, second only to Ethereum itself.

Lido token

LDO is the protocol’s governance token and gives holders the right to propose and vote on changes to the Lido protocol.

But his performance was disappointing. Uniswap’s UNI token has a market cap of $7 billion, even though the protocol controls less than a fifth of the crypto deposited at Lido.

MakerDAO’s MKR token has a market cap of $2.2 billion, while Aave’s AAVE token is worth $1.3 billion. Both are much smaller than the Lido.

Some chose to blame Jump.

But LDO’s rally following Kariya’s departure can’t simply be attributed to a change in Jump’s top ranks, Sheehan cautioned.

“This coincides with some relative strength in old-school DeFi coins,” he noted.

Over the past 24 hours, UNI, MKR, and AAVE have increased by 4.4%, 10%, and 9.4%, respectively. Sheehan said he wasn’t sure what triggered the DeFi coin rally, but suggested it was a reaction to the memecoin fervor that has taken over the industry this year.

“It seems reactionary to the memes and the general hemorrhaging,” he said, “because these are real businesses that are much more countercyclical.”

Contact the author at aleks@dlnews.com.

Fuente

DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

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DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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