CryptoTT Friday Roundup 20.08.

CryptoTT Friday Roundup 20.08., Synthetix and Chainlink in the spotlight. BTC and ETH updates in our Telegram Group

YFI –’s YFI token surpassed the price of Bitcoin

CryptoTT Friday Roundup 20.08. –’s native governance token YFI became the first-ever altcoin to surpass the price of Bitcoin (BTC) on Aug. 20. It spiked to as high as $13,444 on Binance, boosted by the growing demand for Decentralized Finance, or DeFi.

“If you’re not familiar with Yearn, you can think of it as a smart bank account that automatically allocates your assets to different low-risk investment strategies that execute on the Ethereum blockchain.” – Cryptocurrency researcher Hasu.

What is YFI?

On July 17 Andre Cronje released yEarn.Finance as a yield aggregating platform built on the Ethereum network. The platform helps yield farmers to find the best returns on crypto collateral while saving research time and transaction fees.

yEarn has a native token called YFI (Yield Farming Incentive).

Compared to other tokens, the price of YFI is high due to its unique monetary supply. Its supply is capped at 30,000, which is significantly lower than most digital assets. 

While the price of YFI has surpassed $12,000, its market capitalization remains below $400 million. By market cap, it is the 45th biggest cryptocurrency in the global market.

Cointelegraph stated that ‘If reaches a similar market cap of other top DeFi protocols, such as Aave and Maker, its price would be at around $30,000 due to its small supply cap. In other words, comparing the price of YFI to Bitcoin makes little sense since the latter has a market cap that is 568 times bigger than Yearn.’

CryptoTT Friday Roundup 20.08.

YFI Spilt

There is an open proposal to conduct a 10:1 split after the price of YFI exceeds that of Bitcoin for “10 consecutive days.” This means that 1 YFI token would become 10 tokens, and by this, the total supply would increase from 30,000 to 300,000, which also means current balances would increase by 10x.

If the proposal is accepted, then the yEarn community could see the split in a few days as YFI continues to trade higher against BTC. Make sure to keep an eye and if you like the project, get in before the split!

Nonetheless, another proposal is to uncap the total supply from 30,000 so that more YFI can be issued to cushion the inflation. So the above is still not a certain fact. Act on your own risk and due diligence!

Synthetix (SNX)

On Wednesday (August 19), Weiss Ratings, the only financial rating agency that grades cryptoassets, explained why it is super bullish on decentralized finance (DeFi) project Synthetix (SNX).

What is Synthetix (SNX)?

Synthetix is a decentralised synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic assets (Synths).

“This pooled collateral model enables users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties.

“This mechanism solves the liquidity and slippage issues experienced by DEX’s. Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short) and commodities.

“SNX holders are incentivised to stake their tokens as they are paid a pro-rata portion of the fees generated through activity on Synthetix.Exchange, based on their contribution to the network.

“It is the right to participate in the network and capture fees generated from Synth exchanges, from which the value of the SNX token is derived. Trading on Synthetix.Exchange does not require the trader to hold SNX.”

CryptoTT Friday Roundup 20.08.

The Verdict

Weiss Ratings gave three reasons for its bullishness on Synthetix:

  • Synthetix is well-positioned in the red-hot DeFi sector to “capture a big chunk of it.”
  • Synthetix offers potentially substantial rewards for staking SNX. According to a blog post published by Synthetix on 15 February 2019, “synths generate transaction fees, which are distributed to locked SNX holders as reward for providing collateral.” To further incentivise SNX holders to mint Synths, during years two to six of operation (we are now in year three), additional SNX will be distributed to SNX stakers.
  • Upcoming support for “futures and leveraged trading”.

Finally, Weiss Ratings says that their $15 price target for SNX (by end of 2020) is “conservative” and in reality “your gains could be a lot larger.”

Chainlink (LINK)

Chainlink has seen intense volatility in recent weeks, with its price incurring parabolic momentum, with an upwards movement to 20$, before facing an influx of selling pressure that sent it reeling significantly lower.

This volatility has come about as talks of LINK’s growth heat up, with mainstream news outlets covering its ascent and prominent social media figures like Dave Portnoy shilling it to their followers.

Despite this, LINK is showing some signs of weakness at the present moment, with buyers being unable to maintain the momentum that it incurred last week.

As a result, the cryptocurrency has faced a strong retrace that has yet to result in any type of rebound. Yet, it did managed to hold the 16$ level.

The bad LINK news

So believe that the rejection and decline from its $20.00 highs has broken its market structure.

As a result, traders are anticipating it to see a move down to one of its immediate support levels. These exist at roughly $13.00 and $10.00.

The good LINK news

Less than several hour ago, top-tier crypto exchange Bitfinex announced that it has listed Chainlink (LINK) token against both fiat and crypto.

LINK deposits on Bitfinex have already been activated.

CryptoTT Friday Roundup 20.08.


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