QDAO DeFi Weekly Update #12

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October 28, 2020

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Add: Anton Dzyatkovskii

QDAO DeFi is showing great results! Last week was full of exciting updates: our team finally issued two new stablecoins – JPYQ and CNYQ; we are also continuing our quest to expand your crypto mind with guides and tutorials. Check out all the updates!

Cryptocurrencies and DeFi coin market analysis

The crypto market is led by Bitcoin. The main cryptocurrencies reached 2020’s all-time-high – $13,200! Most altcoins followed the leader. But now there is a big question – where will we go next? Bitcoin has the potential to climb higher but not as far as $15,000 or even $14,000.

The DeFi market is not stable. Tokens are moving chaotically – some tend to grow, some to decline. Despite this fact, the total value locked in DeFi reached an all-time-high of $12 billion but has now dropped to the $11.2 billion level. Here are the changes in price for some of the popular DeFi coins:

  • Chainlink: +9.12%
  • Aave: +6.01%
  • yearn.finance: -1.88%
  • Maker: +1.08%
  • Compound: +10.44%

$13,500 seems a possibility for Bitcoin but we should expect a correction next. It may send the price of the main crypto to $10,000. The market will react instantly.

DeFi news 

The DeFi market is attracting interest from the media as there are a lot of news feeds. Here are the most important events of the week:

  • The US currency comptroller says DeFi is ‘inevitable’! More and more authority representatives agree that DeFi is the future. Banks and their services are obsolete and the financial system must change to survive.
  • There is a new all-time-high total value locked in DeFi. Recently, we reached $12 billion and it’s great that the market managed to overcome the consolidation phase and is now trying to conquer new heights. It’s also a good indicator for the entire DeFi community.
  • Another ‘fail’ in the DeFi market – Harvest Finance lost $24 million due to a bug exploit. Once again, bad security resulted in money lost for the project’s investors. The price of the native token dropped 65% in a few hours. Their reputation is spoiled forever.

QDAO DeFi updates

We are working hard to make QDAO DeFi something great! Last week was effective, here are our biggest updates.

New stablecoins in the QDAO ecosystem

Recently, the QDAO Project’s stablecoin family was extended with two new coins – CNYQ (pegged to the Chinese yuan) and JPYQ (pegged to the Japanese yen). The development team has issued over 5,000,000 JPYQ and 500,000 CNYQ. These stablecoins will be listed on the BTCNEXT Exchange in the coming days.

New tutorials

We’ve added new video guides to our YouTube channel to help you expand your crypto knowledge:

The latest stats from QDAO DeFi PULSE

Number of active users — 8841

Total amount of users’ funds: 

2637042.63606 XRP

833.6842685 ETH

186.78257 BTC

12963742.8635 ADA

…and more.

Current users’ interest balance: 

69566.563 XRP

21.12806469 ETH

3.53021636781 BTC

212319.476 ADA

…and more.

Number of withdrawals made: 7289

Want to be the first to hear QDAO DeFi news and updates? Visit our website and stay in touch with us on social media: Twitter, Facebook, Telegram, LINE (for the Japanese-speaking community) and Telegram for English-speaking participants.