QDAO DeFi Weekly Update #13

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November 4, 2020

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Add: Anton Dzyatkovskii

QDAO DeFi is moving towards greatness! We did some big work last week, our new stablecoins are comfortably fitting into our ecosystem and new tutorials are waiting for your views. Check out all the updates right now!

Cryptocurrencies and DeFi coin market analysis

The crypto market is re-living strange times – everything is falling down except Bitcoin. Usually, it’s BTC who serves as the driver for the entire market but this scenario looks different. While Bitcoin reaches its new all-time-high of 2020, most altcoins are dipping hard, losing up to 20% of their value.

The DeFi market is suffering the most. The total value locked in DeFi dropped from $11 billion to $8.4 in one day but managed to retain its position right after. Most DeFi tokens dropped hard. Here are the changes in price for some of the popular DeFi coins:

  • Chainlink: -10.16%
  • Aave: -21.01%
  • yearn.finance: -1.88%
  • Maker: -24.08%
  • Compound: -9.67%

It seems like the fuel tank is almost empty and the only way for the crypto market is down. The stock market crash does not create confidence in the future. We should expect Bitcoin to go down for a correction in the coming weeks.

DeFi news 

There are a lot of hot news reports about the DeFi market, despite the overall decline. Here are the most important events of the week:

  • Is decentralization fake? Large DeFi projects have failed the decentralization exam. It turns out the executives of MakerDAO (MKR), Curve (CRV), Compound (COMP) and Uniswap (UNI) are holding the keys to their projects’ control, which makes them centralized. This goes completely against the core concept of DeFi.
  • Bitcoin drains the blood from DeFi. The decentralized finance trend shined for 6 months in a row; now it’s BTC’s turn!
  • Uniswap failed another vote. It was proposing to give away 5 million UNI. A quorum of 40 million votes in favor was needed to pass the proposal. This is the second failed vote. Uniswap’s governance system is far from perfect.

QDAO DeFi updates

Our community is growing and getting stronger on a daily basis. Last week was no exception! We continue to develop QDAO DeFi to make it an even more attractive place for investors all over the world.

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 — 8918

Total amount of users’ funds: 

2678399.635630 XRP

832.842231999 ETH

185.632335 BTC

12895531.86 ADA

…and more.

Current users’ interest balance: 

72833.636 XRP

21.1147028 ETH

3.5584535956 BTC

225648.15818 ADA

…and more.

Number of withdrawals made: 7443

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 and LINE 2 for the Japanese-speaking community.