QDAO DeFi Weekly Update #22
January 6, 2021
Add: Anton Dzyatkovskii
Welcome to 2021, QDAO DeFi lovers! We’re happy to see you all in a good mood and in good health. The New Year holidays have just ended but we are ready to share some interesting updates! Jump in!
Cryptocurrencies and DeFi coin market analysis
The crypto market is in a zero-gravity zone now. We saw a massive rise to $34,500 for Bitcoin and $1,150 for Ethereum, followed right after by a colossal drop for Bitcoin to $29,000. At the time of writing, the BTC price was holding above the $31,000 mark but the smell of correction is felt in the air.
The DeFi market is performing well these days. The total value locked in DeFi sees its highest point at $17.8 billion. Tokens have begun to grow too. Here are the changes in price for some of the popular DeFi coins:
- ChainLink: +16.58%
- Aave: +41.71%
- yearn.finance: +4.56%
- Compound: +14.73%
The situation in the market can be called “grab and pray”. Altcoin began to boom right after Bitcoin but the main cryptocurrency seems to be preparing for the correction.
There is a lot of news about DeFi. Here are the most important events of the week:
- ETH price finally overcame the $1,000 mark. Of course, BTC helped it to surpass the long-awaited height but we see how Ethereum 2.0 is already bringing positive results for the network.
- Cover Protocol lost 97% of its price. Just before the New Year, a suspected hacker exploited the Cover staking protocol, inflating the token supply by printing over 40 quintillion “coins”. He managed to drain out over $5 million. The token price dropped almost to zero but the project management team came back with a compensation plan.
- The times of high ETH fees are back. Recently, fees in the Ethereum network grew to the August levels, when DeFi projects were booming hard. Aavegotchi even had to postpone their NFT game launch. Now, fees remain inflated.
QDAO DeFi updates
Our team is full of energy and ready to make QDAO DeFi a better place for everyone! Here are our biggest updates from the last week.
We want to remind you that QDAO DeFi substantially increased its deposit rates for all users. This is the best time to earn passively, up to 18.9% APR! Check out all the rates:
The QDAO DeFi team wants to share as many updates every week as possible. But the development process usually takes months. That’s why we’ve decided to share updates every 2 weeks instead of every week.
We’ve added new video guides to our YouTube channel to help you expand your crypto knowledge:
- The Graph: A New Project Worthy of Your Attention: https://youtu.be/dnEi1ypnU2I
- Happy Holidays from the QDAO DeFi Team: https://youtu.be/UNmutt5g-Uk
- What You Need to Know Before Entering the DeFi Space: https://youtu.be/XSCng_PpAWI
- Why is it Important to Understand the BTC-ETH Price Correlation to Predict the ETH Price in 2021?: https://youtu.be/X3KrEyztjIA
- Pros and Cons of Hakka Finance Products: Will BlackHoleSwap Reach Bigger Daily Volumes Than Curve?: https://youtu.be/8hr1b1JAh94
The latest stats from QDAO DeFi PULSE:
Number of active users — 9786
Total amount of users’ funds:
Current users’ interest balance:
Number of withdrawals made: 9054