DAI

VC Backed Billion-Dollar Stablecoin Project Fei Protocol Falls Below the USD Peg

08/04/2021 by Idelto Editor

The new decentralized finance (defi) stablecoin project called Fei had some issues this week after the 1:1 USD pegged token dropped well below its targeted $1 value. The Fei project was supposed to be similar to Maker DAO’s algorithmic DAI stablecoin and it was backed by major venture capital firms.

Fei Protocol Market Price Drops to $0.73 and the Stablecoin Fei’s Bid Slides to $0.136

On social media and forums, crypto advocates have been discussing the defi project called Fei after it lost its peg with the U.S. dollar this week. Currently, a single fei (FEI) is exchanging hands for $0.76 per unit but the price sunk lower than current exchange rates. Coingecko data shows a single FEI dropped to a market price low of $0.73 per token on April 7, 2021.

1 FEI = $0.136, @rleshner is down 80% from his bullish buying price. I think one takeaway is big names mean nothing. pic.twitter.com/xGiwKqUUON

— banteg (@bantg) April 7, 2021

However, the Fei protocol’s bid hit $0.136 and crypto supporters started talking about the situation. Avalanche executive Emin Gün Sirer noticed the coin lost considerable value and spoke about the concept a great deal.

“FEI dropped down to $0.136. In the process, it should have taught everyone a few lessons about stablecoin design and, perhaps, crypto investing,” Emin Gün Sirer tweeted. FEI/TRIBE was a two-coin algorithmic stablecoin, with a twist. The twist was flawed from the start and it should have been possible to predict that this idea would not work,” he added.

The Avalanche founder and CEO continued:

In a typical two-coin algorithmic stablecoin, you have one coin, FEI, trying to maintain the peg, while the other one is used [to] absorb the volatility. Algorithmic stablecoins work very well when the demand for the coin is so high to be over the peg: you just mint more FEI to bring the price down to the peg. The actual challenge lies in what to do when demand is lagging and price is low.

Not the First Stablecoin to Drop the Peg

A stablecoin’s biggest job is to maintain its peg and if it doesn’t then it can be a disaster in the marketplace. In the spring of 2019, Bitcoin.com reported on how the algorithmic stablecoin DAI struggled with its peg. Other popular stablecoins like tether (USDT) and USDC fluctuate but only by a couple of pennies or so either above or below depending on demand.

There have been other stablecoin failures in the past like when investors lost money with nubits (USNBT). The token remained pegged to the USD for quite some time after launch, until June 9, 2016 when it dropped well below the dollar peg. Today the so-called stablecoin nubits (USNBT) is only worth $0.22 per unit.

In more recent times, in November 2020, the OUSD stablecoin issuer, Origin Protocol suffered from a flash loan attack and the coin lost its peg. At press time, Coingecko stats show fei (FEI) has a fully diluted valuation of around $1.8 billion. Fei supporters and investors are confident the $1 target will be fixed in time.

What do you think about the issues with the Fei protocol stablecoin and how it lost its peg with the USD? Let us know what you think about this subject in the comments section below.

Atari to Launch a Crypto-Fueled Gaming Platform in the Ethereum Metaverse Decentraland

10/03/2021 by Idelto Editor

Atari Is Launching a Crypto-Fueled Gaming Platform in the Ethereum Metaverse Decentraland

In October 2020, the entertainment software company Atari launched a digital currency and later revealed plans to join the Ethereum virtual reality game Sandbox. On March 8, Atari announced that the company is now launching a casino in Decentraland, another metaverse built on Ethereum. According to the announcement, the firm’s gaming platform in Decentraland will showcase classic video games and Atari-themed non-fungible tokens (NFTs) as well.

Software Firm Atari Partners With Decentral Games, Plans to Host a Casino on Decentraland’s Metaverse

Back in 1972 and into the early eighties, the brand name Atari was a well known video game console and software firm that created numerous trends. The brand has passed through several owners since its peak in popularity, and Atari Interactive is now a subsidiary of the French publisher called Atari SA.

Over the last few years, the company has been planning a comeback and while doing so it discovered blockchain technology and cryptocurrency solutions. Atari launched its own digital asset in October 2020, and recently the firm has been partnering with blockchain projects like Sandbox.

On March 8, 2021, Atari revealed it has partnered with Decentral Games, the team behind the Ethereum-based Decentraland metaverse. According to the announcement, Atari is planning to build an Atari-themed gaming casino inside an area being constructed in Decentraland called “Vegas City.”

The announcement also reveals that the playing ground Atari will leverage will be leased for a period of two years. The partnership press release also says that the two firms expect bets in the millions to take place in the gaming arena.

Moving the Atari Gaming Experience Onto the Blockchain

Atari’s chief executive officer Frederic Chesnais believes the venture with Decentral Games will “move the Atari gaming experience onto the blockchain.” The Atari-themed gaming platform will feature games that designed to reflect Atari’s most memorable games and non-fungible token (NFT) assets as well.

The entertainment software company is best known for classic video games like Missle Command, Centipede, Asteroids, and Pong. Atari has been making moves with a number of projects and at the end of January, it partnered with Virtually Human Studio (VHS), the creators of the Ethereum-built game Zed Run.

Players will be able to win Atari-themed NFTs leveraging the entertainment company’s casino, and also other digital assets as well. Atari’s announcement reveals that players will be able to earn the native token tethered to Decentral Games, Decentraland’s MANA token, atari tokens (ATRI), and the stablecoin DAI as well.

At the time of publication, a single ATRI is exchanging hands for $0.29 per token. ATRI has a circulating supply of 400,000,100 coins and a market valuation of around $118 million on March 10.

What do you think about Atari’s recent partnership announcement with Decentral Games and the casino coming to Decentraland? Let us know what you think about this subject in the comments section below.

DMEX Integrates xDAI for Cheap Decentralized Perpetual Contracts With up to 100x Leverage and No KYC

22/01/2021 by Idelto Editor

PRESS RELEASE. In response to rising gas prices during the last weeks, DMEX has moved its trade processing to xDAI sidechain that allows for much cheaper transaction recording. Customer funds are still stored on an Ethereum smart contract, the trade recording, however, is now performed on xDAI.

This change allows users to place orders as small as 100$ which was impossible until now, with minimum order requirements growing up to 200k$ during gas price spikes on Ethereum.

The new structure allows for a flat minimum order value of 100$ independent of Ethereum gas prices.

How does it work?

The custody smart-contract remains on the Ethereum blockchain, therefore the same margin currencies are used for trading (ETH, BTC or DAI), while the smart contract responsible for trade processing and recording is hosted on the xDAI sidechain. Whenever a user deposits funds to DMEX, the custody contract (on Ethereum) communicates with the trading contract (on xDAI) through a decentralized bridge and communicates to the trading contract that the user has performed a deposit.

The trader then commences trading on the xDAI contract with cheap gas fees and low minimum orders. Whenever the trader wishes to withdraw funds from DMEX, a request is sent from the xDAI trading contract to the Ethereum custody contract to release funds to the user wallet.

DMEX offers the best decentralized user experience for perpetual futures contracts with up to 100x leverage with lightning-fast trade execution, instant withdrawals, and no KYC checks. Check out the DEMO version to see it with your own eyes.

Media Contact: [email protected]

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Yearnify Finance (YFY) Hidden Gem – Decentralized Finance Project, Pre-Sale Round 3 Is Now Live

05/12/2020 by Idelto Editor

PRESS RELEASE. Yearnify Finance is a community-centered DeFi-project, modeled to take the successful features of Yearn Finance (YFI), and improve upon them. Yearnify aims to bring the true value of yield farming finance accessible to all users, yearnify offers the most secure and simple way to earn reliable yields on your assets.

Yearnify is generally a platform composed of the protocols built on Ethereum. It increases the annual percentage yields (APY) of the cryptocurrencies which are deposited into the DeFi system

Yearnify Finance is a powerful DeFi Platform focusing on staking, farming, borrowing and mortgage. Our platform is powerful enough from a scalability, interoperability, developability and governance perspective to help make the vision of Web3 a reality that aims to get more value for an investment,

Where to buy YFY Tokens : ( pre-sale round 3 is live ) (final round )

The fact that makes Yearnify unique is its Limited token supply. Talking about limited supply, only 29,000 YFY minted will be distributed to the community through Airdrops and Pre-sale events.

Yearnify finance has also made some big announcements such as getting their YFY Token listed on big exchanges like Uniswap, Kucoin and Hotbit , before the end of the year with an initial listing price of 3200$ per YFY Token.

Presale link : https://yearnify.com/index.php/pre-sale-yfy-token/

Presale steps:

Go to the YFY presale link, then connect Your Metamask , Get your ETH ready, add amount you want to buy and press buy YFY , if you do not have metamask , simply follow instructions here https://telegra.ph/YEARNIFY-FINANCE-PRE-SALE-IS-LIVE-10-18

( Tokens unsold would be Burned ,Uniswap liquidity will be locked 100% for 1 year)

Yearnify Finance Products

We’re building a transparent, secured, user-friendly, and simple yield farming platform, that would provide opportunity for the YFY holders to get benefits from several platforms provided by Yearnify Finance.

Yearnify Finance staking platform enables investors to earn a yield on YFY token, depositing, and selecting the amount you want to stake, you will get an APR of 29%, and it can be unlocked anytime and you will get FYFY Token reward also.

Lending – YFY will provide you with the highest yield in the market today, Upto 29% APR for supported coins (DAI, USDC, USDT, TUSD, BUSD, PAX) STAKING – Stake YFY and Earn 29% APR, YFY can be unlocked anytime without any lock period or other obstacles on your way.

Yield Farming – It is simply based on a farmer who plants and harvests all his crops. The more you farm, the more the harvest, the more the invest the more the profit. With YFY you will be able to enjoy Yield Farming to its fullest.

Yearnify Exchange – Exchange between your assets without sending anything to anyone or without any fear of loss.

Dapps – Yearnify is also developing their own Dapp running on the Ethereum Network, allowing users to use it from any of their favorite wallet (Trust wallet, MEW, Metamask etc.) to search and use their Decentralized Ecosystem.

Yearnify Finance Tokenomics :

Token Type : ERC-20

Token symbol : YFY

Token Name : Yearnify Finance

Contract : 0xb9ae6fe574982e891666a5b1c2b33e79eb5dabb5

Total Supply : 29,000 YFY

Circulating Supply : 12,000 YFY

Initial Uniswap Liquidity : 9,000 YFY

YFY for Pre-sale : 8,000 YFY

Team Tokens : 500 YFY

Marketing & Development : 2,000 YFY

Airdrops : 8,000 YFY

Conclusion

Yearnify finance offers an innovative platform and promotes Defi to an advanced level. It aims to work efficiently with the other existing protocols of Defi to build the new world ecosystem.

Yearnify Finance Community :

Website : https://yearnify.com

Telegram channel – https://t.me/yearnifynews

Email : [email protected]

The post Yearnify Finance (YFY) Hidden Gem – Decentralized Finance Project, Pre-Sale Round 3 Is Now Live appeared first on Bitcoin News.

Origin Defi Protocol Suffers Massive Flash Loan Attack- OUSD Stablecoin Value Plunges 85%

18/11/2020 by Idelto Editor

The OUSD stablecoin issuer, Origin Protocol is the latest Defi protocol to fall victim to a flash loan attack. The attack, which occurred in the early hours of Tuesday, on November 17, resulted in the disappearance of tokens worth millions of dollars. Confirming the attack, one of the project’s leaders say they are now working with exchanges in order to identify the attacker, as well as to freeze the tokens before they are liquidated.

Funds Located

The Origin Protocol attack follows a similar incident at Value Defi on November 14 where the criminals stole $6 million worth of tokens. Explaining the attack in a blog post, Origin Protocol Co-founder Matthew Liu insists the stolen funds have been traced to a wallet, which the team is monitoring.

He also reveals that the attacker “used both Tornado Cash and Renbtc to wash and move funds.” According to Liu, there is “still 7,137 ETH and 2.249M DAI sitting in one of the attacker’s wallets.”

Although the Origin Protocol team says it has made progress understanding the attack and tracking the flow of funds, it still warns:

We are continuing to work to try and recover the funds. If you are still providing liquidity on Sushiswap, we advise that you should remove your funds as soon as possible. We also strongly advise that you do not attempt to buy or sell OUSD at this time.

Following the attack, the value of the OUSD stablecoin plunged and traded at $0.15 per token on November 17. Before the price collapse, the stablecoin had consistently been trading at par with the USD.

Reentrancy Bug

Meanwhile, Liu goes on to give details of how the attackers were able to pull this off, even as the Origin Protocol team thought the contract was safe. According to Liu, the “attack was a reentrancy bug in our contract.” He admits that their contract is only safe from such bugs “unless one of our supported stablecoins was attacking us.”

After executing the attack, the criminals then “withdrew most of the stablecoins from OUSD.”

Liu’s statement adds:

They were then able to take extra OUSD after withdrawing and sell it on Uniswap and Sushiswap for USDT in subsequent transactions.

The Origin Protocol team says it will conduct a “thorough transaction by transaction analysis will be forthcoming.” The team is also pleading with the attacker(s) to return the stolen funds after demonstrating their “superior skills as hackers.”

What are your thoughts on this latest flash loan attack? Share your views in the comments section below.

The post Origin Defi Protocol Suffers Massive Flash Loan Attack- OUSD Stablecoin Value Plunges 85% appeared first on Bitcoin News.