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VALUE

Value Defi  

#VALUE

VALUE Price:
$0.19
Volume:
$1.2 M
All Time High:
$8.86
Market Cap:
$946.3 K


Circulating Supply:
5,030,225
Exchanges:
7
Total Supply:
5,034,282
Markets:
8
Max Supply:
Pairs:
12



  VALUE PRICE


The price of #VALUE today is $0.19 USD.

The lowest VALUE price for this period was $0, the highest was $0.188, and the exact current price of one VALUE crypto coin is $0.18812.

The all-time high VALUE coin price was $8.86.

Use our custom price calculator to see the hypothetical price of VALUE with market cap of ETH or other crypto coins.


  VALUE OVERVIEW


The code for Value Defi crypto currency is #VALUE.

Value Defi is 1.9 years old.


  VALUE MARKET CAP


The current market capitalization for Value Defi is $946,303.

Value Defi is ranking downwards to #873, by market cap (and other factors).


  VALUE VOLUME


There is a big daily trading volume on #VALUE.

Today's 24-hour trading volume across all exchanges for Value Defi is $1,247,406.


  VALUE SUPPLY


The circulating supply of VALUE is 5,030,225 coins, which is 100% of the total coin supply.

Note the limited supply of Value Defi coins which adds to rarity of this cryptocurrency and increases perceived market value.


  VALUE BLOCKCHAIN


VALUE is a token on the Ethereum blockchain.


  VALUE EXCHANGES


VALUE is available on several crypto currency exchanges.

View #VALUE trading pairs and crypto exchanges that currently support #VALUE purchase.


  VALUE RESOURCES


Websitevaluedefi.io
Whitepaperdocs.valuedefi.io
Twittervalue_defi
TelegramValueDeFi
DiscordDpvd7tp
Mediumvaluedefi


  VALUE DEVELOPER NEWS



Value DeFi x Ren Protocol

A partnership with the purpose of bringing native BTC liquidity to Binance Smart Chain! Motivation: Value DeFi and Ren Protocol will combine their resources to bring BTC and ZEC directly to Binance Smart Chain (BSC). Ren recently added BSC support to RenVM and released RenBridge 2, designed to easily bridge BTC, ZEC, DOGE, etc to other chains. Using this bridge, users can easily convert any amount of native BTC, etc to renBTC BEP-20 and vice versa. https://bridge.renproject.io With that said, this collaboration will facilitate some of the first BTC and ZEC stablepools on BSC; allowing users to trade $renBTC to $BTCB and $renZEC to $ZEC-B at very slippage. The pools are as follows: $renBTC / $BTCB $renZEC / $ZEC-B A Native RenVM Integration In addition to BTC and ZEC stable pools, Value DeFi x Ren will be exploring native RenVM integration via RenJS, which will allow direct deposits and withdrawals of real BTC and ZEC into the Value DeFI Platform, a first for Binance Smart Chain! The end product of this partnership is to enable a seamless option for DeFi users to deposit/withdraw BTC, ZEC, directly onto BSC to receive high yield. By using Value DeFi’s tech and products, this process will have very low slippage and minimals fees. Therefore maximizing profits and user accessibility in the process. Looking Forward | Implementation The BTC and ZEC pools will go live on the 19th April week and once implemented, both teams will begin the work to implement the native RenVM integration. After this is live, bridging BTC and ZEC to BSC will be as intuitive as possible and users will have the ability to easily earn yield with these assets on vPegSwap pool on ValueDeFi! This marks a big step for true cross-chain interoperability, and we’re excited to see it go live! So stay tuned for more in the coming weeks. About Ren: Ren is an open protocol that enables the movement of value between blockchains. Website | Docs | Telegram | Announcements | Twitter | Reddit | Github About Value DeFi: The Value DeFi platform is a suite of products that aim to bring fairness, true value, and innovation to Decentralized Finance. Their flagship products include vSwap, an automated market-maker built on Ethereum and Binance Smart Chain that allows anyone to create trading pools with flexible ratio pairs, add liquidity, and earn trading fees, and vSafe, state-of-the-art multi-strategy yield-optimizers that allow unprecedented composability and flexibility of LP assets to maximize returns. Website | Telegram | Discord | Twitter | Medium | Github | vBoard Value DeFi x Ren Protocol was originally published in ValueDeFi on Medium, where people are continuing the conversation by highlighting and responding to this story.




First vStake Pool in Partnership with CDO Finance

vBSWAP holders, we are extremely pleased to share with you our first vStake pool in partnership with CDO Finance. This recently introduced product will allow stakers in any of our vStake pools to receive profit-share from our BSC ecosystem. How does it work? Simply stake your tokens to a vStake and let the smart contract do the hard-work for you! About the vStake Pool: Stake vBSWAP tokens, to earn CODEX tokens!Total Tokens: 500 CODEXDistribution duration: 14 daysStart block: https://bscscan.com/block/countdown/6332000 (April 6th 10PM SGT)Finish block: https://bscscan.com/block/countdown/6710000 (April 20th 10PM SGT)Token rewards per block: 0.001322751322751 CODEX vFarm : In order to host the CODEX vStake pool, we will also provide a CODEX-BNB 70/30 vFarm that will have x0.3 vBSWAP rewards for 14 days with possible extension by voting at a later stage. What is CDO Finance? CDO.finance is the first yield farming project on Binance Smart Chain that offers dynamic risk exposure. Using Collateralized Debt Obligations products, CDO Finance’s users can now obtain leveraged yield farm or risk protection with their assets. To learn more about CDO Finance, we advise you to visit their official communication channels About Value DeFi The Value DeFi platform is a suite of products that aim to bring fairness, true value, and innovation to Decentralized Finance. Their flagship products include vSwap, an automated market-maker built on Ethereum and Binance Smart Chain that allows anyone to create trading pools with flexible ratio pairs, add liquidity, and earn trading fees, and vSafe, state-of-the-art multi-strategy yield-optimizers that allow unprecedented composability and flexibility of LP assets to maximize returns. FOLLOW CDO FINANCE Website: https://cdo.finance/ Twitter: https://twitter.com/CDOfinance Telegram: https://t.me/cdofinance Medium: https://medium.com/cdo-finance Discord: https://discord.gg/2BBEjQgXqH FOLLOW VALUE DEFI Website: https://bsc.valuedefi.io/ Twitter :https://twitter.com/value_defi Discord : https://discord.gg/Dpvd7tp Telegram :https://t.me/ValueDeFi vBoard : https://vboard.valuedefi.io/ GitHub: https://github.com/valuedefi First vStake Pool in Partnership with CDO Finance was originally published in ValueDeFi on Medium, where people are continuing the conversation by highlighting and responding to this story.




Value DeFi x bEarn Fi (Next Level Strategic Partnership)

Since its launch on November 24 2020, bEarn Fi has always demonstrated to be a great partner for the on-going growth of the Value DeFi ecosystem. The two projects joined forces early one and they accomplished important milestones together; one of which being the creation of one of the most lucrative vFarms (BFI on Ethereum blockchain) with the highest APY to date on the Value DeFi platform. Due to the rising cost of ETH gas fees and the rising demand from our community, the Value DeFi recently expanded to Binance Smart Chain (BSC) and launched their first deflationary token on the network; vBSWAP. We believe this expansion is a great opportunity to move our partnership to the next level bEarn Fi will be collaborating with Value DeFi on multiple levels and both teams will commit to develop and allocate resources & new techniques to strengthen the existing collaboration:bEarn Fi will provide $1,000,000 in liquidity to the BDO-vBSWAP 70/30 pool for users to experience new trading options. This pool will be incentivized with vBSWAP on vFarm for at least 12 months after the TVL requirement is reachedbEarn Fi will work with Value DeFi on building vLott (Lottery), BDO & BFI and vBSWAP will be accepted as payment options to buy tickets. A 0.69% incentive fee from vLott will be distributed to BFI’s stakers (bStake) while a 0.6% incentive fee will be used to buyback vBSWAP and burn.The two teams will join their development resources to work further on vLend, a specialized lending platform focused on algorithmic stable coins and synthetic assets on Binance Smart Chain (BSC) first, and later will come to other chains as well. More details to be announced.vPegSwap pool (with sBDO and vBSWAP reward) will accept BDO as one of the native stablecoin besides BUSD, DAI, USDC, and USDT. The integration will enable BDO holders to access a pool with sufficient liquidity to help BDO stable around the $1 peg.Introduction of NFTs that will grant vBSWAP/BDO holders access to VIP pools. Mechanism: vBSWAP/BDO stakers will get exclusive NFTs and these NFTs will be used as the early entry ticket to stake to VIP pools with high APY on the Value DeFi platform.Through this partnership, BDO holders will be able to use Value DeFi’s exchange (vSwap) to trade their tokens at reduced fees in comparison to other DEXs on BSC.Additionally, Value DeFi will be the first project to join bEarn Fi’s bLaunch (TBA) by donating 30 vBSWAP tokens as the 3rd reward in bVaults (distribution period: 30 days) and hosting another AMA with bEarn Fi later this month. About Value DeFi The Value DeFi platform is a suite of products that aim to bring fairness, true value, and innovation to Decentralized Finance. Their flagship products include vSwap, an automated market-maker built on Ethereum and Binance Smart Chain that allows anyone to create trading pools with flexible ratio pairs, add liquidity, and earn trading fees, and vSafe, state-of-the-art multi-strategy yield-optimizers that allow unprecedented composability and flexibility of LP assets to maximize returns. Website | Telegram | Discord | Twitter | Medium | Github | vBoard About Bearn Fi Bearn Fi is a cross-chain product in Decentralized Finance (DeFi) that at its core provides yield generation (bVaults), gaming aggregation, algorithmic stablecoin (bDollar), Lottery, cross-chain bridge, treasury, and governance on multi-chain: Binance Smart Chain (BSC) and Ethereum blockchain. The protocol is developed by various independent factors within the cryptocurrency space. Management of the protocol is governed by BFI and BFIE (BFI token on Ethereum blockchain) holders. Telegram | Discord | Twitter Twitter | Medium | Github Value DeFi x bEarn Fi (Next Level Strategic Partnership) was originally published in ValueDeFi on Medium, where people are continuing the conversation by highlighting and responding to this story.




vToken Whitepaper Summary

The purpose of this Medium article is to outline key components of the newly released vToken Whitepaper. For a more complete view of the system, the Official vToken Whitepaper can be referenced at: Whitepaper LinkIntroducing vTokens Users will now be able to move vUSD, vBTC and vDOT cross-chain in a decentralized manner, governed by VALUE holders. Notably, Polkadot (DOT) holders will be able to store and trade their tokens on the Ethereum blockchain, with the same applying to Bitcoin holders for both Ethereum and Polkadot. Value DeFi will become a viable option for users to exchange BTC and DOT with other ERC-20 tokens without going through a centralized exchange. Our vToken technology has been intentionally designed to be interchangeable as we plan to launch other vTokens to additional cross-chain partners/projects. After the successful launch of the first wave of vTokens, we will begin building our new decentralized lending platform — Value Lending. Accepting vUSD, vBTC, vDOT, ESD and BAC as a new class of seigniorage tokens. Value Lending articleSeigniorage — The Basics The core mechanics of seigniorage tokens is expansion and contraction. The algorithm used to calculate this rate is highly complex, but the result is quite simple and uses basic laws of economics. When a vToken is worth more than its peg (ie. vUSD > $1), the protocol is in expansion and vUSD will be minted. As increasing the supply causes inflation, theoretically reducing the price by increasing selling pressure. When a vToken is worth less than its peg (ie. 1 vBTC < 1 BTC), the system goes into a contraction phase and users can burn vBTC for vBTC coupons at a premium. Working as the perfect opposite to expansion, as this theoretically increases the price through deflation by increasing demand.Introducing The Most Advanced Price Peg Mechanism To Date What sets our vTokens above current algorithm tokens is our innovative features. We have developed four novel mechanisms to improve the price stability of pegged assets, or vTokens, of our protocol. First, we use two liquidity pools, 80/20 and 98/2 with the higher weight being that of the pegged asset. This in turn requires less capital of the secondary asset to maintain the price peg. Second, we have introduced dynamic expansion based on the current liquidity of the pools used for the calculations of the current price of the pegged asset to avoid excessive expansion which is the major problem for all other algorithmic stablecoin protocols. Third, we allow for dynamic epoch length, depending if the protocol is in a contraction or expansion phase, which allows the protocol to stay longer at healthy market condition (expansion) and reacts faster at bad market condition (contraction). Finally, during a contraction phase, when a vToken is burned for a coupon, 5% of the burned vToken is redirected as a yield to those providing liquidity as an additional incentive to keep their liquidity in the pool during the contraction phase.vUSD — Synthetic cross-chain seigniorage stablecoin Using the 4-stage mechanism stated above, the ultimate goal is to have vUSD close to $1 as possible. — Old vUSD to New vUSD. — Old vUSD users much migrate their vUSD to ‘New vUSD’ using our migration contract. Link here: New vUSD will be used with vTokens and Value Lending.The deadline for the migration is 30-June-2021. — vUSD pools. — Using ChainLink’s price oracle for ETH/USD, we can accurately calculate the vUSD price from two pools. We have chosen vUSD/WETH 80/20 and vUSD/WETH 98/2 as two pools to stabilize the vUSD to USD peg. vUSD will have its ‘bootstrapping period’ for the first week (14 epochs). During the bootstrapping period, vUSD’s price oracle will be set to $1.20 USD (regardless of true market price) so the protocol is in constant and stable expansion. After this period the protocol will work as intended, using ChainLink’s oracle for true market price with contraction and expansion when necessary. To reward and incentivize liquidity providers during expansion:35% of minted vUSD will go to the 80/20 vUSD/WETH pool.50% of minted vUSD will go to the 98/2 vUSD/WETH pool.Additionally, 10% of minted vUSD will be used for incentivizing FaaS liquidity pools on ValueLiquid.And 5% of minted vUSD in expansion goes to a Reserve Fund, which automatically sells vUSD at a threshold to keep the vUSD price on-peg.vBTC — First seigniorage synthetic BTC on Ethereum and Polkadot Building further on our work with vUSD and existing experimentation on the seigniorage concept, we can create synthetic assets that do not exist before on the Ethereum network in a decentralized manner. As such, we are proud to present vBTC, an alternative BTC synthetic on the Ethereum network without a centralized approach like WBTC or renBTC. — vETH to vBTC. — Currently vETH has a supply of 1,609.32 vETH. All current vETH holders will have the ability to migrate their vETH to new vBTC at a fixed rate of 0.024 vBTC:vETH (current BTC/ETH price at the time of Whitepaper writing). This results in 38.62368 vBTC as the initial distribution of the token. — vBTC pools. — We have chosen vBTC/WBTC 80/20 and vBTC/WETH 98/2 as two pools to stabilize the vBTC to BTC peg. vBTC will have its ‘bootstrapping period’ for the first week (14 epochs). During the bootstrapping period, vBTC’s price oracle will be set to 1.2 BTC so the protocol is in constant expansion. To reward and incentivize liquidity providers during expansion:60% of minted vBTC in expansion will go to LPs of vBTC/WETH 98/2 pool.35% of minted vBTC in expansion will go to LPs of vBTC/WBTC 80/20 pool.5% of minted vBTC in expansion goes to a Reserve Fund, which automatically sells vBTC at a threshold to keep the vBTC price on-peg.vDOT — First seigniorage synthetic DOT on Ethereum and Polkadot vDOT is another experiment to move Polkadot tokens onto the Ethereum network in a decentralized manner. It also shows our commitment to implement our current work to the Polkadot network. To distribute vDOT fairly to users, we have chosen 4 seed pools: VALUE, WBTC, WETH, LINK to distribute vDOT. 10k initial vDOT will be distributed to 4 seed pools across 7 days (2.5k vDOT for each VALUE, WBTC, WETH and LINK pool). The Value Governance Vault will use idle funds to farm the VALUE Seed Pool for vDOT. Giving Governance Stakers additional rewards without them doing anything. — vDOT pools. — Similar to vBTC, we chose two pools — vDOT/WETH 98/2 and vDOT/USDC 80/20 — to peg the vDOT price. The TWAP of vDOT will be subsequently calculated using DOT/USD and ETH/USD price feeds provided by ChainLink oracle services to ensure maximal robustness and efficiency. vDOT will have its ‘bootstrapping period’ for the first week (14 epochs). During the bootstrapping period, vDOT’s price oracle will be set to 1.2 DOT so the protocol is in constant expansion.60% of minted vDOT will go to vDOT/WETH 98/2 pool.35% of minted vDOT will go to vDOT/USDC 80/20 pool.5% of minted vDOT goes to the Reserve Fund, which automatically sells vDOT at a threshold to keep the vDOT price on-peg.Benefits for the Value Ecosystem We recognize for Value Liquid to expand and become a massive DeX we need to increase liquidity. Furthermore, there will be a total of 6 new liquidity pools which are used to stabilize vTokens to their respective peg. Ultimately, these pools used for vTokens will also be used in ValueLiquid for regular transactions, resulting in increased Total Value Locked (TVL) and liquidity for swaps, reducing slippage. Additionally, the 4 new Seed Pools for distribution of vDOT will also significantly boost our TVL. As ValueLiquid will be the only DeX to trade vTokens, we expect a significant increase in daily trading volume. Through Value DeFi’s profit-sharing ecosystem, this trading volume will increase rewards for Governance Vault Stakers. An example of this, during the peak of BSD on FaaS, the Governance Vault reached an APY of 70%+, with 20k VALUE tokens being distributed back to Stakers during that week through buybacks. That is the power behind seigniorage tokens, particularly one token, and Value DeFi plans to launch multiple vTokens, rewarding loyal Stakers continuously over an extended period of time.




VIP 10: MultiStables Vault Exploit Post-mortem

Summary Following the MultiStables Vault Exploit Post-mortem https://link.medium.com/syV3D7uV4bb, we will create a compensation fund which will be funded by a combination of the dev fund, insurance fund and a portion of fees that are currently generated by the protocol. Motivation We propose some changes to the fee structure as follows: Increase vault performance fees to 20% and receipt from swap fees to 50% (previously was 14% and 30%) Then, we consider two options on how the fees go to the compensation fund: 1) 30% of all profits (with the new above fees) go to the compensation fund (exactly 6% of performance fee and 15% cut from swap fee). That means governance vault stakers will receive 14% of performance fee and 35% cut from swap fees (which is same performance fee as before and 5% more fee from cut) 2) 50% of all profits go to the compensation fund (that means 10% performance fee and 25% cut from swap fee). Governance vault stakers will receive 10% performance fee and 25% cut from swap fee (a bit lower) To make the accounting part for affected users as seamless as possible, an IOU token named $VBOND will be created at a 1:1 ratio for every dollar lost by affected farmers at the MultiStables vault with some enhancements. 6110772.30995$ was lost in the incident, so 6110772.30995 $VBOND will be created. The two addresses which received 45K DAI and 50K DAI respectively from the exploiter will see their $VBOND claimed amount less than 45K $VBOND and 50K $VBOND respectively to ensure fairness. It will auto accrue 10% APY using rebase tech every week. That means if you hold 1 $VBOND, next week you will have approximately 1.00183 $VBOND automatically. The compensation fund will be used to buy back all $VBOND to remain the peg of 1$ and burn all the bought $VBOND and until such a time when the compensation fund exceeds the remaining outstanding $VBOND. The rebasing factor is fixed as 0.183% every week . So basically we have a contract to store the buyback fund. If at any time the contract has a greater value than the supply of $VBOND, then we will stop the rebasing and anyone would be able to trade their $VBOND and receive 1 USDC in return (1:1). $VBOND has built-in inflation and this is designed to compensate impacted users for not being able to access their capital. This will also allow the market to possibly buy and sell the IOUs; giving those depositors the ability to exit early if desired, possibly at a gross profit or at a discount. If the price is too high, then speculators will absorb losses. Incentive reward for VBOND/VALUE liquidity providers Using the 95K $VBOND from above, the Value DeFi team will provide an initial liquidity of $95K x 2 = $190K for a VBOND/VALUE FaaS pool on Value Liquid. We have received many requests from the community to create extra incentive for liquidity providers on that pool. Because the emission of VALUE is almost running-out, and through the community multisigners who are in possession of the vUSD key, we will be proposing the following pool parameters: That means we will give 0.5 vUSD/block to LPs of the pool, 3250 vUSD/day. The incentive should last at least 6 months first, subjected to change depends on the situation. Mechanics The community will vote to decide how the fees for the compensation fund will be defined. VOTE #1: 30% option: 30% of all profits (with the new above fees) will go to the compensation fund (exactly 6% of performance fee and 15% cut from swap fee) 50% option: 50% of all profits will go to the compensation fund (that means 10% performance fee and 25% cut from swap fee). VOTE #2: vUSD incentive reward for VBOND/VALUE pool: For: give 0.5 vUSD/block to the LPs of VBOND/VALUE pool Against: No vUSD incentive reward VIP 10 Voting will start from Friday, Dec 11th, 2020 05:00:00 GMT+0 and end by Sunday, Dec 13th, 2020 14:00:00 GMT+0. The implementation will be planned and announced after voting ends. VIP 10 Voting will not cost gas. All VALUE stakers in Governance Vault will be able to vote. You may also re-vote before voting ends. To avoid spam, each voter can only re-vote after a 1 hour cooldown period.




Elastic Decentralized Loans powered by Chainlink

Introducing vUSD and vETH Note: This article represents a snapshot of a work in progress for the upcoming rebase decentralized lending platform. All the descriptions in this article are subject to change at anytime. We invite the community to refine these ideas with us to make a better platform. Digital assets pegged to a stable asset with elastic supplies are a fundamentally new paradigm in the world of decentralized finance. These assets work by pegging a token to a price feed with pre-defined “rebasing” rules. If these assets were securities and not digital commodities, rebasing events, when the supply of the asset has changed, would be equivalent to automatic stock splits or reverse stock splits. In the absence of external market forces, speculation drives the market mechanics of elastic assets with traders designing strategies based primarily on the market capitalization of the underlying asset. No inherent incentive exists for traders to maintain a peg. Let us quickly review a simplified version of the rebasing mechanics of vUSD and vETH. For those unfamiliar with the concept, the process is straightforward. At a high level, if the price of vUSD exceeds $1.10 (based on some oracle price feed), then the supply of vUSD expands and all holders receive the same increase of vUSD. Holders include automated market maker smart contracts and other bonding curves. Since the supply in the reserve pool of an AMM for vUSD has increased, the calculation of the price automatically reflects the rebasing event at the specified rate. Similarly, if the price of vUSD is below .90, then the supply shrinks and all the AMM calculated prices are adjusted accordingly. This process also works in the same way for vETH, i.e. if the price of vETH is greater than 1.10 ETH, then the supply increases and if the price of vETH is less than .90 ETH, then the supply decreases. Changing the Dynamics of Elastic Stable Assets via Lending Marketplaces The introduction of a lending marketplace disrupts the purely speculative actions of traders and causes the convergence to a stable market capitalization faster by creating real demand for the pegged asset. The utility of both vUSD and vETH is quite simple in this model as they are the only assets that may be borrowed. Those looking to borrow vUSD or vETH use approved assets as collateral and take out a secured loan on the vUSD or vETH. Borrowers repay lenders the same amount of vUSD and vETH borrowed plus interest as determined by a bonding curve. Since the supply of vUSD and vETH is elastic, borrowers will have to buy vUSD and vETH on the open market to pay off their loan. In doing so, the interest of the loan creates demand on the vUSD and vETH markets. In essence, lenders of vUSD and vETH are short. On the other hand, those who are borrowing vUSD or vETH are long these assets in the simplest of trading strategies. More complicated trading strategies could exist for borrowers and a borrower could even be short vUSD or vETH. Consider the following scenario. A borrower Bob is long BTC and puts his liquidity pool tokens of wETH / USDC down as collateral and borrows vUSD. Bob then sells vUSD for BTC and waits for his target BTC price to be reached relative to USD. Since Bob must repay his loan back in vUSD and vUSD will rebase when the price is too far from USD, then this is mostly the same mechanics as if Bob were to wait for his target price of BTC / vUSD to be hit. Due to the nature of the elastic supply of vUSD and vETH, someone seeking to borrow may be overcollateralized and wish to obtain a loan of vUSD or vETH at an amount that exceeds what is available for lending. Such loan requests could be viewed by market participants as increased demand for the asset the loan is requested to be in. Unfortunately, such requests could be artificial and not indicative of real demand if the potential borrower closes out the loan request prior to it being filled. In order to mitigate such an event, we will start with a simpler model for the lending protocol that does not allow open loan requests. Any improved features will be researched and tested very carefully prior to integration. Version 1 In the first version of the lending protocol, we will only allow for borrowers to take out a loan based on the current supply and not allow borrowers to make large loan requests (viewed as requests on a bulletin board) that exceed the available supply that can be lent. Such a simplistic model will allow us to observe the market mechanics and give us time to properly conduct research on extensions of this model. Initially, the protocol will have LP tokens from Uniswap, SushiSwap, Balancer and ValueLiquid as assets that can be used for collateral. The approved liquidity pools arewETH-USDC,wETH-wBTC,wETH-DAI,wETH-VALUE andwETH-LINK. In addition, we will integrate Chainlink’s decentralized Price Feeds to verify the value of the collateral of the liquidity pool tokens, as well as the price of vUSD and vETH. We are exploring two options with Chainlink’s oracle solution to ensure the security of our protocol for the safety of our users. First, we can use the individual price feeds for ETH, USDC, wBTC, VALUE, and LINK and then calculate the value of the collateralized LP token on the amount of redeemed tokens an LPT would receive. In the case a liquidity pool’s reserve amount has been manipulated, we would still need to use Chainlink and a solution similar to what we used with our Composite Vaults to calculate the value of the LP token. Finally, we are exploring Chainlink for providing tamper-proof, up-to-date price data around vUSD and vETH as well. Future Versions Non-Value Liquid Pool Tokens as collateralized assets In subsequent releases, we will allow support for liquidity pool tokens from Uniswap, Sushiswap, and Balancer as collateral. Initially, only the top-weighted liquidity pool tokens will be used but more can be added in the future, particularly by governance proposals by the community. We would most likely impose a higher interest rate for non-Value Liquid Pool Tokens. This difference between the higher interest rate on non-Value Liquid Pool Tokens and VLPTs would then be used to buy Value, vETH, or vUSD and split the profits between Governance Vault Stakers and liquidity pool providers. Extended Lending Protocol In future versions, we are considering the following different extensions of our unique lending protocol:Allow loan requests to exceed the current supply and perform rebasing events based on the demand for the loans themselves.Allow loan requests to exceed the current supply and let market participants satisfy the demand for the loans. Some features of (2) that would be useful to limit spoofing attacks: a. fill the loan requests as supply becomes available, b. allow borrowers to request a minimum loan amount to be satisfied before any borrowing would occur but impose a length of time for the loan to be satisfied before it could be cancelled, and c. impose a minimum time requirement for a loan request to be outstanding before it can be cancelled and impose a cancellation penalty if it is cancelled prior to that time. The market mechanics of both are quite complex and intricate and require us to carefully research the various scenarios that can occur under these models. As such, a properly designed extended protocol requires quite a bit more analysis to ensure the protocol is well-functioning and will not negatively impact the Value DeFi community. Beyond extensions to the protocol, we are also considering an origination fee on loans, similar to how traditional lenders operate. This fee would be used to buy back vUSD or vETH and compensate liquidity providers of the vUSD / USD* and vETH / wETH liquidity pools. Expectations / Case Studies We conclude our initial proposal with a few scenarios on how the lending platform could operate. Early Stages PossibilitiesvUSD Price is $0.30 but a large loan of $2million is requested… The lending platform launches, people are nervous, not everyone understands it, vUSD is trading at $0.30 and people can’t quite see what will happen. Lenny comes along, an LP holder and he deposits his $5mil worth of ETH-USDC LP tokens into the Lending platform and requests a $1m loan. vUSD is only $0.30, and there is only 1million supply. Over the next few days traders realise this and start to buy vUSD up to $1. Within 10 days vUSD is trading at $2, and so is rebasing daily at 20% daily. The early traders who took the risk and were prepared to buy up vUSD are getting rebased and 10 days later there are 2million vUSDs, trading at $2 each. 2 of the larger buyers/holders of vUSD are now able and willing to provide a loan to Lenny — they deposit 500k vUSD (worth $1m) tokens and Lenny takes the loan at a rate of 20% annualised. 2. Lenny is Happy, Lenders are Happy. 20% annualised for a loan might sound like a lot but Lenny took the loan as he is bullish on the vUSD price. The buyers of vUSD were not so bullish, but they are happy to buy it up cheap and provide the loan and benefit from a few of the rebases and are happy with their 20% annualised roi. Short vs Long Trader Battles.Short trader gets rekt 2 weeks after launch vUSD has grown to be a $20million market cap. 10 million tokens at $2 each. There is $5million worth of LP tokens in the lending platform with $2m of loans lent to them. Lenny thinks the marketcap and token is overvalued and wants to short vUSD. He deposits another $5milion of tokens and requests a further $1m loan of vUSD. He receives the loan and immediately starts to sell it. However 2 other mechanics are against him — 1. Sentiment is generally still bullish for vUSD and people are still wanting to buy more than is available. The price reduces as he sells, he moves the price down to $1.40, but his sells start actively getting bought, and before the end of the day the price is back to $1.80. Lenny was wrong, and now has a tough position — to buy back some/all of his vUSD at a loss before tomorrow’s 8% rebase puts him further underwater… or to extend his short and try again… or to suffer the loss. If he is significantly wrong to short vUSD like this and the price stays at $1.80 for a few more days then this will start to squeeze his position further. 2. Short trader gets liquidated 2 weeks later and the price has stayed at $1.80+ for the whole time, the positive rebase has printed 8% daily to vUSD holders, but not to Lenny as he sold vUSD short. He is under stress as today the price is $2.20 and he sold at $1.40. This alone wouldn’t worry Lenny, he would be happy to wait and look for a cheaper spot to rebuy vUSD.. but over the last 2 weeks the btc AND eth markets have plummeted 30% in value — his LP collateral is only worth$1.4million and he is close to being liquidated. He has a hard decision. He could spend a little bit and buy up $100k worth of vUSD and pay down his debt and keep his collateral comfortably above the liquidation limit.. But Lenny is a gambler and he decides the market will rebound. He goes to sleep. There is a deep crash in the price of ETH and Lenny goes under collateralised on his debt position. He is liquidated 26%. A portion of his LP position is sold and automatically buys vUSD from ValueDefi and pays his loan back for him, i.e. he isn’t 100% liquidated and his remaining 76% of his LP position tokens are available for him to withdraw (you are never fully liquidated to 0). 3. Short trader makes $15million in 4 days. 2 months later, another short trader, Jenny, has an idea. The vUSD market has been incredibly bullish for this entire time — vUSD is a $450million market cap, the price has touched $3 a couple of times and has been around $1.50 for a week or more. There are 300million vUSD tokens, at a price of $1.50 each. She thinks the market will correct.. She will MAKE it correct. Jenny opens an LP loan request with $50million of LP capital, requesting $20million. In the short term this actually stimulates buy pressure for vUSD and it rises from $1.50 to $2. At this point Jenny’s loan fills and she borrows 10 million vUSD tokens at $2 each — a total of $20million loaned. Jenny immediately starts selling them on the open market. She sells them over 10 hours, and it gradually starts to bring the price down.. Then faster… other traders start to notice, and see that the market is crashing. It causes other traders to sell, to panic, and by the end of the day the price is at $1. The next day there is further doubt and panic in the market as people are realising it might be the end of positive rebases. That night the market is down to $0.80 and the following day there is the first negative rebase of -2%. This further shocks more holders as they see not only their $ value of holdings decrease, but their token amount too. They sell, and within 2 days the price is down to $0.50 and losing 5% a day of their supply in negative rebases. The next morning Jenny buys back the 10 million tokens at $0.50 each, for a total of $5million. She pays back her loan. She has a profit of $15million. 4. Other debtors buy the token back to $1 and pay off their loans. Shortly after Jenny’s once in a lifetime trade, other people who have taken loans also realise that now would be a good time to buy back the tokens they borrowed cheaply. They start to do so. Some people were simply long on vUSD and held the token and benefited from the positive rebases.. They have had a couple of bad days but are still up overall and pay back the loan with some profit, close their loan positions and just take a few days rest to re-evaluate the market. Others used the loans to trade or act in other markets, they pull money back through and buy back the vUSD — Over the next 2 days $30million further in loans is paid back, with most loan holders having to buy some vUSD back from the open market — there is now buy pressure again and the vUSD price goes from $0.50 and finds it’s peg at $1 again. The same concept could be applied to vETH (even vBTC, the first rebase token which pegged to BTC for example). vUSD contract address: https://etherscan.io/token/0x1B8E12F839BD4e73A47adDF76cF7F0097d74c14C vETH contract address: https://etherscan.io/token/0x76A034e76Aa835363056dd418611E4f81870f16e(edited)




Roadmap update : Future Features

Roadmap update : Future Features New Released Features : Read more here ★ Composite Vaults. Future Features : Read more below ★ Improved Vaults. ★ FaaS Phase 2. ★ Decentralized Secured Loan Marketplace. Collateralize LPs, Borrow vUSD! Find out more here. ★ Core Upgrade for Value Liquid to use an external router instead of Balancer’s internal proxy. Estimated savings of up to 70% cheaper gas price! ★ Value DeFi Goes Cross-chain. ★ Vaults-as-a-Service. New Stables Vault Farming BarnBridge (BOND) The strategy is quite simple, focus on farming BOND and auto-sell the harvest when epoch changes and the rewards become available. The code is based heavily on the Composite vault because the reward mechanism of BarnBridge is similar to Balancer (rewards are claimed weekly at a certain time instead of anytime). We believe we could improve the user-experience of BOND farmers by creating this vault. MultiStaking Vault, with External Strategy Customization After doing a lot of market research, we concluded that many DeFi tokens have their own staking pool for their own tokens with some disadvantages:High cost in gas for small users to claim the staked rewards and sell it for profit (or restake it for more compounded interest)Most staking pools do not have any auto-compounding capability For example, the MultiStaking vault will:Take the DODO token from users as depositStake at the DODO staking poolClaim the rewards on a daily basisRestake for more rewards per auto-compound mechanism or sell the rewards for profit depending on the user’s choice. All the above is now fully automated with no gas cost and no action needed for our users. We will create an easy-to-use community developer interface for the vault to facilitate the addition of new strategies for new staking token. Post-actions for MultiStables Vault Incident We have made some progress on the code of the new IOU token. A new VIP vote for the fee structure and the compensation plan according to https://valuedefi.medium.com/multistables-vault-exploit-post-mortem-d11b0635788f will be posted this later week. Improving MultiStables Vault We continue to work with the ChainLink security team and Curve team for a solution using ChainLink’s oracle price feeds to prevent price rate manipulation. The solution is currently implemented using some feedback from both ChainLink and Curve teams. After we finish our implementation, it will be reviewed by ChainLink and put under code audit by a reputable auditor. After that, we will reopen our MultiStables vault again and support additional stable coins. Farms-as-a-Service (FaaS) Phase 2.0 FaaS was invented with the vision of helping projects solve their liquidity and token distribution issues. With FaaS Phase 2.0, we want to create a completely decentralized fundraising platform for new projects; from token creation from scratch for the project owners who wish simple fundraising mechanisms (meaning a project owner could sell a fixed number of the created token at a fixed price) to seed pools for initial distribution and FaaS pools for any desired liquidity mining program. Fundraising will never be easier using our FaaS solution, and new projects can focus entirely on their core business model/ideas while using our FaaS technology to raise funds in a safe, easy, free of charge and decentralized fashion (no one controls your crowd sale, not even Value DeFi, as the funds are controlled entirely by smart contracts). There are too many rugpulls nowadays, and in order to protect our users to the best of our ability, we will have to determine a set of rules when creating a token from scratch. If the project owner follows these rules, they will receive a NFT deposited into an account that gives our approval that the project is safe. We are trying our best to roll-out the next phase of FaaS. In this upgrade, we will have support for deflationary tokens and we plan to slowly roll out new features. New features will eventually include the ability to add new liquidity mining rewards to an existing pool beyond what was specified at the farm launch. This also means an existing pool could have multiple assets defined as a reward. In the current state, FaaS usage is free of charge. With the launch of FaaS Phase 2.0, when we add new features into FaaS protocol (e.g. the support of deflationary tokens), VALUE holders in the Governance Vault could vote for the newly implemented feature to either be free or be subject to a fee. All revenues from this will go back to stakers in the Governance Vault. vUSD Lending Specifications We are working with a few individuals in the community who have strong knowledge on lending and rebasing to finalize the plan. Nevertheless, decentralized lending is a very challenging business and such protocols are more susceptible to attacks and exploits. We want to ensure maximum security to our users before rushing-in. We also welcome the community to read our initial description about vUSD lending (most credits go to Dan Bainbridge and Value Whose) and help us with finalizing it. Vault v2 upgrade for WETH vault The WETH vault is currently the only one using v1 code. Once the v2 code is audited, we will upgrade the vault to the new code. MultiBTC Vault The MultiBTC vault has the same mechanism and code based as the MultiStables vault. After ensuring the MultiStables vault is running safely, we plan to release the MultiBTC vault. Core Upgrade for Value Liquid We will continue to upgrade the core of Value Liquid. The internal proxy of Balancer will be replaced by an external router (like Uniswap), which based on initial estimates, could result in up to 70% cheaper gas fees for our users. Upgrade Composite Vaults to v2 We redesigned the Composite Vaults using our safe v1 codebase, but there is no auto-rebalancing feature to optimize the APY just like what we have in the MultiStables Vault, and users will have to switch between vaults manually. At the current state of Sushi and Balancer farming, these features are not needed right now since Balancer farming is much more profitable than Sushi but we believe that when more farming opportunities are available (in the near future), both Sushi and Balancer profitability will become very similar, our advantages of auto-rebalancing and multistrategies features will help users catch the highest possible yield in an optimal way. Hence, we plan to update our Composite Vaults to ensure you take advantage of some of those benefits. Value DeFi will Go Cross-chain While the future of ETH 2.0 looks bright, we believe that there are many other great layer-1 platforms with communities full of innovative smart contract developers. Our vision is to help farmers and startups to further innovate within the DeFi space and we are committed to supporting the development of other ecosystems as well. We are collaborating with other projects to conduct intensive R&D to port our vaults and FaaS technologies to other platforms in order to achieve a cross-chain initiative. Details will be disclosed as each collaboration is finalized and made public. ETH 2.0 Staking Vault This vault will give users the ability to stake their current ETH to the ETH 2.0 deposit contract. Users staking in the vault will be given a 1 valueETH2 token for each ETH they deposit to the vault as proof of ownership. Due to the unique mechanism of the ETH 2.0 staking contract, all ETH tokens of our users will be locked up until the first phase of ETH 2.0 goes live. We will create valueETH2/WETH and valueETH2/USDC markets at ValueLiquid; which means stakers of the ETH 2.0 vault may still participate in ETH trading even if their ETHs are locked-up. Vaults-as-a-Service (VaaS) We are poised to support a new trend in the DeFi landscape. As new projects may need more farming pools, through FaaS additional vaults can be created very easily. For instance, if a project wants to adopt the DForce stablecoin vault strategy currently employed by YFI while adding their own token incentives, VaaS through our platform would make this possible with just a few clicks. The code will utilize the standard, safe strategy templates from many other reputable projects and well-audited from reputable auditors to mitigate risks. The current state of DeFi is rife with scams and rugpulls. As such, we believe this service will empower many projects to enter the marketplace in a secure and efficient way.




Roadmap Update: New Released Features

New Released Features ★ Composite Vaults. Read more below. Future Features : Read more here ★ Improved Vaults. ★ FaaS Phase 2. ★ Decentralized Secured Loan Marketplace. Collateralize LPs, Borrow vUSD! Find out more here. ★ Core Upgrade for Value Liquid to use an external router instead of Balancer’s internal proxy. Estimated savings of up to 70% cheaper gas price! ★ Value DeFi Goes Cross-chain. ★ Vaults-as-a-Service. Composite Vaults for UNI LPs, Farming Sushi and Balancer The newly released vaults (named Composite vaults) use an upgraded version of Vault v1 (single share with multi-strategy). The vaults accept multiple inputs: UNI v2 LP, SLP, BPT or other paired assets directly. In addition, there is a converter contract to move between different LP assets. Why is this safer than MultiStables Vault? Composite Vaults are not multi-asset vaults that run multiple strategies with multiple LP assets. As such, there is no need to calculate conversion rates between various LPs, which led to the MultiStables security breach. CompositeVaults:Pros: there is a separate vault for each asset. As such, deposited LP assets will stay in the same form in the vault and will not be susceptible to external price feed attacks.Cons: There is no auto-rebalancing feature to optimize APY as in MultiStables Vault. Users will need to switch between vaults manually (we make the switch easier for users with our UI) All the composite vaults (Balancer/Sushi EthUsdc/EthWbtc) are auto-compounding vaults, e.g. Sushi vaults will receive SLP rewards (compounded) and Balancer vaults will receive BPT rewards (compounded). For both vaults, there are no liquidity locks, meaning you can withdraw anytime. Since Balancer only lets us claim once a week (every Tuesday), there is a lock of 7 days to claim your VALUE incentive (ie. depositors who withdraw less than 7 days since the last time they deposited then they would lose all their pending reward). You are free to claim rewards anytime after the 7-day period. Note that the harvested and compounded LP reward will not happen immediately like the old vaults, so it will be compounded linearly in 24h (for Sushi vaults) and 7 days (for Balancer vaults). As such, people can’t take advantage of us by depositing just before the harvest (Monday night) and withdrawing just after the harvest (ie. needs to stay long enough in the pool to get LP reward & Value incentive)




ValueDeFi Integrating Chainlink Price Feeds to Ensure Maximum Security for Relaunch of…

ValueDeFi Integrating Chainlink Price Feeds to Ensure Maximum Security for Relaunch of MultiStables Vault In light of the recent flash loan exploit on our previous oracle mechanism, we have engaged multiple security experts to find a solution for securing the ValueDeFi protocol. After many focused discussions and weighing the different options, we found Chainlink to be the best oracle solution that provides a sufficiently robust and tamper-resistant price oracle solution capable of mitigating flash loan attacks. The MultiStables Vault relaunch will utilize Chainlink Price Feeds for all supported stablecoins to ensure our oracles maintain round the clock market coverage across all trading environments. This removes our exposure to temporary flash loan-induced price distortions that exist when pulling data straight from Curve.finance’s on-chain liquidity pools or any other on-chain generated price feed such as Uniswap.exchange. Backed by high quality data, secure and transparent oracle infrastructure, and strong economic incentives, Chainlink’s decentralized price feeds are inherently resilient against flash loan attacks thanks in part to the wide market coverage they provide. As such, we have elected to use Chainlink’s existing stablecoin price feeds to calculate the underlying value of our Liquidity Pool tokens, preventing manipulation of user-backed reserves from occurring. To better understand how Chainlink will secure the ValueDeFi protocol moving forward, this post will detail its core feature set and explain how the DeFi ecosystem as a whole can learn from our mistakes by avoiding the usage of insecure on-chain generated price oracles. Bringing Data Quality and Market Coverage to the MultiStables Vault Ensuring the security of user funds is our top priority. In our revamp of the Multistable Vault, we set out to integrate an oracle mechanism that provides accurate price feeds heavily resistant to failures and/or manipulations from a single source or oracle node. Providing such guarantees requires a decentralized oracle network that generates an aggregated price feed reflective of market-wide price discovery as opposed to an oracle sourcing the price action of a single exchange. We identified Chainlink as the oracle solution most focused on and optimized to provide data quality and oracle security, having already proven its ability to secure billions of dollars in value on mainnet across many leading dApps DeFi, even during high network congestion periods with spiking gas prices. Chainlink provides these guarantees by employing decentralized computation and strict quality control, wherein users are supported exclusively by aggregated oracle networks of secure oracle nodes and premium data providers. They also practice security through transparency: the real-time and historical performance of oracle networks and their individual nodes can be monitored on-chain by users. All Chainlink nodes are run by leading security and blockchain DevOps teams, providing strong resistance to Sybil attacks. Each node sources data from multiple off-chain data aggregators like BraveNewCoin, with all nodes’ responses aggregated to form a single price update. This provides an unparalleled level of data quality and market coverage, as each data source represents an aggregated price point, every node aggregates from multiple data sources, and all oracle networks aggregate from multiple independent nodes. In addition to high quality data and secure node infrastructure, Chainlink’s framework is conducive to our scaling efforts. Its use of external adapters allows us to connect to any off-chain API for premium data to support future vaults. Chainlink also features a framework for scalable security and a sustainable economic model, where more nodes and data sources can be easily added to secure higher value pools, while those costs, especially amongst widely used feeds, can be shared amongst the many DeFi protocols relying on it. Integrating Chainlink Price Feeds ensures that the prices consumed by the MultiStables Vault are highly-protected against data manipulation attacks occurring on a single exchange or even a small subset of exchanges. Additionally, since Chainlink Price Feeds are updated in an asynchronous manner over multiple transactions, flash loans (which only exist within a single transaction) have no effect, preventing an entire category of attack vectors altogether. Securing the DeFi Ecosystem With Chainlink Price Feeds The primary lesson we have learned from this exploit is that DeFi protocols using on-chain generated price oracles like LP Pools or Dexes are at great risk of succumbing to the same flash loan exploits experienced by ValueDeFi. Not only are such DeFi protocols at risk of flash loan funded attacks, but their overall lack of market coverage makes them vulnerable to numerous other forms of data manipulation. This issue is magnified for assets with lower liquidity, as it requires less capital to distort the on-chain price of that asset. As the value locked in DeFi scales up, the usage of secure price oracle solutions will only grow in importance. On-chain generated price oracles are fundamentally unable to provide a sufficient level of market coverage and security guarantees for DeFi. We hope others learn from our experience and shift to a provably secure and reliable oracle design like Chainlink. Working with the Chainlink team and its security experts has enabled us to significantly improve our price oracle security and data reliability, ensuring the next-generation of ValueDeFi products are resilient to flash loan attacks and lagging on-chain price feeds. We will continue to work with the Chainlink team on bolstering our oracle practices and plan to leverage them within future ValueDeFi products. About Value DeFi Protocol The Value DeFi protocol is a platform and suite of products that aim to bring fairness, true value, and innovation to Decentralized Finance. We operate on four core tenets: increase accessibility to yield farming; provide next-generation on-chain voting for governance; reward our stakeholders with flexible, optimized, and profitable vault strategies and aggregation services; and protect our community’s funds through the integration of an insurance treasury. Value DeFi has developed three flagship products within the defi space: Value Liquid, Farms-as-Service, and Value Vaults. Value Liquid is an automated market-maker built on Ethereum that allows anyone to create trading pools with flexible ratio pairs, add liquidity, earn trading fees. Next, Farms-as-a-Service is a one stop solution for any project to bootstrap their liquidity mining program with flexible customizations. Finally, Value Vaults, state-of-the-art multi-strategies yield-optimizers that allow unprecedented composability and flexibility of liquidity provider assets to maximize returns. Website | Discord | Telegram | Medium | Twitter | Github About Chainlink If you’re a developer and want to quickly get your application connected to Chainlink Price Reference Data, visit the developer documentation and join the technical discussion in Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here. Chainlink is a general-purpose framework for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. Use Chainlink to connect to data providers, web APIs, enterprise systems, cloud providers, IoT devices, payment systems, other blockchains, and much more. Website | Newsletter | Twitter | Reddit | YouTube | Telegram | Events | GitHub | Price Fee




MultiStables Vault Exploit Post-Mortem

Summary: The ValueDefi MultiStables vault was recently the subject of a complex attack that resulted in a loss of user deposits. What follows below is a post-mortem analysis and a description of proposed actions to mitigate economic impact on the community. The Incident: On Nov 14th 2020 at 03:36:30 PM UTC, a hacker performed a flash-loan exploit on the MultiStables vault of ValueDeFi protocol, which resulted in a net loss of roughly 6mil$. The new vault uses our new code of vault v2, which had not been audited. Our Solidity lead dev has provided a summary of the attack that illustrates the main points with approximated values. (https://etherscan.io/tx/0x46a03488247425f845e444b9c10b52ba3c14927c687d38287c0faddc7471150a) [1] Flash loan 80k ETH on Aave, buy 116m DAI and 31m USDT [2] Deposit 25m DAI to Vault (via Bank — did not check for smart contract entrance): get back 24,956,075 mvUSD [3] Swap 91m DAI to 90m USDC, and 31m USDT to 17m USDC, leave the 3pool almost no USDC At this moment, the Vault has 8.5m 3Crv, 2.2m BCrv and 300k CCrv: Total 3Crv balance of Vault = 8.5m + convert_rate_bcrv_to_3crv(2.2m) + convert_rate_ccrv_to_3crv(300k) convert_rate_xxx_to_3crv(A) = convert A xxx to B USDC and add B USDC to the 3pool. Since the 3pool has no USDC the 3Crv calculated by 3pool will be ~3x to normal rate. -> Total 3Crv balance of Vault = 14.5m — not 11m as it should [4] Withdraw 24,956,075 mvUSD from DAI. SharePrice = 14.5m / 11m = 1.32 (due to [3]), the attacker get 24.9m * 1.32 = 33m 3Crv [5] Bough back 80k ETH (+fee) from the stables and return to Aave [6] Buy back 33m DAI (profit 8m+) on pool, send back Deployer wallet 2m DAI The attack took advantage of 2 vulnerabilities: 1. Deposit for users to Vault did not check for smart-contracts at the Bank layer. 2. Function convert_rate_xxx_to_3crv() was implemented without any consideration of the flash-loan attack potential on the curve vault (since the team did not know that [1] would not work as expected) One of our auditors for the vault v1 (the previous version of the affected vault) has an excellent article explained the attack for people who want to know further technical details https://medium.com/@peckshield/value-defi-incident-root-cause-analysis-fbab71faf373 Immediate actions and possible mitigations in the future - Halt deposits in the MultiStables Vaults. Snapshot every depositor’s balance before the attack to calculate exact compensation amounts. - Future Vault releases will remain only on audited v1 (single based share with multi-strategy) code, and v2 will only be released after heavily audited from Public Auditors and from public solidity devs. - Vault v2 (multiple shares with multi-strategy) will be released with a stricter config with share_converter contract implemented, use a 2nd source of oracle price feeds for comparison, and implement time-lock or anti-re-entrance deposit/withdraw within the same block technique. We are rolling out the new vaults for UNI LPs as promised, but with some structure changes to ensure maximum security. The new vaults will still use the same vault v1 code that has been running since September and currently under audits by PeckShield. We also fixed some minor problems within the code from the recommendation of PeckShield. More details about the new vaults will be published in the upcoming roadmap article. Compensation Plan We will create a compensation fund which will be funded by a combination of the dev fund, insurance fund and a portion of the fees that are currently generated by the protocol. We propose some changes to the fee structure as follows:Increase vault performance fees to 20% and receipt from swap fees to 50% (previously was 14% and 30%) Then, we consider two options for how the fees go to the compensation fund: 2a. 30% of all profits (with the new above fees) go to the compensation fund (exactly 6% of performance fee and 15% cut from swap fee). That means governance vault stakers will receive 14% of performance fee and 35% cut from swap fees (which is same performance fee as before and 5% more fee from cut) 2b. 50% of all profits go to the compensation fund (that means 10% performance fee and 25% cut from swap fee). Governance vault stakers will receive 10% performance fee and 25% cut from swap fee (a bit lower ) To make the accounting part for affected users as seamless as possible, an IOU token will be created at a 1:1 ratio for every dollar lost by affected farmers at the MultiStables vault with some enhancements. It will auto accrue 10% APY using rebase tech every week. That means if you hold 1 IOU token, next week you will have approximately 1.0019 IOU token automatically. The compensation fund will be used to buy back all IOU tokens to remain the peg of 1$ and burn all the bought IOU tokens and until such a time when the compensation fund exceeds the remaining outstanding IOU tokens. This IOU token has built-in inflation and this compensates users for lack of access to capital. It also allows the market to possibly buy and sell the ious, giving those depositors the ability to exit early, possibly at a gross profit or at a discount. If the price is too high, then speculators will absorb losses. Final Notes We deeply regret this latest incident and any economic loss for our affected community members. We must again take this moment to reiterate, as has been seen with countless attacks on many DeFi projects, that all teams within this space are pioneering very risky technology that is by nature lacking the benefit of time for rigorous analysis and testing. Specifically for ValueDefi protocol, we as a team continue to do our best to balance the community’s demands for safety vs. expediency, and have done so in the past by employing many auditors and deploying in beta with funding caps. Going forward, we will shift our focus and temper our speed to innovation in favor of even more security. It again bears emphasizing that none of our other pools or vaults are susceptible to this attack and are operating normally. Nonetheless, we reiterate once more that, no matter if your funds are deployed in Value DeFi Protocol or any other DeFi projects, there is always an element of risk when it comes to smart contracts and increasingly complex deployments. Some other quality of life changes we will consider implementing: stamps on our site for audited pools and buttons linking to the audit, “experimental” stamp for non-audited pools or vaults with new code. Finally, we have also reached out to the hacker to see if there is any resolution possible. While unconfirmed, there has been news that he has been reimbursing certain users. https://etherscan.io/tx/0x8bc8a4f4fa0c54702d018eaf7adee5937be566366ea8d4a3adb191a3dc71b855 Thank you again for being a part of the Value Defi community and our continuing journey to meet the standard of our Mission and Values.




  VALUE NEWS


Quant (QNT) Gains In Value Daily When Many Top Coins Bleeds

    Major crypto assets are not showing any significant upside in price. As such, it is hard to keep track of the top gainers in the crypto market. Still, a coin has shown impressive price action over major crypto assets. The past week has been interesting for Quant ($QNT) despite the cryptocurrency market’s fall in price. $QNT is one of the few tokens to increase despite top coins bleeding. Also, it gives a brief overview of Quant token, which could be of great value to potential crypto enthusiasts and investors. Take a look.  Technical Analysis of Quant price   The weekly chart shows the bullish movement of Quant. The price has broken out from a descending resistance line that had been in place since September. Furthermore, the breakout occurred after the price bounced at the long-term $40 horizontal support area.  Currently, the price is gearing up for an attempt at breaking out. So far, QNT has reached a high of $119, only slightly below the $150 horizontal resistance area. Since the weekly RSI has already broken out, the price will likely reclaim the $150 area. The daily chart also provides a bullish outlook. The token has been following an ascending support line since June 13. It made a recent bounce on the support line on September 6. Afterward, the price reclaimed the $110 horizontal resistance area and is approaching the next resistance at $130. QNT is currently trading at above $119. | Source: QNTUSD price chart from TradingView.com About Quant... read More



Value Locked in Defi Drops to Lows Not Seen Since March, Ethereum Domina...

    The state of decentralized finance (defi) in terms of total value locked (TVL) has been tumultuous, to say the least, and currently the TVL in defi today is approximately $54.95 billion. The TVL has not been this low in over five months since March 29, and the most dominant defi protocol today is Makerdao, leading the pack by 13.27%Value Locked in Defi Slips Under $55 Billion At the time of writing, the top smart contract platform coins by market capitalization are up against the U.S. dollar in value, roughly by 0.6%, and the smart contract token economy is valued at $296 billion. While smart contract tokens improved during the last 24 hours, the state of defi has been at the lowest value since March 29, 2022. Currently, the total value locked in defi is around $54.95 billion and the value locked in Ethereum is around $31.61 billion, or just over 57% of the aggregate value locked today. Ethereum is followed by Tron's $5.41 billion and the $5.38 billion held by Binance Smart Chain (BSC) defi protocols. While Ethereum's defi has dominated during the past 30 days, the TVL has dropped 14.09% while Tron lost 9.72% last month. BSC shed 2.54% in 30 days, but the layer two (L2) defi protocol Arbitrum managed to climb 1.52% last month. Out of the $54.95 billion locked today, Makerdao is the dominant protocol with 13.27% or $7.29 billion locked. Makerdao has lost 6.46% during the last 30 days and the second largest defi protocol Lido Finance shed 10.38%. Lido has $5.97 billion lock... read More



Ethereum Hard Fork Instigator Chandler Guo Claims the Value of ETH and F...

    The U.S. dollar value of the recently airdropped coin native to the forked Ethereum proof-of-work (PoW) blockchain will be at par with that of ether, Chandler Guo, the instigator of the latest Ethereum hard fork, has said. Guo added that he expects the value of the token, which is currently 'very cheap,' to grow by 100x in ten years' time. Surging ETHW Trade Volumes According to Chandler Guo, the self-appointed organizer of the recent Ethereum hard fork, Ether (ETH) and the recently airdropped, proof-of-work ETHW will have the same USD value in ten years. Guo argued that the new token, which currently trades at just a fraction of its September 15 high, still has the potential to grow by 100x. In an interview with Bitcoin.com News, Guo claimed that the current price of the forked coin is 'very cheap,' hence the scope for it to grow by 100x exists. Guo, a former bitcoin and ethereum miner, nonetheless concedes that the forked blockchain has a lot of catching up to do before this hundred-fold growth is achieved. He explained: Currently, ETH price is high because there are many developers and over 200 different projects running on top of the Ethereum PoS [proof-of-stake] blockchain. On the other hand, there are less than 10 projects on the ETHW. Still, to prove that the work aimed at ensuring the forked chain eventually matches the PoS chain has started, Guo revealed that in just four days following the merge, 'the ETH proof-of-work chain already has two DEXs [decentralized excha... read More



Ethereum's Merge Gave Birth to 2 Forks — Newly Launched Ethereumfa...

    Following Ethereum's Merge, a number of cryptocurrency community members have been discussing the proof-of-work (PoW) fork called ETHW as it dropped significantly in value during the past few days. However, a lot of people are unaware that there's another Ethereum-based PoW fork called ethereumfair (ETF), and ETF has gathered a small amount of hashrate and fiat value since the token's mainnet launch.The Crypto Community Greets Another PoW Fork Called Ethereumfair Most people were aware that a proof-of-work (PoW) crypto asset called ETHW was created following The Merge on September 15, because it was announced weeks before the mainnet launch. At the time of writing, ETHW is down 17% against the U.S. dollar in 24 hours, and the project's hashrate has slipped a great deal as well. On September 15, ETHW's hashrate tapped an all-time high (ATH) at 80.56 terahash per second (TH/s). Although, ETHW's hashrate has faltered in recent times and the PoW network has lost 53.35% of hashpower since then. A great number of people are unaware that ETHW is not the only ETH-based PoW fork as there's another ETH-based PoW fork called ethereumfair (ETF). The Ethereumfair team has a website and a few social media channels. The team's Twitter account was created in January 2020, and it has 14,100 Twitter followers at the time of writing. The Ethereumfair account has roughly 1,000 fewer followers than ETHW's 15.1K Twitter followers. While ETHW has lost 17%, ETF is also down 17.6% against the U.S. d... read More



30% of Today's Staked Ethereum Is Tied to Lido's Liquid Staking, 8 ETH 2...

    In roughly three days Ethereum is expected to transition from a proof-of-work (PoW) blockchain network to a proof-of-stake (PoS) version via The Merge. Ahead of the transition, the liquid staking project Lido has seen a lot more activity as the value locked in the protocol increased by more than 13% this week. Moreover, the project's lido dao governance token has increased 25.4% against the U.S. dollar during the past seven days. Lido TVL Jumps 13% Higher This Week, Project's Wrapped Ether Represents More Than 30% of Staked Ethereum Last week, Bitcoin.com News reported on the decentralized finance (defi) project Lido as the project started seeing more demand ahead of The Merge. Lido Finance is a liquid staking project that allows people to wrap their crypto assets in order to gather a staking yield, but the process also allows owners to hold the assets in a non-custodial fashion and be able to trade them as well. Lido offers liquid staking solutions for blockchains like Ethereum, Solana, Polygon, Polkadot, and Kusama. However, most of the value locked in Lido derives from locked ether, as ETH represents $7.61 billion of Lido's $7.81 billion total value locked (TVL). During the past seven days, metrics from defillama.com indicates that Lido's TVL swelled by 13.08%, and the TVL has risen by 2.43% during the past 24 hours. While Makerdao is the largest defi protocol today, in terms of TVL stats, Lido is the second largest defi protocol on September 11. The ether locked in Lido'... read More



Bitcoin Taker Buy Sell Ratio Hits Highest Value in 636 days

    On-chain data shows the Bitcoin taker buy sell ratio has surged up to a high not seen since almost two years ago. Bitcoin Taker Buy Sell Ratio Observes Uplift In Recent Days As pointed out by an analyst in a CryptoQuant post, the taker buy sell ratio is now at its highest value in 636 days. The 'taker buy sell ratio,' as its name suggests, is an indicator that measures the ratio between the taker buy volumes and the taker sell volumes. When the value of this metric is greater than one, it means the long volume is overwhelming the short volume right now. Such a trend suggests that a bullish sentiment is more dominant in the market currently. On the other hand, the ratio being below this threshold implies taker sell volume is higher at the moment. This trend naturally hints that the market holds a bearish majority sentiment. Now, here is a chart that shows the trend in the Bitcoin taker buy sell ratio over the last couple of years: The value of the metric seems to have surged up in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin taker buy sell ratio observed a spike in its value just recently. During this sudden increase, the indicator hit a high of 1.14, a value that it hasn't seen since around 636 days ago. Since these latest values are higher than the '1' mark, the taker buy volumes are currently more dominant in the market. Incidentally, the last time these highs were seen was just before the 2021 bull run started. If a similar trend foll... read More



Value Locked in Lido Rises Prior to Ethereum's Merge, LDO Token Jumps 23...

    In eight days Ethereum is planning to undergo one of the most intensive upgrades since the DAO hard fork in 2016, as The Merge aims to change the network's consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS). Amid the lead-up to The Merge, the decentralized finance (defi) and liquid staking protocol Lido's total value locked (TVL) jumped 6.34% this week and the project's native token increased by more than 23% against the U.S. dollar during the past seven days. Liquid Staking Service Lido Sees Demand Ahead of The Merge The Merge is coming and it's just over a week away from now. Crypto supporters and participants are getting ready for Ethereum's most notable fork since 2016. Amid the anticipation, the defi protocol Lido Finance has seen significant action during the last seven days. Lido is a liquid staking service that allows people to wrap their ethereum and collect revenue from the tokens while being able to trade and hold the assets in a non-custodial fashion. In fact, lido staked ether (STETH), which is the wrapped version of ethereum issued by Lido, currently is the 13th largest market capitalization in the crypto economy. STETH has a market valuation of around $6.57 billion on September 5, 2022. During the last day, STETH has seen $4.18 million in global trading volume. Lido Finance has seen some demand ahead of The Merge and the total value locked (TVL) increased by 6.34% during the last seven days. Stats from defillama.com and lido.fi both show that ... read More



JPMorgan Advises Investors to Sell Crypto, Buy Value Stocks — Says...

    The chief global strategist of JPMorgan Asset Management has advised investors to focus on valuations, invest in value stocks, sell crypto, and steer clear of bitcoin. 'The Federal Reserve is overestimating the strength of the U.S. economy as it feels guilty about the fact that inflation went up under their watch,' he said.JPMorgan Strategist's Recommendations JPMorgan Asset Management's chief global strategist, David Kelly, has some advice about what investors who are worried about a hawkish Federal Reserve should invest in. Following the speech by Federal Reserve Chairman Jerome Powell Friday at Jackson Hole, Wyoming, he was quoted as saying: The economy has got one foot into a recession and the other on the banana peel now. 'We are taking forceful and rapid steps to moderate demand so that it comes into better alignment with supply, and to keep inflation expectations anchored. We will keep at it until we are confident the job is done,' Powell said last week. Warning of more volatility ahead, Kelly emphasized that investors should focus on defensive plays and valuations rather than short-term direction, such as investing in value stocks, long-duration bonds, and income-generating alternatives. Recommending that investors sell crypto while steering clear of large-cap tech stocks and bitcoin, the strategist advised: Make sure you overweight U.S. and international value, as well as stocks with relatively low price-to-earnings ratio. Citing a high risk of recession, Kelly said... read More



Bitcoin Realized Losses Going Down, But Still At Significant Value

    Data shows the net amount of losses being realized in the Bitcoin market is going down, but nonetheless remains at a high value. Bitcoin Net Realized Profit/Loss Still Has A Pretty Negative Value As per the latest weekly report from Glassnode, the net loss realization has reduced a bit recently, but the market is not near a neutral level of selling yet. The 'net realized profit/loss' is an indicator that measures the net magnitude of profits or losses being realized by all investors in the Bitcoin market. The metric works by looking at the on-chain history of each coin being sold to see what price it was moved at before this. If the previous selling price of any coin was less than the current BTC price, then that particular coin has just been sold at a profit. On the other hand, if the last price was more than the latest one, then the coin has realized some amount of loss. When the net realized profit/loss has values greater than zero, it means the overall market is selling at a net profit right now. While if it has a negative value, it implies holders as a whole are realizing some loss at the moment. Now, here is a chart that shows the trend in this Bitcoin indicator as a percentage of the market cap: The 90-day moving average value of the metric seems to have been negative in recent days | Source: Glassnode's The Week Onchain - Week 34, 2022 As you can see in the above graph, the Bitcoin net realized profit/loss has had a deeply negative value during the last few weeks. H... read More



Terra's 2 Classic Coins Mysteriously Spike in Value, USTC Climbs 42% Hig...

    During the last 24 hours, crypto asset prices have improved as the global cryptocurrency market capitalization today has risen 1.9% to $1.07 trillion. Interestingly, the two so-called 'defeated' Terra blockchain tokens, now called terraclassicusd (USTC) and luna classic (LUNC), have seen significant gains. LUNC has climbed 8% higher during the past 24 hours and the once-stable coin USTC has jumped 42.2% higher against the U.S. dollar on Tuesday.Following Do Kwon's Recent Interview, Terra's Classic Token See a Market Revival For some mysterious reason, the two coins associated with Terra's Classic network - terraclassicusd (USTC) and luna classic (LUNC) jumped significantly in value on Tuesday. The market moves follow Do Kwon's recent interview with Coinage as the Terra co-founder spoke about the possibility of a mole within the Terra organization. 'If you're asking me whether there was a mole at TFL, that's probably, 'Yes.' Whether somebody tried to take advantage of that particular opportunity, I would say that the answer is, 'Yes.' But if those opportunities existed, then the blame is on the person that presented those vulnerabilities in the first place,' Kwon explained in his interview. 'I, and I alone, am responsible for any weaknesses that could have been presented for a short seller to start to take profit.' Four days later, both USTC and LUNC are seeing significant gains compared to a great number of coins within the crypto economy. LUNC's price jumped 8% higher today... read More



Value Locked in Defi Loses $5.7 Billion in 5 Days, Smart Contract Tokens...

    The total value locked (TVL) in decentralized finance (defi) has slid 8.53% over the last five days since August 14, 2022. At the time, the TVL was $67.87 billion but today, the value locked in defi is approximately $62.08 billion. Moreover, the top smart contract platform tokens by market valuation today are worth $372 billion, but overall the dozens of smart contract crypto assets have lost 7.8% in value during the last 24 hours.Smart Contract Token Economy Slides Lower, Total Value Locked in Defi Loses 8.53% Since August 14 On August 19, 2022, the top smart contract tokens like ethereum (ETH), binance coin (BNB), cardano (ADA), solana (SOL), polkadot (DOT), and avalanche (AVAX) are all down in value against the U.S. dollar. There are dozens of smart contract tokens and collectively they are all worth $347 billion, down 7.8% according to today's market data. Ethereum leads the pack with the largest market capitalization as ETH now commands 19.2% of the crypto economy's $1.14 trillion in value. Out of the entire lot of smart contract coins worth $347 billion, ETH's $208 billion market cap represents 59.94% of the top smart contract tokens by valuation. At the same time, the smart contract crypto economy equates to roughly 32.12% of the crypto economy's $1.08 trillion valuation. While the top smart contract tokens' market performances have been lackluster, the value locked in defi has been the same. Today there's $62.08 billion in value locked into the numerous defi protocol... read More



Another Stablecoin Depegs From USD Parity, Polkadot-Based AUSD Loses 98%...

    2022 has been the year of broken stablecoins as a myriad of dollar-pegged crypto assets depegged from their dollar value this year. On August 14, the Polkadot-based stablecoin alpaca usd (AUSD) dropped below a U.S. penny in value, only to bounce back to the $0.95 region hours later. Reports say that the Acala protocol was compromised and an attacker managed to mint 1.2 billion AUSD.Polkadot's AUSD Stablecoin Slides Well Below the $1 Parity Besides USDT, USDC, DAI, and a couple of others, a number of stablecoins have had an awful year in terms of holding their U.S. dollar value. The depegging of terra usd (UST), now known as USTC, caused the entire Terra ecosystem to implode and more than $40 billion evaporated from the crypto economy. Following that event, stablecoins like Waves' neutrino usd (USDN), Abracadabra's magic internet money (MIM), and Tron's USDD slipped below the $1 mark. JUST IN: Hackers printed 1.2 billion $AUSD on the Acala Network through an exploit. - Watcher.Guru (@WatcherGuru) August 14, 2022 While Terra's USTC never regained the $1 peg, USDN, MIM, and USDD are all swapping for $0.99 per coin on August 14, 2022. However, on the same day, the Polkadot-based stablecoin alpaca USD (AUSD) lost its peg. Data from coinmarketcap.com shows an all-time low of around $0.006383 per unit was recorded on Sunday. While writing this post at 3:15 p.m. (EST), AUSD's price had bounced back to the $0.95 range, but then it quickly slipped to $0.01165 in a matter of no time a... read More



Proposed Ethereum PoW Fork Token Loses Half Its Market Value in Less Tha...

    In 32 days, Ethereum is expected to upgrade from a proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS) system after the network used PoW for seven years. While the testnets have implemented the new rules, most people envision a relatively smooth mainnet transition. However, another chain is expected to fork away from the Ethereum branch and since August 8, the proposed fork called ETHW has gained market value in a few IOU markets. Despite the value gathered, the potential token lost more than half of its USD value in less than six days' time. While ETHW Captures Value, Proposed Ethereum Fork Token's Price Shudders by More Than 53% Ever since the bitcoin miner Chandler Guo started talking about a new proof-of-work (PoW) version of Ethereum, after the chain transitions to proof-of-stake (PoS), the idea has gained some traction. The crypto asset exchange Poloniex revealed the launch of ETHW markets and there's a new website called ethereumpow.org. Statistics from coinmarketcap.com indicate that MEXC, Digifinex, Gate.io, and Poloniex list ETHW IOU markets. But the ETHW site also claims to have connections with a number of 'communities, exchanges, miners and individuals [that] have worked together to make ETHW possible.' Twitter vertical trends show that the ETHW fork is controversial among die-hard Ethereum supporters and Ethereum Classic supporters have chimed in as well. The website shows connections through ETHW exchange listings, and alleged mining supporters w... read More



Fractional NFT Markets Slide 76% in Value in 7 Months, Diced-up Doge NFT...

    When non-fungible token (NFT) collectibles became popular, the fractionalized NFT market grew past the $200 million range seven months ago in December 2021. Since then, the fractionalized NFT market has lost more than 76% in value, dropping to an overall market capitalization of around $50 million.Fractional NFT Market Value Slides From $212 Million to $50 Million The fractionalized NFT market followed alongside the sizable growth the entire NFT industry saw last year. At its height in December 2021, the overall fractionalized NFT market valuation was approximately $212.6 million, according to metrics recorded by dappradar.com. Today, the value has evaporated by 76.41%, as the current fractionalized NFT market capitalization is roughly $50,401,068. Over seven months ago on Sunday, December 12, 2021, the largest fractionalized NFT project market valuation belonged to the Doge NFT (DOG) with a $130.14 million market cap. Today, the Doge fractionalized NFT project is still the top dog, so to speak, in terms of market valuation, with $19.71 million. The second most valuable fractionalized NFT project today is Etherrock #72 (PEBBLE) with $5.96 million, but back in December, it had a $22.73 million market valuation. All of the top fractionalized NFT projects followed the same downward path like the third-largest project Feisty Doge NFT (NFD), which once held an $18.29 million market cap. Today, statistics show NFD is down to $4.22 million. Ladypunk (LADY) had a $7.67 million marke... read More



Bitcoin's 'Fundamental Value Is Not in Line With Market Pric...

    Profitable bitcoin mining is essentially a result of an efficient and highly skilled team of professionals that can maintain runtime, a founder of a Bitcoin mining company has asserted. Therefore, even when the price is hovering around $20,000, a bitcoin miner with these attributes can still operate profitably.'Bitcoin Fundamentals Rarely Change' The drop in value of bitcoin from just under $30,000 at the start of June to below $20,000 by mid-month is believed to be one of the factors that contributed to the collapse and insolvency of large crypto entities like 3AC and more recently Voyager. These two high profile entities, however, are by no means the only ones seriously affected. Besides having to deal with lower prices, many market participants, including bitcoin miners, have had to contend with the elevated risk of becoming insolvent. As the situation with 3AC has shown, many market participants were, or are still, over-leveraged. Another significant drop in prices could result in more insolvencies. However, for other market participants like BTC miner Permian Chain, a further drop in the price of the top crypto is unlikely to have much impact on the company's long-term plans. According to the founder and CEO of the Canada-based cryptocurrency mining firm, Mohamed El-Masri, the fundamental value behind bitcoin is what motivates them. El-Masri also explained to Bitcoin.com News via email that the short-term price volatility of the crypto asset and the accompanying media he... read More



Value Locked in Defi Swells by $7 Billion, Tron's TVL Spikes 34.85...

    After tapping a 2022 low of $70 billion on June 19, the total value locked (TVL) in decentralized finance (defi) has increased by more than $7 billion. During the last seven days, the TVL in defi held within the Ethereum blockchain has increased by 4.47% as Ethereum's TVL commands 62.92% dominance or $48.17 billion of today's $77.11 billion. Meanwhile, Tron's TVL skyrocketed this week, jumping 34.85% during the past seven days.This Past Week Tron's TVL Jumped by Double-Digits, Smart Contract Tokens Rise, Dex Applications Command Today's Top Defi TVL Positions During the last week, six out of the ten top blockchains in defi saw their TVL stats increase by double digits. Ethereum jumped 4.47%, BSC increased 7.02%, Tron spiked 34.85%, Avalanche recorded a 2.81% increase, Solana rose by 9.10%, and Cronos increased by 2.33%. On Thursday, July 7, 2022, there's approximately $77.11 billion locked in defi and that metric increased by 1.40% during the last 24 hours. The largest defi protocol TVL is Makerdao's $7.54 billion or a dominance rating of around 9.78%. Makerdao's TVL dominance is followed by protocols such as Aave, WBTC, Curve, Uniswap, Lido, Convex Finance, Pancakeswap, Justlend, and Compound respectively. Makerdao saw a 1.56% increase this past week but the largest gainer in the top ten was Tron's Justlend with a 90.15% spike last week. Tron's Justlend has $2.79 billion locked and at the time of writing, USDD supply deposits get 12.83% annual percentage yield (APY) and the... read More



Zimbabwe to Hike Benchmark Rate to 200%, Central Bank Minted Gold Coins ...

    After seeing the country's inflation rise to 191.6% in June, Zimbabwean monetary authorities said they have resolved to increase the benchmark interest rate to 200% per annum. In addition, the central bank said it will introduce gold coins which will act as an instrument that will 'enable investors to store value.'Discouraging Speculative Borrowing Monetary authorities in hyperinflation-stricken Zimbabwe reportedly plan to hike the benchmark interest rate to 200% per annum, one of the highest in the world. According to an official quoted by Bloomberg, this plan is expected to help put the brakes on the country's runaway inflation. The latest data from Zimbabwe's statistical body shows the country's inflation rate now stands at 191.6%. Explaining the rationale behind the planned move, Persistence Gwanyanya, a member of the Reserve Bank of Zimbabwe (RBZ)'s monetary policy committee, said that by hiking the benchmark rate the central bank will discourage speculative borrowing. Gwanyanya added: At a time when banks were still adjusting their interest rates, they will be confronted with steep rates. Before this latest announcement, the RBZ had on June 17 asked banks to cease lending at rates below 80% starting on July 1, 2022. Gwanyanya is also quoted in the same report conceding that the central bank's initial year-end inflation target of between 25% and 35% can no longer be achieved. Due to the effect of what he called 'external shocks,' the monetary policy committee has now upp... read More



First In History: Bitcoin Mayer Multiple Records Lower Value Than Last C...

    The Bitcoin Mayer Multiple has recently sunk to a lower value than the bottom of the previous cycle. This is the first time in the history of the metric that such a trend has formed. Current Bitcoin Cycle's Mayer Multiple Low Is Deeper Than Last Cycle's As per data released from the analytics firm Glassnode, the current value of the BTC Mayer Multiple is around 0.478. Before seeing what the Bitcoin Mayer Multiple does, it's best to look at a basic explanation of a 'moving average' first. A moving average (or MA in short) is an analytical tool that averages out the value of any quantity over a specific period of time. As its name implies, it moves forward along with the quantity, and changes its value accordingly. read More



Value Locked in Defi Jumped 7% in 5 Days — Harmony's Horizon...

    While crypto prices have seen some healing during the last few days, the total value locked (TVL) across the entire decentralized finance (defi) ecosystem has also improved. The TVL in defi has seen an increase of 7.19% since June 20, and the defi protocol Makerdao's TVL dominates by 10.37% this weekend.Defi TVL Improves, Cross-Chain Bridge TVL Slips, $100 Million Stolen From Harmony's Horizon Bridge Decentralized finance has taken a hit from the recent crypto bloodbath following the Terra blockchain fallout, the most recent Federal Reserve rate hike, and the alleged financial issues surrounding Celsius and Three Arrows Capital (3AC). On June 17, Bitcoin.com News reported on the bear market affecting defi negatively and three days later the TVL in defi dropped to a low of $71.98 billion. Since then, there's been a 7.19% increase as the TVL rose from $71.98 billion to today's $77.16 billion. The Makerdao protocol has the largest TVL out of all the defi projects and dominates by 10.37% this weekend with $8 billion TVL. Makerdao's TVL has increased 6.89% during the past seven days. The second largest defi protocol in terms of TVL size is Aave, with $6.59 billion, and Aave recorded a 27.13% increase during the course of the week. As far as blockchain TVL distribution is concerned, Ethereum commands 63.98% with $49 billion TVL. Binance Smart Chain (BSC) is the second largest chain by TVL with 7.85% or $6.01 billion locked. After the market capitalization of the top smart contract... read More



Top Privacy Cryptocurrencies by Market Cap Lost Half Their Value in Less...

    Since the end of April, the top privacy crypto assets by market capitalization went from a combined value of $10.7 billion to today's valuation of around $5.09 billion. During that time frame, monero lost 48% in value while zcash shed 56% against the U.S. dollar.Privacy Coin Economy Sheds Billions Since End of April The top five privacy crypto coins monero (XMR), zcash (ZEC), decred (DCR), nucypher (NU), and horizen (ZEN) have lost significant value during the last two months. On April 28, 2022, archived data shows that the top privacy crypto assets by market capitalization were valued at $10.7 billion. Since then, the entire lot of privacy-centric tokens lost 54% over a 54-day period. XMR exchanged hands for $227.96 back then and today XMR is $123.15. ZEC was trading for $148.92 per unit and it's currently changing hands for $68.61 per unit. Moreover, the Cosmos-based secret (SCRT) used to be the fourth largest privacy coin, but today it is in the sixth position. Horizen (ZEN) was in the sixth position at that time, but today it is ranked fifth. Similarly, nucypher (NU) jumped ahead a spot from fifth to fourth in terms of privacy-focused tokens by market valuation. While XMR lost 48% in value since April 28, the coin shed 32% of that metric during the past 30 days. ZEC's loss since that day was 56% but over the last month, ZEC's USD value slipped by 37%. While the largest privacy coins in terms of market cap have seen seven-day single-digit gains this past week, a number of... read More



Value Locked in Defi Slips to $74 Billion, Top Smart Contract Tokens Dow...

    Decentralized finance (defi) has been hit hard by the recent crypto market rout as the total value locked (TVL) across 118 different blockchains has slipped below the $100 billion mark to today's $74.27 billion. The TVL in defi today is down more than 70% from its December 2, 2021, all-time high (ATH) at $253.91 billion. Moreover, since December 2021, the top smart contract platform tokens have lost 70% in value against the U.S. dollar as well, sliding from $823 billion to today's $245 billion. Defi Continues to Get Slammed by the Market Carnage, Top Smart Contract Platform Tokens Record Significant Losses While a great number of cryptocurrencies including the leading crypto asset in terms of market valuation, bitcoin (BTC), slid significantly in value, smart contract platform tokens and decentralized finance (defi), in general, suffered a great deal. While Terra's LUNA and UST fallout primed the flames, issues with Celsius, Three Arrows Capital (3AC), and the lack of trust in algorithmic stablecoins have continued to keep defi fires roaring. Six days ago, Bitcoin.com reported on how defi and smart contract coins got slammed by significant blows and at the time, there was still $104 billion in value locked into a myriad of defi protocols. Today, the total value locked (TVL) in defi is $74.27 billion, down 70.74% since the all-time high 197 days ago on December 2, 2021. The defi protocol Makerdao dominates the pack with 10.43% in terms of the application's TVL of $7.75 billio... read More



Dogecoin Shed 91% Of Its Value Since 2021 High – A Musk Tweet To P...

    The Dogecoin army has been closely monitoring the meme coin's depreciating value week by week. DOGE has lost an enormous amount of value from its all-time high on May 8, 2017, despite the fact that it remains one of the top 12 cryptocurrencies. Monday's Coingecko statistics reveals that DOGE is trading at $0.054143, a decrease of 34% over the previous week. More than a year ago on this date, DOGE was trading at $0.739 per unit. Today, the 24-hour price range for this cryptocurrency asset is between $0.064 and $0.07 per coin. Dogecoin is widely regarded as the first 'meme coin,' having been founded as a joke by Jackson Palmer and Billy Marcus in 2013 to poke fun at the abundance of altcoins flooding the market. Suggested Reading | Ether Drops Below $1,400, Pummeled By US Inflation And Difficulty Bomb Setback Dogecoin And Its Lost Glory As of this writing, the market capitalization of Dogecoin is $8.68 billion, which represents 0.755% of the $1.15 trillion crypto economy. DOGE is ranked below Solana (SOL) and Polkadot (DOT) in terms of market position, despite having the 11th biggest market capitalization (based on Monday's Coingecko chart) DOGE is down over 91% since Elon Musk's performance on Saturday Night Live on May 8, 2021. That evening, Musk delivered a series of monologues and skits that frequently mocked Dogecoin. The price of Dogecoin has continuously risen as a result of Musk's amusing tweets. Image source: Complex. The dog-themed coin then quickly drew th... read More



Meme Token King Dogecoin Lost 91% in Value Since Last Year's High,...

    After a prominent rise last year, 2022 has not been too kind to the top meme coin asset dogecoin. Currently, the father of the meme coin economy, dogecoin, has lost 91% in value since the crypto asset's all-time high. Despite the drop, dogecoin is still a top ten contender among the largest crypto market valuations today.The Dogecoin Dog Days - Meme Token King Sheds Significant Value Dogecoin fans have been watching the largest meme coin asset plummet in value week after week. While it is still a top ten cryptocurrency, dogecoin (DOGE) has lost a lot of value since the asset's all-time high on May 8, 2021. Over a year ago today, DOGE exchanged hands for $0.739 per unit and today the 24-hour price range for DOGE has been between $0.064 to $0.072 per coin. On Sunday, June 12, 2022, there's $567 million in worldwide DOGE trade volume during the past 24 hours. Dogecoin's market valuation today is $8.68 billion which equates to 0.755% of the $1.15 trillion crypto economy. While being the tenth largest market cap, DOGE is below solana (SOL) and just above polkadot (DOT) in terms of market positions. While 91% down from the all-time high is pretty significant, DOGE is still up a whopping 75,260% since the asset's all-time low on May 6, 2015. At that time, seven years ago today, DOGE was trading for $0.00008690 per unit. Dogecoin's recent market performance has not been so optimistic as 12-month stats show DOGE is down 79.3%. DOGE lost 21% in 30 days, and 19.9% of that percentage wa... read More



Just Above $1 Trillion — Crypto Economy's Value Slips Lower ...

    The $1.19 trillion crypto economy is now lower in value than the lows recorded in July 2021. During the last week, digital currencies like bitcoin, ethereum, caradano, and xrp, have shed significant value against the U.S. dollar, as the top cryptos have lost 50% to more than 80% from their all-time price highs.How Low Can the Crypto Economy Go? It hasn't been a great week for crypto assets, as the top ten digital currencies are down between 4% to 15% during the last seven days. Bitcoin (BTC) has lost 4.6% in value this week, while ethereum (ETH) has dropped by more than 14%. BNB is down 9.7% this week and ADA has only dropped by 0.7% during the past seven days. XRP has lost 7.4%, SOL dipped by 11.6%, and the tenth-largest market cap dogecoin (DOGE) has dropped by 13.6% this week. Presently, the crypto economy is valued at $1.19 trillion as it has lost 6.1% during the last day alone. This value is lower than the lows recorded in July 2021, when the market cap tapped a low of $1.32 trillion that month. The last time the entire crypto-economy was valued this low, was the first week of February 2021. At that time on February 6, 2021, BTC was trading for $39,405 per unit, ETH exchanged hands for $1,665 per unit, and XRP traded for $0.43 per coin. Presently, these coin values are lower than they were during the first week of February. Other top coins were lower in value than they are today. For instance, avalanche (AVAX) exchanged hands for $16.42 on February 6, 2021. Today, AVAX i... read More



While DeFi Total Value Locked Fell by 51% Since the End of Q1, Arrakis F...

    PRESS RELEASE. Zug, June 08, 2022 - As markets continue to tumble, Arrakis Finance, a yet relatively unknown & tokenless project, just reached a new milestone - a total value locked of $1 billion. DeFi TVL overall fell from $224B on April 1 to $109B on May 30, dipping by 51%. While nearly all major DeFi projects and platforms have suffered losses in TVL, Arrakis Finance has amassed $1 billion TVL and is closing in on capturing 1% of total DeFi TVL, overtaking the leading DeFi projects like dYdX and Aave V3. Arrakis, created by team members of the infrastructure protocol Gelato Network, is a web3's liquidity layer, which at its core acts as a decentralized market-making platform enabling projects to create deep liquidity for their tokens. Arrakis vaults manage liquidity on behalf of LPs on concentrated AMMs such as Uniswap v3 in a capital efficient and fully autonomous fashion. These next generation AMMs act more like traditional order book exchanges rather than legacy AMMs such as Uniswap v2. This is why Arrakis emerged as a necessary abstraction layer where market makers can help LPs to manage their liquidity efficiently. Arrakis has grown by 88% over the last month, all without native liquidity mining incentives. Currently, Arrakis manages liquidity exclusively on Uniswap v3, where it accounts for around 16% of the entire TVL. Projects that have already adopted Arrakis vault for their liquidity management include Polygon, MakerDAO, Aave, Olympus, Synthetix, and many more. T... read More



Avalanche Co-Founder Emin Gün Sirer Discusses Macro Conditions and ...

    The price of Avalanche has slid significantly since the crypto asset's all-time high as the token has dropped 83% in value since then. In a recent interview published on May 31, Avalanche co-founder, Emin Gün Sirer, discussed how bear market conditions have impacted cryptocurrencies like avalanche (AVAX). The Avalanche co-founder mentioned 'macro conditions' and that 'all asset prices-not just crypto but also equities-have gone down' in value. Emin Gün Sirer: 'Price Is Not Something That I'm Supremely Interested in - I'm Building' Presently, the crypto economy has been facing a downturn after numerous digital assets have lost 40% to more than 80% in value against the U.S. dollar. For instance, bitcoin (BTC) is down 56.9% from its $69K all-time high seven months ago. The crypto asset avalanche (AVAX) has shed roughly 83.9% in value against the USD since the ATH it recorded on November 21, 2021. Just recently, Avalanche co-founder Emin Gün Sirer discussed the AVAX downturn in an interview with Forbes author Steven Ehrlich. Despite the crypto economy's bear market, Gün Sirer is very optimistic about the future of AVAX and he wholeheartedly believes it is the best form of blockchain technology out there today. 'Avalanche is, simply put, the most innovative blockchain platform device to date,' the Avalanche co-founder explained to Ehrlich. 'It represents the best technology that we know from a scientific perspective for building blockchains that scale and are ... read More



KryptoPips Creates the World's First Multi-Broker Rewards Coin to ...

    PRESS RELEASE. KryptoPips, the world's first multi-broker rewards coin, allows brokers to reward their clients for participating in various trading activities. As key drivers of customer loyalty, the rewards coins will enable brokers to acquire new customers and maintain existing ones, thereby growing the brand. The reward coins can help boost business and incentivise trading activity throughout the year. It offers a customisable multiple-level rewards system to deliver a robust client loyalty program for global brokerages. A number of intended partnerships are set to be announced in the coming weeks, which will see the platform allow various global brokers to plug in, and disrupt the industry by showcasing an entire ecosystem of products and services to delight their partners and clients. Brokerages across the globe can adopt the multi-broker rewards coin, KryptoPips, to entice traders & partners with benefits, such as: Earning more income while enjoying reduced trading commission Participating in the trade activities to earn more discounts and savings Gaining access to enhanced leverage and other powerful trading tools Participate in token-related activities to earn incentives and perks 'KryptoPips was borne out of the desire to provide brokers with the ability to benefit more from cryptocurrencies than just from the sale, trade, and investment of it. We started developing the rewards coin in December 2021, and it has been an amazing journey since. In just six months, we ... read More



Why TRON Has Seen a 45% Hike in Total Value Locked (TVL)

    According to Wu Blockchain, the TRON network has seen a hike in its total value locked (TVL) over the past 30-days. This digital asset operates similarly to LUNA CLASSIC network’s Anchor Protocol. USDD allows users to earn a 30% annual percentage yield (APY) for staking it on the JustLend platform. TRON launched its own algo stablecoin to capitalize on the popularity of this product. However, May has seen a massive LUNA-UST (Terra Classic’s algo stablecoin) which has impacted the crypto industry. The crash in the price of LUNA and the UST deppeged appears to have little impact on TRON. Data from DeFi Llama supports the increase in TVL. This number stands at $6 billion with a 14% increase in the past week alone. TRON’s TVL has grown beyond that of Polygon, Avalanche, Solana, and Fantom. If the trend continues, the metric could surpass the TVL on Binance Smart Chain which currently sits at almost $9 billion. Further data provided by DeFi Llama indicates JustLend is the protocol with the percentage of TVL. The platform records $2.8 billion in TVL followed by JustStables’s $1.4 billion. In a short period of time, JustLend and the algo stablecoin seem to have taken over the TRON ecosystem pushing it to the top 3 in TVL across the DeFi sector. This seems to suggest that algo stablecoin still are very popular in the crypto space, despite the events on the Terra Classic network. Source: DeFi Llama Can TRON’s USDD Survive After The Events On Terra Classi... read More



Terra Launches New Chain Airdropping LUNA 2.0 Coins — Token Value ...

    On Saturday, May 28, 2022, LUNA classic and UST classic holders received an airdrop consisting of new LUNA 2.0 tokens based on two blockchain snapshots. The crypto asset's first recorded value at 5 a.m. (ET), was $14.31 per unit and it hit an all-time high (ATH) roughly 20 minutes later at $18.87 per LUNA. LUNA has dropped more than 70% as it traded for $4.20 per unit at 11:00 a.m. on Saturday. LUNA 2.0 Launches The new LUNA token is now trading as the crypto asset was airdropped to LUNA classic (LUNC) and UST classic (USTC) holders. Presently, there's a maximum supply of 1,000,000,000 LUNA coins but the current amount of tokens in circulation is unknown. LUNA is currently seeing the most activity on the trading platform Okx and 24-hour metrics indicate LUNA has seen a price range between $18.87 and $4.20 per unit. Other exchanges seeing LUNA trading activity include Gate.io, and MEXC Global. 'Luna2' and 'Luna 2.0' have been trending on social media during the past 24 hours as holders have been receiving their airdrops. A number of people have been asking where they can trade the new LUNA token. Terra's co-founder Do Kwon tweeted about the launch on Saturday and said: 'Phoenix-1 mainnet is now live and producing blocks – public node services, wallets and explorers should be going live shortly.' Kwon also said: 'To view your LUNA (or LUNA2 as some exchanges call them) token balances, you only need to log into [Terra Station] and refresh the page.' A number of exchanges ... read More



Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

    The ratio's value usually remains in this region during bull runs. Now, here is a chart that shows the trend in the Bitcoin exchange whale ratio (72-hour MA) over the past couple of months: It looks like the indicator has been at a high value recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange whale ratio has a value of about 0.89 right now, above the 0.85 threshold. According to the quant in the post, values above 0.90 may be considered the 'very high risk' zone. read More



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