Why analysts are concerned with Yearn.finance (YFI) following EMN debacleBTC $10,743 (-1.3%) • ETH $355 (-2.3%) • XRP $0.24 (-2%)
YFI – the governance token of the Yearn.finance ecosystem – has been plunging lower throughout the past 24 hours, with it reverting nearly all of its recent gains as buying pressure begins evaporating. Yesterday, the drama surrounding one of the external projects being developed by Yearn.finance founder Andre Cronje helped fuel the token’s ongoing downtrend. This external project was a card game of sorts, still in the early phases of its development. Cronje had hinted at its creation on multiple occasions on Twitter, and investors quickly began taking steps to manually mint the tokens related to the project – called EMN – through calling the contracts on Etherscan and depositing DAI. Rapidly, millions of dollars had poured into the contract, and external pools on Uniswap began opening up. Unfortunately, a bug in the contract allowed a user to drain the DAI that had been deposited, leading to massive losses. 📈 Trending … DeFi Tokens • Oracle Tokens • Biggest Gainers • Stablecoins More news ⏬Ethereum was $11 during the last Presidential election—now it’s $355Four years ago, during the last presidential election, the price of Ethereum was hovering at $11. DeFi darling Yearn.finance (YFI) deployed a new token—then $15m was stolenIt’s been yet another crazy day for the decentralized finance (DeFi) ecosystem. DeFi critics criticize freezing of $130m in Kucoin crypto: here’s what they get wrongKuCoin underwent a brutal hack last week that resulted in millions of dollars worth of coins lost. Synthetix Network Token (SNX) rebounds as on-chain strength flourishesSynthetix Network Token’s price has seen some volatility over the past couple of days, with inflows of selling pressure coming about due to the massive amount of SNX tokens stolen due to the recent KuCoin hack. Data shows over 100 million unique users now have Bitcoin and crypto accountsA new report commissioned by the Cambridge Center of Alternative Finance, a research effort focused on cryptocurrencies, said over 101 unique million users opened new accounts at crypto service providers such as exchanges and wallets. 3 key reasons Yearn.finance (YFI) fell 20% in a steep correctionYearn.finance (YFI), the decentralized finance (DeFi) giant popular for its vaults, fell by 20% within nine hours. Nasdaq-listed Bitcoin miner hit by coronavirus, records a 50% drop in revenueThe Bitcoin industry has not been spared from the ill-economic effects of the ongoing coronavirus pandemic. Featured event
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