A by-the-minute look at Tether’s $1 billion swap from Bitfinex to Binance

On August 20, a Tether swap worth $1 billion happened — it involved Binance, Bitfinex, and a major fire dumpster on TRON (TRX) blockchain.  Tether flows. Source: Flipside Crypto. From time to time, the news of Tether burning some of its supply on one blockchain and then minting it anew on another appears in the headlines. Although it sounds easy enough, in reality, it involves quite a bit of planning and more importantly — trust. Tether $1 billion swap transactions. Source: Cointelegraph. During the six-transaction swap that spanned two blockchains…

Yield farming frenzy pushes Uniswap daily volume over $1 billion

A dramatic spike in yield farming activity associated with SushiSwap and similar protocols has seen Uniswap become the first decentralized exchange (DEX) to exceed $1 billion in 24-hour trade volume. According to crypto data aggregator CoinGecko, Uniswap V2 is currently the third-largest exchange by normalized trade volume with $1.02 billion worth of ERC-20 tokens changing hands over the past day. CoinGecko ranks Uniswap below only Binance and OKEx, who represent $6.25 billion and $1.10 billion in daily trade respectively. The decentralized exchange is now beating out major centralized platforms like…

DeFi’s meteoric rise continues as locked in value hits $9 billion

Decentralized finance (DeFi) hit another milestone as its locked in value reaches $9.02 billion as DeFi projects gained speed in the past few months. Aave continues to be the largest DeFi project, with $1.71 billion locked, followed by MakerDAO with $1.43 billion, Balancer at $1.36 billion, Curve Finance at $1.26 billion, yearn.finance at $953.6 million and Synthetix with $871 million. Yearn’s YFI token surged 75% in the past day, with its price hitting $38,883 on Binance. The price moved its market capitalization to $1 billion. Excitement for DeFi hasn’t waned…

Hashgraph Sets to Scale a Mental Health Platform to Billion Users

Hashgraph has partnered with the Chopra Foundation to develop a mental health platform that they hope will scale to 1 billion users within five years. The platform’s initial focus will be on suicide prevention, though they hope to eventually turn it into a broader mental wellbeing network. According to the press release, the “Never Alone Initiative” will “serve a global community, delivering secure access to scientific research, the work of mental health and wellness experts, and pragmatic tools and practices for everyday use.” We asked Hashgraph CEO Mance Harmon whether…

Total Value Locked in DeFi Is Overestimated by $2.83 Billion — Data Shows

The total USD value locked in decentralized finance (DeFi) protocols recently surpassed the $6 billion mark according to onchain data resource, DeFi Pulse. Currently, the figure rests at $6.32 billion, after rising nearly six-fold since it reached the $1 billion mark less than three months ago. The exponential growth seen this year can largely be attributed to the advent of yield farming and the release of Compound protocol. However, recent research by Encode Club founder Damir Bandalo, found that this figure is somewhat inflated. Instead of $6.32 billion, Bandolo says…

Tron’s BitTorrent Network Reaches 2 Billion Downloads

Peer-to-peer file sharing service BitTorrent, and little brother uTorrent, have now been downloaded more than two billion times on various platforms. Last year the network accounted for 3% of all downstream, and 28% of all upstream, traffic across the internet. The company attributes the figures to the “longstanding popularity of its classic desktop torrent clients, as well as its new web-based torrent downloader and player built for the streaming age”. It said the Android version of the service on Google Play Store is the “most popular torrent downloader”. In the…

Someone Transferred a Billion Dollars in Bitcoin for Less Than $5

According to information provided by the crypto Twitter account, Whale Alert, 92,857 BTC ($1,092,603,640) were sent from an unknown wallet for a fee just of $4 at current market rates. Although the Bitcoin network is well known for its generally low transaction fees, the cost-per-transaction has increased by over 500% in the last month. Bitcoin Block Bot, another whale alert-style Twitter account, reported on June 27 that a 101,857 BTC transaction had moved 0.5% of all Bitcoin currently in circulation, with a total transaction fee cost of around $0.48. Unknown…

$1 Billion Liquidated as Bitcoin Price Crashes by $1.4K in Minutes

The price of Bitcoin (BTC) and Ethereum’s Ether (ETH) plunged by 13% and 21%, respectively, within minutes on Aug. 2. The move liquidated more than $1 billion worth of futures contracts as BTC/USD dropped from around $12,000 to as low as $10,550. BTC/USD 1-hour chart. Source: Tradingview There appear to be two main reasons behind the sudden cascade of liquidations. First, the volume in the cryptocurrency market tends to drop during weekends. Second, the market was heavily swayed to longs or buyers. Cryptocurrency market snapshot, Aug. 2. Source: Coin360 Surprise…

Grayscale’s Crypto Funds Grow by $1 Billion in Just 11 Days

Crypto fund manager Grayscale Investments has managed to increase its assets under management by another $1 billion in less than two weeks. According to an update posted to Grayscale’s Twitter account on July 28, the investment firm currently has $5.1 billion in assets under management (AUM). The funds are mostly held in Grayscale’s trusts for Bitcoin (BTC) and Ethereum (ETH), along with the firm’s digital large cap fund. There are smaller allocations in Bitcoin Cash (BCH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP, and Zcash (ZEC) …

Tether Jumps to $10 Billion Market Capitalization

Tether (USDT) has reached a market capitalization of more than $10 billion as of July 22. The milestone was announced by Tether and also seen through the market price aggregator CoinGecko. Tether’s issuance has seen a significant growth in 2020, doubling from $5 billion in just five months since March 2020. Cointelegraph previously reported that a relevant portion of this growth comes from existing fiat on exchanges being transformed into USDT.  Tether and Bitfinex CTO, Paolo Ardoino, recapped some of Tether’s achievements during its growth. Tether transfers currently account for…