Yearn Finance consumes Pickle without voting for governance

Yearn Finance took over Pickle Finance following a hack.

New strategies, returns and tokens will be available for farmers.

The PICKLE price rises and falls as YFI drops 9%.

The decentralized financial platform Yearn has absorbed the Pickle Finance protocol

The move follows a hack over the weekend that resulted in the loss of $ 20 million in stabkecoins, but the community had no say in the decision.

Yearn Finance has partnered with, or rather absorbed, Pickle Finance in an effort to increase rewards for bettors and pay off some of the victims of the flash loan attack that happened on November 21.

Yearn founder Andre Cronje’s announcement said this was done to reduce duplication of work and increase specialization. Pickle was cloned from Yearn Finance, which launched a “backscratcher” vault earlier this month, as its Jars are based on the old protocol v1 vaults.

Some argue that the takeover makes sense given that they share the same code. Yearn would be able to introduce new strategies for stablecoin yield farming that Pickle is offering.

What, no vote on governance?

Usually with major decisions for DeFi protocols there is a vote on governance, however, this is also often manipulated by whales which calls the whole premise into question.

A member of Yearn’s team, using the pseudonym „tracheopteryx.eth“ [@tracheopteryx], explained why a governance vote was not necessary.

The partnership will include the merger of Yearn’s v2 chests and Pickle Jars in addition to their Total Locked Value (TVL). Since creating a new vault is permissionless, there is apparently no need to vote on it.

Additionally, the rewards will come in the form of Pickle tokens and something called DILL, which can be locked in over time for better returns. They can also be used for the governance of these chests or “gauges” as they will be called. This does not affect YFI holders so, again, no voting is necessary.

The Pickle team will migrate to Yearn and a new token called PICKLE will be launched to track the losses from the recent Evil Jar exploit. These tokens will be distributed proportionally to the victims of the attack.

Nouriel Roubini riconosce la Bitcoin come una „parziale“ riserva di valore

In quello che è uno sviluppo sorprendente, il professor Nouriel Roubini, soprannominato da molti nella comunità dei crittografi „Dr. Doom“ a causa delle sue osservazioni scettiche su Bitcoin e crittocurrenze, sembra aver ammorbidito la sua posizione su Bitcoin.

Nel corso di una recente intervista, Roubini ha detto che il Bitcoin Bank può essere considerato una riserva parziale di valore perché non può essere facilmente svilito come nel caso di altri altercoin.

„È forse un deposito parziale di valore, perché, a differenza di migliaia di altri che io chiamo shitcoin, non può essere facilmente svilito perché c’è almeno un algoritmo che decide quanto aumenta nel tempo l’offerta di Bitcoin, perché per la maggior parte di questi altri, letteralmente, è fatta ad hoc, e vengono svilupati più velocemente di quello che fa la Fed“.

Questo è interessante perché proprio di recente Roubini aveva sostenuto che il Bitcoin è destinato a discutere nel „museo delle monete fallite“ con altre valute digitali, mentre criticava anche la mossa di PayPal di sostenere le crittocorse come Bitcoin e Litecoin.

Riconoscere il valore del Bitcoin a questo proposito mette in evidenza lo status che la crittovaluta ha raggiunto ultimamente. Certamente, l’atteggiamento di scongelamento di PayPal, così come di altre grandi istituzioni come MicroStrategy, Square Crypto, e altri, hanno avuto un ruolo in questo.

Infatti, secondo un rapporto condiviso dall’amministratore delegato di Grayscale, Michael Sonnenshein, il flusso verso il Bitcoin Trust (GBTC) di Grayscale è stato molto superiore a quello verso i Gold ETF. Ciò che è più interessante è il fatto che i risultati di questo rapporto sono stati compilati da JP Morgan Chase, una delle più grandi banche degli Stati Uniti.

Detto questo, Roubini rimane ancora scettico sul futuro di questa classe di asset, con il Dr. Doom che sostiene che non è scalabile e l’introduzione delle Central Bank Digital Currencies (CBDC) renderà ridondante il cripto-industria.

Roubini ha osservato che con una CBDC, ogni individuo può utilizzare un conto presso la banca centrale per effettuare i pagamenti. Questo potrebbe essere l’inizio di una „grande rivoluzione“, ha detto.

„Stanno per affollare i sistemi di pagamento digitali, o nel settore privato, a partire dalle crittocorse che non sono realmente valute“.

Blockchain: Nigeria targets $ 6 billion in revenue by 2030

A Nigerian government agency expects the blockchain industry to grow significantly by 2030 in the country. At least $ 6 billion in revenue could thus be generated.

Nigeria’s blockchain industry to explode, government says

A speech by the director of the National Information Technology Development Agency (NITDA), reported by Vanguard , gives indications of the government’s hopes. Kashifu Inuwa explained last week that it was estimated that the blockchain sector could generate 6 to 10 billion dollars in revenue for Nigeria by 2030.

Inuwa confirmed that Nigeria does not want to be overtaken, and that blockchain is already contributing to the growth of global economies:

“We are aware of the need to position our country effectively , so that we can generate value with blockchain. “

Nigeria, a leading figure in the blockchain industry in Africa?

For this, NITDA relies on two strengths: Nigeria’s young population, most of whom were born digitally, as well as the country’s place on the continent. Nigeria is indeed sometimes considered a leading figure in the development of the FinTech sector in Africa. With regard to blockchain in particular, several areas should be explored: digital payments of course, but also digital identity technologies and contract and conflict management, among others.

Cryptocurrencies Rise In Nigeria

At the local level, several signs are already pointing to an increasing adoption of cryptocurrencies . Last October, the MetaMask wallet named Nigeria among the four countries with the most users, along with the United States, India and the Philippines. In September, the Nigerian analysis firm A&D Forensics also explained that the arrival of “Big Players” in the region represented a turning point :

“ When Binance arrived in Nigeria, it gave many people the opportunity to buy and exchange [crypto currency s] . They have more liquidity than other exchanges in the region, they recruit local community managers […] and they provide free rewards. “

While the country’s fiat currency, the naira (NGN), has been steadily losing value for many years now, cryptocurrencies are seen as a haven by the people of Nigeria. An impression confirmed by a recent study by Blockchain.com , which concluded last August:

“Nigeria has been the country with the greatest progress in recent months. The country has increased its use of the Blockchain.com web wallet by 60% since April 2020. ”

Bitcoin, after the U.S. elections: What’s next?

The results of the U.S. presidential election will be decisive for the future of Bitcoin (BTC). Preliminary data shared by Messari’s CEO, Ryan Selkis, indicates that the election will be close.

Now, Bitcoin opened the U.S. election day with a 1.85 percent jump, bringing its price back to $13,700. The leading crypto currency will go through a day or so, loaded with tension due to the election. And, experts believe that it would not be strange to see a new annual high.

The specialists point to the resistance of 13,800 dollars for the time being. In case it is exceeded, BTC has serious possibilities to test the new level. Although the electoral uncertainty will probably generate bounces depending on some unusual event.

As for the future of the White House, the consequences on the market will not be seen quickly (nor will the results of the election). Multiple ecosystem references have suggested that a defeat of President Trump would drive the price of BTC to higher levels. Due to the increased risk in the financial system.

Biden’s victory could prompt investors to rush their funds into emerging markets. Taking advantage of the last weeks before an administration that could be characterized by its restrictions and taxes.

Crypto market does not want to worry about the elections

What do the BTC presidential candidates and the crypto-currencies think?

Trump and Biden’s views on the market’s leading crypto currency are in significant contrast. For the U.S. president, Bitcoin is not money. Furthermore, it would be an unregulated asset that is based on „the air.

„I’m not a fan of Bitcoin and other crypto currencies, which are not money, and whose value is highly volatile and based on air. Unregulated cryptoactives can facilitate illegal behavior, including drug trafficking and other illegal activities,“ Trump posted on Twitter on July 11, 2019.

On the other side of the coin is the position Biden has shown, not just as a presidential candidate. But also as the vice president in office during Barack Obama’s two presidential terms between 2009 and 2017.

Unlike Trump, Biden has not directly questioned Bitcoin. In fact, in July of this year, and after the massive Twitter hacking that promoted a scam to steal BTC, the presidential candidate confessed that he doesn’t own any Bitcoin. Through Twitter he indicated the following:

„I don’t have Bitcoin and I will never ask you to send me one. But if you want to contribute to help Donald Trump become a one-term president, you can do it here,“ Biden wrote on the social network without criticizing the cryptomoney or questioning other projects in development.
Bitcoin in the short term

Now, the determining factor for Bitcoin of the election result would apparently be the approval of a stimulus package. After the fall of the crypto market in March, the approval of measures to combat the crisis caused by the coronavirus pandemic was important for the subsequent performance of Bitcoin.

In the short term, BTC absorbed a large portion of the stimulus approved at that time. At least in terms of adoption, BTC has established itself as a safe haven for many companies seeking refuge from the Federal Reserve’s inflationary measures.

According to senior commodity strategist for Bloomberg Intelligence, Mike McGlone, adoption is one of the key factors for Bitcoin. As adoption has increased, cryptomoney has managed to decouple itself from the traditional market and reduce its volatility by acting as a digital version of gold.

In fact, the creator of the Stock to Flow model for Bitcoin, PlanB, has responded positively to the news of a possible approval of a new stimulus package. Something that seems to be imminent with any of the current presidential candidates.