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YFI Founder Puts Himself Forward for Uniswap (UNI) Delegation Duties

Andre Cronje has announced his intent to become a Uniswap delegate. Those delegates receiving sufficient community backing will be able to submit governance proposals, influencing the way the platform operates. The founder of the hugely popular yEARN Finance protocol identified various issues with Uniswap that the platform’s governance could address. These include a reevaluation of […]

The post YFI Founder Puts Himself Forward for Uniswap (UNI) Delegation Duties appeared first on BeInCrypto.

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Andre Cronje has announced his intent to become a Uniswap delegate. Those delegates receiving sufficient community backing will be able to submit governance proposals, influencing the way the platform operates.

The founder of the hugely popular yEARN Finance protocol identified various issues with Uniswap that the platform’s governance could address. These include a reevaluation of the UNI token’s distribution and tokenomics, as well providing support for other projects that may provide value to the exchange platform.

One of DeFi’s Biggest Names Interested in Uniswap Community Governance

One of the biggest stories to break in the world of cryptocurrency this week was the launch of the UNI token. On Sept. 16, UNI tokens were distributed to Ethereum wallets that had interacted with the popular automated market making platform before Sept. 1.

Initially, the price of UNI tokens declined as those claiming the free airdrop cashed out. Since then, buying pressure has moved the price up aggressively.

At their highest point during the few days since launch, the 400 UNI tokens that previous platform users received were worth more than $3,400. At the time of writing, the current UNI market cap is over $780 million.

The newly launched token will provide additional incentives to those providing liquidity on Uniswap. It will also allow holders to participate in the platform’s governance.

According to a Uniswap blog post detailing the launch, users can delegate their tokens to others so that they meet the required percentage of the total supply needed to submit governance proposals. Those submitting proposals will need a total of 1% of the total supply of 1 billion tokens.

One of those interested in becoming a Uniswap governance delegate is Andre Cronje. The yEARN Finance founder tweeted as such earlier Saturday:

As part of the above thread, Cronje stated that he did not think the platform should rush to provide incentives to liquidity pools. He added that he believes there are other opportunities to improve the protocol. These include a reevaluation of UNI’s tokenomics and distribution, along with efforts to bring stablecoins like DAI and sUSD back to their pegged values.

Cronje’s Delegation Pitch Prompts Increased UNI Buying Pressure

Having a name as big as Cronje’s is to the DeFi niche taking an interest in serving as a Uniswap delegate appears to have further excited the market. At around the time of his tweet, UNI traded at around $6.40.

The price went on a short-lived run following his announcement, topping at just over $7.30. It has since pulled back slightly to $7.

Uniswap UpUniswap Up

Cronje is best known for his work on the yEARN Finance protocol. The automated yield farming optimizer grabbed the attention of the DeFi sector earlier this summer.

Cronje inspired the cryptocurrency industry by electing to launch the YFI token without a pre-mine or any reward for himself. This “fair launch” subsequently inspired other teams to experiment with different token distribution models — such as that employed by Uniswap itself.

The YFI price shot from less than $700 at launch to more than $42,000 by Sept. 13. The token’s stellar performance is thanks to both community interest in YFI and its incredibly low circulating supply of 30,000.

Judging by engagement on Cronje’s Twitter post, the developer will be a popular candidate for delegation duties. If he is delegated enough tokens, it should be interesting to see the direction the popular developer attempts to steer Uniswap.

Source: https://beincrypto.com/yfi-founder-puts-himself-forward-for-uniswap-uni-delegation-duties/

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Yearn.Finance Partners With DeFi Protocol Cream

In a blog post published on Nov 26, Yearn said that the two projects are joining forces to launch Cream v2. The launch will reportedly focus on core lending and leverage products. “Cream v2 enables earning yield with leverage, and is a launchpad for future Yearn & Cream collaborative lending products,” the post read. According … Continued

The post Yearn.Finance Partners With DeFi Protocol Cream appeared first on BeInCrypto.

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Less than two days after news broke that decentralized finance (DeFi) platform Yearn.Finance (YFI) had absorbed the Pickle Finance protocol, it announced another merger. This time with DeFi protocol Cream.

In a blog post published on Nov 26, Yearn said that the two projects are joining forces to launch Cream v2. The launch will reportedly focus on core lending and leverage products.

“Cream v2 enables earning yield with leverage, and is a launchpad for future Yearn & Cream collaborative lending products,” the post read.

According to Yearn’s founder Andre Cronje, “the addition of an in-house money market for Yearn unlocks considerable new synergies for platform growth.”

These synergies include total valued locked (TVL) increases, additional collateral, extra leverage, pair lending, and the launch of a new 0 collateral protocol credit solution.

In practice, the partnership between protocols means that Yearn users will be able to put their vault tokens up as collateral for loans on Cream. And in addition, the farming strategies will be able to tap into leverage on the platform, offering a potentially new avenue for increasing yield.

The Cream Protocol

Launched in August 2020, Cream has often been compared to other lending protocols like Compound and Aave. Cream, an acronym for “crypto rules everything around me,” is a DeFi protocol that provides lending, exchange, payment, and asset tokenization services.

In a recent write-up, Boxing called the relative newcomer “promising” and a fit for what many cryptocurrency users need from the market.

Community Reactions

Although the term merger was thrown around after Yearn’s announcement, one analyst pointed out that this was probably an inaccurate way to describe it.

The reason being that the governance and token economics of Cream will remain unchanged. Going forward, the two protocols will cooperate closely but continue operating separately.

Although the news appears to have been greeted positively by the majority of the Yearn community, there has been little time to form an opinion on the Pickle announcement, let alone another partnership.

Also, there were at least a few dissenting responses. One called into question Cream founder Jeffrey Huang’s history and called the move “disappointing.”

As for token prices, Cream shot up almost 50% to around $70 in the last 24-hours (according to CoinGecko) while YFI is down about 9%, close to $21,500 during the same time.

YFI has made some solid gains in November, doubling in price, but is still 45% adrift of its dizzying peak of $44,000 in mid-September

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Colin is a writer, researcher, and content marketer with a keen interest in the future of money. His writing has been featured in numerous cryptocurrency publications, and his holdings don’t amount to more than a handful of BAT.

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Source: https://beincrypto.com/yearn-finance-partners-with-defi-protocol-cream/

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Coinbase, Others Go Down as Amazon Web Services Outage Takes Down Swath of Internet

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Leading cryptocurrency exchange Coinbase and thousands of other platforms on the internet are reporting recurring interrupted service and pointing the finger at cloud provider Amazon Web Services, which experienced an outage.

This story is developing and will be updated as more information is available.

Source: https://www.coindesk.com/coinbase-others-go-down-as-amazon-web-services-outage-takes-down-swath-of-internet

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Coinbase Preemptively Rebuts Unpublished New York Times Expose

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Cryptocurrency exchange Coinbase has publicly shared an internal letter pushing back at an as-yet unpublished article in the New York Times that, it says, will allege Black employees had “negative experiences” while with the firm.

The letter, posted on the company’s blog Thursday, states that NYT journalist Nathaniel Popper has been interviewing current and former staff over recent weeks and will “allege that a number of Black employees and contractors referenced in the story filed complaints with the company.”

“In reality, only three of these people filed complaints during their time at Coinbase. All of those complaints were thoroughly investigated, one through an internal investigation and two by separate third-party investigators, all of whom found no evidence of wrongdoing and concluded the claims were unsubstantiated.”

The letter, which was not signed but references the first person in places, appears to be an effort to take the sting out of the report by controlling the narrative before it’s even started. “We provided several written, on-the-record statements to The Times. We have no control over whether and how The Times uses those statements (in whole or in part) in the story,” Coinbase says.

The letter goes on to say that, despite the firm’s “best efforts” to provide relevant information to Popper, Coinbase expects “the story will paint an inaccurate picture that lacks complete information and context.”

“Finally, let me be absolutely clear on these points: We are committed to maintaining an environment that is safe, supportive and welcoming to employees of all backgrounds,” the unnamed writer (possibly CEO Brian Armstrong) says. “We do not accept intolerant behavior. And we are committed to the refreshed Belonging, Inclusion and Diversity strategy we rolled out earlier this quarter.”

The New York Times will publish the article in print on Sunday and possibly before that in online versions, according to the post.

The anticipated article and the firm’s preemptive response are now building to be the second major PR blow for Coinbase this year, after a controversial blog post from Armstrong in the summer set out that he would effectively bar most political activism in its workplace and focus on the “mission.”

The missive apparently came about after internal protests were sparked when the CEO would not publicly back the “Black Lives Matter” movement, but would state that “black lives matter.” He later compromised in a tweet.

Source: https://www.coindesk.com/coinbase-new-york-times-black-employees

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