DeFi has become the main topic of conversation in the crypto market and, in the sector, some projects manage to stand out. Today’s is Pickle Finance, a project that has had an interesting performance in the sector.
A 1,000% increase in 24 hours?
Yes, it seems that the projects in DeFi that are linked to some kind of food are a success during the last quarter.
Pickle Finance was born on September 11 and works like other highly regarded DeFi protocols that reward users who provide liquidity with high interest and additional token rewards.
But the project points to a differentiator. According to their post, the idea is to use incentives to reduce the premium that users are paying for certain stablecoins like DAI or Synthetix USD.
Basically, as the Pickle PicoPaper explains, the goal is to get people to sell stablecoins above parity and buy below parity.
Some are probably wondering: Why is that your goal? The reason is that stablecoins often trade above their valuation, providing opportunities for arbitrage.
And, as they have to suppose, a stablecoin that is not stable does not make much sense and, less, useful in the crypto community.
As we mentioned earlier, it came to light on September 11, the next day the token was valued at a low of $ 4.90. Two days later his rocket took off to peak.
And that’s how over the weekend the project made $ 53 million in 24-hour volume, as its governance token, PICKLE, traded as high as $ 85, according to CoinGecko. Which translated into an increase of more than 1,000% in 24 hours.
According to CoinTelegraph, the project has already accumulated more than $ 347 million in total locked value, or TVL. Right now, Pickle is trading at $ 60.83.
Will Pickle Finance Succeed? Or, will it be another crypto disappointment to add to the list?
New record for Bakkt, did you manage to beat CME Group?
Yesterday Bakkt announced that the platform traded a new record in the volume of Bitcoin futures. To be more specific, the Tweet he pointed that 15,955 futures traded were traded, which translates into $ 172 million in volume.
For those of you who don’t remember, the previous high on Bakkt was 11,706 Bitcoin futures reached on July 28. However, this is not enough to outperform CME, which yesterday saw a crypto volume of $ 262 million according to Skew data.
Binance crypto debit card across Europe
Today it was announced by Binance that its crypto Visa card is now available for use throughout the European Economic Area.
“With Swipe technology, it works like your traditional debit card. But instead of fiat, you will have digital assets, such as BTC, BNB, SXP, and BUSD. Your card is linked to a wallet within your account, and you can replenish this wallet with funds stored in your Spot wallet », Binance explained in the statement.
Hester Peirce warns of the consequences of the latest action taken by the SEC
Yesterday we reported in the Crypto Summary that the SEC reportedly imposed a $ 6.1 million fine on the Unikrn platform for conducting an ICO in 2017. Afterwards, Hester Peirce, a crypto advocate, issued a public disagreement.
Basically Peirce disagrees on the severity of the SEC’s sanction, mainly because it can trigger a chilling effect on innovation within the industry.
Crypto exchange Bithumb shares seized
According to Newsfreezone, Korean regulators today announced the seizure of Bithumb’s shares amid an ongoing case in which the exchange allegedly defrauds its clients.
The shares apparently belonged to Kim Byung-Geon, Director of the crypto exchange.
In this way, it is the third raid this month, the first was on September 2 and the second on September 7. What awaits the crypto exchange?
In a few lines …
- Bitcoin broke the $ 11,000 barrier today, will it manage to stay above the level?
- The United States charges seven suspected international hackers with hijacking remote computers to mine crypto.
- The Bitcoin hash rate is approaching 140 EH / s. While this is happening, we are just days away from a new difficulty setting.