DeFi Daily News,December 2nd, 2020

1. The price of bitcoin took a bit of a dip, though overall market sentiment remains bullish. Ether’s correlation to bitcoin is going up despite differences in value propositions. Bitcoin (BTC) trading around $19,077 as of 21:15 UTC (4:15 p.m. ET). Slipping 2.1% over the previous 24 hours, which trading range was between $18,171 and $19,920.

2. According to the ChainNews, DerivaDEX, a decentralized derivatives trading platform, announced that it will launch an insurance mining plan soon, and announced an overview of the token model. The insurance mining plan of DerivaDEX is a unique system for insurance funds under the DerivaDEX agreement. It is initiated and managed by the Decentralized Autonomous Organization (DAO). After the system goes live, users can jointly initiate DDX insurance by staking insurance mining funds the fund also obtains DDX tokens through pledge, and the supported collaterals include USDT, cUSDT, aUSDT, USDC, cUSDC, aUSDC, HUSD and GUSD. DerivaDEX plans to start the insurance fund through a one-year community pledge plan. Participants could obtain DDX tokens. At the beginning of insurance mining, DDX tokens cannot be traded and transferred until the tokens are unlocked through governance. DerivaDEX also announced the overview of the token model: The total amount of DDX tokens is 100 million, of which 50% is allocated to teams, early investors, and partners, the other 50% is provided for liquid mining, of which 2.5% is allocated for insurance mining Mine, the rest will be allocated within 10 years.

3. Binance has now launched the Ethereum 2.0 pledge service. After the user completes the ETH pledge on Binance, they will receive the same amount of BETH tokens and on-chain pledge income at a 1:1 ratio. The Binance ETH 2.0 pledge service will pay users for node construction fees, and all on-chain profits will be returned to users, and users will bear the risk of on-chain slash. Earnings calculation starts at 08:00 am on December 2nd. The minimum participation amount is 0.0001 ETH. It is estimated that the pledge annualized income reward will be between 5% and 20%, subject to the actual income on the chain. During the lock-up period, the pledge income will be issued in the form of BETH the next day according to the amount of pledge and lock-up time.

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