DeFi Daily News,November 20th, 2020

1. Bitcoin steadied around $18,000 after record volumes on Wednesday while Ethereum 2.0 may be causing some investors to move ether out of decentralized finance (DeFi). Bitcoin (BTC) trading around $18,026 as of 21:00 UTC (4 p.m. ET). Gaining 2.1% over the previous 24 hours, which trading range was between $17,364 and $18,170.

2. According to the ChainNews, after the DeFi lending platform ForTube launched the “interest-free currency lending” campaign, the LTV (borrow-to-deposit ratio) has continued to rise, and the fund utilization rate has also steadily increased, thereby greatly increasing the deposit interest rate. Currently, depositing stablecoins in ForTube can achieve up to 20% annualized current income, far exceeding the market average. At the same time, the ForTube platform has launched full-currency borrowed currency mining, with an annualized rate of return of up to 36.5%. ForTube is a DeFi lending platform launched by The Force Agreement. ForTube is based on smart contracts and automated algorithm technology. Users can deposit coins to earn interest, and mortgage coins to pay interest.

3. The new DeFi insurance project, COVER Protocol, announced its official launch, and will release the governance token COVER on November 20, and at the same time start shield mining and the migration from SAFE2 tokens to COVER. The initial support agreement of COVER Protocol includes ten agreements including Curve, Aave, Balancer, SushiSwap, Yearn.finance, Pickle.finance, BarnBridge, Harvest.finance, REN, C.R.E.A.E.M. In the next 6 months, approximately 17,000 COVER tokens will be allocated to the shield mining plan, approximately 654 per week, of which 80% of the tokens will be allocated to the liquidity provider of the above 10 supporting agreements. For those, 20% will be allocated to Pool 2 liquidity providers, which will be announced on November 20.

4. Decentralized transaction aggregation platform 1inch (1INCH) announced the launch of the second phase of the liquidity mining plan, which will allocate 1% of 1 INCH governance tokens, including ETH/WBTC, ETH/USDC, ETH/DAI and ETH /USDT Four Mooniswap fund pools. Sergej Kunzbiaos, co-founder and CEO of 1inch, stated that to ensure transparency, a dashboard will be released to show the exact number of rewards users receive. 1inch said that the liquidity mining plan in the second phase will not affect the first phase. Chain Wen previously reported that in August this year, 1inch issued the governance token 1INCH and launched the first phase of the liquidity mining plan. The rewards distributed in the first phase will account for 2% of the total token supply.

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