DeFi Daily News,October 16th, 2020

1. Bitcoin is turning bullish Thursday while ether futures open interest sticks around $1 billion the past month. Bitcoin (BTC) trading around $11,537 as of 20:00 UTC (4 p.m. ET). Gaining 1.5% over the previous 24 hours, which trading range was between $11,249 and $11,543.

2. According to the ChainNews, Horizon Finance announced the completion of a seed round of USD 1.335 million. Investors include Framework Ventures, DeFiance Capital, Mechanical Capital, Spartan Group, Alameda Research, NGC, Ruby Capital and Incuba Alpha Capital. The financing will focus on creating a DeFi-based interest rate trading platform. The long-term goal is to allow all decentralized financial participants to manage their own APY/interest rate exposure, and promote the industry by building key components in the decentralized financial system development of. By trading in the Horizon Finance market, users will be able to actively participate in risk competition, outperform (or underperform) the base interest rate, or adopt a more passive way to obtain stable interest rates.

3. Decentralized asset cross-chain bridge BoringDAO announced that it has reached an in-depth strategic cooperation with the decentralized exchange DODO. The two will have in-depth cooperation in asset discovery, asset liquidity provision and innovative trading strategies. Mike Meng, the core developer of BoringDAO, said: “Our goal is to enable mainstream assets such as Bitcoin to enter Ethereum and other high-performance networks in a truly secure and decentralized manner through a two-layer security mechanism and interesting incentive design. In the future, All kinds of blockchains can become Layer 2 of Bitcoin through BoringDAO. We really appreciate DODO’s experience and active market-making mechanism, and we are very excited to start this in-depth cooperation.” DODO co-founder Dai Shichao said: BoringDAO can bring fresh and dynamic assets to Ethereum and other networks, which DODO values very much. The core of the competition between DEX is the competition of assets and traffic. I hope that more assets brought by BoringDAO can dig deeper for DODO. moat.”

4. Yearn.finance (YFI) founder Andre Cronje wrote an article that it has failed more in the encryption field than it has succeeded. But he is providing development ideas for developers, rather than serving speculators. It said that tokens are not stocks. In the DeFi field, tokens are a coordination mechanism. These tokens are owned because they want to be contributors, not bystanders. The token is designed for a specific system, the price is not important, just pay attention to 1=1. It does not matter whether the transaction price of the token in the external system is $1 or $0.01. People confuse price with features, and LBI is a good example. The drop in LBI prices is regarded as a “failed project”. But this is not the case, he is still working hard to make it part of the yearn brand. Andre Cronje pointed out at the end that DeFi has more things to build than 3 months ago, but he cannot complete these constructions on his own, and needs help from the team to turn it into a mature product. He will continue to build, and some products will end in failure. But even if it fails, the value of trying is greater than what all critics think. According to previous reports from Chain Wen, Andre Cronje previously issued the token LBI to eliminate arbitrage losses and generate transaction fees. According to Uniswap data, the price of LBI once rose to more than $0.07, and its price plummeted by nearly 94% from its highest point to $0.0044.

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