DeFi Daily News,October 5th, 2020

1. Bitcoin has performed well in the face of a bleak news cycle while stablecoin assets in the crypto ecosystem continue to grow. Bitcoin (BTC) trading around $10,515 as of 20:00 UTC (4 p.m. ET). Slipping 0.44% over the previous 24 hours, which trading range was between $10,362-$10,667.

2. According to the ChainNews, the DeFi lending agreement Aave token LEND has implemented the plan to migrate to AAVE. The Aave protocol token LEND has been converted to AAVE tokens at the block height of 10,978,863 at a ratio of 100:1. According to the block explorer, as of the time of publication, 3.8% of LEND tokens have been migrated to the new AAVE token. Lianwen previously reported that Aave’s native token LEND will be migrated (consolidated) to the new token AAVE at a ratio of 100:1. The total supply of Aave is 16 million, of which 13 million will be allocated to LEND holders according to the above ratio, the additional 3 million will be allocated to the Aave Ecosystem Reserve.

3. Bitcoin’s 180-day volatility dropped to its lowest mark since November 2018, reaching a 23-month low of 0.028 on Sunday, as the market was mostly unfazed by a week of unsettling news. Bitcoin (BTC) started to stumble through Thursday and Friday after the U.S. Commodities and Futures Trading Commission and Department of Justice leveled charges against BitMEX’s founders and President Donald Trump tested positive for COVID-19. But both news items resulted in a less-than-five-percent drop for the leading cryptocurrency, continuing a period of uncharacteristic calm in a frequently volatile and fickle market. Many traders have stayed bearish through the weekend as indicated by perpetual futures funding rates on leading derivative exchanges OKEx, BitMEX, and Huobi. As the market digests a lot of news all at once over a quiet weekend, some buyers moved to start reversing earlier declines, pushing BTC above $10,640 early Sunday morning, up 2.5% from last week’s low of $10,375.


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