DeFi Daily News,October 9th, 2020

1. Bitcoin is flashing green as Square converts some of its cash to crypto while ether options traders are making lots of bets for December expiration. Bitcoin (BTC) trading around $10,890 as of 20:00 UTC (4 p.m. ET). Gaining 2.1% over the previous 24 hours, which trading range was between $10,532 and $10,962.

2. According to the ChainNews, Persistence (XPRT), a project that aims to use NFT to bridge traditional finance and DeFi, announced that it will launch Persistence StakeDrop, a pledge airdrop event, which will allocate 1% of the total supply of XPRT tokens to participants, or 1 million XPRT. Persistence said that when preparing for the public sale of tokens, he wanted to launch the pledge airdrop. Chain Wen previously reported that in early October, Persistence announced the completion of a private equity round of 3.7 million U.S. dollars, with participating institutions including Arrington XRP Capital, LuneX Ventures, IOSG Ventures, etc. Persistence aims to tokenize real-world assets through NFT and use them as collateral to promote the lending of encrypted assets (such as stable coins), thereby providing support for open financing of institutions. The goal of the project is to combine DeFi with traditional Link finance and use DeFi functions to solve financing problems in the real world.

3. Robert Leshner, the founder of DeFi loan platform Compound, said that during the crackdown on BitMEX by regulators, the value proposition of the DeFi platform became very obvious. He called a centralized trading platform like BitMEX “an opaque platform that can facilitate money laundering.” In contrast, DeFi is completely transparent, accountable, tamper-proof, and self-custodial. Everyone can view DeFi transactions through Etherscan. In the next few years, regulators may accept the advantages of DeFi. The reason why BitMEX was hit this time lacked KYC, and many decentralized exchanges, including Uniswap, also faced the same problem, especially considering the recent hacking of the cryptocurrency exchange KuCoin, and the hackers subsequently hacked their tokens. Transfer to Uniswap and sell. Uniswap also has no formal KYC or AML procedures. Users only need to download an Ethereum wallet and purchase some tokens to use the exchange services.

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