Crypto roundup: Yearn and Fantom surge after multi-chain news; Bitcoin and market steady
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DeFi “blue chip” yearn.finance (YFI) has been double-digit pumping today after announcing its “multi-chain expansion” to incorporate the Fantom (FTM) blockchain’s growing DeFi ecosystem.
Created by DeFi (decentralised finance) pioneer Andre Cronje, YFI is currently registering a solid 15 per cent gain. And the “layer 1” smart-contract blockchain Fantom’s token FTM is faring even better, up 34.33 per cent since this time yesterday and 95.5 per cent on the week.
In a Twitter thread on Thursday revealing the news, the Yearn team said it’s opted to expand to Fantom because it’s “fast, simple to use, and easy to bridge to”.
The thread also explained that the Fantom network now supports Yearn’s development tools and its Iron Bank partner Cream Finance. “And it doesn’t hurt that @AndreCronjeTech is a big fan,” the team added.
Cronje is actually a key Fantom identity in one sense – largely in the capacity of a technical consultant.
The software engineer and “DeFi architect” has been busy building projects on the network recently, including a text-based NFT RPG game called Rarity, and an open-source NFT marketplace to rival OpenSea, called Artion.
The Realm of Multichain beckons.
And Yearn has heeded the call. 📯
— yearn.finance (@iearnfinance) October 7, 2021
In a kind of nutshell, Yearn is an optimising protocol for earning the best yield in DeFi. It works as a liquidity aggregator that provides an automated yield farming strategy through various lending pools. Until now, it’s solely operated within Ethereum’s vast DeFi ecosystem.
Fantom, on the other hand, is a smart-contract platform like Ethereum, upon which other protocols and decentralised apps are built. And it’s definitely one to keep an eye on – especially if crypto’s bullish narrative continues into October and November.
At just under US$6 billion, it’s got a lower market cap than most in this sub-sector. Avalanche (AVAX), which has been crushing it recently, currently has more than double Fantom’s market valuation at about US$13.7 billion. Polkadot (DOT), Solana (SOL) and Cardano (ADA) all have much higher valuations again.
OG smart-contract chain Ethereum, meanwhile, still easily retains the vast majority of users and biggest ecosystem in this sector. And if its deflationary narrative keeps playing out, maybe it will always keep that first-mover advantage.
Sequence of events to be played out soon on #fantom
— Fred (@graynavyblack) October 8, 2021
At the time of writing, the overall market cap is US$2.398 trillion, up 0.6 per cent since this time yesterday.
Bitcoin (BTC) is still managing to hold onto the $US54K level, although it did ramp up to a fraction over $US56K about eight hours ago, rejected swiftly back down to where it’s at now – about US$54,300.
Perhaps the rumours about a Bitcoin futures exchange-traded fund (ETF) being approved in the US soon will help keep things in a consolidating, sideways pattern. That is, until we find out if one’s approved, delayed or flat out denied.
Let’s hear from some prominent Bitcoin bulls, shall we?
— AJ Garnerin ∞/21M 🇸🇻 (@ajgarnerin) October 8, 2021
That’s all well and good for the stirring long-term vision, but it still seems like this next meme is more the day-to-day, hour-to-hour reality for much of the market’s participants…
— Loma (@LomahCrypto) October 7, 2021
Quickly scanning around for other double-digit gainers in the top 100 by market cap today, and we can see the Harmony (ONE) token is also on a Fantom-like tear at the moment, up 34 per cent in the past 24 hours.
In its own words, Harmony is an “open and fast blockchain for assets, collectibles, identity and governance”. It’s essentially an interoperable, cross-chain blockchain project, that also has a layer-2 Ethereum scaling-solution mission, a bit like Polygon (MATIC).
Why’s it pumping? Good question. It may have something to do with the following beginning to play out and gain traction this month…
Today, we are announcing our $300 million ecosystem fund to accelerate 10,000 builders.
The @harmonyprotocol ecosystem has been growing exponentially and we aim to fund 10,000 more crypto founders, builders and creatives.
Let’s build the future together: https://t.co/6Yb9DoAa65
— Harmony 💙 (@harmonyprotocol) September 9, 2021
As for some double-digit losers today, there are quite a few around, but we’re particularly noticing a drop-off on the dog-meme coin pump that was prevalent earlier in the week.
Dogelon Mars (ELON) is, for instance, down 30 per cent since this time yesterday, while The Doge NFT (DOG) and Feisty Doge NFT (NFD) are also having dog-day afternoons, bleeding double-digit percentages.
Dogecoin (DOGE) +1.3 per cent; Shiba Inu (SHIB) +2.1 per cent; and Floki Inu (FLOKI) +0.7%, are all kinda… meh… maybe just curled up in their baskets, restlessly dreaming of their next run.