Cryptocurrencies latest news and history organized by date that contains 1000000+ news archives. Click here to read what world was saying about cryptocurrencies. A DeFi protocol without a governance token is a bit like a democratic country with a single presidential candidate. Pub Aave launches its AAVE governance token – it was time ? On the menu: steak or rather staking to generate passive income for token holders who play the game. LEND becomes AAVE Aave is the … Payment processing giant PayPal made a splash in the crypto industry two weeks ago when it announced that it would incorporate cryptocurrencies into its offering […]
Aave Transfers Its Governance To Token Holders! – Cryptocurrencies
A DeFi protocol without a governance token is a bit like a democratic country with a single presidential candidate.
Aave launches its AAVE governance token – it was time ? On the menu: steak or rather staking to generate passive income for token holders who play the game.
Aave is the last DeFi protocol to have announced the creation of governance tokens.
As of October 29, 2020, holders of utility tokens LEND will obtain governance rights after the transfer of protocol administration keys by major developers.
Source : Aave official website
The team said in a statement that this is a historic moment and an important step towards decentralization.
The community voted in favor of an Improvement Proposal (AIP) that supported the token migration LEND to the governance token AAVE, in a 100: 1 ratio.
The total supply of AAVE is set at 16 million tokens, of which 13 million are exchangeable via tokens LEND ; the remainder, ie 3 million, is allocated to a reserve fund.
Tokens AAVE can be staked, which allows their holders to collect a percentage of the transaction fees.
The pair AAVE / ETH can also be staked on the protocol Balancer (BAL) for remuneration in tokens BALL in addition to transaction fees.
The AAVE stakes or stored on cold wallets can be used to vote.
The protocol was born earlier this year and is one of the most important DeFi projects in the cryptosphere.
He is one of the first to popularize “flash loans”. Aave is currently the 5th DeFi project on the market with a Total Value Locked (TVL) of $ 980 million – he was the DeFi champion a few months ago.
The protocol was not spared by the slowdown observed in the sector and has recorded a decrease in its TVL of 42% since August 2020.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
The first vote on Uniswap (UNI) caused some tension and disappointment. It just goes to show that democracy on DeFi is not easy, but it is a challenge it must take up. We wait to see success – or failure – of this process which is a further step towards the decentralization of Aave. Sharing power: it can weaken or make more powerful a State, a DeFi protocol.
Litecoin, welcome in the Silver Age
PayPal Prepares for Massive Crypto and CBDC Integration in 2021
Payment processing giant PayPal made a splash in the crypto industry two weeks ago when it announced that it would incorporate cryptocurrencies into its offering next year. However, the company appears to be going further as new details have surfaced about its plans for the industry.
In its recent earnings call for the third quarter, PayPal’s senior executives confirmed the firm would push aggressively into the crypto sector next year. Company chief executive Dan Shulman explained on the call that the world is moving rapidly to digital currencies. The firm has seen this, and they’re putting themselves in a position to serve the peoples’ needs. Citing discussions with industry leaders and regulations, Shulman expressed confidence in the emergence of digital currencies. He explained that PayPal plans to introduce its crypto services as early as possible in 2021, ensuring that users can effectively buy and sell these assets.
Besides the expedited Bitcoin support, PayPal also confirmed that it would bring crypto to Venmo, one of its subsidiaries, next year. The action will bring crypto services to international customers as well, with implementations set for the first half of the year.
Currently, only about ten percent of U.S. customers have access to the new crypto service. Shulman said that the rest of the country would gain access in the coming month. The firm also alluded to increased interest following its October 21 announcement that it would bring crypto services into its core business next year. As a result, it has raised weekly crypto purchase limits from $10,000 to $15,000.
Shulman also pointed out that PayPal had noticed the increasing prominence of Central Bank Digital Currencies (CBDCs). More countries have confirmed plans at developing digitized versions of their currencies, with the hope of strengthening their payment infrastructures and maintaining their economic sovereignty.
“I do think that our platform and all the new digital infrastructure that we’re putting in place right now can help make that management and movement of money more efficient, less expensive, and faster,” Shulman pointed out.
In response, PayPal hopes to help shape CBDCs’ utility. Shulman explained that they hope to facilitate CBDCs’ interoperability with current payment rails and improve their acceptance among merchants.
PayPal is entering a pretty lean field. Not many payment processors offer crypto trading and transaction support, with the most notable being U.S competitor Square through its Cash App. With an aggressive push, PayPal is hoping to corner the market and target the crypto-loving user base.
PayPal’s entrance already caused significant excitement among investors. Since the company formally entered the space, Bitcoin has surged to a yearly high and broke the $13,000 mark for the first time since July 2019. Since then, the asset has remained comfortably over the $13,000 threshold, with bullish investors hoping to finish the year on a high.
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