As per the above tweet from crypto think tank GFX Labs, Sun’s wallet borrowed 99,000 COMP tokens worth over US$13 million last week, later sending 102,000 tokens to Binance.
Later, an address that received US$9 million worth of COMP tokens from Binance proposed adding TUSD (TrueUSD) as collateral to allow Compound users to take out loans against their TUSD holdings.
On-chain governance of DeFi protocols is often token-weighted, and while one GFX representative classified Sun’s loan as a “governance attack”, there is nothing to stop users from taking out loans to vote on proposals they back.
Sun Defends His Actions
While it’s impossible to verify that the proposal address belongs to Sun, he felt compelled to defend his actions in any case:
Hi @labsGFX, I discussed with @compoundfinance team before I borrowed any COMP from the pool. The proposal was well discussed for 6 months and @tusd_official has been launched in Compound for 9 months now. @tusd_official works perfectly in @AaveAave for a long time now.
In December, Sun resigned his CEO position at the Tron Foundation to become Ambassador to the Grenadian Government, seeking to expand blockchain adoption on its behalf. At the time he said he would remain involved with the Tron community since the network had been officially decentralised.
A year ago, Sun was caught shilling the TRX token, attempting to inveigle a popular YouTuber and influencer to promote the crypto on his social channels.
Through 2021 into 2022, the excitement in decentralised finance (DeFi) has shifted to the non-fungible tokens (NFTs) market. These NFTs can be created from a piece of digital or real art, an in-game asset or represent value of pretty much anything.
NFTs can even be used to wrap other assets inside a smart vault (such as crypto tokens or a collection of NFTs). The marriage between NFTs and DeFi really is a match made in heaven, and together they are changing the face of finance and revolutionising the way we invest and trade digital assets.
What is a Yield NFT Protocol?
NFTs in their basic form do not earn yield, however when they are used to mint tokens and add to liquidity pools for DeFi, they can earn passive income often at high percentage returns. As DeFi and NFTs are absolutely booming right now, it’s good to know what’s out there and how you could be earning free money.
There are several projects that offer ROI opportunities if you hold NFTs. Here is a list of the 10 best yield-earning NFT DeFiplatforms that let you make money with NFTs:
1. NFTX
NFTX: A community-owned protocol for NFT index funds on Ethereum
NFTX is an innovative platform that allows users to create liquid markets for illiquid non-fungible tokens (NFTs). It allows the creation of ERC20 tokens pegged to NFT tokens. Users can deposit their NFTs into an NFTX vault and mint a fungible ERC20 token (vToken) that represents a claim on a random asset from within the vault. vTokens can be used to redeem a specific NFT from a vault. If you deposit a Punk, you get an ERC20 Punk. You can always redeem the ERC20 Punk for a random same category Punk. The ERC20 tokens are tradeable on Balancer pool PUNK- CORE. If you provide liquidity to the pool, you earn fees. So, NFTX enables you to get instant liquidity from your NFTs without having to sell them.
Benefits include:
LP and stake minted vTokens to earn yield rewards;
better distribution and price discovery for NFT projects;
instantly sell any NFT by minting it as an ERC20 and swapping via Sushiswap; and
increased liquidity for NFT investors and speculators.
NFTX allows owners to mint their NFT collections and earn yield while also offering pieces of those NFTs for sale as fractionalised tokens – allowing multiple investors to co-own a piece of the digital art. So, for example, if you wanted to buy a CryptoPunk but can’t afford it, you could just buy a portion of one instead. By doing this you can be part of the Punk/ETH liquidity pool and earn a staking APR % without having to own a whole Punk outright. At the time of writing, the APR on staking a Punk was 284.38%.
The NFTX project is a DAO governed by the $NFTX token. For NFTX minting tutorials, visit docs.nftx.org. Watch the NFTX: Fractionalised NFT investing video below to learn more:
2. Charged Particles
Charged Particles is a blockchain agnostic interest-bearing NFT and DeFi protocol.
Charged Particles is an innovative NFT minting platform that allows users to deposit any ERC tokens into any non-fungible token (NFT). NFTs can also hold other NFTs! Users can create an NFT that acts as a container for DeFi yield earning tokens, or create multi-tier NFT game assets with several items encapsulated in one single token. The possibilities are literally endless.
If you want, you can combine multiple NFTs and create a new NFT collection set on the platform. A scarce NFT (eg, art, collectibles, virtual real estate, in-game items, etc) can now be transformed into a basket holding a number of other tokens. You can fuse an interest-bearing token like ‘aDai’ with your scarce NFT, configure principal and program interest. The platform is absolutely NFT agnostic, so you decide what will be your charged particle. Customisable time-locks and programmable yield offer infinite abilities for creativity.
Charged Particles is a DAO governed by the $IONX token. To read more on Charged Particles, go to docs.charged.fi. Watch the video below to learn more about what you can do on the Charged Particles platform:
3. DeFiFarms
DeFiFarms is the First NFT-enhanced DeFi Yield Farm!
DeFiFarms is an NFTs protocol, powerful automaticliquidity acquisition yieldfarm and AMM decentralised exchange running on Binance Smart Chain. The governance token of the platform is $DEFIY.
NFTs are the new financial technology. The potential of NFTs and the ERC-721 standard in DeFi is endless. DEFIY’s goal is to be a pioneer and one of the first to have this potential be seen by the masses. The cryptosphere moves fast, and before anyone knows it NFTs will be implemented in every new DeFi project.
DeFiFarms uses NFTs to wrap your stake, which you can burn to unstake or simply sell on the DeFiFarms marketplace. This can mitigate impermanent loss if you deem selling the NFT would earn you more than leaving it staked.
Compared to other crypto projects on the market today, here’s what makes DeFiFarms different:
Automatic Liquidity
Automatic Burning Mechanism
Harvest Lock
Anti-Whale
Redistribution of deposit costs
Affiliate Marketing Program
Incentives when Trading
Watch the What is DeFiFarms video below to learn more:
4. Meme
Farm limited edition NFTs
MEME is an experimental protocol mashing up some of the most exciting innovations in DeFi and crypto collectibles. Put your $MEME to work by farming exclusive NFT memes. Stake LP tokens for access to Meme’s batch of legendary cards.
Meme is a passionate community experimenting at the intersection of DeFi and NFTs. Users can stake meme tokens to earnrewards and claim limited-edition NFT art and collectibles. When you stake $MEME tokens, you farm pineapples. When you have farmed enough pineapples you can redeem them for NFTs. Pineapples are non-transferable, and are only redeemable for NFTs on the Meme marketplace. Users can also stake NFTs they already own on Meme, from partner projects, to farm pineapples and claim more NFTs.
$MEME is the native token for Meme.
5. SuperFarm
SuperFarm is a passionate community building at the intersection of NFTs and DeFi
SuperFarm empowers NFT creators, collectors and traders to participate in an NFT marketplace that is open and accessible to all.
Currently Super Farm only has an NFT launchpad and NFT farming available, but the roadmap for 2022 includes NFT generation, an NFT marketplace and trading.
Bonus: Sidus, The City of NFT Heroes
Sidus is a play-to-earn gaming model that brings NFT collectibles and yield farming together under one metaverse
NFT Heroes is a collection of 7,500 unique NFTavatars. Users can buy Original NFT Heroes for 0.055 ETH each. Heroes must modify their stats and equipment to create Rare Heroes and Legendary Heroes NFTs through upgrade cards that randomly appear on the project’s website and OpenSea.io once a week.
Gaming Metaverse
The game allows users to be involved in the creative process by customising their own NFT Heroes. Each avatar is its owner’s ticket into the NFT ecosystem, where they can craft, play, trade and earn. The game includes fighting battles, in the same vein as Mortal Kombat.
NFT Yield Farming
Sidus offers Galaxy staking in three tiers: Original, Rare and Legendary. By stakingNFTs, NFT Heroes can farmNFTStokens, which is the native token of the NFT marketplace NFT STARS. These tokens can be used to upgrade players avatars’ armour and buy weapons. Heroes will have real value and provide owners with the opportunity to sell multiple assets simultaneously on the marketplace.
Sidus NFT Heroes were created by NFT256 and include more than 500 artists previously involved in Disney, Sony and Marvel projects. To read more, visit the project’s medium page.
Bonus 2: Star Atlas
Star Atlas is a grand strategy game of space exploration, territorial conquest, political domination, and more
Star Atlas is a virtual gaming metaverse that combines blockchain technology, real-time graphics, and multiplayer video games to offer a unique gaming experience. Not only is Star Atlas enjoyable to play, but it gives players the opportunity to generate real-world revenue by earning in-game tokens and selling unique NFT assets.
Star Atlas is a grand strategy hybrid space game with serverless MMO gameplay. All gameplay will be real-time, and it will use the blockchain to give players ownership over in-game items, add economic-based gameplay mechanics, and implement an economic system inspired by decentralised finance. The game’s governance token is POLIS. Star Atlas is built on the Solana blockchain. To learn more, read the medium here.
Australian digital currency exchange Binance Australia has announced its intention to target a net zero carbon footprint within Australia.
This would make it the first crypto exchange worldwide to openly report on Environmental, Social, and Governance (ESG) metrics, a universal framework developed by the World Economic Forum.
This first step by a digital currency exchange follows similar moves globally by the industry to increase the transparency of the ESG footprint of organisations in the digital asset industry. Becoming an ESG entity aligns with our company’s vision to increase the freedom of money globally.
Leigh Travers, Binance Australia CEO
The disclosure of the ESG metrics, including governance, anti-corruption practices, ethical behaviour, human rights, carbon emissions, diversity and inclusion, pay equality and tax payments will be reported quarterly through the Socialsuite ‘ESG Go’ technology platform.
This eco-friendly push by Binance Australia also includes a partnership with the Koala Clancy Foundation with an initiative to plant trees for koalas on farms and private land, and create new habitats and advocate for better protection of wild koalas.
Crypto Industry Carbon Footprint
Recently, we have seen negative commentary around the carbon footprint of Bitcoin as published by Bloomberg News and also high profile companies such as Tesla no longer accepting Bitcoin as payment, citing environmental concerns, as reported by CNBC News.
One of the biggest headwinds the digital asset industry has faced is negative commentary and misinformation based on carbon emissions from the sector. The industry is led by people and organisations determined to have a positive impact on society and the negative headlines have triggered a lack of education and awareness of ESG conscious crypto businesses.
Leigh Travers, Binance Australia CEO
Binance Australia and Binance Charity are creating a positive impact as they raise money through cryptocurrencies and use the power of blockchain technology to track and distribute it to those who need it the most.
Australia’s ESG Boom
It has been reported that Australian super funds supporting ESG have boomed through 2021, outperforming those funds that haven’t yet committed to a “rigorous environmental, social and governance (ESG) framework”.
Further research by KPMG has revealed that investors are being swayed by the ESG ratings of companies, with those of higher ratings being preferred.
It is anticipated that ESG will be a big driver in business and society as we come together to create a brighter eco-friendly future for Australia and worldwide.
Binance Australia is excited to announce its AMA with Janine Duffy, President of Koala Clancy Foundation, ‘Crypto for a cause with Koala Clancy Foundation’, also with Leigh Travers, CEO of Binance Australia, and special guest Helen Hai, Binance Charity Foundation.
Koala Clancy Foundation plants trees for koalas on farms and private land, creates new habitats and advocates for better protection of wild koalas.
Koala Clancy Foundation is an independent registered charity and not-for-profit organisation, and has been working with Binance Australia and Binance Charity Foundation to make the Australia Bushfire Relief project a reality.
Binance Australia’s CEO Leigh Travers will be joining Janine Duffy, President of Koala Clancy Foundation, and Helen Hai, Binance Charity Foundation, to discuss the partnership between Binance Charity, Binance Australia and the Koala Clancy Foundation and how crypto can positively impact the charity space.
Speakers:
Janine Duffy, President of Koala Clancy Foundation
Janine started the not-for-profit charity Koala Clancy Foundation in 2015 with a mission to inspire travellers and local communities to help ensure a future for wild koalas. The foundation removes weeds, plants trees, advocates and educates locals about wild koalas.
Helen Hai, Head of Binance Charity Foundation
Helen is the United Nations Industrial Development Organisation (UNIDO) Goodwill Ambassador for Industrialisation in Africa. She is heading the Binance Blockchain Charity Foundation with the mandate to use Blockchain for Social Good. Ambassador Hai was named a 2015 Young Global Leader by the World Economic Forum, and she is the co-chair of the Global Future Council on the Future of Consumption for the World Economic Forum.
Leigh Travers, CEO of Binance Australia
Leigh is an experienced executive who has spent the past seven years building products and growing networks in the digital asset industry. Leigh has been a Director and CEO of DigitalX Limited (ASX:DCC), the world’s first publicly listed blockchain technology company, and served on the Board of Australia’s blockchain industry body, Blockchain Australia, for five years. Leigh has spent his whole career in public markets, predominantly working with growth companies and investors.
James Prosser, Moderator
James will be our host for the AMA. James has been investing in and trading cryptocurrency since 2017 and is also a member of the Binance Australia team.
Mobox (MBOX), part of the GameFi sector, a combination of decentralised finance (DeFi) and gaming, combines non-fungible tokens (NFTs) and yield farming to create a play-to-earn ecosystem. The project aims to connect metaverses through NFTs, as well as achieve NFT interoperability across various platforms and games.
Mobox has effectively launched its metaverse, MOMOverse, on the BSC, a cheaper alternative to the Ethereum network that is also compatible with the Ethereum Virtual Machine (EVM). At the time of writing, MBOX was trading at US$10.04, according to data from CoinGecko, which represents a 164 percent increase over the past 30 days.
Million-Dollar Mobox(es)
According to the Mobox announcement, users will be able to create their own avatars to represent themselves in the MOMOverse. Avatars will also be able to mine MBOX, Mobox’s native token.
With the launch of the MOMOverse Phase One, the company is also giving away 5000 Mystery Boxes to the value of over US$1,000,000:
MBOX will allow its users to stake its native coin to earn rewards called Mystery Boxes. The MOMOs revealed from the Mystery Boxes will be mining the MBOX token [and will] increase the node hashpower so you can mine more MBOX tokens.
Mobox announcement
Metaverse Tokens Shoot to the Moon
As NFTs continue to boom, metaverse projects and tokens are also on the rise, with many new and exciting projects preparing to launch. For an in-depth look at four of these projects, check out this Crypto News Australiaguide.
After a particularly profitable week in crypto, with bitcoin reaching new all-time highs, the market saw a sudden drop and more than US$750 million was liquidated, according to data from Coinglass.
BTC Takes a Nosedive
In the past 24 hours, after the crypto market saw some immense growth and bitcoin (BTC) reached a new all-time high of over US$69,000, a whopping 166,292 traders were liquidated to the value of over US$750 million when the price of BTC dipped below US$63,000.
The largest single liquidation order happened on Bitmex XBTUSD to the value of US$10 million. At the time of writing, the price of bitcoin had rallied to US$65,138, according to CoinGecko.
Total liquidations observed. Source: Coinglass
According to data from Coinglass (formerly Bybt), 81 percent of the liquidations observed came from long positions, with the majority of them happening on Binance.
Quantitative analyst PlanB, which has gained significant popularity for its eerie accuracy in predicting monthly closing prices for BTC, took to Twitter to post a funny meme about the liquidated positions:
Liquidations such as the one we have just observed are becoming a far-too-common phenomenon. In September, for example, the crypto market saw some serious positions liquidated. Early in the month, the market recorded liquidations worth over US$3.7 billion due to a major downturn. Later, another major drop in the market saw over US$2.5 billion long positions liquidated in just two days.
Binance, one of the world’s leading crypto exchanges, has announced the biggest funding program of its kind for the cryptocurrency industry. The US$1 billion Binance fund will help expand the Binance Smart Chain (BSC) ecosystem and advance the mainstream adoption of blockchain technology by the financial industry overall.
With collaborations from industry-leading organisations, the investment fund will target scaling blockchain technology for real-life use cases and will bridge the gap between crypto-blockchain and the current technical-financial sectors.
Binance stated its mission was to disrupt financial infrastructures by allocating half the new fund to its Investment Program, which will focus on growing decentralised computing, gaming, metaverse, virtual reality, artificial intelligence and financial services.
BSC will not be the only blockchain supported, consistent with previously voiced ambitions from the company. As Binance CEO Changpeng “CZ” Zhao, who has frequently said in interviews “there is room for everyone”, tweeted yesterday:
The fund will be allocated across four different sectors:
US$100 million for Talent Development: mentoring developer communities, educating new crypto investors, providing academic scholarships to universities, running boot camps and supporting R&D on cutting-edge blockchain innovations.
US$100 million for Liquidity Incentive Program: multiple programs to encourage participation from traditional financial markets and crypto, targeted to developing compliant relationships between investors and emerging digital asset markets.
US$300 million for Builder and Incubation Program: $100 million to conduct regional and global hackathons, run developer conferences, and support existing mainstream development programs; $200 million to incubate 100 innovative dApps.
US$500 million for an Investment Program: to accelerate mainstream adoption and bring disruption to financial infrastructures.
It's time to accelerate #BinanceSmartChain's journey towards scaling and mass adoption 🚀
We're announcing the biggest growth fund in the history of crypto – the $1 billion fund to push the adoption of not only BSC but the whole blockchain industry. 👇https://t.co/lkTHmp8fRm
As of September 24, Binance users will no longer be able to use Futures, Options and Leveraged Tokens on the Binance.com platform as per the recent announcement.
To clarify the situation for Australian users, Binance Australia has reported to Crypto News: “We are aware of the recent announcement from Binance.com regarding its service changes for Australian users. The announcement has no direct impact on the services provided on Binance Australia. Our relationship with our users has not changed. Binance Australia is a digital currency exchange platform that enables Australian customers to easily buy and trade cryptocurrencies with the Australian Dollar (AUD). Binance Australia only offers spot conversion of fiat to digital currency and vice versa.”
“Effective from 2021-09-24 09:00 AM (UTC), existing Australian users will have 90 days to reduce and close their positions for these products. Users will be able to top-up margin balances to prevent margin calls and liquidations, but they will not be able to increase or open new positions”.
Also recently, Binance introduced a mandatory KYC for all Binance users with a deadline of October 19 for any existing users to verify their accounts to continue using its services.
The new appointment of Leigh Travers (DigitalX) as Binance Australia CEO should help Binance establish a stronger framework around regulation in Australia as he has experience in the sector serving on the Board of Australia’s blockchain industry body.
One of the new DeFi kids on the block has shot up over 300 percent in seven days, making it the top gainer on the Binance Smart Chain (BSC) over the past week.
TRAVA.FINANCE (TRAVA) is a decentralised marketplace for cross-chain lending. What TRAVA does to stand out is that it performs blockchain data analysis to optimise pool parameters to calculate a credit score. This is done to increase profit and decrease risks for all users using the platform.
After the coin’s listing and official launch on September 14, it was initially quiet until it broke out with a 343 percent price increase, most of that movement in the past four days. The protocol currently has a US$60 million locked supply and $9.9 million value locked within the protocol.
Existing approaches provide only one or a few lending pools with their own parameters, such as borrow/supply interest rate, liquidation threshold, or a limited list of exchangeable cryptocurrencies. TRAVA offers a flexible mechanism where users can create and manage their own lending pools to start a lending business.
TRAVA also offers the credit score function based on financial data on-chain analysis as a useful tool that reduces risk.
Based on the knowledge graph, TRAVA evaluates credit scores for users. Pool owners can define minimum credit scores for pool members to reduce lending risks and offer high Loan to Value ratios for those with high credit scores to stimulate borrowing.
TRAVA allows users to use special assets such as NFT or stock tokens as collateral. Previously, these assets had to be priced through auctions, with auction winners involved in the lending contract to either earn a profit or buy the assets at a low price.
There are various opportunities for people to earn rewards for staking their coins. Check out Crypto News Australia‘s list of the top 10 crypto staking websites for that purpose and getting daily returns.
Crypto exchange Binance has launched an affiliate program that gives people the chance to earn stablecoins and other rewards for creating and sharing quality content to promote its platform.
The Binance Affiliate Content Program gives social media influencers and content creators the opportunity to monetise their content to earn crypto rewards.
Affiliates can win prizes valued at up to 3,000 BUSD (USD-denominated stablecoin) per month by publishing original content – such as articles, videos and infographics – on topics set by Binance.
Content is scored by a panel of judges who assign a score out of 30 based on creativity, quality, and alignment with the Binance brand. By submitting content via the program, participants transfer copyright to Binance.
Aside from the prizewinners, all eligible content submissions that receive a grade of 18/30 or higher will earn creators a guaranteed 300 BUSD.
Quality content can earn creators up to 3,000 BUSD in rewards each month.
Additional rewards on offer include referral links, Binance swag, and the chance to be featured via Binance’s social media accounts.
To access topics and submit content for scoring, creators must first apply and be accepted into the Binance affiliate program.
