Tag: Ren

These Altcoins Had Major Whale Movements During the Recent Crypto Market Dip

by Btcmanager

Following the Coinbase exchange’s long-awaited debut on the US stock market on April 14, the crypt market experienced a major market correction. 

The overnight pullback that started on April 17 and dragged on through that weekend wiped out $310 billion of the total market capitalization in less than 24 hours.

Since then, most top crypto assets have struggled to climb back up, with BTC going on to hit lows of $48K this past week after yet another weekend selloff. That decline in the crypto market came as Turkish bitcoin exchange Vebitcoin shut down unexpectedly, locking over $2 bn in customer funds over the weekend.

Despite the recent turmoil that caused most of the crypto market to look like a bloodbath, whales kept accumulating certain coins over that period. Here is a look at three crypto assets that registered a significant rise in “whale entities” during the latest market selloff.

Ethereum (ETH)

The latest market slip saw ETH face a strong selling interest near several key supports, causing the price to break below $2k just days after hitting a new all-time high.

As per data from crypto analytics platform sentiment.net, the number of whale addresses on the ETH network rose sharply during the dip, suggesting that big-money investors took advantage of the price drop to accumulate Ether on the cheap.

Eth

Data from whale alert, a blockchain tracker and analytics system that reports large transactions in real-time, also flagged a few large ETH amounts transferred from top exchanges to unknown wallets. These transfers hinted at significant whale movement into the market during the marketwide selloff. 

The ETHUSD pair has since rebounded and entered a bullish zone over the last few sessions. The second-largest crypto even cleared the $2,700 resistance earlier today and traded to a new lifetime high of $2,720 before correcting slightly lower.

Ren Protocol ($REN)

Ren is an open-source protocol enabling interoperability between blockchains in the DeFi space. The project’s native token, REN, has experienced a drop in value of over 15% in the last 30 days. 

While such a decline can cause fearful sentiment among some traders, the sharp price fluctuations enable crypto traders with an elaborate exit strategy to make huge profits.

During the latest market selloff, the number of REN whale wallet addresses saw a sharp increase as wealthy investors sought to accumulate coins. REN is currently trading for $0.8424 following a 4.1% decline in the last 24 hours, per the latest data from CoinMarketCap. 

ren

Band Protocol ($BAND)

The Band protocol is a secure, scalable cross-chain decentralized oracle that aggregates and connects smart contracts to external data and APIs. BAND, the native token of the protocol, is currently up just over 8% at its current price of $17.8 per data from CoinMarketCap.

Whales moved into the BAND market in large numbers during the recent market crash, accumulating the token in anticipation of an imminent price surge. Santiment insights reveal that wallet addresses holding at least 10K BAND tokens increased sharply during the latest market correction. 

Whats-App-Image-2021-04-28-at-5-31-43-PM

Meanwhile, Celcius (CEL), Litecoin (LTC), and Storj (STORJ) logged some of the most significant decreases in the number of whale addresses during that market decline. 

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Badger DAO and RenVM announce launch of BTC-on-Ethereum ‘Badger Bridge’

by Cointelegraph

Decentralized finance (DeFi) protocols Badger DAO and RenVM have announced today the launch of “Badger Bridge,” a Bitcoin-to-Ethereum bridge that will allow BTC holders to bring their Bitcoin to Ethereum and deposit it into yield-bearing vaults purportedly with a single click. 

“The Badger Bridge is the first of its kind to enable users to earn yield on their tokenized Bitcoin immediately, all while transacting within the same app. What used to be an arduous process to obtain yield on your Bitcoin is now just a few short clicks,” reads a blog post from the Badger team. “With the launch of the Bridge within the Badger App, we have taken a significant step towards realizing the Badger mission of being the one-stop shop for users to put their Bitcoin to work.”

The announcement notes that since June of 2020, RenVM’s “wBTC.cafe has been responsible for successfully minting over 25,000 BTC,” or $1.3 billion in Bitcoin to wrapped Bitcoin conversions. Users of the rebranded Ren bridge are also incentivized with upwards of $6 million in $BADGER and synthetic Bitcoin $DIGG rewards: “Badger is incentivizing the transfer of up to 100,000 BTC ($5B) with nearly $6MM in user rewards to be paid out in 25,000 $BADGER and 100 $DIGG”

“BadgerDAO is becoming the one stop shop for BTC in DeFi, and RenVM is underpinning this functionality by providing seamless interoperability for their users,” RenVM COO Michael Burgess said of the integration. “Together we’re truly expanding breadth and utility for that Bitcoin, and all of DeFi.”

The integration via Ren notably removes the RenVM branding for the Bitcoin-to-Ethereum bridge/wrapper, redirecting Ren’s wBTC.cafe website to BadgerDAO’s Badger Bridge page. Ren will continue to provide the infrastructure for the swaps, however.

Burgess said that the decision was driven by an effort to streamline the user experience when it comes to wrapping Bitcoin and using it as collateral in the DeFi ecosystem.

“We wanted to strengthen our relationship with the BadgerDAO team and really make it the go to place for putting your BTC to work, so it’s a natural fit. Further, it helps from a UX perspective by consolidating this functionally for users under one roof.”

The use of a second protocol on the backend bears similarities to Badger’s recent agreement with Yearn to build a WBTC vault. While Yearn strategists developed the vault, access to it is hosted on Badger’s website with a small “Yearn” tag and the two protocols will split the vault’s fees. It is currently under a guarded launch with over $9 million in BTC locked earning over 125% APY per year.

Badger currently accounts for $999 million in total value locked. Both $BADGER and $REN up on the day after weeklong pullbacks, rising 9.28% to $28.91 and 7.86% to $0.8497, respectively.