Tag: Ribbon Finance

Seven Under-the-Radar Altcoins Explode 75% or More Over Past Week While Bitcoin and Ethereum Consolidate

by Dailyhodl

A cluster of up-and-coming altcoins are starting the new year with major price breakouts while the top two crypto assets move sideways.

Frax Share (FXS) is the governance token for the Frax stablecoin protocol, which aims to provide algorithmic money in place of fixed supply digital assets.

FXS is used to accrue fees, seigniorage revenue, and excess collateral value. At time of writing, FXS is up 16.65% and trading for $38.20.

Tomb Shares (TSHARE) represents the graveyard-themed Tomb Finance (TOMB), which is pegged to smart contract platform Fantom (FTM).

The project seeks to serve as “a mirrored, liquid asset that can be moved around and traded without restrictions, all while benefiting from the price appreciation of the native FTM token.”

While TOMB is trading under $3.00, the price of TSHARE skyrocketed from $14,000 to $24,000, and is currently priced at $23,711.

Decentralized options exchange Dopex (DPX) is also making waves, having surged from $1,590 to $2,785 in a matter of days.

DPX is the governance token that gives holders voting rights as well as accrues fees and other forms of revenue. The altcoin is up 7.22% on the day to $2,822.

Also enjoying a nice start to 2022 is PLEX (PLEX), the native token of crypto banking ecosystem MinePlex which combines traditional finance with blockchain technology.

PLEX saw its price jump from $0.98 to $1.82 in just over four days for a quick 85% gain. At time of writing PLEX is changing hands for $1.71.

Calling itself “the token that serves absolutely no purpose until it does,” artist and creator-focused LIT has managed to more than double in value from $0.002 to $0.005 for gains of roughly 150% in less than a week.

Privacy-focused smart contract Railgun (RAIL) is speeding down the tracks, having jumped from $1.60 to $4.20 for gains of 162% in just three days.

According to the project website, those who use Railgun can have their wallet addresses removed from their actions and transactions on blockchains where that information would normally be available for anyone to see.

“Railgun users enjoy privacy when making transfers, trading, using leverage platforms, adding liquidity or using decentralized applications (DApps) any way they like.”

RAIL has corrected slightly and is presently worth $3.88. DeFi protocol Ribbon Finance (RBN) aims to bring structured products to the cryptocurrency market. RBN ran from $2.10 to as high as $4.15, and currently sits at $3.79.

Bitcoin is down 9% in the last seven days and Ethereum is down 5.7%.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/lassedesignen/Natalia Siiatovskaia

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Coinbase Pro Launches Support for Six New Altcoins, Triggering Massive Price Movements

by Dailyhodl

Six altcoins are riding the valuation roller coaster after a surprise listing by top US crypto exchange Coinbase.

In a new blog post, Coinbase says that five Ethereum tokens and one other altcoin will start trading on Coinbase Pro once appropriate liquidity conditions are met.

The Ethereum token API3 (API3) powers a protocol focused on improving traditional application programming interface (API) technology for the Web 3.0 economy. The native token governs the API3 DAO (decentralized autonomous organization).

News of the Coinbase listing initially sent API3 vertical from $3.60 to $4.98. After some choppy price action, it remains up 41.38% to $5.09.

The Bluzelle (BLZ) decentralized storage network was designed to meet the needs of gamers as the online gaming world incorporates crypto assets and non-fungible tokens (NFTs).

The BLZ token lurched from below $0.27 to $0.37 but has steadily corrected to $0.30 – still up 11.1% on the day.

Gods Unchained (GODS) is a trading card game built on the Ethereum blockchain. The game enables users to earn money from their in-game purchases, with the project website saying,

“If you can’t sell your items, you don’t own them.”

GODS jumped from a daily low of $4.36 to $5.79. After some dramatic price swings, GODS remains up 11.46% on the day at $5.00.

Fellow Ethereum token IMX powers Immutable X, an NFT scaling solution designed to facilitate fast transactions with no gas fees. IMX holders can use their tokens to stake, vote, and pay transaction fees.

The Coinbase Pro listing initially caused IMX to climb from $5.64 to $6.53, but it has since seen a selloff and is about even on the day at $5.48.

Measurable Data Token (MDT) is another Ethereum token being added to the Coinbase roster. The project was built to facilitate the anonymous sharing and monetizing of consumer data.

According to the MDT website,

“The more value your data generates, the more you earn.

We only deal with aggregated anonymous data, which means no personal, identifiable data will be shared.

Your privacy is under our protection.”

The MDT price exploded from $0.06 to $0.10, fighting through waves of buyers and sellers to a daily peak of over $0.12, and currently sits above $0.08.

Lastly, is the decentralized finance (DeFi) protocol Ribbon Finance (RBN). This Ethereum-based project enables crypto asset investors to earn yields on their holdings through a structured products protocol that includes options and fixed income as well as futures.

RBN jumped from $1.82 to $2.20, but has since seen a cascade of up-and-down action, and is currently trading for $1.81.

Coinbase says that each token will be available to trade paired with USD and USDT.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Den Rise/Andy Chipus/Vladimir Sazonov

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Divergence Ventures Analyst Exposed for Farming Airdrop

by Cryptobriefing

Key Takeaways

  • Divergence Ventures is a VC fund with investments in Ribbon Finance.

  • On-chain data shows that an analyst at the fund recently received a total of 702 ETH from a number of wallets that had interacted with Ribbon Finance. The wallets received the project’s airdrop then traded the tokens for ETH.

  • The firm has posted a public apology and sent 702 ETH to Ribbon’s DAO.




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Divergence Ventures has admitted that it “crossed a line” and sent 702 ETH to Ribbon Finance’s DAO. 

VC Fund Farms $2.5M Airdrop; It Backed the Same Project

Divergence Ventures is in hot water with the crypto community.

The VC firm suffered a major blunder today after it emerged that one of its analysts had made the equivalent of $2.5 million in airdropped tokens from a project it had invested in. 

On-chain data shows that an Ethereum wallet associated with the firm’s analyst Bridget Waters received 702 ETH from other wallets that had been included in Ribbon Finance’s recent airdrop. Each of the associated wallets exchanged the project’s RBN tokens for ETH and then deposited the funds to her address. As some Twitter users pointed out, Waters publicly posted her Ethereum Name Service domain as recently as last month, which made it easier to identify the wallet as hers. 

Divergence Ventures took to Twitter after the transactions were exposed, urging the community to blame its founders, George Lambeth and Calvin Lui, rather than Waters. A series of tweets explained that the fund’s goal is “to make money” and that they correctly guessed that there would be an airdrop. “Don’t drag her, drag us,” the message read. 



The announcement clarified that the fund had only invested $25,000 in Ribbon, before confirming that it had decided to send the 702 ETH to Ribbon’s DAO. “Sorry for crossing a line,” it read. It concluded with a link to an Etherscan transaction showing that the funds had been sent to the DAO. 

Crypto Community Slams VC Fund 

Ribbon community manager Julian Koh also took to Twitter to deny any foul play. “There was a lot of speculation of insider information between team and investors, but I’d like to clarify what we did and did not disclose,” he wrote. Koh claimed that Ribbon had informed Divergence Ventures that it would distribute a token via an airdrop but said that it did not clarify eligibility criteria for the airdrop nor the date and amounts. DeFi airdrops are typically distributed to early protocol users. As they are usually allocated to any wallet that completes a certain type of interaction, it’s possible to “farm” airdrops by interacting with protocols rumored to release a token on multiple wallets. 

SIMETRI Research
Sanctor Turbo Demo Day


Although Divergence Ventures has apologized for the incident, the crypto community has criticized its actions, with some likening Waters’ activity to insider trading. “VC uses potentially privileged information to farm and dump $2m airdrop of THEIR OWN PORTFOLIO CO… That’s one way to avoid token vesting lockups,” Cobie, popular crypto personality and UpOnly host, wrote. 

Gabagool.eth, the on-chain analyst who first posted about the suspicious trades, also pointed out that the addresses that funded Waters’ wallet had interacted with many other projects, likely in anticipation of other airdrops. One of those projects was Charm Finance, which Divergence Ventures has a stake in. On-chain data also shows multiple wallets to Foundation, among others. Reflecting on the firm’s actions, Gabagool.eth told Crypto Briefing: 

“I think ethically it’s a bit complicated. Did they do anything illegal? I’m not sure, but it certainly looks bad for them to invest in a project and have an employee airdrop farming like this on the side, market dumping on launch day +1. Clearly, as they returned the funds, they understand that people would not like this. DeFi encourages gamification, but there are a lot of smart people who do this full time, and the game is a lot more rigged than people like to admit.”

The incident recalls another high-profile case from last month in which OpenSea’s Head of Product Nate Chastain was caught using insider information to profit off the marketplace’s promoted NFTs. The employee resigned after on-chain analysts exposed his activity. 

Divergence Ventures did not immediately respond to Crypto Briefing’s request for comment. 

Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, and several other cryptocurrencies. 

This news was brought to you by ANKR, our preferred DeFi Partner.


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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.



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Divergence Ventures Analyst Exposed for Farming Airdrop

by Cryptobriefing

Key Takeaways

  • Divergence Ventures is a VC fund with investments in Ribbon Finance.

  • On-chain data shows that an analyst at the fund recently received a total of 702 ETH from a number of wallets that had interacted with Ribbon Finance. The wallets received the project’s airdrop then traded the tokens for ETH.

  • The firm has posted a public apology and sent 702 ETH to Ribbon’s DAO.




Share this article



Divergence Ventures has admitted that it “crossed a line” and sent 702 ETH to Ribbon Finance’s DAO. 

VC Fund Farms $2.5M Airdrop; It Backed the Same Project

Divergence Ventures is in hot water with the crypto community.

The VC firm suffered a major blunder today after it emerged that one of its analysts had made the equivalent of $2.5 million in airdropped tokens from a project it had invested in. 

On-chain data shows that an Ethereum wallet associated with the firm’s analyst Bridget Waters received 702 ETH from other wallets that had been included in Ribbon Finance’s recent airdrop. Each of the associated wallets exchanged the project’s RBN tokens for ETH and then deposited the funds to her address. As some Twitter users pointed out, Waters publicly posted her Ethereum Name Service domain as recently as last month, which made it easier to identify the wallet as hers. 

Divergence Ventures took to Twitter after the transactions were exposed, urging the community to blame its founders, George Lambeth and Calvin Lui, rather than Waters. A series of tweets explained that the fund’s goal is “to make money” and that they correctly guessed that there would be an airdrop. “Don’t drag her, drag us,” the message read. 



The announcement clarified that the fund had only invested $25,000 in Ribbon, before confirming that it had decided to send the 702 ETH to Ribbon’s DAO. “Sorry for crossing a line,” it read. It concluded with a link to an Etherscan transaction showing that the funds had been sent to the DAO. 

Crypto Community Slams VC Fund 

Ribbon community manager Julian Koh also took to Twitter to deny any foul play. “There was a lot of speculation of insider information between team and investors, but I’d like to clarify what we did and did not disclose,” he wrote. Koh claimed that Ribbon had informed Divergence Ventures that it would distribute a token via an airdrop but said that it did not clarify eligibility criteria for the airdrop nor the date and amounts. DeFi airdrops are typically distributed to early protocol users. As they are usually allocated to any wallet that completes a certain type of interaction, it’s possible to “farm” airdrops by interacting with protocols rumored to release a token on multiple wallets. 

SIMETRI Research
Sanctor Turbo Demo Day


Although Divergence Ventures has apologized for the incident, the crypto community has criticized its actions, with some likening Waters’ activity to insider trading. “VC uses potentially privileged information to farm and dump $2m airdrop of THEIR OWN PORTFOLIO CO… That’s one way to avoid token vesting lockups,” Cobie, popular crypto personality and UpOnly host, wrote. 

Gabagool.eth, the on-chain analyst who first posted about the suspicious trades, also pointed out that the addresses that funded Waters’ wallet had interacted with many other projects, likely in anticipation of other airdrops. One of those projects was Charm Finance, which Divergence Ventures has a stake in. On-chain data also shows multiple wallets to Foundation, among others. Reflecting on the firm’s actions, Gabagool.eth told Crypto Briefing: 

“I think ethically it’s a bit complicated. Did they do anything illegal? I’m not sure, but it certainly looks bad for them to invest in a project and have an employee airdrop farming like this on the side, market dumping on launch day +1. Clearly, as they returned the funds, they understand that people would not like this. DeFi encourages gamification, but there are a lot of smart people who do this full time, and the game is a lot more rigged than people like to admit.”

The incident recalls another high-profile case from last month in which OpenSea’s Head of Product Nate Chastain was caught using insider information to profit off the marketplace’s promoted NFTs. The employee resigned after on-chain analysts exposed his activity. 

Divergence Ventures did not immediately respond to Crypto Briefing’s request for comment. 

Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, and several other cryptocurrencies. 

This news was brought to you by ANKR, our preferred DeFi Partner.


Share this article



The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.



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Bitcoin futures open interest hits new ATH as traders flock to derivatives

by Cointelegraph

With BTC again edging toward all-time highs, a large volume of money is flowing into the Bitcoin derivatives markets.

According to crypto market data aggregator Glassnode, outstanding futures contracts pushed into new all-time highs on March 11, with open interest across exchanges approaching $20 billion.

Options have also surged to see record volumes in 2021, with Derebit now regularly hosting more than $1 billion worth of daily trade.

According to Binance-owned CoinMarketCap, the three-largest centralized derivatives exchanges — Binance, Huobi Global, and ByBit — represent more than $100 billion in combined daily trade. Binance alone is $57 billion. The next ten highest-ranked exchanges facilitated more than $65 billion in trade over the past 24 hours.

However, despite the surging volumes, some decentralized derivatives exchanges appear to be struggling to attract the momentum of their centralized counterparts.

Skyrocketing Ethereum fees appear to have slowed the growth of decentralized options, with the complicated smart contract executions required to interact with some Ethereum-based protocols resulting in gas prices of more than $1,000.

Similarly record fees also appear to have deterred traders from Ethereum-powered decentralized futures, with daily volume on dYdX plummeting from tens of billions in January to roughly $100 million over the past week.

Daily volume on dYdX: Nomics

Recent liquidity issues on the popular on-chain options trading protocol Hegic are also impacting Etherum’s decentralized option markets.

On March 11, Ribbon Finance founder Julian Koh announced the protocol’s “Strangle” product had been temporarily disabled due to there being “no liquidity in the Hegic pools.” Koh also noted disruptions to Ribbon’s price feed resulting from ongoing upgrades to DeFi options protocol Opyn.

On Discord, Ribbon’s founder noted the team is currently working on integrating with fellow DeFi options protocol, Charm Finance, “as a new liquidity source to solve the liquidity issue.”