Bitcoin Market Analysis: Pay Attention to Prevention and Control of Unexpected Risks
The recent recovery of DeFi is not a stream of impressions. There are many places where DeFi may usher in a second peak.
First of all, it is reflected in the currency price. Yesterday, the DeFi field rebounded by 19% in one day. According to data from Messari, 32 out of 37 DeFi tokens were up yesterday, with gains between 3% and 39.6%.
Some of these rises are familiar currencies, such as YFI, which rose by 37.65%, Sushi, which rose by 27.84%, and Swerve, which was recently forked from Curve, with an increase of nearly 40%.
Price recovery is the most intuitive manifestation of the recovery of DeFi, but there may also be a flash in the pan or a flash in the pan, so we can better judge through various actions about DeFi in the market.
One is that Sushi, which had a major impact on the DeFi market a few days ago, has been successfully migrated, and the Uniswap market-making funds LP that users mortgaged on Sushi have been migrated to SushiSwap. For Uniswap, it was simply a layer of skin that was taken away-the amount of locked funds decreased by 66%, which is equivalent to a loss of more than 1.1 billion US dollars.
At present, we can see from the amount of locked positions on DeFi that Li Gui has already surpassed Li Kui, and Sushiswap’s locked amount has surpassed Uniswap. During this period, it once surpassed MakerDAO and ranked second only to AAVE.
On the DEX, SushiSwap ranks first. The increase in lock-up volume is good news for traders. The total lock-up volume is the largest, which means that SushiSwap is more suitable for token transactions than Uniswap. Because the slippage may be lower.
And SushiSwap has surpassed Uniswap, which shows that SushiSwap's approach is successful, and it will naturally imitate his project.
So SushiSwap has also started to have imitation dishes. Sushi is called sushi in Chinese, and an imitation dish project called sashimi has come out. The Chinese name is salmon. Even the name is the same system.
It is basically the same system and the same gameplay, but it can still lock up more than 250 million US dollars in less than 12 hours after going online.
Other recent similar imitations include Curve, whose imitation is called Swerve.
The way Swerve imitates Curve is similar to the way Sushi forked Uniswap, but there are some differences. The main difference is that there is no development fund in Swerve, which means that developers can’t cash out even if they want to.
Swerve will allocate all supply to LPs instead of 62% as in Curve. All tokens will be distributed within 6 years, while Curve takes decades. One thing to clarify is that Swerve uses Curve's contract as an on-chain API through delegated delegation, which means it cannot currently operate independently. The launch of the protocol itself is also being kept secret, meaning early adopters have an advantage.
In other words, compared to Sushiswap's competition to steal Uniswap's liquidity, Swerve is dependent on Curve.
The success of Sushiswap and Swerve shows that the current DEX is indeed a relatively good trend in the market and a model popular with investors. It also shows that DeFi is still sought after by the market, and there will be a market only if it is profitable.
In addition, there has been movement in the mining of centralized exchanges recently.
Binance announced last night that the smart public chain is about to start the first batch of online DeFi projects, and supports mining of mainstream coins such as XRP, BCH, LTC, ADA, DOT, XTZ, EOS, and ONT. The market believes that Binance Smart Chain is almost the same as Ethereum. Fang 2.0 is exactly the same, no graphics card is needed for mining. However, the purpose of benefiting BNB has been achieved. Yesterday, the highest price was above 25 US dollars, almost breaking the previous high. Next, as long as the mining projects of major platforms are implemented, there will still be long-term positive effects on their respective platform coins.
As for DeFi, it’s still the same sentence. DeFi is not so easy to “die”. This is a concept that has been verified by the market. As long as there are people chasing it, there will be developers. Only mining, not touching coins, if you go to the secondary market to buy, you will never be able to play with people who have zero cost of coins.
Attention should also be paid to the risk of project running away. Some time ago we talked about a DeFi project running away on EOS. In fact, not only EOS, but also DeFi projects on other public chains such as ETH and Tron often run away. , so if mining, project security is also one of the important factors to measure.
The probability of market volatility on weekends increases, pay attention to prevent and control unexpected risks
Yesterday, the market operating range was further narrowed, and the overall operation was between 10200 and 10400, and the pressure level of 10400 was not even encountered. However, in view of the rising trend at the close of the market yesterday, it is a high probability time to look above $10400 today. The key It depends on whether it can stand firm at $10,400.
Yesterday, other currencies also basically remained calm. On the whole, as Su Zhe said before, the weekend is about to enter, and the peripheral market is temporarily shut down. It is difficult for the currency market to rely on its own existing energy to do things. There is no special situation If so, there is a high probability that the shock will remain.
If you look at the weekly level, this week so far has been a small bottoming up. If the market closes in this way this week, it means that this week has withstood the test under the pressure of the big negative line last week. , the bottoming position is about the same as last week, and the position has come back up, so it can basically be confirmed that the decline has stopped for the time being, and the probability of digesting the weekly level shock is relatively high. What is more worrying during the weekend is the sudden pin insertion or smashing of the disk, so remember to do a good job in risk prevention and control.
