Author: Joanne

3 Reasons $YFI is So Relevant

With Bitcoin ($BTC) approaching its historical high, major cryptocurrencies such as $ETH are enjoying a bullish run. Among them, one major highlight is undoubtedly $YFI, governance token of DeFi protocol Yearn Finance. Dubbed “DeFi’s Bitcoin”, $YFI has been a great hit in crypto space since its launch in July.

Here are a 3 reasons $YFI is so relevant.

1. Yearn Finance's Governance Token

Driving most of the excitement in crypto, DeFi protocol Yearn Finance is a community-driven robo-adviser for yield by aggregating DeFi protocols. In addition to introducing the yield farming or liquidity mining program, Yearn Finance also pioneered in launching the Vault product. This refers to capital pools that automatically generate yield for users based on opportunities present in the market.

Distributed through liquidity mining, $YFI is the native token of the Yearn Finance protocol. YFI is used primarily for its governance mechanism, allowing holders to vote on proposals, govern the Yearn ecosystem. It is also eligible to receive a portion of the protocol profits.

The introduction of governance tokens by major DeFi protocols led to the summer DeFi boom.

2. Andre Cronje, "King of DeFi"

Yearn Finance is the brainchild of the well-known cryptographic programmer Andre Cronje. In addition to Yearn, Cronje has in fact launched 5 DeFi protocols this year, such as yinsure.finance, Eminence (EMN), Liquidity Income (LBI), Keep3r Network ($KP3R), and lately Deriswap. He became the rising star of the crypto scene. However, with the bizarre hack on his unfinished project, Eminence, Cronje’s “test in prod” method has become one of the most controversial development processes in the crypto space.

3. "DeFi’s Bitcoin”

$YFI was officially launched in July 2020, and quickly became a mega hit in the DeFi space. It was experiencing a strong uptrend with its price rising from US$3 to US$30,000 by the end of August. And it became the first altcoins to exceed the historical high price of Bitcoin. After surpassing US$43,000 in mid-September, however, $YFI seemed to fluctuate in a consolidation channel, before recovering to approach US$30,000 level in recent months.

To learn more about $YFI and other cryptocurrencies, feel free to read our tutorial and join our Twitter, YouTube channel, and Telegram group.

What is USDT?

What is USDT?

What is USDT? Tether (or USDT) is a popular digital token that is backed by the fiat currency. The token is known as a stablecoin since it is pegged to the USD for trading digital assets. The initial issuing of this token was started by Tether Limited. The digital currency is on hundreds of different exchanges and has billions of dollars in transactions around the world. Tether is pegged to the USD at a 1 to 1 ratio. As of the time of writing, the currency is still the most popular USD-pegged cryptocurrency for trading digital assets. 

What is USDT for?

Tether is as an optimal way for users to move money effectively without having any decentralized authorities. This allows users to actively trade the currency and also use it for international transactions in countries that may have capital controls. Hence, one of the major driving forces for Tether’s supply and demand movements are the massive international payment markets. In order for Tether to equilibrate the price at one dollar, the company needs issuance and redemption to maintain it. So the company charges a 0.1% fee for every issuance or redemption, in the terms of USD this would mean that the company is always willing to buy back USDT at $0.999 and then offer USDT at $1.001. This helps maintain Tether’s price within a 0.2% spread from one dollar. 

Where can you buy USDT?

Tether is extremely popular so it is widely available at exchanges, OTCs like Genesis Block, and at crypto ATMs like CoinHere! If you would purchase Tether via an OTC check out this url! If you would like to purchase Tether via our ATMS, click on this link to find the closest ATM to you!

How do you store USDT?

Like many of the other popular cryptocurrencies, You can store USDT in various digital and hard wallets. The best hard wallet producers include Trezor and Ledger, and a few top digital wallet providers are Edge and Exodus. So hard wallets are often safer than digital wallets as is a hardware device which is not as accessible as to something compared to your phone or computer. To check out which wallet best suits you, check out this article! 

https://genesisblockhk.com/digital-wallets-cold-storage-how-do-they-work/

To learn more about USDT check out this video: 
https://youtu.be/Kg2pEIzbfss  

To read more about USDT check out this article:
https://genesisblockhk.com/tether-usdt/

 

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What is FTT?

What is FTX?

What is FTT? FTX is an upcoming cryptocurrency derivatives exchange that offers futures, leveraged tokens, and OTC trading. The current futures exchanges have quite frequent clawbacks that often lead to losses in the millions due to the poorly designed risk management system. With FTX, it will reduce the likelihood of these clawbacks by using a three-tiered liquidation model. Hence, FTX hopes to become a leading exchange outcompeting BitMEX and OKEx within the coming years. 

Key Features of FTX:

  • Stablecoin settlement (TUSD/USDC)
  • New index futures (ALT, MID, SH*T along with USDT, BNB, etc.) 
  • Automated OTC trades
  • Backstop liquidity provider to stop clawbacks
  • One universal margin wallet
  •  Low fees, tight spreads, deep orderbooks, and a complete API

What is FTT?

FTT is a token that serves as the backbone of the FTX ecosystem. The token is intricately designed to increase network effects and demands for the token, while also helping to decrease its circulating supply. 

How does FTT work?

Users who trade on the FTX platform can utilize FTX to earn discounts on trading fees. This allows lower fees for trading on FTX futures and also tighter spreads for OTC. This token can also be utilized as a collateral for future positions which would also increase the utility and demand for FTT. During large market movements, instead of having clawbacks, FTX’s insurance fund will provide a net gain and this portion of gain will be socialized among its holders. Moreover, for those wanting to create leveraged tokens, they can use FTX’s token to do so. Crypto institutions who are looking to purchase a white label version of the OTC portal and the futures exchange can also purchase this via FTT. As the backbone of the FTX ecosystem, FTT will become more and more useful as more derivative products are added. The below graphic shows the trading fee discounts for holders of this revolutionary token: 

To learn more about this token, check out their whitepaper: 
https://help.ftx.com/hc/en-us/articles/360027945111–FTT-Whitepaper-Summary-

 

How can you purchase FTT?

FTT can be purchased at an exchange like Binance, FTX, or at an OTC like Genesis Block HK or even at a crypto ATM like CoinHere! If you would like to purchase this token via an OTC check out this url! If you would like to purchase FTT via our ATMS, click on this link to find the closest ATM to you!

How do you store FTT?

Storing FTT is quite simple as it is accepted by a wide variety of hard and digital wallets. Hard wallets include the famous Ledger and Trezor, and the digital wallets include Edge and Exodus. To check out which wallet best fits you check out this article! 

https://genesisblockhk.com/digital-wallets-cold-storage-how-do-they-work/

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CoinHere operates the largest Bitcoin and Cryptocurrency ATM network in Asia. In fact, we have more Bitcoin ATMs than some banks.

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What is BNB?

What is BNB?

What is BNB? It is the native currency of Binance. It is currently #10 in ranking in terms of market cap, at the time of this article. At the very start, this token was just a way for the exchange to raise money with limited utility. However, over time we see the team creating value for BNB holders. 

What is BNB for?

BNB has a special usage, it allows users who hold the token to enjoy a 25% discount for trading. This Token also qualifies users according to the amount of BNB they hold. Check out the graphic below to see the trading discounts. 

BNB will also be burnt quarterly depending on the overall trading volume. This is to reduce the total supply of the token. Eventually, up to 50% of the total BNB will be destroyed. Moreover, the team has given up their token allocations meaning that the tokens will be attributed to an additional burning event. The currency has also seen adoption in the mainstream world as some goods and services are purchasable using Binance’s token. Some notable partners to note are Crypto.com (VISA card) and PundiX (a payment terminal for merchants). 

Where can you purchase BNB?

Like many of the usual cryptocurrencies, you can buy this token via an exchange, OTC like Genesis Block HK, or even at a crypto ATM like CoinHere. If you would like to purchase BNB, feel free to reach out to us at genesisblockhk.com or even locate a crypto ATM here. 

How can you store BNB?

BNB is quite simple as it is acceptable by a wide variety of hard and digital wallets. Hard wallets include the famous Ledger and Trezor, and the digital wallets include Edge and Exodus. Hard wallets are often much safer than digital wallets as it is less prone to hackers due to it being a hardware device that stores your currencies. To check out which wallet best fits you check out this article! 

What is Binance?

Binance is one of the leading cryptocurrency exchanges that is currently providing trading services for more than 100 different cryptocurrencies. The exchange currently offers both spot and margin trading making it one of the largest cryptocurrency exchanges in the world in terms of trading volume. Binance’s success comes from the notable team, market timing, and product impact. 

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CoinHere operates the largest Bitcoin and Cryptocurrency ATM network in Asia. In fact, we have more Bitcoin ATMs than some banks.

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What is Ethereum?

What is Ethereum?

Ethereum is an open-source, blockchain-based, decentralized software platform that has its own cryptocurrency, Ether. Ethereum is a platform that allows users to create their own softwares and trade via the platform. 

Features of the Ethereum Network:

  • Average block time: 14 to 15 seconds
  • Consensus algorithm: Proof-of-Work – Ethash (Proof-of-Stake in the roadmap)
  • Supply limit: Currently no limit
  • They Mine Ether with GPU 

What is Ether?

Ether is the native currency on the Ethereum platform. Ether is used as a gas fee to allow users on the platform to build and deploy decentralized applications (Dapp). In order for a transaction to run smoothly, it will require the users to pay Ether as a gas fee. This currency is essential in the functioning of the Ethereum platform. Check out this article to learn more about the Ethereum platform! https://genesisblockhk.com/what-is-ethereum/

How does Ether work?

So Ether works quite differently from other cryptocurrencies as it has an actual function. Unlike Bitcoin, Ether has a purpose as it helps transactions occur on the Ethereum platform, whereas Bitcoin does not have this functionality. Check out the below website to see Ether gas fees! 

https://ethgasstation.info/

How do you purchase Ether?

So Ether works quite differently from other cryptocurrencies as it has an actual function. Unlike Bitcoin, Ether has a purpose as it helps transactions occur on the Ethereum platform, whereas Bitcoin does not have this functionality. Check out the below website to see Ether gas fees! 

https://ethgasstation.info/

How do you store Ether?

Now storing Ether is quite simple as it is accepted by a wide variety of hard and digital wallets. Hard wallets include the famous Ledger and Trezor, and the digital wallets include Edge and Exodus. Hard wallets are often much safer than digital wallets as it is less prone to hackers due to it being a hardware device that stores your currencies. To check out which wallet best fits you check out this article! 

https://genesisblockhk.com/digital-wallets-cold-storage-how-do-they-work/

Find A Bitcoin ATM Near You!

CoinHere operates the largest Bitcoin and Cryptocurrency ATM network in Asia. In fact, we have more Bitcoin ATMs than some banks.

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