Grilling Tendies While Staking AMPL to Farm YAM. Welcome to the future of DegenFinance.
Here it is, the 23nd edition of The FUD, where I talk about the biggest FUD of the week. I help clarify events that crypto twitter decides to escalate. Leggo.
I thought last week was crazy, this week has just taken it to a whole new level, the bull market is confirmed and in full effect, the king, Bitcoin, has held strong. The medal goes to LINK and BAND. Farming has taken a whole new turn, forget DeFi, its all about DegenFinance.
LINK & BAND
The 2 main competitors in the oracle space are testing new highs, flying into price discovery. The reason? Well, my thoughts are we are finally understanding the importance of oracles due to the explosive growth in DeFi. Chainlink being the king of the space skyrocketed. BAND beng the runner up gained traction as people speculate using “moonboy maths”.
MoonBoy maths is were you look at 2 projects, lets call the A and B. The marketcap of A is 1 billion, since A and B are competitors the marketcap of B should be 1 billion, but the market cap of B is only 100 million. EZPZ B should do a 10x… quick maths…
Personally I believe Chainlink deserves it’s growth, data is the backbone of this ecosystem and without reliable decentralized oracles we don’t have much. I expect LINK to keep growing and bringing up the entire data ecosystem with it as people become more aware about the importance of data.
If you want some free alpha, watch the data space, you will find massive gains there if you capitalize on it before the flood gates open.
Everybody Loves Chicken
Tendies, where do I begin. To put it in simple terms, $TEND is the DogeCoin of Defi. If you regret missing early days on Doge, you should definitely be buying $TEND.
Tendies has a hyper deflationary supply, which means that the 8 million hardcap is being constantly burned and reduced, creating scarcity like no other ecosystem. If this isn’t enough tendies are also farmed for rewards.
In addition to that there will be upcoming partnerships and protocol updates that will blow your mind. Tendies is DegenFinance.
100k $tend secured— CryptoGainz (@CryptoGainz1) August 6, 2020
financial security achieved
see u all at 10$
Never underestimate the power of memes and the power of community. You may laugh now but remember when link was just a meme, remember when doge was just a meme. You didn’t listen then, its about time you learn that letting things as trivial as logic get in the way of you and infinite riches is moronic and any efforts rationalizing a bull market are futile.
Life of A Yam Farmer
YAM finance is the newest addition to DegenFinance, an unaudited code slams millions of funds in minutes.
You may call it irresponsible, but its all part of the fun. We all know, those scared to lose money don’t make money.
This will b interesting to see how many ppl care about Yam ecosystem vs just farming (ie what is the optionality to dump worth) https://t.co/Qf7G63XtFY— CM (@ConvexMonster) August 12, 2020
Basically you can stake coins such as AMPL, LINK, COMP, LEND or SNX and earn YAM. YAM in itself is an experiment like AMPL in a sense that the YAM pool is rebased through increasing r decreasing supply to keep the price close to $1, this is shocking as YAM was trading at $100.
After the rebase holders received a 10x multiple on their YAM, so if you were holding 10 YAM you had 100 YAM after rebase, and the price of YAM dropped to $14. Still up in $ terms.
The biggest issue now is due to the expansion in supply the number of coins needed to make a vote on decisions has gone out of control and now YAM could potentially be deemed worthless unless people delegate their coins to allow upgrades.
If your holding YAM go delegate on yam.finance to save the ecosystem.
Chicken Good, Weed Bad
With open source projects it’s quite easy to fork things, as the NUGS founders decided to do because they fell in love with tendies.
It’s important to remember, just because i can fork something it doesn’t mean the 2 will operate the same. Be careful out there many will be trying to capitalize on hype and make a quick buck. Don’t be a fool.
After all it’s immoral to let a fool keep their money.
The trade, so everything has gone bullish, yes everything.
Buy anything and don’t look back, that seems to be effective as a strategy.
If you’re were considering paying rent or you’re mortgage this week:— Crypto Bitlord 🏝 (@Crypto_Bitlord) August 12, 2020
We both know you need to put that money into #altcoins ASAP
Fact is they can’t kick you out.
Do it and don’t even think. When you’ve made 10x then you can think about your next move 👍
Look for things that have not pumped and buy them, wait for the pump then exit. Do not get sucked in ad bag hold through the next bear market. Remember if you never sell, you never made a profit. (Obviously by sell i mean into BTC, ETH or Stable coins, never sell into fiat, that dumb)
Hope you all enjoyed the update, follow me @TheBitcoinaire and @MineDigital on twitter and medium to stay updated on The FUD and Whisky & Wicks. For the best rates in Australia guaranteed use Mine Digital. Mine Digital also has insured custody so don’t worry about your funds.
Please note this is not intended as financial advice. Always do your own research. The writer holds (and is biased towards) Bitcoin. The writer’s thoughts are his own and do not reflect those of Mine Digital.