While the cryptocurrency market has been facing a general sell-off recently, some projects continue to focus on their long-term goals. This includes the Ether.Fi liquid retaking platform. The Ether.Fi Foundation announced that it has purchased 46 ETH worth of the ETHFI altcoin project in line with a proposal previously approved by the community.
The ETHFI team took action
This purchase is just the beginning. The Ether.Fi community also approved the proposal to buy back ETHFI and transfer it to the liquidity pool. The ETHFI tokens purchased by the foundation were deposited into a weETH/ETHFI Curve pool. This amount corresponds to 5% of the protocol revenue for June. According to the proposal, the Ether.Fi Foundation will be able to purchase up to 50% of the protocol revenue in ETHFI, but this rate is currently initiated at the initiative of the foundation. Future purchases from monthly revenues will be put to a community vote. The community also approved the proposal to implement a staking contract on the Ethereum mainnet presented by the ETHFI DAO.
This proposal aims to increase utility by tying rewards to governance participation and active balances in the ecosystem. The ETHFI staking contract will also offer incentives and voting capabilities to staked token holders. ETHFI price, which fell by 40% in a week following panic-driven sell-offs in the general crypto market, has been trading sideways for the past few days. ETHFI price, which rose by 1% in the last 24 hours, is currently trading at $1.91. The low and high levels of the last 24 hours were recorded at $1.83 and $1.99, respectively. In addition, the 7% increase in trading volume in the last 24 hours indicates an increase in investor interest.
Golem Network sells Ethereum
Open source computing platform Golem Network has sold 24,400 ETH ($72 million) on Binance, Coinbase, and Bitfinex in the last 3 days and currently holds 127,634 ETH ($372 million). These sales can be interpreted as a reaction to the decline in the ETH price and general market volatility. Golem Network raised 820,000 ETH through ICO in 2016. At that time, the price of ETH was only $10.2. This means that the current value of the funds raised by Golem Network from the ICO is over $840 million.
Golem Network is a platform designed to share and distribute computing power. The platform allows users to rent idle computing power and generate income from it. Golem Network is used in areas such as artificial intelligence, scientific research, and 3D modeling.
Whale sends popular altcoin PENDLE to Binance
On July 8, a whale transferred a total of 375,000 PENDLE to Binance in two transactions 15 minutes apart. After these transactions, the whale’s total PENDLE holdings are estimated to have decreased to 1.37 million PENDLE. The whale’s profit from these transactions is estimated to be $2.275 million. PENDLE is a decentralized finance (DeFi) protocol. The protocol allows users to automatically swap their tokens from one asset to another. PENDLE uses an algorithm to perform these transactions, eliminating the need for users to manually perform the transactions.
Follow us to be informed about the latest developments instantly. twitter‘in, Facebookin And InstagramFollow and Telegram And YouTube Join our channel!