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OpenDAO Governance Token OPEN Will Launch in DeFi Bull Market

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The launch of OPEN tokens on November 26 may be in time for investors. Moreover, there are specific fundamentals that may support prices. 

In less than a week, OPEN, the governance tokens of the OpenDAO protocol, will launch as per an update on Nov 12. The release will allow users to purchase the ERC-20 token from Uniswap and Cash Box.

Uniswap’s liquidity will be provided by Cashbox Liquidity Providers (LPs). Those with allocation will receive tokens 24 hours before the official listing.

DeFi’s Value Proposition

Decentralized Finance (DeFi) is currently on an uptrend. Backing the stellar performance of the sub-sector’s tokens are the value proposition presented by some of Ethereum’s leading protocols. A BTC Peers report shows that DeFi is transforming online businesses.

Broadly, DeFi encompasses lending, derivatives, insurance, swapping, and DEXes. Currently, a big part of assets under management by open finance dApps are locked up and managed by lending dApps. According to trackers, Maker is the most dominant dApp, locking over $2.4 billion worth of assets.

Despite the potential of DeFi, its upside is capped. Liquidity is drawn solely from within the Ethereum ecosystem. Its market cap is over $57 billion at the time of writing. Its native currency ETH is now trading at over $500, adding 201 percent year-to-date.

The success of ETH prices has a direct effect on DeFi tokens. Their positive correlation means tokens of protocols benefit as the tide rises.

OPEN Governance Token Launching on November 26

Therefore, the launch of OPEN tokens on Nov 26 may be timely for investors. Beyond that, there are specific fundamentals that may support prices.

One of them is their mission. OpenDAO has the infrastructure ready to bridge real-world assets to the cryptoverse. In their protocol, valuable and physical assets like shares, real estate, invoices, and others can be collateral for loans and for earning OPEN tokens.

The tokenization of real-world assets like Tesla and Facebook stocks, or prime real estate properties enable fractional ownership therefore making them liquid.

The Cashbox Bridge

The project’s lynchpin is the Cash Box. It not only acts as a linkage but evolves projects’ crowdfunding. Cash Box is where an asset’s fair price can be gauged. This way, a pricing mechanism, an order book, that is purely decentralized and trustless emerges. The Cash Box is where users can pool liquid stablecoins (cash) which in turn acts as a perpetual counterparty for a real-world asset funded by Liquidity Providers (LPs).

Through the Cashbox, OpenDAO forecasts the DeFi’s Total Value Locked (TVL) to increase a hundred folds. It shall improve the sector whose operations, they say, resemble a casino. With more liquidity, there are more opportunities for investors.

There are several mechanisms used by the protocol to recover funds in case the borrower defaults. If the collateral is online, a sell order can be triggered via APIs for cash that’s then reimbursed to LPs depending on their share amounts.

On the other hand, real estate and other physical assets can be sold by an approved Special Purpose Vehicle (SPV) who owns and tokenizes the asset. Tokens are then sold to LPs using DAI. This requires the disclosure of personal information.

OpenDAO Incentives

Funds recovered are distributed to LPs. Fractional owners can stake their cash box tokens and earn OPEN rewards, and even borrow loans by presenting their tokens to the oUSD (OpenDAO’s stablecoin backed by physical assets) minter, or the OTL.

Besides owning the underlying asset, LPs earn trading fees. Whenever they stake their Cash Box tokens, they receive OPEN governance tokens as an incentive for liquidity provision. Lenders of OpenDAO’s OPM will also earn OPEN tokens from Nov 26.

OpenDAO has acquired a property in Melbourne, Australia, and tokenized its shares. Purchase of the Australian Real Estate Investment Trust (AREIT) is ongoing. The launch of OPEN governance tokens on Nov 26 via Cashbox and Uniswap could therefore provide an opportunity for investors to take control of a protocol aiming to link real-world assets to the cryptoverse in a bullish DeFi market.

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Polychain Monsters Launches on Polygon for Better User Experience

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As part of the launch, the team has also designed a special background for Polymonsters that are discovered through Polygon-powered booster packs.

Blockchain games continue to be some of the most exciting developments in the space. They’re both promising use cases for the nascent technology and also where its functionality is most put to the test. The issues of interoperability and scalability are always at the forefront of any game development team and nowhere is this more evident than in Polychain Monsters’ recent partnerships and rebranding.

Polychain Monsters are digital collectibles that can be integrated into any blockchain-compatible product including other games and art. Every collectible represents a unique Polymon with a certain level of rarity and value. More so, these unique NFTs can be unpacked with the game’s native $PMON tokens which are compatible with the popular ERC20 and BEP20 standards.

The project formerly known as Polkamon changed its name to Polychain Monsters due to its focus on becoming a cross-chain and multi-chain game. As part of its efforts towards this goal, the game recently expanded to popular blockchain networks such as Binance Smart Chain and Elrond. The team has stated its belief that “the future of crypto blockchains will not be winner-takes-all and multiple solutions will co-exist based on their various strengths and weaknesses.”

More recently, however, these integrations with other protocols also became a means to ensure the growth of the project’s technical infrastructure. Polychain Monsters just announced a new step in its ongoing partnership with the most sought-after Ethereum scalability solution Polygon. The game will be launched on the protocol during Q3 2021 in order to introduce faster transactions and lower costs to its features, including Booster Opening, Staking, and OpenSea Trading. A development it expects will attract thousands of new users who will be drawn to a superior user experience.

Lennart Brandt, CMO at Polychain Monsters, shared his outlook on the upcoming launch. “Integrating Polygon brings us closer to our goal of making Polychain Monsters easily accessible and inexpensive to use, ensuring that our growing community will not be priced out of the Polyverse once Ethereum gas fees are on the rise again,” said he.

As part of the launch, the team has also designed a special background for Polymonsters that are discovered through Polygon-powered booster packs. Likewise, the introduction of an all-new iconic Polymon is expected.

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Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.



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Bitfarms (BITF) Stock Plunges Over 8% Following Nasdaq Debut

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Bitfarms stated that it powers an estimated 1% of the global Bitcoin network, with over 99% “green” hydropower.

Bitfarms Ltd (NASDAQ: BITF), a sustainable-energy Bitcoin miner, saw its stock decline 8.6% to as low as $3.9 on Monday – its first day of trading on the NASDAQ. Notably, BITF stock closed yesterday trading at $3.96, a 7% drop from its opening price of $4.27. The drop was likely due to a huge crypto sell-off motivated by the recent Chinese crypto crackdown.

Notably, figures provided by Coin98 Analytics show the total BTC in circulating supply is 89.2%, while the supply in all crypto exchanges is approximately 7.4%.

Chinese authorities ordered bitcoin miners to “clean up and terminate” all operations, including shutting down 26 mining firms in Sichuan province by Sunday. Illegalizing Bitcoin mining and transacting caused the Bitcoin hash rate to drop to a six-month low.

The happenings, however, worked in favor of the Canadian company as it explained:

“As the hash rate of Chinese miners falls, Bitfarms has earned higher transaction fees and increased its share of the total Bitcoin network hashrate. As a result, Bitfarms has been earning more Bitcoin for the same amount of computational power and operational cost.”

Notably, the company stated that it powers an estimated 1% of the global Bitcoin network, with over 99% “green” hydropower. The company estimates that compared to other crypto mining companies, it has mined the most BTC using renewable energy sources. On June 10, the company added 1,000+ mined BTC to their YTD treasury, further raising its share of the total bitcoin network hash rate.

Bitfarms Stock Performance

Bitfarms stock has plummeted in its 5-day, 1-month, and 3-month record, losing 4.81%, 11.21%, and 26.12% in that order. The prices of shares have also stagnated in the range of $3.9 – $4.11. However, the stock has gained 108.42% YTD and 1,100.73% year-on-year.

The recent stock plunge also impacted other similar companies including Riot Blockchain Inc (NASDAQ: RIOT) and Marathon Digital Holdings Inc (NASDAQ: MARA). The two closed at price drops of 1.90% and 3.77% respectively.

Moreover, Bitcoin and Ethereum have also declined in prices, trading at $32,764 and $1,947 respectively, at writing time. This represents a 19.5% and 24.7% 7-day decline sequentially, going by data from CoinGecko.

Initially, Bitfarms was enlisted on the Toronto Stock Exchange (TSX) Venture Exchange in 2019. To ease stock trading in areas outside Canada, the company sought a NASDAQ listing, which was approved last month. Nevertheless, the crypto miner has stated that its stock will continue to trade on the TSX Venture Exchange under the same ticker symbol “BITF”.

Listing on the NASDAQ made Bitfarms “the largest publicly traded bitcoin miner in North America using greater than 99% hydroelectricity renewable electricity,” according to its CEO and founder, Emiliano Grodzki.

In today’s pre-market session, shares were exchanging hands at $3.72, down 6.06% from its closing position, as per data from Seeking Alpha.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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Mollie Now Third-biggest Fintech in Europe

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Mollie is acting in contrast to its American rivals by focusing on small businesses in Europe.

Mollie, a payment processor, based in Amsterdam, has become a new fintech “unicorn.” As of September last year, the little-known online payment processor is now worth over $1 billion, just over a decade after its launch in 2004 by Dutch entrepreneur, Adrian Mol.

On Tuesday Mollie revealed that it raised $800 million during a financing round, increasing the company’s worth to over $6.5 billion and earning it a place as the third-largest fintech unicorn in Europe after competitor, Checkout.com.

Mollie founder stated in a report that the company was initially a text messaging business. Before integrating the payment system, “the company originally got its start as a text messaging business, but soon pivoted to payments after trying to integrate its system for clients to pay their invoices.”

Shane Happach, who is the new CEO of Mollie, while commenting on the company’s funding, noted that for years it stuck to growing organically before extending it to external financing in 2019 and 2020, $100 million in a round led by growth-stage tech investor, TCV.

According to a report, its latest funding round, “Series C was led by Blackstone’s growth equity investing unit. EQT, General Atlantic, HMI Capital, and Alkeon Capital also invested.” The funding aims to expand internationally, both within Europe in countries like the U.K., and other regions like Asia and Latin America.

There has been growing competition among fintech giants in recent years, such as Stripe, Square, and Adyen, each battling to have the largest share in the $2 trillion markets. 

Mollie is acting in contrast to its American rivals by focusing on small businesses in Europe. According to Mollie, “A lot of the bigger players in online payments come out of the US, like PayPal,” Happach said. “Even Visa and Mastercard are US companies. A lot of investors don’t have a bet on Europe,” added he.

As per a report by CNBC, the firm’s service “is more localized than Stripe’s and not targeted at enterprise clients, unlike Adyen and Checkout.com. Onboarding smaller merchants requires “complex” compliance checks, which some competitors don’t want to focus on.”

Last week, the French president hoped that by 2030, Europe would produce 10 companies worth 100 billion Euros. Currently, the continent’s start-ups have raised over 45.9 billion, far above the 2020 investment.

Mollie’s Shane Happach shares the same view when he says they are “trying to build a $100 billion company”. They “know that takes a long time. It’s capital-intensive.”

Paul Morrissey, Blackstone Growth’s European investing lead, in a statement, said “this investment underlines Blackstone’s confidence in Europe as a place for high growth companies to thrive.”

Read other fintech news on Coinspeaker.

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Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.



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