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COVER Price Crashes Following Disperse With Yearn Finance

Decentralized finance portal (DeFi), Yearn has decided to end its merger with the Cover protocol. COVER Price…

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Decentralized finance portal (DeFi), Yearn has decided to end its merger with the Cover protocol.

It’s previously announced merger in the month of November has been called off and Yearn took to Twitter to announce their parting ways. They did not provide a specific reason for the termination but most of the users have backed Yearns decision.

We have decided to end the previously announced merger process of Yearn and Cover. Both protocols will continue to operate independently. yVault depositors who have previously purchased Cover protection are unaffected by this.

— yearn.finance (@iearnfinance) March 5, 2021

Anyhow, yVault depositors who have purchased the coverage remain unaffected.

Andre Cronje tweeted that,

“I personally find it sad. I had very high regard, trust, and faith in the Cover team. Lesson learned. Won’t trust them again.”

(The above tweet now stands deleted)

Shortly after deleting the above tweet Andre Cronje, said that it was an emotional response and he kind of mixed ethics and money.

Cover protocol is yet to break their silence on the ongoing issue and this breakup has brought a huge loss for Cover.

Cover was on a bullish run as it’s price rose from about $380 in the start of the year to around $1700 around two weeks ago.

The cryptocurrency is now down by 40% after the news of Yearn finance and Cover protocol broke out. The parting of ways had a serious impact on Cover.

On 28 December Cover protocol was hacked and tricked into minting 40 quintillion of its native tokens and also cashed them out. “White hat” hacker Grap finance claimed responsibility for the same and returned the funds which amounted to $3 million.

Right after this demerger, Yearn Finance announced a Free-For-All Partnership Program that will be open to anyone who wants to integrate yearn vaults into any products. All partners tend to receive a 50% profit share.

Source: https://coinpedia.org/defi/cover-price-crashes/

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Coinpedia

Polygon(MATIC) Price Smashed The Milestone Above $2, Is $3 Imminent?

Polygon(Matic) price hit the milestone in the early trading hours, yet appears poised to rise to higher levels above $3

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MATIC Price Forms New Highs

Polygon (Matic) price in recent days stood strong despite a huge market correction, above $1. No doubt small pullbacks below $1 were also a part of the rally, yet it bounced off well to regain the lost positions.

In a very surprising move, the matic price flipped the bearish trap and bounced from levels below $1.6 to the current levels above $2. Moreover, the intensified bull run showcases the price is self assured to hit the next resistance levels around $3 to $3.2.

matic jumping

Currently, Matic broke the upper resistance levels of the parallel channel and flew high above $2. Therefore, the next target to hit before the daily close is around $2.4 to $2.45 . Once these levels are achieved successfully, $3 is imminent.

Also Read: MATIC, BNB, LINK, and SUSHI Poised to Erupt Soon, Hints Analyst

Polygon Transactions More Cheaper Than Ethereum

It is a known fact that the gas fees are extremely high on Ethereum platform. Despite a couple of upgrades, the issue has yet to be fixed. And therefore many looked out for other options to get rid of the fees.

However, the polygon network has emerged as one of the most cost effective platforms than Ethereum.

The above is the comparison of the transaction fees of a single day, where the polygon platform accounted for 275% less fees than that of Ethereum. Hence the growing ecosystem fuels the MATIC price rally which is poised to hit higher levels in coming days.

Also Read: Theta Coin Price Rises High Despite A Bloodbath In Crypto Space

However, the polygon network has emerged as one of the most cost effective platforms than Ethereum.

Source: https://coinpedia.org/price-analysis/matic-price-risies-above-levels/

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Coinpedia

Polygon (Matic) Price Continues to Rise Amidst Market Correction!

The MATIC price forecasts are positive as a token supporting such a critical feature right now. After the Ethereum scaling

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Polygon hopes to solve the scalability problem. The MATIC price forecasts are positive as a token supporting such a critical feature right now. After the Ethereum scaling solution merged various common decentralized finance (DeFi ) projects and the number of transactions it handled every day skyrocketed, the price of MATIC has reached a new all-time high above $1.5.

Polygon has handled over 62.4 million transactions and has almost 700,000 wallet addresses, according to data from a MATIC network explorer. It processes 3.3 million transactions a day, each of which costs less than one cent in cryptocurrency.

The cost of transactions on the Ethereum blockchain, on the other hand, reached a new all-time high this week above $64 on average, before plummeting to $31.75 at press time. The network of the cryptocurrency has been co-founded.

Polygon plans to use layer-two sidechains – blockchains that operate alongside the main Ethereum blockchain – to provide quicker and cheaper transactions on Ethereum. Users can deposit ETH into a Polygon bridge smart contract and communicate with it inside the Polygon chain before withdrawing it back to the Ethereum main network.

MATIC is up over 270 percent in the last 30 days, and over 7,000 percent in the last 12 months, thanks to increased demand for the layer-two scaling solution. It’s currently trading near its latest all-time high of $1.51.

Several major DeFi platforms, including Aave, Curve, SushiSwap, 1inch, and others, have been incorporated into the Polygon network in recent weeks. Transactions on its network have exploded as a result of these integrations, as it is now easier to use Ethereum-based DeFi platforms.

MATIC holders will stake their funds to win prizes using Polygon’s Proof-of-Stake consensus algorithm. By partnering with Cent, a platform that tokenizes tweets, the network is also aiming for long-term viability in the non-fungible token ( NFT) space.

According to a recent tweet, SushiSwap has now reached $500 million in total value locked on the Polygon network.

Source: https://coinpedia.org/price-analysis/polygon-matic-price-continues-to-rise/

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Coinpedia

XRP Price Manifest A 2017 Like Warm-Up Rally, $6 Approaching Fast

XRP price after the recent spike initiated with a descending pattern and hence a major breakout is the need of an hour

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Ripple’s XRP price is all set to surge high as it is manifesting a similar bull run of that of 2017 and hence a splendid rally may be foreseen. Recently, XRP underwent a possible burn as the market capitalization and the circulating supply declined all of a sudden.

However, the price appears to have initiated a recovery mode as the price is on the verge to bounce back and accelerate the bull run. As presented by a crypto follower, the XRP price is showcasing a similar warm up pump as in 2017.

According to the chart, the price experienced a steep dump in between the bull rally and resumed the bull run. The price eventually smashed the ATH at $3.84 after completing the correction phase. And hence if the price follows the similar pattern, $6 is all set to be achieved very soon.

Also Read: Analyst Predicts the Future of Dogecoin and XRP! Says XRP Price Will Pump the Hardest!

XRP Price Breakout Imminent!

XRP price, as mentioned before, is trending within a descending channel. After the price hit the yearly highs at $1.76, it soon dipped and entered the channel. However, the price broke the upper resistance levels of the channel and soon dipped too. Due to the fake break out, the price currently is on the verge to reenter the channel.

xrp descending channel

Yet, the price rose significantly and showcased a probable uptrend incoming very soon. At the time of writing, the XRP price is $1.54 with a jump of 1.66% and continuing with an uptrend. However, the prime focus at the current time is a bounceback to the $1.62 levels to continue the uptrend to retest the yearly highs.

Technical Specifications

  • The resistance level of Ripple’s XRP price is currently at $1.62 and later at $1.96
  • The support levels are at $1.42
  • The indicators point out at a buy signal

Also Read: XRP’s Supply And Market Cap Tanked, Is It a Coin Burn Or Technical Glitch?

Also Read: Analyst Predicts the Future of Dogecoin and XRP! Says XRP Price Will Pump the Hardest!

Source: https://coinpedia.org/altcoin/xrp-price-to-breakout-soon/

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