DeFi protocol YAM Finance regained project governance thanks to quick actions by developers and the community. Bitcoin suffered a slight drop as European markets also trended lower. These news and more in this practical summary so that you are always informed with the most recent events that occur within the crypto world.
📍YAM Finance, a project DeFi presented a error fatal in the implementation of Smart contract (smart contract) that caused the loss of more than 96% of the governance over the protocol. To solve this, the YAM developers requested the help of the crypto community to save the project, who had to commit a total of 160 thousand YAM tokens in just 7 hours or else the assets locked within the protocol would become inaccessible forever.
So far, the developers have received support from the community, who managed to exceed the amount of tokens required to regain governance just 90 minutes before the deadline; however, this has caused a recent and catastrophic decline in the value of YAM tokens, which dropped from $165 USD to about $0,8 USD per unit. The market capitalization of the DeFi protocol YAM fell by more than $470 million, dragging down several major industry protocols with it, such as Balancer y Compound, which lost up to 13% of their capitalization.
📍European stock markets experienced a recent fall between 0,30% and 1% of its value, causing the main stock market indices to fall along with the value of Bitcoin, which fell below $11.200 USD. However, as of the date of this publication, the price of the cryptocurrency The leader recovered to $11.400 and $11.530 USD. In light of this, the investor Joel Kruger notes that Bitcoin remains vulnerable to pullbacks in conventional stocks.
📍The commission rates de Ethereum continue to increase as the network becomes congested again. As of today, to make a transaction on Ethereum, each unit of Gas can cost between about 120 and 140 Gwei, which ultimately amounts to $6 or $8 USD per transaction. Meanwhile, Ethereum miners are seeing one of their highest profitability levels in 2 years, earning mining rewards of up to $7 million per day, a figure that far exceeds the current income of Bitcoin miners.
📍Despite the great boom, growth and performance of the project chainlink, it seems that several investors are becoming uncertain about the future of the LINK token, data provider reports SantimentAccording to their analysis, LINK deposits on exchanges have increased to an all-time high, as has the number of daily active deposits of the token, suggesting that a large portion of the asset’s holders are looking to liquidate their LINK positions. Finally, Sainment notes that the average dollar age invested in the project metric has begun to plummet.
📍The implementation of technology blockchain does not stop. Now in South Korea, More than 1 million Koreans They have driver’s licenses validated by a public blockchain that operates through PASS, a mobile phone application. The number of Koreans who are using their licenses on the blockchain represents around 3% of the country’s total population. The project, which was unveiled in May, is enjoying great interest and adoption by the Korean population.
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