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What decentralization? Solend approves whale wallet takeover to avoid DeFi implosion

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Solana on the verge of collapse – Solend community votes to hack the whale

The decentralized finance (DeFi) sector continues to be feverish as the overall market declines, asset re-listing, and a high percentage of margin transactions cause projects to collapse. In three months, blocked funds in DeFi have dropped 64% to $57 billion, and new bailouts of individual platforms risk a complete loss of investor confidence in the area.

This time, Solend, a Solana-based platform whose assets were over $800 million back in April, distinguished itself. Despite its claimed decentralization and autonomy, the platform voted to change its smart contract and kick out the largest whale with a forced closure of positions in the OTC market.

According to management, Whale has locked in 5.7 million SOLs, mostly in Stablecoin, for guaranteed annual returns. As SOL declines, the amount of margin collateral on Whale’s positions falls. When the SOL reaches $22.3, the platform must liquidate the coins contributed by the whale – a so-called stop-out.

The problem is that developers don’t want to mess with selling that much SOL (about $21 million at the time of liquidation) through their own platform. For Solend, this is additional risk due to lack of liquidity and fear of a collapse of SOL, which is the base coin. Therefore, on June 19, without prior announcement, management invited the community to vote to change the smart contract, to use the whale account without authorization, and to realize its deposit through over-the-counter (OTC) tables.

Because of the rush to vote, a quorum of 1% was barely passed, and 86% of the weight belongs to a single address.

Changing the smart contract to correct an out-of-state situation is not an isolated case. At one time, Vitalik Buterin introduced a hard fork of Ethereum due to a hacker attack on The DAO Foundation. However, many users see such steps as an attack on decentralization and the basic tenet of the cryptocurrency world “code is law”.

Cryptocurrency

‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau

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‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau

For Maurice Mureau, CEO of crypto investment fund operator Hodl, there’s “not a lot left” to invest in anymore. With soaring inflation, bonds are no go, real estate is getting more difficult but there is one asset class that’s (unsurprisingly) catching the fund manager’s attention — cryptocurrencies. During the European Blockchain Convention in Barcelona this week, Cointelegraph editor Aaron Wood sat down with Mureau, who gave his insight on the outlook of the digital assets investment landscape.

“It’s just like the end of the 90s with the internet bubble, so you’re still early in the space,” said Mureau. “A very solid use case for crypto is becoming apparent in the gaming industry, where people invest time that you can earn from it, and that’s all arranged by the blockchain.” He reiterated that there would be only 21 million Bitcoin in existence with no more printing. Therefore, alluding to hyperinflation in Turkey and Argentina, Mureau said that central banks can’t print more of the digital currency. “So that, for me, makes for a very safe hedge. Thirty percent volatility in asset prices can be bad, but not if you lose 70% on your local currency’s purchasing power each year.”

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Cryptocurrency

Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000

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Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000

Bear markets have historically been challenging to navigate for traders and the conventional set of “reliable” indicators that determine good entry points are unable to predict how long a crypto winter might last.

Bitcoin’s (BTC) recent recovery back above the psychologically important price level of $20,000 was a sign to many traders that the bottom was in, but a deeper dive into the data suggests that the short-term relief rally might not be enough proof of a macro-level trend change.

BTC/USD price normalized since all-time high (Current vs. 2017 peak) source: Delphi Digital
ETH/USD price percent drawdown (current vs. prior ATH). Source: Delphi Digital
BTC/USD weekly price vs. 14-week RSI. Source: Delphi Digital
BTC/USD price vs. 200-week SMA and 14-week RSI. Source: Delphi Digital
Crypto Fear & Greed Index. Source: Alternative
BTC/USD vs. Fed funds rate vs. Fed balance sheet. Source: Delphi Digital
BTC/USD price vs. percentage of supply in profit. Source: Delphi Digital

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Cryptocurrency

Price analysis 6/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

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Price analysis 6/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

Bitcoin’s (BTC) current bear market is one of the worst, according to a report by on-chain analytics firm Glassnode. This was the first time in history that the Mayer Multiple slipped below the previous cycle’s low. Bitcoin’s fall below $20,000 on June 18 also marked the biggest loss ever booked by investors in a single day at $4.23 billion. Considering the above factors and a few other events, Glassnode believes that the capitulation in Bitcoin may have started.

Bitcoin whales seem to have started their purchasing, suggesting that the bottom may be close and on June 25, analytics resource “Game of Trades” highlighted that demand from whales holding 1,000 to 10,000 Bitcoin witnessed a sharp spike in demand.

Daily cryptocurrency market performance. Source: Coin360

BTC/USDT daily chart. Source: TradingView
ETH/USDT daily chart. Source: TradingView
BNB/USDT daily chart. Source: TradingView
XRP/USDT daily chart. Source: TradingView
ADA/USDT daily chart. Source: TradingView
SOL/USDT daily chart. Source: TradingView
DOGE/USDT daily chart. Source: TradingView
DOT/USDT daily chart. Source: TradingView
SHIB/USDT daily chart. Source: TradingView
AVAX/USDT daily chart. Source: TradingView

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