Real World Assets Enter DeFi Through Chainlink #40

Market Meditations | November 13, 2020

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Happy Friday to my fellow investors, followers, friends. We have had an exciting week indeed.


One Day

And what lies ahead? Weekends bring a quiet time for reflection and exploration of new trade ideas and I’ve found something you can all take a look at. In the latest news, Brent crude oil futures are now tradable on DeFi exchange Synthetix. This is a unique opportunity to trade something different and exciting. Any DeFi user can now get on-chain exposure to one of the world’s most important commodities, oil. Let me introduce you to it.

Trading oil is like trading anything else. A comprehensive crude oil trading strategy could include fundamental analysis, technical analysis and risk management. As for the technical analysis, let’s work through an example together.

  • Paypal Says It’s Opening up Crypto Services to All Eligible U.S. Users. Paypal accelerated their timeline and said that all eligible Paypal account holders in the U.S. can now buy,hold and sell cryptocurrency directly with Paypal. The complete rollout was expected to happen in 2021 but due to high demand from Paypal’s leadership and a waiting list getting too big, Paypal decided to do an earlier launch. The weekly purchase limit was also raised again and will be $20k/week. Read more.

  • ECB’s Lagarde Has ‘Hunch’ Digital Euro Will Launch in 2-4 Years. European Central Bank President Christine Lagarde said, on a virtual panel with Federal Reserve Chair Jerome Powell, she believes that the EU will launch a digital version of the euro in the next two to four years. Powell also said that the U.S central bank is evaluating the possibility of creating a digital currency although it does not appear likely that it will happen within the next few years. This year made it abundantly clear that Central Bank Digital Currencies (CBDC’s) are a matter of ‘when’, not ‘if’. Read more

  • Defi Project Akropolis Exploited for Over $2 Million. On Thursday morning, decentralized finance (DeFi) protocol Akropolis lost $2 million in DAI due to an exploit. The team posted an update on Twitter that the hacked contracts ‘have been audited twice’ and were working with security specialists to provide a post-mortem analysis later. The exploit was abused through a series of flash loans on Akropolis’ YCurve and sUSD savings pools. All stablecoin pools have been paused and exchanges have been informed of the hack. Read more.

  • ‘Banks Will Have to Adjust’ to Crypto, Says Bank of England Leader. Cunliffe posited that it is not the responsibility of the Bank of England to ensure mainstream banking businesses remain relevant. Central bank digital currencies, or CBDCs, pose a threat to the solutions commercial banks provide, cutting them out as middlemen. Crypto, more broadly, presents users with the option of self-custody, which challenges banks, although banks still function as fiat currency on-ramps.Read more.

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Disclaimer: The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. I am not a financial advisor. Every investment and trading move involves risk. Do your own research when making a decision.