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DeFi goes boom as top tokens crash by 50% in one week

Published

4 Monaten ago

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The decentralized finance (DeFi) bubble appears to have popped for the time being, with half a dozen top DeFi tokens shedding half of their fiat value over the past seven days.

According to crypto market data firm Messari’s list of DeFi assets, 32 of 34 markets are down over the past week — with only PowerPool (CVP) and SushiSwap (SUSHI) posting seven-day price gains.

The markets hardest hit include Curve — which is down 65% this week, followed by Meta with a 58% loss, Ren with 52%, AirSwap with 51%, and bZx Network and Wrapped Nexus Mutual with a 49% draw-down each.

The sell-off has erased the gains enjoyed by most DeFi markets during August’s month of record volatility, with more than 60% of the tokens featured in Messari’s DeFi list posting a 30-day loss as of this writing. Curve again leads the monthly losers with a 58% loss, followed by Bancor with 57.8%, Kava with 50%, and Meta with 46%.

Ethereum (ETH) tokens in general have suffered this past week, with only 14 of 178 markets posting a gain — seven of which are stablecoins. Only two Ethereum tokens were able to post double-digit gains this week, with ZB and Origintrail topping the list with roughly 15% each.

Less than one-third of Ethereum tokens have retained 30-day gains.

The publication of Messari’s findings sparked a variety of responses on Twitter, with user ‘stackthosesats’ replying:

DeFi is going straight into the ground. Just another series of scams.

 

Other traders appear to view the price slump as an opportunity to stockpile discounted tokens, with ‘Ms. Coins’ asserting it is a “great time to scoop up some at those prices.”





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Ethereum

Crypto enthusiasts could make $122K per year mining Ethereum with this setup

Published

15 Minuten ago

on

Dezember 29, 2020

By



Simon Byrne has taken at-home crypto mining to a whole new level as he looks to capitalize on Ethereum’s (ETH) enormous price potential. 

As first reported by Anthony Garreffa, Byrne has set up an ETH mining rig consisting of 78 GeForce RTX 3080 graphics cards. Although the RTX 3080 is marketed toward high-end PC gamers, crypto miners are using these powerful specs to enhance their capabilities.

With each card using roughly 300W of power, Byrne’s setup uses 23.4KW of energy. And that doesn’t even factor in associated costs like AC. All said, his electricity bill is estimated to run up to around $2,166 per month.

The RTX 3080 launched in September at a price of $699, but supply shortages have caused the per-unit cost to swell to $1,199. At the shortage price, that’s a price tag of $93,522 for Byrne’s setup.

Still, these costs could be offset by the operation’s mining capability. One GeForce RTX 3080 graphic card has a hash rate of around 83MH/s using Ethash, which should generate roughly 0.22236870 ETH per month, according to Garreffa. All 78 cards would therefore generate 17.3 ETH per month, which is equivalent to around $12,352 at today’s prices.

Stripping away the electricity costs, that’s roughly $10,200 per month or $122,000 per year. And that’s not factoring in Ethereum’s price potential during the next bull market.

Ether’s price zipped past $700 over the weekend, the first such move since mid-2018. The return of altseason, as some have predicted, could send ETH’s price even higher over the medium term as investors cycle from Bitcoin to other large-cap cryptocurrencies.