Ethereum Miner Revenue Triples Thanks To DeFi, Bitcoin’s Falls

KEY POINTS

  • Ethereum was more profitable to mine than Bitcoin in September 2020
  • Mining revenues soared because of the excitement over decentralized finance
  • As DeFi excitement wanes, observers are watching closely the launch of Ethereum 2.0

During the month of September, revenue from mining Ethereum has eclipsed that of Bitcoin’s thanks to the excitement surrounding decentralized finance (DeFi).

According to the data from analytics firm Glassnode, miners in the Ethereum network collected 450,089 ETH worth $168.7 million. This is a 39% increase from the previous month’s total of $113 million, Cointelegraph reported.

In contrast, miners in the Bitcoin network netted only $26 million in September, which is a decrease from the $39 million they earned the previous month. This effectively makes mining Ethereum more profitable than mining Bitcoin.

The increase in miner revenue came from the community’s excitement over decentralized finance (DeFi).

Several DeFi protocols and tokens made headlines last

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Securitize Is Taking Ethereum-Based Securities Into the DeFi Realm

Securitize co-founder and CEO Carlos Domingo

Connecting the worlds of security tokens and decentralized finance (DeFi) is the next logical step for Securitize, a kind of regulatory-compliant fixer when it comes to tracking and trading blockchain-based securities.

Announced Monday, Securitize is teaming up with a protocol called Tinlake from Centrifuge, which uses a clever system of non-fungible tokens (NFTs) to enable real-world assets to participate in DeFi.

In an ideal world, any elements within the Ethereum ecosystem should be able to be built into one another, sharing new and useful features like automated market-making or other functions. This concept, a core tenet of DeFi, is known as “composability” (the analogy often used is the omni-building capacity of Lego bricks). 

Related: DeFi Project Aave Raises $25M From Blockchain.com and Other Investors

But there’s a catch: Digital securities, like their traditional counterparts, are regulated and have several control mechanisms that must be enforced. All securities, whether private or

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defi SOLUTIONS Names Tom Allanson CEO

Seasoned financial services executive joins growing fintech company

defi SOLUTIONS, which partners with captives, banks, credit unions, and finance companies to help lenders transform their operations, today announced the appointment of Tom Allanson as CEO. He will succeed Bret Leech, who is stepping down as CEO and leaving the company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201009005412/en/

Tom Allanson, defi CEO (Photo: Business Wire)

Tom has more than 25 years of executive leadership experience in fintech and lending and has consistently demonstrated an ability to build, grow, and enable high-performing teams and businesses. In addition to his most recent role as head of Enterprise Payment Solutions at Fiserv, Tom has served as CEO of PerfectForms Inc.; president of digital, international, and commercial at H&R Block; and CEO and co-founder of TaxNet Inc, which was ultimately acquired by H&R Block. Tom’s unique background of technology management, entrepreneurial

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Omphalos Raises 2 Million to Build an Elastic DeFi Protocol

Omphalos

Omphalos
Omphalos
Omphalos

SAN FRANCISCO, Oct. 01, 2020 (GLOBE NEWSWIRE) — Omphalos, a famous blockchain technology company that plans on building an elastic digital asset protocol for the global decentralized financial system has just raised over $2 million in seed and private sale backed by Altar Fund, Quan Capital, RedMars and ChainStrategy. Omphalos received an overwhelming interest in the seed round and have been significantly over-subscribed, showing that investors have turned to stable DeFi protocols, particularly those offer less volatility and cross-chain solutions.

The seed funds will be used to develop a stable multichain DeFi (decentralized finance) product reminiscent of Polkadot network offering, that allows stable digital asset and encrypted messages to be validated and securely transacted in multiple decentralized financial ecosystems. The raise will also bolster its grant program, Omphalos Grant, which will help developers to access and build innovative applications via the Omphalos protocol.

Omphalos, aka OMPL, focuses

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HedgeTrade Introduces Steaks Finance – A Fair Launch DeFi Token with Lasting Power

SINGAPORE, Sept. 28, 2020 /PRNewswire/ – Active crypto prediction marketplace HedgeTrade launches decentralized exchange and DeFi token for liquidity providers and yield farming earning opportunities.

Steaks Finance by HedgeTrade (CNW Group/HedgeTrade)
Steaks Finance by HedgeTrade (CNW Group/HedgeTrade)

HedgeTrade is pleased to announce a closed-loop DeFi initiative to add new ways to earn tokens in conjunction with its leading crypto social trading platform. 

“Steaks Finance is the realization of everything about DeFi done right — no pre-mine, no investors, and no advisory tokens. Like other DeFi platforms, Steaks is designed to exist in perpetuity on its own, but by integrating with HedgeTrade, we create a closed-loop ecosystem and create a practical application for STEAK tokens,” David Waslen, CEO & Co-Founder of HedgeTrade and Steaks Finance said. “By layering in DeFi models, we will be creating a community-driven ecosystem where you can farm, stake, use, trade, govern, and earn STEAK and HEDG tokens.”

Steaks Finance

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