The world of cryptocurrency is in a constant state of flux, with Ethereum ETFs pending, Curve’s stablecoin crvUSD experiencing a depegging, and Everlodge making waves in the industry. As one of the latest entrants to the market, Everlodge is currently in its presale phase and is positioned to disrupt an industry worth an astounding $280 trillion. Let’s take a closer look at these news events.
Everlodge (ELDG): A Presale Event Outshining Ethereum (ETH) and Curve (CRV) News
Here’s how it works: Hotels, vacation homes, and luxury villas are digitized into NFTs. Ownership details, deeds, and titles are securely encoded within the metadata of the corresponding smart contract.
These NFTs are then broken down into smaller fragments, allowing investors to buy a piece of a property. As the property’s value grows, those who own a fraction of it benefit from the increase in price.
Everlodge’s ecosystem offers various interconnected features, such as the Rewards Club. This club provides Members with free stays across Everlodge’s network of properties, akin to a timeshare system. Members can enjoy a certain number of free nights annually and even resell them, creating a potential stream of passive income.
At the core of the Everlodge platform is the ELDG token, the utility powerhouse that drives every aspect of the platform. ELDG tokens provide Members with discounts on property purchases, options for staking to earn passive income, as well as eligibility for loyalty rewards.
Ethereum (ETH): The Impact of the Pending ETFs
In a bold move that signifies a growing embrace of digital currencies, six major asset management giants, such as Grayscale and VanEck, are actively pursuing the launch of Ethereum ETFs within the U.S. market.
This new wave of filings isn’t isolated but builds on the momentum created by the recent surge in applications for Bitcoin ETFs from various mainstream financial players. The emergence of these Ethereum ETFs could act as a significant bridge, uniting conventional investment methods with the burgeoning world of cryptocurrencies.
What sets this apart is the unlocking of investment avenues that have traditionally been off-limits for digital assets. Vehicles like pension funds and 401K plans can finally be exposed to the world of digital assets, backed by the safety and security of a major financial institution.
But, the decision to approve these ETFs is still pending and highly dependent on regulatory bodies. The price of Ethereum has been stuck under the $2,000-2200 resistance zone for 16 months, so breaching this level could be a short-term catalyst for the Ethereum price.
Curve’s crvUSD Depegs Amid Hack
In a surprising twist, Curve Finance’s native stablecoin, crvUSD, wavered off its peg on August 3rd. This shift was in response to the recent security breach the protocol suffered. On that day, crvUSD dipped by 0.35% before realigning with the U.S. dollar.
Just four days earlier, Curve Finance’s defenses were breached due to a vulnerability in the Vyper programming language. The fallout was swift, with the protocol’s governance token, Curve DAO, plummeting 20.91% soon after.
Amidst this chaos, there were whispers in the DeFi community about potential ripple effects on other protocols. Adding intrigue, Curve Finance’s founder, Michael Egorov, had previously taken out a massive $100 million stablecoin loan using CRV as collateral. Following the incident, Egorov has been scrambling to manage this significant debt.
Curve Finance holders are now watching anxiously as the protocol recovers from its security breach. Some have lost hope and are joining Ethereum holders in participating in the Everlodge presale.
Website: https://www.everlodge.io/
Telegram: https://t.me/everlodge