2020 Thanksgiving Day Inventory: What the crypto world needs to be grateful for


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Author: Eric Audrey

The annual Thanksgiving Day in the Western world is coming, and people eat special food on this holiday, including turkey, stuffing, mashed potatoes and all the delicacies that people desire. This year, under the influence of the global epidemic, we have missed many happy moments. Despite this, we still have to be optimistic about the positive things happening in the cryptocurrency world. Below are the things we are grateful for in the cryptocurrency world in 2020.

MicroStrategy takes the lead in using Bitcoin as company reserve funds

In early August, the NASDAQ-listed business intelligence company publicly announced that as part of the company’s capital reserve strategy, they had purchased 21,454 bitcoins (as of this writing, their value is $356,844,382). This move has aroused repercussions in the cryptocurrency industry and attracted the attention of listed companies, who believe that this is the leader of other listed companies and can realize that cash is not necessarily the best storage asset. Since holding Bitcoin has always been a personal investment, the CEO of MicroStrategy (Michael J. Saylor initiated this initiative to allow physical investors to invest in Bitcoin, a number that was once considered too volatile. A new perspective on assets. Michael J. Saylor said: “Our investment in Bitcoin is part of our new capital allocation strategy, which aims to maximize long-term value for shareholders.”

524,288 pledged ETH

The Ethereum 2.0 deposit contract successfully reached the target number of 524,288 ETH on November 24. Ethereum is about to start the 2.0 era, transitioning from proof of work PoW to proof of stake PoS. In the past few years, waiting for the arrival of Ethereum 2.0 has been the focus of the entire industry. With the rapid rise of DeFi activities on the Ethereum smart contract agreement, the demand for upgrades has become increasingly strong. With the release date set on December 1, ETH is also expected to see a sharp increase in price.

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High-yield “yield farming”

Before this summer, the term “yield farming” had never existed or been practiced in the crypto world. But before the rapid development of the DeFi loan agreement and the growth of its token revenue, the term immediately became a topic of repercussions in the crypto space on Twitter. We finally saw a large number of “product launches” named after food, DeFi tokens for sweet potatoes, sushi, pickles and all other foods, bringing us an unforgettable summer.

Jack Dorsey enables Bitcoin emoji

We have to admit that the new Bitcoin emoji is very interesting. This undoubtedly increases the charm of Twitter tweets and makes non-encrypted Twitter users suddenly realize. The founder of Twitter, Jack Dorsey, himself is one of the biggest supporters of Bitcoin and has consolidated the Bitcoin community’s presence on Twitter.

Bitcoin and WBTC allow Bitcoin to be used on Ethereum

Before this year, many crypto players may not understand the utility of encapsulating Bitcoin, nor have they heard of it. In short, the encapsulated Bitcoin is the tokenization of Bitcoin itself, allowing Bitcoin holders to use their Bitcoin on other blockchains, especially on the Ethereum protocol, as a kind of Means of participating in the DeFi party. Just earlier this year, the number of encapsulated bitcoins on Ethereum was slightly more than 1,000. There are currently more than 153,000 bitcoins in use on Ethereum, valued at approximately US$2.7 billion. This innovative interoperability provides more features for Bitcoin.

Bitcoin’s “resurrection”

In the end, the key to this market always falls on the shoulders of Bitcoin giants. In March, after a period of ups and downs due to the global epidemic and the stock market crash, Bitcoin finally returned to its highest level since the end of 2017, sparking cheers for the next round of bull market. Since the price of Bitcoin plummeted to nearly US$3,000 in March this year, the current price is close to US$17,000, reaching a historic high of US$20,000. It is easy for people to lose hope in this emerging industry, but this year there are too many reasons to prove why Bitcoin should be used. As prices soar again, Bitcoin may become a topic of discussion at the Thanksgiving dinner table.

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Uniswap’s UNI airdrop

Some people call it DeFi stimulus plan. However, the airdrop of UNI to the old users of Uniswap is not only a “free lunch”, but also a strong counterattack against SushiSwap blood sucking. Hayden Adams and Uniswap’s team decided to invest approximately $1,400 in new governance token UNI for each historical user of their platform. Now the situation has reversed and Uniswap is now a golden boy. In retrospect, for those who have suffered losses in the past few months, this can be called a DeFi stimulus plan.

PayPal opens cryptocurrency purchases

One of the largest payment providers allows users to use encryption to make purchases and transactions. This includes not only their PayPal service, but also Venmo, a mobile payment application widely used among millennials. Although many encrypted users may never use PayPal for encrypted transactions, it opens the door to more new users.

Banknote printing machines of central banks

This year, we should not only thank the Federal Reserve, but also all central banks, because we have seen inflation and debt levels continue to rise at unsustainable levels, making their money printing machines run wildly. This is another reason for “Why Bitcoin”.

SBF can save SushiSwap, or it can save the United States

SushiSwap’s total lock-up amount has risen to about 1 billion U.S. dollars in less than two weeks, but the anonymous developer of this project secretly realized its 14 million U.S. dollars in funds, which caused cryptocurrency pushes online Special anger. When SBF came out to appeal to its developers, and proposed to take over its multi-signature wallet signature to keep the agreement. SBF also donated to the Democratic presidential candidate Joe Biden (Joe Biden), and Biden will soon become the president of the United States.

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