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5. We are generating good income from our dark nodes running for REN protocol on the cloud platform of Digital Ocean. This week we collected $ 1279( per node $182.85) in new tokens as our toll-booth fees. The full report can be seen here:https://docs.google.com/spreadsheets/d/1QU47tR4eK0fD2ySaP88LM9U46vD7p6mt80KSfqu00DI/edit#gid=982608609. REN protocol had close to zero transaction volume on June 1st. Today it crossed $1 billion. I am impressed with their growth and it still has a long way to go. So far there are exactly 1197 such dark nodes collecting transaction fees.
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Five Bullet Friday
November 5, 2020
Five bullet Friday - Issue #60
SI
Sam IkkurtyPermanent Link
Dear Partners,
I have received more questions on how we are going to distribute the toll-booth fees we generate from staking. What I described last week is only a proposal. My intent here is to take feedback from all the partners and arrive at a rough consensus. After that point we will vet that proposal with the fund administrators, auditors and the legal team before we implement it. This will be worked on slowly over the coming months.
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Any casual observer of the stock market can easily see that central banks all around the world are manipulating the markets. They have lowered the interest rates down to a point where retirees and people on fixed income are struggling to generate any yield from their investments. Interest rates are currently at a 200-year low, as can be seen below chart. Decentralized Finance is currently building a parallel financial stack, that can easily disintermediate our current financial system. Decentralized Finance is able to generate enormous yield on money which acts like a blackhole and draws the capital from traditional commercial banks.
2. In another interesting news, the CFTC chairman Heath Tarbert was very favorable to decentralized finance. It is very insightful to see how he perceives the crypto asset market. He said, "If Bitcoin is email, a one-trick pony...but obviously revolutionary, Ethereum goes far beyond that, it's more like the internet.
When I think about DeFi, it's obviously revolutionary & could lead to a massive disintermediation of the financial system.". It is very refreshing to see a regulator to have the right mental models to describe this emerging asset class.3. Crypto markets have dropped again due to more government action. It was reported that Chinese government arrested the founder of OKEx for money-laundering. OKEx is the second largest derivative exchange after Bitmex. This has caused a lot of market panic and more than 15,000 bitcoins were withdrawn from OKEx before they suspended withdrawals.
4. Even though Synthetix price has dropped by 50% in the last one month, we are still generating a yield of 47%. This week we have generated a staking income ( 394.45 SUSD + 3576.64 SNX * $4.51 ) totaling $16,525. The value of the staked SNX (663456) is $2,992,187 at a price of $4.51. This gives us a yield of 16525 / 2992187, which is 0.5522% per week. If we annualize the yield by (1.005522)^52, it results in a yield of 33.16% APY. This can be seen directly from this website here: https://snx.tools/address/0xE787DEEc0BE77Db98A1294193E2c1600C8a8687d/staking/rewards-claims on the reward claims tab. We currently hold 683,283 tokens of Synthetix. I have also included the screenshot from the last week staking rewards.
5. We are generating good income from our dark nodes running for REN protocol on the cloud platform of Digital Ocean. This week we collected $ 1279( per node $182.85) in new tokens as our toll-booth fees. The full report can be seen here:https://docs.google.com/spreadsheets/d/1QU47tR4eK0fD2ySaP88LM9U46vD7p6mt80KSfqu00DI/edit#gid=982608609. REN protocol had close to zero transaction volume on June 1st. Today it crossed $1 billion. I am impressed with their growth and it still has a long way to go. So far there are exactly 1197 such dark nodes collecting transaction fees.
Have a wonderful weekend!
Sam Ikkurty
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