Arbitrage traders make 10x returns on new DeFi platform for wrapped assets
A lucky trader turned 0.34 BTC into 4.6 BTC in just one swap. A recently launched decentralized finance platform, Saddle Finance, has netted one particular trader a more than 10x return on an arbitrage trade between different permutations of synthetic Bitcoin (BTC).According to transaction data from Etherscan, a user swapped 0.34 sBTC, Synthetix’s Bitcoin-based token, in exchange for 4.36 Wrapped Bitcoin, a custodial wrapper offered by BitGo. The trade offered an almost 13x return on investment, netting $150,000 to the trader.Two other similar transactions were registered on the platform,....
Related News
Ethereum-based traders turn their noses up at Huobi’s latest wrapped assets, including BSV and LTC Following the success of HBTC -- the wrapped Bitcoin tradable on Ethereum currently securing nearly $70 million in BTC -- Huobi Global has released the latest in its “H-token” series: Litecoin and Bitcoin SV. However, traders and developers thus far don’t seem interested.First announced in September, the H-token series promised to bring a wide range of assets to Ethereum. Huobi CIO and head of Huobi DeFi Labs, Sharlyn Wu, said in a press release that the offerings would be aimed at empowering....
Wrapped tokens have become increasingly popular because they allow traders and investors to utilize their crypto-assets on different blockchain networks. For instance, Wrapped Bitcoin, which now accounts for roughly 1% of all Bitcoin in circulation, may be used on the Ethereum (ETH) blockchain to engage in various types of decentralized finance (DeFi) transactions. However, it […]
NFT and decentralized finance (DeFi) asset owners who are interested in putting their assets to work and intend to maximize passive returns without having to sell their holdings may be able to leverage them as collateral. They may use the funds acquired to benefit from arbitrage opportunities, purchase another asset with significant upside potential, and […]
NFT and decentralized finance (DeFi) asset owners who are interested in putting their assets to work and intend to maximize passive returns without having to sell their holdings may be able to leverage them as collateral. They may use the funds acquired to benefit from arbitrage opportunities, purchase another asset with significant upside potential, and also avoid margin calls on collateralized debt positions. It may add to the price appreciation, increasing an investor’s aggregate returns in their portfolio. As the non-fungible token (NFT) market continues to grow, it will require....
Reports from South Africa suggest that tax authorities have plugged a loophole on the online tax filing system that enabled crypto arbitrage traders to make several purchases on overseas cryptocurrency platforms using just one approval. As a consequence of these tweaks, crypto arbitrage traders are now forced to make a new application each they need to place an order. In addition, this change also effectively rules out daily arbitrage trades. Loophole Plugged As the publication Moneyweb’s report explains, some South African crypto traders have been known to “profit from....