YouHodler Month in Review: November 2020

“The month of November makes me feel that life is passing more quickly. In an effort to slow it down, I try to fill the hours more meaningfully.”
- Henry Rollins

Henry Rollins is right. In many ways, November is the world’s reminder that the end is here. Whether it’s the end of autumn transitioning into winter or the end of the calendar year, November is a wake-up call that we only have a few short weeks until the next phase. 

Much like Rollins, YouHodler used every hour in November strategically to make the most of our productivity. We’re sure you were also busy, so to catch you up on all things YouHodler, please join us for this month’s review.

‍YouHodler team meetup sets the stage for 2021

YouHodler's team is a global one and we work extremely efficiently as a remote unit stretching across all corners of the world. That being said, we like to meet up in person to hyper-enhance our productivity and build a solid foundation for the months ahead.

This year's meetup was in Turkey. A neutral site in terms of Covid-19 restrictions. To be safe, every YouHodler team member underwent Covid-19 testing before travelling, received instant tests for use at the venue  and followed all recommended protocols during the event  (such as wearing masks and social distancing whenever possible). We also had dozens of rapid tests on hand for onsite testing before large group gatherings (like the photo above).

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Despite these minor inconveniences, it truly was a glorious week of team bonding and innovation. First and foremost, YouHodler is a family that continues to grow. We’re at our best when we make close connections with each other, feeding off everyone’s ideas to create a mutual product that embodies the true innovative spirit. That’s why we decided to go forward with this meetup and we’re glad we did. 

Aside from personal benefits for this trip, an added bonus was we stimulated some small business during times when they needed it. Although we were very efficient with our spending and managed to do the whole trip for cheap, the local hospitality workers were certainly pleased for the extra business in quiet times 

Over seven days, our marketing and developer teams worked together on new product features, marketing campaigns, a DeFi hackathon, platform update roadmap and creative team building workshops. YouHodler fans have already seen some of the fruits of this team work such as the new listing of DeFi tokens COMP, MKR and UNI. Users can earn 2.5% APR on COMP and MKR and 7% APR on UNI in addition to using these tokens as collateral for instant crypto loans. This was just one of many ideas that came from the DeFi hackathon and other brainstorming sessions. 

Bitcoin increases more than 40% in November

While our company trip was certainly a highlight of the month, Bitcoin’s price took center stage. November saw the world’s number one cryptocurrency increase over 40%, even reaching it’s all-time high very briefly. It was a dramatic month full of sharp rises, harsh corrections and valiant recoveries. What’s even more encouraging is that this volatility is said to be mostly fueled by institutional investment. Hence, this bull run is shaping up to be much healthier than that in 2017, which was supported by fake hype and ICO scams. 

Bitcoin wasn’t the only cryptocurrency that saw huge growth this month. Ethereum (ETH), Ripple (XRP), Chainlink (LINK), Litecoin (LTC) and essentially all the top altcoins experienced massive growth. As a result, several YouHodler users collected some nice profits from our Multi HODL tool. 

Here are the top ten “Multi HODLers” from November:

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YouHodler announces support of Flare Network Spark airdrop

In 11 days, Flare Network will take a snapshot of all XRP ledger addresses in order to initiate an airdrop of its Spark token. The promising smart contracts platform generated a lot of hype over recent weeks and this airdrop is expected to have an effect on XRP’s price one way or another. Several exchanges and platforms have come out in support of this airdrop, including YouHodler.

In a blog post, YouHodler stated they will follow all Flare Network protocols in terms of distributing Spark to XRP holders on the YouHodler platform. With the airdrop, just a few days away (12 December), now is the perfect time to start accumulating more XRP so you can make the most of this event. 

If you have XRP and want more, use it as collateral on YouHodler ot get an instant cash loan. This loan will help you buy more XRP quickly right on our platform so when the airdrop comes, you’ll get more Spark tokens. There are several theories about the future price of Spark after the airdrop but it never hurts to be prepared. 

Exciting new listings this month: COMP, UNI, and MKR

As mentioned earlier, November included an exciting new listing for the platform. Actually, make that three exciting new listings. After DeFi projects like Compound, Uniswap and Maker proved their worth to the crypto world, YouHodler decided to add their native tokens, COMP, UNI, and MKR to the platform. 

Now, users can earn 2.5% APR on COMP and MKR and 7% on UNI in our interest-bearing wallets. Furthermore, all three options are also available as collateral to use on our crypto-backed loans featuring an industry best 90% loan to value ratio (90%). This is a great way to cash in on the DeFi hype and earn a passive income on three up and coming tokens. 

Approaching the end of a historic year

2020 was a historic year. An unusual one but historical nonetheless. Regardless, YouHodler still plans to send this year out on a positive note. As mentioned earlier, our team trip produced several great ideas we are excited to get working on in December. We’re currently in the final month of 2020 and we want to make it a memorable one. 

So follow all our social media channels and the YouHodler blog to see the new products we have in store for this month and the year to follow.