October saw the popular cryptocurrency Ethereum notch 40% in gains, and hit a market cap six times the size of the second-largest altcoin, Binance Coin. Now, analysts from Goldman Sachs are predicting that Ethereum could rally by 80% within the next two months to reach $8,000. Ethereum has far outperformed Bitcoin this year thanks to surging retail and institutional investor interest in the altcoin, which is causing companies to race to mine more of it as well. WonderFi Technologies (NEO:WNDR) (OTCPK:WONDF), is one of the blockchain companies growing its DeFi portfolio with Ethereum at the centre of its strategy. Other big names like Marathon Digital Holdings, Inc. (NASDAQ:MARA), Mobilum Technologies Inc. (CSE:MBLM) (OTCPK:MBLMF), HUT 8 Mining Corp. (NASDAQ:HUT), and DMG Blockchain (TSX-V:DMGI) (OTCQB:DMGGF) continue to move toward a decentralized finance future that includes Ethereum as one of the key cryptocurrencies.
WonderFi Technologies (NEO:WNDR) (OTC:WONDF) took a step toward opening up opportunities with its product offerings as it announced that it had established and deployed additional proof of stake (PoS) validator nodes on the Ethereum network. In total, WonderFi has 10 full Ethereum nodes. These validator nodes play a critical role in securing the network and validating transactions for blockchain protocols that use PoS consensus mechanisms. This is aimed at developing a more secure system for transactions and accuracy for the Ethereum network.
This will allow WonderFi Technologies to continue to grow its infrastructure. Another major benefit includes that 6% APY on staked assets that users can earn when staking Ethereum through a validator node. The announcement came at an ideal time, as Ethereum just reached an all-time high of US$4,507.
Earlier this week, WonderFi also announced it had received approval from its Board of Directors to purchase up to C$10 million in digital assets, which will be weighted across key assets that drive and enhance value in the DeFi sector. This is in line with WonderFi’s strategy of adding to its existing balance of long-term holdings.
This news follows the closing of a bought deal financing of approximately C$26.4 million led by Canaccord Genuity Corp. with the majority of the proceeds to go toward the product development roadmap and another portion allocated to growing WonderFi’s digital asset portfolio.