Sushiswap, a fork of the popular Uniswap exchange and one of the latest breakouts of the DeFi craze, has undergone its fair share of scrutiny in recent days. The platform’s token, known as Sushi, quickly came to represent 77% of the action on Uniswap as of Sept. 1, garnering more than $1.5 billion in locked value less than a week from its inception. Many have voiced suspicions regarding certain aspects of the project, however, including concerns over a $27 million developer fund controlled solely by the project’s head — an anonymous…
Day: September 4, 2020
IOHK’s proposal for the ETC community could use Cardano or Bitcoin for prevention of 51% attacks
Earlier today, IOHK presented its checkpointing proposal to the Ethereum Classic (ETC) community. This is meant as a short-term solution for preventing future 51% attacks. In the past several weeks, the network has suffered a number of such attacks, which has cast doubt on ETC’s future. One of these attacks cost OKEx $5.6 million. In the wake of these problems, several exchanges increased validation times for ETC transactions. Checkpointing consensus. Source: IOHK presentation. As its name would imply, the solution proposes the introduction of checkpoints that would validate the network.…
Yellow Card CEO reminisces about losing his life savings on LocalBitcoins
In his college-aged days, Chris Maurice, the CEO of African crypto exchange Yellow Card, said he put his life savings into Bitcoin (BTC), finding it stolen shortly after. “Bitcoin was about $200 at the time, and I decided basically I was just going to dump my entire savings account into into it,” Maurice told Cointelegraph in an interview. Maurice said he had approximately $5,000 in his savings back then, with which he bought roughly 21 BTC. “I was holding it all on LocalBitcoins, because that was the wallet that I used…
Migration of $180 million worth of SUSHI from UniSwap to SushiSwap has been approved
The SushiSwap community just approved a move from Uniswap to its own native platform, which is being built as a fork of Uniswap’s project. Almost 87% of the vote were in favor of the migration. Currently, there is close to $180 million worth of liquidity in the ETH/SUSHI pair on Uniswap. The SushiSwap’s total value staked has grown from zero to $1.4 billion in a matter of days. This would place the recently launched DeFi project behind Uniswap and tied with Maker and Aave. Like many other DeFi projects, it was launched with…
Enhancing DeFi with political parties
Meta-DeFi protocols are becoming increasingly popular following the success of Yearn.finance. The project is essentially a yield farming hedge fund that lets people participate in complex strategies to farm the governance tokens, or GTs, of other protocols. Yearn is just about business — it sells any tokens it obtains through its activity. But a new project wants to reverse that concept to focus completely on the governance power offered by these tokens. PowerPool is a meta-governance protocol project that seeks to concentrate governance tokens of all platforms under one roof.…
US SEC upgrades ‘accredited investors,’ puts financial knowledge first
The United States Securities and Exchange Commission has made changes to its definition of who qualifies as an “accredited investor,” likely broadening the field of participants for future private equity offerings. According to the commission, this development is the result of years of internal discussions about better ways to balance requirements for investor protection with the need to make America’s investment landscape more inclusive. Given the SEC’s insistence on regulated crypto token sales, the news could have significant implications for future security token offerings and even widen the pool of…
What are social trading and copy trading?
Social trading can be described as those activities that engage or facilitate interactions among traders to strengthen the crypto community. On the other hand, copy trading is an element of social trading that allows users to mimic the trading patterns of other traders, in particular, experienced or professional traders. As industry players and professionals in the cryptocurrency and blockchain space, it’s helpful to understand why these terms are different and how they are similar. Not only will we better understand these concepts but it also makes it easier when explaining…
New DeFi alliance to connect Eastern and Western DeFi markets
Amid the ongoing craze around decentralized finance, or DeFi, a blockchain startup in China is launching a global DeFi initiative. Conflux Network, a permissionless blockchain startup, has launched a new DeFi-focused association focused on international cooperation of major industry players. Called “Open DeFi,” the new alliance aims to connect Eastern and Western DeFi markets, uniting China-based blockchain leaders and global DeFi startups to streamline cross-border market growth, sustainability and innovation. According to a Sept. 3 announcement, the new alliance is supported by the Chinese government through the Shanghai Science and…
SBI Holdings to set up blockchain-based digital stock exchange in Osaka
SBI Holdings, Japanese financial giant and a major blockchain-focused institution, is reportedly planning to set up a blockchain-based digital stock exchange. Yoshitaka Kitao, president and CEO at SBI Holdings, announced the company’s plans to collaborate with Osaka Prefecture to establish a new global financial hub. The new international financial center is will purportedly be located in Osaka and Kobe, Nikkei reports on Sept. 2. SBI is planning to launch a digital stock exchange based on blockchain technology. The exchange is expected to attract global fintech companies and contribute to the…
Binance takes on DeFi with Uniswap competitor and liquidity mining
Crypto exchange giant Binance is delving deeper into the world of DeFi-style products with its latest offering, an automated market maker called Binance Liquid Swap. Aimed directly at Uniswap and its clones, Binance will launch an AMM liquidity pool that allows users to provide liquidity by depositing tokens. Just like the world’s most popular decentralized exchange, Binance Liquid Swap will also enable users to earn interest in addition to a cut of the trading fees for the pool. It’s the first AMM pool product on a centralized exchange and will…