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
Perfect storm leads to big sell-off for Bitcoin and DeFi: Weekly recap
Digital asset markets were on a parabolic surge until investor confidence took a major hit to close out the week with a bearish tilt due to a perfect storm of negativity. Before reading the rundown, catch up on the most-read stories centered around the price of Bitcoin, the macroeconomic picture and the DeFi phenomenon gaining traction. A significant drop in equities markets was led by blue-chip stocks that had been at all-time highs. As this occurred, many tokens tied to DeFi platforms corrected sharply, most notably, SushiSwap (SUSHI) which lost…
Analysts Flip Bullish on XRP as It Plunges to Key Support Level
XRP has been hit hard by the recent market-wide selloff, with the cryptocurrency’s price erasing the vast majority of the gains that it has been able to gain over the past several months. These gains were hard-fought by the cryptocurrency’s investors and came about in the form of a slow grind higher. The resistance found throughout the lower-$0.30 region proved to be insurmountable, however, and the cryptocurrency was forced into a prolonged consolidation phase within the upper-$0.20 region. This trading range was broken below yesterday, as XRP was unable to…
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.…
Market Wrap: Bitcoin Tumbles to $9.8K; Investors Continue Plowing Crypto Into DeFi
Bitcoin is in bear territory for the third straight day and investors are still looking to DeFi to capture gains during the dump. Bitcoin (BTC) trading around $10,606 as of 20:00 UTC (4 p.m. ET). Slipping 0.90% over the previous 24 hours. Bitcoin’s 24-hour range: $9,894-$10,081 BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians. Bitcoin trading on Coinbase since September 2.Source: TradingView Bitcoin’s price dropped below $10,000 Friday, sliding as low as $9,894 on spot exchanges such as Coinbase. “It’s not the best look…
Alameda Research Claimed Nearly 70% of Wrapped Bitcoin Minted in August
The firm claimed 14,654 WBTC in August following approval of its Compound collateral proposal. Original
World Tech Billionaires Lost $44 Billion as U.S. Equities Plunged
Despite the massive losses on Thursday, the Bloomberg Billionaires Index showed that in 2020, the 500 richest people have collectively gained $830 billion in wealth. On Thursday, the world’s top ten tech billionaires lost $44 billion as U.S. equities tumbled. Among the billionaires, Amazon (NASDAQ: AMZN) founder Jeff Bezos tops the list with a loss of $9 billion. On Wednesday, the U.S. equities dropped the most in almost three months. Also, the S&P 500 declined more than 3.5% in response to the plunge in tech stocks such as Apple Inc…
Blockchain Capital Isn’t Flattered by Imitation, Sues Similarly Named Firm
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link
Ethereum devs discuss gas optimizations, but it will probably be too little too late
An Ethereum All Core Devs call was held on Friday to discuss a variety of Ethereum Improvement Proposals as gas fees on the network remain historically high. The agenda included several discussion points on high gas prices and ways to mitigate the issue. Alexey Akhunov, an independent Ethereum researcher, opened with a comment on the existence of gas tokens and how they could push prices higher than normal. He highlighted how the mempool is often filled with transactions bidding a certain gas price to mint these tokens, and compared this…
Why Soaring Gas Fees Won’t Let An Ethereum Killer Gain The Upper Hand
Ethereum has both benefitted and its rep been harmed from the recent explosion in farming for DeFi tokens. As investors poured liquidity into these tokens, sending and locking up so much ETH sent prices of the crypto asset soaring. But it also at the same time sent gas prices spiking even higher. As investors became frustrated it led to claims of Ethereum’s untimely demise at the hands of Polkadot, EOS, and all the other proposed “ETH Killers.” However, a crypto fund manager has revealed a strong case to why that’ll…