Trustless cross-chain bridge Ren and permissionless synthetic asset platform UMA have teamed up to launch a Bitcoin-backed yield dollar called uUSD, in addition to a joint liquidity mining reward program. The partnership will result in a product that allows investors to leverage Bitcoin permissionlessly on the Ethereum network. The uUSD is UMA’s second yield dollar product following an Ethereum-backed yield dollar called yUSD, launched in July 2020. The concept was highly successful with over 10 million yUSD minted over the past two months. In partnership with @UMAprotocol, we are introducing…
Month: September 2020
SushiSwap has officially migrated away from Uniswap after a week of ups and downs
SushiSwap, one of the latest decentralized finance, or DeFi, projects to overtake the Blockchain space, has turned a major page in its short life span. As of September 9, the protocol has officially completed a migration over to its own decentralized exchange platform. “Done,” SushiSwap head Sam Bankman-Fried said in a tweet at 3:10 p.m. EST, concluding a thread about the project’s migration. Several hours prior to the transition’s completion, Bankman-Fried laid out plans for the migration on Twitter, subsequently posting updates throughout the day, which included testing and specified individual…
Crypto markets ‘between a rock and a hard place,’ Peter Brandt says
Peter Brandt, long-time trader and CEO of proprietary trading firm Factor LLC, recently gave his thoughts on the current crypto market, describing the price action stuck between two difficult giants. “Bitcoin and Ethereum — those really, for me, is where the game is played,” Brandt told Cointelegraph in a Sept. 9 interview when asked about his thoughts on Bitcoin for the days and months ahead. As the two largest market cap assets in the crypto space, BTC and ETH each hold a large following, with their actions indicative of market…
USDC now capable of 1000 transactions per second with near-zero fees
As part of an initiative bringing stablecoin USD Coin (USDC) to other blockchains, USDC is now available on the public Algorand blockchain. This is in addition to its existing availability as an Ethereum-based token. Offering USDC on Algorand gives the asset layer 1 scalability, touting more than 1,000 transactions per second, or TPS, while costing less than a penny in fees (1/20 of one cent to be precise), said a statement provided to Cointelegraph. “This is a defining milestone for frictionless mainstream payments as well as sophisticated financial applications,” Algorand…
IRS doubles down, investing another quarter million dollars into tracking crypto transactions
On Sept. 8, the IRS’s criminal investigation department signed a $249,900 contract with a blockchain analytics firm to expand its crypto tracing tools. The contract provides limited information, but it follows an overarching trend of the IRS stepping up its game when it comes to crypto. The firm behind the contract, Blockchain Analytics and Tax Software, is a relative unknown compared to familiar faces in analytics like Chainalysis. The firm’s only prior government contract was for only $9,800 with the U.S. Treasury for serving as an expert witness. Just last week…
Walmart Canada’s blockchain freight supply chain proving its value
While it’s notable that some enterprises are beginning to deploy blockchain solutions this year, it’s important to point out that very few have done so. A report from Everest Group Research published in June shows that while 79% of projects have completed their pilot phases, only 7% have been deployed to production in 2020. That being said, it’s impressive that one of the world’s largest retailers has successfully deployed and implemented a blockchain solution. Walmart Canada has adopted DL Freight, a blockchain-based supply chain platform, as its national standard for…
NFT market’s RARI token sees 100% gain after CoinFund investment
New York-based crypto investment firm CoinFund has made an undisclosed investment into the digital art-focused non-fungible token (NFT) marketplace, Rarible. According to a September 8 announcement from Rarible, funds from the pre-seed round will be used to develop a “community-governed” NFT marketplace. The Rarible platform launched earlier this year and began issuing its RARI governance token this week — with RARI doubling in price since trade commenced on Uniswap 24 hours ago. Rarible predicts that the NFT sector will see a 50% growth in capitalization to tag a $315 million…
Remember, remember Bitcoin tanks in September: Kraken report
In its August 2020 volatility report, U.S.-based cryptocurrency exchange Kraken has predicted that September will bring excessively negative returns for Bitcoin (BTC). The report notes that historically, September is Bitcoin’s worst-performing month, with an average return of -7%. It points out that as Bitcoin has underperformed its average returns for most months of 2020, this month’s performance was likely to be even worse than usual. Despite the bearish outlook for the short-term, the report identifies some glimmers of hope, including that a record share of Bitcoin’s supply has not moved…
Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol
An anonymous user has revealed how he made $250k in profits from a minor investment in a cloned version of Yearn.finance called Soft Yearn (SYFI). The token SYFI was launched as a soft-pegged adaptive cryptocurrency that expands or contracts its supply automatically. The concept was popularized by Ampleforth which uses a rebasing mechanism to adjust the supply to reflect changes in demand. However, the Uniswap price of the cloned token was not adjusted to account for the rebase and the trader managed to sell the tokens at the previous price,…
Glassnode report suggests the fair value of SUSHI is just 31 cents
Research by on-chain analytics provider, Glassnode, has taken a deep dive into the economics and value of the SUSHI token, revealing that it may be worth far less than its current price. And that’s after the token’s price took a massive 70% dive over the past week to $2.36. Glassnode analyst Liesl Eichholz broke down the tokenomics of SushiSwap’s native SUSHI token. The research stated that the value of protocol governance should not be understated, but it is difficult to quantify, suggesting that such yield farming incentives are largely driven…