A widely followed crypto analyst says the entry of a $47 billion asset manager could provide a much-needed shot in the arm for decentralized exchange (DEX) protocol SushiSwap (SUSHI). Will Clemente tells his 660,800 Twitter followers that one of the consistent use cases of crypto is enabling market participants to trade highly illiquid altcoins on […]
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A popular crypto analyst is updating his outlook on Bitcoin (BTC), Dogecoin (DOGE), and an altcoin that has skyrocketed over the last day. Pseudonymous analyst Altcoin Sherpa tells his 184,000 Twitter followers that he doesn’t think the king crypto is currently at a level where it’s a good investment. “BTC: Levels I’m eyeing if we […]
The post Crypto Trader Updates Outlook on Bitcoin, Dogecoin and One Altcoin That’s Exploded in the Last 24 Hours appeared first on The Daily Hodl.
On Wednesday, the layer two scaling solution that leverages optimistic rollup technology, Boba Network has revealed it now supports the proof-of-stake (PoS) network Avalanche. According to the Boba Network team, the new Avalanche support will produce “faster transactions and lower fees.” Boba Network Integrates With the Avalanche PoS Blockchain Boba Network, the layer two (L2) […]
Fresh on-chain data shows the world’s biggest Ethereum whales are turning their attention to a diverse array of altcoins in multiple sectors as ETH itself struggles on the price charts. The latest numbers from WhaleStats reveal the investment behavior of the 100 wealthiest non-exchange Ethereum addresses. The whale-monitoring website shows the top players are fond […]
The post Biggest Ethereum Whales Flock to Apecoin, PAX Gold, Stablecoins and Three More Altcoins: On-Chain Data appeared first on The Daily Hodl.
Crypto asset management firm Grayscale has added three new crypto assets to its funds and has kicked SushiSwap and Synthetix from its DeFi Fund following its first quarterly rebalance.
Digital asset management firm Grayscale, has added three new cryptocurrency assets across three main investment funds, while removing two other assets from its Decentralized Finance Fund as part of this year’s first quarterly rebalance.
Grayscale removed tokens from crypto-derivatives decentralized exchange Synthetix (SNX), and decentralized exchange SushiSwap (SUSHI), from its DeFi fund after the two crypto assets failed to meet the required minimum market capitalization. No other cryptocurrencies were removed during the rebalancing.
Grayscale’s DeFi fund, which was launched in July last year, currently holds approximately $8 million in assets. The digital assets remaining in the DeFi fund after the quarterly rebalance include Uniswap (UNI), Aave (AAVE), Curve (CRV), MakerDAO (MKR), Amp (AMP), Yearn Finance (YFI) and Compound (COMP).
The crypto asset manager added Avalanche (AVAX) and Polkadot (DOT) to its Digital Large Cap Fund, alongside adding Cosmos (ATOM) to its Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund).
The GSCPxE Fund, which was launched on March 22nd, offers investors the ability to bet on an index of Ethereum’s largest competitors. The GSCPxE Fund’s current holdings listed by the total amount held are ADA, SOL, AVAX, DOT, MATIC, ALGO, XLM and ATOM.
Related: Ethereum is like the best and worst parts of New York: Grayscale
Grayscale remains the world’s leading crypto asset manager, reporting that it held $43.5 billion in assets under management as of Jan. 3rd, this year. The Grayscale Bitcoin Trust (GBTC) remains the largest fund with just over $30 billion in AUM, but has traded at an increasing discount to its net-asset-value for the past year. GBTC is followed in size by the Grayscale Ethereum Trust (ETCG) which currently holds approximately $11.8 billion in AUM.
01/03/22 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) January 4, 2022
Total AUM: $43.5 billion$BTC $BAT $BCH $LINK $MANA $ETH $ETC $FIL $ZEN $LTC $LPT $XLM $ZEC $UNI $AAVE $COMP $CRV $MKR $SUSHI $SNX $YFI $ADA $SOL $AMP pic.twitter.com/67Pb7xneoQ
In 2021, cryptocurrency investment funds generated over $9.3 billion in inflows as institutional adoption rose to new highs. Grayscale is gearing up to offer a Bitcoin Spot exchange-traded fund (ETF) and said it was willing to pursue legal action if the investment product remains barred by the SEC.
According to the proposer Tangle, the intended foundation will play a key role in limiting the liability for contributors and driving Sushi’s future growth.
SushiSwap (SUSHI), a community-led suite of decentralized finance (DeFi) tools, plans to implement a legal structure aimed at mitigating risks for token holders and members of the Sushi protocol.
Sushi’s new legal structure will be based on a community-approved proposal from Mar. 20 that cited the need for an association or foundation to help provide legal clarity and administrative support for SushiDAO.
Proposal: Sushi Legal Structure
— veRSK (@KartelCrypto) March 20, 2022
To form an association or a foundation for Sushi DAO in order to provide clarity regarding the rights and obligations of token holders and contributors and limit their liability and mitigate the future risk.$SUSHI https://t.co/SHpKcpvjqP
According to the proposer and a member of the SushiSwap community, Tangle, the intended foundation will play a key role in limiting the liability for contributors and, as a result, drive Sushi’s future growth.
Considering the possibility of risk mitigation and liability limitation via legal clarity for holders and contributors, the proposal received a 100% vote for the implementation of the legal structure.
Tangle estimates an upfront expense of up to $100,000 and a recurring cost of $10,000 to set up the foundation:
“There are several jurisdictions which can be contemplated for forming a DAO entity, but Swiss Association law is currently the leading solution.”
In order to build the foundation, the Sushi community will implement a four-step process, which includes determining and establishing the members, token distribution and transfer along with the draft articles of the foundation.
The proposal also includes the need for service entities including “DevCo services entity and any other core contributor entities.” Individuals residing in crypto-friendly jurisdictions will be considered ideal candidates for being a member of the foundation.
Adding to the discussion, community members highlighted the importance of defining the foundation’s use and what it owns:
“It’s definitely a must, it’s really the time for Sushi to update itself and to have a legal shield ready for all contributors.”
Related: Dogecoin Foundation registers name and logos as trademarked within in the EU
As smaller crypto communities slowly seep into the mainstream, foundations play a crucial role in dictating the future roadmap and relevance of the project. In an attempt to sieve imitators, the Dogecoin Foundation registered “Doge,” “Dogecoin,” and its associated logos as trademarks in the European Union.
Much success.
— Dogecoin Foundation (@DogecoinFdn) March 2, 2022
It's a small victory that seems so very irrelevant given all that's currently happening in the world, but it's an important step.
Thank you @DACBeachcroft (& for this: @PageWhite_IP Germany), as well as @MosesSingerLLP for their representation in the USA. ♥️ 1/ pic.twitter.com/nufaJLUSFG
As Cointelegraph reported, the Dogecoin Foundation faced numerous issues with the misuse of its name and imagery. According to ex-director Ross Nicoll, several parties were registering trademarks for Dogecoin, and “in the summer of 2021, there was a potential lawsuit against the developers from someone who claimed we were responsible for their funds.”
The crypto-economy has been sliding in value during the last 48 hours as the current market valuation for all 13,000+ crypto assets is $1.83 trillion. Furthermore, the total value locked (TVL) in decentralized finance (defi) protocols has slipped below the $200 billion mark to $196.02 billion on Sunday morning (EST). Meanwhile, Ethereum’s dominance is 55.54% […]
As the overall markets shake off a mid-week shockwave that sent prices tumbling, big players in the crypto world are scooping up some lesser-known and safer digital assets. Fresh data from blockchain-transaction tracker WhaleStats reveals that over the past 24 hours Ethereum whales are feasting on SUSHI, the governance token of the decentralized exchange SushiSwap, […]
The post Ethereum Whales Run to Stablecoins and Two Altcoin Projects As Bitcoin Tests $40,000 appeared first on The Daily Hodl.
A concentration of stablecoins on a handful of platforms has drained liquidity from others.
In a Tweet posted by user @cryptotutor Friday, a screenshot appears to show a 27% spread between stablecoin Magic Internet Money (MIM) and USD Coin (USDC) trading pair on decentralized exchange, or DEX, Uniswap (UNI). Both have a theoretical peg of 1:1 against the U.S. Dollar.
"Magic Internet Money," joked cryptotutor, as he attempted to swap approximately $1 million in MIM but received a quote for only 728.6k USDC. Others quickly took to social media to complain as well. In another screenshot, user @DeFiDownsin allegedly received a quote to swap $984k worth of MIM for just 4,173 in USDT on SushiSwap (SUSHI).
Swapping $1M in $MIM gives $730K in $USDC on Uniswap
— Tutor (@cryptotutor) January 27, 2022
'Magic Internet Money' pic.twitter.com/CKowe6dwJR
Curve, a popular platform for stablecoin trading, offered its insight on the matter. "Uniswap actually now works much better than what the screenshot shows. Sushiswap is just unsuitable for stablecoin-to-stablecoin swaps always," said the Curve team via a tweet.
During bear markets, investors typically flee from holding volatile cryptocurrencies and instead pile into stable assets that generate fixed income. For example, the amount of deposits in Terra Luna's flagship stablecoin savings protocol, Anchor, which promises yields of up to 20%, has increased from $2.3 billion to $6.1 billion in the past 60 days.
However, the capital flight has also resulted in issues, such as stablecoin liquidity disappearing from exchanges, causing their spread to widen to excruciating levels. In addition, the flock of stablecoins into the Anchor protocol has caused its yield to become unsustainable as there are not enough borrowers to pay depositors' interest.
But despite large fluctuations in the market, Curve appears to be doing better than ever. According to its developers, the platform saw a record trading daily volume of $3.6 billion, with total deposits surpassing $16.7 billion. Investors typically seek to take advantage of the occasional difference between stablecoins' theoretical peg to fiat money or other stablecoins to make a profit.
While the crypto economy shed billions in value this week, 18 different digital assets have accrued double-digit gains during the last week. At the same time, the top two leading crypto assets by market capitalization, bitcoin and ethereum, have lost between 2.8% to 6.2% in value in seven days. 18 Crypto Assets See Values Increase […]
