SushiSwap

Total Value Locked in Defi Surpasses $200 Billion — Fantom, Avalanche, Harmony, Arbitrum TVLs Swell

October 12, 2021 Bitcoin.com

Total Value Locked Across Multiple Defi Chains Nears $200 Billion — Ethereum’s TVL Dominance 69%

October 5, 2021 Bitcoin.com

Axie Infinity Co-Founder Says Blockchain Game Plans to Launch a Decentralized Exchange

October 3, 2021 Bitcoin.com

Uniswap (UNI) gains nearly 50% in 24 hours as China’s latest crypto purge boosts DEX tokens

September 27, 2021 Coin Telegraph

Binance Coin

In the last 24 hours, the decentralized exchange sector has logged a combined profit of over 60%, while their centralized counterparts have grown by just 0.77%.

Uniswap (UNI) prices staged a solid rebound after crashing last week in the wake of China's decision to intensify its anti-Bitcoin and cryptocurrency rhetoric.

UNI price gained 14.90% on Mon to reach an intraday high of $26.26. The pair's climb came a day after it dropped to a monthly low of $17.63. As a result, it churned out more than 48% profits for the dip buers within the last 24 hours.

Adoption FOMO

UNI serves as a governance token inside Uniswap's decentralized exchange (DEX) ecosystem. As a result, its holders get to vote on matters that help steer the future direction of the DEX platform.

Additionally, UNI holders could also receive a potential revenue share in the future. For the uninitiated, Uniswap's governance contract contains a so-called "fee switch," If activated, it will enable UNI holders to earn a part of the protocol's fees.

Some users already generate revenues by contributing to Uniswap's pools of assets, earning between 0.05% and 1% of the value of each trade in the current version.

*Uniswap's liquidity pool schematic. Source: Uniswap Official Doc Page*

Therefore, the prospect of Uniswap growth as a DEX could also mean a higher adoption curve for UNI. And so it appears, China's intensifying crackdown on the crypto industry has boosted the token's appeal among speculators.

The People's Bank of China (PBoC) and other government agencies deemed crypto transactions illegal in an announcement made public on Friday. Meanwhile, they also targeted offshore cryptocurrency exchanges, warning that it was illicit to provide online trading services to Chinese residents.

The move served to fix a loophole that remained in place after PBoC banned all regional financial institutions from offering services to crypto companies. During this time, China-based traders had continued to use off-shore cryptocurrency trading platforms, such as Huobi, Binance, and OKEx.

BREAKING: #Huobi and #Binance, the 2 largest crypto exchanges in the world, have now fully suspended all new users from Mainland China after the Chinese government declared #Bitcoin trading illegal. pic.twitter.com/ILExeMmgBU
— Mr. Whale (@CryptoWhale) September 26, 2021

But decentralized trading platforms like Uniswap attempt to steer clear of governmental jurisdictions by replacing the custodial asset model with a non-custodial one based on smart contracts and multi-signature technology.

As a result, the recent bout of buying in Uniswap markets has appeared in sync with similar rallies across its top rivaling DEX tokens, as shown in the Messari index below.

*Uniswap and SushiSwap (SUSHI) has led DEX gains in the previous 24 hours. Source: Messari*

Overall, the DEX index containing 60 assets was up 10.27% around 12:05 UTC, calculated on a 24-hour adjusted timeframe. Meanwhile, the gains of thirteen centralized exchange tokens, including Binance Coin (BNB) and FTX Token (FTT), came out to be only 0.77% in the same period, suggesting traders' sudden FOMO for their DEX rivals.

*Centralized exchange tokens in the previous 24 hours. Source: Messari*

UNI technicals

UNI prices have been trading lower inside a parallel descending channel that appears to be the 'handle' of a classic Cup and Handle technical pattern.

The setup emerges when an asset forms a rounding bottom (cup) while correcting after a solid move higher. After completing the formation, it trends lower in a descending channel range—which typically leads to a breakout to the upside.

In rising so, the asset sets its bullish target at a distance equal to the Cup's depth.

*UNI/USD daily price chart featuring the cup and handle pattern. Source: TradingView.com*

UNI ticks almost all the boxes when forming the Cup and Handle Pattern in recent sessions. The Uniswap token now eyes a breakout from its descending Handle channel range, with a profit target set at $17.83 above the cup's resistance level at $48.54.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Finance Redefined: Layer-two growth and the SEC’s scrutiny, Sept. 19–23

September 24, 2021 Coin Telegraph

Coin Telegraph

Layer-two's surge to new heights, Bitcoin and DeFi EFT applications and Sushi's mistaken bug — all coming to you this week in Finance Redefined.

Welcome to the latest edition of Cointelegraph’s decentralized finance, or DeFi, newsletter.

In a week where DeFi’s parabolic growth continued elsewhere, the United States Securities and Exchange Commission Chair Gary Gensler threatened to tackle stablecoins.

What you’re about to read is the smaller version of this newsletter. For the full breakdown of DeFi’s developments over the last week — released a whole lot quicker than Cardano’s smart contracts — subscribe at the bottom of this page.

Layer two’s defining the future

This week, analytical data revealed that DeFi continues to be one of the fastest-growing sectors of the crypto economy as evidenced by increases in the total value locked, or TVL, on protocols. Some of the biggest gains have been witnessed across cross-chain compatible networks and layer-two protocols that offer a lower fee environment.

Part of the Avalanche network, Trader Joe is a protocol that has experienced significant inflows since the launch of an upgraded cross-chain bridge. It allows Ethereum-based tokens and applications to migrate to its ecosystem, which has resulted in a 53.96% increase in TVL this week.

The recent emergence of layer-two technologies such as Arbitrum, Optimism and a bridge to the Avalanche ecosystem is revolutionizing the way investors, builders and developers interact with various protocols.

Each facilitates fast, low-cost transactions that improve the fundamentals of the DeFi ecosystem while also making it easier for retail-sized investors to capitalize on opportunities.

Reported by Jordan Finneseth

U.S. against the SEC

United States investment firms Invesco and Galaxy Digital Funds teamed up this week to file a registration statement with the SEC in a bid to gain approval for the sale of Bitcoin exchange-traded funds (ETF).

If approved by the SEC, the Invesco Galaxy Bitcoin ETF will be registered as a securities offering with the ability to get listed on traditional national exchanges in the United States. According to the filing, the trust will use “robust physical barriers to entry, electronic surveillance and continuously roving patrols” to protect Bitcoin privacy.

Likewise, fellow U.S. firm Amplify ETFs also filed a registration with the SEC; in this case, to add DeFi-centric, open-end ETF funds offering to the Amplify ETF Trust. Approval of the FORM N-1A filing will allow the company to issue unlimited new shares for American investors.

Reported by Arijit Sarkar

SushiSwap denies reports of billion-dollar bug

One of the developers behind the popular decentralized exchange SushiSwap has rejected a purported vulnerability reported by a white-hat hacker snooping through its smart contracts.

According to media reports, the hacker claimed to have identified a vulnerability that could place more than $1 billion worth of user funds under threat, stating they went public with the information after attempts to reach out to SushiSwap’s developers resulted in inaction.

However, SushiSwap’s pseudonymous developer soon took to Twitter to reject the claims, with the platform’s “Shadowy Super-Coder” Mudit Gupta stressing:

“This is not a vulnerability. No funds at risk. If rewarder runs out of rewards, withdrawing LP will fail but anyone (not just sushi) can top up the rewarder in an emergency. Sushi can also just remove the rewarder.”

Reported by Samuel Haig

Token Performances

DeFi’s TVL has fallen sharply by 16.08% this week to a figure of $105.15 billion — paralleling the decline of the top DeFi tokens.

Data analysis from Cointelegraph Markets and TradingView reveals that DeFi’s top 20 tokens by market capitalization suffered heavy losses across the last seven days, with only three tokens printing bullish price action.

Avalanche (AVAX) took the top spot on the podium for bullish gains this week with a respectable 13.7%. After a final day surge, Ren nudged over the green line, but still in a distant second with 0.64%, while Dai made up the numbers in third with 0.34%. When a stablecoin makes the top three, that’s when you know it’s been a bad week!

Want to further your education? Read these additional stories:

Thanks for reading our conspectus of DeFi’s biggest stories this week. Join us again next Friday for a round of fresh stories, developments and insights from the world of DeFi.

SushiSwap denies reports of billion dollar bug

September 23, 2021 Coin Telegraph

Coin Telegraph

Claims by a self professed white-hat hacker about a major security risk to SushiSwap liquidity providers have been rejected by one of the exchange’s devs.

The developer behind popular decentralized exchange SushiSwap has rejected a purported vulnerability reported by a white-hat hacker snooping through their smart contracts.

According to media reports, the hacker claimed to have identified a vulnerability that could place more than $1 billion worth of user funds under threats, stating they went public with the information after attempts to reach out to SushiSwap’s developers resulted in inaction.

The hacker claims to have identified a “vulnerability within the emergencyWithdraw function in two of SushiSwap’s contracts, MasterChefV2 and MiniChefV2” — contracts that govern the exchange’s 2x reward farms and the pools on SushiSwap’s non-Ethereum deployments such as Polygon, Binance Smart Chain and Avalanche.

While the emergencyWithdraw function allows liquidity providers to immediately claim their LP tokens while forfeiting rewards in the event of an emergency, the hacker claims the feature will fail if no rewards are held within the SushiSwap pool — forcing liquidity providers to wait for the pool to be manually refilled over a roughly 10-hour process before they can withdraw their tokens.

“It can take approximately 10 hours for all signature holders to consent to refilling the rewards account, and some reward pools are empty multiple times a month,” the hacker claimed, adding:

“SushiSwap’s non-Ethereum deployments and 2x rewards (all using the vulnerable MiniChefV2 and MasterChefV2 contracts) hold over $1 billion in total value. This means that this value is essentially untouchable for 10-hours several times a month.”

However, SushiSwap’s pseudonymous developer has taken to Twitter to reject the claims, with the platform's "Shadowy Super Coder Mudit Gupta stressing that the threat described “is not a vulnerability” and that “no funds are at risk.”

Gupta clarified that “anyone” can top up the pool’s rewarder in the event of an emergency, bypassing much of the 10-hour multi-sig process the hacker claimed is needed to replenish the rewards pool. They added:

“The hacker's claim that someone can put in a lot of lp to drain the rewarder faster is incorrect. Reward per LP goes down if you add more LP.”

The hacker said they had bee instructed to report the vulnerability on bug bounty platform Immunefi — where SushiSwap is offering to pay rewards of up to $40,000 to users that report risky vulnerabilities in their code — after they first reached out to the exchange.

They noted that the issue was closed on Immunefi without compensation, with SushiSwap stating they were aware of the matter described.

Defi TVL Climbs Higher, Optimism Use Rises, 270K BTC on ETH, Lending on ETH Taps $44 Billion

September 18, 2021 Bitcoin.com

Cult DeFi Builder 0xMaki Bows Out From Sushi

September 17, 2021 The Crypto Briefing

Sushi’s Initial Offering Launchpad Suffers $3M Exploit

September 17, 2021 The Crypto Briefing

SushiSwap leads DEX token gains as SUSHI price rises by 23% in 24 hours

September 16, 2021 Coin Telegraph

CAKE Price

SUSHI price reached its best level in four months while its top rivals Uniswap, THORChain, and PancakeSwap also saw gains.

SushiSwap (SUSHI) prices crept higher on Sept. 16 following another day of gains for decentralized exchange (DEX) tokens.

The SUSHI/USD exchange rate rose by 7.54%, or $1.14, to reach $16.31 for the first time since May 21. The pair's upside move pushed its 24-hour adjusted timeframe profits up to 23%, making SUSHI the best-performing DEX token in the given period.

For instance, UNI, the token representing the leading DEX Uniswap by market cap, jumped 6.23% against the U.S. dollar in the previous 24 hours. Meanwhile, PancakeSwap (CAKE) rose 2.5%, THORChain (RUNE) climbed circa 13%, and Curve (CRV) inched higher by over 4.5%.

*The performance of top DEX tokens in the previous 24 hours. Source: Messari*

Why is SushiSwap leading the DEX pack?

Decentralized finance sector analyst Kris Kay noted that SushiSwap, as a DEX platform, has lately branched out to more blockchains than its peers. As a result, it has been generating more fees for its users, thus raising the prospect of holding SUSHI tokens.

Specifically, the latest bout of buying in SUSHI markets came a day after SushiSwap announced its deployment on Arbitrum , a layer-2 scaling solution for Ethereum-powered decentralized applications or DApps.

With super fast transaction speeds, you never have to sit and wait for tx confirmation again at https://t.co/aoFOsbikeu.

Just try switching your network to Arbitrum today!
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$30M TVL and counting... pic.twitter.com/qgmybXWhjt
— SushiChef (@SushiSwap) September 15, 2021

It also revealed that stakers had locked $30 million worth of SUSHI tokens into Arbitrum's smart contracts.

Kay noted that SushiSwap's efforts to scale its DEX solutions across multiple layer-1 and layer-2 chains also cater to its ecosystem's growth. For instance, the platform has launched many new services in recent months, including DeFi liquidity provider Onsen and lending/borrowing dapp Kashi.

On Sept. 2, SushiSwap also unveiled its upcoming non-fungible token (NFT) marketplace, dubbed Shoyu. The sales volumes for blockchain-verified unique digital collectibles grew from $13.7 million in the first half of 2020 to $2.5 billion in the first half of 2021.

SUSHI price outlook

As a result, SUSHI has beaten its DEX rivals in terms of interim returns. Its profits in the previous seven days sit over 45% compared to UNI's 16.93%. Nonetheless, SUSHI lags in year-to-date (YTD) gains, jumping more than 370% compared to UNI's 474% gains.

Meanwhile, PancakeSwap's CAKE has led the top DEX pack after delivering more than 3,330% YTD returns.

"SushiSwap is currently the 5th highest earning protocol," Kay tweeted, hinting that the DEX has a likelihood of growing higher in the coming sessions.

"SushiSwap started out as a decentralized exchange, but it’s evolving to so much more," he said.

"A suite of DeFi products, all generating revenue for the community treasury, and of course SUSHI holders."

4/
Sushi Swap is currently the 5th highest earning protocol

While majority of fee-revenue goes to Sushi treasury, $SUSHI holders still control this. $SUSHI stakers also receive 0.05% of all fee-revenue. pic.twitter.com/cu4GMiVGU2
— Kris Kay | DeFi Donut (@thekriskay) September 14, 2021

On the technical charting front, SUSHI has fallen behind in the recent altcoin market boom. But the SushiSwap token's climb in the recent sessions has had it break above $15, a key psychological resistance level, now acting as support.

*SUSHI/USD daily price chart featuring its next upside price targets. Source: TradingView.com*

Scott Melker, an independent market analyst, noted that there are thin resistance lines ahead, meaning that SUSHI could head higher to form a new all-time high. The previous SUSHI/USD peak sits at $24.69. Melker added:

"Those lines at the top are the target, although we know that if they flip to support, we will have price discovery for new highs."