The crypto of the week
SushiSwap is an alternative that seeks to vampirize the liquidity of Uniswap, the most famous and used of the decentralized market places.
SushiSwap integrates a governance token, the SUSHI, which is distributed to liquidity providers. Contrary to Uniswap, where the 0.3% protocol fee is fully redistributed to liquidity providers, here 0.25% is given to them and 0.05% is used to buy SUSHI and redistribute it to SUSHI holders.
The addition of a governance token allows the SUSHI community to regain power over this protocol, in contrast to Uniswap which has turned to Venture Capitals to raise money, in particular. Developers are anonymous.
700 million dollars are currently in SushiSwap contracts.
Aave, first regulated DeFi project
Aave is now regulated in the United Kingdom. The company has received a license from Electronic Money Institution to expand its operations and plans to seek further regulation in Europe. This is the first DeFi project to be licensed.
Launch of yETH Vault
The yearn.finance platform, the first DeFi platform to focus on yield optimization, launches its new flagship product: the yETH Vault.
Users can deposit ethers that will be used to generate a return.
The current strategy is to use MakerDAO to raise a line of credit and then use it on curve.finance to generate additional interest.
The opening rate is 70% annualized ROI on the ether.
Partnership between Tether and OMG
Tether converts 3 million USDT to place them on the OMG network. This decision follows a recent partnership between the two projects and underlines the interest of developing layer 2 solutions on Ethereum. Tether is now available on Algorand, Ethereum, EOS, Liquid Network, Omni, OMG, and Tron.
First state stablecoin deployed
A Chinese bank has deployed the first stablecoin wallet. The functionality was under test but users were able to preview it. The bank quickly cut off access to the new service, but things are moving quickly.
Chainlink stands for the respect of privacy
Chainlink makes its second acquisition. The company has just acquired DECO, a privacy-focused oracle solution from Cornell University in the United States. This solution will, for example, make it possible to prove that a person is 18 years old, without having to show proof of identity, and to secure decentralized credit solutions.
Binance takes full control of Coinmarketcap
Binance’s takeover of Coinmarketcap is completed. Four months after the buyout, the former management team leaves the project. Although Binance claims the project continues to operate independently, doubts will be difficult to remove.
Algorand goes into smart contracts
Algorand goes into smart contracts. A modification of the protocol will allow the creation of smart contracts with defined states, a feature that Ethereum does not have at the moment. It remains to be seen if this new Ethereum killer will be able to fulfill its promises. AntGroup, a Chinese company that owns AliBaba, launches its blockchain.
AntChain is already used by the group on a daily basis, with more than 50 applications.
The group claims that its blockchain will support 1 billion “user accounts” and 1 billion transactions per day.
Figures of the week
Uniswap overtakes Coinbase
Uniswap surpasses Coinbase in daily volume, with $426 million traded in a single day. The health of decentralized finance is confirmed.
Ethereum commission prices
Ethereum’s commission prices are almost at an all-time high, driven by the success of the Decentralized Finance projects. On September 1, the price of gas rose to 445 Gwei, and the average daily commission paid to miners now stands at $3 million. Nevertheless, Ethereum’s share price continues to climb, and has reached its highest level in the last two years.
Segwit, the new preferred transaction format on Bitcoin
The share of Segwit transactions on Bitcoin is at its highest at 67%, proof that most portfolios have now migrated to this new transaction format.