Uniswap V3 Recording $265M in Liquidity and $70M in Volume After Going Live on the Ethereum Mainnet

Popular decentralized exchange (DEX) Uniswap has finally deployed v3 to the Ethereum manninet. The official announcement states,

“Uniswap v3 is the most powerful version of the protocol yet, with Concentrated Liquidity offering unprecedented capital efficiency for liquidity providers, better execution for traders, and superior infrastructure at the heart of decentralized finance.”

The pool interface now supports the creation of Uniswap v3 positions with multiple fee tiers and concentrated liquidity ranges. Developers can start building on Uniswap v3.

Dominating the DEX space with more than 50% share, Uniswap also accounts for 80% of all daily DeFi active users. Just last month, Uniswap achieved the milestone of surpassing $10 billion in weekly trading volume.

Overall, April was a record month for DEXs, with total volume hitting nearly $77.5 billion.

Meanwhile, UNI is trading around $42, down 6.7% from its all-time high of almost $45 earlier this week. In the past 8 months, the token has soared about 4,000%.

Defined as a “profound” step forward for DeFi, V3 offers capital efficiency for LPs and improved execution for traders.

As for Uniswap V2 protocol, it will remain functional and available for use as long as the Ethereum network continues to exist; it is expected over time the advantages of Uniswap v3 will draw a majority of liquidity and trading volume away from v2, reads the FAQ.

The liquidity on the latest version is currently $265 million with a volume of just over $70 million, as per Uniswap.info.

Interestingly, each Uniswap v3 LP position is represented as an NFT and comes with a unique piece of on-chain generative art. But “Look out for rare sparkles!”

To counter the high gas prices on Ethereum, Uniswap will also be launching v3 on a Layer solution called Optimism within the next few months.

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Author: AnTy

OKEx Expands Its Real-Time Settlement Platform to New Coin-Margined Perpetual Swaps

OKEx Expands Its Real-Time Settlement Platform to New Coin-Margined Perpetual Swaps

In an announcement this Thursday, the world-leading crypto exchange OKEx confirmed they would expand their real-time settlement platform and add new coin-margined perpetual swaps to their platform. The exchange launched a real-time settlement for all perpetual swaps, futures, and options contracts to improve its customers’ overall liquidity and trading experience.

Real-time settlements for traders started at 8:00 am UTC on Dec. 29 on the ADA/USD perpetual swap to “improve the capital efficiency and improve cross-exchange arbitrage opportunities,” a post from the exchange read at the time. OKEX has since expanded the real-time settlement feature to “ALGOUSD, ATOMUSD, and an additional 20+ coin-margined perpetual swaps, including XLM, YFI THETA”. Here is a complete list of the crypto’s, all paired with USD:

  • ALGO
  • ATOM
  • CRV
  • DASH
  • FIL
  • IOST
  • IOTA
  • KNC
  • NEO
  • ONT
  • QTUM
  • SUN
  • SUSHI
  • THETA
  • UNI
  • XLM
  • XMR
  • XTZ
  • YFI
  • YFII
  • ZEC

The real-time settlement allows users to withdraw their profits from perpetual swap contracts at any time within the day – switching from the 4.00 PM UTC deadline.

“It is a huge benefit to our traders because it opens up greater trading opportunities for them, including cross-exchange arbitrage, as they can now settle their profit in real-time across exchanges,” commented Lennix Lai, the head of financial markets at OKEx.

OKEX has recently faced challenges and huge withdrawals from its platform following a five-week-long withdrawal suspension.

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Author: Lujan Odera

Zurich Based Sygnum Becomes First Bank to Tokenize its Shares on Ethereum

Sygnum, a Zurich-based digital currency bank, has tokenized its shares according to a recent announcement on the company’s blog post. The bank touts itself as the first of its kind to tokenize shares on a distributed ledger, hence forging a path for the future of public offerings. These shares have been tokenized on the Ethereum blockchain via Sygnum’s tokenization platform dubbed ‘Desygnate.’

This means that Sygnum’s shares can now be accounted for via a blockchain ecosystem, including the associated legal rights and obligations. The blog reads,

“Put simply; this means that digital representations of Sygnum shares, together with associated legal rights and obligations, have been created and are immutably accounted for on a distributed ledger.”

With tokenization in the picture, Sygnum’s share registry will be updated automatically any time there is a capital injection transfer. According to Sygnum, this approach minimizes the counter-party risk attributed to settlements, given the bank will be using distributed ledger tech to manage both primary and secondary market transactions.

This initiative will also eliminate the administrative burden of written share transfer requests embedded in the current market structures. Sygnum Bank co-founder, Mathias Imbach, commented on the underlying value proposition in share tokenization,

“This is an important milestone towards fulfilling our mission of creating more direct and efficient access to ownership and value. This includes new engagement models with our clients and partners, and ultimately providing liquidity for our trusted shareholders.”

In the future, Sygnum plans to list its shares in Switzerland and Singapore via SIX Digital exchange and SBI digital Asset Holdings for the latter market. As reported by BEG, SIX recently completed a CBDC pilot test in collaboration with the Bank of International Settlements (BIS) and the Swiss National Bank (SNB).

It comes as no surprise that Sygnum is already eyeing a public offering in this marketplace. SIX Digital Exchange Head, Tim Grant, said that they are looking forward to the partnership,

“We are excited to partner with Sygnum on this journey and hope to facilitate a successful dual listing across Switzerland and Singapore in the future.”

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Author: Edwin Munyui

Ethereum Classic Network Announces Latest Hardfork; ‘Thanos’ Upgrade Scheduled for Nov 29

The Ethereum Classic network is set to undergo a network upgrade on November 29, according to an announcement by ETC Core developer and Ethereum Classic Labs, the teams behind ETC’s blockchain ecosystem. Dubbed ‘Thanos,’ this hardfork is an Ethereum Classic Improvement Proposal (ECIP 1099) and is part of developing a stable ecosystem that can withstand 51% attacks.

Notably, ETC’s blockchain experienced three 51% attacks over the summer, calling for the need to upgrade its technical fundamentals. Per the estimated timeframe, the Ethereum Classic community’s consensus decision to initiate the Thanos hardfork will happen in a week.

Once this milestone is achieved, Ethereum classic stakeholders are optimistic that the network will continue to ‘drive innovations that will support existing miners and attract new ones while maintaining compatibility with Ethereum (ETH).’

Prior Solutions to the ETC 51% Attacks

While the Thanos hardfork is anticipated to mark a big milestone, Ethereum Classic had already launched some initiatives to counter the 51% attacks. One of these solutions is dubbed Modified Exponential Subjective Scoring (MESS) and goes by the ticker ‘ECIP 1100’. Ideally, this innovation makes it harder for 51% attacks by increasing the costs associated with chain re-organizations.

Ethereum Classic Labs Founder and Chairman, James Wo, commented that,

“After the successful implementation of MESS, the finality algorithm that provides 51% protection, we continue to see Ethereum Classic innovate and grow in a way that distinguishes itself and increases functionality for its users.”

Mainnet Activation

ETC’s Mordor Testnet, which went last month, has already implemented the Thanos upgrade, ahead of the Mainnet activation scheduled for block 11,700,000. This will happen around November 29, although the timeframe might change as the network narrows closer to the activation block (currently at block 11,672,555). Wo was keen to note that Thanos hardfork is the next natural thing after MESS,

“The Thanos hard fork is the natural next step for the network, reducing the DAG size to help cultivate a more distributed and healthy mining ecosystem, increasing hash rate, and allowing for miners to continue mining ETC and for new miners to join the ecosystem.”

Ethereum Classic has since advised its consumers to upgrade their software nodes to fork compatible versions ‘if they have not done so already to Core-geth v1.11.16 or later.’

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Author: Edwin Munyui

Stellar Network Rolls Out Protocol 15 Upgrade, Adding Two New Payment Features; XLM Surges

Stellar blockchain network has upgraded to protocol 15, according to a blog post announcement on Nov 23. The publication was sent out by Stellar Development Foundation Ecosystem lead, Justin Rice; it highlights two new features: ‘make it easier than ever to build user-friendly apps on Stellar.’ The new functions are Sponsored Reserves and Claimable Balances.

According to the blog post, these new features are already changing Stellar’s ecosystem when it comes to hosting user-friendly DApps,

“We’ve already seen both deployed to great effect on the testnet, and we’re excited to see what you can do with them in a production environment.”

Notably, Stellar skipped protocol 14 after a critical bug was discovered in this update while in the testing phase. The previous protocol ‘13’ had been voted for by the validator nodes in June; improvements in this upgrade included fee bump transactions and advanced asset authorization control.

Stellar’s Protocol 15 Upgrade

This milestone was first announced in October, although the project had been a work in progress for several months. The upgrade went live on Nov 23 at 1600 UTC, and users have since been advised to install software that supports the latest protocol. According to the blog,

“Stellar Core will immediately throw an error if it’s not up to date, but Horizon and the Stellar SDKs may function as normal for a bit until they encounter — and are baffled by — one of the new operations.”

The value proposition in claimable balances can split payments into two by creating a new ledger entry. Stellar users can create a balance and claim a balance, which means that they can send an asset, regardless of the receiving account’s state.

On the other hand, Sponsored Reserves open up the window for funding innovations with Lumens (XLM) while maintaining control. An earlier blog post highlighted that,

“It also adds new extensions to account entries and ledger entries to record pertinent information about sponsorships.”

XLM Price Bullish

Meanwhile, the XLM price is currently bullish, having gained 72.6% within the past 24 hours. The coin is currently trading at $0.189 while its total market cap is well over $3 billion, according to metrics site Coingecko.

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Author: Edwin Munyui

SingularityNET to Move ‘A Significant Portion’ Of Operations To Cardano From Ethereum

In an announcement on Sept. 30, SingularityNET, the AI firm developing the human-like Sophia robot, announced its partnership with IOHK, the development team behind Cardano, led by founder, Charles Hoskinson. The strategic partnership between the two firms has been on the table for several months as Ethereum blockchain gas fees spiked to all-time highs – at an average tx cost of $15.

The move between the two will see IOHK transfer Ethereum (ERC-20) based AGI tokens to Cardano-based AGI tokens, similar to the wrapped tokens. Moreover, the statement says there will be significant advantages to switching to Cardano, mainly the new updates coming to the Plutus smart contract language – moving away from Ethereum’s Solidity coding language.

However, the statement did not state the portion of SingularityNET that will move from the Ethereum network,

“Final decisions and details regarding porting of a portion of the SingularityNET network to Cardano have not yet been made and will be discussed in-depth with the SingularityNET community when the time is right.”

The move to Cardano aims to increase the speeds of the transaction while lowering the network fees. The announcement states Ethereum high gas fees and high latency times as the main reason they are looking at other options. Additionally, the never-ending postponement of the ETH 2.0 launch, which will introduce a proof-of-stake (PoS) consensus mechanism, has been a barrier to the growth of SingularityNET.

“The ambitious Ethereum 2.0 design holds promise, but the timing of the rollout of different aspects of this next-generation Ethereum remains unclear, along with many of the practical particulars.”

In a 90-minute video chat with Hoskinson, SingularityNET CEO, Ben Goertzel, stated the company still aims at having a multi-chain approach when building blockchain-agnostic solutions to AI. This means that the company, more than likely, will not fully move the blockchain operations from Ethereum, Goertzel stated.

He states it will be left to the community to decide which blockchain offers the best properties, given Cardano has its own flaws. He stated:

“If it turns out the Ethereum portion is more powerful and useful for some purposes, and the Cardano portion is useful for other purposes, then so be it, right?”

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Author: Lujan Odera

Libra Association Hires Former HSBC Europe Managing Director, James Emmett

In an announcement on Thursday, Libra Association announced James Emmett, former European head at HSBC as the new managing director of its subsidiary, Libra Networks LLC. Emmett will start his role at the digital stablecoin firm on October 1.

According to the statement, James Emmett is a well-experienced financial services leader in “business, strategy, technology, and operations” having worked 25 years at the global financial institution. Emmett becomes the second high-profile manager from HSBC to join Libra, after Stuart Levey joined as the CEO of the Libra Association earlier this year.

Speaking on Emmett’s appointment, Levey showed his excitement saying the new appointee’s “leadership will help make Libra’s vision a reality.”

Emmett’s 25 years at HSBC saw him take on a number of roles including chief executive of HSBC Bank PLC and Europe. In his capacity as the chief executive of HSBC PLC, Emmet was responsible for the bank’s wholesale and retail operations across Continental Europe, Sub-Saharan Africa, and Bermuda. Emmett has also acted in the position of COO of HSBC overseeing overseas technology operations. Passionate in the opportunities that digital currencies offer the current financial services, Emmett said,

“I am delighted to be joining Libra Networks with a mission to enhance financial innovation and inclusion and to deliver the operationalization of the network.”

With global regulators on Libra’s neck as the Association plans to launch its stablecoin, Libra is moving to employ more legal experts to smooth the relationship with global regulators. Shortly after appointment of Stuart Levey and CEO of Libra Association, Libra appointed Ex-Goldman Sachs Executive, Sterling Daines as its global compliance lead and Stevan Bunnel, former Homeland Security general counsel to replace Robert Werner as Libra’s general counsel.

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Author: Lujan Odera

Coinbase Effect Surges Numeraire (NMR) By 160% Following Listing Announcement

An announcement by Coinbase to list AI-focused Numeraire (NMR) token appears to have caused its price to rally by over 160% within the last 24 hours. Metrics from CoinMarketCap indicate that the project’s market cap also surged and currently stands at $127 million while the prevailing price of one NMR token is $46.

Going by these stats, the ‘Coinbase effect,’ which increases the probability of a price surge for tokens set to be listed within its ecosystem, seems to be holding water. The exchange made the announcement only yesterday, but technicals indicate that the market has already caught up with the fundamental value of NMR tokens should the Coinbase Pro listing sail through.

Coinbase highlighted that NMR deposits could be made into its professional trading platform from Monday, August 17, with trading set to begin the following day after 9 AM Pacific Time. Upon the establishment of a stable NMR supply, the Coinbase Pro order books will be rolled out in four phases, which include transfer-only, post-only, limit-only, and full trading. Trading pairs that will feature initially are NMR-GBP, NMR-EUR, NMR-BTC, and NMR-USD.

Numeraire’s (NMR) AI Cutting Edge in Crypto

This hedge fund backed project is among 18 tokens that Coinbase noted it would consider back in 2019. Notably, the hedge, which acts as the NMR parent company, uses AI in executing its fund management role and has since doubled down on the opportunity in crypto markets.

Founded back in 2016, the hedge fund, which is dubbed ‘Numerai,’ has attracted funding from prominent investors like Renaissance Technologies, given its cutting edge in using AI for better prediction models.

With NMR acting as the native token for this AI hedge fund initiative, a debut on Coinbase Pro will expose it to a bigger market. Coinbase, however, said that it would not be available for users in New York State. Currently, users can only fund their accounts through the actual Coinbase Pro platform, although the firm stated that mobile Apps for both Android and iOS would follow later.

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Author: Edwin Munyui

Chinese Ride-Hailing Unicorn, Didi Chuxing, to Pilot Digital Yuan; First Mass Scale Use of DCEP

China’s ‘Uber,’ Didi Chuxing, will test run the digital yuan according to an announcement on July 8. The Chinese ride-hailing unicorn has over 500 million registered users and is optimistic that a ‘strategic partnership’ with the PBoC Digital Currency Research Institute will scale the DCEP adoption.

“Under PBOC’s overall DCEP strategy and operation timeline, DiDi’s DCEP taskforce will design and implement pilot DCEP projects following rigorous safety, security and governance standards.” read the announcement.

With only a few months of being in existence, the digital yuan pilot is already making a debut in China’s shared economy. This comes barely two months since it was first used to partially pay some state employees in pilot provinces. Now that the DCEP will be integrated with Didi Chuxing’s ecosystem, it might just be the beginning of a mass scale adoption as China looks to wipe out the fiat renminbi in circulation.

Notably, Didi Chuxing’s market muscle and financial position will be a big boost for the digital yuan. Currently, this ride-hailing service dominates the Chinese market with a valuation of $56 billion, operating across 400 cities. It also enjoys the backing of big tech like Apple, Softbank, Alibaba, and Tencent. While its value proposition goes a long way in the digital yuan roll out, Didi Chuxing noted that working with the PBoC is strategic for their fundamental goals as well,

“The partnership is a key milestone in DiDi’s ongoing initiatives to enhance the interconnectivity of online and offline economic sectors in China, as the government seeks to support the development of the real economy sectors with innovative financial services,”

China Setting Stage for the Digital Currency Economy

This development is no surprise, given the recent highlights of China’s digital yuan. As other countries continue with debates on adoption, China is miles ahead and could soon launch an official version of the DCEP. A former top executive of the PBoC recently said that the DCEP backend infrastructure is almost complete. However, no comments were made on an official launch date.

Looking at the ongoing works, this date could be sooner than most stakeholders expect. For starters, the digital yuan pilot is being facilitated by China’s banking and tech giants who have been tasked with digital wallet facilities, amongst other ecosystem functions. Also, major food chain retailers like Subway, Starbucks, and McDonald’s are reportedly looking to pilot China’s CBDC as well. Could this be finally sunrise for the project, which has been in the works since 2014? Well, the COVID-19 pandemic might just favor the odds as paradigm shifts to digital economies.

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Author: Edwin Munyui

Italian Banking Association Wants A Digital Euro; Ready to Participate in Pilot Program

Italian Banks are ready to participate in the launch of a digital Euro according to an announcement last week by the country’s banking association (ABI). This body made up of over 700 banks said in a statement that it would be willing to speed up the roll-out of an ECB backed digital currency. Talks in the CBDC space have recently made headlines in crypto as advanced economies like France take into consideration these digital assets.

Notably, ABI was previously involved in the digital currency industry has launched a research group to look further into the assets last year. Also, an inter-bank settlement DLT initiative dubbed ‘Spunta‘ is already running in a bid to increase efficiency amongst ABI members. The ABI quoted this milestone as one of the consideration factors in their contribution towards a digital Euro.

Following the progress, Italian banks are of the view that digital currencies propose a significant value addition to the existing market infrastructure. The announcement says,

“A programmable digital currency represents an innovation in the financial field, capable of profoundly revolutionizing money and exchange. This is a transformation capable of bringing significant potential added value, particularly in terms of the efficiency of the operating and management processes.”

EU Regulations Should Be the Standard

While the ABI acknowledges an underlying value n digital assets, the association was keen to highlight that the EU’s monetary policy framework should take the forefront in any decision attributed to this space.

“Monetary stability and full compliance with the European regulatory framework must be preserved as a matter of priority.”

According to the ABI, such an approach ensures that the regulator and banking entities can maintain public trust.

Apart from Italy, the digital Euro has support from France and the Netherlands. Germany has also signaled that a programmable digital Euro would be a good idea despite FUD sentiments by the president of the Deutsche Bundesbank, Jens Weidmann, back in 2019.

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Author: Edwin Munyui