Sushiswap’s SUSHI is the “Most Undervalued Token,” says Arca CIO Jeff Dorman

SUSHI price has been moving back upwards while SushiSwap enjoys high volume, keeping between $500 million and $1 billion, and liquidity around $5 billion this month.

After bottoming out at about $10, SUSHI is back to moving towards its all-time high of $23.38 as it trades around $17.5. If Bitcoin doesn’t correct and takes the entire crypto market down with it, SUSHI has a good chance to rally here and make a new ATH just like other cryptos. BTC -5.95% Bitcoin / USD BTCUSD $ 46,944.92
-$2,793.22-5.95%
Volume 58.82 b Change -$2,793.22 Open $46,944.92 Circulating 18.71 m Market Cap 878.39 b
9 h 70% Bitcoin Mining Pools Give Signal to Taproot’s Second Attempt 9 h Ether Will “Keep Gaining Market Share Relative to Bitcoin,” Says Pantera Capital 9 h Aker ASA Considering Accepting Bitcoin as Payment; Elon Musk’s Remarks Change Nothing

And this high can be a lot higher as according to Jeff Dorman, CIO of digital asset investment management firm Arca, Sushi is currently the “most undervalued token” in the crypto market.

In a detailed thread on Twitter, Dorman shared his reasoning for why the recent downward price action will be short-lived.

SUSHI, the native token of Sushiswap, which accounts for the second-largest DEX market share at 15.5% after Uniswap’s nearly 60% dominance, has been underperforming both UNI and the broader DEX market since the beginning of the year, as evident in the 50% peak-to-trough decline in March and Apri.

This is because of Uniswap V3 hype, PancakeSwap growth, and rolling 6-month vesting unlocks from initial Sushi yield farming, said Dorman.

SUSHI’s biggest competition is likely to be CAKE and not UNI, whose high gas fees turned CAKE into a viable DEX which is why we  zsaw flat TVL on SushiSwap & lower volumes in March / April, as users paid nothing in gas and earned higher LM rewards on Pancake, he added. CAKE -8.87% PancakeSwap / USD CAKEUSD $ 28.77
-$2.55-8.87%
Volume 313.42 m Change -$2.55 Open $28.77 Circulating 164.9 m Market Cap 4.74 b
10 h Sushiswap’s SUSHI is the “Most Undervalued Token,” says Arca CIO Jeff Dorman 1 w Cryptocurrency Related Stocks Tumbling in a Massive Divergence from Crypto Assets 1 w Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance

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While these factors don’t have any actual impact on the token’s valuation and core business, they are affecting the price.

When it comes to vested supply, “dilution from yield farming can be just as painful when an asset is out of favor,” as happened with CRV and UNI during their short yield farming stint. CRV -12.47% Curve DAO Token / USD CRVUSD $ 3.23
-$0.40-12.47%
Volume 443.42 m Change -$0.40 Open $3.23 Circulating 354.56 m Market Cap 1.15 b
10 h Sushiswap’s SUSHI is the “Most Undervalued Token,” says Arca CIO Jeff Dorman 1 w Sushi Goes Live on Polygon (MATIC), Andre Cronje Proposes A Curve like Mechanism for it 3 w Uniswap Hits $10B In Weekly Trade Volume; DEX’s Current Pace Would Be Half A Trillion-Dollars per Year
YFI -13.92% yearn.finance / USD YFIUSD $ 66,807.76
-$9,299.64-13.92%
Volume 851.97 m Change -$9,299.64 Open $66,807.76 Circulating 36.64 K Market Cap 2.45 b
10 h Sushiswap’s SUSHI is the “Most Undervalued Token,” says Arca CIO Jeff Dorman 3 d Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov 3 d Yearn Capitalizes on Retail Mania, Sends YFI to Nearly A Six-Figure ATH

According to Dorman, some of Sushi’s inflation could be mitigated through an ongoing proposal made by Yearn creator Andre Cronje that recommends looking up additional SUSHI into oSushi. Currently supported by 97% of the community, SUSHI tokens will be locked for up to 3 years if this passes.

Another proposal, SIMP, has been introduced, which allows SUSHI rewards to be claimed immediately instead of vesting it over a six-month period with a penalty that is to be decided which will be directly sent to xSUSHI stakers. This is expected to end distraction and allow the project to focus on building.

With over 68% votes, currently, the community has chosen 0% penalty and unlock.

While the overhangs are impacting the price, they haven’t affected SUSHI’s performance as the DEX enjoys high volume, keeping between $500 million and $1 billion, and liquidity around $5 billion this month.

Sushi is also launching cross-chain and seeing traction with Polygon (MATIC) TVL at $400 million. Also, there is an ongoing Treasury Diversification Proposal that would diversify the SUSHI-only treasury into a basket of blue-chip DeFi tokens, de-risking & strengthening the balance sheet. MATIC 8.50% Polygon / USD MATICUSD $ 1.60
$0.148.50%
Volume 5.93 b Change $0.14 Open $1.60 Circulating 6.12 b Market Cap 9.77 b
10 h Sushiswap’s SUSHI is the “Most Undervalued Token,” says Arca CIO Jeff Dorman 2 d Ethereum Scaling Solution Arbitrum Opens its Mainnet with Sequencer for Developers 2 d Decentralized Trading Platform Slingshot Launches Open Beta On Polygon (MATIC)

So, “as investors rotate back into DeFi (and they are), these are the opportunities to look for,” said Dorman.

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Author: AnTy

Diginex’s Crypto Custodial Arm Digivault Bags Approval From UK FCA

Digivault, the custodial arm of Singapore-based digital assets company Diginex, has been granted approval to register as a cryptocurrency custodian wallet provider from the UK Financial Conduct Authority (FCA).

Digivault Approved By The FCA

The firm announced in a statement released today that the regulatory approval is in line with the Money Laundering, Terrorist Financing, and Transfer of Funds (Information of the Payer) Regulations.

With this FCA approval, Digivault hopes to further provide compliant and secure custody services to corporate and institutional investors in crypto assets.

Speaking about what this feat means for Digivault and in turn, Diginex, the CEO of Diginex Limited, Richard Byworth, said the FCA approval is continued validation of its strategy to deliver fair, transparent, and compliant crypto products for institutions. He added that,

“Digivault’s market-leading custody solution is a foundational pillar of the Diginex ecosystem and acts as a key enabler to the EQUOS Exchange, OTC, and Lending business lines.”

According to the firm, its custody solutions include having digital assets in cold storage third-party vaults owned by renowned vault services provider, Malca-Amit.

Digivault provides both cold and warm storage, incorporating a series of hardware and software firewalls so that assets are protected yet readily available.

Assets available for custodial services in the company include Bitcoin, Ethereum, and USDC, and other assets hosted on ERC-20 and ERC-1400 protocols.

Commenting on the approval Rob Cooper, CEO of Digivault, said the backing of the FCA would help assure its clients that their assets are being secured within the highest possible standard of governance, control, and oversight.

Digivault’s regulatory approval from the UK financial watchdog follows its newly signed partnership with Torstone Technology, a post-trade securities, and derivatives processing provider.

The partnership is aimed at providing Digivault’s clients with post-trade services via Torstone’s settlement platform and at the same time enable Torstone’s customers to access digital asset custody solutions.

FCA’s Stance On Crypto Assets

The FCA has never been so keen on cryptocurrencies. For years, the regulator has made its concerns regarding digital assets known.

In October, the FCA declared that companies in the UK could no longer offer crypto derivatives products, including futures and exchange-traded notes.

Just recently, the FCA chief Nikhil Rathi advised young investors to avoid the crypto craze amid the soaring popularity of the likes of Bitcoin. He said that direct investment in crypto assets is a high risk, with few regulatory protections, which is why it is not advisable.

Meanwhile, Digivault happens to be the first stand-alone digital asset custodian approved by the FCA. Its parent company Diginex which went public in October 2020, was the first digital assets group with a crypto exchange to launch on Nasdaq in the US publicly.

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Author: Jimmy Aki

Cboe Files for Investment Giant Fidelity’s Bitcoin ETF

Cboe says concerns about potential manipulation of a Bitcoin ETF have been “sufficiently mitigated” as it acknowledges that it will be listing and trading shares of the Wise Origin’s product.

Cboe BZX Exchange has filed a 19b-4 form with the Securities and Exchange Commission (SEC) acknowledging that it will be listing and trading shares of the Wise Origin’s Bitcoin exchange-traded product, saying concerns about potential manipulation of a Bitcoin ETF have been “sufficiently mitigated.”

With this move, it has kicked off the process to the SEC.

Wise Origin, a fund affiliated with Fidelity Investments, first filed the application for its Bitcoin ETF in March. However, for the SEC to consider it, they need an exchange partner to file a corresponding 19b-4 form, which Cboe did on Monday.

Now, it’s the agency’s turn to make a move within 45 days to make a decision on the ETF application. Typically, SEC has taken the full 240 days to evaluate a bitcoin ETF application and has rejected every single one of them so far.

With the appointment of new SEC Chairman Gary Gensler, who is expected to be more crypto-friendly than his predecessor Jay Clayton, along with the matured market, there is a higher expectation for a crypto ETF to be finally approved this year.

Last week, Gensler told Congress that the crypto market “could benefit from greater investor protection.”

Bitcoin market participants claim that such a product would bring in a horde of new investors, including those who either can’t invest in the cryptocurrency directly or who are only able to invest in regulated investment vehicles.

Already, VanEck’s Bitcoin ETF application is undergoing the SEC review, a decision on which was postponed by the agency for June. VanEck, along with WisdomTree and Kryptcoin, have also filed with Cboe exchange. Another company is Valkyrie which is working with NYSE Arca for its Bitcoin ETF.

Last week, VanEck also filed for an Ether ETF, which along with other Bitcoin ETF applications from SkyBridge, NYDIG, and Galaxy Digital, have filed the requisite 19b-4 forms.

Amidst this, Ninepoint Partners LP, which has $6.5 billion in assets under management, is dedicating a portion of its crypto ETFs management fee to offset the fund’s carbon footprint. Alex Tapscott, managing director of digital assets at the Toronto-based firm said,

“For some investors who are concerned about the carbon footprint of mining, they may be wary of investing in a Bitcoin ETF.”

“What we’re doing is creating what we hope is a solution to that problem and giving them the choice that they want and, frankly, that they need.”

Ninepoint is partnering with CarbonX to purchase carbon credits and support forest conservation projects. The company’s Bitcoin ETF was converted from a trust on May 6 and had roughly $320 million in assets at the time.

Alan Howard-backed One River Asset Management is another company that is building carbon neutrality into its existing Bitcoin and Ether funds and planning to seek regulatory approval for an ETF with the same features.

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Author: AnTy

Coinbase Is Still Reporting Stellar (XLM) Having ‘Degraded Performance’

Coinbase Is Still Reporting Stellar (XLM) Having ‘Degraded Performance’

The issue has been several validator nodes on the Stellar blockchain not validating transactions which SDF says is now online while they investigate the root cause for the same.

Cryptocurrency exchange Coinbase reported delays in Stellar (XLM) deposits and withdrawals earlier this week, which continues today. The network status Stellar reads

“Degraded Performance.”

As of April 8, 02:22 PDT, the exchange said, “We’ve been working with the Stellar team to fix the delays of deposits and withdrawals.”

Coinbase is reportedly also planning to roll out a crypto rewards debit card in the U.S. that will pay back 4% in Stellar lumens (XLM), as per The WSJ.

However, it wasn’t just Coinbase that was having issues; many other exchanges like Binance, Bitstamp, and Bitfinex have been dealing with XLM withdrawal issues as well.

The issue turned out to be several validators on the Stellar blockchain were disconnected from the network, causing the transaction issues.

Stellar Development Foundation (SDF) released an official report on the matter, saying, “both the SDF nodes and the public-access Horizon are now back online.”

According to Stellarbeat, which keeps track of the network’s node count, a few nodes are still down.

XLM deposits and withdrawals were paused on centralized crypto exchanges “out of an abundance of caution,” and now SDF is in communication with them, reads the announcement.

Reporting on the incident, SDF said it was early Tuesday morning that the validator nodes temporarily stopped validating transactions. While the SDF node was experiencing downtime, for reportedly at least 10 hours, the network itself remained online, which it said: “is just the way a decentralized network is intended to work.”

Due to sufficient validator redundancy, the network continued to function as normal despite the temporary unavailability of SDF’s infrastructure.

As for what caused this, the team is still investigating what the root problem was and, so far, has narrowed the trigger down to a single ledger and single operation in that ledger.

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Author: AnTy

Jack Dorsey’s Cash App Now Allows Users to Send Bitcoins for Free

Users can now send BTC directly using a Cash App tag for free

Jack Dorsey has been at the forefront of promoting Bitcoin adoption to the world. A Cash App, a Twitter founder’s payments app, will make it easier and cheaper for users to send Bitcoin across the app.

This Wednesday, in a tweet, Cash App confirmed users can now directly send Bitcoin BTC -1.12% Bitcoin / USD BTCUSD $ 57,872.03
-$648.17-1.12%
Volume 55.78 b Change -$648.17 Open $57,872.03 Circulating 18.66 m Market Cap 1.08 t
4 h Jack Dorsey’s Cash App Now Allows Users to Send Bitcoins for Free 4 h NFT Buyers and Sellers Could be Liable to “Unknown” Capital Gains Tax in the United States 5 h EU Regulators Warn Investors About the High Risks of Investing In Cryptocurrencies
on the app to other app users using their $CashAppTags. The service will be totally free, which places Cash App as the desired layer 2 solutions to boost Bitcoin adoption.

Allowing users to send BTC to tags directly reduces the errors in typing long Bitcoin addresses, leading to loss of coins.

The minimum amount to send is 1000 satoshis, or 0.0001 BTC (~$5.70, at current prices). A weekly sending and receiving limit of $7,500 is also set in the service.

To celebrate the achievement, Cash App gave away $1 million in BTC to its Twitter followers. To win an apportion of the free BTC, users had to follow the page and retweet the post disclosing your $cashapptag and #CashAppBitcoin. Even if you missed out on this giveaway, the popular app runs a promotion a few times a month.

Cash App has seen massive Bitcoin adoption rates – adding 3 million BTC users in 2020 and an extra 1 million users in January 2021.

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Author: Lujan Odera

Bitcoin Sell-Off Over? Bullishness Continues to Permeate the Market

This week, the price of Bitcoin has been on a rollercoaster ride. We started with a dump right after hitting a new all-time high last Sunday at about $58,350.

Following the drop, we made several attempts to go back up but only to end up lower and yesterday, we went down further down to $44k.

As of writing, BTC is seeing some relief trading around $46,800 but that’s to be seen if the upward momentum will continue or take us only lower. Trader TheCryptoDog said,

“At this point my assumption is we don’t go lower from here. That can change at the drop of a hat (we’ll see what happens to macro on Monday), but looking at this now I would be more surprised to see BTC sink.”

One caveat is March, the month which in the last six out of seven times have been a red one with an average drawdown of over 14%.

Unlike BTC, Q1 is good for Ethereum which five out of six times ended with significant greens, already it is up 102% YTD despite the losses. This week, it went down to $1,350 during this recent sell-off, even lower than the previous ATH of $1,420.

Bitcoin’s lack of direction, right now, is turning out good for altcoins, leading to a 15% to 30% uptrend. The total market cap has also recovered to $1.455 trillion, adding more than $100 billion in the past 24 hours.

All This Bullishness

While the price action in the market isn’t’ looking bullish, the developments in the market certainly suggest so.

For starters, the first Bitcoin ETF debuted on the TSX last week, Purpose Bitcoin ETF (BTCC) continues to see demand and now holds more than 10,000 BTC.

If we look at the premium on the Bitcoin product of the world’s largest digital asset manager, Grayscale which went negative this week, but is expected to be just short-term noise, could actually turn out to be bullish.

Started in late Sept. 2013, “Outside of 2013-2014 this has only occurred 4 times. With fees of 2% and a current discount of 2.5%, BTC can be bought inside the trust cheaper than at market,” noted one analyst.

“Like the last 2 times, does the bull continue?” he added.

Bitcoin miners are also sending bullish signals as they stop their selling and start accumulating BTC. For the first time in two weeks, Miners Position change has turned positive.

The Spent Output Profit Ratio (SOPR) indicator, which is the price sold / price paid, is another one that has gone back to level 1, indicating the bottom on the sell-off.

Not to mention, money-making exchange Coinbase has announced its public listing and got more than $100 billion valuation. This would make the company CEO, Brian Armstrong who previously worked at Airbnb to get rich and join the world’s 500 richest people.

Even more bullish is the news that the House passed its $1.9 trillion coronavirus relief package early on Saturday, which will now head to the Senate. Democrats are rushing to approve more aid before unemployment programs expire on March 14.

This time, payments of $1,400 will be made to most individuals, along with the same amount for each dependent. $1,200 stimulus check from last time invested in Bitcoin at the time is currently worth $8,500 and surpassed $10,000 last week.

And just like the last stimulus package, this could propel the market higher.

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Author: AnTy

Privacy Browser Brave Unknowingly Leaked Users’ Dark Web Activities: Researchers

Privacy-oriented web browser Brave has been leaking users’ web data for months unknowingly through a bug in its code. The bug named Support CNAME, which was incorporated into its Tor mode offering had been sending user data to local network providers without the company knowing.

Leaked DNS Requests

Tor mode on Brave Browser allows users to access hidden services better known as .onion dark web domains while using Brave’s private browsing windows. The feature, which was added in 2018, was created to ensure increased privacy for Brave users while surfing the web.

But in recent research revealed on Friday for the Brave stable build, a Reddit user said Brave’s Tor mode was re-routing web queries for .onion domains to public internet domain name system (DNS) resolvers rather than designated Tor nodes.

Although the claims were initially refuted, other security experts confirmed the issue and asked the privacy browser to do something about it.

A DNS leak occurs when a request that should be sent through a private network arrives at a DNS server unprotected. The DNS server is likely your local network provider who will likely collect, evaluate and possibly sell the data. A DNS leak also leaves a trail that can be traced by government officials, hackers, or anyone with top-level security clearance.

To address this sort of issue, the Tor network was created in 2002. This network directs your web traffic through myriads of nodes, hiding the location you are searching from and protecting against network surveillance and traffic analysis.

Brave Browser has subsequently addressed the issue and released a formal fix for the erring bug the same day the data leak was discovered. The company said it first found the CNAME bug in its Brave Nightly build which developers mainly use. The issue was fixed on Feb. 4, and it proceeded to look into the stable build. It delayed the fix because it looked for other likely bugs that may result from the data leak.

The company has advised users genuinely concerned about their privacy to use the Tor network instead.

Brave’s User Community Grows By 130%

But despite what might seem like a bad deal for the ads blocking browser, Brave browser has enjoyed some measure of success in 2021. In a published report, the privacy portal said it has seen its user community increase from 11.6 million to 25.4 million as of Feb. 2 reflecting a 130% increase.

The Brave browser is sometimes compared to the famous Tor network due to its privacy-centric business model. Its Tor mode deployment in 2018 has seen it become a household name in a few short years.

The Chromium-based browser also rewards its users a basic attention token (BAT) for accepting to view ads. These digital tokens can then be exchanged for other crypto-assets or given to content creators through its in-built wallet.

With the idea of privacy becoming a much-discussed topic in the last decade, Brave may continue to find itself in business for a long time to come.

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Author: Jimmy Aki

FTX CEO Proposes Building SushiSwap on Solana and Serum

FTX CEO Proposes Building SushiSwap on Solana and Serum

A proposal has been made to build the DEX SushiSwap on Solana and Serum, codenamed Bonsai. With Sushi emerging as “having one of the most vibrant and influential communities” and “the sky’s the limit” for it, the proposal states it’s important to keep growing.

“The purpose of this proposal is to lay out an efficient and effective method for SushiSwap to evolve and build out its leading platform on Solana and Serum,” it reads, adding, “To reinforce perceptions of SushiSwap as a DeFi leader and innovator.”

As per the proposal shared by Sam Bankman-Fried, CEO of FTX, who is also building the DEX Serum on Solana, on Twitter, the team has been farming, staking, and investing in DeFi for the past eight months and Sushi from its beginning.

Now, they want to bring SushiSwap on Solana to provide the community additional liquidity, fast transactions, and significantly low fees on Serum.

The Layout

In the light of the cost of the Ethereum network making DeFi out of the reach of smaller users, they built Raydium. Having been worked on since last year, the AMM was launched just over this weekend.

The proposal also talks about the Raydium roadmap, which involves completing the development of liquidity pools and staking, launching mainnet along with the website and platform launch in Q1.

This AMM will work as a bridge for SushiSwap, and the protocol is already able to support Sushi’s liquidity pools for the Serum orderbook.

As a first step, Raydium will work alongside the DEX and then deploy on its testament. The next step would be the deployment of Bonsai pools and staking on the mainnet.

As an incentive, the double yield is also proposed for the first Decentralized Franchise Pool. The additional rewards will be in the form of a native RAY token, which means Sushiswap stakers on Raydium would get SUSHI rewards plus free yield from RAY.

The new project, Bonsai, is anticipated to launch on testnet within Q1 of 2021.

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Author: AnTy

Uniswap Generating More Network Fees than Bitcoin; Total Fees on ETH Reaches BTC All Time High

Bitcoin has been the leader in generating more fees than any other network. But that has only been up until June 2020, when decentralized finance (DeFi) mania started kicking in.

Today, this DeFi craze even saw popular DEX Uniswap beating Bitcoin in daily fees of $2.3 million, as per Cryptofees.Info. While BTC only had $1.8 million, Ethereum is unreachable by collecting $8.8 million in fees.

Uniswap, which accounts for 48.5% of DEX volume market share, even without the liquidity incentives, saw $12.7b in traded volume, $36.543 million in fees, and liquidity increased to $3.6 billion over the past 15 days, as per IntoTheBlock.

Another DEX SushiSwap had just under $1 million in daily fees, followed by Synthetix and Balancer, but they only had about $100k to $200k.

In the past week, Ethereum did more than 3x of Bitcoin’s 7-day average fees of just over $3 million, while Uniswap recorded $2.4 million.

“It’s the first DeFi protocol, but not the last. The key feature here is that fees in DeFi benefit not only miners but also LPs and token holders,” noted Santiago R Santos, a partner at ParaFi capital.

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Ethereum entered the space in 2015, and its daily total fees in USD surpassed Bitcoin’s several times since then. But it wasn’t until DeFi exploded that ETH was able to beat the world’s largest network by a wild margin.

During the peak of the 2017 bill market, Bitcoin did nearly $21.4 million in total fees, while at its peak, Ethereum did only $4.55 million.

But earlier in June 2020, compared to Bitcoin’s $383k in total fees, Ethereum recorded a whopping $3.55 million. From here, as DeFi gained more traction, so did Ethereum fees, and this gap between BTC and ETH fees continued to grow.

At the peak of DeFi mania in Sept. 2020, the Ethereum network was used so much that it became unusable as the average fees and gas prices continued to hit new highs. On Sept. 1st, the Ethereum network received more than $17 million in total fees compared to $1.48 million on Bitcoin.

Bitcoin overtook Ethereum for a brief period, a fortnight and a small margin, from late October to early November.

Since then, Ethereum continues to generate millions of dollars in fees every day, setting yet another new record at $21.38 million on Jan. 11, the day the crypto market saw a sell-off.

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Author: AnTy