SushiSwap Launches A ‘Game-Changer;’ BentoBox’s 1st DApp Is Kashi Lending & Margin Trading

SushiSwap’s decentralized “App Store,” BentoBox, is here with gas optimization and the “revolutionary innovation in L1” that is Kashi, along with a proposal of a partnership with Red Bull Racing.

  • SushiSwap has announced the release of its latest product BentoBox and “Kashi Lending & Margin Trading” on it.
  • The market believes this to be really valuable to SUSHI which is an ecosystem offering AMM, lending, and now margin trading capability while token holders collect 50 bps on all fees.

According to a Managing Partner at Blockhead Capital, which is long on Sushi, unlike Uniswap, “SUSHI is a defi *ECOSYSTEM* not just an AMM, & the team seems committed to launching more apps. Its severely undervalued & rational investors would size accordingly.”

Trading at $16.48, Sushi is a $2.1 billion asset, while Uniswap has a $14.75 billion market cap as its token UNI trades at $28.55.

Adding to the excitement is the proposal of a four-year partnership agreement from Spring 2021 until Spring 2025. There are two separate packages for this, one for $21 million that involves the Sushi logo on the chassis of the Formula 1 cars, heavily promoted on social media, naming rights to the RBR campus in Milton Keynes, England, and hosting a full-time tech incubator on campus.

The partnership of $46 million involves all the branding opportunities and a lot more, including NFT/ Social Token, sponsoring a Red Bull Stratos level event in 2023, Sushi Bars at Formula 1 races, and direct sponsorship of the RBR technology campus.

Decentralized “App Store” is Here

Today, SushiSwap announced the formal release of BentoBox on SushiSwap along with the first lending and margin trading solution, Kashi, which the team says “delivers revolutionary innovation in L1.”

BentoBox has been defined as a “game-changer” and described as a vault that serves as a decentralized “App Store” to deposit assets to enable other Dapps.

Kashi, the Japanese word for lending, is the first Dapp within BentoBox that allows users to create lending token pairs.

Bento, here, stores tokens and generates yield from flash loans and strategies for protocols built on them. So, Bento holds the tokens, and Kashi utilizes those assets for lending, borrowing, and one-click leverage trading transactions. The team states,

“Kashi’s main purpose will serve to offer margin trading for a large variety of tokens that are not yet currently widely available for shorting.”

The margin trading solution uses an elastic interest rate with a target utilization rate of 70–80% for V1, meaning over 70% of a certain asset is expected to be used for flash loans at any given time.

By eliminating an unnecessary number of transactions, it lowers the overall gas fees, and this is the jackpot right here. Fees on the Ethereum network have been sky-high since last summer when DeFi exploded into the crypto scene.

As the Sushi team itself says, “With gas optimization on everyone’s minds, we know this is music to everyone’s ears.”

Sushi further offers the ability to maximize token usage and earn extra revenue by allowing the assets on Bento to be also used to provide flash loans, two things at once. Basically, “assets are never sitting idly at an opportunity cost.”

Kashi V1 is released today with a selection of primary lending pairs to take a stab at its margin trading without having to put up their own collateral. Supported token lending pairs are ETH/WBTC, SUSHI/ETH, ETH/UNI, AAVE/ETH, YFI/ETH, LINK/ETH, and ETH/COMP.

The latest product launch came with the hype of Kashi V2 already, which is coming soon with adding UI for liquidations powered by flash loans, activation of new lending pair creation interface, and allowing users to select their own oracles.

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Author: AnTy

Chinese New Year, the Year of Ox (Bull), is Finally Here as Crypto Market Aims for the .5 Trillion Mark

Chinese New Year, the Year of Ox (Bull), is Finally Here as Crypto Market Aims for the $1.5 Trillion Mark

The bullish tailwinds for the Bitcoin market hold strong with negative rates, bond purchases, fiscal stimulus, a weaker dollar, mainstream adoption in this year of bull.

Chinese New Year is finally here. The festival celebrated around the world on Friday marks the beginning of the Lunar New year. The Chinese New Year is also called the Spring Festival.

Each year has an animal sign in the Chinese Zodiac, and this is the year of Ox. As an analyst, Mati Greenspan says, “The qualities of this particular four-legged animal are not so different from those of bitcoin itself,” very slow and steady paced but moves only forward and with a sense of purpose.

The crypto market has already been enjoying an uptrend ever since last year, with the overall market cap ready to hit $1.5 trillion, as per CoinMarketCap.

While Bitcoin seems primed for $50k, the fully diluted market cap of the leading cryptocurrency has already surged past the $1 trillion mark. The reported market cap still has a way to go, as the highest level was hit on Friday at $898 billion.

Going forward, Bitcoin is “quickly approaching the two-year MA multiplier upper resistance, currently at $56k,” as per trader Josh Olszewicz. “Ideally, we tap somewhere near $56k, slow down a bit, reconsolidate at the midline, then make the move past the resistance (ala 2017),” he said.

Bullish Tailwinds

Bitcoin hit a new ATH at $49,000 this week as the institutional adoption of the market continues to grow with more and more people and companies embracing cryptocurrencies.

With the names like Tesla, BNY Mellon getting in, it is expected to lay down the groundwork for even more mainstream adoption of cryptos.

The weakness in the dollar also helps the markets, currently around two-week lows after the release of weaker-than-expected weekly US jobless claims data, which is denting investors’ expectations about the pace of the economic recovery. Westpac strategists wrote,

“The U.S. economy will outperform most thanks to fiscal stimulus and faster vaccine deployment, but ongoing reflationary fiscal and monetary policy will leave DXY on a sustained medium-term bear trend.”

This week, as we reported, the Bank of Japan has been signaling its readiness to take interest rates deeper into the negative territory. European Central Bank is also planning to keep the fiscal spending going in 2022.

Federal Reserve Chairman, Jerome Powell, also said on Wednesday that continued aggressive policy support is needed to fix the issues like the dour state of the US employment. Powell said in a speech to the Economic Club of New York,

“Despite the surprising speed of recovery early on, we are still very far from a strong labor market whose benefits are broadly shared.”

The Fed has signaled that it expects to hold rates near zero at least through 2023, and Powell repeated that the central bank’s $120 billion monthly paces of bond purchases commitment would also continue until “substantial further progress” is recorded on employment and inflation.

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Author: AnTy

ETH Exchange Balance at Two-Year Low While Skew Deep into Negative Territory

The weekend is here and so is red.

The cryptocurrency market is seeing a slight correction with ETH going to $455, down from yesterday’s high of $477.

At the time of writing, Ether has been trading at $460 in the red, with 250% year-to-date performance.

The good thing is the percentage of total ETH being held on exchanges is currently at 13.35%, a low last seen on November 23, 2018, as per Santiment.

“The almost exact two-year milestone is a positive sign for Ethereum holders, who have historically benefited when supply held off of exchanges is kept low.

It indicates that large whale selloff probabilities will remain limited.”

Also, “strong demand” is seen for ETH options calls, which are the right to buy the underlying asset.

While the price of Ether is taking a breather here, so are the DeFi tokens which rallied strongly this past week, as Bitcoin stood strong above $16,000 but didn’t move much.

As the price of BTC drops to nearly $15,700, so have the altcoins, ETH, and DeFi tokens except for the likes of Hakka (26%), Hegic (16%), Sushi (12%), and Uniswap (11%).

Overall, the total value locked (TVL) in DeFi space hit a new all-time high today at $13.95 billion, as per DeFi Pulse.

The amount of ETH locked in the sector has also been on the move this past week, nearing the ATH at 8.9 million ETH.

While the ETH locked in DeFi are seeing an increase, those locked in for ETH Phase 0 slowed down, only reaching the 12.1% of the goal.

In its latest update, the Ethereum Foundation noted that with the genesis time set for Dec. 1st, 12 pm UTC, the community has to get their deposits on-chain before November 24, 12 pm UTC.

The deposits contract for ETH 2.0 was launched ten days back along with the mainnet launch Pad.

Yesterday, developer Danny Ryan also updated on the launch of Toledo devnet, a 16k validator testament with v1.0 mainnet configuration. Next week, the aim is to launch Pyrmont, 1 100k validator testnet mimicking mainnet conditions.

“Once Pyrmont is launched and stable, the testnet will be opened up to the community. Pyrmont can serve as a final place to test mainnet software releases and hardware setups in the run-up to mainnet launch.”

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Author: AnTy

Litecoin MimbleWimble Testnet Launched, Privacy Will Finally be Here in 2021

Litecoin MimbleWimble testnet is here, which will bring privacy to the network. Scheduled for launch on Sept. 30, not many participated in keeping it running as such MimbleWimble testnet has been relaunched. The protocol is designed to enhance privacy and obfuscate the traceability of distributed ledger transactions.

Only a few nodes connected and mined, so not “enough blocks to activate mimblewimble yet,” but as more peers get onboard, they will be able to activate the testnet, said Grin developer David Burkett who has been working on this implementation.

MimbleWimble is a modified implementation of the proof-of-work (PoW) algorithm that underpins Bitcoin. In this, blocks appear as a single large transaction, preventing the individual inputs and outputs of a transaction from being identified. Burkett also wrote,

“I’m still roughing in very minimal cli wallet support, but hopefully we’ll have a simple way to create mimblewimble transactions by the time it activates.”

Despite this news, LTC failed to pump and continues to trade around $46, down 87.55% from its all-time high. One of the worst performers of 2020, LTC saw returns just about 8.65% YTD.

Now that “Mimblewimble Extension Block” (MWEB) testnet is working, the developer will be focusing on making it easy for non-technical Litecoin users to test it out as well — this means wallet support, automated builds, and better documentation. He said,

“Once I’m confident everything is working as designed, I’ll start looking for ways to break the testnet, to make sure we find and resolve any security or stability weaknesses.”

Burkett also stated that next month, he would share a detailed plan about the remaining work required to get MWEB merged to the main repo, so that node operators and miners can start signaling for activation sometime in 2021.

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Author: AnTy

Ethereum Miner Fees Beats August Record with a 47% Increase in September

The final quarter of 2020 is here after seeing the tectonic shifts over the last few months, such as the rise of the DeFi and capital flow from the crypto sector to this burgeoning one, specifically into DEX venues and yield farming offerings.

And of course, Ethereum is at the center of it all.

The second-largest cryptocurrency network ended the quarter at 60% returns, much higher than Bitcoin’s mere 18%. However, September wasn’t good for the crypto market, which saw Ether also declining by 18%.

At the time of writing, ETH has been trading around $365, up 2.25%, and over half a billion dollars in ‘real’ trading volume.

But what has been more interesting was the effect of DeFi’s capital flow on Ethereum’s fees.

According to the data published by Glassnode, Ethereum miners made a total of $166 million from transaction fees in last month — a new all-time high.

September’s miner fees have been an increase of 47% from the previous high in August.

Compared to Bitcoin, whose miners made $26 million from fees, Ethereum’s has been over 6x of it.

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While the revenue from fees has been filling the pocket of Ethereum miners, it has made it all a big players’ game, shutting out the smaller ones.

However, it did put the layer 2 solutions in the limelight that is being actively used by popular DeFi projects. Ethereum co-founder Vitalik Buterin, an advocate for these solutions, recently said they make the main network a good choice for payments.

The bullish thesis for Ethereum also involves the recent launch of “Spadina,” the final testnet ahead of the blockchain upgraded ETH 2.0 mainnet release. This testnet is to run for three days as a “dress rehearsal” after the Medalla testnet went live last month. Spadina is to run alongside Medalla and test deposits and genesis block.

Scheduled to go live on Sept. 30, Spadina ran into problems yesterday. It suffered from “a lack of finality at launch,” as per Prysm Labs, which has been because of very few Prysm nodes participating, leading to community confusion. Other issues included users sending invalid deposits and “overall loss of confidence in becoming an eth2 validator.”

But this could be all fixed easily with a release, and everyone has to try again. ETH 2.0 testnet is now scheduled for another dress rehearsal called Zinken, next week.

For this to be successful, the developer Danny Ryan said everyone needs to take the genesis seriously.

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Author: AnTy

CBDC’s Are the Future of Money and Payment Ecosystems: Visa’s Head of Crypto

Central Bank Digital Currencies (CBDC) are here to stay and may set the stage for a paradigm shift to a digital economy, according to Visa’s Head of Crypto, Cuy Sheffield.

In a recent series of tweets, the Visa crypto chief highlighted that the growing interest in CBDC’s is not fading away; hence stakeholders ought to be more involved in these developments.

Sheffield went on to note that governments will play an essential role in the adoption of Bitcoin and other crypto-assets given policy implications in issues like privacy:

“As governments evaluate CBDC, the path that they decide to take will have major implications for privacy, monetary sovereignty, geopolitics, and financial inclusion, as well as the global adoption of crypto dollars and Bitcoin.”

Today, developments within the CBDC space are more advanced, compared to research papers that previously defined the industry. Sheffield emphasized that this move from occasional papers to more solid content is triggered by the growing contribution from experts, organizations, and academics.

It is unsurprising that these sentiments coincide with Visa’s growing interest in digital currencies. The payments and card service provider filed for a digital dollar patent earlier in the year. It was also initially in the Libra association before leaving alongside the likes of Mastercard and eBay.

Global CBDC Trends

The latest annual Bank of International Settlements (BIS) report also indicates a spike in CBDC interest. However, the BIS also noted that stakeholders should be more focused on policy effectiveness as opposed to trying to outdo private projects.

That said, China seems to have taken an early lead, having piloted the digital yuan back in May as it prepares to ‘wipe out’ fiat renminbi (RMB) in circulation over time.

Europe has also taken an interest in digital currency for its member states. Though it might take much longer to get a consensus, France and Italy have already signaled the willingness to participated in a digital Euro pilot. While these tech advancements are promising, scaling to more significant masses might be the challenge as per a recent insightful report by the Bank of Canada.

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Author: Edwin Munyui

China: “Innovation in Blockchain Doesn’t Mean We Should Speculate in Virtual Currencies”

  • “Blockchain “the future is here.” — China’s state-owned media
  • Use of blockchain technology for illegal information and activities “should also be severely punished”
  • Some of the largest Internet companies have already established the layout

China’s state-owned media, People’s Daily endorsed the “orderly” blockchain innovation but at the same time cautioned to “keep it rational.”

As per the translated version shared by Dovey Wan, the founding partner of Primitive Partners, the article starts with a bullish tone as it writes, “blockchain “the future is here.”

Blockchain technology is accompanied by cryptocurrency, it goes on to say, only to make it clear, that innovation in blockchain technology “is not equal to” the speculation in the digital assets.

“It should be prevented from using blockchain to hype up aircoins and other activities,” adds the newspaper.

China Already Has a ‘Good Foundation’

Though the “future is here,” blockchain technology is still in the early stage of development.

The technology needs to be further developed and improved in terms of safety, standards, and supervision. The use of blockchain to store and spread illegal information and for illegal transactions, money laundering and other activities “should also be severely punished.”

To better promote the innovative development of technology, it advises the adoption of inclusive and prudent regulation that includes prohibiting transgression.

Though they believed “there is no wrong direction for the development of blockchain” that is only by avoiding the rush and repeated construction.

China, the People’s Daily says already has a “good foundation” in the field of blockchain technology.

More than 20 provinces have introduced policies to promote the nascent technology and some of the largest Internet companies have established the layout as well.

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Author: AnTy

Bitcoin Price to Sell the Bakkt Event and Finally Drop to $8,000?

  • If Bitcoin Breaks Down Here, will Fell to $8,700s
  • “Buy the rumor, sell the news”

Since dropping to nearly $9,300 level yesterday, Bitcoin is back above $9,500.

August has resulted in a red month. However, despite seeing $9,150 this month, Bitcoin is down by just 2.63% from where it started in August.

BTC/USD is still up by 158% in 2019 till date.

Currently, the leading cryptocurrency is trading at $9,600 with 24 hours gains of 1.32% while managing the daily trading volume of $630 million, which has slid down from yesterday’s over $1 billion, as per Messari.

Source: Coin360

Though the flagship cryptocurrency is back in the green and above $9,500, the pain is not over yet.

According to analysts and traders on Crypto Twitter, another drop is coming very soon.

“Here comes the little pump above hunting for some stops and trapping people. Should follow by long upper wick and drop,”

said analyst, The Cryptomist.

If Bitcoin Breaks Down Here, will Fell to $8,700s

Market analyst and trader Benjamin Blunts see the flagship cryptocurrency hitting $9,100 in the coming days before jumping back to $10,000 level.

Crypto trader and investor Josh Rager, however, says if Bitcoin takes a fall here, we are going to $8,700.

“Currently holding above the previous low on the daily close but if price breaks down it’s going to $8,7ks,”

Rager said.

Once we hit this level, Bitcoin he says will head to $8,000 but given the fact that everyone is expecting this level, Bitcoin will either bounce before this or will go through it.

In order to turn bullish, Rager says Bitcoin needs a break back above $10,100 level.

“Buy the Rumor, Sell the News”

Trader Johnny Moe shares the same sentiments but sees a deeper fall in the future.

According to the chart shared by him with the caption, “sell the event?” Bitcoin could drop to $7,700 level with Bakkt launch on September 23 further triggering the drop.

On August 16, the day Bakkt announce the date for the launch of its physically delivered daily and monthly Bitcoin futures contracts, Bitcoin price went from around $9,800 to $10,500, seeing a surge of more than 7%.

Bakkt is big news for the cryptocurrency market for obvious reasons — being the first one to offer physically delivered bitcoin futures on a regulated platform and a nod from the NYDFS to operate as a trust means the possibility for a variety of financial products and heightened institutional interest.

However, a spike might not happen when Bakkt finally goes live with Bitcoin futures as the crypto market tends to follow,

“buy the rumor, sell the news.”

By the usual market movement to news and developments, it could be expected that Bitcoin will finally see that $8,000 in the coming weeks.

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Author: AnTy

Bitcoin Gearing Up For A Price Move; Will It Hit $13k or $8k Is The Question

  • Weekend is here, get ready for fireworks
  • Bitcoin takes a hit, goes down to $11,200, this could eventually push to the daily s/r 10.7-8k says trader
  • A retest of the $11,120 is expected

Bitcoin went above $11,000 on August 4th and since then it has been trading above this level. Though the flagship cryptocurrency breaks above $12,000 a few times, during the same period, it couldn’t stay above this level for long.

Currently, BTC/USD is trading at $11,300, after a sudden loss of 3.92 percent in a few minutes, while managing the daily trading volume of $1.13 billion, which has come down from $1.9 billion, this week.

Weekend Is Here

Now, we have entered the weekend which during the last uptrend saw heightened activity.

Bitcoin, that trends 24/7, tend sot spike on weekends. Since the beginning of May, the surges in weekend activity has accounted for roughly 40% of BTC price gains.

In December 2017, Bitcoin peaked at $19,666 on a Saturday.

Cryptocurrencies trade around the clock, unlike securities on most traditional exchanges.

As for why prices tend to spike on weekends, there are some potential reasons such as crypto investors spend the weekends discussing news items with friends and other investors, moving them to trade crypto assets, and crypto companies choosing Mondays for announcements that has many traders trying to get ahead of the news by trading over the weekend.

FOMO Also Play a Part.

But even as prices rise on weekends, fewer people might be trading altogether, accounting for more pronounced price moves.

Bitcoin Propped For a Move

As we make it to the weekend, trader Credible Crypto is expecting more sideways movement before we ultimately continue to the upside. However, once we clear highs, he sees a strong rejection coming that a loss of $11,450 will confirm.

“Here is a very viable alternate count that may have us visit 11k sooner rather than later…Ultimately, still looking to long 10.8-11k and expecting continuation up after.”

Bitcoin, today did just that, fell down to $11,200 in a sudden and sharp move on the weekend.

Similar sentiments are shared by market analysts and trader Benjamin Blunts who says this move could turn out to be a B wave that could take us to $11,200 before we breaking down for wave C that will take us to $12,923.

According to analyst, The Cryptomist, RSI pennant has broken up and had a re-test which she says is often followed by bullish price action.

Bitcoin currently has resistance at $11,905 and support at $11,730.

A retest of the $11,120 is expected says trader Scott Melker in his BTC Adam & Eve update. However, trader CryptoISO says, “this could eventually push to the daily s/r 10.7-8k.”

Bitcoin looks to be prepared for a big move, but it’s to be seen if it would be to the upside or downside.

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Author: AnTy

Bitcoin Loses More Than $600 Under 5 Minutes, Drops to $11,200

The Weekend Is Here And Bitcoin Volatility is Back in the Market.

Bitcoin has been trading around $11,842 when a sharp plunge took BTC to $11,200 in less than 5 minutes.

However, it managed to not drop to the $10,000 level.

Today, Bitcoin has been trading at as high as $11,976 but is currently trading at $11,330 with 24 hours loss of 3.48% on Bitstamp.

In the past 24 hours, the trading volume managed by Bitcoin is still low at $853 million, which could be attributed to the weekend.

Analysts and traders have been expecting a drop to $11,000 and Bitcoin did just that.

“Going out. Lower highs. Primary concern is we closed above mid range level at 11.8k. Still held down by trend line at the moment. No closes through it. Hoping to see reversetetris.exe,” analyzed trader CryptoISO.

This, however, has brought back the call for $8,000.

As Bitcoin takes a hit, top 15 altcoins go red by as much as 4.45%.

This has the total market cap fall below $300 billion level, at $294 billion.

BTC dominance meanwhile, is still going strong, currently at 70.87% as per TradingView.

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Author: AnTy