Cream Finance Announces AMM, creamY, with Several Innovations that ‘Make it Stand Out’

Cream Finance has introduced an automated market maker (AMM) which focuses on low slippage and fees of stablecoins.

Combining Curve’s very low cost and very high-efficiency feature and Balancer’s updatable for addition or removal of an asset from the pool — unlike Uniswap or Curve pool, which are immutable — creamY has created a “dynamically updateable AMM which consolidates liquidity.”

Besides being dynamic and capital-efficient, this AMM allows users to hold or transact with yielding and provide liquidity using one token.

According to yEarn Finance’s Andre Cronje, who partook in the discussion of the project, the design of creamY. it “can alleviate a lot of the current liquidity pain-points.”

Coming up with innovations such as consolidated liquidity, a mixture of a shared order book, a governed liquidity pool, and allowing single-sided liquidity is what makes it “stand out,” said Cronje.

Right from the launch, It will support exchanges for stablecoins, BTC, and ETH.

It will be supporting cryUSD including USDT, USDC, TUSD, BUSD, yCRV, yyCRV, yUSDT, yUSDC, yTUSD, cUSDT, cUSDC, crUSDT, crUSDC, and crBUSD; cryBTC covering wBTC/renBTC/tBTC/crRENBTC/cWBTC/ycrvRenWSBTC, and cryETH inclusive of WETH/yETH/crETH/cETH.

Although the code of the protocol has been reviewed by several developers and is currently in the final stages of it, like all the DeFi projects, it hasn’t been through production testing yet.

According to the official announcement, creamY will launch with “strong incentive rewards” in CREAM tokens form, which will be escrowed until the end of the LP period.

For now, the CREAM token of the lending protocol with a TVL of $241 million, is trading at $118, up 2.63% since Sunday in line with the broad market.

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Author: AnTy

SushiSwap Ticking Every Box of 2017 ICO Scam Checklist Says YFI’s Andre Cronje

With a market cap of $233 million, Uniswap clone SushiSwap is climbing the ladder up with its price remaining at $2.33, down 26% in the past week.

Last week, the migration of SushiSwap saw it taking over 80% of liquidity from Uniswap, recording at $1.50 billion.

While since then Uniswap has been recovering, with its liquidity back over $1 billion, after falling to $450 million, and volume around $400 million, SushSwap is seeing a decline, with liquidity going down to $840 million and volume to $170 million.

TVL-SushiSwap

The total amount of deposits (TVL) of Uniswap has grown 70% to $1.2 billion while SushiSwap’s declined by 43% to $800 million, as per DeBank.

“Making DeFi a Joke Again”

As we reported, SushiSwap’s anonymous creator Chef Nomi released an apology and returned all the funds, $14 million worth of ETH, right before this weekend. This has been following the successful migration of the protocol after Chef Nomi handed over the control to FTX CEO Sam Bankman-Fried.

However, the latest issue has come with the new governance proposals that include an airdrop of 2 million SUSHI to liquidity providers and a buyback of tokens with the funds returned by the creator Chef Nomi.

Also, it involves paying a considerable financial incentive to a member of the SushiSwap team. The proposal is to hire 0xMaki as the lead project, head of the core team, and give him a “one-time founders grant,” with 500k SUSHI, worth over a million dollars, upfront and another 500k SUSHI locked over a one-year period.

Also, another 500k SUSHI vested over two-years for his continued work on SushiSwap. 68.24% of votes are currently in favor of this proposal.

CL207-0xMaki
Source: @CL207

“Thanks for making defi a joke again. One step forward, 10 steps back,” said Yearn.Finance creator Andre Cronje in response to SushiSwap’s new developments.

He likened the ongoing DeFi environment with that of the 2017’s ICO. From airdrops, buybacks, insane salaries, large team allocation, team dumping, whitepaper only, and forked geth, everything is getting checked out.

The name has changed but looks like the actions of some remain the same.

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Author: AnTy

Kraken Returns to Japan; Subsidiary Payward Asia Granted Crypto Exchange Permit

Kraken crypto exchange is making a return into the Japanese market, two years after it exited this space owing to regulatory hurdles at the time. According to the firm’s announcement on September 8, Kraken’s crypto trading services will now be offered again to Japanese clients through its local subsidiary, Payward Asia Ltd.

This progress follows the approval of Payward Asia to operate a crypto exchange under Japan’s Payments Services Act. Notably, this entity is also part of Japan’s crypto self-regulatory Association; Japan Virtual Currency Exchange Association (JVCEA). With this regulatory foundation, Kraken stated that it is now confident of its re-opening business in the booming Japanese crypto market. The announcement reads,

“Kraken feels 2020 is the best year to restart the business in Japan because of the healthy market environment among other reasons.”

The exchange has scheduled mid-September as the target launch date with five crypto assets set to feature initially; Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and XRP. Consequently, prospective Japanese users have been guided to open new accounts with Payward Asia Inc. so as to be able to leverage its crypto-crypto and JPY-crypto trading services. This includes previous users of Payward Japan K.K as the exchange noted there will be no transfer functions.

Kraken’s re-entry into Japan comes barely two months since it was licensed by U.K’s financial watchdog, the Financial Conduct Authority (FCA), to offer Crypto Facilities which are basically ‘Kraken Futures’. This milestone gave exposure to sophisticated institutional investors in Europe who previously could not access licensed crypto derivative markets. Jesse Powell, the exchange’s co-founder and CEO, was particularly enthusiastic about the move,

“This particular license means that a sophisticated class of investors, limited by their own requirements to interface with a regulated venue such as an MTF, will now have access to crypto derivatives in Europe for the first time. More participants means more liquidity and a better experience for everyone.”

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Author: AnTy

Green Shots Emerge in DeFi Following the Painful Unwinding of the Crowded Space

During the recent correction, the DeFi market pulled back hard, so much so that the seven days percentage returns are still in the negative by 20% to 40%.

Except for a handful of top DeFi tokens, all of them plunged 70% to 95%.

But the market seems to be gaining momentum yet again. While in the past hour, DeFi tokens are slowly turning red, in the last 24 hours, significant gains have been made.

Notable mentions include Cream (81%), Swerve (81%), Hydro Protocol (44.3%), bZx Protocol (30%), YFI (17%), Loopring (12%), Aave (10%), Bancor (6.3%), Chainlink (5.6%), Serum (5%), Synthetix (3.8%), and CRV (2.5%).

Total Value Locked (TVL) in DeFi has also climbed to $7.95 billion after falling to the $6.78 billion low today from the high of $9.5 billion on Sept. 2nd.

Uniswap, with $1.47 billion in TVL, is now dominating the DeFi space, a position juggling between Aave, Curve Finance, and the long-standing leader Maker.

Another Vicious to Resume

The market correction was actually the domino effect of DeFi positions unwinding after the head chef of SushiSwap decided to call it a day by pulling a Litecoin’s Charlie Lee, or you could say Ethereum’s Vitalik Buterin.

“The uber-crowded trade in US equities is nothing compared to the crowded nature of DeFi space,” said Denis Vinokourov of London-based brokerage service Bequant.

When DeFi tokens started going down, “the spillover effects turned out to be significant,” which makes sense given that almost $10 billion worth of capital was splashing in the ecosystem. Vinokourov said,

“Going back to the recent price action and as demonstrated in the past, crowded trade unwinds are extremely painful and broad-based but eventually green shots emerge.”

And this is what we are seeing in the market currently. Also, with a considerable reduction in Ethereum gas levels and potential interest from China, another vicious circle will soon resume.

An Opportunity for Competitors

During the DeFi craze, network fees being too darn high also came back in the light. Ethereum miners made a killing from transaction fees, pocketing a total of $113 million in profit in August, up over 3,660% from the meager $3 million earned just four months back.

This means the Ethereum network has all to gain from this DeFi craze and to lose as well.

So, what the second-largest network needs, according to Vitalik Buterin, is nothing but “drastic increase in scalability” – which involves only sharding and rollups, and that has been coming for years.

This makes it a big opportunity for Ethereum competitors such as Cardano, Tezos, and EOS. But while Cardano has just released its mainnet, EOS is not seeing much traction, recording $1.74 billion volume compared to Ethereum’s $5.64 billion.

But according to Brendan Blumer, CEO of Block.one, the company behind EOS, “EOS will unleash DeFi… EOS has the performance, liquidity, and developer community to support DeFi applications that aren’t possible anywhere else.”

Polkadot is another one that jumped the ranks thanks to a denomination – crypto’s version of the stock split.

In the meantime, market participants acknowledged Ethereum’s layer2 solutions like the OMG network and Loopring, resulting in these tokens outperforming.

But Vinokourov says, Ether contenders “command significant financial firepower and a competing platform to rival Ethereum’s DeFi is likely a matter of time.”

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Author: AnTy

Bitcoin Miners Generating BTC at Level Last Seen Post Halving; Unphased by the Drawdown

The crypto market may be experiencing the losses, but bitcoin miners remain unphased by the beating the digital asset took the past week.

Bitcoin miners are as bullish as ever and pushing the hash rate of the network to new highs.

Breaking yet another record, miners are conducting more than 130 hashes per second, keeping the network as secure as ever.

Source: Glassnode

Bitcoin’s difficulty adjustment meanwhile shifted lower this time at 17.3 trillion. With the negative adjustment, the bitcoin miner profitability took an upswing to $0.0898, as per Bitinfocharts.

Bitcoin miner’s profitability was around $0.161 for 1 THash/s in early May when the halving took a hammer to it, and profitability dropped 54%.

In mid-July, it bottomed at $0.0674, and since then, bitcoin mining’ profitability has been trying to sustain around $0.1, with no luck, so far.

Interestingly, amidst this jump in hashing power, miners are contributing to producing Bitcoin while the difficulty of generating BTC reduced; the block time has fallen to 8 minutes 2 seconds from the regular 10 minutes.

On September 3rd, the block time to mine bitcoin was just over 11 minutes only to continue to drop from there, which means miners are generating bitcoin at a fast pace. The last time block time was at this level, and lower, was in early June, following the halving on May 11.

Average block time (minutes)
Average block time (minutes)

Like bitcoin miners who don’t care about this momentary drop in the price, investors are unperturbed just as well.

Investors are taking this as an opportunity to buy the dips as bitcoin’s address activity continues to sustain nicely after shaking out the weak hands.

“We also are seeing a nice uptick in transaction volume, indicating the rising interest around this $10k price level,” noted Santiment.

Given that despite making several attempts in the past week to break the important psychological level of $10,000, bitcoin remains above, it also speaks well for the leading digital currency.

Bitcoin, however, did break down below $10k and today went down to $9,932, after surging to $12,000 level last week, because of the unwinding of “very crowded positions” in DeFi, which “resulted in a spillover effect.”

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Author: AnTy

Bitcoin Crashes Below $10,000, Is The ‘Altcoin & DeFi Apocalypse’ Over Yet?

While the stock market is closed today, recognizing Labor Day, the crypto market is bleeding.

For now, in another red day to mark the start of a new week, cryptocurrencies had a repeat performance. Much like last week, bitcoin dropped below $10,000 to as low as $9,880 on Bitstamp, albeit briefly.

The ‘real’ trading volume meanwhile remains weak at just $1.4 billion.

“One more flush before a bounce seems likely. Stocks probably go up tomorrow. Corn could rally with it,” said one trader.

However, if we look back at the last bull cycle, the average correction is 35%. Given the fact BTC has only retraced 20% so far, another drop could see us below $8,000.

Meanwhile, Bitcoin’s Spent Output Profit Ratio (SOPR), which highlights when the average stakeholder is in a state of profit or loss, dipped below 1 for the first time since April. Currently, it is hovering right at the neutral line. Rafael Schultze-Kraft CTO at crypto data provider Glassnode noted,

“This means bitcoins moved on-chain at a (small) loss, potentially shaking out some weak hands. Imo it is very crucial to hold this level here so a bearish trend reversal doesn’t get confirmed.”

Ether Crashes Hard

While bitcoin is at the precipice, Ether is getting beaten hard. The second-largest cryptocurrency lost nearly 35% of its value last week to drop to $320. Currently, ETH/USD is around $335. Analyst Rekt Capital said,

“Indeed the $360 has switched into a resistance, offering lower prices. Price breaks back into the $160-$360 range. Very low $300s is a real possibility going forward. $290 would be perfect.”

The spark plug for these losses was a decline of 6.1% in the Ether balance on top 100 exchanges, from 16.92 million to 15.89 million over the past week.

Last week, before crashing, ETH price jumped to a new 2020 high last seen in June 2018, which led to an increase in this exchange’s balance as investors and traders took off some profits.

The good thing is, despite the drop in price, the Ethereum network keeps on growing, with the number of addresses with a balance in ETH hitting a new all-time high on the weekend at 45.88 million addresses, as per data source IntoTheBlock.

This means people are buying the dips. These addresses have increased by 34.8% since the beginning of 2020.

The silver lining to this plunge in ETH price is “DeFi will yet again benefit from the temporary collapse in Ethereum gas fees, and the vicious loop of chasing higher yield will resume yet again until the pressure cooker can no longer hold,” said Denis Vinokourov of Bequant.

DeFi Going Back to Greens

A crash in Ether prices is not good news for altcoins, especially DeFi tokens.

However, unlike last week’s 10% to 20% losses, the altcoins are down 2% to 10% today. Among the top altcoins, LINK with 3.70% gains and BSV 5.97% are the only exceptions.

As for the DeFi tokens, in the past hour, they all have turned green fast with CRV, SRM, and JUST up 8%.

But in the past 24 hours, SNX and CRV are down over 11%, RUNE 9.4%, SRM 9.3%, YFI 8.5%, KAVA 8.1%, BAND 7.2%, REN 6.6%, LRC 5.1%, KNC 4.7%, LEND 3.1%, COMP 1.7%, AMPL 1.4%, and WBTC 1%.

The biggest loser in the past seven days has been Ampleforth, which lost over 63% of its value with other notable mentions, including Melon (50%), Bancor (47%), and Curve (46%), as per CoinGecko.

As a result, the total value locked in the DeFi sector also dropped by 21% to $7.5 billion.

While more losses could be in order, depending on Bitcoin’s next move, which itself is waiting for the stock market, trader and economist Alex Kruger says the “alts apocalypse” the market experienced “won’t happen again even if BTC were to go down.”

Alts apocalypse was the leading digital currency losing 5% of its value resulting in alts crashing 20-50%, which was “extraordinary” because “Multiplier is usually in the 1.5-3x, not 4-10x.”

“Feel confident alts bottomed. BTC may flirt again with 9Ks. But alts bottomed. What the market saw yesterday was total obliteration. Strong hands remained, weak hands folded,” said Kruger.

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Author: AnTy

Ether Back to Earth After Traders Lose their Appetite for DeFi Food

One of the big reasons for the bloodshed in the cryptocurrency market is the flow of money out of the decentralized finance (DeFi) sector, which, as a matter of fact, was overdue.

On Wednesday, the total value locked in DeFi hit a record of $9.5 billion, which has fallen to $8.2 billion today, as per DeFi Pulse.

Last month has been an explosive one for the sector, which grew more than 2x and saw a storm of yield farming that resulted in the introduction of projects like YFI, YAM, SUSHI, KIMCHI, TEND, BASED, NOODLES, SHROOM, PIZZA, and many many more.

While some of the DeFi projects are thriving, building an ecosystem, others are just coming and going within a matter of days.

DeFi is in the experimentative stage and being in the midst of a bull market while offering APY in three to five figures have traders and investors salivating for the DeFi food as reflected in the TVL and the prices of these projects’ governance tokens.

But this much irrational exuberance in the market has to have to settle down, and it happened when the tech stocks experienced a sharp reversal.

DeFi projects crashed hard in the past few days; even the top ones like Chainlink, Aave, Compound, YFI, Synthetix, Maker, REN, Kyber, Balancer, BAND, and others weren’t shown mercy.

Money flowing out of the DeFi and equities market taking a hit pushed bitcoin down to the $10,000 level, and of course, altcoins crashed hard.

This resulted in Ether losing 26% of its value this week after making a two-year high above $480 on Wednesday. The digital asset was actually the one leading the market, given that it is the base on which the DeFi mania is built.

According to data source Sentiment, Ether didn’t tank along with the rest of the crypto market due to a global stock market regression but was already primed to regress.

In the light of ETH’s price surge, exchange wallets exploded to a 6-month high to 1.09 million in an attempt to take off the profits and daily active addresses, and network growth also stunted this past week.

However, it might not be over for ETH, yet as the trader, Smart Contractor further looks to short the asset.

One good thing did come out of this, the skyrocketing fees because of the DeFi crazy have finally come down to the ground.

“Food overdose. Traders have lost their appetite. Finally,” noted trader and economist Alex Kruger.

Earlier this week, the gas that went to 299 gwei level for traders has now fallen to just 130 gwei. The average gas price has dipped 55% in these five days, as per Blockchair.

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Author: AnTy

FTX CEO Proposes Deploying SushiSwap to Solana, Votes in Favor

Digital assets derivatives platform FTX is ruling the cryptocurrency market right now.

The company is building right, left, and center, and with a CEO who barely sleeps, it makes sense that they are so ahead of the curve.

The exchange has been out-innovating others, launching the Uniswap index, DeFi perpetual futures, and also removing the maker fees for the rest of 2020. Hiring Sina Nader, the former head of crypto at brokerage firm Robinhood as the COO, the company is focused on scaling up “massively” in the US.

Launched in the spring of 2019, the exchange made the sixth-largest acquisition with the popular portfolio tracking app Blockfolio just last month.

It also took a deep dive into the world of decentralized finance (DeFi), launching the DEX Serum built on the Solana blockchain. Now, CEO Sam Banman-Fried is proposing to deploy the Uniswap clone Sushiswap to the Solana blockchain within a month and be completed before 2020 ends.

The proposal has over 79% votes in favor compared to a few hours back when “No” were in dominance at 84.6%, which are now at just 19.53%.

In the proposal, he points out how Solana is the “fastest” blockchain with low cost ($0.00002 per transaction) as such support should be built for Sushiswap on Solana.

It is proposed that Sushi rewards are paid to both Ethereum and Solana/Serum based Sushiswap, proportional to the TLV in each or alternately fixed to each pool, which is composed with the Serum order books.

Additionally, each Sushi pool has a curve where the pool sends bids/offers into the associated Serum orderbook to simulate that curve. This allows the Sushi AMM to share liquidity and volume with the orderbook.

While FTX already has a bridge from ERC20 <> SPL (Solana token) Sushi, in the next week, the Solana token wallet (sollet.io) will have as well, he said. Sam proposed,

“Sushi will also be able to compose with a borrow/lending protocol on Serum to allow the pools to trade on margin.”

The proposal is submitted on behalf of EcoSerum, a Serum node, and “not on behalf of or related to FTX,” mentioned Sam, who owns both SRM and SUSHI.

He also proposes rewards of 20k SRM (for 1+2) and another 10k (for 1-5) to the team who builds it and 50k SRM (for 1+2), one locked MegaSerum (1 million Serum put together, for 1-5) for the Sushi community. The tokens will be fully locked until August 1st, 2021, and will be unlocked linearly over the next six years.

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Author: AnTy

A Dose of Hopium Amidst the Bitcoin Market Sentiments Turning to ‘Fear’

With so much red across the crypto market, the market sentiment has taken a drastic turn.

Until yesterday, the market sentiments were of “extreme greed” with a reading around 80, on a scale of 1-100, as per Crypto Fear & Greed Index. The crypto market has been in “extreme greed” ever since late July.

But yesterday’s correction resulted in a sudden decline to a reading of 40, which translates to “fear” last seen in early July when bitcoin was around $9,100.

Crypto Fear & Greed Index
Source: Crypto Fear & Greed Index

The sentiment makes sense, given that bitcoin nearly dropped to $10,000 level in over a month. The crash in the prices of the leading digital currency also sent altcoins in a free fall.

Overall, the crypto market cap lost $60 billion but is currently seeing a small rebound as bitcoin trades at $10,450 with altcoins making a recovery as well.

However, analyst Rekt capital notes, “In the bear market, BTC was in a macro downtrend with relief rallies on the way to new yearly lows. In this bull market, BTC is in an overall uptrend with small pullbacks on the way to new highs.”

Given that crypto markets were influenced by the stock market where tech stocks experienced a sharp reversal, we need to pay attention to the last trading day of the week for the US stock market and, of course, the U.S. Dollar Index, which seems to be gaining strength.

Amidst this somber mood, the popular analyst “Nunya Bizniz” shared the hopium that calls for stacking the sats in anticipation of a bullish wave.

Comparing the 2015 market structure, currently, we are retesting the descending trend line on the weekly just like we did at that time. After the successful retesting five years back, the digital asset had a rally of 8,000% into the all-time high of $20,000 in December 2017.

Source: TradingView

Also, it is nothing out of character for bitcoin to fall this much. As a matter of fact, if bitcoin drops to $8,000, even that won’t be out of the ordinary. During the past cycle, the flagship cryptocurrency had about nine such retracements, where it fell 30% to 40%.

If anything, it is a good buy the dip opportunity.

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Author: AnTy

Binance Plays Catch Up, Launches DeFi Index Perpetual Contract With Up to 50x Leverage

“Trade DEFIUSDT. Trade the trend,” says Binance.

“Long or short the DeFi market, all in one contract,” it further states as the exchange announces the DeFi Composite Perpetual Contract with a leverage of up to 50x. The futures will start trading from August 28th, 7:00 AM (UTC).

That’s right, Binance is offering you 50x leverage to trade the explosive DeFi tokens which have been already surging like crazy.

Binance isn’t the first one to offer a DeFi index trading, except for the 50x leverage, of course. FTX first announced the launch of a DeFi Index perpetual contract, and just this week also introduced Uniswap index futures that cover the top 100 Uniswap pools. FTX also launched a decentralized derivatives platform, Serum.

This week, the exchange also acquired Blockfolio in a $150 million deal to attract retail traders. While the community celebrated the acquisition, “FTX didn’t pay for a portfolio tracker they could build in 5 minutes, they paid $150M for your data and bag info.”

What’s Available & Missing?

Binance’s DeFi index covers 10 DeFi projects that are currently popular in the market. This list comprises some of the hottest tokens that almost completely feed the DeFi appetite of a trader.

With names like Band Protocol (BAND), Compound (COMP), Kava.io (KAVA), Kyber Network (KNC), Aave (LEND), Chainlink (LINK), Maker (MKR), Synthetic Network Token (SNX), and 0x (ZRX), the index is attractive.

However, amidst this is Swipe (SXP), which has more weightage in this index than any other token except for Chainlink, Aave, and 0x.

The community didn’t appreciate that while this list lacks the DeFi darling YFI, it also covers Swipe, arguing it isn’t even a DeFi project. Swipe might not be a DeFi yet, but it is on its way to join the craze as it announced earlier this month that Swipe would be launching a decentralized finance lending/earn application on Binance Smart Chain.

Binance acquired Swipe last month; the latter one also added BNB making it spendable with fiat at over 50 million locations worldwide via the Swipe Visa Debit Card.

Reportedly, when Binance acquired CoinMarketCap, in the biggest ever deal of $400 million, first introduced DeFi project ranking, it published its native token BNB at the top, which has since then been removed.

Binance has constantly been listing new DeFi tokens to capture this hot trend and now advertising its Binance Smart Chain with EVM compatibility, rich & growing ecosystem of assets, cheap transaction fees, high performance, funding, and cross-chain DeFi mechanisms to be the perfect blockchain to launch DeFi projects.

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Author: AnTy