Treasury Yields Flip Negative as Crypto Lending Takes Off: Kaiko Report

Real yields that recently hit their lowest levels since 2003 are going down as consumer prices increase at their slowest pace in six months, making fixed-assets in classic portfolios underperform.

The crypto market has been recovering from the July 21 low of just under $1.3 trillion, having reached $2.47 trillion when earlier last week, the market experienced a small hiccup yet again.

In the past week, the market has been trying to make its way back up again but is currently struggling to break out strongly above.

Still, Bitcoin is currently trading around $46,800 and Ether at about $3,400, while the total crypto market cap is now past $2.2 trillion.

Amidst this, as we reported, lending in the cryptocurrency sector has been taking off, with DeFi stablecoins’ interest rates continuing to increase. Stablecoins’ total market cap has also grown to $123.68 billion, from less than $6 billion in March 2020.

“Treasury yields flip negative as crypto lending takes off,” noted crypto data provider Kaiko in its latest report.

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US Treasury yields went down on Tuesday after data showed that consumer prices increased at their slowest pace in six months. The consumer price index, a key inflation report, showed a 5.3% year-over-year increase for August, and Core CPI, which excludes volatile food and energy prices, rose 0.1% month over month – both slightly less than the expectations.

In reaction to this, the yield on the benchmark 10-year Treasury note fell to 1.285%, and the yield on the 30-year Treasury bond slid to 1.867%. Yields move inversely to prices.

Nonfarm payrolls, however, grew by just 235,000 in August, well below expectations of 720,000 new positions.

The Federal Reserve is currently monitoring the inflation, which it wants to see hit its 2% target and looking for strong employment results to start paring the monthly bond purchases.

Kaiko noted in its report that the Fed’s emergency monetary accommodation is what has put significant downward pressure on long-term bond returns over the past year.

“As global inflation increased and growth expectations worsened, real yields turned negative hitting their lowest levels since 2003 this past August.”

While fixed-income assets have been offering steady income flows, low volatility, and protection against falling equity valuations in a diversified portfolio over the past years, now that yields are drifting lower, the fixed-income allocation in the classic 60/40 portfolio is likely to underperform.

This combination of the ongoing low yield environment and the rising demand for liquidity in crypto markets is making the nascent crypto lending industry popular among market participants, it said.

In comparison to 0.7% per year paid by a typical savings account, even the centralized options in the crypto offer sizable returns ranging from 3% to 12%, which can get astronomical for big risk-takers.

In DeFi, the popular lending protocols Compound Finance and Aave have already launched their services specifically for institutions.

“Crypto lending allows users to supply cryptocurrencies in exchange for earning an annualized return, even in the absence of price appreciation.”

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Author: AnTy

The Dogecoin (DOGE) Foundation Announces Reinstatement and Official Advisory Board

Ever since it was created, Dogecoin has never particularly fit any purpose. However, a new initiative from its developers suggests a change in that narrative

Earlier this week, the Dogecoin Foundation announced that it had been officially reinstated. In a press release, the Foundation confirmed that this reinstatement will help it to support the DOGE community and build the crypto’s future.

Getting Back to Work

Officially launched in 2014, the Dogecoin Foundation is a non-profit organization that supports Dogecoin’s growth. The group primarily focuses on advocacy, trademark protection, and governance. It had been active for a bit, but the exit of several key members eventually left it dormant. Thus began the story of Dogecoin and its status as a meme currency.

Per the announcement, the primary reason for the Foundation’s reinstatement is to boost DOGE’s adoption and utility. The Foundation promised to launch new projects geared towards increasing the meme coin’s grassroots appeal.

Amongst other things, the projects will complement the current Dogecoin Core Wallet and make it easier to integrate the asset’s API. This way, companies and projects across spaces like finance, charity, and social that would like to accept Dogecoin payments would find it much easy to integrate.

The Foundation’s advisory board already has several notable members, including Ethereum (ETH) co-founder Vitalik Buterin, Dogecoin co-founder Billy Markus, and Dogecoin core developer Max Keller. It will also feature Jared Birchall, the chief executive of neurotechnology company Neuralink Corporation.

Neuralink is one of the many companies founded by Tesla CEO and prominent Dogecoin hype man Elon Musk. Birchall will be on the Foundation to represent Musk’s interests.

Besides these members, the Foundation has also said that it will be creating a three-year operational budget as it looks to expand and recruit more people.

Payments et al.

The Foundation’s reinstatement should provide some direction for Dogecoin – a currency that has so far survived off memes and a strong community. Meme coins are all the rage, especially considering how quickly their values can spike. However, a coin without utility will only last for so long.

Dogecoin already amassed arguably the strongest community of believers in the crypto space. If it can create a set of specific use cases and grow in adoption, the coin should be able to see its price jump even higher and provide value to investors.

There have been several moves that sought to identify Dogecoin’s potential as a medium of exchange. Earlier this year, Musk himself ran a Twitter poll, where he sought the view of his online community on Tesla’s possible integration of Dogecoin payments for their sedans. This came after the company paused Bitcoin (BTC) payments over the crypto’s environmental concerns.

Also, Scott Paul, founder of Utah-based marketing agency Wooly, offered his home up for sale earlier this month and even gave a 10 percent discount to anyone who would pay using DOGE. given that the property goes for $399,000, that’s a pretty hefty discount.

Instances like these show that there is a demand for DOGE payments – no matter how small. The Foundation could explore this use case – as well as many more – going forward.

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Author: Jimmy Aki

4 Bitcoin Futures-backed ETFs Filed Since SEC Chair Gary Gensler Signaled His Openness to Them

4 Bitcoin Futures-backed ETFs Filed Since SEC Chair Gary Gensler Signaled His Openness to Them

Grayscale’s global head of ETF reads Chair Gensler’s comments to be “very positive,” while ProShares’ head of investment strategy says, “the advantage of this approach is clear.”

Valkyrie Investments is the latest company to file with the US Securities and Exchange Commission (SEC) for a Bitcoin futures exchange-traded fund (ETF).

The crypto trading firm that raised $10 million in a Series A capital round to drive its ETF plans is also awaiting SEC’s decision on its physically-backed Bitcoin ETF.

The Fund, Valkyrie Bitcoin Strategy ETF, however, won’t be investing directly in Bitcoin. Instead, it will seek to purchase Bitcoin futures contracts so that the total value of the crypto asset underlying the futures contracts in it is as close as possible “to 100%” of the fund’s net assets, according to the proposal.

This proposal comes in the wake of SEC Chair Gary Gensler’s comments at the Aspen Security Forum, where he signaled that he is open to an ETF that Bitcoin futures offered by CME backs.

“I anticipate that there will be filings with regard to exchange-traded funds (ETFs) under the Investment Company Act (’40 Act). When combined with the other federal securities laws, the ’40 Act provides significant investor protections. Given these important protections, I look forward to the staff’s review of such filings, particularly if those are limited to these CME-traded Bitcoin futures.”

Ever since Gensler’s comments, four such filings have been made by VanEck, Proshares, Invesco, and now Valkyrie that aims to provide exposure to Bitcoin Futures, Canadian ETFs, exchange-traded products (ETPs) invested in it, and Trusts like Grayscale Bitcoin Trust (GBTC).

“We read Chair Gensler’s comments to be very positive … because the story is no longer if there’s going to be a bitcoin ETF but when there’s going to be a bitcoin ETF,” said David LaValle, Grayscale’s global head of ETF in an interview with CNBC this week. Grayscale itself is “100% committed” to convert its GBTC into an ETF.

Meanwhile, ProShares’ head of investment strategy, Simeon Hyman, said, “the advantage of this approach is clear,” in terms of the futures market is regulated, CME and CFTC acting as the clearinghouse, people already having the understanding of a mutual fund, and the ability to get in and out every day at net asset value (NAV). Hyman said in a separate interview,

  • “I want exposure to the changing price of bitcoin. I don’t need to access bitcoin in the same way as someone who’s using it for one of its core attributes.”
  • “The futures approach in a mutual fund will absolutely have an important audience out there.”

There are about twenty crypto-specific filings made this year in the US, with the majority of them to hold BTC, while some include Ether and a basket of cryptos.

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Author: AnTy

Ether’s ‘Bullish Self-Reinforcing Cycle’ Commences as Daily Transfers of ERC-721 Tokens Reaches ATH

Ever since falling to nearly $1,725 on July 20, Ether has been surging, climbing to almost $3,270 on Wednesday, a level last seen in May during the sell-off. 19 out of these last 22 days, ETH has printed green candles.

As of writing, ETH/USD is trading above $3,259, down about 26% from its all-time high three months back.

ETHBTC is also on an uptrend this month, currently around 0.07, with next resistances at 0.0735, 0.077, and the May high of 0.82. After this comes Jan. 29, 2018, a high of 0.1227 on Coinbase.

“A bullish self-reinforcing cycle seems to have developed in ETH,” stated digital assets traders, QCP Capital.

In the options market, “the frenzied buying of calls in both BTC and ETH across the curve has resulted in a short squeeze (in both spot and vols),” which is expected to be from “funds and large speculators making large topside bets, buying BTC strikes up to 80-100k, and ETH strikes up to 8-10k from as early as September 2021 out to June 2022.” BTC -0.16% Bitcoin / USD BTCUSD $ 45,501.45
-$72.80-0.16%
Volume 33.75 b Change -$72.80 Open $45,501.45 Circulating 18.78 m Market Cap 854.67 b
7 h Auto Insurer Metromile Adds $1 Million worth of Bitcoin to its Balance Sheet 7 h Coinbase’s Institutional Volume Surges 47% to Dwarf Retail in Q2 But Accounted for Less than 6% of Revenue 8 h Ethereum’s ‘Bullish Self-Reinforcing Cycle’ Commences as Daily Transfers of ERC-721 Tokens Reaches ATH

It further noted that the ETH spot rallied thanks to EIP-1559 and reignited interest from speculators, with NFTs leading the charge.

The trading volume in NFTs has been surpassing every other ETH transaction venue, including DeFi and Stablecoin flow, which has led to a greater burn rate on ETH, spurring further price appreciation, which in turn encourages more interest and speculation, creating a feedback loop.

This mania in NFTs and digital collectibles can be seen in daily transfers of ERC-721 tokens, the standard for Ethereum-based NFTs, which is near an ATH.

So far, in less than a week, 27,270 ETH worth $82.35 million has been burned ever since EIP-1559 went live as part of Ethereum’s London hard fork on August 5th.

With this new design of Ethereum’s transaction fee mechanism, where fees are composed of a “base fee” which is required for a transaction to be included in the block and burned and a “priority fee,” which is a voluntary tip, ETH’s net inflation rate has reduced.

Since the release of EIP-1559, the net ETH issuance per block has been between 1-2 ETH, and in some blocks, it has even turned negative.

While creating a better UX for transaction fees, EIP-1559 also creates a new dynamic for network congestion which leads to high gas prices and now post upgrade will result in burning a large amount of ETH, a positive for supply economics that will further help push up the prices.

This upside move in ETH and overall crypto moving higher has been seen as positive, but QCP Capital remains “wary of potential downside risks on the horizon,” as well. Last month they had called for a rally on the back of the EIP-1559 mainnet implementation and then a larger Q4 sell-off on the US Federal Reserve’s tapering.

Just today, Richmond Fed President Thomas Barkin said tapering could take a few months as the focus is not on the calendar but on more improvement in the job market, particularly further increase in employment to population ratio.

But QCP remains uncertain of how crypto prices would be impacted by macro forces given the idiosyncratic divergences between BTC and macro assets such as gold; their 1-year correlation is currently approaching 3-year lows.

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Author: AnTy

USD Longs Climb to Highest Level Since March 2020, Greenback’s Downturn Coincides with BTC Rally

USD Longs Climb to Highest Level Since March 2020, Greenback’s Downturn Coincides with BTC Rally

The net long dollar position has grown to $2.99 billion this week, up from just $399.69 million in the previous week. Meanwhile, bitcoin net shorts are rising as the BTC price surges to $42,500, last seen in May.

The USD Index has been going down for the past ten days, sliding from nearly 93.2 to 91.79 on Friday — a level last seen over a month back.

This downturn comes after the greenback enjoyed an uptrend for about three months between late May and July. In 2021, the first quarter for USD was an uptrend which followed a downtrend for just under two months.

This is unlike 2020 when the USD Index rallied strongly past 103 in March while every other asset got annihilated. And just as Bitcoin, crypto, stocks, gold, and oil started recovering, USD went down hard to a multi-year low of 89.2 in the first week of January this year.

Interestingly, after 16 long months of net shorts, US dollar positioning finally flipped to net long last week.

Now US dollar net longs have reached their highest level since early March last year, according to CFTC data. The net long dollar position has risen to $2.99 billion this week, from a mere $399.69 million in the previous week.

In contrast, in the cryptocurrency market, bitcoin net shorts rose to 1,572 contracts from net shorts of 1,192 the previous week. This could be because CME traders are hedging their longs.

USD’s downturn coincides with Bitcoin’s uptrend to the point when it bottomed out on July 20, and the day USD had its local top.

Late on Friday or early Saturday, the Bitcoin price surged as high as $42,500, a level that was last seen in May after registering ten green candles in a row.

Since May, the dollar has been poised for its worst weekly performance as the US Federal Reserve made dovish remarks combined with underwhelming economic data.

The downtrend in greenback began as Fed Chair Jerome Powell said after a policy meeting that rate increases were “a ways away” and the job market still had “some ground to cover.”

“While the Fed continued to say it was moving towards winding back its money-printing program, the Fed’s move towards this shift looks likely to be slower than previously anticipated,” said Steven Dooley, currency strategist at Western Union Business Solutions.

US gross domestic product number (GDP) provided little support as the economy of America expanded at a 6.5% annualized rate in the second quarter boosted by massive government aid. Still, even this growth was just slightly better than Q1 and fell short of the expected 8.5% acceleration.

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Author: AnTy

More Than $284 Million In DeFi Lost Through Hacks And Exploits Since 2019: Messari Research

More Than $284 Million In DeFi Lost Through Hacks And Exploits Since 2019: Messari Research

  • About $284 million in Decentralized Finance (DeFi) outfits based on Ethereum have been lost through hacks and exploits since 2019.
  • The popularity and unprecedented growth of decentralized finance (DeFi) have seen the sector become a soft target for exploiters and hackers.

In a report released by crypto data research firm Messari, DeFi platforms have so far lost more than $284.9 million to unscrupulous exploiters and hackers. The firm analyzed DeFi data from 2019. The report states that the lost figure represents about 0.65% of the entire amount currently in DeFi platforms within the Ethereum network.

Through their official Twitter account, Messari provided a breakdown of the findings.

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The research outfit stated that only a fraction of the lost fund is covered by the DeFi insurance, emphasizing the importance of insurance growth in the sector. Although $284 million is a large amount of money, it is important to note that at the moment, about $117.6 billion is locked in different DeFi platforms.

The report shows that flash loan attacks account for about 50 percent of all the hacks. This offers extra evidence that this is the most common exploitation method in the DeFi segment. It is no doubt that the majority of DeFi hacks have been in the form of flash loan attacks which in most cases capitalize on temporary price flaws.

Although there was a notable decline in crypto hacks last year, DeFi heists and attacks accounted for over half of the total attacks in the crypto sector during the year. This year, Cream Finance and Alpha Homora have fallen victims to unscrupulous attacks leading to the loss of huge amounts of funds. In February, Alpha Homora suffered the worst single attack in the DeFi sector, losing about $37.5 million.

DeFi hacks and exploits are not only found in the Ethereum chain since the Binance Smart Chain (BSC) has also suffered attacks in the recent past. A BSC-hosted platform, Uranium Finance, suffered a $50 million heist. The platform realized that the attacker took advantage of bugs within the platform’s smart contract siphoning the money during the expected token migration occasion.

Messari’s report explains that the time is ripe to embrace insurance protocols currently on the rise. Protocols such as Etherisc and Nexus Mutual can offer valuable cover to such hacks and exploits. These protocols can ensure investors do not lose their money when an attack occurs.

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Author: Joseph Kibe

MicroStrategy’s Massive Premium Implies Bitcoin Price of $122k, says Investment Firm Short on MSTR

The price of the MSTR shares have crashed 60% in less than a month since company executives started selling some stocks.

Bitcoin bull Michael Saylor, the co-founder, and chief executive officer of publicly-traded business intelligence company MicroStrategy, has been betting big on the leading digital currency.

The company bought another 205 BTC on Friday, bringing its total holdings to 91,065 BTC, representing 0.488% of Bitcoin’s circulating supply.

While the company continues to bet more and more on Bitcoin, its share prices are not feeling the same bullishness. MSTR share prices have crashed nearly 60% in less than one month from their all-time high of about $1,314 on Feb. 9.

On Friday, the MSTR shares fell as low as $537 before recovering to $620. Interestingly, MSTR is suffering from losses more than Bitcoin.

During the same period, the price of Bitcoin went from $46,500 to an ATH of $58,300, only to see a correction of 26% to almost $43k. Currently, BTC is consolidating in the $40k-$50k range.

The losses in the cryptocurrency market have actually been the result of the weakness in the stock market, which has been reacting to the rising bond yields. “The bond market selloff is showing some signs of stability, and that could mean the bitcoin pullback is nearing its end,” said Edward Moya, a senior market analyst at OANDA.

In related news, MicroStrategy President and CFO Phong Le sold 10,000 shares of MSTR on March 2nd, at an average price of $802.46 a share. Company CTO Timothy Edwin Lang sold 10,000 shares of MSTR stock on Feb 22nd.

Moreover, General Counsel Wei-ming Shao sold 5,000 MSTR shares on March 3rd. Director Jarrod M Patten and Stephen X Graham also sold 1,150 shares and 2,000 shares respectively on Feb. 24.

Distorted from fundamentals

The traditional media and funds have voiced their opinion against the company’s increasing Bitcoin bet. This week, WSJ called MicroStrategy’s Bitcoin buying spree “irresponsible,” based on Marc Lichtenfeld, chief income strategist at The Oxford Group’s view, who calls Bitcoin a “very speculative and volatile asset.” He said,

“I have never seen a company do this. This is beyond the excesses I have seen during the dot-com boom, and I think it makes them very, very vulnerable.”

According to Lichtenfeld, MSTR shares are “completely distorted from (its) business fundamentals” and simply linked to Bitcoin.

Another criticism came from investment management firm Bireme Capital which published its Q4 2020 Investor Letter, revealing that it is short on MicroStrategy, declaring $450 as its fair value.

The fund that had a net return of 47.1% for the year ending 2020 said MicroStrategy has a massive premium, its market cap increasing by $9 billion on a ~$3b windfall on its bitcoin purchases.

According to Bireme Capital’s calculations, MSTR’s current share price implies a bitcoin price of $122,000. The letter reads,

“MicroStrategy (MSTR) is the latest firm with shrinking revenues and negligible profits to pivot to the blockchain. Rather than attempt to start a cryptocurrency business, MSTR pivoted in the most straightforward way possible: it simply bought hundreds of millions of dollars worth of bitcoin overnight. In one light, this is an utter abdication of all the principles of corporate finance. Why not return the money to shareholders, who can decide for themselves whether or not they want to own bitcoin? But in another light, this was a brilliant end run around the SEC, who has been denying bitcoin ETF proposals le and right for years. MSTR went from being a mere stagnant software business to the de facto bitcoin ETF.”

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Author: AnTy

BTC Breaks Yet Another Level, k, as Elon Musk says, Bitcoin and Ethereum ‘Seem High’

Since making a similar remark on his electric car company, the price of TSLA shares has surged 400%. Tesla CEO is also busy mining his favorite cryptocurrency Dogecoin as a “fun family project.”

The market value of Bitcoin hit the milestone of $1 trillion on Friday as the price of the digital asset broke past many levels.

Today, we went even higher, past $57,000, aiming for the sweet round number of $60k now. As of writing, BTC/USD has been comfortably trading above $57k, with a market cap of $1.06 billion.

With Bitcoin continuing to roar higher, Tesla CEO Elon Musk threw some love at Bitcoin with yet again the picture of Bitcoin in his Twitter profile, but “Just for a day.”

Musk also took a jab at gold bug Peter Schiff, who thinks and talks about Bitcoin day and night, all the time, and this time as well saying gold is real money and better than both fiat and Bitcoin, referring to Musk calling “Bitcoin is almost as BS as fiat money.”

“An email saying you have gold is not the same as having gold. You might as well have crypto. Money is just data that allows us to avoid the inconvenience of barter. That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.”

Musk explained to Schiff, adding, “That said, BTC & ETH do seem high lol.”

Musk made a similar infamous comment regarding his electric car company back in May last year, “Tesla stock price is too high imo.” Since then, the price of TSLA shares has surged 400%.

Besides Bitcoin, the founder and CEO of SpaceX is also busy mining his favorite cryptocurrency, Dogecoin.

“I just set up some little Doge mining rigs with my kids. It was fun,” said Musk on Saturday. He also shared that he has been using Antminer L3+ rigs to mine the meme coin, which was bought off eBay.

“Not really economic, but it was a fun family project,” he added.

The Next Major Milestone

When it comes to Bitcoin, the leading digital currency is enjoying more than a 92% uptrend in 2021 so far.

Despite the latest round of gains, over 17% this week, the funding rates on Bitcoin perpetual contracts haven’t heated up, currently between 0.0158% on Deribit and 0.1457% on Huobi, as per Viewbase.

While the Perp-spot basis is flat, the basis of the future is sky high while implied volatility is falling and 25-day skew rising, noted trader and economist Alex Kruger adding, “leverage is very high, but inflows are gargantuan.”

Now that the first milestone for $1 trillion has been hit, the next major milestone ahead for Bitcoin is surpassing the market cap of gold which is about $10 trillion. This will put the price of Bitcoin around $500,000.

Qiao Wang of DeFi Alliance has a 90% conviction that it will happen in our lifetime but will this happen during this hype cycle, that’s to be seen.

Before that, going above $100k will make it the world’s largest asset, dethroning Apple. The hopium from Su Zhu, the CEO of Three Arrows Capital,

“This is not yet another cycle; this is the End of Cycles. The one where after BTC flippens gold, it doesn’t flip back. The one where web3 supersedes web2. Where culture is collected and accrued digitally instead of physically. Where life is lived mindfully rather than mindlessly.”

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Author: AnTy

Binance’s Has Been Blacklisted in Russia Since Sept; New Ruling Removes the Restriction

Binance’s Has Been Blacklisted in Russia Since Sept; New Ruling Removes the Restriction

  • The World’s largest crypto exchange in terms of capitalization, Binance, has been removed from the blacklisted websites in Russia following a court order.
  • Binance’s website was formally blacklisted in September last year by the Russian regulators. However, the exchange’s trading in the country has not been affected.

According to a popular news agency, Kommersant, on Jan. 21, Arkhangelsk Regional Court ordered that the Binance website be expunged from the list of blacklisted websites in the country.

The head of Binance Russia, Gleb Kostarev, confirmed to Bitcoin Exchange Guide that the reports were indeed true explaining that the court session was held on Jan. 20. The court’s decision read,

“Issuance and usage of bitcoins are fully decentralized, and there is no way to regulate it by the government, which contradicts the current Russian law.”

Binance’s website was blacklisted in June after Arkhangelsk Regional Court sided with local prosecutors, arguing that the firm was aiding in distributing information regarding Bitcoin, unlicensed crypto in the country. According to Kostarev, Binance Russia was not issued with a formal notification of the court hearing and only realized the blacklisting by the regulator, Roskomnadzor, three months later. Kostarev stated that the failure to notify the company made it difficult to defend its rights properly in court.

The ruling which was seen by CoinDesk indicates that the prosecutors extracted their complaint after Binance moved to challenge the decision.

Cryptos such as Bitcoin is legal in Russia even after the digital assets law was adopted on Jan.1. The law states that cryptos are legal taxable properties. The country also adopted another order requiring civil servants to declare their crypto holdings for taxation purposes.

Kostarev explained that the blacklisting of the firm’s website had no major effect on its trading volumes.

“Though the September ban had no impact on our volumes in Russia, for us, it was important to protect our reputation and appeal in this case.”

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Author: Joseph Kibe

SushiSwap Captures Bigger DEX Market Share; Lays Down 2021 Roadmap

While Uniswap lost 40% of its market share since August, Sushiswap gained 1,120% in just over 2 months. Meanwhile, the Sushi token price is fast approaching its ATH as the team shares what’s to come this year.

Decentralized exchange SushiSwap’s native token Sushi has been enjoying an uptrend of 790% since November.

The token, which is still 62% away from its all-time high of $12.5 made on Sept. 1st, started climbing upwards today ahead of the roadmap release as announced by the project lead 0xMaki on Friday.

Sushiswap actually accounts for 24.4% of all DEX volume, up from a mere 2% in late Oct., as per Dune Analytics. Meanwhile, Uniswap’s share has decreased from 70.65% in late Aug. to now 42.6%.

The second-largest DEX recorded a $3.2 billion volume in the last 7 days.

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In terms of count of unique addresses that traded, trailing the last 7 days, Sushiswap comes in 3rd with 8,414 number of traders followed by 1inch’s 13,236 and Uniswap’s 98,426.

Much like other metrics, the TVL (total value locked) of the project has also reached $1.7 billion, from merely $239 million in early November.

What’s Ahead?

The team is planning to move to a new domain this year as “we aren’t an AMM anymore moving forward but an OpenOrg part of the Yearn ecosystem,” revealed the roadmap. It will also support IPFS.

The governance transition could either be like the Aragon v2 model or like Synthetix to opt for Council of community members is expected to finish by Q4 of 2021.

DSD, FRAX, and BAO projects are already secured for integration in Q1 2021 besides cross-chain AMM enabled by Rune/Moonbeam and live testing version of Sushiswap on Kusama, MEV integration via ArcherDAO, shared the team.

The plan is to incentivize teams, wallets, dApps & protocols to build with Sushiswap via an emission enabled pool of 0.1x and provide technical support for projects natively integrating Sushiswap.

As per the roadmap, the team ticked off — no lockup so that it can integrate inside Aave-Maker, Keep3r auto-serving of reward, and Wrapped-SLP to be used in various money markets that are being worked on.

The team also introduced Mirin in addition to the Deriswap that comes with franchised pools, double yield, K3PR dynamic yield rebalancing, and integrated 1-Click Za among others.

As for BentoBox, Yearn.Finance creator Andre Cronje introduced with the Sushi-Yearn merger is ready for its soft launch in mid-January. The project has already been audited by Quantstamp & PeckShield but would see another round from Trail of Bits.

When it comes to Minimal Initial Sushi Offering (MISO), a token launchpad, the team is about done with the smart contracts. The v1 of the launchpad will have multiple features; freeze of SLP with vesting for teams, liquidity mining, ICBO, farms, auctions, and crowdsales.

For the layer 2 solution, Sushi will move in sync with the greater Yearn ecosystem. Meanwhile, the Onsen program will be announcing support for mid-tier and lower cap tokens to become accredited to participate in its liquidity mining program.

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Author: AnTy