Swerve Amasses $600 Million in Deposits; Over 60% of Curve within a Week of Launch

Swerve Finance, an unaudited fork of DEX Curve Finance, has amassed more than $600 million in deposits or the total value locked (TVL) in the protocol.

In under a week, this decentralized finance protocol has gotten about 60% of Curve’s deposits, which currently stands at just under $1 billion.

This week, cryptocurrency exchange Poloniex also listed the SWRV token against USDT. Currently, the token is trading at $4.88, down 87.5% from its all-time high hit on the launch day itself.

“Swerve has the best rate out of any exchange for USDC, USDT or TUSD to DAI by both exchange rate and transaction fee! Get some stables and collect your comfortable APY,” boasts the decentralized exchange.

Swerve is fast catching up to Curve. However, volume on the former platform is not strong enough, yet The daily volume recorded on Swerve Finance is just about $15 million compared to Curve’s $135 million.

Curve is the second biggest DEX after Uniswap, which registered $1.3 billion of volume in the past week, accounting for 22% of the market share, compared to Uniswap’s nearly 65% share.

Overall, DEXs are seeing huge growth in 2020, recording $11.6 billion in total trading volume in the month of August. Now in September, already $10.9 billion in combined volume has been seen, as per data source Dune Analytics.

Swerve cloned Curve, a decentralized exchange protocol for trading stablecoins, with the key difference of the latest project being “100% community-owned and governed,” which means SWRV is generated by users with deposits right from the beginning.

Curve’s token CRV’s launch, however, was a botched one. Before the planned schedule, an anonymous developer front-run it and deployed the smart contract with some accusing the protocol of pre-mining the tokens.

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Author: AnTy

Miner Maker Canaan Q2 Report Reveals 160% Revenue Increase But The Still At a Net Loss

Canaan, one of the leading manufacturers of bitcoin mining machines, has released an unaudited financial report for the second quarter of 2020. The information that was released on August 31st suggested a profitable quarter and even a gross profit for a year over year. However, the firm is still at a net loss, despite two profitable quarters. The net loss stems from those incurred over 2019.

Canaan also conducted its IPO last year in November with a target fund of $400 million, out of which the bitcoin mining rig manufacturer raised 25% of the target amount. The outbreak of the pandemic had quite an adverse effect on the company’s share price, which is currently valued at $2.19, down by almost 75% from its public sale price of $9.

The unaudited report also revealed that the company sold about 2.6 million THash/s worth of computing power for the ASIC mining machine in the second quarter. The amount of hash-power sold by the company has nearly tripled from the first quarter’s figure of 0.90 million THash/s. As an added note, the sales figures for this quarter have dropped by 18% from the last year.

The revenue generated by the company in the second quarter stood at RMB 178.1 million ($25.2 million), which is also up by 160% compared to the first quarter, but declined by 25% when compared to the last year.

The gross profit generated by the company in this quarter stood at RMB 43.3 million, equivalent to $6.1 million, seeing an increase of almost 300% year on year, and over 1,700% when compared to Q1.

The gross margin has seen a significant bump in all parameters, where it was up by 25% when compared to last quarter against just 4.2% in 2019.

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Author: Hank Klinger

YAM Ready to Jump Back in the DeFi Game, YAMv1 to YAMv2 Migration Underway

In just over a week, the one-day unaudited debacle from earlier last week is ready to return.

The YAM v1 to YAM v2 migration contract is already live since yesterday, and before the weekend is over, it will be completed.

“All YAMv1 tokens are eligible for migration, but YAM must be harvested from staking contracts to migrate,” states the team.

This governance token of Yam.Finance, which imitated another popular DeFi token YFI was launched with no-premine, no founder shares, no VC interests, and as a zero value token, is all about farming YAM by staking popular DeFi tokens — started with eight staking pools including LINK, COMP, LEND, YFI, MKR, SNX, WETH, and ETH/AMPL.

As the YAM team notified in the aftermath of the unaudited experiment’s crash, they are proceeding with the YAMv1 to YAMv2 migration process, now following a successful audit of the migration contract from Peckshield.

For YAM’s audit, the community raised 115,150 DAI. The audit process only found issues of “Low” or “Informational” severity and have been addressed.

The migration is currently undergoing, and after 4:20 PM UTC August 22, YAMv1 tokens will no longer be eligible for migration.

In YAM v2 token address, 4,904 transfers have been made from 3,566 addresses.

In YAM v1, only about $15 million funds are left in the balance, which reached $750 million on August 13 as traders looked to capitalize on outsized yields from lending and borrowing on the platform, as per Yamalytics.

Another Attempt

YAM Finance didn’t last for long the last time, but it took the DeFi world by storm with its token experiment that included fluctuating supply assets launched via liquidity mining. It was YAM craziness that also pushed ETH fees to skywards. But a bug found in the rebase function resulted in its collapse.

But now, with migration, people who believe in YAM’s value get to capitalize on that by continuing to farm on failed v1 and make their way to the potential upside of v2.

This migration is just the first step in the process with YAMv2, just a placeholder for off-chain voting while YAMv3 is audited, whose launch timing is not determined yet.

Subject to community voting and audit timing, the migration to YAMv3 token will be done via an additional contract.

In its recent update, the team also reminded about granting lost rewards and a bonus to those who acted to save the system.

“We still believe that doing this is the right course of action.” Still, the team doesn’t have the power to enforce such actions on their own, as such, “once the migration to the audited YAM contracts is complete, the team will strongly advocate for one or more proposals consistent with this sentiment.”

Currently, YAM is trading at $1.39, up 393% from its all-time low but still down 99.2% from its all-time high of $167 set on August 12, as per CoinGecko.

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Author: AnTy

YAM Lives After Price Crashed 99%, YAM 2.0 will be Coming

Yesterday, in less than 24 hours since its launch, YAM had $450 million locked in its unaudited protocol, which today surged to $604 million only to get more than halved. Currently, $280 million are left in this protocol.

But even more shocking is the price of YAM, which hit an all-time high at $167.66 yesterday only to crash more than 99% to its all-time low today at $0.574586, as per CoinGecko. Currently, YAM is trading at $1.15.

This has been all because of the 10% daily rebase.

The token came with no premine equitable distribution with Ampleforth like supply rebase. The rebase happens every 12 hours where the supply contracts and expands by trying to reach the $1 peg as such, affecting the actual number of tokens one owns.

YAM Rebase
Source: @KrugerMacro

Save YAM

This debacle happened today due to a rebase bug that had the team asking the YAM farmers to act. In its official announcement, the team shared that a bug was found in the rebasing function that mints too much, this excess mint stays in the YAM Reserves contract.

This makes it “impossible” to take governance actions as these excess YAMS exist but don’t vote as such, unable to reach a quorum. As a result, the funds ($500k) would have been lost as such YAM.Finance asked for help to save the project.

The team believed achieving quorum for a bug-fix proposal would help them save the protocol and asked the community to delegate their votes towards that. It said,

“We need ~1,600,000 YAM (160,000 pre-rebase YAM) delegated via yam.finance by 7am UTC on Thursday.”

They even proposed granting lost rewards combined with a bonus to those who acted to save the system. And “whales will vote to receive compensation for saving yam,” said analyst Ceteris Paribus.

YAM 2.0

In less than 48 hours, the project experienced a full cycle.

In these just two days of the launch of YAM.Finance, there are now more than 8,600 unique addresses holding YAM.

And this community came to help the project with “massive coordination.” Crypto derivatives exchange BitMEX co-founder, and CEO Arthur Hayes also did some saving.

“I’m sorry everyone. i’ve failed. thank you for the insane support today. i’m sick with grief,” tweeted YAM creator Brock Elmore.

According to the latest update, YAM will continue to live long but behave like other rebasing assets like Ampleforth (AMPL) as it can no longer be modified by governance.

The YAM/yCRV Uniswap V2 pool — yCRV is a basket of yield generating stablecoins on the Curve DEX where the main issue was and where people got hurt — will remain safe after getting the majority of the liquidity out of the pool before the second rebase.

Now, because “we believe this community deserves the chance to persist,” the team behind YAM is setting up a Gitcoin grant for a community-funded audit.

If this is successful, they plan to launch “YAM 2.0 via migration contract from YAM.”

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Author: AnTy

Crypto Asset Broker, Voyager Digital, Reports An Impressive 1,159% YoY Revenue Jump

  • Voyager Digital Limited, a licensed Canadian crypto-asset broker, announced a preliminary unaudited revenue figure of $1.1 million after a sharp growth through the fiscal year ending June 30th, 2020.
  • The strong revenue growth is greatly attributed to a strong Q4 where the revenues grew 701% year-on-year to $700,000.

The preliminary report, released by Voyager, showed that the unaudited revenues by the firm jumped an impressive 1,159% over the year to $1.1 million. The company registered over 230,000 customers in the past fiscal year as the brokerage accounts increased 750% year-on-year to 86,000 accounts.

The results show exceptional performance in the operational and financial milestones set by the firm. Stephen Ehrlich, CEO, and Co-founder of the brokerage firm said the company had increased its customers’ assets by 1,959% to $35 million, and the principal value traded grew to $165 million, representing a 725% YoY growth. Ehrlich said,

“Our exceptional business momentum carried over into the fourth quarter, where we saw strong revenue growth both sequentially and year-over-year. […] These results reflect our evolution this past year into a fully integrated digital asset agency broker.”

The rapid growth in Voyager follows a rapid expansion in its business capabilities, including the addition of 39 crypto assets on its platform, including XRP, Compound (COMP), Kyber Network (KNC), Multi-Collateral Dai (DAI) and Celo (CELO) among others.

Over the past fiscal year, the company has completed several partnerships and acquisitions, including Avant-Garde and Circle’s crypto investing app.

Read more: Voyager Raises $2.1 Million in Private Placement to Expand User Base

In the remaining part of 2020 (first half of 2021 fiscal year), Voyager aims at integrating USDC stablecoin as one of the assets, obtain a BitLicense from the New York State Department of Financial Services (NYSDFS) and extend their interest program to other assets.

“Looking ahead, we continue to take steps to strengthen the Voyager Platform, and grow both our retail and institutional customer base,” Ehrlich added.

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Author: Lujan Odera