Sovryn Team Puts SOV on Uniswap, Project Crosses $50Mln Mark in TVL

Sovryn Team Puts SOV on Uniswap, Project Crosses $50Mln Mark in TVL

Sovryn, a project aiming to bring decentralized finance (DeFi) to Bitcoin, has surpassed $50 million in total value locked (TVL).

According to data tracking site DeFi Llama, the non-custodial, smart contract-based system for bitcoin lending, borrowing, and margin trading has seen an uptick in its TVL from just under $45 mln at the end of May to just above $52 mln, as of June 10.

With this, the project has joined the top 100 DeFi projects by TVL and is currently at 99th place.

However, up until yesterday, the TVL was worth billions of dollars which sparked some arguments on Crypto Twitter (CT). TVL is a popular and dominant metric in the DeFi space, but many analysts argue its merit and that “a few whale users can create the illusion of activity.”

It all started after Anthony Pompliano, a Bitcoin proponent and an investor in the project — Pomp Investments led the $9 million investment round of Sovryn in April, promoted the Sovryn team’s tweet about the project having a higher TVL, at $1.9 bln, than popular DEX Uniswap V3. He said,

“I keep telling everyone that DeFi infrastructure on Bitcoin is the most mispriced opportunity in the market.”

This sparked a debate with Chainlink Community Ambassador, ChainLinkGod arguing,

“Staked governance tokens should not count as TVL for a lending protocol, no other protocol tracks their market’s TVL like this, look at Aave and their safety module, seems quite misleading because that capital isn’t available for borrowing.”

In response, DeFi Llama removed the staking from Sovryn’s TVL and is issuing an update to the site that allows anyone to choose whether they want staking to be included or excluded on TVL to stay neutral on the matter.

Meanwhile, others argued that even if Sovryn did amass such capital, it wasn’t really an outlier as made to be believed as in the DeFi space there have been many projects that have accumulated TVL many times more than Soveryn’s in a much shorter period of time. Popular crypto Twitter personality CryptoCobain said,

“New protocols offer high yield for fast relative growth and same-cohort examples who launched at the same time have outpaced it by multiples. Of course, new things offering high APY grow quickly.”

“TVL in the image of risk free yield farms is not really the same as risk-on protocol functionality / usage.”

On Thursday, Sovryn announced that they had launched their token SOV on Uniswap to keep the “long-overdue conversation on the distorted way projects are reporting TVL” going.

“DeFi for Bitcoin is finally here to offer a much needed alternative,” said the Sovryn team.

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Author: AnTy

Uniswap’s Latest Proposal Calls for Funding an Organization for Regulatory Defense of DeFi

Leading centralized exchange (DEX) Uniswap is currently running a voting process on its latest proposal that wants to know if the UNI governance should allocate 1-1.5 million UNI, worth $26 million – $40 million at the current price, to fund a policy operation to defend the protocol and DeFi from legal and regulatory threats.

As of writing, 68.69% of votes are in favor of the proposal, but there are still three days left in the voting process.

According to the proposal called Funding a Political Defense of DeFi, the idea is to create and fund a community-overseen organization that would finance existing and new political groups engaged in crypto policy/lobbying.

Given that governments are weighing how to regulate decentralized finance, “we need to defend the ecosystem and decentralized ideals,” it suggests.

The goal will be to educate policymakers to preempt regulatory, legal, political, and tax threats to DeFi, achieving regulatory clarity, advancing laws to support the space, and spurring other DeFi protocols’ governance communities to contribute to the effort.

The need for such an organization is urgent because governments around the world are rushing to regulate the projects without being properly educated on their benefits.

“Currently, DeFi is not at the table—but on the menu,” it warns.

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Author: AnTy

DEX’s Record A New ATH in Volume; Decentralized Exchanges Hit First $100 Billion in May

Uniswap accounts for a monster share of DEXs volume, while in the spot market, Binance alone has jumped $110 bln. Deribit is leading the options market for both BTC and ETH, while CME did $6 bln for Bitcoin futures and $2 bln for Ether futures.

The last 24 hours have been wild, wiping out billions of dollars from the total market as the cryptocurrency prices crashed more than 50%. This, of course, resulted in the exchange volumes surging.

According to CoinGecko, in the spot market, volume on Binance surpassed $110 billion while Huobi and OKEx recorded $40 bln and $33 billion, respectively. South Korea’s biggest crypto exchange, Upbit, had about $27 billion in volume while Coinbase had just over $20 billion.

Binance, OKEx, and Huobi took the top three spots in the futures market.

In the Bitcoin futures market, $241 billion volume was recorded, rising from $84 billion the day before, as per Skew. From $53 billion on Tuesday, Ether futures volume soared to $141 billion.

Derivatives platform FTX surpassed $50 billion in volume. It was only a year ago that it hit its first $10 billion.

On CME, meanwhile, Bitcoin futures saw $6 billion in volume while Ether futures recorded $2 billion, down from over $2.5 billion on May 13.

In the options market, Deribit led the Bitcoin’s market with $2 billion in volume and Ether at $1 billion; neither was a new record.

Centralized cryptocurrency exchanges weren’t the only ones to see record volumes on such a volatile day.

With 10 days still left in May, the collective volume of DEXs hit a new record of $105 billion, up from $80 billion last month, as per Dune Analytics.

In the past 24 hours, DEXs did $11.51 billion in trading volume and $41 billion in the last 7-days.

Uniswap accounted for a monster share of this volume at $5.4 billion, followed by almost $3 billion by SushiSwap.

While Curve’s volume came up to just shy of $1 billion, 0x Native and Bancor both did just over half a billion dollars.

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Uniswap clearly remains the winner, having captured more than 50% of the market share, at one point hitting a new 2021 high of 61%.

Uiswap V3 is actually the largest DEX next to Uniswap V2 and is looking to surpass its own platform. As Mason Nystrom, a research analyst at Messari, puts it, “The only DEX that beats Uniswap is Uniswap.”

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Author: AnTy

Uniswap V3 Recording $265M in Liquidity and $70M in Volume After Going Live on the Ethereum Mainnet

Popular decentralized exchange (DEX) Uniswap has finally deployed v3 to the Ethereum manninet. The official announcement states,

“Uniswap v3 is the most powerful version of the protocol yet, with Concentrated Liquidity offering unprecedented capital efficiency for liquidity providers, better execution for traders, and superior infrastructure at the heart of decentralized finance.”

The pool interface now supports the creation of Uniswap v3 positions with multiple fee tiers and concentrated liquidity ranges. Developers can start building on Uniswap v3.

Dominating the DEX space with more than 50% share, Uniswap also accounts for 80% of all daily DeFi active users. Just last month, Uniswap achieved the milestone of surpassing $10 billion in weekly trading volume.

Overall, April was a record month for DEXs, with total volume hitting nearly $77.5 billion.

Meanwhile, UNI is trading around $42, down 6.7% from its all-time high of almost $45 earlier this week. In the past 8 months, the token has soared about 4,000%.

Defined as a “profound” step forward for DeFi, V3 offers capital efficiency for LPs and improved execution for traders.

As for Uniswap V2 protocol, it will remain functional and available for use as long as the Ethereum network continues to exist; it is expected over time the advantages of Uniswap v3 will draw a majority of liquidity and trading volume away from v2, reads the FAQ.

The liquidity on the latest version is currently $265 million with a volume of just over $70 million, as per Uniswap.info.

Interestingly, each Uniswap v3 LP position is represented as an NFT and comes with a unique piece of on-chain generative art. But “Look out for rare sparkles!”

To counter the high gas prices on Ethereum, Uniswap will also be launching v3 on a Layer solution called Optimism within the next few months.

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Author: AnTy

Uniswap Hits $10B In Weekly Trade Volume; DEX’s Current Pace Would Be $0.5 Trillion Per Year

Leading decentralized exchange (DEX) Uniswap has hit a new milestone.

The weekly trading volume on Uniswap surpassed $10 billion for the first time ever. Daily volume, meanwhile, is $1.5 billion, which hit its all-time high at $2.2 billion in late October.

The latest milestone represents half a trillion-dollar volume every year.

“Uniswap weekly trading volume just passed $10b for the first time!!! $10b/week is over $0.5 trillion per year,” said Uniswap creator Hayden Adams.

The first time, Uniswap hit $1 billion in weekly volume was in early August in 2020, and ever since then, these numbers have only been going up. Much like volume, liquidity is ever-growing as well, keeping above $8 billion.

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Uniswap currently has more than half of the market share at 51.7% in terms of volume, followed by Cuve at 18.6% and SushiSwap’s nearly 15%. CRV -3.91% Curve DAO Token / USD CRVUSD $ 2.90
-$0.11-3.91%
Volume 233.76 m Change -$0.11 Open $2.90 Circulating 273.68 m Market Cap 794.35 m
4 h Uniswap Hits $10B In Weekly Trade Volume; DEX’s Current Pace Would Be Half A Trillion-Dollars per Year 1 w Coinbase Accelerates Altcoin Listing Ahead of Going Public, Bringing Millions of Retail to DeFi 4 w Coinbase CEO Says Exchange is Open to CBDC Listings, Not Intimidated by DEXs
SUSHI -1.22% SushiSwap / USD SUSHIUSD $ 12.51
-$0.15-1.22%
Volume 482.49 m Change -$0.15 Open $12.51 Circulating 127.24 m Market Cap 1.59 b
4 h Uniswap Hits $10B In Weekly Trade Volume; DEX’s Current Pace Would Be Half A Trillion-Dollars per Year 1 w Cross-Chain Decentralized Exchange, THORchain (RUNE), Launches After 3 Long Years of Development 1 w CipherTrace Releases DeFi Compliance Solution Built on Chainlink to Abide by OFAC Sanctions Requirements

Overall, $49 billion has been recorded by DEXs in monthly volume in April so far. In Q1, the best month was February, $76.7 billion monthly volume.

The token UNI, meanwhile, is a $17 billion crypto-asset trading above $32.

Earlier this week, eToro, which has 20 million registered users globally, added support for UNI and LINK on its trading network, bringing the total number of crypto assets available to trade on the platform at 18. LINK -6.15% Chainlink / USD LINKUSD $ 36.27
-$2.23-6.15%
Volume 2.05 b Change -$2.23 Open $36.27 Circulating 419.01 m Market Cap 15.2 b
2 h Oracle Service API3 Inks Deal With OBP To Merge Conventional Banking With DeFi 4 h Uniswap Hits $10B In Weekly Trade Volume; DEX’s Current Pace Would Be Half A Trillion-Dollars per Year 1 d Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading

“Now is the right time to be adding new cryptos to eToro. We have seen an explosion in retail investor appetite for the asset class and strong demand to invest across a greater range of tokens.”

Doron Rosenblum VP of Business Solutions at eToro

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Author: AnTy

Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading

Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading

Social investment platform, eToro adds Chainlink (LINK), a decentralized oracle network, and Uniswap (UNI), a decentralized exchange token to its platform bringing the total number of cryptocurrencies to 18. The two tokens join Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Tezos (XTZ) on the eToro trading platform.

This move marks eToro’s involvement in the booming decentralized finance (DeFi), which has grown to over $55 billion in total locked value (TVL), according to DeFi Pulse. Uniswap currently places as the third-largest DeFi protocol on DeFi Pulse with $5.65 billion locked on the DEX while LINK’s ubiquitous nature sets it apart from every decentralized oracle in the industry.

Despite lagging behind in listing cryptocurrencies, Doron Rosenblum, VP of Business Solutions at eToro, believes “now is the right time to add tokens” as investor appetite for cryptos reaches fever pitch.

“Both LINK and UNI have interesting use cases and remind us that not all cryptos are designed to be currencies.”

“Chainlink is an important project that aims to overlay internet data with information stored on the blockchain and Uniswap is a critical part of the crypto trading infrastructure.”

eToro has seen magnificent growth since launching its first crypto products in 2013. In its plans to expand, the company is planning to go public through a merger with special purpose acquisition company (SPAC) FinTech Acquisition Corp. in a $10.4 billion valuation deal. The company boasts of 20 million customers across the world enjoying zero-commission trading o crypto.

Rosenblum further stated the social trading app is looking forward to adding more cryptocurrencies across the year.

“We will continue to find ways to open up this sector to more people, including adding more tokens later this year.”

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Author: Lujan Odera

Uniswap Creator Teases about V3 as 1Inch Protocol Launches Faster and Cheaper Version 3

As DEX aggregation protocol makes it cheaper to swap tokens on 1inch than on Uniswap, Hayden Adams says Uniswap seeing “real use and adoption.”

Decentralized finance (DeFi) application 1inch has released its version 3 with some new features, promising to offer its users the fastest trades at best rates.

The DEX aggregation protocol is targeting the pulse of the problem, high transaction fees on Ethereum that is making it difficult for smaller users to utilize different applications on the second largest network.

“We are thrilled to unveil version 3 of the 1inch Aggregation Protocol, which facilitates lower gas fees,” noted the team in its official announcement.

Reducing gas fees is actually the main improvement in V3, which is made possible through assembly code optimization.

This reduction in the transaction cost applies to swaps using DEX Uniswap V2 and its forks like SushiSwap and LuaSwap, among others.

The team shared how now swapping ETH for DAI on 1inch will be a lot less, over 10% less gas, than trading the same on Uniswap and nearly 5% less than on 0x. “It is now cheaper to swap tokens on 1inch than on Uniswap, as well as other popular protocols,” points out the team.

In reaction to this, Uniswap creator Hayden Adams tweeted out how the popular decentralized exchange is still dominating at 60% of DEX trading volume, which is close to its all-time high.

And that is three months since the end of UNI liquidity mining, “so this is from real use and adoption,” said Adams.

He then teased the community about how Uniswap will soon be launching its V3 as well, which has been a lot in the news but is yet to be released.

“I’ve heard a new and improved version of the Uniswap protocol is being announced soon.”

Already, the UNI token became the first DeFi coin to enter the top 10 crypto list, currently trading just under $30, up 560% YTD. UNI 1.43% Universe / USD UNIUSD $ 0.00
$0.001.43%
Volume 0 Change $0.00 Open $0.00 Circulating 88.03 m Market Cap 67.02 K
4 h Alpha Begins its “Multi-Chain Ecosystem” with the Launch on Binance Smart Chain (BSC) 6 h Uniswap Creator Teases about V3 as 1Inch Protocol Launches Faster and Cheaper Version 3 1 d Aave Releases AMM Liquidity Pool, Uniswap and Balancer LPs Can Use their LP Tokens as Collateral in Protocol

While Uniswap has yet to release its much-anticipated V3, 1inch is bringing more liquidity to its users through cheaper swapping token features on the platform. As of mid-March 2021, the total value of liquidity available on 1inch 1INCH 14.64% 1inch / USD 1INCHUSD $ 5.03
$0.7414.64%
Volume 241.56 m Change $0.74 Open $5.03 Circulating 148.89 m Market Cap 748.28 m
6 h Uniswap Creator Teases about V3 as 1Inch Protocol Launches Faster and Cheaper Version 3 1 w Rug Pulled on Users as DeFi Project Meerkat Finance Disappears Along with $31 Million 2 w 1Inch Decentralized Exchange to Transition to Binance Smart Chain as Ethereum Exodus Begins
was $16.5 billion for Ethereum ETH 2.13% Ethereum / USD ETHUSD $ 1,827.25
$38.922.13%
Volume 24.4 b Change $38.92 Open $1,827.25 Circulating 115.09 m Market Cap 210.3 b
3 h Ethereum Wallet, Gnosis Safe Launches SafeSnap to Enhance Decentralized Governance in DeFi 4 h TRON Takes Aim at Ethereum’s NFT Market with the Launch of its TRC-721 Standard 4 h Alpha Begins its “Multi-Chain Ecosystem” with the Launch on Binance Smart Chain (BSC)
and another $2.3 billion for Binance Smart Chain (BSC).

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Author: AnTy

Aave Releases AMM Liquidity Pool, Uniswap & Balancer LPs Can Use their LP Tokens as Collateral

Aave Releases AMM Liquidity Pool, Uniswap and Balancer LPs Can Use their LP Tokens as Collateral in Protocol

Popular decentralized finance (DeFi) application, Aave Protocol, which allows users to unlock liquidity across various assets, has launched a new AMM Liquidity Pool.

This latest launch will enable the liquidity providers of popular DEXs Uniswap and Balancer to use their LP tokens as collateral in the Aave.

“Automated Market Makers” (AMMs) are all the rage in the market as they allow Ethereum users to swap assets without a third-party intermediary. While providing this liquidity, they earn fees as well.

On providing liquidity, users get LP tokens from the AMM, which in most cases represent the crypto deposited by the user along with proportional trading fees. These LP tokens accrue trading fees over the time the assets remain in the liquidity pool.

“AMMs were one of the first ways to earn a passive income in the DeFi ecosystem and remain so today,” notes Aave.

While Aave launched an “AMM Liquidity Pool” last year, it only allowed users to deposit Uniswap v1 LP tokens in the Aave Protocol and use them as collateral.

But now, users can use LP tokens from several AMMs, starting with Uniswap and Balancer.

DAI/USDC, WBTC/USDC, DAI/WETH, USDC/WETH, AAVE/WETH, LINK/WETH, BAT/WETH, SNX/WETH, UNI/WETH, YFI/WETH, CRV/WETH, MKR/WETH, REN/WETH, and WBTC/WETH are supported Uniswap V2 LP tokens.

As for Balancer LP tokens (BPT), WBTC/WETH and BAL/WETH are supported.

Those who deposit LP tokens can borrow DAI, USDC, ETH, wBTC, and USDT.

This launch will allow the community to explore “new frontiers” with Aave. The DeFi blue-chip is currently enjoying an uptrend of 300% YTD, trading at $365.

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Author: AnTy

Uniswap Reaches 1 Million Users; UNI has Highest Distributed Supply Among Major DeFi Assets

Popular decentralized exchange Uniswap is enjoying increasing volume in 2021, just like the centralized exchanges.

Ever since November 2020, the weekly volume on the platform only went higher, starting from just under $2 billion through the month to climb above $3.50 billion towards the end of December. January saw these numbers rising past $5 billion only to have a record $8.2 billion in the Feb. 21-27 week.

Things are currently slowing down to $5 billion weekly volume, as the cryptocurrency market consolidates in the macro backdrop of the rising USD index, smaller users trying cheaper alternatives like Pancakeswap on Binance Smart Chain (BSC), and NFT mania capturing the attention.

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Interestingly, while DEX Uniswap is managing about $1 billion in daily trading volume, its valuation is only $32 billion. Compared to this, Coinbase does $2.5 billion with a valuation of $100 billion.

“Now, let’s think about a fair price for UNI,” commented DeFi.

Just past weekend, UNI joined the top 10 cryptocurrencies list as the price hit a new high. As of writing, at a price of $32, UNI has a market cap of $16.71 billion.

But while on Uniswap, the fees are 0.30%, Coinbase charges a hefty up to 4%, which can rise further after the markup. During high volatility, both the exchanges recorded higher volume and increased fees paid by users.

The big difference is in their users; Coinbase, which was launched in 2012, revealed in its filing with the SEC that it had 43 million verified retail users in Q4 2020. The company also reported 7,000 institutions and 115,000 ecosystem partners.

Meanwhile, in November 2018 launched Uniswap has just reached 1 million users, as per Dune Analytics.

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While Uniswap has a long way to go, the growing DeFi ecosystem can speed up things.

Just last week, as UNI’s market cap surged to a new all-time high on Sunday, UNI active addresses also increased 4.3% week-over-week, and transfers increased by 10%.

The governance token of the dominant DEX further had a massive 470.3% increase in adjusted transfer value after it spiked to over $4.9 billion, from a daily average of less than $1 billion, on March 5th.

The DeFi token also has a relatively high SER, The Supply Equality Ratio inspired by the 20:20 Ratio – a traditional wealth inequality metric that compares the average income of the richest 20% of society to the poorest 20%.

Among the major DeFi assets, UNI has the highest distributed supply with SER of more than 0.002, likely due to its initial airdrop to platform users, as per Coin Metrics. AAVE, whose SER increased significantly since the start of the year, and COMP also have relatively high SER, just under 0.001.

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Author: AnTy

Uniswap Hits Over Bln in Weekly Trading Volume & 0 Billion Overall

The popular decentralized exchange Uniswap has hit a milestone of processing more than $100 billion in trading volume in its entire life.

Ever since the beginning of 2021, the DEX has been doing more than $5.5 billion per week, which went past $7 billion during the second week of February, as per Uniswap.Info.

With this much volume, Uniswap is the leading decentralized exchange (DEX), capturing the majority of market share, 54.4%, which is down from 70.7% on August 31st due to SuhsiSwap’s launch.

The TVL (total value locked) of the protocol has also surpassed $4 billion for the first time.

Much like the exchange, its token UNI is experiencing a significantly positive price performance. Uniswap Token, with a market cap of $6.34 billion, is trading above $21, up 345% this year so far.

After exchange balances peaked at 36.86 million UNI in early January, a 10% outflow of over 5.3 million UNI tokens occurred, supporting a price rally from $6.33 to over $23.26.

According to Glassnode, over this same period of time, the number of intra-day transactions transferring UNI tokens tripled from 277tx per hour to a peak of 830tx per hr. However, despite this continued price appreciation, there has been a marked slow-down of transaction counts for UNI tokens since the beginning of this month.

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Author: AnTy