Uniswap Labs COO MC Lader on the incentives behind DeFi
Crypto lending and financial services companies have been at the forefront of the industry’s latest controversies ever since the collapse of the Terra stablecoin, with many drawing parallels between the web3 financial system and the broader markets in 2008. But not all protocols are created equal, and many that have sustained steep losses in the aftermath of that fiasco are centralized entities that indeed operate similarly to traditional market-makers.
Crypto lending and financial services companies have been at the forefront of the industry’s latest controversies ever since the collapse of the Terra stablecoin, with many drawing parallels between the web3 financial system and the broader markets in 2008. But not all protocols are created equal, and many that have sustained steep losses in the aftermath of that fiasco are centralized entities that indeed operate similarly to traditional market-makers.
BTC mining stocks double in a month as production ramps
While Bitcoin and Ether prices may have climbed lately, Bitcoin mining companies have been absolutely pumping.
Crypto mining companies have seen their stock prices increase as much as 120% over the last month, amid rebounding crypto asset prices, higher mining profitability and sharp increases in Bitcoin (BTC) production.
Crypto mining companies Marathon Digital Holdings at 124.12%, Core Scientific at 110.39%, Hut 8 at 98.95% and Riot Blockchain at 96.69% have seen their stock prices rocketing upward over the last 30-days, according to data from Yahoo Finance — significantly outperforming BTC with 18.0% and Ether (ETH) with 67.8% asset prices.
In a Q2 results filing on Thursday, Core Scientific reported a staggering 1601% increase in self-mined Bitcoin year-to-date, reaching 6,567 BTC. Q2 revenue rose 118% year-on-year to $164 million, driven by increases in digital mining revenue and hosting revenue.
Hut 8 Mining Corp. also saw its mined Bitcoin increase in the quarter, up 71% compared to the prior-year period to a total of 946 mined BTC due to “an increase in hash rate from additional highly efficient miners” and ramping of activities at its Ontario mining site. Its revenue also increased in Q2, rising 30.7% year-on-year to $43.8 million.
Marathon Digital, which shared its Q2 results earlier this week, also said it had increased its Bitcoin production year-on-year, producing 707 BTC in the quarter despite a “challenging macro environment,” with an 8% increase in Bitcoin production activity.
All three companies, however, posted widened losses, driven by impairment losses on their crypto holdings.
The stock price surge has also coincided with climbing crypto prices since the June and July slump, with key crypto assets including BTC and ETH gaining 18.0% and 67.8%, respectively.
Bitcoin mining profitability has also rebounded from year-lows on June 19, according to Bitinfocharts.
Bitcoin mining companies have had to deal with a number of factors in recent months that have impacted BTC production and profitability, including lower asset prices and higher energy costs, which have been partially attributed to the heat wave in Texas and the Russia-Ukraine conflict.
While Bitcoin and Ether prices may have climbed lately, Bitcoin mining companies have been absolutely pumping.
Crypto mining companies have seen their stock prices increase as much as 120% over the last month, amid rebounding crypto asset prices, higher mining profitability and sharp increases in Bitcoin (BTC) production.
Crypto mining companies Marathon Digital Holdings at 124.12%, Core Scientific at 110.39%, Hut 8 at 98.95% and Riot Blockchain at 96.69% have seen their stock prices rocketing upward over the last 30-days, according to data from Yahoo Finance — significantly outperforming BTC with 18.0% and Ether (ETH) with 67.8% asset prices.
In a Q2 results filing on Thursday, Core Scientific reported a staggering 1601% increase in self-mined Bitcoin year-to-date, reaching 6,567 BTC. Q2 revenue rose 118% year-on-year to $164 million, driven by increases in digital mining revenue and hosting revenue.
Hut 8 Mining Corp. also saw its mined Bitcoin increase in the quarter, up 71% compared to the prior-year period to a total of 946 mined BTC due to “an increase in hash rate from additional highly efficient miners” and ramping of activities at its Ontario mining site. Its revenue also increased in Q2, rising 30.7% year-on-year to $43.8 million.
Marathon Digital, which shared its Q2 results earlier this week, also said it had increased its Bitcoin production year-on-year, producing 707 BTC in the quarter despite a “challenging macro environment,” with an 8% increase in Bitcoin production activity.
All three companies, however, posted widened losses, driven by impairment losses on their crypto holdings.
The stock price surge has also coincided with climbing crypto prices since the June and July slump, with key crypto assets including BTC and ETH gaining 18.0% and 67.8%, respectively.
Bitcoin mining profitability has also rebounded from year-lows on June 19, according to Bitinfocharts.
Bitcoin mining companies have had to deal with a number of factors in recent months that have impacted BTC production and profitability, including lower asset prices and higher energy costs, which have been partially attributed to the heat wave in Texas and the Russia-Ukraine conflict.
Uniswap’s voting system is unfairly favoring the richest token holders
Wealth equals power, especially when it comes to decentralized exchange (“DEX”) governance, and Uniswap serves as a prime example. Unlike a “one person, one vote” democracy, Uniswap’s wealth-based vote weighting system allows the rich to consistently overpower the majority of users. Due to this plutocratic system, a governance process that’s supposed to be decentralized has become overwhelmingly centralized, and many within Uniswap’s large user base have begun to voice their concern.
Wealth equals power, especially when it comes to decentralized exchange (“DEX”) governance, and Uniswap serves as a prime example. Unlike a “one person, one vote” democracy, Uniswap’s wealth-based vote weighting system allows the rich to consistently overpower the majority of users. Due to this plutocratic system, a governance process that’s supposed to be decentralized has become overwhelmingly centralized, and many within Uniswap’s large user base have begun to voice their concern.
⚡️ Bitcoin
▫️ Average market sentiment (monthly). Notice how the red wave eclipses the blue wave. This indicates the beginning of the accumulation period.
▫️ This process can last for about a year or more, as well as can last much less, based on statistics of previous periods of accumulation of market volumes. But the fact that the process of accumulation is actively going on now is obvious and that in the foreseeable future after the complete accumulation the growth cycle will begin.
▫️ Average market sentiment (monthly). Notice how the red wave eclipses the blue wave. This indicates the beginning of the accumulation period.
▫️ This process can last for about a year or more, as well as can last much less, based on statistics of previous periods of accumulation of market volumes. But the fact that the process of accumulation is actively going on now is obvious and that in the foreseeable future after the complete accumulation the growth cycle will begin.
Nomiswap, The DEX With An Innovative Trading Model And Best Rewards In Crypto
The crypto industry is growing faster than anyone could have anticipated. New data suggests the sector could onboard over 1 billion users by 2025 if it follows the internet’s adoption curve. These users will have multiple options to trade with their favorite digital assets. Most users might be inclined to use a decentralized exchange (DEX) platform due to its multiple advantages over their centralized counterparts. In that sense, Nomiswap seems poised to take center stage and meet the increasing demand for efficient and low-cost trading platforms in the crypto industry.
The crypto industry is growing faster than anyone could have anticipated. New data suggests the sector could onboard over 1 billion users by 2025 if it follows the internet’s adoption curve. These users will have multiple options to trade with their favorite digital assets. Most users might be inclined to use a decentralized exchange (DEX) platform due to its multiple advantages over their centralized counterparts. In that sense, Nomiswap seems poised to take center stage and meet the increasing demand for efficient and low-cost trading platforms in the crypto industry.
⚡️ Santiment
▫️ The number of Bitcoin addresses holding between 100 and 10,000 BTC ($2.3 million to $233 million) reached its highest number since June 11. We look at this level of large addresses as a confidence of large active holders, and this increase is encouraging.
▫️ Discussions about ETHMerge are understandably heated, and on August 11, after the date was announced, the topic got a real spike. Over the past year, the biggest relative spikes in this thread have marked approximate local highs in the price of ETH.
▫️ The number of Bitcoin addresses holding between 100 and 10,000 BTC ($2.3 million to $233 million) reached its highest number since June 11. We look at this level of large addresses as a confidence of large active holders, and this increase is encouraging.
▫️ Discussions about ETHMerge are understandably heated, and on August 11, after the date was announced, the topic got a real spike. Over the past year, the biggest relative spikes in this thread have marked approximate local highs in the price of ETH.
Crypto Exchange dYdX Blocked Accounts That Received Even Small Amounts From Tornado Cash
Cryptocurrency exchange dYdX said it blocked user accounts with even a token link to Tornado Cash, the crypto-mixing service sanctioned Monday by the U.S. Treasury Department. The Treasury Department's action led to a significant increase in accounts flagged by dYdX's compliance provider, which is used to highlight accounts potentially associated with ransomware, malware, child sex abuse material, known criminals and sanctions lists, the company said in a blog post.
Cryptocurrency exchange dYdX said it blocked user accounts with even a token link to Tornado Cash, the crypto-mixing service sanctioned Monday by the U.S. Treasury Department. The Treasury Department's action led to a significant increase in accounts flagged by dYdX's compliance provider, which is used to highlight accounts potentially associated with ransomware, malware, child sex abuse material, known criminals and sanctions lists, the company said in a blog post.
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❗️ Uniswap has blocked 253 crypto addresses related to stolen funds or sanctions.
Decentralized exchange Uniswap has blocked 253 crypto addresses in its four months of working with blockchain analytics firm TRM Labs. The data was published on GitHub by Uniswap software engineer Jordan Frankfurt, according to Yearn Finance core developer Banteg, who saved the data in a tweet thread and on GitHub.
Decentralized exchange Uniswap has blocked 253 crypto addresses in its four months of working with blockchain analytics firm TRM Labs. The data was published on GitHub by Uniswap software engineer Jordan Frankfurt, according to Yearn Finance core developer Banteg, who saved the data in a tweet thread and on GitHub.
SushiSwap Volume Analysis, Down More Than $8 Billion
SUSHI recorded its new low in July this year. The exchange recorded its volume of around $1.53 billion in July. As per the data analysis by Dune Analytics, SushiSwap volume was $1.8 billion in June. The following statistics may seem greater as compared to competitive exchanges like ShibaSwap, 1inch Limit order Protocol, Ox Native, mStable.
SUSHI recorded its new low in July this year. The exchange recorded its volume of around $1.53 billion in July. As per the data analysis by Dune Analytics, SushiSwap volume was $1.8 billion in June. The following statistics may seem greater as compared to competitive exchanges like ShibaSwap, 1inch Limit order Protocol, Ox Native, mStable.
Following cryptocurrency’s boom in popularity over the past few years, efforts to regulate it have been heating up. Across the globe legislators are scrambling to figure out ways to keep crypto investing in check, and some recent legislation in Canada looks to significantly affect the way Canadians invest in crypto.
A total of nine provinces in Canada have decided to restrict the amount of cryptocurrency users may buy in a year. Users may not exceed $30,000 in annual purchases on any coin other than Bitcoin, Ether, Litecoin and Bitcoin Cash. This limit may only be lowered by selling off previously owned altcoins - now being referred to as “restricted cryptocurrencies”.
As a result of this regulation, two major Canada-based exchanges - Bitbuy and Newton have already begun enforcing these rules. The legislation has already been met with criticism from the broader crypto community, including some from Ethereum creator Vitalik Buterin.
A total of nine provinces in Canada have decided to restrict the amount of cryptocurrency users may buy in a year. Users may not exceed $30,000 in annual purchases on any coin other than Bitcoin, Ether, Litecoin and Bitcoin Cash. This limit may only be lowered by selling off previously owned altcoins - now being referred to as “restricted cryptocurrencies”.
As a result of this regulation, two major Canada-based exchanges - Bitbuy and Newton have already begun enforcing these rules. The legislation has already been met with criticism from the broader crypto community, including some from Ethereum creator Vitalik Buterin.
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Just so you realize:
@bitcoin is already sold for 5 bitcoins.
Among the cool ones that can still be re-bought for ridiculous money and sold for more👇
@google, @apple, @twitter, @china, @history, @lasvegas
Important: all channels are shared with links and each one grows on its own every day. Hard to imagine how much @china might be worth by 2030😅
For questions about buying channels, email here: @Number_997
CryptoPunks are undoubtedly one of the most recognizable NFT collections around, and they hold immense historical significance in the NFT space. The collection - now under custody of Yuga Labs, has just received an update to their IP licensing agreement.
According to the new license, holders of a CryptoPunk NFT are the sole owners of their specific NFT, but not the IP attached to it. The IP underlying every CryptoPunk still remains in custody of Yuga Labs. However, Yuga Labs now officially licenses holders to use their NFT in any way they want to, allowing holders to own and commercialize this newly created derivative IP. A massive step for creativity in the space.
There are some exceptions though. CryptoPunks holders obviously may not use their NFTs to create anything hateful, Yuga Labs have reserved the right to put a stop to these types of issues. The company has also reserved the right to make changes to the new agreement.
According to the new license, holders of a CryptoPunk NFT are the sole owners of their specific NFT, but not the IP attached to it. The IP underlying every CryptoPunk still remains in custody of Yuga Labs. However, Yuga Labs now officially licenses holders to use their NFT in any way they want to, allowing holders to own and commercialize this newly created derivative IP. A massive step for creativity in the space.
There are some exceptions though. CryptoPunks holders obviously may not use their NFTs to create anything hateful, Yuga Labs have reserved the right to put a stop to these types of issues. The company has also reserved the right to make changes to the new agreement.
Buyer Faces $3M Loss In Squiggle NFT Bet Amid Crypto Meltdown
The latest market analysis confirms that an anonymous trader who bought a pair of Chromie Squiggle non-fungible tokens (NFT) last year for a staggering $4 million now attract more than a $3.9 million loss amid the continuing general crypto meltdown. On September 07, 2021, Christie’s, a British auction house, announced that an anonymous buyer had bought two Chromie Squiggle NFTs.
At the time, the anonymous buyers snapped up Chromie Squiggle #7583, a rare and perfect spectrum at 922.5 ETH, and a follow-up purchase of Chromie Squiggle #2855 for 420 ETH. Before ending the spending spree, the buyer grabbed Ringer #787 for 275 ETH. These purchases attracted the attention of the winder NFT community, with many speculating the buyer was a Venture Company or an institution as the estimated wallet was worth more than $25milion and featured an array of highly sought-after pieces.
The latest market analysis confirms that an anonymous trader who bought a pair of Chromie Squiggle non-fungible tokens (NFT) last year for a staggering $4 million now attract more than a $3.9 million loss amid the continuing general crypto meltdown. On September 07, 2021, Christie’s, a British auction house, announced that an anonymous buyer had bought two Chromie Squiggle NFTs.
At the time, the anonymous buyers snapped up Chromie Squiggle #7583, a rare and perfect spectrum at 922.5 ETH, and a follow-up purchase of Chromie Squiggle #2855 for 420 ETH. Before ending the spending spree, the buyer grabbed Ringer #787 for 275 ETH. These purchases attracted the attention of the winder NFT community, with many speculating the buyer was a Venture Company or an institution as the estimated wallet was worth more than $25milion and featured an array of highly sought-after pieces.
Binance Integrates PancakeSwap Search Widget Into Mobile App
Binance has integrated PancakeSwap's decentralized exchange (DEX) platform into the search interface of the Binance Mobile App. With this integration, users can now be redirected to the PancakeSwap DEX when searching for tokens not available for trading on Binance exchange. The tokens can then be swapped on the DEX through the app, which is currently in beta with a limited token list. The integration was captured in PancakeSwap's Monthly Report for July. Back in March, PancakeSwap announced a partnership with Binance to launch the PancakeSwap Mini Program.
Binance has integrated PancakeSwap's decentralized exchange (DEX) platform into the search interface of the Binance Mobile App. With this integration, users can now be redirected to the PancakeSwap DEX when searching for tokens not available for trading on Binance exchange. The tokens can then be swapped on the DEX through the app, which is currently in beta with a limited token list. The integration was captured in PancakeSwap's Monthly Report for July. Back in March, PancakeSwap announced a partnership with Binance to launch the PancakeSwap Mini Program.
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Yuga Labs officially releases IP rights tied to CryptoPunks and Meebits.
Yuga Labs has officially released the intellectual property (IP) rights tied to the Cryptopunks and Meebits NFTs. The company acquired the IP rights to the NFT collections in mid-March 2022, and owners can use their NFTs for commercial or personal purposes.
Yuga Labs has officially released the intellectual property (IP) rights tied to the Cryptopunks and Meebits NFTs. The company acquired the IP rights to the NFT collections in mid-March 2022, and owners can use their NFTs for commercial or personal purposes.
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Nike generated over $185 million in NFT sales.
Data from Dune Analytics showed that Nike is on top of the chart in NFT sales over some of the most sought-after brands like Dolce & Gabbana, Tiffany & Co, Gucci, and Adidas, who are all making a mark in the NFT fashion industry.
The total revenue generated by Nike's NFT-related projects has accumulated over $185 million. It raked in $1.3 billion in transaction volume with $93 million from primary sales of NFTs while generating $92 million in the form of royalties.
Just trailing behind Nike is Dolce & Gabbana with $25.65 million, Tiffany & Co with $12.62 million, and Adidas with $10.94 million in revenue.
Data from Dune Analytics showed that Nike is on top of the chart in NFT sales over some of the most sought-after brands like Dolce & Gabbana, Tiffany & Co, Gucci, and Adidas, who are all making a mark in the NFT fashion industry.
The total revenue generated by Nike's NFT-related projects has accumulated over $185 million. It raked in $1.3 billion in transaction volume with $93 million from primary sales of NFTs while generating $92 million in the form of royalties.
Just trailing behind Nike is Dolce & Gabbana with $25.65 million, Tiffany & Co with $12.62 million, and Adidas with $10.94 million in revenue.
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