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$180 Million SUSHI Migration To SushiSwap Has Been Approved

$180 million SUSHI tokens from Uniswap were migrated to SushiSwap and the migration was approved by the community as we are reading today in our altcoin news. About 87% of the votes were in favor of the migration and there is a close to $180 million SUSHI tokens worth of liquidity in the ETH/SUSHI pair […]

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$180 million SUSHI tokens from Uniswap were migrated to SushiSwap and the migration was approved by the community as we are reading today in our altcoin news.

About 87% of the votes were in favor of the migration and there is a close to $180 million SUSHI tokens worth of liquidity in the ETH/SUSHI pair on Uniswap. The total value of the SUSHI token grew from zero to $1.4 billion in a few days and this will place the recently launched Defi project right behind Uniswap, shoulder to shoulder with Aave and Maker. Like other projects, it was launched with limited audits and according to a review by Quantstamp, there are a few security vulnerabilities but none of them are critical. Quantstamp communications manager Jaye Harrill said:

 “On the surface Sushiswap looks like another nightly-built vegetable farm with endless APY launched by the anonymously named NomiChef. But looking deeper we find a highly engaged community on discord genuinely discussing the growth of the very project they are invested in.”

PeckShield also performed a formal security audit of the code and didn’t find a lot of vulnerabilities either. The idea behind the fork is to achieve bigger decentralization of the project as the anonymous founders will keep 10% of the token supply.

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The Sushiswap newbie in the Defi space has locked up a nine-figure number in a few days after the launch. According to the data from the on-chain analysis company DeBank, Sushiswap liquidity miners have locked up altogether, about a billion dollars in the project. The goal is to create a liquidity pool on Uniswap with the tokens listed and come back to deposit these LP tokens for farming SUSHI.

uniswap's daily volume, coinbase, mooniswap

The Uniswap opponent Sushisawp has to be audited still which means it could be a risky investment if things don’t turn out fine. It was a record-breaking weekend for Uniswap as it hit the highest daily trading volume ever and behind its success over the weekend was the crazy price increase of the DeFi governance token which was launched a couple of days ago. Sushiswap is quite similar to Uniswap as it is a liquidity provider that rewards everyone who puts liquidity into its smart contracts with a portion of the trading fees. But in addition to that, Sushiswap offers SUSHI tokens that work as an incentive for contributing to its liquidity pool.

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Source: https://www.dcforecasts.com/altcoin-news/180-million-sushi-migration-to-sushiswap-has-been-approved/

Blockchain

Ripple’s Garlinghouse to File Dismissal Motion Against the SEC Lawsuit Over XRP Sales

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Ripple’s Garlinghouse to File Dismissal Motion Against the SEC Lawsuit Over XRP Sales

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The CEO of Ripple, Brad Garlinghouse is filing for a motion to dismiss the SEC lawsuit against himself and Ripple. This is according to a copy of a letter written by Garlinghouse’s lawyer stating that he intends to file a dismissal motion for the case.

The letter claims that the case was nothing but a regulatory overreach as the company’s sale of XRP did not involve any contract and the proceeds were not pooled with other buyers in a common enterprise. Its price also fluctuates in line with other digital assets such as Bitcoin and Ethereum.

“But Mr. Garlinghouse’s XRP sales involved no contract of any kind with the buyers, as his sales were done anonymously over an exchange. Nor were the proceeds of Mr. Garlinghouse’s sales pooled with other buyers in a common enterprise. And XRP’s value historically has not been correlated with Ripple’s actions, results, or public announcements, but instead with changes in the value of other digital assets, such as bitcoin and ether, that the SEC has publicly declared are not securities”, the letter read.

Ripple and its top executives have been in court since the SEC filed a lawsuit against them alleging that they illegally sold a security (XRP) and made profits of over $1 billion. Garlinghouse has however maintained his position that XRP is not a security.

This could be because other countries such as the UK hold XRP in high regard. Garlinghouse had last year indicated his intention to move Ripple headquarters over to the UK before the SEC lawsuit. In early February of this year, the company filed a defense for the suit which has led to a few more lawsuits.

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In 2015 and 2020, both the Department of Justice and the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) declared XRP to be a “virtual currency”. The two departments even asked Ripple to implement anti-laundering in place, a requirement that Ripple claims securities are not expected to meet.

The outcome of Ripple’s case with the SEC could be a big determinant of future regulations in the cryptocurrency industry and the entire space awaits the outcome.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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Source: https://zycrypto.com/ripples-garlinghouse-to-file-dismissal-motion-against-the-sec-lawsuit-over-xrp-sales/

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Crypto fund KR1 makes investment in blockchain data protocol LazyLedger

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KR1, a crypto & blockchain asset investment company, had announced that it has invested a total of USD $75,000 into Strange Loop Labs AG, doing business as LazyLedger Labs.

The investment company took part in LazyLedger’s seed funding round alongside Cosmos’ Interchain Foundation, Binance, Dokia Capital,  Maven 11, and other investors.

LazyLedger is a pluggable consensus and data availability layer to enable anyone to quickly deploy a decentralized blockchain; without the overhead of bootstrapping a new consensus network.

“LazyLedger is a great project and an opportunity to bring better data availability to blockchains; which reduces bloat and increases performance. We believe that LazyLedger is going to play a big role in the next generation of scalable blockchain architectures.”
– Keld van Schreven, Managing Director and Co-Founder of KR1

LazyLedger’s founding team are highly respected decentralized systems engineers and researchers; who were part of the founding team of Chainspace, a blockchain project acquired by Facebook, as well as contributors to Ethereum 2.0 and Cosmos’ Tendermint.

“I’m excited about KR1 supporting LazyLedger as they have been around from day one and the experience they bring is invaluable as one of the oldest funds in the crypto space.”
– Mustafa Al-Bassam, Co-Founder of LazyLedger

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Source: https://www.cryptoninjas.net/2021/03/04/crypto-fund-kr1-makes-investment-in-blockchain-data-protocol-lazyledger/

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DeFi yield optimization protocol ETHA Lend closes $1.6M funding round

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ETHA Lend, a yield optimizer protocol for DeFi, today announced it has closed a $1.6 million initial funding round from lead investors Digital Finance Group (DFG), AU21 Capital, and Privcode Capital.

Other investors include: Vector Capital, Chain Capital, PNYX Venture, Lancer Capital, Oasis Capital, TRG Capital, Candaq Capital, Dealean Capital, Inclusion Capital, Origin Capital, ZB Capital, YBB Foundation, AC Capital, Hotbit.

Designed to provide automated yield allocation across Ethereum and Polkadot DeFi ecosystems; ETHA Lend will be governed by ETHA token holders. The protocol’s algorithm is constructed to understand the precise circumstances of a liquidity provider and supply events; protecting users from high transaction costs, market limitations, and asset volatility.

 “We are excited to have some of the most reputable names in the crypto investment and DeFi funding market on board. Our protocol hosts unique integrations of the DeFi space that shall let users dabble with yield farming with unseen simplicity, cross-chain independence, and progressive yield optimization opportunities. You can look forward to a time when the sector shall be free of the haunting tribalism and intimidations both for new and expert users.”
– Chester Bella, Founder of ETHA LEND

The close of this funding round will enable ETHA Lend to accelerate development towards its mainnet launch, currently scheduled for Q2 2021. ETHA Lend’s smart contracts are being inspected by Certik; one of the most highly reputed blockchain security auditors.

Source: ethalend.org

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Source: https://www.cryptoninjas.net/2021/03/04/defi-yield-optimization-protocol-etha-lend-closes-1-6m-funding-round/

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