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Decentralized Exchange Uniswap Sees Revenues Surge to New Heights

Uniswap

Ethereum trading protocol Uniswap is among the most popular projects in the entire cryptoeconomy right now, and its trailblazing rise continues to translate into new records for DeFi’s leading exchange. As highlighted by crypto metrics firm Token Terminal on September 9th, Uniswap’s monthly revenues via fees in September have already passed the protocol’s previous August […]

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Ethereum trading protocol Uniswap is among the most popular projects in the entire cryptoeconomy right now, and its trailblazing rise continues to translate into new records for DeFi’s leading exchange.

As highlighted by crypto metrics firm Token Terminal on September 9th, Uniswap’s monthly revenues via fees in September have already passed the protocol’s previous August 2020 revenues record, and we’re just barely into the second week of the new month.

The revenue surge comes as Uniswap became a gravity well for volume over the summer. The decentralized exchange has set monthly volume records for three consecutive months in a row now and is decidedly on pace to do it for a fourth:

  • June 2020 ($452 million)
  • July 2020 ($1.76 billion)
  • August 2020 ($6.7 billion)
  • September 2020 circa Sept. 9th ($6.5 billion) 

Moreover, according to Token Terminal this volume growth has put Uniswap on pace to achieve ~$400 million in total fees paid on the year. That’s really impressive revenue for a young and rising DeFi project, no matter how you slice it.

This ascension into the cryptoeconomy’s primetime has put Uniswap within reach of eating centralized exchanges’ lunch for years to come. For instance:

  • On August 29th, Uniswap’s 24-hour trading volume ($426 million) bested U.S. crypto exchange giant Coinbase’s 24-hour volume ($348 million) for the first time ever.
  • On August 31st, Uniswap’s ETH/SUSHI trading pair brought in over $175 million in volume — more than the combined volumes of centralized exchanges Bitstamp, Bittrex, and Poloniex in the same span.

That Uniswap has become the premier venue for many token trading pairs so fast suggests that the protocol’s dominance over centralized exchanges — which are permissioned, KYC-ed, and account-based unlike Uniswap — is only just beginning.

If the future of finance is open and protocol-based like we think it is in the cryptoeconomy, then Uniswap gives us a glimpse at what that future will increasingly look like.

Going Beast Mode

Not only have volume and revenues been booming for Uniswap lately, but just about everything else, too:

  • Traffic to uniswap.exchange has been “mooning” this summer.
  • The DEX added nearly 60,000 new users in July 2020.
  • 162,000 unique addresses interacted with the exchange in August 2020, easily a new record.
  • Uniswap temporarily became the largest DeFi project with $1.77 billion in assets under management on September 3rd.

These advances come on the heels of the introduction of the optimized Uniswap V2 system back in May and ahead of the coming V3 contracts, the latter of which will be an even bigger gamechanger for the cryptoeconomy.

Yet the darling DeFi project hasn’t been without tribulation lately, either.

Attack of the Vampire

Uniswap is an automated market maker (AMM), which means users can deposit tokens to become liquidity providers (LPs) for the upside possibility of earning a profitable cut of Uniswap’s trading fees.

In late August, a Uniswap fork named Sushiswap launched and began enticing Uniswap LPs to jump ship via a $SUSHI token distribution. The idea? Move liquidity over from Uniswap to earn $SUSHI rewards. This maneuver has since been dubbed a “Vampire Attack” in the space, a reference to “bleeding” a protocol of its liquidity.

However, within two weeks of Sushiswap’s DeFi arrival, its pseudonymous creator Chef Nomi blindsided the community by selling a massive trove of $SUSHI holdings (after insisting they wouldn’t) for $13 million worth of ETH.

The selfish ploy massively tainted Sushiswap, but the de facto Vampire Attack has proceeded after Chef Nomi passed off control of the project to Sam Bankman-Fried, the CEO of crypto exchange FTX.

Accordingly, a migration to a new Sushiswap system kicked off on September 9th, and within hours Uniswap’s total value locked (TVL) dropped from $1.43 billion to $409 million. The episode has spurred speculation Uniswap will be releasing its own token soon reward LPs and fight fire with fire.

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Source: https://blockonomi.com/uniswap-sees-revenues-surge-to-new-heights/

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Supercar maker Mazzanti Automobili launches security token offering

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Italian luxury car manufacturer Mazzanti Automobili has launched its security token offering on regulated digital marketplace STOKR.

As part of the offering, Mazzanti aims to raise 999,999 euros ($1.2 million) on STOKR to develop a special edition of its hypercar model Evantra Millecavalli R.

According to a Feb. 25 announcement, Mazzanti’s STO will allow investors to purchase MZZ tokens, priced at 1 euro each. The token is issued by Mazzanti via Blockstream AMP, a platform for the tokenization of securities built on the Liquid sidechain of Bitcoin (BTC), which has been directly integrated with STOKR.

As part of the STO, MZZ investors will be able to receive a 50% revenue share in the sale of the Evantra special edition. The offering is available for select European countries, with a minimum investment of 50 euros, the announcement notes.

Mazzanti’s founder Luca Mazzanti said that the company has been considering running an STO for a while. The company initially announced its upcoming STO plans earlier in February.

In conjunction with the STO, Mazzanti also announced that the company will allow its customers to purchase all editions of the Evantra model with Bitcoin starting from Feb. 25. The move echoes Tesla’s recent move toward accepting Bitcoin payment for its electric vehicles. 

Based in Luxembourg, STOKR has been listing various STOs in compliance with capital market laws of the European Union. Last year, Germany’s Federal Financial Supervisory Authority approved ParkinGO’s offering as the first cross-border STO on STOKR.

Source: https://cointelegraph.com/news/supercar-maker-mazzanti-automobili-launches-security-token-offering

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Finance Redefined: Ethereum exodus continues as Binance ‘helps,’ Feb 17–24.

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The parabolic rise of the Binance Smart Chain has been all over the news this week, aided by a few seemingly unfriendly moves by the exchange itself.

It started on Friday, when Binance suddenly froze withdrawals of Ethereum-based assets for about one hour. Many interpreted it as a move against the blockchain and its ecosystem, given that the cited reason was “congestion issues” — something one hardly imagines is a problem for an exchange, unless they shoulder withdrawal costs for the user.

The day after, FTX started shaming Binance for excessive promotion of BSC on the exchange. Specifically, FTX was apparently “spending millions” in failed deposits that came over the Smart Chain but were meant for Ethereum. FTX’s accusation toward Binance, one of its investors, is that the exchange put BSC as the default option for withdrawing many ERC-20 assets, which caused a lot of failed deposits to FTX.

I can’t say I’ve ever noticed Binance Smart Chain being “the default option” for withdrawals. BSC is the first listed when you attempt to withdraw something like USDC, though it does not actually select the blockchain for you. Still, I can see how some newbies could get swindled by this. People overestimate the degree to which terms like “ERC-20” are known in the casual crypto community. Testing the withdrawal now, Binance forces you to go through a quiz where you confirm you know what you’re doing by selecting BSC. I have no idea when this was introduced, but it’s not impossible that it’s a response to FTX’s statements.

Overall though, there’s nothing inherently wrong with one company using its products to promote another of its products. From the official responses it seems that the Ethereum congestion incident won’t happen again because they “upgraded the systems.”

Cheap tricks would never be able to undermine Ethereum without there being an underlying fundamental weakness. And I think we’ve all had enough with Ethereum gas fees. I tried a non-Ethereum DeFi product recently, and it felt so good to pay just a few cents for a complete interaction.

Binance Smart Chain is already processing more transactions than Ethereum and has over 5 million unique wallets. Ethereum, with its much longer history, is currently sitting at 140 million wallets in total.

Ironically, Ethereum fans should secretly want the bull market to end right now. The longer it goes on, the more gas fees will remain high, and the more people will want to migrate away and seed other environments.

Second largest liquidation day in DeFi history

Speaking of the end of the bull market, a massive slide in crypto markets triggered some $24 million in liquidations on Tuesday, the second highest loss in DeFi history. It would’ve been the highest if not for that infamous day in November when Compound thought Dai was worth $1.3.

The firesale was triggered by nothing in particular, though I suspect that rising bond yields are having their effect on the riskiest of assets on Wall Street, of which Bitcoin is the quintessential representative. And then Bitcoin dragged the rest of crypto with it.

I don’t normally talk about price because I’m not a financial advisor or even a successful trader. But I am feeling a lot of fundamental and sentimental indicators of a coming correction, ranging from a wavering stock market to, well, the strength of Tuesday’s dump.

To top it all off, my non-crypto feeds are being invaded by crypto stuff, which is never a good sign. I certainly hope that I’m misinterpreting what is actually unprecedented adoption and acceptance, but let’s face it — it’s all about price for now, while fundamentals are still lagging.

With layer two platforms and new blockchains coming online, we may get something useful out of crypto and DeFi soon. But everything could happen before we get there. Be especially careful right now and, most importantly, don’t get liquidated.

In other news

Source: https://cointelegraph.com/news/finance-redefined-ethereum-exodus-continues-as-binance-helps-feb-17-24

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Blockchain soccer gaming startup Sorare raises $50M

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Sorare, a major blockchain-based soccer gaming platform, has raised $50 million from high-profile investors backing major companies like Twitter, Instagram and Discord

The fresh Series A round brings Sorare’s total funding to $60 million, the company told Cointelegraph Thursday.

The funding round was led by Benchmark, an investment giant famous for funding companies like Twitter, Uber and Snap. Accel Partners was another lead investor, known for backing companies like Facebook and Spotify. The round also included some additional investment from investors like Reddit co-founder Alexis Ohanian, VaynerMedia CEO Gary Vaynerchuk, and Barcelona striker Antoine Griezmann.

With the new funding, Sorare is planning to continue growing its ecosystem, including launching a mobile application and onboarding the top global 20 football leagues. “We’re designing an experience where fans can celebrate, share, and live football moments at a deeper connection. We’re making fantasy football a reality,” Sorare said.

Founded in 2018, Sorare provides a digital collectibles platform based on the Ethereum blockchain. With non-fungible tokens, the platform offers a collective fantasy football experience allowing players to manage their players and earn prizes.

Gerard Piqué, strategic advisor at Sorare, explained that the platform aims to meet the significant shift to online and digital fan experiences:

“As world football has shifted from local supporters to global fanbases, football fans are looking for new ways to be connected to the game, the players and other fans.”

Blockchain and cryptocurrency startups have been actively tapping the soccer industry in order to bring new ways of fan engagement using emerging technologies. Socios and Chiliz represent some of the best-known industry efforts, jointly providing blockchain fan tokens for popular global soccer clubs like FC Barcelona, Juventus and Paris Saint-Germain. Earlier this week, Polish Legia Warsaw became the latest soccer club to join Chiliz and Socios.

Source: https://cointelegraph.com/news/blockchain-soccer-gaming-startup-sorare-raises-50m

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