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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/

Blockchain

Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH

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Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.

The Core of the Hoax

Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.

The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.

The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.

However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.


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The Aftermath

After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.

Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.

Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:

”Buying Lambo now.”

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Source: https://cryptopotato.com/members-of-wallstreetbets-forum-alleged-in-telegram-crypto-scam-stealing-2m-in-bnb-and-eth/

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Blockchain

South Korean Crypto Exchange Accused Of $1.5 Billion Scam

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The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.

The Investigation

As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.

In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.

Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.

The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.


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Too Good To Be True

The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.

The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.

Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.

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Source: https://cryptopotato.com/south-korean-crypto-exchange-accused-of-1-5-billion-scam/

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Blockchain

Georgia’s central bank is exploring ‘Digital Gel’ CBDC

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The National Bank of Georgia said that it is considering launching a central bank digital currency.

In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari.

“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”

However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.

With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.

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Source: https://cointelegraph.com/news/georgia-s-central-bank-is-exploring-digital-gel-cbdc

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