SushiSwap is a popular DEX in the DeFi ecosystem and the platform has come a long way and shows promise considering the on-going developments in the space, partnerships it has been a part of, etc. However, when comparing SushiSwap to Uniswap, it seems like a flippening is in the works and is inevitable.
SushiSwap’s total volume has surged by a whopping 289% since the 1st week of September to $2.605 million where it currently stands. Uniswap’s volume is almost 2.3 times that of SushiSwap and considering that SushiSwap is a new entrant that was launched recently during the DeFi summer, it is a remarkable feat in and of itself.
The total value locked for both the platforms varies and SushiSwap seems to be catching up to Uniswap. The major event was in September when Uniswap launched its token, however, since then, the liquidity has dropped sharply. At the same time, SushiSwap has seen an increase in liquidity meaning that the liquidity from Uniswap has flowed into SushiSwap, showing that after the hype, users tend to leave Uniswap and head to other platforms.
Moreover, after the first week of 2021, SushiSwap seems to be closing the gap between the two. At the time of writing, Uniswap’s TVL is only 1.4 times that of SushiSwap.
This metric was developed by a Twitter user Mubaris, which indicates volume as a percentage of liquidity and indicates an efficient use of liquidity. In this case, SushiSwap’s efficiency was seen flippening Uniswap’s liquidity, adding credibility to SushiSwap’s popularity.
While both Uniswap token and SushiSwap token are listed on major Asian exchanges, Uniswap got a huge boost when UNI was listed on Coinbase. Its price more than doubled after the listing, while SUSHI is yet to do the same.
As of December 2020, SUSHI’s price has returned a massive 272% while UNI has returned 74%. Despite this surge, UNI is priced at $8.51 while SUSHI is around its ATH at $7.79. This suggests two of the following, either UNI is overvalued or SUSHI is undervalued. If it’s the latter, then we can expect SUSHI to surge more in the near future.
PlotX v2 Mainnet Launch: DeFi Prediction Markets
[PRESS RELEASE – Please Read Disclaimer]
AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, congratulates PlotX – a cross-chain prediction market protocol on their v2 Mainnet launch on the Polygon Network on May 14 at 12:00 p.m. UTC.
PlotX Version 1 (“v1”) was launched in October 2020 as a decentralized non-custodial prediction market protocol on the Ethereum Blockchain. PlotX allows crypto-traders to use their skills to predict the future value of digital assets like ETH, BTC. Markets on PlotX v1 were automatically created in intervals of 4 hour, 1 day and 1 week.
The v2 has been under development since December 2020 and the testnet was released on April 13th, 2021 for the public. After rigorous testing by the community, the launch of PlotX v2 on the Polygon Mainnet is now scheduled on May 14th, 2021.
PlotX v2 has focussed heavily on simplifying the prediction-making experience for users thanks to a consistent dialogue with their community via the research forum and their official community telegram group. It brings the experience closer to mainstream applications while retaining the DeFi ethos of being non-custodial and permissionless.
This can be seen in the marquee features that PlotX announced via their recent blog post about the mainnet release:
- Gasless prediction-making – via meta-transactions that abstract the process for users so they only have to make a single transaction while making predictions
- Smooth token bridging – via cross-chain swap technology, that enables users to move $PLOT between Ethereuem, Polygon and other EVM compatible chains like BSC & Solana, from within the application itself
- Guaranteed liquidity provisions – via incentive alignment of market creators for providing liquidity for new markets, making it lucrative for users to participate in
- Simple onboarding experience – for users, especially ones who are not familiar with metamask and RPC changes, to login using their email addresses without compromising on the non-custodial nature of the dapp
The team has built a class product and is highly receptive to the community. As per the roadmap, upgrades in V2 do not end here; numerous new features are slated to be introduced that will equip users with exciting new prediction opportunities.
Ish Goel, co-founder PlotX, shares his thoughts “It has been an exciting journey for us since the launch of PlotX v1 in October 2020. Prediction markets have always been an exciting derivative for crypto traders. However, they have always faced the challenges of a complex UX, high gas fees & low market liquidity that has also resulted in a lack of growth of the space. With PlotX v2 we have worked alongside our community to solve these challenges by introducing an overhauled UX, deploying on Polygon and introducing liquidity bootstrapping mechanisms for new markets. The community has reacted positively to these features and we’re super excited to reveal the mainnet app to them as well as the larger crypto trading community!”
Originally founded in 2018 as BitMax.io, AscendEx is a leading crypto and digital asset financial platform catering to both professional and retail traders. Our venue offers spot, futures, margin trading and staking products and incorporates key elements from the DeFi space to foster a unique market structure for users. AscendEx is led by a team of Wall Street veterans who have applied traditional markets’ rigor to create a robust, secure, and reliable experience for all participants; and a consistent source of liquidity for primary offerings.
PlotX is a cross-chain Prediction Market protocol built by the ex-CTO of Nexus Mutual (>$1bn mcap). It enables crypto-asset price predictions, like “What will be the price of BTC/USDT in the next 1 hour?”
Dubbed as the Uniswap of Prediction Markets, PlotX is the simplest and most fun DeFi derivative for crypto traders.
CBDCs Are Not That Stable And May Eventually Kill Bitcoin, Says Financial Expert
Edward Chancellor – a British journalist and financial historian, explained that the first central bank digital currencies are likely to raise inflation which can lead to the destruction of Bitcoin. He agreed that CBDCs are ”cool” but certainly not stable.
CBDCs Would Mean The End Of BTC
Nowadays, many central banks of numerous leading economies such as China, Japan, and the US, are researching the option of launching their own CBDC. In a recent interview for Reuters, Edward Chancellor opined that central bank digital currencies are highly risky projects.
He said that CBDCs might even kill Bitcoin. Chancellor explained that it is much easier to distribute and ”print” digital currencies rather than cash, and that will cause an utterly high level of inflation.
He then added that in order to solve the issue, the governments and central banks would have to fix the emission of their digital coins – which number would be much higher than 21 million bitcoins:
”When banks get it right with CBDCs this will kill Bitcoin.”
The historian analyzed that changes in the form of money are normal and have happened multiple times in the past. As an example, he pointed to the paper money which once replaced metal coins. Chancellor predicted that in the process of the financial revolution, digital currencies would invade the world, but he opined that Bitcoin would not be among one of them.
In conclusion, the journalist said that central bank digital currencies are ”cool” as a project but can not qualify as stable.
Deutsche Bank on CBDCs
Recently, the multinational investment banking giant – Deutsche bank – shared similar thoughts. The CIO of the German institution – Christian Nolting – predicted that CBDCs could damage Bitcoin’s role as a payment instrument. He also suggested that the primary cryptocurrency could serve as a store of value.
According to Nolting, the crypto industry is ”here to stay.” On the other hand, he warned that ”governments and more digitally-aware populations might ultimately prefer to go with CBDCs,” instead of relying on the decentralized nature of BTC. Furthermore, some potentially harming legislative frameworks developed by world regulators could reduce digital assets’ chances of serving as international payment instruments:
”A widespread introduction of CBDCs accompanied by higher regulation of cryptocurrencies could create a more challenging environment for crypto assets as some of their advantages compared to traditional financial assets would fade in the longer term.”
Bitcoin Mining Company Vows to be Carbon Neutral Following Tesla’s Recent Statement
It goes without saying that Tesla took center stage last week when the company announced it would no longer support bitcoin payments for its electric vehicles.
The message seems to have resonated, as Greenidge Generation Bitcoin Mining has vowed to be carbon neutral in 2021 and beyond.
Carbon Neutral Bitcoin Mining
After announcing plans to expand its Bitcoin mining operations last month, Greenidge is now looking to go entirely carbon neutral this year and in the future.
The company is committed to the cause, and it plans to invest in US-based renewable energy projects.
According to a recent press release, the company will also take part in the Regional Greenhouse Gas Initiative, which is a market-based program where participants sell CO2 allowances through auctions and invest the proceeds in renewable energy and energy efficiency.
Speaking on the matter was Jeffrey Kirt, the CEO of the company, who said:
“Our bitcoin mining capability is already best-in-class and seamlessly integrated with our electricity generation that powers thousands of homes and businesses. By taking the bold and unique step of making or cryptocurrency mining fully carbon neutral immediately – as opposed to some distant date in the future – Greenidge is once again leading in environmental efforts.”
Musk’s Message Resonates
Greenidge’s announcement comes days after the leading electric vehicle manufacturer, Tesla, revealed that it would no longer support bitcoin payments. As a reason for its decision, the company cited environmental concerns related to bitcoin mining.
Elon Musk, the company’s CEO, confirmed and reiterated that he is bullish on crypto but so long as it doesn’t have a negative environmental impact.
The company also said that it’s looking for ‘greener’ alternatives to Bitcoin so that it can continue accepting crypto payments. This led to many speculations about which cryptocurrency it would choose. Shortly after, Musk said that he’s working closely with Dogecoin developers to improve transaction efficiency, causing many to believe that the meme-inspired coin might be Tesla’s choice.
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