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SushiSwap Experiment Serves Harsh Lesson for DeFi Community

SushiSwap’s anonymous creator abandoned the project after cashing in on $13 million of tokens allocated to the development fund. Control of the project now rests in the hands of Sam Bankman-Fried of FTX Exchange, but the experiment serves as a crucial lesson for the DeFi community.

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SushiSwap Experiment Serves Harsh Lesson for DeFi Community | Crypto Briefing















The DeFi community has some hard lessons to learn from the recent SushiSwap controversy.


Key Takeaways

  • SushiSwap is a Uniswap copycat built with the idea of stripping power from VCs and returning it to the community.
  • The creator, Chef Nomi, sold the project’s development fund (10% of supply) and transferred control to FTX’s Sam Bankman-Fried.
  • Many people are working to revive SushiSwap, but the project’s reputation is tarnished forever.

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SushiSwap’s anonymous creator abandoned the project after cashing in on $13 million of tokens allocated to the development fund. Control of the project now rests in the hands of Sam Bankman-Fried of FTX Exchange, but the experiment serves as a crucial lesson for the DeFi community.

A Bright Start to SushiSwap

The latest drama in DeFi revolves around SushiSwap, a Uniswap fork that launched just over a week ago. Its creator, who goes by the pseudonym of “Chef Nomi,” repeatedly stated that SushiSwap is an attempt to recreate Uniswap’s success without the legion of VCs backing it.

SushiSwap was identical to Uniswap v2 in every way but had one core differentiator: a token that accrued value. This token replaces a contentious design feature in Uniswap.

The Uniswap team can pull a lever and direct 17% of the protocol’s earnings to a designated address. The remaining 83% would still go to liquidity providers (LPs).

It is expected that this 17% will be shared amongst the founding team and investors whenever it’s implemented. This feature has yet to be activated, however.

With Sushi, the dynamics remain the same. But the 17% of earnings mentioned above would be distributed to Sushi holders.

SushiSwap kicked off its liquidity mining to great success, seeing upwards of a billion dollars in the protocol at one point in time. To mine SUSHI tokens, one had to provide liquidity to a Uniswap pool and lock their LP tokens in the Sushi smart contract.

SIMETRI gains of 1031%

Eventually, the plan was to migrate this liquidity from Uniswap to SushiSwap.

Everything was going as per plan, and the DeFi community was excited to see how this experiment would turn out. These hopes were quickly dashed this weekend, however.

Sushi price chart
Source: Uniswap Vision

The protocol saw one whole week of success before its creator, Chef Nomi, liquidated their stash of SUSHI and sent the price barrelling 50% in minutes.

Chef Nomi believed they deserved a $13 million reward for a week’s work. All they did, however, was copy a successful product built on three years of blood, sweat, and tears.

For perspective, Nomi’s profit from forking Uniswap is marginally higher than the amount of funding Uniswap has raised since its inception.

Before Nomi abandoned the project, SushiSwap was genuinely on its way to building a community. All is not lost, though, as a new plan to restore SushiSwap comes to life thanks to FTX’s Sam Bankman-Fried.

Cred - earn easier

Can SUSHI Survive?

Chef Nomi transferred their admin keys to Bankman-Fried so the FTX CEO could take over. Bankman-Fried is also the largest farmer of SUSHI and previously submitted a proposal to migrate SushiSwap to Solana to support his latest project, Serum.

The migration is still slotted to happen, and SUSHI’s price has recovered since Nomi’s exit. However, the future doesn’t look bright for SushiSwap, as the project demolished its only competitive edge against Uniswap.

Having a community with a strong financial incentive to use SushiSwap once it launched gave the project a shot at success. Uniswap is the clear DEX leader, facilitating more volume than Coinbase on most days. Uniswap v3 is expected to launch in the near future, which will inevitably improve the way the DEX works.

There’s no way SushiSwap, a fork of Uniswap v2, could compete with Uniswap v3 on features alone. It needed loyal users to establish market share.

But with the broader community losing faith, the lights are dimming on SushiSwap’s future.

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Source: https://cryptobriefing.com/sushiswap-experiment-serves-harsh-lesson-defi-community/

Blockchain

PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain

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[PRESS RELEASE – Tallinn, Estonia, 11th May 2021]

PARSIQ, a platform that monitors data and automation across blockchains, bridging both on and off-chain apps and sending out user alerts once transactions are executed, now offers compatibility for smart triggers with the Polkadot Relay Chain.

A smart trigger is effectively a smart contract that is deployed into the PARSIQ ecosystem. It allows triggers from external chains to be passed to off-chain systems. It collects data across a variety of chains in real-time and then constructs an indexed composition of actions in any one chain in the process of reverse-engineering. It can validate and process a huge amount of real-time data simultaneously via its distributed data management layer by utilizing chain-specific feature extraction.

Building a Bridge

PARSIQ shares the same ideology as Polkadot, which is to bridge data across a huge network of chains, leaving all chains completely equal to one another, where each chain has its own personal real-world uses and strengths. This is a model which builds strength from numbers and enhances usability by combining the entire group of chains into one strong network.

PARSIQ, rather than being a chain itself, is the bridge between the chains and between off-chain applications too. Developers can build their own smart triggers using PARSIQ. These smart triggers react to events, plus they are able to store and alter data and also to learn from the data as they grow.

The platform, in addition to monitoring data and creating alerts, can also be used to deploy bots, as well as for areas like monitoring AML, performing automated accounting, and more. Each developer’s data stream is completely unique with its own branding retaining as well as its pricing structure, even while it is growing and learning from the entire network.

PARSIQ is now integrated across all of the major blockchains, including Bitcoin, Ethereum, Binance Smart Chain, Solana, Celo, Dash, and Algorand, to give users a way to simplify the automation of all their processes and applications off-chain, on-chain, and even across Layer-2 chains.

About PARSIQ

PARSIQ’s smart triggers have far-reaching functionality, including monitoring transactions, assets are withdrawn from a user, sent to other users, transfers exceeding a pre-set level, and many more. Developers can use the PARSIQ platform to build their own smart triggers for data workflow automation, storage, and learning here:

https://portal.parsiq.net/signup

Examples of workflows include:

Alerts of DOT transactions as they happen

Bridging events in the Polkadot Relay Chain (as well as other chains) with a simple user interface

Monitor data flow and create advanced analytics from the data

Alerting to strong potential trades

Usage for traders, platforms, and market researchers to build strong, data-backed pictures of the markets.

About Polkadot

Created by one of Ethereum’s founders, Dr. Gavin Wood Polkadot’s goal is to take blockchains to a state closer to Web3, where all on-chain activity is shared across a variety of chains. It is an intersection capable of translating architecture into one heterogeneous language for customizing side chains to connect with public blockchains.

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Source: https://cryptopotato.com/parsiq-integrated-into-polkadot-for-smart-triggers-across-the-relay-chain/

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Blockchain

Raze Network Kicks Off Testnet Phase With UI Community Voting

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[PRESS RELEASE – Singapore, Singapore, 11th May 2021]

Raze Network, the first Polkadot-based privacy protocol, is bracing to engage community members with our first testnet. Early birds will be able to provide feedback on the quality, function, and overall experience of the Polkadot-based privacy protocol.

This huge milestone clears the way for ‘Razers’ and collaborators to easily test drive the newest features and allows plenty of maturation time for these new features to be fully tested.

Our team already started designing the user interface of the privacy protocol we promised to launch. However, we want to resort to the collective wisdom of our community on how to actually bring this to realization, thus launching this UI Community Voting Campaign.

The beta testnet marks the latest step forward in Raze Network’s overall mission to enable the broader community to contribute to the evolution of our trustless decentralized privacy protocol.

Raze Network’s applications present the decentralized finance (DeFi) community with a cross-chain middleware solution on Polkadot for concealing transactions when operating on decentralized exchanges.

With a clear vision and solid use-case, the protocol-based solution leverages the Polkadot ecosystem to offer the required privacy layer for the crypto sphere. The privateness protocol aims to guard anonymity for all the DeFi stack on the Polkadot.

To achieve higher participation during the testnet, Raze Network is organizing a number of events, competitions, and challenges to encourage participants to actively test critical components of our ecosystem. Specifically, we will airdrop 1,000 $RAZE tokens to 10 lucky voters based on how many entries they generated to vote for the best UI style.

$RAZE is set to be the lifeblood of the Raze Network, designed as a utility token to represent participation in the ecosystem.

The launch of Raze Network’s UI testnet comes on the heels of several other recent milestones, including a robust set of developer resources and partnerships that continues to expand.

Just in April, we announced the strategic listing of Raze token on the popular DeFi platform, Uniswap. This listing closely follows our completed triple IDO event on three launchpads.

Interestingly, apart from going live on DEX exchanges, $RAZE tokens will also soon be listed on several tier-1 centralized exchanges.

This networked testnet release allows Raze to continue working with our partners towards the mass adoption of decentralized applications and smart contracts.

Since its inception, Raze Network sought to develop an infrastructure that is easy to understand and smooth to navigate. One where even new users can reap the benefits of a cross-chain middleware solution for anonymous transactions, payments trading, and mining.

Although the token launch is done, the real work starts. Most recently, we have completed the development of mint, transfer, and redeem contracts in Solidity. Currently, we are testing how to deploy these contracts on EVM.

Also, the major front-end and client modules that can invoke the aforementioned contracts have been developed.

About Raze Network

Raze Network is a Substrate-based cross-chain privacy protocol for the Polkadot ecosystem. It is built as a native privacy layer that can provide end-to-end anonymity for the entire DeFi stack. The Raze Network applies zk-SNARKs to the Zether framework to build a second-layer decentralized anonymous module.

It will then be imported as a Substrate-based smart contract. The objective of Raze Network is to enable cross-chain privacy-preserving payment and trading systems while protecting the transparency of your assets and behaviors from surveillance.

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Source: https://cryptopotato.com/raze-network-kicks-off-testnet-phase-with-ui-community-voting/

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First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US

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Coinbase’s mobile application has become the most popular app on iOS in the US. With its rise to the top, it has surpassed some highly utilized applications like TikTok, YouTube, Instagram, Facebook, and more.

Coinbase Tops US iOS Chart

According to data from SensorTower, the mobile application of the largest US crypto exchange has taken the first spot in terms of the most popular free apps on iOS in the country.

The app enabling users to buy, sell, or simply hold various digital assets has climbed with several spots in the past few weeks.

As of writing these lines, TikTok – the Chinese video-sharing social networking giant that saw the light of day in 2016 takes the second spot.

Further down the list is YouTube, followed by other social media giants like Instagram and Facebook. Interestingly, Robinhood’s app is not even in the top ten. The iOS application of the financial services company takes the 12th spot.


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It’s worth noting that the top 50 free iOS applications have two Coinbase representatives. The exchanges’ wallet app is the 46th most popular application, which places it ahead of Uber, Google Drive, and Microsoft Teams.

Coinbase’s Rise

Taking the aforementioned first spot only validates Coinbase’s popularity boost in the past year or so. The company took full advantage of the ongoing crypto bull market, which has seen prices exploding.

Consequently, the firm reported a massive increase in terms of user base, volume, and revenue in the first quarter of 2021.

These impressive results came shortly before Coinbase became a publicly traded company. As CryptoPotato reported in mid-April, the firm’s shares (COIN) launched on the giant US exchange – Nasdaq.

Although some of the early backers sold off their stocks and prices suffered in the month that followed, Coinbase only intensified its aggressive expansion. In the latest endeavor, the firm agreed to acquire Skew – the popular crypto analytics company.

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Source: https://cryptopotato.com/first-spot-coinbases-app-surpassed-tiktok-instagram-and-facebook-on-ios-in-the-us/

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