Ashleigh Schap stands as the Growth Lead at Uniswap, and has recently called out Andre Cronje, the founder of Yearn Finance, for his apparent hypocrisy. In short, a recent article from Cronje openly criticized forked protocols within the DeFi space. Schap promptly reminded Cronje of the recent merger between Yearn Finance and one of these “forked protocols,” namely SushiSwap.
Complaining About Forked Protocols
The blog post of Cronje, published on the 12th of January, 2020, is simply titled “Building in DeFi sucks.” In this blog post, Cronje voiced his woes regarding the risks of competitors forking the code of your protocol, then combine it with far more attractive, albeit unsustainable, tokenomics in order to steal users away from the original product.
Cronje lamented how he could build a product that might even be superior to his rivals’, but all they need to do is fork the code, mint its tokens infinitely, and a week will be all they need to gain double the original’s users.
Validating Forked Protocols At The Same Time
Now, this is where things get interesting. SushiSwap stands as a prime example of this event. The protocol had forked from Uniswap, one of the most popular DEXs out there, back in August of 2020. This project launched its own native token and massively profitable yield farming program. Through these combined efforts, SushiSwap managed to steal an excess of $1 billion in liquidity from Uniswap.
And it just so happens that Yearn Finance had merged with SushiSwap back in December of 2020. As one would imagine, the Uniswap community wasn’t too pleased about it, and Schap was quick to point out that Yearn was encouraging exactly what Cronje was complaining about.
In a tweet, Schap highlighted Cronje’s hypocrisy about the matter, explaining that Yearn, as a “legit” dApp, had effectively validated SushiSwap, a “stolen” dApp, by way of this partnership. As such, Yearn’s moves encourage such behavior while its founder gripes about it.
— Ashleigh Schap 🦄🌽 (@ashleighschap) January 12, 2021
Missing Some Very Key Concepts
Another thing Cronje took a jab at was the notion of community within the crypto space. He went as far as describing it as “bullshit,” claiming that any form of community and governance actively kills innovation. Schap, as one would imagine, was quick to refute these claims, highlighting how UniSwap had become one of the biggest dApps within Ethereum thanks to its community, and this happened long before the protocol issued out its own token.
As one would imagine, such a high-profile commentary wasn’t unnoticed within the crypto community. The Twitter thread went alite with debate, with Sam Bankman Fried, the founder of FTX who had been given short-term control over SushiSwap last year, pointing out a very cruel fact about this.
In the end, UniSwap’s code wasn’t copyrighted. It was, in essence, public domain. There is no way for anyone to stop someone forking Uniswap, just as there is nothing SushiSwap could do if someone forked the DEX as well.
StormGain: Crypto Mining now available on all smartphones
For many years, cryptocurrency mining has only been reserved to a select few – those people with enough time and capital willing to invest resources into setting up their own mining rigs. However, cloud mining has been quickly gaining speed, and StormGain’s solution removes the technical barriers from the equation in hopes of creating a more even playing field.
Since miners need to keep several factors in mind, including electricity costs, upkeep and maintenance, and the overall investment return, mining has become less lucrative for the smaller players. StormGain wants to change this narrative, and give everyone the chance to participate in the verification of cryptocurrency transactions, earning a nice income whilst doing so.
Cloud mining is a prevalent trend in the cryptocurrency industry today. However, many providers claim to offer significant yields and fail to deliver on those promises. StormGain is a different breed, as it provides a mobile-based cloud mining solution. Every user can mine cryptocurrency directly from their mobile phone without dealing with the hardware side of things. Mobile app users connect directly to remote cloud servers, allowing StormGain to provide a risk-free and convenient mining solution, incomparable to those offered by other cloud mining service providers.
The first step is to register at the StormGain platform using a smartphone – or desktop computer for those who prefer that option. StormGain purposely opts for a pain-free registration process to get as many people acquainted with cloud mining as possible. The registration process also involves a lucrative bonus of $5 USDT, delivered directly to users’ mining accounts. The process is simple – upon registering, use the promo code MINER to receive the bonus. After confirming the account, users can begin mining Bitcoin right away by connecting to the cloud mining server, with no impact whatsoever on the smartphone’s performance.
After meeting the minimal $10 USDT profit threshold, users are free to trade and exchange their crypto assets with StormGain. Withdrawal of mined currency is not possible without going through the trading process first, but all profit generated via trading can be transferred out of one’s account at any given time – a fair trade-off.
The trading and exchanging via StormGain is available at 0% commission, with users benefiting from all standard and advanced instruments at their disposal. The service also introduces fiat-based cryptocurrency purchasing for those who want to expand their crypto portfolio quickly and effortlessly.
StromGain has contracted incredible partnerships since its inception, making it the 1# interest rate provider for crypto traders by CoinMarketCap, a member of the well-known Blockchain Association within the Financial Commission, but also an S.S. Lazio official trading partner, and the market’s best cryptocurrency trading & exchange platform, according to The European. To date, StormGain’s trading product notes a 30-day volume of over $6 billion, generated by tens of thousands of traders worldwide.
What sets StormGain apart from other cloud mining providers is how mining rewards are proportional to trading volume. Users with a higher trading volume will earn a higher daily mining income. Mining with StormGain over more extended periods can have a significant impact on one’s profit potential, showcasing huge capital inflows for the most active miners and traders.
Cloud mining rewards are distributed every 30-40 minutes. Then, users are free to withdraw the funds to their trading accounts, within less than 72 hours. For newcomers, the first mined Bitcoin rewards will become accessible within 4 hours, a feat that is available nowhere else within the cloud mining industry.
As part of its services, StormGain’s cloud mining service effectively removes all entry barriers to the mining market. Consequently, there’s no longer a need to invest in expensive mining chips that take up space, make noise, and consume electricity. Contract prices are inherently small so ongoing investments can translate to significant profits over the long term. Since the bitcoin mining service is readily available via the cloud, accessing it via desktop and mobile devices couldn’t be easier, with no hardware and time investments involved.
Disclaimer: This is a paid post and should not be treated as news/advice.
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Bitcoin’s Market Share Falls Below 40%
Bitcoin’s market share has fallen below 40% for the first time in three years as altcoin sezun gives rise to many cryptos.
In particular ethereum has risen to its highest crypto market share since the last peak in February 2018, accounting for more than 19%.
That’s almost as much as all other cryptos combined at 21%, which themselves have seen considerable appreciation with the top 20 ranking transformed:
Bitcoin’s market cap has fallen now to $800 billion, while ethereum is almost half of it at $400 billion.
Then we have Binance Coin which is like their token share, worth $80 billion in part because Binance buys it back based on quarterly profits.
Cardano is the only one to survive in rankings from the 2017 ICO whitepaper wave with it on fourth position based on promises of smart contracts ‘soon,’ albeit about five years too late as eth invented smart contracts in 2015.
Doge is perhaps the wildcard crypto as no one thought it would rise to top five, yet maybe it should have been predictable, except no one could guess Elon Musk would shill it even on SNL.
Tether is at the top still with a market cap of $60 billion. Some say the bull will end when tether goes to the second page of rankings, but we’re not sure how much that will be true.
XRP survives. Still no all time high as it fights SEC in court, but it’s clinging on despite being delisted from many exchanges.
Polkadot has risen to a market cap of $37 billion with this trying to solve scalability by getting shards to go through a central coordinator which happens to be a bottleneck.
Finally a new coin, the Internet Computer. Ohh, it’s Dfinity! Finally this has launched. Just now actually on May 10th. We haven’t quite looked at it yet, but back in 2019 Joseph Lubin of ConsenSys said:
“Dfinity has a very strong team. Because dfinity is a currently closed system controlled by a small number of investors and token holders – though they’ve indicated they will open source their project at some point – it is hard to tell, but it appears to me they are less interested in being a global base trust and settlement layer and more like a somewhat decentralized AWS replacement.
They’re likely to do a very good job of this whenever it gets released.
Ultimately, it doesn’t seem viable for Dfinity to be a base trust layer for the planet as there is one fundamental design choice that they and Cosmos made that will prohibit this.
Both Dfinity and Cosmos favor safety or consistency over availability and liveness. This means that if 34% of the nodes on their networks find themselves on the wrong side of some great firewall that blocks traffic for a period, their entire global network will halt, freezing every system built on it.
And there are other known related failure modes. This is a non starter for many different classes of application.”
As it happens, eth 2 has this 34% as well, which is why plenty think the ethereum PoW chain will keep running even if the eth 2 PoS chain becomes dominant.
Bitcoin Cash is down to 10th now with Litecoin keeping on since 2011. Uniswap keeps up and up, with quite interestingly even USDC making top 20 with a market cap of $14 billion (wow).
Solana, this launched in March 2020 and never got our attention but seems a bit interesting on the surface because they claim they use a Proof of History in the blocks themselves or in the transactions.
At the most basic and utterly simplistic to the point of perhaps misleading, it sounds like each transaction has a private key of sorts (a hash) to prove that it was made before its inclusion.
The full details are worthy of study for those interested because, unless our surface view is mistaken, this is an experiment in scientific blockchain pruning.
We all know about the blockchain data ever increasing and that means no scaling. If you can remove old data from storage however, while still being able to prove the history of such old data so that you can trustlessly synch on the network and obviously so that you can prove coins are not just being printed, then there are effectively no scalability constrains.
So if Solana proves itself, their method or some adaptation of it may be incorporated into bitcoin where devs there have been tinkering with crypto hash based pruning, something that would make bitcoin globally scalable.
Polygon (Matic) is a second layer on eth so how this is so valuable is not clear, but the token is probably used in a Proof of Stake environment and so speculators are maybe betting this will find much usage in eth.
VeChain is ancient by crypto standards of the second blockchain generation wave with it focusing more on supply chain use of the blockchain and presumably doing something right since it keeps surviving.
Theta is a new one in rankings, although this launched in January 2018, and is “a blockchain powered network purpose-built for video streaming.”
Showing thus the crypto space is transforming, as was predicted during bear years, with two new entrants as well as an eth token ranking.
Interestingly both new entrants are scaling focused, so maybe at some point we’ll hopefully get out of the 80s dial-up and into 90s broadband when cryptos can go mainstream in usage.
As well as technical challenges to get there, there are also political challenges but somewhat slowly it looks like this space is generally moving in the right direction with innovation still clearly very much booming.
Satozhi (SATOZ), the World’s First Proof-Of-Burn Blockchain Launches VMT Marketplace
The hype for digital collectibles is near all-time-high. All appreciation to recently popularized NFT mania. Non-fungible tokens are not new and in fact, were first brought into use as early as 2018 but their primary use was limited to fan tokes for a popular sports league and blockchain in-game memorabilia. However, with every bull season, a new use case rises above all and this time around, it seems NFT has become the most popular one for the time being. A range of mainstream celebrities, including top-level sports stars and athletes, pop stars, artists, and many more have come forward to launch their NFT collection comparison of unique art pieces and rare memorabilia. The top NFT art raked in $69 million giving the much necessary media attention that made more celebrities choose NFT launch over any other form of a traditional auction.
With the rise in popularity of NFTs, a number of auction houses is it traditional or NFT dedicated ones have sprung up over the past couple of months. However, none come close to what Satozhi brings to the table, a world’s first proof-of-burn token that was built using a similar mining consensus to that of Bitcoin’s proof-of-work. We are familiar with Bitcoin’s (BTC) Proof-of-Work (PoW) protocol, but Satozhi (SATOZ) made a better protocol known as Proof-of-Burn (PoB). Satozhi (SATOZ) was created for everyone to save long-term SATOZ as a store of value. Satozhi (SATOZ) is a crypto token that runs fully on the Binance Smart Chain (BSC) network according to the standards of the most advanced smart contract protocols.
Traders can buy SATOZ and sell when it is profitable, on the other hand, miners can burn SATOZ to receive a block reward every 10 minutes in any wallet. The SATOZ token also helps developers, since the SATOZ project is open-source and driven by the community, not creators. This protocol uses the logic of burning the token supply in the blockchain and then creating a new token in the pool every 10 minutes.
Moreover, the platform has also just made its Virtual Mining Tool marketplace live where developers and artists can mint their high-value tokens and auction them for profitability.
What is VMT and What Makes it More Unique than NFTs
VMT a very unique project that only exists on Satoz. VMT is a pioneer in the world of cryptocurrencies and assets VMT is short for Virtual Minting Tool (or for some people call it Virtual Minting Token) is an improved protocol that allows VMT creators to sell their work, not only as a digital item or unique value but also as a lifetime mining reward. and can be traded on the VMT decentralized marketplace (VDEX) via the VMT smart contract itself automatically. This very unique project only exists in Satoz making it an industry first until more similar projects crop up owing to its growing popularity.
VMT takes the NFT mania to the next level and is developing a blockchain 3.0 for the next leg of innovations in the decentralized space. While NFTs offer a unique opportunity to creators, VMT would ensure the minted artworks not only offer their creator a profitable income at the time of the auction, but even if they hold their minted work it pays them like staking.
VMT vs NFT
Non-Fungible Token (NFT) is a digital smart contract standard created to store unique digital ownership assets. NFTs cannot be exchanged for other tokens, NFTs are generally created by uploading files, such as digital artwork, and traded on the auction market or the NFT marketplace. This will create a copy of the file, which is recorded as an NFT on a digital ledger or blockchain. The NFT can then be bought with certain cryptocurrencies and sold back to the market. Even so, the chain of ownership will continue to be recorded in the NFT smart contract itself.
Virtual Minting Tool (VMT) is a digital smart contract innovation whose identity of assets, tokens, and ownership are unique from each other and are managed by the blockchain. Each VMT has its own asset value, different income values, different types of assets, which we refer to as Minter or VMT tokens. Besides being able to be traded on a decentralized market like an NFT, VMT assets can also be mined at any time as a personal asset. If a creator doesn’t want to sell it, they can keep the VMT as a collection, for which they will still get the results of VMT minting assets every time, as long as they keep the ownership forever.
VMT not only gives the value of ownership of a digital asset but also offers an increase in the value of the asset itself over time. Thus, making it an all-in-one collectible item whose value only rises with time and doesn’t solely depend on the auction marketplace. Satoz mining is paid software that can create virtual mining tools, and can be traded and speed up by increasing the number of burns on the tool.
Satoz was redesigned to solve resource problems that have been difficult to achieve. To this day, coin mining has to be done with CPU tools, GPUs, very expensive ASICs with very high electricity costs, and expensive maintenance costs, making it less effective for some miners, which results in increased blockchain transaction fees and confirmation times. The VMT marketplace has only added benefits to it where the burning mechanism only helps the value of the token powering the platform.
To learn more about Satozhi visit Satozhi.com
Twitter : https://twitter.com/satozhiofficial
Telegram : https://t.me/satozhitoken
CoinMarketCap : https://coinmarketcap.com/currencies/satozhi/
SatozhiTalk : https://satozhitalk.org/
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