SushiSwap(SUSHI)

SushiSwap’s $SUSHI Token Sees Significant Decline Amidst On-Chain Activity Over the past month, SushiSwap’s native token $SUSHI has experienced a notable decline in value, shedding 32% of its value in the last 30 days, with an additional 8% drop recorded today. Insights from on-chain reports provided by Spotonchain suggest that […]

Pullix has emerged as the best crypto to buy at the beginning of 2024, ahead of Terra LUNA and SushiSwap, thanks to its latest price surge. The price of the Pullix token has skyrocketed 75% from its initial launch price of $0.04 in early December to $0.07 in the 5th […]

Decentralized finance (DeFi) protocol Sushi has reportedly been hit by a front-end exploit, with the company's CTO issuing a warning about an industry-wide exploit related to a "commonly used" web3 connector.

[PRESS RELEASE – Dubai, UAE, November 23rd, 2023] Algebra, once a multi-solution DEX, now known as the DEX Engine, retains and refines concentrated liquidity, enhancing functionality. With over 20 integrated decentralized exchanges, including THENA Fusion, Camelot V3, QuickSwap V3, and even more, Algebra boosts these DEXes’ competitiveness and provides users with advanced options through its […]

Algebra DEX Engine Introduces 'Integral' & its Sushi Integration Proposal

Sushi is set to test Bitcoin swaps on 30 different blockchains using the interpretability protocol ZetaChain.

Decentralized exchange Sushi will test native Bitcoin DeFi functionality that promises to allow users to swap BTC across 30 blockchain networks.

The move allows users to access the liquidity of bitcoin on decentralized finance (DeFi) without going through intermediaries like wrappers.

Some of the affected pairs are ACH-USDT, BNT-BTC, SUSHI-BTC, SUSHI-ETH, ZRX-BTC, ZRX-EUR, and others.

Self-custody, or the practice of holding cryptocurrencies in private wallets rather than on exchanges, is gaining traction among investors. This shift is particularly notable for coins like SUSHI, REEF, ELF, BICO, CRV, and INJ, as their supplies on exchanges are decreasing. Historically, such reductions in exchange supplies have been associated with positive price movements. Watch […]

Sushi claims to be the first and largest Ethereum-native decentralized exchange (DEX) to deploy on Linea.

The latest integration represents the first non-EVM chain for Sushi.

Sushi, the decentralized exchange (DEX) that has $350 million in locked value, has expanded its services to a layer-1 blockchain Aptos.

Sei Labs has just announced the launch of its Mainnet beta platform, seeking to facilitate the mass adoption of digital assets. Sei Foundation Announces Mainnet Launch Open-sourced tech firm behind the Sei blockchain, Sei Labs, has just announced a significant milestone in its journey toward revolutionizing the digital asset landscape. Following a successful Testnet alpha phase that witnessed an impressive 400 million transactions and the creation of 7.5 million unique testnet wallets, Sei Labs has officially launched the Sei Mainnet beta phase. The team tweeted the announcement on X, “This marks the beginning of an long voyage, transitioning web2 experiences to web3 applications, with lightning fast time to finality…The Sei Foundation looks forward to seeing the exciting new applications built using Sei's infrastructure.” The Mainnet beta phase's core mission is to undergo refinement through active community engagement and to seamlessly accommodate industry growth. Notably, Sei isn't just limiting its impact to decentralized finance (DeFi) but extends its prowess to any sector requiring trading, including gaming economies, NFT marketplaces, and decentralized exchanges (DEXs). Scaling to Address Current Challenges As regulatory scrutiny mounts on centralized exchanges (CEXs), decentralized applications face the imperative of handling increased on-chain volume. Sei is seeking to provide a timely solution to the scalability challenges plaguing existing Layer 1 and Layer 2 infrastructures. The platform had taken a multi-faceted approach to decentralization, scalability, and capital efficiency, combined with geographical node diversification, to strengthen its resilience against potential network disruptions. Sei Labs' co-founder Jeff Feng encapsulates the mission succinctly: "Current Web 3 infrastructure is unscalable, congested, and still too slow. Sei is designed to let apps and other projects scale in a way that no other blockchain can, while also maintaining a user-friendly experience." Sei’s Performance Optimization The platform has reported some unprecedented speed, with impressive time to finality clocking in at a mere 250ms, which is further enhanced by a 100ms buffer to ensure protocol stability. This speed is fortified by built-in parallelization, further optimizing its performance. Sei also introduces groundbreaking consensus research innovations, notably the Twin-Turbo consensus, propelling it to previously unattained performance milestones. Focusing On Holistic User Experience With the Mainnet's unveiling, the Sei team has revealed that over 200 teams are actively constructing on the Sei network, and over 7.5 million unique wallets have already emerged, generating a staggering 400 million testnet transactions. Launch day witnesses the introduction of 30 live applications, with more slated for H2 2023, including the much-anticipated decentralized perpetual futures exchange by Sushiswap. As Sei Labs co-founder Jay Jog pointed out, "The fundamental use case for blockchains is the ability to exchange digital assets. Trading is universally important for all Web3 applications, not just DeFi. It includes social platforms, gaming economies, NFT marketplaces, and more. Exchange applications such as NFT marketplaces or gaming economies will offer the best user experience by building on Sei." Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Sei Labs has just announced the launch of its Mainnet beta platform, seeking to facilitate the mass adoption of digital assets. Sei Foundation Announces Mainnet Launch Open-sourced tech firm behind the Sei blockchain, Sei Labs, has just announced a significant milestone in its journey toward revolutionizing the digital asset landscape. Following a successful Testnet alpha phase that witnessed an impressive 400 million transactions and the creation of 7.5 million unique testnet wallets, Sei Labs has officially launched the Sei Mainnet beta phase. The team tweeted the announcement on X, “This marks the beginning of an long voyage, transitioning web2 experiences to web3 applications, with lightning fast time to finality…The Sei Foundation looks forward to seeing the exciting new applications built using Sei's infrastructure.” The Mainnet beta phase's core mission is to undergo refinement through active community engagement and to seamlessly accommodate industry growth. Notably, Sei isn't just limiting its impact to decentralized finance (DeFi) but extends its prowess to any sector requiring trading, including gaming economies, NFT marketplaces, and decentralized exchanges (DEXs). Scaling to Address Current Challenges As regulatory scrutiny mounts on centralized exchanges (CEXs), decentralized applications face the imperative of handling increased on-chain volume. Sei is seeking to provide a timely solution to the scalability challenges plaguing existing Layer 1 and Layer 2 infrastructures. The platform had taken a multi-faceted approach to decentralization, scalability, and capital efficiency, combined with geographical node diversification, to strengthen its resilience against potential network disruptions. Sei Labs' co-founder Jeff Feng encapsulates the mission succinctly: "Current Web 3 infrastructure is unscalable, congested, and still too slow. Sei is designed to let apps and other projects scale in a way that no other blockchain can, while also maintaining a user-friendly experience." Sei’s Performance Optimization The platform has reported some unprecedented speed, with impressive time to finality clocking in at a mere 250ms, which is further enhanced by a 100ms buffer to ensure protocol stability. This speed is fortified by built-in parallelization, further optimizing its performance. Sei also introduces groundbreaking consensus research innovations, notably the Twin-Turbo consensus, propelling it to previously unattained performance milestones. Focusing On Holistic User Experience With the Mainnet's unveiling, the Sei team has revealed that over 200 teams are actively constructing on the Sei network, and over 7.5 million unique wallets have already emerged, generating a staggering 400 million testnet transactions. Launch day witnesses the introduction of 30 live applications, with more slated for H2 2023, including the much-anticipated decentralized perpetual futures exchange by Sushiswap. As Sei Labs co-founder Jay Jog pointed out, "The fundamental use case for blockchains is the ability to exchange digital assets. Trading is universally important for all Web3 applications, not just DeFi. It includes social platforms, gaming economies, NFT marketplaces, and more. Exchange applications such as NFT marketplaces or gaming economies will offer the best user experience by building on Sei." Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Dubai, United Arab Emirates, August 3rd, 2023, ChainwireDubai has emerged as a global VDA hub and digital market convergence by 3.0 Verse will further benefit the global markets and users.In the dynamic world of large number of trading platforms and cryptocurrencies, the need for an intelligent, information driven and comprehensive user-friendly trade routing platform has never been more crucial. Today, 3.0 Verse is extremely happy to unveil from Dubai, its 3.0 Verse solution, a cutting-edge trade routing platform that brings together the best of both Centralized Finance (CeFi) (Binance, Huobi, Gate IO and OKX) and Decentralized Finance (DeFi) (AAVE, Compound, Curve, Uniswap, Sushi swap and Pancake swap).This innovative platform is poised to revolutionize the crypto trading experience, providing users with seamless access to multiple exchanges, decentralized protocols, information, analytics, BoTs and support ecosystem all from a single interface. The 3.0 Verse solution also has a media channel through 3.0 TV and an educational channel through 3.0 University.A World of Convenience and EfficiencyMulti-Market Trade Routing Platform- The heart of 3.0 Verse lies in its Multi-Market Trade Routing Platform, offering a ground-breaking solution to the fragmented trading experiences faced by crypto participants. This feature empowers users to effortlessly trade on renowned CeFi exchanges along with multiple DeFi platforms besides automated BoT Trading. The beauty of the platform is that a user can do all this from one unified screen and single technology infrastructure. With 3.0 Verse, gone are the days of multiple KYC verifications and the hassles of navigation between exchanges. Our platform consolidates the crypto trading experience and support system on a single platform.Empowering Traders with KnowledgeTrending Coin Monitoring and Market Calls In markets, knowledge is power. 3.0 Verse equips traders with invaluable insights through its Trending Coin Monitoring feature, tracking the hottest coins across CeFi platform, routing lending and borrowing or swapping based on most AI driven most efficient markets.Additionally, the pooled Market Calls feature offers a success rate of over 86% in the last five months, providing users with expert market analysis. Armed with curated content and timely information, traders can confidently make informed decisions. If the users desires to use trading strategies without manual intervention due to long trading hours then the users can use their desired Trading Strategies through the inbuilt trading BoT."In an ever-evolving crypto landscape, convenience and significance are paramount for crypto participants. 3.0 Verse aims to revolutionize the trading experience, uniting CeFi and DeFi on one intuitive platform. At 3.0 Verse, we believe that curated content, market news, data and analytics is instrumental in guiding the users towards smart and informed trading decisions. We constantly enrich the crypto community through 3.0 Verse, 3.0 TV and 3.0 University. With this pioneering trading platform, we aspire to open new doors of opportunities for all crypto enthusiasts." said Mr. Mayur Poddar, Director of 3.0 Verse.The Technology The 3.0 Verse solution is a technology wonder as it handles massive real-time market prices, data, news, orders, trades, queries, analytics, BoTs processing, index computation and education content of LMS of 3.0 University, videos of 3.0 TV, from multiple sources and then aggregates, disseminates and confirms transaction online real time 24/7 with extremely low latency. The 3.0 Verse solution is robust, fault-tolerant, auto-scalable architecture and highly secure with Google Cloud Armour.3.0 Verse invites all crypto enthusiasts and traders to embark on a transformative journey. With its intuitive interface, inclusive access to CeFi and DeFi, and expert market insights, users can navigate the crypto universe with ease and confidence.Mr. Mayur Poddar, added: "3.0 verse App is a technology innovation designed to converge global market ecosystem, efficiency and ease of operation for the users trading in virtual digital asset class. We are happy to have strategic collaborations with the ecosystem partners to ensure that end users have seamless access to markets and services. We are open to partnerships with multiple partners who wish to reach end clients with their products or service as our efforts are collaborative and in the interest of the end users. With a focus on technology innovation, information analytics, and user-centric convenience, we aim to empower individuals to navigate the crypto universe with confidence and ease and yet make informed choice."The TV interview on 3.0TV can be found here– https://youtu.be/QpGViKhwyhYAbout 3.0 Verse3.0 verse is a one-of-a-kind global digital super app, which brings multiple crypto exchanges on a single platform. Users can leverage unparalleled and unprecedented benefits by accessing the world’s top CeFi and DeFi exchanges on a single dashboard. Trusted by more than 3 million users across the crypto industry, 3.0 verse is on an indefatigable mission to create an ever-growing ecosystem of digital asset class trading that can transform lives.ContactDirectorMayur Poddar3.0 [email protected]

Dubai, United Arab Emirates, August 3rd, 2023, ChainwireDubai has emerged as a global VDA hub and digital market convergence by 3.0 Verse will further benefit the global markets and users.In the dynamic world of large number of trading platforms and cryptocurrencies, the need for an intelligent, information driven and comprehensive user-friendly trade routing platform has never been more crucial. Today, 3.0 Verse is extremely happy to unveil from Dubai, its 3.0 Verse solution, a cutting-edge trade routing platform that brings together the best of both Centralized Finance (CeFi) (Binance, Huobi, Gate IO and OKX) and Decentralized Finance (DeFi) (AAVE, Compound, Curve, Uniswap, Sushi swap and Pancake swap).This innovative platform is poised to revolutionize the crypto trading experience, providing users with seamless access to multiple exchanges, decentralized protocols, information, analytics, BoTs and support ecosystem all from a single interface. The 3.0 Verse solution also has a media channel through 3.0 TV and an educational channel through 3.0 University.A World of Convenience and EfficiencyMulti-Market Trade Routing Platform- The heart of 3.0 Verse lies in its Multi-Market Trade Routing Platform, offering a ground-breaking solution to the fragmented trading experiences faced by crypto participants. This feature empowers users to effortlessly trade on renowned CeFi exchanges along with multiple DeFi platforms besides automated BoT Trading. The beauty of the platform is that a user can do all this from one unified screen and single technology infrastructure. With 3.0 Verse, gone are the days of multiple KYC verifications and the hassles of navigation between exchanges. Our platform consolidates the crypto trading experience and support system on a single platform.Empowering Traders with KnowledgeTrending Coin Monitoring and Market Calls In markets, knowledge is power. 3.0 Verse equips traders with invaluable insights through its Trending Coin Monitoring feature, tracking the hottest coins across CeFi platform, routing lending and borrowing or swapping based on most AI driven most efficient markets.Additionally, the pooled Market Calls feature offers a success rate of over 86% in the last five months, providing users with expert market analysis. Armed with curated content and timely information, traders can confidently make informed decisions. If the users desires to use trading strategies without manual intervention due to long trading hours then the users can use their desired Trading Strategies through the inbuilt trading BoT."In an ever-evolving crypto landscape, convenience and significance are paramount for crypto participants. 3.0 Verse aims to revolutionize the trading experience, uniting CeFi and DeFi on one intuitive platform. At 3.0 Verse, we believe that curated content, market news, data and analytics is instrumental in guiding the users towards smart and informed trading decisions. We constantly enrich the crypto community through 3.0 Verse, 3.0 TV and 3.0 University. With this pioneering trading platform, we aspire to open new doors of opportunities for all crypto enthusiasts." said Mr. Mayur Poddar, Director of 3.0 Verse.The Technology The 3.0 Verse solution is a technology wonder as it handles massive real-time market prices, data, news, orders, trades, queries, analytics, BoTs processing, index computation and education content of LMS of 3.0 University, videos of 3.0 TV, from multiple sources and then aggregates, disseminates and confirms transaction online real time 24/7 with extremely low latency. The 3.0 Verse solution is robust, fault-tolerant, auto-scalable architecture and highly secure with Google Cloud Armour.3.0 Verse invites all crypto enthusiasts and traders to embark on a transformative journey. With its intuitive interface, inclusive access to CeFi and DeFi, and expert market insights, users can navigate the crypto universe with ease and confidence.Mr. Mayur Poddar, added: "3.0 verse App is a technology innovation designed to converge global market ecosystem, efficiency and ease of operation for the users trading in virtual digital asset class. We are happy to have strategic collaborations with the ecosystem partners to ensure that end users have seamless access to markets and services. We are open to partnerships with multiple partners who wish to reach end clients with their products or service as our efforts are collaborative and in the interest of the end users. With a focus on technology innovation, information analytics, and user-centric convenience, we aim to empower individuals to navigate the crypto universe with confidence and ease and yet make informed choice."The TV interview on 3.0TV can be found here– https://youtu.be/QpGViKhwyhYAbout 3.0 Verse3.0 verse is a one-of-a-kind global digital super app, which brings multiple crypto exchanges on a single platform. Users can leverage unparalleled and unprecedented benefits by accessing the world’s top CeFi and DeFi exchanges on a single dashboard. Trusted by more than 3 million users across the crypto industry, 3.0 verse is on an indefatigable mission to create an ever-growing ecosystem of digital asset class trading that can transform lives.ContactDirectorMayur Poddar3.0 [email protected]

2023 has brought forth a promising array of young projects that are capturing the attention of enthusiasts and investors alike. These breakthrough initiatives encompass a diverse range of areas, offering innovative solutions to some of the most pressing challenges faced in the virtual space. From an innovative social media gamified approach and decentralized personal identification system to advanced infrastructure solutions for seamless interaction with the blockchain, these projects are paving the way for a more accessible, secure, and interconnected crypto ecosystem. As the world continues to embrace the potential of blockchain technology and cryptocurrencies, these five projects stand out for their ambitious visions and disruptive approaches. With a shared commitment to pushing the boundaries of what's possible, they hold the potential to redefine how we engage with the digital realm and leverage the power of decentralized networks. In this exploration of the most noteworthy young projects in the crypto industry for 2023, we delve into the cutting-edge innovations that are shaping the future of finance, identity management, and decentralized applications. Cheelee Cheelee, a Web3 GameFi short video platform that rewards users for watching the feed, changes the way people make money on social media. Cheelee uses the Attention Economy concept to give everyone a new way of earning an income and a living wage, regardless of age, occupation, or socioeconomic background, and has the potential to redefine the social media industry while helping solve the problem of job automation by AI. "Cheelee is a game-changing Web3 GameFi short video platform that reshapes the landscape of social media platforms and rebalances the power which was earlier concentrated in the hands of platform owners, bloggers and advertisers. Our platform is not just about watching short videos; it's about empowering users to become more active in their virtual journey," CPO Cheelee Yury Kardonov explains. To inspire new users to learn its money-making mechanisms, the app gives them a free pair of Starting Digital glasses. Users that upgrade these glasses can increase their initial investment by more than X2. Cheeleers manage to earn up to several thousand dollars monthly with this tool, as seen from their reports on the platform's socials. Cheelee is going to blow up in 2023 with its governance token, $CHEEL, which has been steadily increasing in value and shows great promise because of its limited supply, high utility, and possible access to almost 5 billion social media users around the world. Cheeleeis already available on App Store and Google Play. WorldCoin Meet Worldcoin, a unique cryptocurrency project with a mission to verify people's identities online and combat the problem of bots and fake virtual profiles created by AI. Their special system, Proof-of-Personhood, works by scanning your eyes to ensure you are who you claim to be, preventing multiple accounts and stopping fraud. "A very central one is, how can you prove that you are a real human (not a bot) and have not yet claimed your free share of the currency, without revealing personal information about yourself like your name or email. Making this work in a scalable and fraud-proof way is hard," explains Alex Blania, co-founder of Worldcoin and Chief Executive Officer (CEO) of the project. Founded in 2019 by Sam Altman (CEO of OpenAI), Max Novendstern, and Alex Blania, and supported by venture capital firm Andreessen Horowitz, Worldcoin uses a distribution method similar to universal basic income (UBI) to encourage users to join their network. They offer their cryptocurrency as a reward to users who get their iris scanned using Worldcoin's orb-shaped iris scanner. Worldcoin has been highly successful in raising funds, starting with $25 million in October 2021 and an additional $100 million in just six months, boosting the token's value to an impressive $3 billion. And they didn't stop there, announcing another $115 million in funding in May 2023. As of January 2023, Worldcoin celebrated reaching 1 million sign-ups, with more than 115,000 new users in December 2022 alone. Their user base is diverse, coming from various countries like Argentina, Chile, India, Kenya, Portugal, Spain, and Uganda. By July 2023, they expanded to over 2 million users, and their World App is rocking with over 500,000 monthly active users. Arkham Intelligence Introducing Arkham Intelligence, a company focused on blockchain intelligence. Their platform is designed to reveal information about the real-world entities and individuals connected to cryptocurrencies, giving valuable insights into the cryptocurrency ecosystem. The goal is to remove anonymity from the blockchain and shed light on the identities behind cryptocurrency transactions. "Our industry has been plagued with bad actors who survive by hiding in the shadows. Crypto intelligence brings them into the light, and that’s what our platform and our research have always done," Arkham CEO Miguel Morel tweeted. In July 2023, Arkham Intelligence launched a bounty marketplace, enabling people to buy and sell on-chain cryptocurrency data. To facilitate these trades, they introduced the ARKM token as the main currency on the Arkham Intelligence exchange. Currently, as of July 2023, the ARKM token is being traded at $0.75 with a market cap of $113 million. For example, two savvy users of the Arkham platform recently earned a substantial reward of nearly $6,000 for successfully uncovering Do Kwon's wallet. The initial request to track the wallets of the former head of Terraform Labs was placed on the on-chain data marketplace, Arkham Intel Exchange. Two online detectives took up the challenge and accomplished the bounty hunt with great success, providing evidence that several addresses indeed belong to the businessman. As a result, they were rewarded with 9519 ARKM tokens, equivalent to approximately $5971. Fetch.ai Fetch.ai is an open-source machine learning platform, decentralized and based on a distributed ledger. It offers secure access to AI for smart and autonomous services. They've also made Agentverse, a web3 virtual hub, letting users create autonomous agents easily, no matter their technical skills. The platform's smart ledger combines blockchain with direct acrylic graph (DAG) tech. Transactions can be assigned to different routes, forming a fragmented network. New routes can be created if existing ones get overloaded. Fetch.ai uses UPoW (useful proof-of-work/proof-of-beneficial work), a mix of proof-of-work, proof-of-stake, and other mechanisms. FET is the primary value exchange on Fetch.ai. It's essential for network exchanges, staking, and rewarding node operators. FET unlocks various operations on the network and acts as the main payment method. It's also needed to find, create, deploy, and train autonomous economic agents. Fetch.ai's disruptive nature stems from its ability to challenge the status quo in machine learning, blockchain technology, and decentralized applications, offering new solutions and possibilities that can potentially reshape industries and user experiences. Arbitrum Arbitrum, developed by Offchain Labs in 2018, is a Layer 2 scaling solution for Ethereum. Its purpose is to address the Ethereum network's limitations, like slow transaction speeds and high fees during busy times. By reducing work and data storage on Ethereum's mainnet(Layer 1 or L1), Arbitrum aims to decrease network congestion and transaction costs, enhancing the speed and scalability of Ethereum smart contracts. "Our mission at Arbitrum is to scale Ethereum without compromising on security. Notice that we're focused on the result, not the tool. On the end, not the means," wrote Steven Goldfeder, co-founder and CEO of Offchain Labs. Arbitrum enables users to perform transactions off the main network, which are later verified and grouped before being added to the main chain. This process helps ease congestion and lower gas fees on Ethereum, benefiting decentralized finance (DeFi) projects like Sushiswapand Aave, which utilize Arbitrum to offer efficient swaps with lower gas fees. The platform supports the Ethereum Virtual Machine (EVM), allowing seamless integration with existing Ethereum tools and infrastructure for DeFi developers. To gain exposure to the Arbitrum network, individuals can consider the governance token, ARB. Holders of ARB tokens can participate in the protocol's decision-making processes, including proposing and voting on upgrades or changes. Additionally, ARB tokens are used to pay for transaction fees on the Arbitrum network. Despite being launched in March 2023, the ARB token has already reached a market capitalization of over one billion dollars. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

SushiSwap brings liquidity pools, cross-chain swaps and its DEX aggregator to the Core blockchain ecosystem.

Curve Finance suffered a significant exploit over the weekend, with attackers managing to siphon off around $70 million worth of assets from users. Curve founder Michael Egorov has a loan of around $70 million in USDT on Aave v2, using CRV as collateral. Curve Chaos Could Have Major Implications The exploit at Curve Finance resulted in the price of the protocol’s CRV token experiencing a sharp decline. This decline has put a $168 million lending position held by Curve founder Michael Egorov at risk of liquidation. If the position gets liquidated, it could have disastrous implications across the decentralized finance (DeFi) ecosystem. The Curve founder has around $168 million worth of CRV, which he has used to secure loans from several DeFi protocols, according to data from the blockchain analytics site DeBank. This amount equals nearly 34% of CRV’s total market capitalization. The exploit has led to a decline of over 20% in the CRV price, putting Egorov’s position in danger of liquidation. A Major Blow A forced liquidation would be a devastating blow to Curve after its weekend exploit. As a result of the exploit, the total value of assets locked on the DeFi protocol dropped from $3.7 billion to $2.1 billion, with investors pulling their funds as a precaution. Thanks to DeFi’s interconnected nature, the liquidation of Egorov’s position could put significant pressure on CRV’s price and other decentralized lending protocols. The CRV token is extremely popular on Uniswap and Sushiswap and is used as collateral on platforms such as Aave. Aave’s Exposure Michael Egorov has a $70 million loan in USDT on Aave v2, for which he has used CRV as collateral. Based on risk parameters set by Aave, if the CRV token’s price drops below $65%, it would be at risk of liquidation. When liquidations occur, the collateral the borrower deposits is sold in exchange for the borrowed asset. In the case of Aave, the CRV would be sold for Aave, leading to considerable bad debt. The concerns around bad debt were already flagged by Gauntlet, who recommended freezing CRV and setting its loan-to-value to zero on Aave v2. “The amount of CRV concentrated on Aave, relative to the circulating supply of CRV, is already high. Given the limitations of V2 mechanisms, including the possibility of circumventing an LTV of 0, the only way to truly prevent more risk of this position is to prevent borrowing of all assets on V2.” However, this proposal failed to pass. Aave’s GHO stablecoin also lost its peg for a few hours on the 31st of July. The stablecoin subsequently regained its peg, with analysts working to determine why the de-pegging occurred. According to most, the de-pegging was a result of the reentrancy attack on Curve Finance. The GHO stablecoin had dropped to $0.96 on the 31st, losing its $1 peg for a few hours. However, it regained its peg and is currently trading at $0.98. Other Protocols At Risk Aave is not the only protocol that the Curve Finance fiasco could impact. Egorov has also borrowed $17 million worth of the FRAX stablecoin, putting $32 million worth of CRV as collateral. Since the exploit, Egorov has made several transactions to repay part of the amount he borrowed on Fraxlend. According to DeBank data, Egorov also has an $18 million loan on DeFi protocol Abracadabra. Egorov has moved to shore up his capital by selling LDO, the governance token for liquid staking protocol Lido, in exchange for the USDC stablecoin. These transactions have been done in several batches valued at between $10,000 and $50,000, according to data from EtherScan. The developments have raised several questions for decentralized lending protocols, and whether they should implement measures to prevent large positions, such as the ones taken by Egorov, that could potentially introduce systemic risk. Egorov came under fierce criticism in 2020 after he took control of over two-thirds of a Curve voting token, veCRV. He later apologized and called the move an overreaction to what he thought was a takeover attempt by Yearn.Finance. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

An unsettling rumor is sweeping across the crypto community following the sudden liquidity pull from the BALD meme coin. Several voices within the sector are suggesting a potential link to the already embattled ex-CEO of FTX, Sam Bankman-Fried. This has stirred up more confusion surrounding the former FTX leader, who is already ensnared in a legal quagmire. Piecing the Puzzle, Possible Links In the eye of the storm, a mysterious developer has abruptly withdrawn all liquidity from the BALD meme coin, creating ripples within the crypto sphere. The aftermath has led several blockchain observers to suspect a correlation to Sam Bankman-Fried, the erstwhile FTX chief. Currently under house arrest with severely limited online access, such allegations add to the increasingly perplexing narrative surrounding Bankman-Fried. "From the looks of it, the BALD developer could likely be SBF or someone within Alameda," shared Adam Cochran, a partner at Cinneamhain Ventures, referencing the associated wallet address’s prior SushiSwap involvement. Cochran was further quoted stating, "I am almost certain it is either someone from Alameda, FTX, or SBF himself." Simultaneously, distinct phrases used by the BALD Twitter account, bearing close resemblance to Bankman-Fried's own posts, have intensified the conjecture around his possible involvement. Thus, the question remains: is the former FTX head the unseen hand behind the BALD debacle? A crowdsourced investigation on Reddit has added fuel to the fire, suggesting that the BALD developer wallet had been a recipient of deposits from FTX and Alameda over the past two years. Currently harboring 12,331 ETH, equivalent to nearly $22 million, this wallet has emerged as a key focal point in the BALD conundrum. Adding to the complexity, one Twitter user (@cryptobran_) highlighted that an address routinely depositing into the BALD wallet had previously been implicated in the Terra USD depegging incident last May. As these puzzle pieces fall into place, the implications could further darken the clouds over the involved entities. House Arrest and Legal Troubles Bankman-Fried's legal troubles continue to mount. The former FTX leader, currently under house arrest following his indictment by the U.S. Department of Justice on multiple counts of conspiracy and fraud, is under scrutiny for his online activities. In the wake of the BALD incident, the growing evidentiary trail implicating his potential involvement cannot be ignored. While the focus of the crypto community is firmly on Bankman-Fried, caution is being advised as the risk of unfounded speculation remains high. Nonetheless, the suggestion that someone within Bankman-Fried's inner circle may be involved has found broad acceptance. The evolving role of Sam Trabucco, former co-CEO of Alameda, has drawn attention, leaving the crypto community in suspense. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

An obscure altcoin called the X token has surged by over 1000% following Elon Musk’s announcement that Twitter is rebranding itself to X.com. However, the token in question has absolutely no association with the rebranded Twitter or X.com, as it is now known. An Unprecedented Surge The X token is linked to an NFT marketplace that announced its closure back in May and registered a staggering increase following Elon Musk’s announcement to rebrand Twitter to X.com. The token, which was trading at $0.00002, jumped to $0.00025. According to data from CoinGecko, the token’s value has jumped by over 1000% over the past 12 hours. Most of the token’s trading volume is on the SushiSwap decentralized exchange (DEX). However, despite the massive surge, the token’s trading volume remains low, amounting to just $51,000. Is There An Association With Twitter? The surge occurred after Elon Musk announced an upcoming logo change for the social media platform. Following the announcement, users likely thought the token was related to the rebranded platform. However, the token was part of a project started by X, a decentralized NFT marketplace operating across several chains, and has no association with the rebranded Twitter. The X DAO is in charge of the platform’s governance, and users who have staked their X tokens can exercise their voting rights after obtaining the veX governance tokens. Twitter’s Rebranding Elon Musk had announced his plans to rebrand Twitter on Sunday, stating that he intended to retire the iconic blue bird logo that had been part of Twitter’s global identity since its inception. In a tweet, he stated that if a good enough X logo is posted, it could go live within 24 hours. Following the tweet, X.com began redirecting to Twitter.com, with Musk tweeting about the company’s rebrand to X. “Soon we shall bid adieu to the Twitter brand and, gradually, all the birds. If a good enough X logo is posted tonight, we’ll make it go live worldwide tomorrow.” Musk had also sent an email to Twitter employees telling them about the change to X. He added that this would be the last time he would be using an email address associated with Twitter. While some users, specifically Musk fans, applauded the changes, long-time users of Twitter are miffed with the changes. Marques Brownlee, one of the most well-known names in tech, tweeted that he was still going to call the platform Twitter. Musk responded to the tweet, stating, “Not for long.” The platform’s rebrand is the clearest indication yet that Twitter is no longer the same social media platform purchased by Musk. Recently appointed chief executive officer of X Corp, which owns Twitter, stated, “Twitter made one massive impression and changed the way we communicate. Now, X will go further, transforming the global town square. X is the future state of unlimited interactivity – centered in audio, video, messaging, and payments/banking – creating a global marketplace for ideas, goods, services, and opportunities. Powered by AI, X will connect us all in ways we’re just beginning to imagine.” Markets In Recovery? Apart from the X token surge, crypto markets remained dormant, with no major movements. The total market capitalization still stands at $1.23 trillion and has remained at that level for the past few days. Bitcoin prices had jumped over the $30,000 mark but have since fallen back, with BTC currently trading at $29,787. Most cryptocurrencies are firmly rooted in the red, with only a few exceptions. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Axelar has launched the Interchain Token Service (ITS), a solution designed to enhance the interoperability of ERC-20 tokens across all Ethereum Virtual Machine (EVM)-compatible chains. Among the early adopters of this service is Sushi, a decentralized exchange (DEX), aiming to use the ITS to foster seamless interactions of its native SUSHI token across multiple blockchain networks. Driving Cross-Chain Integration with ITS Axelar’s ITS primarily focuses on the interoperability of ERC-20 tokens across all EVM-compatible ecosystems. These tokens are generated on a 1:1 ratio and are managed through Axelar’s native computing environment, the Axelar Virtual Machine. The newly revealed service is set to provide a muchj-needed boost to the ease of token interaction across Ethereum-compatible chains. Decentralized exchange Sushi is set to be one of the first adopters of the “interchain tokens” provided through this service. Sushi's team plans to use the ITS to facilitate seamless interaction of its native SUSHI token across multiple chains. Initial deployment will ensure interoperability of SUSHI across Arbitrum, Ethereum, Optimism, and Polygon. This move will enable SushiSwap, Sushi's decentralized exchange, to manage its multichain deployments more efficiently via the Axelar network. Jared Grey, Sushi’s head chef, emphasized the utility of this service, stating: "Axelar’s Interchain Token Service unlocks a more seamless, interchain experience for Sushi users." Tackling Security and Compatibility Challenges The traditional approach to facilitating cross-chain transfers for Web3 applications generally relied on bridged token versions. These bridged versions could be exposed to inherent security risks and compatibility issues. Axelar’s interoperability solution, according to co-founder Sergey Gorbunov, addresses these challenges. Gorbunov noted that Axelar's innovative approach utilizes specialized smarlt contracts and a software development kit, which enables developers to manage interchain tokens more efficiently. Notably, Gorbunov says that the bridged versions of tokens, similar to SUSHI, currently lack fungibility and carry a bridge risk. In contrast, Interchain Tokens represent a "true" cross-chain interoperability merged with security and simplicity. The news comes after Axelar's announcement following its partnership with Chainlink's cross-chain interoperability protocol. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

[PRESS RELEASE – Paris, France, July 18th, 2023] Sushi to deploy Interchain Tokens, powered by new Axelar product suite delivering cross-chain fungibility and customization.  Axelar, the blockchain interoperability leader, is announcing the launch of Interchain Token Service (ITS), a product suite that extends tokens cross-chain, preserving their native functionality and allowing teams to easily manage […]