As a seasoned researcher who has been navigating the complex world of blockchain and cryptocurrencies for years now, I find myself constantly amazed by the rapid evolution of this industry. The latest roadmap unveiled by SushiSwap, with its ambitious goal to enable “Swap Anything,” is a testament to that. The company’s focus on addressing liquidity issues across networks is crucial for the growth and mainstream adoption of decentralized finance (DeFi).
In simple terms, the decentralized trading platform known as SushiSwap unveiled an updated plan, aiming to enable users to exchange a wide variety of assets such as Non-Fungible Tokens (NFTs) and coins spanning more than 35 different blockchains. This means users could potentially swap a vast array of digital items, not just traditional cryptocurrencies.
As a crypto investor, I’m excited about the new direction our company is taking in addressing one of the major challenges within the blockchain world – ensuring liquidity across networks. Recently, we’ve announced the development of a routing processor designed to optimize traders’ deals by aggregating liquidity from numerous sources. This means better rates and smoother transactions for all!
Based on figures from DefiLlama, Sushi’s aggregator tool has accumulated an all-time trading volume of $597.76 million since July. The updated roadmap is a response to recent governance adjustments within the DEX, which established a council system where the community maintains control over treasury distribution but is excluded from operational specifics.
One of the latest additions from SushiSwap is Blade, an automated market maker specifically tailored to minimize impermanent loss (IL) for liquidity providers by providing steady returns on selected assets even during price swings. Another exciting upcoming feature is Kubo, which caters to delta-neutral strategies in the futures markets. Kubo aims to distribute risks across various networks, thus lessening the impact of market instability.
The anticipated modifications should solidify SushiSwap’s standing against increasing rivalry for trading fees. As per DefiLlama, the platform garnered approximately $462,000 in fees last September, a significant decrease from over $836,000 a year prior. In contrast, during September 2022, before the crypto winter, it accrued nearly $3.8 million in fees.
This week’s edition of Crypto Biz delves into the topic of Tesla’s bitcoin holdings, the introduction of a Visa card by Avalanche, a significant business agreement between Core Scientific and CoreWeave involving billionaire investments, as well as Chainlink’s trial for corporate database applications.
Tesla likely still owns $780M in Bitcoin despite recent shuffle: Arkham
It’s speculated that Tesla continues to possess its $780 million worth of Bitcoin, even though it moved funds to various unnamed digital wallets on October 15th, as suggested by a blockchain analysis firm. The company dispersed the 11,509 Bitcoins across seven different wallets, each containing approximately 1,100 to 2,200 Bitcoin. The addresses “1Fnhp” and “1LERL” received the largest portions, valued at $142.2 million and $128.1 million respectively. Arkham Intelligence stated in a recent post on October 22nd that they believe the Bitcoin transfers from Tesla’s wallet were simply rearrangements of the coins, with Tesla still retaining ownership.
Avalanche Foundation introduces Visa crypto spending card
As an analyst, I’m excited to share that the Avalanche Foundation, the team behind the Avalanche cryptocurrency and blockchain platform, has unveiled a new Visa cryptocurrency card. Based on a recent blog post, this innovative Visa card by Avalanche will support various digital assets such as Circle’s USD Coin (USDC) stablecoin, Wrapped AVAX (wAVAX), BENQI Liquid Staked AVAX (sAVAX), and more. This means users can now spend their cryptocurrencies seamlessly at any location that accepts Visa.
Core Scientific to host more CoreWeave infrastructure, targets $8.7B revenue
As a crypto investor, I’m excited about the latest expansion announced by Bitcoin miner Core Scientific with CoreWeave, an artificial intelligence computing firm. According to their recent announcement on October 22nd, this extended agreement adds 120 megawatts (MW) of power to CoreWeave’s high-performance computing (HPC) operations, bumping the total capacity to 500 MW across six Core Scientific sites. This revised partnership is projected to generate up to $8.7 billion in revenue for Core Scientific over the next 12 years. The new infrastructure is scheduled to become operational in the second half of 2026. This expansion could potentially have a positive impact on my crypto investments due to the increased computing power and potential revenue generated.
Chainlink using AI, oracles to bring market-moving corporate data onchain
As a researcher, I’ve recently been involved in an innovative project: piloting an on-chain database for corporate actions using artificial intelligence (AI) and decentralized oracle technology. This pilot aims to capitalize on the synergies between AI, oracles, and blockchain technology to tackle the issue of real-time and standardized data surrounding corporate actions, as stated in our October 21 announcement.
Before proceeding: The CryptoMoon Accelerator has initiated the application phase for its upcoming group, welcoming groundbreaking Web3 startups to submit applications from October 24, 2024, until January 31, 2025. The cohort will begin in the first quarter of 2025.
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2024-10-26 00:08