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SushiSwap Expands Horizons To Aptos For Multi-Chain Dominance

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SushiSwap, a leading multi-chain decentralized exchange [DEX], has embarked on a significant expansion by venturing into the layer-1 blockchain known as Aptos, marking its first foray outside the Ethereum Virtual Machine [EVM] ecosystem. This strategic move underscores SushiSwap’s commitment to establishing a strong presence in both cross-chain and multi-chain domains.

In a recent announcement, the platform revealed its intention to seamlessly integrate two of its flagship products, Sushi v2 AMM and SushiXswap, into the Aptos network. Currently, it boasts a total value locked [TVL] of $350 million on its platform, with a substantial portion, approximately $267 million, residing on the Ethereum network.

In contrast, Aptos holds a TVL of around $45 million, as reported by DefiLlama at the time of this writing. SushiSwap’s expansion onto the Aptos blockchain has the potential to attract new capital inflows, positioning it to compete with other non-EVM chains like Solana, Mixin, and Osmosis.

“This expansion to Aptos not only unlocks a new level of deep liquidity across major blockchain networks but also significantly elevates the cross-chain trading experience,” stated the DEX. While this marks a pivotal milestone for both parties, it is just the beginning of a broader vision. The blog post hinted at future integrations that will prioritize providing world-class user experiences and enhanced interoperability for both SushiSwap and Aptos users and developers.

SushiSwap’s Transformation in the Wake of a Multi-Million Security Breach

In the dynamic landscape of decentralized finance [DeFi], few narratives have garnered as much attention, intrigue, and debate as the story of SushiSwap. Born from the codebase of Uniswap, a pioneering DeFi platform, its launch was marred with controversy. Initially perceived by many as yet another opportunistic project capitalizing on the DeFi craze, it positioned itself as a direct rival to Uniswap.

Following a $3 million hack in April, CEO, Jared Grey, outlined the DEX’s roadmap on Twitter. This roadmap focuses on expanding market share, addressing governance-related issues, and enhancing security measures while promoting the adoption of Uniswap’s v3.

Grey believes that v3’s improved capital efficiency and enhanced tokenomics will play a pivotal role in boosting SushiSwap’s market presence and appeal significantly. This strategic direction underscores its commitment to continuous growth and innovation within the DeFi ecosystem.

Solana To Ethereum: A Multi-Million Dollar Crypto Exodus Amid FTX’s Bankruptcy

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A wallet linked to the now-bankrupt cryptocurrency exchange FTX has initiated a substantial migration of digital assets, transferring them from the Solana network to Ethereum. 

This move, detected by blockchain analytics firm Arkham Intelligence, has raised alarm bells within the cryptocurrency community, as it may signal the onset of a series of token selloffs amid FTX’s ongoing bankruptcy proceedings. 

Since August 31, this wallet has orchestrated the transfer of assets totaling a staggering $10.23 million, comprising $6.23 million in Ethereum and over $4 million in various altcoins.

Among the assets on the move, $1.2 million worth of FTX Token (FTT), $1.8 million in Uniswap (UNI), $1.3 million of HXRO (HXRO), $550,000 in SushiSwap (SUSHI), and $260,000 worth of Frontier Token (FRONT) have been shifted to another FTX wallet, employing the Wormhole Bridge for the transfer. 

The sudden and sizable transfer of these assets has fueled speculations about the motivations and implications behind FTX’s actions as it grapples with financial turmoil. Market observers are closely monitoring the situation for further developments.

Solscan data reveals that FTX, despite its bankruptcy nearly a year ago, still possesses approximately seven million SOL tokens stored in cold storage wallets. These tokens are currently valued at roughly $135 million.

Solana Co-Creator Advocates For Fair SOL Token Redistribution from FTX

Solana’s co-creator, Anatoly Yakovenko (commonly known as Toly), has advocated redistributing these SOL tokens to the former customers of the bankrupt crypto exchange.

In a Twitter exchange, Adam Cochran sought clarification, mentioning SBF’s statement about some of the locked Sol tokens being contractually restricted. Yakovenko responded by expressing his desire for the Solana tokens to be directly distributed to all FTX customers, considering it the most favorable outcome.

While acknowledging his lack of direct influence, Cochran suggested contacting relevant contacts to explore alternatives, pointing out that selling the tokens in liquidation might result in a suboptimal price. 

Yakovenko further emphasized the potential benefits of distributing the tokens to a wider user base, estimating that this action could positively impact the network in the long run. He also argued that allowing each user to make individual decisions regarding their share could streamline the process and reduce legal complications. 

However, in a somewhat resigned tone, Yakovenko expressed his dissatisfaction with the alternative, alluding to the possibility of legal complications and unfavorable outcomes.

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Crypto Fraud: Hong Kong Police See Sharp Increase in Cases Over 70%

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Hong Kong police have seen a significant increase in online investment fraud cases, with about 70% of them involving cryptocurrencies. There were 1,503 reported cases over the first ten months of 2022, which represents a 90% increase from 2021.

As reported by RTHK, the most prominent case involving virtual assets included close to 20 million yuan. Additionally, Mr. Li, another victim mentioned in the report, claimed to have lost 180,000 yuan after investing in virtual assets online.

In September, Mr. Li was approached by a virtual asset investment platform staff member in the US who convinced him to invest in Sushi through the use of claimed inside information.

According to Mr. Li, the platform employed an online clerk to help facilitate each transaction and directed him to transfer money to a Hong Kong bank account for purchasing and selling.

Mr. Li’s investments in the platform plummeted, and he was removed from the account after requesting to end his position and receive the remaining balance. He alerted the police, who discovered that the platform was a fraudulent copy of an established one.

However, the police advised avoiding online investment platforms that handle every transaction or ask for personal bank account transfers. They recommended individuals not buy or sell without fully understanding the process if unfamiliar with it.

The report further highlighted that the police arrested 589 individuals, including key members, in 20 operations carried out last year. These operations concerned 881 cases involving online shopping, dating, and investment fraud, costing about 400 million yuan.

Hong Kong Crypto-Related Scams

Hong Kong scored 8.6/10 in a worldwide crypto readiness report. Additionally, 798 out of 10,613 cybercrimes in Hong Kong involved crypto, resulting in losses of $50 million for the crypto community in 2022, as per the South China Morning Post report.

Police data shows that over 10,100 victims were defrauded of almost $3.72 billion through the internet, phone, and investment scams in Hong Kong and abroad over the past 4.5 years. The funds were transferred to local bank accounts and crypto wallets.

Contrary to the typical belief that victims of scams are not well-informed and easily fooled by strangers, the report suggests that victims come from all social and educational backgrounds, including educated students, professors, and doctors.

Related Reading | Crypto Payments Company Wyre to Shut Down in 2023: Report

Sushi, a DeFi Protocol, Lays Down Proposal to Support its Treasury

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According to a governance proposal from the project developers, Sushi, a decentralized finance (DeFi) protocol, is dealing with a sizable deficit in its treasury that jeopardizes its long-term operational viability.

The annual runway requirement for the project was lowered from $9 million to $5 million after reviewing expenditures, but the treasury still only covers about 18 months of runway, according to the developers.

Sushi’s token supply has already been distributed almost entirely, and the company has yet to take advantage of chances to diversify its Treasury and supply the necessary liquidity for ongoing operations. There is currently 1.5 years of runway provided by the Treasury. As a result, action must be taken right away to ensure that there are enough resources for continuous operation.

Sushi developers propose a fee-diversion protocol

Lead developer Jared Gray suggested that Kanpai, a protocol for fee-diversion, be set to 100% of fees diverted to the Treasury multisig for a year, or until new token distribution and reward schemes are implemented, to address the deficit.

The proposal only addresses a short-term issue; new tokenomics will take some time to implement, according to developers.

Community members’ responses to the proposal were conflicted. Others criticized the “sensationalized” tone used by developers to emphasize the urgency of the situation, while some claimed that depriving users of the “fees they are entitled to” felt like a breach of the project’s main objections.

However, the proposal, according to the developers, is intended to guarantee the long-term operations of sushi.

“Bear market environments present multiple challenges for projects and teams, and recently, we’ve seen many notable projects lay off substantial personnel or go bankrupt.”“It makes little sense for Sushi to follow a similar path when it has an opportunity to capture its singular significant source of revenue and direct it back to the treasury for the benefit of all.”

Grey stated in the proposal

Kanpai, according to Grey is a short-term fix for a long-term issue, and a new tokenomics proposal is in the works that will help stakeholders better understand the long-term value proposition of sushi.

Grey warned that depending on such business development deals is only “part of a successful business model to secure Sushi’s future” and that the Sushi team had continued to increase its financing by obtaining several multi-million dollar partner deals.

Uniswap Still The Top Dog, But SushiSwap Isn’t Far Behind

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Uniswap has held the title of champion for a long time. But what started as a simple fork has evolved into a serious challenger. Yes, we are talking about SushiSwap which has emerged as a potential rival and has grown from just a clone to the third-largest decentralized exchange [DEX].

Originally popped out as a fork of Uniswap v2, SushiSwap was deemed a ‘lost cause’ by several notable market players the platform’s Co-creator ‘Chef Nomi’ dumpped all of his SUSHI tokens on the market for $14 million worth of ETH.

It was not until ‘0xMaki’, who happens to be SushiSwap’s co-founder, took the responsibility to lead the project which helped it to come back on track and exceed other notable decentralized finance [DeFi] platforms.

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Months later, the market’s most popular duo is fighting against odds to retain their respective positions. According to DeFi Pulse, Uniswap was the second-largest DEX in terms of total value locked which was $4.13 billion. SushiSwap, on the other hand, stood at the third spot as mentioned earlier with a TVL of $3.60 billion.

Uniswap Wins But SushiSwap Emerges From The Ashes

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In terms of market share, it is undoubtedly, Uniswap that has a clear lead with a whopping 54.8% trade volume while SushiSwap stands just right behind with 20.8%.

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In addition to that, it was also found that over the past three weeks, Uniswap has averaged daily volume between $700 million and $1.35 billion. Simultaneously, SushiSwap showed an average daily volume of $300 million to $700 million.

Digging deeper, it was also observed that even as Uniswap continued to process twice as much volume as its rival, the monthly trend evidenced that SushiSwap has improved its figures to become a strong competitor.

Both the platforms’ governance token has also reached new all-time highs amid the bull season. What’s even more interesting is that both the DEXs have witnessed their goals diverge despite their controversial entry into the DeFi ecosystem. And while Uniswap still takes a lead, SushiSwap’s growth in the past several months cannot be ignored.

After SushiSwap exit, Will DeFi Listing be more Filtered on Exchanges?

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The biggest strength of the digital asset industry is sometimes its biggest downturn. DeFi has been a prime example of the recent SushiSwap dilemma. When the collective valuation of all assets was high, Yield Farmers and the new DeFi projects were talking to the city. As their bubble burst over the past week, SuShiSwap-associated proponents were the first to fold their cards on September 5.

According to an announcement made by Sushi’s anonymous developer Chef Nomi, he claimed that he was relinquishing his admin control of the ‘MasterChef’ and relinquishing his address to the MultiSig address behind the timelock.

However, what happened before the announcement was the key reason behind the enraged community. Prior to the release of the statement on Twitter, it was identified that Chef Nomi had an ETH / SUSHI liquidity pool. In a single transaction, SUSHI registered a withdrawal of SUSHI 2.5 million from the pool and exchanged these SUSHI tokens for ETH 18,000. It was found that his address was close to 35,000 ETH after the transfer.

Such an exit from the founder of a token did not fit well with the community, and people began to criticize the legitimacy of DeFi, particularly its listings of major exchanges.

Binance’s CZ faces backlash over DeFi listing

Taking the blame game to the next level, the community began to argue whether these DeFi tokens should have been listed first. Considering that Binance was one of the first major exchanges to introduce Sushi to potential users, the community indirectly questioned the work of Changpeng Zhao and the Binance team on the evaluation of DeFi projects before listing them.

During the outcry, CZ responded that he did not know the founder of SushiSwap and reasoned that if Binance did not list new DeFi coins, the traffic would flow into other exchanges, making Binance ‘obsolete.’ The Block’s Larry Cermak responded to his statement. He said,

He also added that such centralized exchanges should take credit for scam projects when they go wrong and take fundamental steps to minimize the chances of project exit scamming in the future.

Will DeFi listing get better after the SushiSwap conundrum?

Although there is no guarantee in this respect, the SushiSwap incident highlighted the major impact of DeFi, which was evident from the outset; these projects are still subject to huge market risks.

Now the reports suggested that Chef Nomi had transferred the admin control to Sam Bankman-Fried, CEO of FTX. The CEO of FTX has gained a reputable name over the last few months and there is a growing hope that the Sushi project will undergo a successful migration of tokens from Uniswap tp Sushiswap.

Uniswap Records More Trading Volume than Coinbase Pro; But Will the Hype Sustain?

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Fueled by the DeFi frenzy, Uniswap, a decentralized exchange [DEX] on Ethereum has hit a fresh ATH of $1.828 billion in terms of the total value locked. The platform, which happens to be the world’s largest DEX in terms of its volume has managed to outpace some of the industry’s crucial centralized rivals such as Coinbase Pro whose 24-hour volume at the time of writing stood at $704.34 million.

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So how did it achieve such feet? Uniswap, the star in the Ethereum world, first saw a massive rise in July 2020. This was when total capital locked up in Uniswap grew by a staggering 200% in a little over a month. The protocol rose to fame in such a short duration of time primarily because of three key factors decentralization, trust in the platform, and accessibility of all ERC 20 tokens. The fact that many small to mid-cap DeF tokens actively traded on Uniswap, especially those not listed on major platforms further extended its popularity.

Centralization concerns

Uniswap’s launch of V2, which introduced new features, came in as a blessing for the ecosystem as by that time the DeFi craze in the community had already taken off.

However, there was a growing concern among the community members that Uniswap was growing away from its guiding principle of decentralization. The venture capitalists [VC] funding worth $11 million was a major controversy that catalyzed the already existing concerns. However, it was not just the involvement of the VCs that gave rise to skepticism, but also the argument that the liquidity providers [LPs] were not highly rewarded as many of them would have liked.

With the introduction of the whole new yield farming protocols, people expected higher returns on staked funds, and that is where Uniswap struggled.

And then entered Sushi 

Led by a figure under the name of ‘Chef Nomi’, Sushi is essentially a fork of Uniswap. What bootstrapped Sushi’s adoption was its goal to solve the former’s centralization concerns as well as incentives for LPs. The native SUSHI token was aimed at providing the holder with governance rights as well as revenue share.

Its official announcement detailed,

“With SushiSwap, one can also provide some liquidity into a pool and earn rewards in the form of SUSHI tokens. However, unlike Uniswap, those SUSHI tokens will also entitle you to continue to earn a portion of the protocol’s fee, accumulated in SUSHI, even if you decide to no longer participate in the liquidity provision. As an early adopter to help provider liquidity, you become a significant stakeholder of the protocol.”

Despite the fact that Sushi can potentially take over an alarming amount of liquidity from Uniswap, however, it will not cause the latter’s demise. As noted by the recent Glassnode blog post, Uniswap’s brand recognition, third-party integrations, the DEX will “live on”. If further noted Uniswap will almost certainly have enough liquidity and volume to compete against SushiSwap.

DeFi’s Latest Project KIMCHI Locks $500 Million Hours After Launch

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The Decentralized Finance [DeFi] wing of the cryptocurrency ecosystem has been under the spotlight for some time now. Even though the pandemic quashed almost every other market, the DeFi market has been on an uphill journey. The benefits that the community sought from DeFi were beyond their expectations this further led to several venturing into the space. While the crypto community is exploring the existing DeFi projects, yet another DeFi farming token made an entry into the DeFi space.

From SUSHI To KIMCHI

KIMCHI is more than just a spicy Korean dish to the crypto-verse. This new DeFi project made its way into the ecosystem after Yuno and Uniswap forked project, Sushi forked earlier today. While other projects have been working their way up, KIMCHI has already turned heads. The project locked a total of $500 million, just hours after its existence. A Twitter user tweeted about the same,

Similar to other DeFi projects, KIMCHI caught the attention of the community by displaying high digits, however, it wasn’t too long until it tumbled down to $150 million. This nascent project seems to be eager to get on top as the “About” page of the official website of KIMCHI failed to give users more insights about the project. But it rather stressed on,

“KIMCHI could be the next hot DeFi farming token. Who knows?!”

The official website of the token revealed that users could farm and trade KIMCHI with Ether [ETH], SUSHI, TEND, and even the largest stablecoin Tether [USDT].

While the market cap of the KIMCHI token is still uncertain, the price of the token witnessed a 46.7% rise in the last 24 hours. The price of this DeFi token went on to hit a high of $12.26, just a few hours after its launch. However, during press time KIMCHI was trading at $7.26 with a 17.7% plummet in its price in the last 1 hour.

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DeFi’s One Way Ticket To The Top

While more projects have been making an entry into the DeFi space, the number of people investing in the market has also increased. Ever since June 2020, the total value locked in DeFi has been going up the ladder without looking back. Recently, DeFi’s value hit an all-time high of $9 billion. It certainly won’t be long until DeFi locks $10 billion as the current numbers are at $9.46 billion, which is its latest all-time high. With Uniswap accounting for $1.65 billion, it continues to dominate the DeFi space.

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