“SushiSwap creator “Chef Nomi” has returned all $14 million in ether (ETH) that he cashed out from the automated market maker last week, apologizing to the community for suddenly liquidating his SUSHI holdings.
Nomi announced the decision in a tweet, saying whatever reward he deserves for creating the project would be decided by the community.
Following the news that the $14 million in ether had been returned, the price of SUSHI soared from $2.26 to $2.70, a rise of 16%.”
See Also: To everyone. I fucked up. And I am sorry. (Tweet Thread)
See Also: SushiSwap Co-Founder Sees Future Users in China and on Other Blockchains
See Also: SushiSwap’s Users Ordered Changes, but the Protocol Can’t Deliver Without an Overhaul
See Also: SushiSwap’s Real Agenda!? Destroy Ethereum DeFi… (Video)
“StableCredit is a protocol that combines tokenized debt stable coins, lending, [automated market makers], and single sided AMM exposure to create a completely decentralized lending protocol.
First, users put in some USDC and mint StableCredit USD. A mixture of equal parts USDC and StableCredit USD goes into an automated market maker. Users ultimately get is a specific amount of StableCredit USD, a tokenized version of the US dollar, which they can use as collateral to borrow other assets within the AMM.
The innovation is a lending protocol without governance. Therefore, there’s no need for token voters or to extract rent from users.”
“Ministers from Germany, France, Italy, Spain, and the Netherlands told the Commission that stablecoins regulation was needed to protect consumers and preserve the bloc’s monetary sovereignty from Big Tech firms.
One such measure would mandate stablecoins all be asset-backed 1:1 with the euro and other member state currencies and that must be held in European Union-approved institutions.
Another proposal might be stablecoin providers obliged to register as a European entity.”
“Despite the recent mini price crash, DeFi users have injected more than 20,000 Bitcoin into DeFi projects in the last week, suggesting the DeFi bull run isn’t over.
The amount of locked BTC increased from 67,038 BTC ($694 million) on Sept. 2 to the current all-time high of 87,752 BTC ($904 million), representing an increase of 30.9%. That’s an increase equivalent to 20 times the BTC locked in the Lightning Network.
The BTC locked on the Lightning Network grew by just 4 BTC, or less than 0.02% of BTC’s total growth, so far in September.”
“Web3Italy went offline at the same time that numerous other Web3 Foundation validators went offline resulting in the network taking action against the entire group. Web3 Foundation technical educator Bruno Skvorc said the act of being offline alone was not a “slashable offense,” but “being offline with a bunch of others is.
However, a controversial motion has been proposed which would forgive the validator and cancel their slash.
The motion states that the incident was “most likely related to an issue with software/hardware,” indicating that the incident was not malicious. It also outlined that the offense would probably have been classed as level one had it not been for the other offending but ‘unrelated’ validators.
Reinstating the offending validator’s stake sets a dangerous precedent for future malicious actions.”
“A public/private partnership would be the best way to issue a central bank digital currency (CBDC) to retail users.
Rather than compete with private companies, Villeroy de Galhau said that “appropriate synergies” between them and the public sector could lead to a better-designed CBDC being put into circulation one day.
Both France and Germany have been vociferous opponents to overseas companies, like Facebook, launching digital currencies that could compete with fiat money.”
“As traders gobble up stablecoins for yield farming, demand for MakerDAO’s dai (DAI) has sent the stablecoin’s peg skyward.
Now, some community members are in favor of lowering the collateralization requirement for the USDC-DAI minting pair from 110% to as low as 101%. Christensen mentioned that a 1.01 CR would make sense as it could “put a price ceiling on dai.”
He’s also wary of relying too much on a centralized stablecoin like USDC, whose addresses can be blacklisted and coins frozen. Relying too much on USDC creates a central point of failure, and loading vaults with too much essentially amounts to “asset capture” if the competing stablecoin undergirds too much of dai’s collateral.
Instead, Christensen favors a multi-asset approach.
What is really needed is collateral onboarding. New tokens and real world assets like tokenized real estate. As the community adds more collateral, that gives way to more funding, which allows for more collateral onboarding and thus an increase to the dai supply.”
“The move should help the platform handle high levels of demand during periods of extreme volatility when volume spikes from multiple orders can put a strain on infrastructure.
The new engine enables order matching up to 1,250 times faster than with the previous system. The platform’s throughput is also raised by up to 400 times.
Potentially, the biggest impact could be to application programming interface (API) trading where the exchange aims to reduce trade execution to under a millisecond.”