18 September

“UNI, the Uniswap Protocol token, is live! Uniswap is now particularly well positioned for community-led growth, development, and self-sustainability. The introduction of UNI (ERC-20) serves this purpose, enabling shared community ownership and a vibrant, diverse, and dedicated governance system, which will actively guide the protocol towards the future.

UNI officially enshrines Uniswap as publicly-owned and self-sustainable infrastructure while continuing to carefully protect its indestructible and autonomous qualities.

60% of the UNI genesis supply is allocated to Uniswap community members, a quarter of which (15% of total supply) has already been distributed to past users. 400 UNI are claimable by each address that has ever called the Uniswap v1 or v2 contracts. This includes ~12,000 addresses that have only ever submitted failed transactions — love you guys. 49 million UNI are claimable by historical liquidity providers.

To start, UNI is available through four liquidity mining pools: UNI holders may vote to add more pools after an initial 30-day governance grace period.

With 15 % of tokens already available to be claimed by historical users and liquidity providers, the governance treasury will retain 43% [430,000,000 UNI] of UNI supply to distribute on an ongoing basis through contributor grants, community initiatives, liquidity mining, and other programs.

A community-managed treasury opens up a world of infinite possibilities.”

See Also: How to Claim UNI (Video)
See Also: Uniswap’s Distribution Is Built on Something That Can’t Be Forked: Actual Users (Recommended read)
See Also: Ethereum’s Pending Transactions Jump 30% After Uniswap’s Token Claim Begins


“China’s state-sanctioned blockchain infrastructure project is finally bringing public chains to its Chinese users – but with a significant twist.

The Blockchain-Based Service Network (BSN), a standardized internet services provider for decentralized applications (dapp) developers, plans to make 24 public chains available in its network for Chinese users starting from the second half of November.

These public chains will look quite different after being “localized” for the Chinese market, however. The network will make the decentralized public chains permissioned and replace their tokens with direct payment by the Chinese currency renminbi to cover transaction fees on these chains. To make public decentralized chains, such as Ethereum, permissioned, BSN will only allow its designated operators to build and operate nodes.

BSN has made it technically impossible to do any virtual currency transactions on the public chains.

We will not use their original names when they go live on BSN.’ The chains will be renamed based on 24 Chinese solar terms. BSN aims to complete all 24 public chains’ integration with the domestic version of the network during the first quarter of 2021.

Unlike in the localized version, public decentralized chains are allowed in the global version of BSN.”

See Also: Societe Generale to Use as Many as Five Blockchains in Capital Markets Trials

Over $1 billion worth of bitcoin has been tokenized on Ethereum as the total supply of tokenized bitcoin (BTC) passed 92,600 on Thursday, or 0.42% of the total BTC supply.

Wrapped bitcoin (WBTC), the largest tokenized bitcoin project, has minted over 60,500 tokenized BTC since its launch in early 2019, representing over 65% of the total tokenized BTC supply. RenBTC, the second largest tokenized bitcoin project, has issued 22,000 tokenized bitcoins since May.”

“The prediction market technology firm is copying all its smart contracts over to Ethereum sidechain xDai. The move will include DXdao’s Omen, an app for prediction markets, and SAFE, Gnosis’ decentralized exchange (DEX) and multisig wallet.

The situation is different now.’ This isn’t the CryptoKitties craze of 2017. Lots of dapps are clawing for Ethereum’s compute power. If activity calms on one decentralized finance (DeFi) platform, it’s likely to perk up on another.

A sister chain of Ethereum in operation for the last two years, xDai is a proof-of-stake chain that enables fast and stable transactions for fractions of a penny each. Since its core currency is dai (DAI), these transactions are made at predictable and understandable values for users.

While other layer 2 options are under development now (such as Optimism and zk-Rollups), in George’s judgment, xDai is the only one that’s ready to go, with adequate tooling (such as block explorers) for developers to work effectively.

It’s a very dev-friendly, EVM-compatible chain so few code changes are needed to deploy to xDai.

xDai could also be a preview of Ethereum after sharding gets deployed and gas fees go down. In that future, dapps will need to create an asynchronous logic in order to communicate with applications on other shards.”

See Also: You can now send email right from your Ethereum address

FinCEN is preparing to modernize its AML requirements for financial institutions to greater respond to the dynamic threats posed by “illicit finance.” The new AML regulations aim to identify and combat illicit financial activity through robust record-keeping and risk assessment requirements.

The regulatory amendments under consideration are intended to modernize the regulatory regime to address the evolving threats of illicit finance, and provide financial institutions with greater flexibility in the allocation of resources, resulting in the enhanced effectiveness and efficiency of anti-money laundering programs.”

“Wirex — the first cryptocurrency platform to be granted a Mastercard principal membership — will release a new multi-currency card on the heels of the membership.

Wirex is a London-based crypto payment processor and is regulated by the U.K.’s Financial Conduct Authority, with a license to issue crypto cards in Europe.

The multi-currency Wirex Card will be supported by Mastercard and linked to 19 crypto and fiat currency accounts in the Wirex app.”

See Also: US Homeland Security Challenges Freelancers to Design It a Digital Wallet
See Also: Bitcoin ATMs surge by 87% in past year to surpass 10,000 globally
See Also: New Bitcoin Options App Raises $4.7M in Round Led by Pantera Capital

“Bitcoin (BTC) is getting its best “advertisement” once more as another major central bank floats the idea of charging people to save their money. According to the results of the meeting, the BoE will enter discussions with banking regulators over negative rates.

The bank is leaving all options on the table, due to elevated uncertainty.”

“A report from intellectual property consultancy KISSPatent Thursday found the Chinese tech conglomerate was “definitely running the show,” having already published ten times more blockchain patents than IBM, its nearest rival.

The first half of 2020 had more patents than the whole of 2019. In turn, 2019 had triple the number of blockchain patents compared to 2018.

Another key point was that most of the patents were filed by traditional Fortune 500 companies rather than companies that exist wholly within the blockchain space. That might be down to blockchain’s prevailing open-source culture, which is at odds with the practice of patent filing.

“Blockchain could soon be integrated into South Korean apartments. The South Korean Ministry of Science, or ICT, chose a local firm, Ksign, to develop a contact-free platform which will let residents engage with electronic voting, parking space management, and other housing-based governance measures.

We are developing a DID that can be applied to the token ecosystem by controlling personal information and verifying the identity.”

“Peer-to-peer cryptocurrency marketplace Paxful announced Sept. 17 that it had broken ground on a new school in Nigeria. This is the fourth school of 100 planned as part of its #BuiltWithBitcoin initiative to bring quality education to emerging countries.

The school, located in the Ankara Nandu community of Sanga Local, will serve an estimated 100–120 children between the ages of three and six years old, and double as an adult education center in the evenings.

We chose this particular community because of the lack of necessary resources and limited school infrastructure. They are in dire need of quality learning spaces.

As with all schools built as part of the initiative, the new facility will come with a state of the art solar power and water well and filtration system. Paxful covers all of the fees associated with running the schools, including teacher and support staff salaries, bills, school supplies and uniforms for the pupils.”

See Also: Built With Bitcoin

17 September

‘EIP-2982: Serenity Phase 0’ Published to Github

Ethereum 2.0 - What's the Score?

“EIP for Phase 0 of Serenity (eth2) major upgrade of Ethereum’s consensus mechanism from Pow to a sharded PoS.”

“A leaked version of rules to be issued later this month by the European Commission proposes an all-encompassing set of regulations covering the trading or issuance of digital assets across the 27-nation bloc.

The takeaway is that Europe intends to treat crypto the same as any other regulated financial instrument, which will doubtless provide legal clarity. The unknown is whether that may stifle this nascent and fast-moving space.

There is a particular focus on stablecoins in Europe, which are defined as either asset-referenced tokens or e-money tokens.

Those stablecoins that rely on a basket of currencies or are based by reference to other assets, whether that’s another crypto or other kinds of assets, they will be classed as asset-reference tokens. Essentially, the subgroup that behaves like e-money will be sucked into the existing e-money framework, while those that are asset-referenced have a load of extra rules on top of the base rules. So clearly, this is targeting stablecoins and particularly global stablecoins.

Among the many regulatory obligations that will be imposed on crypto-asset issuers and service providers in the European Union (EU) is the need to be incorporated as a legal entity and for service providers to have their registered office in a Member State.

There can be little doubt MiCA will present significant challenges for those involved in DeFi projects.

I would probably say from the draft that it will favor the banks and traditional investment firms.

The 168-page set of draft rules, which Brussels said would come out in September, will not likely be transitioned into EU law until 2022 at the earliest.”

“We would expect to offer a host of new products as we get established. Those will range from things like qualified custody for institutions, digital-asset debit cards and savings accounts all the way to new types of asset classes.

SPDI banks can hold digital assets but will never have legal ownership over those assets. This means that even if a SPDI bank goes bankrupt, those assets have to be returned to customers. SPDIs are not allowed to lend, and each bank has to hold 100% of its assets in reserve.

As a state-chartered bank, Kraken now has a regulatory passport into other states without having to deal with a patchwork state-by-state compliance plan.”

“Federal Reserve officials said Wednesday they would hold U.S. interest rates at close to zero and work to push inflation above 2% “for some time.”

The central bank will increase holdings of U.S. Treasury securities and mortgage-backed securities ‘at least at the current pace to sustain smooth market functioning and help foster accommodative financial conditions.’

Projection materials released with the statement show officials, on average, expect rates to remain close to zero through 2023. On average, officials don’t expect 2% inflation until 2023.”

“Touting the tagline “Off-peg bad. On-peg good,” Pickle Finance offers more rewards to below-peg stablecoin pools and fewer rewards to above-peg stablecoin pools. The aim is to get people to sell above-peg stablecoins and buy below-peg stablecoins.

It’s unclear whether it was Pickle or something else, but DAI is now trading at $1.02, from as high as $1.05 yesterday.

Too many farming projects don’t actually do anything for the community.

As is all but required for new DeFi projects, PICKLE token holders can vote in a governance process. Pickle is innovating in this area by using quadratic voting to prevent whales from having too much influence.

Pickle Finance saw $53M in 24-hour volume this weekend as its native governance token, PICKLE, traded as high as $85.”

See Also: Yam Finance readies for less-disastrous relaunch

“That will make it probably the first CBDC to launch anywhere in the world. The Sand Dollar is backed 1:1 to the Bahamian dollar (BSD) which, in turn, is pegged to the U.S. dollar.

The central bank will mint more Sand Dollars as demanded, at the same time removing physical BSD out of circulation to prevent inflating the monetary supply.

The CBDC had been designed to provide people and businesses in some of the archipelago’s far-flung islands with better access to financial services.”

“Polimec, the token issuance and transfer framework for Polkadot, is being launched by the team behind blockchain identity protocol KILT.

The KILT mainnet, which is slated to go live in around 11 months, will be the first project to mint tokens using Polimec. KILT uses blockchain-based identity and verifiable credentials across various industries including areas like IoT (internet of things). The startup is part of a government scheme in Germany, GAIA-X, exploring blockchain use cases.

If you look at what ERC-20 actually did to the Ethereum ecosystem, then you can imagine what will possibly happen with Polimec.”

Recommended read.

The next 10 years will witness the systematic manipulation of human life at a scale unrivaled in history. For all the recent controversies over privacy and surveillance, the real threat is ahead of us.

Unless new approaches to online identity and data management take hold, both governments and private actors will move inexorably from knowing you to shaping you. Blockchain-enabled decentralization will develop as the only viable response to the iron logic of data centralization.

Big data and artificial intelligence, pitched as freeing us from human frailties, are becoming powerful tools for social control. This is occurring along two parallel tracks: surveillance authoritarianism and surveillance capitalism. Through massive data collection and aggregation, China’s social credit system envisions an airtight regime of perfect compliance with legal and social obligations. Many other governments, including liberal democracies, are adopting similar techniques. The potential for catching terrorists, child predators and tax evaders is simply too appealing – whether it’s the real objective or a cover story.

Decentralized blockchain systems will reach critical mass not out of hope but out of necessity. Powerful actors and mainstream users will adopt blockchain as a counterbalance to digital behavior-shaping by governments and private platforms.

What we need is a technology that allows for sharing without giving up control. Fortunately, it exists. Blockchain allows participants to trust the results they see without necessarily trusting any actor to verify them. No database can provide a trusted view of information across an entire transactional network without empowering a central intermediary. Blockchain can.

Blockchain offers a solution. It will be widely adopted because, behind the scenes, the current data economy is reaching its breaking point. Outrage over abuses is building throughout the world. The immensely valuable online advertising economy attracts so much fraud that the accuracy of its numbers is coming into question. Communities are looking for new ways to collaborate. Governments are realizing the current system is an impediment to effective service delivery.

Once people have identities that belong to them, not to banks or social media services, they will use them as the basis for other interactions. Imagine a world where you never need to give a third-party unnecessary data to log into a website, apply for a job, refinance a mortgage or link your bank account to a mobile payment app. Where you can keep your personal and professional profiles completely separate if you choose. Where you can be confident in the reputation of a car mechanic or an Airbnb or a product made in China without intermediaries warping ratings for their own gain.

We will gradually come to view access to our personal information as an episodic, focused interaction, rather than fatalistically accepting an open season based on preliminary formal consent.

The problem blockchain addresses – gaining trust without giving up control – is becoming ever more critical. The world runs on trust. Blockchain offers hope for recasting trust in the networked digital era.”

“A senior military thinker I used to work for described the four phases of history thus: “boom, bust, protectionism, war” with an option to go from bust back to boom by radical economic reorganization. But even this cycle is running out of room: the weapons grow ever more devastating, and we’re losing climatic stability, and that means eventually running short of food.

We have to get consumption down and efficiency up. First World lifestyles are producing around twice the sustainable level of carbon dioxide.

We need solutions to multiple problems simultaneously. We need an elegant economy of action before impotent regulators and short-sighted markets ruin our world permanently.

My theory of change is to take the database state seriously and do what it is good at. Solving the climate crisis and mitigating the ill effects of the state means making everything in the material world transparent.

Blockchain is the missing technology in the transition to treating our matter as respectfully as our money. We have to build a more free society while being more data-driven and efficient than ever. So, we need to make sure that we own our own data, and that cryptography veils it in transit and at work.

The creativity of the market economy works, but instead of mere “price signaling” we need high-quality, multidimensional data so we can run a multidimensional market: money, carbon, other forms of impact, all inside of a single global budget, with infinite room for human creativity to prove we met our targets and live as well as we are able.

Ecological sanity is compatible with human freedom, but only if we deploy cryptography to manage the resource allocation.”

“The network is at its second stage of integrating more public chains. This time it will include Algorand, ShareRing and Solana. Earlier last month, the network said it already onboarded Ethereum, EOSIO, Tezos, Neo, Nervos, and IrisNet.

The public chains the network selects to integrate are the ones offering unique capabilities, focusing on building ecosystems and having strong user cases to solve real-world problems.”

“The $1 million was lost after a group of anonymous Chinese DeFi users sent the funds to a contract address associated with Swerve Finance.

After Tether’s support team confirmed that the original tokens could not be retrieved from the Swerve Finance contract, Tether “froze” that address, revoking the ability for Tethers to be sent or received from it and ensuring the lost tokens can’t re-enter circulation.”

16 September

“Bank regulators in 49 U.S. states, Washington, D.C. and Puerto Rico plan to make compliance for cryptocurrency companies simpler by consolidating supervisory exams.

This will streamline compliance, making it easy for state-licensed money transmitters like Coinbase to work across multiple states, instead of going through the time and expense of getting regulated in each and every one.”

See Also: How Crypto Can Win Over Washington, DC

“Forget about parking the balance sheet surplus in inflation-prone cash or low-yield bonds or overextended tech stocks, Saylor said. In a market like this – and in the future he said is certain to come – there are only two good places to put excess cash to work: stock buybacks and bitcoin.

I want something that I could put $425 million into for 100 years.

This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.

As of press time, MicroStrategy has converted $425 million into bitcoin. The stock has surged 30% since its first bitcoin buy on Aug. 11. It was up 9% on Tuesday.”

See Also: ‘Gold is dangerous’: Why Jim Cramer will invest 1% of net worth in Bitcoin

Bank of Thailand, has launched a blockchain-enabled platform for the issuance of government saving bonds. The Thai central bank sold 50 billion baht (approximately $1.6 billion) worth of government savings bonds over one week’s time.

In the next phase, the infrastructure will expand to support all different government bonds.”

See Also: BNP Paribas connects to major stock exchanges with DAML smart contracts
See Also: Russia’s largest bank joins blockchain trade finance platform

A second Ethereum 2.0 testnet, called Spadina, will launch this month. Spadina will only last for three days with a specific focus on deposits and genesis.

The Spadina testnet will give everyone another chance to go through that process, as well as the launch of the genesis block. In other words, it’ll be a second “dress rehearsal.”

We realize that both the engineers and the community could use one more public testnet launch before mainnet to run through the motions. At the same time, we want to avoid disrupting Medalla’s momentum.”

“An Indian startup has built a decentralized notification protocol dubbed Ethereum Push Notification Service (EPNS) allowing DApps to send push notifications to Ethereum wallet users.

EPNS is a decentralized communication layer that follows the Web 3.0 ethos and is ‘capable of carrying notifications to any platform including crypto wallets, mobile apps or even web browsers.’

The protocol allows users to be in direct control of what services they get notifications from, it imposes rules on the services including spam protection for users, limiting their ability to add wallets as subscribers, etc.”

Tezos has been selected for the French central bank’s digital euro trials. The trials will focus on a Central Bank Digital Currency (CBDC) for interbank settlements.

While France appears to be leading the European charge toward a CBDC, several other countries, including Italy, Lithuania (which is using a hybrid private/public blockchain, NEM,) and the Netherlands are also in the running. The European Central Bank has also confirmed that it’s working on trials.”

“For instance, the crypto-lending platform BlockFi was able to reduce its customer acquisition costs by 75% with Brave ads. The campaign was also twice as effective as a Google campaign in terms of the percent of respondents who opened accounts.

Brave has proven to be one of the most effective channels in driving new customers to BlockFi. The opt-in experience creates deeper engagement that consistently results in a 3x higher CTR than any of our other paid media spend.”

“The chief financial watchdog of Nigeria will treat cryptocurrencies and token offerings as forms of security until proven otherwise.

The burden of proof will be on issuers themselves to show the regulator, in an initial assessment filing, how their particular digital asset doesn’t count as a security.”

See Also: India Said to Be Preparing to Ban Cryptocurrency Trading: Bloomberg

bZx had been able to track down the attacker using his or her on-chain activity. The attacker returned the funds after being exposed.

The project wouldn’t reveal the attacker’s identity for ‘legal reasons.'”

“Dapper Labs is using Circle’s dollar-backed stablecoin, USDC, as a global settlement solution for its non-fungible tokens (NFTs). The embrace of USDC on Dapper’s back-end is another bid by the firm to court mainstream users by reducing the friction associated with cryptocurrency payments.

The startup’s current flagship offering, NBA Top Shot, launched in June and has clocked $2 million in revenue and 58,081 transactions.”

See Also: Blockchain gaming project seeks to go mainstream with new Matic Network migration
See Also: Germany-based gaming company releases RPG on the Litecoin blockchain

“Gelato is building a product that adds the next stage to smart contracts, allowing Ethereum developers to automate contract execution on their dapps. While smart contracts execute functions once pre-defined conditions are met, most still require users to manually send the transaction itself.

While automated smart contract execution is already available, Gelato says this will be the first such product built entirely on a completely decentralized infrastructure.”

See Also: Polkadot DeFi developers may soon get a new oracle provider with historic data

15 September

“In a blog post summing up recent updates on the long road to Ethereum 2.0, Raul Jordan, an Ethereum 2.0 developer with Ethereum infrastructure builder Prysmatic Lab, said that should various security checks and user experience polishes take place, ‘November is still looking good for a launch from our perspective.'”

See Also: Eth2 Quick Update #16
See Also: Eth 2.0 Dev Update #56— “Road to Mainnet”
See Also: Simplifying Eth 2.0: Shards as data availability layers

Ethereum users can now get exposure to a curated set of DeFi projects by buying one token, called DPI, available now on Uniswap.

The index will have 10 DeFi tokens: LEND, YFI, COMP, SNX, MKR, REN, KNC, LRC, BAL and REP. That order is arranged from the largest portion of the index (LEND at 18.3%) to the smallest (REP at 1.63%).

We want a way that people can get exposure to DeFi without having to go and buy every token individually.

DeFiPulse Index will represent real assets. That means a user could take the DPI token to Set and redeem it for the actual underlying assets. The index will be rebalanced from time to time, with the goal of moving to quarterly shifts eventually.”

See Also: SKALE Completes $5M Token Sale on ConsenSys’ Anti-Speculation Platform
See Also: The Set V2 Rollout Explained

Uniswap now has more value locked (TVL) than its upstart rival, SushiSwap, less than a day after SUSHI block rewards for liquidity providers (LPs) dropped from 1,000 tokens to just 100.

TVL on SushiSwap fell from $1.46 billion worth of crypto assets on Saturday around 23:00 UTC to $885 million as of press time. Uniswap’s TVL has risen to nearly $955 million.

SushiSwap executed its planned slashing of block rewards from 1,000 to 100 SUSHI for liquidity providers (LPs) on Saturday following last week’s successful migration.

The drop suggests a significant number of LPs were primarily motivated by maximizing their SUSHI holdings rather than supporting an ostensibly more decentralized alternative.”

See Also: What to Watch for as SushiSwap Cuts Block Rewards From 1,000 to 100 SUSHI

Why an Ethereum DAO is the 21st Century Delaware LLC

Bitcoin and Ethereum will subsume the job of the monarch, prime minister, president, or dictator. The role of enforcing the social contract is now replaced by people running their nation’s respective software — the unstoppable code. The responsibility of enforcing the code is shattered into a million pieces and handed off to the people.

Throughout history, Leviathans have discovered mechanisms to formalize and protocolize their social contracts into concrete and well-defined laws. As the nation-state falls from favor, the migration of money is just the first exodus. After we migrate our money, we migrate our identities.

The whole point of these systems is that they turn the tragedy of the commons into the festival of the commons. Use and alignment with these Digital Nation adds value rather than consumes it; they get better with use.”

The fair launch changes the most important dynamic within our ecosystem: that of the founder and the community. Up until now, this dynamic was largely determined by venture funds and investors.

A specific tension arises when a majority of the network is owned by parties whose fiduciary duty is to their source of capital—not to the network itself. Sometimes these interests are aligned, but make no mistake about who gets priority when the music stops.

With a fair launch, you have the ability to design a wide array of network bootstrapping and distribution approaches, which can ultimately result in a community dynamic where fiduciary duty and long-term network goals are one and the same. Choosing a fair launch provides an opportunity to decouple from a decaying dynamic and realign the interests of your most fundamental relationship.”

“The attack basically centered around the protocol’s interest-earning iToken that users receive and redeem for crypto deposited into lending pools. Kistner said the attacker exploited a bug that tricked bZx into minting unbacked iTokens subsequently exchanged for cryptocurrencies held in the pools.

The attacker managed to steal just under 220,000 LINK tokens, 4,507 ETH, 1.76 million USDT, 1.4 million USDC and 670,000 DAI. That’s much more than the $630,000 and $350,000 hacks the protocol suffered in February. The $8 million lost had already been debited by the protocol’s insurance fund.”

The Swiss see the advantage in avoiding the kind of separate and competing currency pairs that have emerged with USD stablecoins like tether (USDT) and USDC.

SEBA Bank and Sygnum Bank, the two B2B players that hold banking licenses from the Swiss Financial Market Supervisory Authority and that specialize in digital assets, are both involved in stablecoin explorations, as is the country’s respected crypto conglomerate, Bitcoin Suisse.

Within the Crypto Valley and here in Switzerland, there’s a very good collaboration going on, where everyone’s working together to try to design a Swiss franc stablecoin which has more or less the same definition or is fully interoperable.”

“A new report by the Financial Action Task Force, or FATF, details a series of red flags that can help identify illicit activity involving cryptocurrencies. Among them are a general set of guidelines involving exchanges in jurisdictions with weaker regulations, where Binance is seemingly singled out for often moving to avoid stronger regulatory oversight.

The wording of the report suggests that FATF would consider any transaction with Binance and other exchanges incorporated in countries with “inadequate AML/CTF regulations” as a potential red flag.

Strict adherence to these rules could mean that fully regulated exchanges would be forced to ban direct transfers to any of these exchanges.”


“Presidential candidate Brock Pierce was served for his connection to alleged securities fraud during his campaign rally in New York City earlier today.

Pierce was served legal documents in connection with a class action case against Block.One — a company that Pierce co-founded. Block.One was the company behind EOS’ $4 billion initial coin offering.”

“This model isn’t going to work for most enterprise agreements. And even fancy tools like zero-knowledge proofs will not solve a bigger problem. How do you know if the oracle is being truthful if there is only one source of that information? Spoiler alert: You need an independent third-party for that.

While the multiple-redundancy model may work in many business cases, for a lot of enterprise agreements there is only one source of data.

I foresee a big future for these reports because they enable truly liquid commerce on blockchains. It should be possible for companies to attach attestation or SOC reporting links to digital tokens, showing which ones have been subjected to a form of verification.”

“Brian Armstrong, the CEO of Coinbase, alleges that Apple is stifling innovation in crypto and sidelining DeFi to protect itself from competition.

According to Armstrong, Apple has told Coinbase that it is prohibited from adding two specific functionalities to its iOS apps: the ability to earn money using cryptocurrency and access to decentralized finance (DeFi) apps.

Why would Apple want to prevent people from earning money during a recession? They seem to not be ok with it, if it uses cryptocurrency.”

For iOS users, Armstrong claimed, crypto apps lack features not because of developers’ inactivity but because those features are ‘being censored by Apple.

Coinbase is reportedly planning to submit a formal request to Apple to amend its App Store policies.

“RGB ‘leverages the techniques and trade-offs of Lightning,’ in that assets will be transferred in the same way. Each RGB node will need to keep backup data of its entire state.

The long-term goal is to make RGB compatible with Lightning, but seeing as the project is still in beta this integration will be some time in the making before it is user-ready.

A more salient use case for RGB, according to Zucco, would come from issuing tether on the protocol. Since all transactions are handled off-chain, Zucco said RGB carries with it the promise to be possibly more private than even the Lightning Network.”

12 September

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.”

See Also: Coinbase Effect Hits DeFi as yEarn’s YFI Token Surges 10% on Pro Listing News

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.”

See Also: Stablecoins post triple-digit growth in 2020, but institutional rivals loom

“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.”

See Also: ECB President: Europe Has Fallen Behind in the Digital Payments Race

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.”

11 September

“Trustless cross-chain bridge Ren and permissionless synthetic asset platform UMA have teamed up to launch a Bitcoin-backed yield dollar called uUSD, in addition to a joint liquidity mining reward program.

The partnership will result in a product that allows investors to leverage Bitcoin permissionlessly on the Ethereum network. The uUSD is UMA’s second yield dollar product following an Ethereum-backed yield dollar called yUSD, launched in July 2020. The concept was highly successful with over 10 million yUSD minted over the past two months.

A yield dollar is similar to a stablecoin but with a few significant differences. It has an expiry date just like a futures contract, and as it nears that date the price will approach $1. Upon expiry, it will be redeemable for $1 of the collateral asset at the exact time of expiry. Uma describes it as representing “fixed-rate, fixed-term loan” since when they are minted, yield dollars are usually valued at less than $1.

In addition to the new yield dollar will be a joint Ren and UMA liquidity farming incentive to jump start collateral deposits. It will enable investors to earn UMA and Ren tokens for providing liquidity to the Balancer pool for uUSD.

The offering is positive news for the rapidly growing wrapped Bitcoin market which allows yield farmers to put their BTC holdings to work on ERC-20 based protocols.”

See Also: Announcing the Yield Dollar with UMA and renBTC

“The House Committee on Energy and Commerce passed a motion Wednesday to incorporate the Blockchain Innovation Act and part of the Digital Taxonomy Act into a broader Consumer Safety Technology Act.

This adds blockchain technology onto a list of emerging technologies, such as artificial intelligence (AI), that the Department of Commerce (DoC) and Federal Trade Commission (FTC) will be mandated to closely examine so as to identify any potential consumer risks.

The new bill reflects similar comments made by the government’s antitrust chief last week, who said blockchain technology deserves to be protected by law as it could help stop the formation of market monopolies.

This is believed to the furthest that a bill on blockchain has ever come in the U.S. Congress.”

See Also: New Swiss laws provide solid ground for blockchain and crypto

“SushiSwap now has a new set of leaders. Nine signers of a multisig wallet controlling the project’s funds have been elected to govern SushiSwap through full decentralization.

On Ethereum, a multisig has worked out to be something like a board of directors in the analog world, such that it takes any six of the nine members to approve changes to the SushiSwap code or to spend its development funds.

These new leaders were chosen through a process largely inside the SushiSwap Discord server following the departure of two of the project’s three co-founders.

The newly elected members are Sam Bankman-Fried (FTX), Robert Leshner (Compound Labs), 0xMaki, Larry Cermak (The Block), CMS Holdings, Matthew Graham, Hagen, Adam Cochran (DuckDuckGo) and Zippo.

This multisig is only temporary. It’s progressive decentralization. It’s not perfect, but it’s much better than having Chef Nomi or [Sam Bankman-Fried] having full control.

Aaron Wright, co-founder of the ConsenSys-backed OpenLaw, wrote on Twitter that multisig members could get themselves in a hairy spot with regulators.

I think what we are seeing is that the incentives today are for whales to rig the game in their favour. The only way I can think of that shifting is if protocol politicians can make a great income.”

“In addition to companies jealously guarding their own work in crypto, some firms go further, filing what are called “pre-emptive patents” for ideas they have no plans of developing but which act to hinder the research of competitors.

To become part of COPA, members must pledge to make their patents freely available to all other members using a shared library.

Assuming the patent library grows and gathers momentum, the idea is that more and more companies will look to join COPA to access tech innovations – creating a more equitable patent environment.

“Last June, Barclays, Banco Santander, Credit Suisse Group AG and another 10 of the biggest banks in the world announced they had poured 50 million pounds into a project that would create digital versions of the US dollar, Canadian dollar, British pound, Japanese yen, and the euro.

The project has been delayed until at least 2021 as it seeks regulatory approvals.

The US, Canada, Japan, UK, and Europe have all studied or are studying central bank digital currencies (CBDCs), which would be different from these privately created ones.”

“In the two weeks since INX Ltd. commenced its long-awaited initial public offering (IPO), more than 350 investors’ Ethereum addresses have been added to the “white list” of approved buyers. The first registered offering of security tokens in the U.S. is all on the blockchain, viewable through block explorer sites like Etherscan.

On Thursday, the company announced that registrations – investors who have signed up but not yet been whitelisted – had passed 3,000 in the first three days of the sale and that it had secured the minimum $7.5 million needed before it could start accepting crypto from investors. INX is seeking to raise $117 million through the sale.

Never before has an issuer had such a transparent view of who its ultimate beneficial owners are.

At the same time, unlike stocks, which traditionally list on a single exchange, INX tokens will be tradeable on any digital platform that can handle blockchain securities 24/7. With a direct relationship between issuers and holders, the need for third parties to handle dividend payments and ownership discovery could disappear.”

Nym is a start-up software project working to obscure metadata tracking at a network level via the mixnet it enables. The mixnet itself is hosted by a decentralized network of volunteers.

In a mixnet all the data packets get shuffled around, and then it’s emitted in a different order than [how] they came in. Doing that multiple times makes it impossible for an attacker monitoring all the network traffic on the internet to see who’s communicating with whom.

Adam Back, CEO of Blockstream, said in a statement that Nym’s mixnet technology looks promising as a modern upgrade to Tor and is a step forward in terms of privacy.”

“OFAC alleges that the three individuals, Artem Lifshits, Anton Andreyev and Darya Aslanova, are employees of the Internet Research Agency (IRA), a Russian company and “troll farm” that tries to influence events.

A separate release listed 23 crypto addresses as being added to OFAC’s sanctions list, meaning any U.S. person who tries to send or receive money from these accounts might be subject to criminal proceedings.

The IRA uses cryptocurrency to fund activities in furtherance of their ongoing malign influence operations around the world.”

“IRS-CI is seeking a solution with one or more contractors to provide innovative solutions for tracing and attribution of privacy coins, such as expert tools, data, source code, algorithms, and software development services.

The agency noted rising criminal usage for privacy coins like Monero as one of its motivations behind the proposal, stating that privacy coins are becoming more popular and are being used more by illicit actors.”

10 September

The event is perhaps the largest test to date of a growing mood in DeFi: that all major projects should be community-owned. ‘Fair distribution’ means there are no tokens set aside for the project’s founders and investors.

According to DeFi Pulse, there is currently $1.47 billion worth of crypto assets staked to Uniswap, but a community-built data portal to SushiSwap claims that 55% of those assets are staked to switch over to SushiSwap today.

Uniswap had less than $300 million in liquidity before SushiSwap’s liquidity mining scheme gave Ethereum users a reason to dump well over $1 billion more of crypto assets into the market leading AMM. Uniswap worked well at $300 million assets and could easily come out the other side of this process with roughly the same amount or even more.

The open question following the migration will be whether or not Uniswap has really lost anything if the migration ends with roughly the same amount of liquidity, or if the greater depth on SushiSwap actually makes it more attractive for users who want to make a swap.

The SUSHI token is trading today at roughly $3.00, well off from its all-time high of $11.93 on Sept. 1.”

See Also: Glassnode report suggests the fair value of SUSHI is just 31 cents
See Also: Arca to Gnosis: Show Us a Turnaround Plan or Give Investors’ Money Back
See Also: Security Firms Warn of Potential DeFi Exit Scam on EOS After $2.5M in ‘Locked’ Cryptos Moved
See Also: Huobi Launches Crypto Saving Products to Compete With DeFi Yield Farming

LedgerX, a regulated futures exchange in the U.S., has introduced physically-settled Bitcoin (BTC) futures contracts. This allows investors to receive physical delivery of BTC and some analysts believe this will amplify the impact on the price of BTC.

An increase in the number of futures exchanges providing physically-settled Bitcoin contracts could benefit the market’s overall liquidity.

Investors can trade out of their position or hold to maturity and, if long, take delivery of BTC.”

“Mastercard announced Wednesday it had launched a virtual testing environment that can simulate issuance, distribution and exchange of CBDCs between banks and financial service providers, as well as end-consumers purchasing everyday goods and services.

Mastercard said the new protocol would help financial institutions understand the feasibility of CBDCs and allow them to explore new use cases, including issuance at a local or regional level.”

See Also: At least 3 nations to replace their currency with CBDC by 2030: report

Since the start of September, Uniswap users have added an average of 150 pairs per day, signalling the popularity of permissionless token creation now possible through the exchange’s token factory.

Uniswap currently supports 8,278 trading pairs, a 90% increase over the past 30 days and nearly 10 times more pairs than Binance.

Of course, without gatekeepers to approve or deny new listings, the exchange platforms will almost inevitably support ‘a lot of worthless tokens or outright scams purporting to be something they’re not.'”

See Also: Pine.finance to Bring Limit Orders to Uniswap

“Bitcoin’s price decreased by $2,000 in the past few days, yet the network’s hashrate has set a new all-time high, breaking the 150 TH/s plateau for the first time in its history.

Miners are some of the most important players in the Bitcoin ecosystem, and their continued allocation of resources despite the recent gyrations in price may be a positive long-term indicator.

The overall economic uncertainty may be another factor that is forcing more companies and individuals to allocate resources to Bitcoin mining; an activity that is often viewed as a hedge against traditional markets.”

“The Bitcoin (BTC) mainnet has seen its first ever discreet log contract (DLC), which he calls “a very important moment in Bitcoin history”. DLCs allow two or more parties to enter into a smart contract agreement regarding a future event.

Nicolas Dorier made a bet using a DLC about the next winner of the 2020 Presidential Election in the United States: Donald Trump or Joe Biden.

When the election is finalized, the Outcome Observer will broadcast a signature that either I or Nicolas can use to settle the bet.”

“The Ethereum Foundation has announced a new round of grants given out as part of its Ecosystem Support Program, awarding a total of $3.884 million to 28 projects specializing in various spheres.”

See Also: Q2 Allocation Update

“The privacy-based browser has incorporated open source solutions from cybersecurity firm PhishFort. The aim is to help prevent phishing attacks.

Brave stated that the firm’s software would detect crypto scams and warn users about suspicious domains.

Impermanent Loss Explained

“Inteligente said the move, discovered late Tuesday evening, has no clear outcome or objective but that internet service providers (ISPs) have been part of the move to block access.

Venezuela has a history of blocking exchange platforms. Especially those used to exchange local currency for foreign currency.”

Walmart Canada has adopted DL Freight, a [Hyperledger] blockchain-based supply chain platform, as its national standard for freight invoices and payment management to be used among 60-plus transportation carriers.

DLT Labs’ platform eventually became a game-changer for Walmart Canada. Of the 500,000 loads processed in the past year via DL Freight, only 2% were recorded as discrepancies, representing a 97% reduction from previous levels.

Blockchain is enabling a material advance in our smart transportation network, with expedited payments, extensive cost savings and other benefits among our supply chain.”

😂😂 Amazing.

“The Binance Uganda platform decided to delist and cease trading on all trading pairs for Binance’s native token, Binance Coin (BNB).

BNB seems to have failed to meet certain standards on Binance’s Uganda platform. Apparently, the trading pair did not have sufficient trading volume and liquidity.”

See Also: Crypto exchange volume data is becoming more reliable — but it’s still far from perfect

A previously undisclosed vulnerability in the Bitcoin Core software could have allowed attackers to steal funds, delay settlements or split the largest blockchain network into conflicting versions had it not been quietly patched two years ago.

The vulnerability was given a severity level of 7.8 on a scale of 1 to 10, which is deemed “high”. It was caused by “remote nodes” failing to clear invalid transactions from their memory.

No attempt to take advantage of the hole was found in the wild. The vulnerability could not be disclosed publicly for over two years as node operators took longer than expected to update.”

9 September

“eToro has begun a new initiative that uses yield farming to hand out free crypto-backed stablecoins. Called GoodDollar, the project will create and issue a stablecoin ($G) that can be distributed daily to registered users as a form of universal basic income (UBI). At launch, each $G token will be backed by dai (DAI) stablecoins.

The UBI model is sustained by supporters who deposit underlying assets onto the platform and then yield farm on supported decentralized finance (DeFi) protocols, like Compound or Aave. Some of the accrued interest is then handed back to supporters, with the rest used as collateral for new $G tokens that are distributed each day.

GoodDollar says hundreds of new wallets have been created in countries like South Africa and Nigeria, as well as Venezuela. ‘Over 100,000 G$ have been distributed to over 250 users during the course of a two-week trial.'”

See Also: Binance Unveils New Product for ‘Yield Farming’ Crypto Assets

“Cosmos and Nym have partnered to bring anonymous credentials to the Cosmos blockchain ecosystem.

Anonymous credentials are a way for users to obtain certain credentials or attributes from an issuer on a blockchain, without sacrificing any unnecessary privacy. In other words, these credentials represent the difference between a user providing their exact age, or being able to guarantee their age is over 18—without sharing their age or birthday.

One advantage of anonymous credentials is achieving compliance with KYC and AML requirements without requiring the user to provide any unnecessary information. Through the use of Nym credentials, the Cosmos ecosystem can now strike a better balance between regulatory requirements and user-demand for privacy.

“The growth of active decentralized autonomous organizations (DAOs) is accelerating, increasing from 10 last year to around 76 today.

The recent decentralized finance (DeFi) boom has given renewed importance to DAOs as a critical component of the cryptocurrency ecosystem, with many projects seeking to distribute governance voting rights among their users.

mStable is the top-ranking project by assets under management and capital flows, however, it ranks poorly by membership and proposals — with just nine members having voted on 29 proposals in total.

By contrast, dxDAO ranks second by proposals with 268, and third for membership, with 428, despite having less than 10% of mStable’s AUM.”

See Also: DeepDAO

“The firms will leverage privacy-enhancing zero-knowledge proof technology to enable institutional trading firms to cross-margin and bilaterally trade derivatives “without compromising security.”

Trading bilateral derivatives using X-Margin’s system allows investors to benefit from trading at different venues from one pool of collateral.”

See Also: Bitfinex Invests in Derivatives Exchange Built With Bitcoin’s Lightning Network
See Also: Bitcoin Banking App Mode Eyes £40M UK Listing
See Also: Visa Adds Crypto Lender Cred to Fast Track Payments Program

“Indian tech giant Tech Mahindra announced Monday it will offer blockchain solutions built on Amazon-managed blockchain to global customers.

The company will provide solutions for the aviation, telecom and health-care supply chain and is planning to roll out support for multiple industries, including oil and gas and manufacturing.

Our collaboration with AWS will support future pandemic preparedness and accelerate an economic rebound post-COVID-19 for organizations operating global supply chains and eliminate siloes.”

“Daily searches for ‘DeFi’ on the popular Chinese social media platform WeChat spiked to a new all-time high on September 2 of nearly 900,000 — nearly doubling the previous record of 500,000.

On September 7, Chinese journalist Colin Wu reported that many local exchanges were suffering from liquidity issues amid wholesale withdrawal from customers looking to cycle funds into DeFi protocols.

Wu posted charts indicating that many Chinese traders who bought the recent drop in the price of Ether (ETH) had quickly moved to transfer their assets to decentralized exchanges (DEX) for yield farming.”

See Also: A new decentralized exchange lets users trade commodity and crypto derivatives
See Also: DeFi Is Hot but Retail Interest Nowhere Close to ICO Frenzy

“Just Eat, a major British online food order and delivery platform operating across 13 countries, has added cryptocurrency payment support for its France subsidiary.

The company has partnered with the cryptocurrency payment provider Bitpay to allow its users to pay in Bitcoin (BTC).”

Good Discussion with DeFi Heavyweights

See Also: Chris Blec: Intro to ZK-Rollups (Video)

The U.S. and China are still delivering the largest transaction volumes, but putting aside the largest “whale” crypto holders, Ukrainians, Russians and Venezuelans are the most active retail users of digital currencies. hey are followed by China, Kenya and the U.S.

Ukraine and Russia are actively using crypto to send money for business-to-business and cross-border transactions, avoiding cumbersome banking regulations. In Venezuela, people use crypto more for savings and peer-to-peer trading.

Looking at the share of the transfers greater than $100,000, we noticed that over the past year the share of the overall activity in North America that is professional has been growing.”

“A MakerDAO (MKR) governance proposal enacted on Tuesday set interest rates on most assets, with the notable exclusion of Ether (ETH), back above 0%.

As of press time, DAI is trading for $1.03, a significant deviation from its intended price.

One possible reason for the sudden de-peg is the wider market tumble seen since early September. Just as ETH and other cryptocurrencies began a steep decline on Sep. 3, DAI supply went down, while its price went up. A likely explanation for this is that borrowers and debt liquidators rushed to purchase DAI in order to keep the system over-collateralized.”

“Singapore-based blockchain data firm CyberVein has become one of 12 firms participating in the construction of China’s Hainan Wenchang International Aerospace City.

Described as “China’s first aerospace cultural and tourism city,” it will be a hub for the development of aerospace products and support services intended for use in Chinese spacecraft and satellite launch missions.

According to a CyberVein release, Smart Brain is its primary project, a “data-driven governance system” based on the firm’s proprietary technology that will process real-time data to ‘organize urban public resources.‘”

Google stifles or blocks consumers’ ability to download app stores and apps directly from developers’ websites. The 30% payment surcharges for in-game purchases are absurd.

Epic is not interested in any side deals that might benefit Epic alone while leaving Google’s anti-competitive restraints intact; instead, Epic is focused on opening up the Android ecosystem for the benefit of all developers and consumers.”

See Also: YouTube pulls the plug on another crypto livestream

“So far, about $46 million CAD (around $35 million U.S.) has been recovered, according to the Ontario Securities Commission, far short of the nearly $200 million customers are supposedly owed.

The Kroll/Coinfirm partnership will use a combination of professionals as needed with experience in cryptocurrency, asset tracing/searching, asset recovery, fraud investigations, and data analytics.”

The Disrupt Weekend

“On September 30, 2020, the Internet Computer project will pass its Sodium milestone and enter a final stretch before the launch of the public network. These are exciting times for project supporters and the Ethereum community, which provided initial funding in early 2017, and whose core devs contributed in the early days, and shall now use the Internet Computer to extend the capabilities of Ethereum dapps.

The network’s architecture is created by independent data centers around the world running huge numbers of special “node computers” that have standardized hardware. The compute power of these node computers is combined by an advanced blockchain protocol called ICP (Internet Computer Protocol) that creates a seamless universe where an evolution of smart contracts can be run that are fast and efficient, called “software canisters”, or just “canisters” for short. Ethereum dapps can use software canisters to expand their capabilities in a multitude of exciting ways, including scaling data storage and processing, and serving Web experiences.

Aside from bolstering existing dapps, the Internet Computer has several other aims. One of these is to provide a public network that acts as a complete replacement for today’s legacy IT stack, including Big Tech’s cloud services, and legacy software infrastructure such as file systems, web servers, middleware, and databases.

What’s so exciting for the Ethereum community is that by bridging to the Internet Computer, dapps can leverage its compute power and the unique functionalities it provides. For example, dapps might maintain master settlement logic on Ethereum, while using the Internet Computer to scale-out compute intensive processing within the trustless decentralized ecosystem, or serve websites directly into web browsers, removing the need to run them on trusted, insecure, and potentially unreliable proprietary services such as Amazon.”

“Over the weekend, the self-described “head chef” withdrew approximately 2.5 million SUSHI tokens from the decentralized exchange in exchange for 18,000 ETH—worth about $10 million.

Since Chef Nomi withdrew the liquidity for the token, the price of a SUSHI has more than halved in the past 24 hours, from about $5 to $2.35. The price of SUSHI peaked on Tuesday at $10.81.

Despite criticism to the contrary, Chef Nomi, who has yet to reveal his true identity or whereabouts, claims the move was not an exit scam. Instead, he compared himself to Litecoin Founder Charlie Lee, who famously sold off all of his LTC holdings in late 2017, at the height of the crypto bubble.”

See Also: $SUSHI Price Doubles After Creator Shifts Control To FTX CEO
See Also: ‘Chef Nomi’ Potentially Revealed as Co-founder of Band Protocol

“Driven by new platforms, revenue streams and the desires of fans to support the creators they love, the role of “Creator” has emerged as a practical entrepreneurial path for the 21st Century.

We believe that Social Tokens will play an important role in this new economy, unleashing creative potential and leading to new business models for creators and their communities.

Social tokens provide fans with financial incentive and reward them with ownership for their early support and continuing collaboration. This subtle innovation creates a participatory marketplace between creator and audience and unlocks economic opportunities and increases engagement for both creators and fans.

Launching a successful token is more complicated than launching a newsletter or youtube channel. Creators need to design the economic mechanisms that lead to a flourishing community, launch and distribute their tokens, navigate the worlds of liquidity and figure out how to grow value alongside their early community.

That’s why we’re launching the Seed Club, a social token incubator. We partner with creators, bringing access and insight from a diverse group of advisors, marketers, token designers and technologists, who all share in the upside of successful projects.”

See Also: Seed Club

“Given how wrong traditional pollsters and pundits were in predicting the outcome of the 2016 election, it makes sense for anyone strategizing for the future to look for alternative forecasting metrics. Prediction markets harness the wisdom of the crowd and induce experts to put skin in the game to suss out what they really think will happen.

Prediction markets on Ethereum have encountered a blockchain-specific pain point: transaction fees.

That is absolutely a problem,’ said Stefan George, a co-founder of Gnosis, which is leading the technical development of Omen, a prediction market on Ethereum. ‘Everything below a $1,000 bet is basically economically unfeasible.’

Augur wouldn’t go into detail, but Vecchiarelli said it’s close to a solution that should mitigate the fee situation. He wouldn’t say what the team is doing, but it’s not going to a layer 2, or off-chain, network, he said.

Polymarket’s founder, said transaction fees were high for its users as well, and he plans to migrate Polymarket to a layer 2 scaling solution to reduce fees and speed processes.”

“Earlier this year, MIT researchers took blockchain-based voting app Voatz to task for alleged security vulnerabilities.

Now, Voatz has told the U.S. Supreme Court that third-party researchers legally shouldn’t be able to poke around on others’ systems at all without the permission of the company being researched—and under its supervision.

At stake in the case under review is the ability of independent security researchers to do their work and alert the public to vulnerabilities that might otherwise quietly get swept under the rug.

The Supreme Court could hand down an opinion as soon as October 13.”

“Stablecoins are a hot commodity. Over $16 billion of them circulate in the wild today, up from $4.8 billion to start the year. Mostly these are issued outside of the U.S., and so are largely unaccountable to financial regulators. If they keep growing, U.S. policymakers, in particular those in the state of New York, will have to stomach the loss of their dominance over dollar clearing. But because stablecoins represent a powerful neutral financial infrastructure, the U.S. should welcome their ascendance regardless.

The overt politicization of the N.Y.-based correspondent banking system represents a tax on all users. Embedded in each transaction is a slight risk of censorship. Dependence on the system means submitting oneself to an American aegis. The harder it is to extricate yourself, the more you are subject to the demands of the administrator.

The U.S. can continue to muddle down an increasingly exclusionary path and punish subscribers to its financial infrastructure by burdening them with political dictates, or it can embrace a neutral alternative. Self-disruption would be a significant bullet to bite, but it suits the U.S. Values like liberty, privacy, free enterprise and personal autonomy are embedded into our Constitution and social fabric. One can hardly think of a better nation to underwrite a shift to a truly neutral payments and settlement infrastructure.

Far from being a dangerous techno-utopian fantasy, a genuine cash standard on the internet is simply a restoration of what was once ubiquitous and normal: transactional privacy and autonomy. These qualities are not for criminals but for everyone. And if policymakers dig in their heels, the private sector will only push back harder by providing the service that users demand – but this time outside policymakers’ sphere of influence.”

“Swerve Finance, developed by an anonymous user or team, announced plans yesterday to release a 100% community-owned fork of the popular stablecoin swap platform Curve Finance. Its website claims the forked protocol will be free from numerous issues that have allegedly occurred since launch, among them pre-mining and centralized control by founders.

Swerve says it will distribute 33 million SWRV governance tokens over six years, with nine million distributed in the first two weeks to kickstart liquidity. Swerve has not yet launched and no official date is set.

The Swerve Finance announcement combines two emerging trends in DeFi. The first is the forking of existing open source protocols to launch tweaked versions of the original product. The second is the radical experimentation in full community governance in projects like Yearn Finance.”

See Also: Swerve.fi

“Berkshire reportedly held $32 billion in equity in Wells Fargo at one point. The investment conglomerate now owns 3.3% in equity of the lender, worth just $3.36 billion.

The decision shows that Buffett is seeking safety in terms of cash flow and a hedge against inflation.

In July, Wells Fargo posted a $2.4 billion loss, recording its first loss since the 2008 housing crisis. Following the disappointing quarterly report, the company said it would cut its dividend to 10 cents per share. This month, Moody’s cut its rating from stable to negative.”

5 September

“While Beijing has been gradually reducing its Treasury holdings it has never shocked the market with a major liquidation.

And while not official policy, the fact that GT on Thursday has made a US Treasury dump front page news, citing top “state-linked experts”, is cause for concern (and certainly suggests that the Fed may soon have to step in with another massive QE to purchase whatever China has to sell).

China may gradually reduce its holdings of US Treasury bonds to about $800 billion from the current level of more than $1 trillion, as the ballooning US federal deficit increases default risks and the Trump administration continues its blistering attack on China.

But of course, China might sell all of its US bonds in an extreme case, like a military conflict.

See Also: China Moves Away From US Dollar Ahead of Digital Yuan

“Traders are taking profit after bitcoin could not get past $12,100.

Crypto is dropping in sympathy with other traditional risk assets. A full move could potentially bring the price back toward $9,500.

Yields in DeFi may become important to crypto traders should the market continue to show bearish signals: Ether locked in DeFi is up, from 5 million to 6.9 million in the past week, a 35% increase.

Investors also continue to lock bitcoin into decentralized finance. There are now over 74,000 BTC in use on Ethereum.

See Also: New DeFi alliance to connect Eastern and Western DeFi markets

“MetaMask users can now manage their cryptocurrency wallets, store non-fungible tokens (NFTs), sign messages, and play blockchain-powered games from their mobile devices.

Users of the wallet’s desktop browser extension can import their entire transaction history into MetaMask Mobile by scanning a QR code. Users in 34 countries can purchase Ether directly in the mobile app using debit cards, Apple Pay, and other local payment methods.

The mobile application features a built-in web browser designed to bolster the security of Web3 users, allowing passwords and keys to be generated directly on a user’s device rather than over the internet.

What smartphones have done for Web2, we believe MetaMask Mobile will do for Web3.”

“The SushiSwap community just approved a move from Uniswap to its own native platform, which is being built as a fork of Uniswap’s project. Almost 87% of the vote were in favor of the migration. Currently, there is close to $180 million worth of liquidity in the ETH/SUSHI pair on Uniswap.

The SushiSwap’s total value staked has grown from zero to $1.4 billion in a matter of days. This would place the recently launched DeFi project behind Uniswap and tied with Maker and Aave.”

See Also: ‘NFT Farming’ Takes Root With a $3M Meme Coin

“In the social-media age, users spend years growing networks and followers on various platforms, although this work can be destroyed by the sometimes arbitrary-seeming decisions of the networks.

Discussions.app addresses this by allowing users to migrate across platforms without losing their valuable identities and connections.

It seems that every few days I see another unique voice de-platformed and the connections they invested years building pulled out from under them like a cheap rug — especially in the crypto community. Discussions.app empowers individuals to secure their own social networks immune to the whims of Facebook, YouTube and Twitter.”

“Apps using the code can be attacked to “continuously trace” users.

The Bluetooth LE-based system leaves what they call little pebbles of data, which can be used to trace someone’s movements and potentially identify them.

The Google/Apple framework is proprietary and closed-source.”

“By that time, the Banco Central president said, Brazil will have an interoperable instant payments system and a “credible” and “convertible” international currency – ‘all the ingredients to have a digital currency.'”

“Called Binance Liquid Swap, the platform is in effect an automated market maker (AMM) exchange where smart contract-based liquidity pools set spot prices and facilitate swaps.

Binance said Liquid Swap is the first AMM platform to be launched on top of a centralized exchange. The three initial trading pairs will be USDT/BUSD, BUSD/DAI, and USDT/DAI.”

See Also: BitMEX to List Futures for New Crypto Coins for First Time in Over 2 Years