Blockchain
Sushi Deploys to Kava, Debuting Major UI Overhaul – Blockchain News, Opinion, TV and Jobs
Published
2 years agoon
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adminEarlier this year, Kava shook up the L1 industry with its Ethereum Co-Chain launch, sparking the fastest growth of protocols on any blockchain in 2022. Today, tier-1 DeFi protocol Sushi combines its deployment to Kava with an up to $7M matching rewards plan alongside their elegantly redesigned Sushi 2.0 user interface.
Providing liquidity to Sushi’s wKAVA/USDC pool deployed to the Kava EVM will be eligible for KAVA and SUSHI token rewards. Sushi’s deployment also enables users to create new pools with other asset pairs, especially after the Kava 11 upgrade and the Ethereum bridge later this year. These actions position Sushi as the primary decentralized exchange (DEX) on the Kava EVM.
“Kava is a 100% growth-oriented blockchain fueled by the Kava Rise incentives program. Sushi has believed in this program from the start and was an early pioneer. Today, I’m excited to announce that Sushi also chose Kava to premier a one-of-a-kind DeFi user experience. Kava aims to onboard and engage more protocols than all the other L1 networks. Kava will reach that goal with visionary partners like Sushi.” – Scott Stuart, CEO of Kava Labs.
“We are grateful to be a part of what we consider an exciting new blockchain infrastructure. We are humbled to be included as one of the first DEXes on the Kava chain. We believe Kava’s focus on growth and connecting with all kinds of projects to help them grow through the Kava Rise program is the best approach. Unveiling our new UI at the moment of this deployment is a testament to the importance of combining our forces.” – The Sushi team.
Sushi and Kava’s partnership milestone is made possible by Kava Rise, a $750M rewards program designed to push 10x growth on the Kava blockchain. Being a part of Kava Rise means all Sushi pools on Kava will accumulate programmatic, on-chain rewards for the Sushi protocol.
Alongside its deployment to Kava and introduction to the Kava Rise program, Sushi implements a new UI designed to improve the user experience, improving the user experience for Sushi’s most-used apps — Trident, Furo, and BentoBox. All of these dApps will be accessible from the Kava EVM and eligible for accumulating Kava Rise incentives for the Sushi protocol.
Sushi is an Ethereum-based decentralized protocol that delivers a robust suite of DeFi applications. The Sushi ecosystem currently holds over $1.5B in Total Liquidity with more than 150K Sushi token holders and 15.68K asset trading pairs. Users can interact with Sushi on 20+ wallets and 15 supported blockchains.
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Blockchain
Whale Snags Nearly 24,000 ETH At Bargain Price
Published
1 day agoon
April 16, 2024By
adminEthereum, the second-largest cryptocurrency by market capitalization, has faced choppy waters. Over the past few days, Ethereum’s price has taken a nosedive, plunging to lows of $2,800 on April 12, echoing the broader downturn witnessed across the crypto landscape.
However, in the face of volatility, a fascinating development has emerged: Ethereum whales, the behemoths of the crypto world, have begun to flex their muscles, showcasing strategic maneuvers that have captured the attention and speculation of the crypto community.
Strategic Accumulation Amidst Turbulence
As Ethereum’s price plummeted, Ethereum whales wasted no time in capitalizing on the opportunity. One notable example is the whale identified as “0x435,” which embarked on a strategic accumulation spree as the ETH price dipped.
With a staggering investment of 70 million USDC, this whale acquired a hefty 23,790 ETH when Ethereum hit nearly $2,930. However, this wasn’t a spur-of-the-moment decision; rather, it was part of a calculated strategy that unfolded over several days, involving significant transactions and withdrawals from both centralized exchanges like Binance and decentralized exchanges.
Despite the recent 8% correction in the $ETH price (24H), whales are still buying $ETH!
1. Whale 0x435 spent 70M$ USDC to buy 23,790 $ETH at ~$2,942 4 hours ago:
• In total, the whale has accumulated 60,808 $ETH ($191M) from #Binance and DEX in the past 15 hours, after each… pic.twitter.com/ujZRULGAkX
— Spot On Chain (@spotonchain) April 14, 2024
The Right Timing
The actions of “0x435” are just the tip of the iceberg in the wider phenomenon of Ethereum accumulation by large holders. On-chain analytics firms, such as Spot On Chain and Lookonchain, have provided insights into the scale and timing of these whale transactions, revealing a pattern of strategic accumulation amidst the market turbulence.
This whale spent 70M $USDC to buy 23,790 $ETH at $2,942 from the bottom again after $ETH dropped.
He has bought 85,931 $ETH($278.5M) from #Binance and #DEX in the past week, with an average buying price of $3,241.
He still holds $136M stablecoins and may buy more $ETH.… pic.twitter.com/d7yYdqEnDB
— Lookonchain (@lookonchain) April 14, 2024
These whales aren’t acting alone; they’re part of a broader trend that suggests institutional players or sophisticated investors are positioning themselves strategically in anticipation of future market movements.
Ethereum’s Journey Through The Storm
The broader context of Ethereum’s price movement adds another layer to this unfolding saga. Ethereum’s decline over three consecutive days, from highs of $3,617 to lows of $2,850 on April 13, underscores the volatility and uncertainty gripping the cryptocurrency market.
However, amidst the stormy seas, Ethereum managed to make a slight recovery, climbing back up to $3,107 at the time of writing, albeit still down 6.05% in the last 24 hours.
Ethereum is currently trading at $3.107. Chart: TradingView
Hong Kong Gives Nod To Ethereum ETFs
In another development, as the first jurisdiction to permit trading in Bitcoin and Ethereum cash exchange-traded funds (ETFs), Hong Kong has set new precedents.
The Securities and Futures Commission (SFC) of Hong Kong has previously granted permission to many prominent financial corporations to establish these exchange-traded funds (ETFs), while the US Securities and Exchange Commission (SEC) is currently reviewing comparable applications.
The SFC has given the all-clear to several top financial institutions, including China Asset Management, Bosera Capital, and HashKey Capital Limited, to launch Bitcoin and Ethereum cash exchange-traded funds (ETFs).
When combined, these cutting-edge financial instruments let investors to pay cash for shares in Ethereum and Bitcoin.
Featured image from Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Altcoins
Over 540,000 New Crypto Assets Have Been Launched in First Four Months of 2024, According to CoinGecko
Published
3 days agoon
April 14, 2024By
adminMore than half a million altcoins have already been created between January and early April this year, according to crypto data aggregator CoinGecko.
Using data from its decentralized exchange (DEX) tracker GeckoTerminal, CoinGecko examined the number of cryptocurrencies from December 31st, 2021 to April 11th, 2024.
The result shows that 2.52 million cryptocurrencies have been launched to date, including transient memecoins and dead projects. The current number of crypto assets is also 5.7 times more than the 440,000 that existed at the end of 2021.
The period between January 1 and April 11th this year saw the rollout of 540,000 new tokens, equivalent to an average of 5,300 new tokens being launched every day in 2024. In comparison, 2022 recorded 720,000 new tokens and 2023, 830,000.
“Given that this is already more than half of the 0.83 million new tokens launched last year, 2024 is on track to surpass 2023 in the number of new tokens on-chain.”
CoinGecko says the memecoin season, which returned in late February this year, led to a record high of 195,735 new tokens launched in March 2024.
“This highlights the frenzy of memecoin activity as opportunistic participants launch derivatives of memecoins or themes that are already popular.
January and February 2024 also saw a large number of new tokens launched in each month, at 134,647 and 195,735 respectively. This perhaps suggests that on-chain speculative activity is on the rise regardless of broader rotations into memecoins.”
CoinGecko says future memecoin seasons may see a greater spike in new crypto assets because of the new tools that make token creation easier and the decreasing cost of on-chain trading.
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Bitcoin
The Market Disruptor With 75% Uptrend, Outshining Top 100 Cryptos
Published
5 days agoon
April 13, 2024By
adminAmid a widespread price correction affecting the majority of the top 100 cryptocurrencies, one digital asset has defied the trend, surging to impressive heights. Nervos Network, along with its native token CKB, has not only recorded significant gains but has also climbed to the 79th rank in the market, raising questions about the factors behind its surge.
Nervos Network Decoded
Nervos Network is a proof-of-work (PoW) Layer 1 (L1) blockchain designed to optimize application-specific Layer 2 chains. The network aims to establish its native asset, CKB, as a more sustainable store of value (SoV) compared to Bitcoin (BTC) while providing a more secure smart contract platform than Ethereum (ETH).
Bitcoin’s capped supply and decreasing block rewards raise concerns about long-term economic incentives for miners.
Notably, the Nervos Network tackles this issue by introducing a fixed annual secondary issuance of CKBs and the base supply, providing long-term incentives for miners.
Nervos Network also addresses the potential security risk associated with Ethereum. In Ethereum, the value of its native asset, ETH, is not directly linked to the value of Layer 2 apps built on top of it.
Nervos Network aims to mitigate this risk by ensuring that CKB is used for transaction fees and storage, creating a stronger economic relationship between the native asset and the overall network.
How Secondary Issuance And State Rent Drive Sustainability
Nervos utilizes a perpetual secondary issuance model to increase CKB’s SoV properties. This model incentivizes users to continuously lock up CKB in proportion to the size of their applications.
Furthermore, locked CKBs are subject to “state rent” through inflation, which automates state rent payments and ensures a sustainable economic model.
Nervos Network introduces a secondary market for chain space, enabling apps to unlock and sell CKBs without requiring relevant storage.
Investors can offset inflation by purchasing CKBs and depositing them into NervosDAO, a mechanism that receives a portion of the secondary issuance to counterbalance inflation. Interestingly, this resembles “treasury bonds” and offers potential investment opportunities.
Approaching ATH Amidst Bitcoin Integration Announcement
Having delved into the fundamentals, CKB has recently experienced a significant surge in value, breaking out of a long consolidation phase that lasted almost two years.
After trading in a range of $0.0024 to $0.0035, the cryptocurrency has broken through this price level since January 30th and has seen significant gains over the past few months.
Currently trading at $0.032, CKB is close to its all-time high (ATH) of $0.043, which was reached in March 2021. The token has seen notable price increases of 47%, 69%, 75%, and 14% over the past fourteen days, seven days, and 24 hours, respectively.
According to CoinGecko data, CKB has also seen a significant increase in trading volume, reaching $207 million in the last 24 hours, 9.7% from the previous day’s trading.
In addition, CKB’s market capitalization has increased significantly, nearly doubling from $740 million on April 2 to approximately $1.35 billion in just over a week.
The price spike can be attributed to the announcement that Nervos Network’s CKB token will join the Bitcoin network. The token’s introduction of smart contract functionality, along with its interoperability and modularity features scheduled for 2024, has created excitement among investors.
As Bitcoin approaches the Halving that has historically increased its value, Nervos Network is well-positioned to benefit from its strong ties to the largest cryptocurrency in the market.
With its continued bullish momentum and the predicted increase in BTC’s price, CKB may be poised to reach new all-time highs soon.
Featured image from iStock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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