The SUSHI debacle hijacked our weekend as the original founder dumped tokens with the “SatoshiLite” justification; i.e. “If I hold LTC, it’s a conflict of interest”. Community wasn’t having it and there was a vote to pass control elsewhere. At the time of writing, a collective effort has led to successful migration of liquidity.
What’s done is done and I don’t intend to delve into the politics of the above. What’s interesting to me is the opportunity for Uniswap (or its supporters) to build out LP rewards again as attention shifts over to SUSHI. SashimiSwap looks to be just that (TLV $400m), while there’s also SakeSwap (TLV $25m) that supports both Uni-LP and Sushi-LP tokens. The former has ELF written all over it so looks like a pivot from an old project to revive interest in its token. Hearing YFII has some involvement with SakeSwap. As usual, DYOR.
BNB has outperformed this week as the exchange finally makes a significant move to capture the thirst for yield. Users can stake BNB for 30 days via Launchpool to earn BEL on top of basic interest. BEL is a DeFi pivot from the ARPA team; are you seeing the trend now?
We were taken by surprise when Coinbase Pro announcing their YFI listing. This sends a message globally when it comes to appropriate regulatory stance on DeFi. Conversely, there are countries like Korea where exchanges are extremely hesitant to list DeFi names due to 1) rug-pull risk, 2) association with high yields (eg. pyramid). So hope this gets the ball rolling.
Ending with a plug on Linear.Finance (Disclaimer: GB is an investor). The product is a fork of Synthetix led by the team from Liquefy. While the STO space didn’t take off as anticipated, we strongly believe in the competency of this team which also carries over well into the synthetic assets space.
In other news:
- Tether will issue Solana-USDT
- There may have been a raid on Gate.io by China authorities
- Chainlink nodes attacked; minimal damage
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