Connect with us

Altcoin News

Sushi Currently Trading Below A Dollar from an All Time High of $14

Published

on

Sushi, the token of the Sushiwap Protocol is currently trading below one dollar as at press time after it tumbled from an all-time high of $14 dollars few weeks ago.

The cryptocurrency industry and the market have been termed by some to be a wild wide west, and this case of Sushiswap seems to revalidate and reaffirm that position. Sushiswap is a fork of the Uniswap protocol, an automated market maker (AMM) launched in September, 2020.

The aim of SushiSwap was to diversify the Automated Market Maker market and improve on the features offered by its predecessor, Uniswap through the SUSHI token.

Why SUSHI Fell From Its Glorious Height?

The Satoshi Appeal

sushiswap cryptotvplus.comThe project was led by a pseudonymous founder, Chef Nomi. When the project started, there was FOMO, the appeal of an unknown actor building a “remarkable” product just like Satoshi Nakamoto, the pseudonymous creator of Bitcoin related to the emotions of many who bought into it

Centralized Exchange Listing

Firstly on its own market and then on its centralized exchanges such as Binance, FTX etc. the listing of SUSHI on centralized exchanges sent the price of the ‘promise’ DeFi protocol skyrocketing to about $14.

$14 Million Dev Fund withdrawal

Trouble started after a market correction when the founder Chef Nomi apparently withdrew about 14 million dollars from the project’s Dev Fund. This didn’t appeal to the crypto community and that marked the beginning of a terrible descent in the price of Sushi. Chef Nomi later transferred control of the protocol to the CEO of FTX however; the damage was already done coupled with the allegation that BAND’s CTO was Chef Nomi. While the CEO of FTX worked to complete the network migration of Sushiswap, the damage was already there.

The Price of Sushi

Sushi, the native cryptocurrency of the SushiSwap Protocol currently trades at less than a dollar, with a market capitalization of $112 billion and $74 million trade volume.

Will the price ever rise up to its all-time high and possibly exceed it? Share your opinions in the comment below.

Continue Reading
Advertisement
1 Comment

1 Comment

  1. Pingback: Sushi Currently Trading Below A Dollar from an All Time High of $14 by Marvelous Akpere – Cryptotvplus Events

Leave a Reply

Altcoin News

Explaining DASH Coins to Investors Big On Privacy

Published

on

Dashcoin (DASH) is a grand derivative of Bitcoin. Essentially it is a derivative of the derivative of Litecoin. Jokes apart,  DASH is a hardfork of Litecoin which in turn is a derivative of Bitcoin. 

Formerly dubbed Darkcoin, it was curated in January 2014 by Evan Duffield when he became frustrated with the transaction speed of Bitcoin.  DASH uses both masternodes and miners to validate onchain actions. One key feature of the altcoin is that it gives users the option of privacy when transacting.

With InstantSend, onchain actions using DASH are transacted speedily as intended by the founder of the crypto.

Investors are always quick to evaluate how the prices of their investments will do in coming years, but believe you me, there is a whole lot that goes into scaling the monetary worth of any investment  talkless of a volatile cryptocurrency. Nevertheless its functionality as a virtual currency is what triggers its market movement and causes its value to go up or plunge.

One key thing that distinguishes DASH from many cryptocurrencies is its privacy feature dubbed “PrivateSend”. Users have the option of opting for an anonymously transacted onchain action.

It appears that this altcoin is more of a functioning crypto than a store of wealth. Taking Venezuela as a case study, with the crypto scaling to be a worthy altè to traditional online payments, its perks are key factors to take note of when determining if its price will rise or fall in the nearest future. 

Continue Reading

Altcoin News

As the Crypto Community Continues to Await the Belated ETH 2.0 Release, Vitalik Buterin Stakes $1.4M worth of Ether to Support the Blockchain  

Published

on

The Serenity ETH 2.0 is already seeing stakes from investors. Vitalik Buterin, founder of the Ethereum blockchain has transferred his first ETH for staking on the incoming iteration of the Ethereum blockchain.

The Ethereum Founder’s address transferred 32 ETH each on about a hundred on-chain actions. 

TrustedNodes reported that the gross sum of the crypto sent is about 3200 cryptos. The aggregate of all crypto sums sent is about $1.4 million as at the time of writing this piece.

These sums were sent via on-chain transactions to Ethereum  Serenity Phase 2.0’s just released deposit contract. This newest innovation became available in real time starting from Wednesday, the 4th of November 2020. It is a deposit contract that enables users transfer crypto from the extant proof-of-work blockchain to the about-to-drop proof-of-stake (PoS) blockchain.

The minimum requirement of staking 32 Ethers so as to scale the ETH 2.0 has since been met by the users depositing the above mentioned sums. 

About a seventeen million dollars ($17 million) or  38,693 ether has been amassed by the deposit contract as at press time. 

It will interest you to know that Point of Stake Networks (PoS) are not powered by mining unlike the current Bitcoin and Ethereum blockchains. A PoS network is enabled by stashing funds (staking) for a specified term so as to earn profits on same.

The Ethereum community continues to await the belated release of the Ethereum 2.0 Proof of Stake network projected to launch probably early December 2020.

Continue Reading

Altcoin News

Ethereum Hard Fork, Berlin to be Released in January 2021 

Published

on

The Ethereum Network is about to storm the crypto community once more with its “Berlin” Hard Fork. According to the All Core Developers’ Bi-Weekly call held last Friday, it was revealed that the project will be released in the coming months. A projection for a  January 2021 launch seems to be in the works, immediately after the  release of the Ethereum 2.0 beacon chain in December.

Project Berlin introduces a Hard Fork of the Current ETH (PoW) 

Project Berlin introduces a hard fork of the current Eth 1- proof-of-work (PoW) network. This improvement on the current network was meant to have already been launched last July and it consists of low-level modifications for enhancing the extant mainchain while Eth 2.0 Serenity phase is still in the works. The Hard Fork was delayed because of the exhaustion of client employees and an observed necessity for a wider client range. Consequently, the procedure for incorporating Ethereum Improvement Proposals (EIPs) and the one that will culminate in the hard fork has been altered. 

The EIP Schedule

The following is the plan for incorporating three EIPs into the Berlin Hard Fork

  1. EIP-2315: Simple Subroutines for the EVM
  2. EIP-2929: Gas cost increases for state access opcodes
  3. EIP-2537: BLS12–381 curve operations

As at press time, it appears that EIP-2537 will no more be incorporated into the Berlin Hard Fork. This upgrade will facilitate the easy communication of Eth 2.0 blockchain and Eth 1.x blockchain by utilizing an analogous cryptographic arrangement. 

Continue Reading
Advertisement
Advertisement

Trending