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After ‘7/20’ social media campaign, Sushi reveals all-in-one AMM ‘Trident’

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After months of bluster and braggadocio, decentralized finance (DeFi) platform Sushi is finally revealing the long-awaited “7/20” project update — but it remains to be seen whether the new product will live up to the hype. 

Taking the stage this morning at the Ethereum Community Conference in Paris, Sushi CTO Joseph Delong pulled back the curtain on a new hybrid automated market maker (AMM) called Trident.

Trident will feature four AMM models, including constant product pools similar to the current SushiSwap, hybrid pools similar to Curve that allow for the efficient exchange of like-kind assets such as stablecoins, concentrated liquidity pools similar to the functionality Uniswap v3 offers, and weighted pools similar those available through Balancer.

The Summer of $SUSHI is upon us, a dawn of a new season. The scent of Shoyu, Miso, and Mirin waft through the air.

What surprises do the chefs have in store for us?

We shall find out soon enough…

I’m now the proud owner of “7/20/2021” an EPIC teaser by @X_x_Y_x_X pic.twitter.com/1Hd3dwh02l

— BΞN (@__DeFi__) June 18, 2021

Trades on the new platform will work through Tines, a new order-matching engine that will examine all four pool types for the most efficient swaps. New and uncommon tools include limit orders and the ability for pool deployers to save gas by disabling time-weighted average price oracles in lieu of Chainlink oracles. Additionally, all four AMMs are built on Sushi’s BentoBox fractional reserve platform, meaning that unused liquidity will earn additional yield via lending strategies.

Finally, after the launch of Trident, Sushi has “franchise pools” in its roadmap — specialized pools designed to cater to Know Your Customer/Anti-Money Laundering needs for exchanges and other institutional users, potentially a compliment to Aave’s forthcoming institutional lending pools.

In an exclusive interview with Cointelegraph, Delong said that while there’s no set date for the launch of Trident, users can expect the launch to be “more than 30 days post-7/20, but less than 60.”

While Sushi is a former fork of Uniswap, the team isn’t short on confidence in its development chops. In early Trident documentation drafts provided to Cointelegraph, the team claims that the most extensive post-fork product it has brought to market yet “will be the most capital-efficient AMM in existence at launch.”

“This is the place to do it”

Though critics may point out that all of Trident’s AMM models have been theorized and even built before, Delong was quick to note that Trident’s implementations are complete ground-up code rewrites. 

The team started with Andre Cronje’s Deriswap as “a base to build off of,” though it eschewed Cronje’s notion to utilize unused pool liquidity for options writing in favor of safer strategies. Likewise, LevX brought early models for the hybrid pools with its work on Mirin — a pair of starting points that led to the four-model hybrid.

Where new and existing AMMs can currently go to market only offering one AMM model, Delong notes that building a platform that can accommodate a range of assets is key to attracting liquidity from across the ecosystem.

“The real design for this implementation is that certain tokens excel with certain AMM types. Long-tail shitcoins excel with constant-product pools. Like-kind assets excel at the hybrid swap. Blue chips do really well with concentrated liquidity positions. That’s all nice, but the thing that really ties it all together is our new routing engine, Tines.” 

Tines takes into consideration both gas fees and liquidity and is capable of going both “horizontal” and “vertical” when routing — what Delong calls “multi-route and multi-hop.” Multi-route is similar to 1inch, where the routing engine moves through multiple pools to mitigate diminishing returns, and multi-hop refers to bouncing between assets in order to achieve the same. 

In addition to casting a wide net to attract traders, Trident will offer liquidity providers attractive incentives. Trident is a “native application” to the BentoBox base layer, a large, aggregated pool where upward of 80% of deposited tokens can be used in yield-bearing strategies rather than sitting unused. Delong notes that even liquidity used for limit orders will be able to sit bearing yield as traders wait for their set prices to arrive.

Currently, the team only has a Compound deposit strategy, but it’s prospecting other options, and Delong made it clear that the company is open to hiring on that front, as it’s shortly about to have $2 billion in total value locked that can be put to work.

All that matters now is our response – see you on the other side of 7/20 pic.twitter.com/bUJDqrjRqn

— Joseph Delong (@josephdelong) July 1, 2021

Delong also noted that Trident’s UI/UX for providing liquidity “will seem obvious in hindsight” and that liquidity provider positions will be represented as ERC-1155s as opposed to ERC-721s, which the team hopes will add a degree of fungibility to the positions and make trading them on secondary markets easier.

When asked who Trident will most appeal to, Delong said that “anyone with idle capital” will benefit from Trident’s capital efficiency.

“Any application that has tokens that sit dormant, like Sablier — wouldn’t it be great if those tokens that sit in Sablier could be used in strategies? If you want to raise the capital efficiency of anything that you’re doing, this is the place to do it.”

Forks and fundamentals

Trident and Tines, as names, are no accidents and, in fact, might be seen as an attempt to appropriate the “fork” label and turn it into something more powerful, said Delong. 

“The Trident name comes from Cobie, when we were talking about being a fork,” he told Cointelegraph. “That’s what most people say about us. That’s kind of a hard moniker to shake… it feels like graduation day in a way.”

A trident is a fork too if you think about it

— ∞ CO฿IE (@CryptoCobain) June 6, 2021

He celebrates “taking on the mantle” as a leading AMM, relishing in the challenges of the team being forced to make its own design decisions, facing gas efficiency tradeoffs and laying the groundwork for more development in the future.

Still, detractors might point out that, for all of the optimizations, Trident remains a kind of fork in spirit; aside from a handful of features, there’s nothing truly new.

“That worries me,” he said. “I know what we built, and I know we built the best system that’s out there. But that does worry me.”

He noted, however, that while wholly new innovations “have yet to be built,” BentoBox and Trident are flexible enough to accommodate them — but first, “we have to ship,” he joked.

What’s more, the former fork embraces similar competition. Instead of trying to safeguard its products with business source licensing of questionable enforceability, Sushi has opted to open the entirety of Trident and Tines via GPL3, which Delong refers to as one of the “very permissive licenses that symbolizes the gold standard in open source.”

The license is an invitation to challenge them, said Delong.

“Fork us. Have fun. We don’t care. It’s going to be hard to fork out our community.”

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Ethereum

‘Ethereum Improvement Proposal 3675’ for the Eth2 merge launches on GitHub

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A formal Ethereum Improvement Proposal (EIP) has been created for the network’s forthcoming chain merge, bringing Ethereum one step closer to realizing its highly anticipated proof-of-stake (PoS) transition.

On Thursday, ConsenSys researcher Mikhail Kalinin created a pull-request for EIP-3675 on GitHub, formalizing the chain merge as an improvement proposal for the first time. The EIP has also been slated for discussion during Friday’s Ethereum Core Devs Meeting by developer Tim Beiko.

Hard to overstate how valuable’s @mkalinin2‘s work on The Merge has been, and it’s finally being formalized in an EIP https://t.co/pNRerXFxVf

— Tim Beiko | timbeiko.eth (@TimBeiko) July 22, 2021

The proposal would merge the Ethereum and Eth2 chains, transitioning the network’s consensus mechanism away from proof-of-work and empowering stakers to validate transactions.

The EIP notes that no “safety nor liveness failures were detected” since the launch of Eth2’s Beacon Chain in December 2020, adding:

“The long period of running without failures demonstrates the sustainability of the beacon chain system and witnesses its readiness to start driving and become a security provider for the Ethereum Mainnet.”

Despite the EIP, many leading figures in the Ethereum community, including lead developer Vitalik Buterin, believe it is very unlikely the chain merge will occur in 2021.

The EIP comes amid bidding for the EIP-1559 Supporter NFT series, which was launched via Mirror on Wednesday. The nonfungible tokens demonstrate support for the introduction of a burn mechanism to Ethereum’s fees as part of the network’s coming London upgrades. All proceeds will be shared among 1559’s contributors, and the tokens were designed by artist Kitteh.

Since the launch of the Beacon Chain in December, Eth2 has emerged as the second-largest PoS network by staked capitalization in United States dollar terms, with $12.7 billion worth of Ether (ETH) locked in staking despite less than 6% of its circulating supply having been deposited.

According to Staking Rewards, Cardano has the largest staked capitalization with $24.2 billion and 62% of supply locked. Solana ranks third with $10.2 billion from 74%, followed by Polkadot with $9 billion from 63%.

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Ethereum Price Could Go Up Over 860% To Break $10,000, Crypto Analyst

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Ethereum value has taken some hits in the past few months as the Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin has since significant losses in the price after the digital asset had hit its all-time high back in May. The price of ethereum had gone as high a $4,300, but the price has since crashed over 50% since then and now sits at less than $2,000 at the time of this writing.

Notwithstanding, crypto analyst and trader Kaleo predicts that the price of ETH is set to grow immensely in the next 12 months. The crypto analyst looks through movements of ethereum from back in 2017 and predicts that based on this, the digital asset is poised to experience a parabolic rally in its price.

Related Reading | As Ethereum Price Suffers, Investors Wonder If ETH Can Become Deflationary

The long-term price prediction from Kaleo puts the digital asset price at over $10k, following a major altcoins season. The analyst’s prediction puts the price of ethereum at well over an 860% increase in the second half of the year 2021.

Ethereum And Bitcoin Price Predictions For 2021

Taking to his Twitter, which remains his primary method of communication, Kaleo gave a couple of predictions regarding the prices of the top two digital assets in the space.

According to the crypto trader, the price of bitcoin was going to see another run-up that would put the digital asset in a six-figure discovery range. Joining the ranks of crypto analysts who have put the price of the number 1 crypto Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin at $100,000 before the year runs out.

ETH price down over 50% since all-time high | Source: ETHUSD on TradingView.com

In line with this, Kaleo put the price of ethereum at a whopping $10,000, not minding the current bearish sentiments that continue to rock the markets as digital assets have continuously lost value amid sell-offs from investors.

The tweet further went on to predict more adoption from institutions and governments. While simultaneously calling out that there will be continuous FUDs from institutions and governments surrounding cryptocurrencies.

My predictions for the second half of 2021:

$BTC enters 6 figure price discovery
$ETH breaks above $10K
– We see one more major alt season
– More institutional / government adoption
– More institutional / government FUD
– Cryptunez gets a girlfriend
– Bears remain bearish

— K A L E O (@CryptoKaleo) June 17, 2021

Long-Term Predictions For 2022 To 2023

Kaleo, who uses the handle @CryptoKaleo on Twitter, posted a follow-up tweet containing even more longer-term predictions for the top crypto coins. The tweet included price predictions for both bitcoin and ethereum, and predictions for major regulations to follow. But unlike the first predictions for the second half of 2021, these predictions were much more bearish, explaining that prices would crash in this time period.

Related Reading | Ethereum Whales Go On Buying Spree, Top 10 Addresses Now Own 20% Of All ETH

My predictions for 2022/2023:

$BTC back down to ~$50K
$ETH back down below $1K
– Alts die again
– Bears who were bearish the whole way up from here to the top call for infinite clout
– Major regulation comes against crypto. People call Bitcoin dead again (it isn’t)

— K A L E O (@CryptoKaleo) June 17, 2021

Kaleo sees the price of ethereum falling over 90% after it hits its predicted $10,000 in the second half of 2021. Calling the price crash to be under $1,000 when this happens. Altcoins were also predicted to crash at this point, putting the general market at this point in a Bear

Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.

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” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear stretch.

Featured image from Forbes, chart from TradingView.com

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South Korea to take action against unregistered crypto exchanges

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The South Korean government announced today that crypto exchanges will face punishment if they have not voluntarily registered with the country’s authorities by September 24.

This new set of regulations will reportedly affect both exchanges based in South Korea and foreign exchanges that operate in Korean markets. According to the release, that includes any exchange where the Korean language is supported, marketing is geared toward Koreans, or payments can be made using the Korean won.

Under the Specific Financial Information Act, the punishment for exchanges that continue to operate without registration is up to five years in prison or a fine of up 50 million Won — roughly $43,500 USD. Sources suggest that there are plans to block websites belonging to unregistered exchanges in the future as well.

Related: Bank of Korea selects Kakao’s blockchain arm for digital won tests

Korean users should check on September 25 to see if the exchange they are using is registered to avoid any related penalties. As of that date, sales made through such exchanges would be illegal within the country.

This announcement is the latest in a string of regulations concerning cryptocurrency around the globe. Earlier this week, the European Union announced plans to crack down on the sending and receiving of cryptocurrency in the hope of limiting money laundering. The SEC Chairman said cryptocurrency falls under the rules and regulations of security based swaps in the US and noted that more regulation could be coming. A meeting from the President Working Group on Financial Markets and other US agencies also took place this week concerning the use and risks of stablecoins. Regulatory recommendations are expected to be delivered in the coming months.

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