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Blockchain tech is helping to reduce the impact of deforestation in Brazil

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Major meat processing company JBS S.A., has repeatedly come under fire for allegedly contributing to the illegal deforestation of the Amazon rainforest. They are now using blockchain technology to create a unique solution to the problem.

According to a Sept. 23 report from Reuters, JBS said it plans to launch a blockchain-based traceability system for its meat supply chain to ensure it does not buy livestock from farms that are known to have illegally felled trees.

The company has previously only monitored the final link in the meat supply chain, meaning any of the reportedly 50,000 ranches in Brazil doing business with JBS could have received cattle from indirect suppliers responsible for illegal deforestation. A July report by U.K. news outlet The Guardian alleges that the company had been in contact with at least one indirect supplier who had already been sanctioned for cutting down sections of the Amazon to increase the size of its pastures.

Following these reports, JBS CEO Gilberto Tomazoni said the company plans to monitor all of its indirect cattle suppliers by 2025 using its blockchain tracing system.

“Currently, the company does not monitor indirect suppliers and no company does so,” he said. ”But we plan to close this gap using technology.”

The meat processing company plans to start in 2021 in the Brazilian state of Mato Grosso, which has reportedly accounted for 31% of deforestation in the Amazon over the last 20 years.

JBS has developed similar tracing programs that provide data on its meat supply chain for subsidiaries outside of Brazil. Last November, the company’s Australia branch created a “from paddock to plate” system together with a Sydney-based startup called Lumachain.



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A review of SushiSwap roll-outs

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Launched in August 2020 as a fork of the Uniswap decentralized exchange, SushiSwap briefly surpassed its competitor. Now ranking third behind Uniswap’s v3 and v2, the DEX rolls out numerous integrations with major networks beyond its native Ethereum blockchain to offer users a single entry point and lower fees. 

The SushiSwap protocol is one of the largest proponents of a multi-chain future in decentralized finance as the DEX is already live on Ethereum, Binance Smart Chain, Polygon, Avalanche and Fantom. Data by Covalent provides insight on SushiSwap across these five chains.

Data reveals the most popular chain by the number of swaps executed daily is Polygon, as the protocol usage skyrocketed in May. Polygon continues to set new records as it hosted 120,000 swaps on SushiSwap recently.

Left far behind, Ethereum ranked second as of June 2021 by daily swap count. Fantom and Avalanche tend to follow the same trend as Ethereum, although the gaps among the three have been widening since the active trading days in late May. Avalanche and Fantom even outstripped Ethereum by the number of transactions on May 19, when a market-wide liquidation frenzy occurred.

A closer look at daily swap volume shows a different story. The dominance of Ethereum in SushiSwap had been unshakable for a long time, with the peak of trading volume at almost $3 billion on May 21. However, Polygon overtook Ethereum by swap volume in June with a $420-million mark, which highlighted the rapid take-off of the layer-two scalability solutions. 

The reduction of transaction costs is the major driver behind the adoption of a multi-chain approach. SushiSwap has achieved this by offering options outside of Ethereum. Data on gas usage on Ethereum and other chains could not even be compared in one chart due to a dramatic difference in numbers.