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Thai central bank issues $1.6B in government bonds on IBM blockchain

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The Bank of Thailand launched the world’s first blockchain-based government savings bond issuance platform using IBM’s blockchain technology.

Within two weeks of the launch, the central bank sold more than $1.6 billion worth of savings bonds, as per IBM’s official announcement on Oct. 5, 2020.

The use of blockchain technology is said to have reduced the bond issuance time from 15 days to just two days. The increased efficiency of the process has also reduced operational cost and redundant validation of documents involved in bond issuance.

IBM along with the central bank collaborated with seven other institutions including Public Debt Management Office, Thailand Securities Depository Co., Thai Bond Market Association and four other banks.

The Bank of Thailand may soon extend the use of blockchain technology across all other government-issued bonds for retail and wholesale investors.

The Thai central bank has been actively involved in the blockchain and cryptocurrency space. In June, the bank launched a pilot test for its central bank digital currency — the digital baht — to test it with large-scale enterprises. The following month, the bank was also reported to be planning to use its digital currency to transact with the Hong Kong Monetary Authority.

The Bank of Thailand is also pursuing smart contracts and decentralized finance use cases for its national digital currency.



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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.