Connect with us

Blockchain

Almost half a billion USDT minted in past 36 hours as Bitcoin rallies

Published

on



The Tether (USDT) Treasury has minted almost half a billion new USDT tokens and distributed more than 185 million tokens to exchanges and other addresses in the last 36 hours. 

As shown by blockchain tracker Whale Alert, two transactions of 150 million and 300 million USDT tokens were minted on Oct 20 and Oct 21 respectively.

The first 150 million was printed only hours before Paypal’s announcement and the Bitcoin (BTC) price rally that followed.

Although some raised the usual allegations of market manipulation in response to Whale Alert’s tweets, both transactions were acknowledged by Tether CTO Paolo Adoino as unissued “inventory replenishes” on the Tron (TRX) Network:

Since yesterday’s 150 million USDT minting, 15 transactions totaling 185.9 million USDT have been sent to exchanges including Bitfinex, and Huobi, as well as several “unknown addresses.”

Almost 70% (126.9 million USDT) of the tokens sent out of the Treasury ended up going to Binance.

The Tether Treasury wallet now holds only a little more than 280 million USDT. The last of the transactions occurred one hour after the 300 million USDT run was minted.

Tether issuance has been frequently linked with Bitcoin price rallies, although there is a constant “chicken and egg” debate over whether the issuance leads the rally, or is in response to demand.

In April this year, Tether minted 160 million USDT during Bitcoin’s price rally to $9,000. It came one week after research was released that argued that USDT isn’t used to manipulate Bitcoin’s price.

Tether’s market cap has grown by more than 400% year-to-date to reach $15.9 billion.



Source link

Blockchain

A review of SushiSwap roll-outs

Published

on

By


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.