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Australian senator says blockchain can make financial compliance easier

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Australian Liberal Senator Andrew Bragg thinks that blockchain technology can solve a number of major regulatory issues in his home country.

According to Bragg, blockchain technology could become a useful tool in reducing complications associated with financial regulatory compliance and transparency. “The future is technology by blockchain,” the senator said at an online panel of the Future of Financial Services 2020 conference, ZDNet reported on Nov. 4.

Bragg said that blockchain-powered instant cross-border transactions “may well be the solution to one-touch government with international transactions in real time.”

The senator stated that blockchain tech can solve major problems associated with time zones, regulation and fraud:

“It will eliminate our time zone problem, which has been a problem for Australia over the long run […] Blockchain technology can streamline regulatory processes, reduce fraud, and reduce costs to regulatory compliance and administration.”

During the conference, Bragg also highlighted the importance of expanding Australia’s global competitiveness in the financial sector, particularly with regard to Singapore. 

Bragg has served as a senator for New South Wales since 2019, emerging as a major blockchain-friendly official in Australia.

In September 2020, Bragg contributed to a report by the Australian government’s Senate Select Committee, which predicted that all fintech companies will use blockchain within 10 years. 



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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.