One of the biggest recent Ethereum DeFi stories is the SushiSwap saga. The story so far:
- SushiSwap launched with the aim of draining liquidity from DeFi giant Uniswap using a farmable governance token as an incentive for liquidity providers to make the switch.
- SushiSwap creator “Chef Nomi” sold off his stake for roughly 38,000 ETH, a move widely decried by the community (though he later returned it). Control of the project was given to other developers, led by FTX CEO Sam Bankman-Fried.
- The liquidity migration was successful, “vampire mining” more than $800 billion from Uniswap, though most of that liquidity had been locked in Uniswap for the purpose of earning SUSHI tokens.
- SushiSwap lowered the reward for liquidity providers, leading to Uniswap retaking its lead in total value locked.
Bits & Pieces
- Led by projects like SushiSwap, the DeFi frenzy led to transaction fees hitting a new all-time high this month, with miners raking in $17 million in a single day.
- “If all goes well, November is still looking good for a[n ethereum 2.0] launch from our perspective.” — Raul Jordan in a recent blog post from Ethereum 2.0 client developer Prysmatic Labs.
- Spadina, a “shortlived dress rehearsal” testnet, will run in parallel to Medalla later this month.
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In other stablecoin news, Coinbase’s popular USDC stablecoin is expanding to the Algorand smart contract platform to reduce its reliance on Ethereum, the only other major blockchain that supports USDC.
We’ve released two more entries in our Ethereum ecosystem list series:
We also published a guide to some of the most important projects in the Cosmos ecosystem.
We released another blog post on Ethereum 2.0: Deeper dive into Ethereum 2.0: Part 1. If you’re a newcomer to Ethereum 2.0, feel free to start with our beginner’s guide. If you’re trying to decide whether to stake your ETH, try this blog post for some guidance.
Last week, we hosted the first meetup in our DeFi Seoul series. If you speak Korean, drop in and join us this Friday for the next event! We’ll publish the link on our Twitter page.