SushiSwap will shut down lending platform Kashi and the token Launchpad MISO from Q1/2023, due to design flaws and lack of resources. According to CTO Matthew Lilley, they will focus on DEX instead. Founded in 2020, SushiSwap is an Ethereum-based decentralized finance (DeFi) protocol, which allows customers to swap, lend, and borrow cryptocurrencies using their own external wallets, such as MetaMask. This platform has been financially struggling in 2022 as the market is sinking in prolonged crypto winter. In a Tweet updated on 12 Dec, SushiSwap CEO Jared Gray admitted that they only had enough money to operate the platform in 1.5 years. He also highlighted that Sushi has experienced a 30M USD loss in its emissions-based reward strategy to bootstrap liquidity & incentivize LPing. And the platform spends more on emissions than swap volume generated
Bitcoin ETF issuer VanEck predicted about the crypto market in 2023
Bitcoin ETF issuer VanEck has published some predictions about the crypto market in 2023. According to the firm, Bitcoin will test 10,000 USD-12,000 USD in Q1 due to the wave of miner bankruptcies, which will mark the bottom of the crypto winter. In the second half of 2023, Bitcoin will rise to 30,000 USD. Lower inflation, easing energy concerns, a possible truce in Ukraine, and a turnaround in M2 supply will power the start of a new bull market. Some of the predictions are about hot stories in the space, such as Ripple will lose the SEC lawsuit and Ethereum will enable withdrawals from the Beacon Chain.
SuZhu accused DCG conspired with FTX to attack Luna and stETH
In a recent tweet, Co-founder of collapsed crypto hedge fund Three Arrow Capital (3AC), SuZhu accused DCG conspired with FTX to attack Luna and stETH. He believed that these 2 companies took significant losses in the summer from 3AC's bankruptcy as well as Babel, and other firms involved in GBTC. However, instead of restructuring and filling the hole, FTX still tried to attract more deposits with the hope that the market would go up. In the meantime, DCG's value is down to 0 and they have committed fraud. SuZhu’s post immediately received many reactions from Crypto Twitter. Some don't believe 3AC co-founder because he didn't show any proof for these accusations.
The 14th anniversary of the first Bitcoin block was created
On this day 14 years ago (January 3, 2009), the creator of Bitcoin, Satoshi Nakamoto mined the first block of Bitcoin, the Genesis Block, on a small server in Helsinki, Finland, and received a reward of 50 Bitcoins. After 3 halvings, the number of block rewards received by miners has decreased from 50 BTC to 6.25 BTC. At the press time, Bitcoin is trading at the price of 16,727 USD, down 75% from its November 2022 all-time high of 69,000 USD. With the fourth upcoming halving which is expected to occur in 2024, the crypto community hope Bitcoin price will recover and reach new highs
These altcoins look vulnerable if Grayscale gets liquidated
A new year has begun but the fallout of FTX remains. Over the past few weeks, Grayscale and Digital Currency Group (DCG) have become the latest victims of the expanding liquidity crisis in the crypto space. The worst scenario can happen if these biggest crypto funds collapse and go bankrupt. Accordingly, Grayscale owns a number of altcoin funds, such as: Basic Attention Token(BAT), Bitcoin Cash(BCH), Chainlink(LINK), Decentraland(MANA), Ethereum Classic (ETC), Litecoin(LTC), Solana (SOL), Stellar Lumens (XLM), and Zcash (ZEC). Therefore, if the company gets liquidated, it could drag down the price of these altcoin.
