There is now more than $1 billion worth of bitcoin on Ethereum, record-setting transaction volume is boosting Ethereum miners’ revenue and VeChain joins China’s food safety watchdog to build track and trace capabilities.
Top shelfToken reflectionsUniswap’s decision to airdrop its new governance token was less about competing with its genetic clone SushiSwap, and more about building a community, CoinDesk’s Brady Dale reports. “I think it’s genius in every way,” Robert Leshner, Compound’s founder, said. “It brought a huge number of users into the fold.” Tokens were airdropped not just to liquidity providers (LPs), but essentially anyone who has played with the app – meaning upwards of 250,000 unique Ethereum addresses that have made trades on it could come into possession. This could help Uniswap achieve the effective decentralization necessary to avoid the prying eyes of the U.S. Securities and Exchange Commission. While the token is likely to spur a new round of liquidity mining, bumping up transactions fees on the platform, Dale also suggests UNI could be a means for the protocol – which raised an $11 million Series A – to repay its investors.
Ethereum recordsEthereum miners earned a record $16.5 million on Thursday as the number of transactions on the network ticks up. More than 42,763 ether (ETH) were paid out in transaction fees for 1.4 million transactions – another all-time high. CoinDesk’s Paddy Baker points to a meteoric rise in decentralized finance (DeFi) to make sense of the surging Ethereum activity. There is currently over $9 billion worth of assets locked in DeFi applications, according to DeFi Pulse, up from approximately $675 million at the start of the year. Decentralized exchanges too are growing – led by Uniswap, Curve and Balancer – having recently surpassed $16 billion in total monthly volume.
Community pointsThe number of monthly users who earned T-Points, or loyalty points, for bitcoin (BTC) payments on the bitFlyer exchange in Japan reached a record high in August. Though the exchange did not specify the number of users of the service, CoinDesk Japan previously reported approximately 30% of new visitors to the exchange are in their 20s. BTC was trading at 1.3 million Japanese yen ($12,400) in August for the first time in a year. Midori Kanemitsu, a market analyst at bitFlyer, indicated that this reflects a larger trend: against the backdrop of COVID-19 and global monetary easing, bitcoin is shifting from a speculative investment for individuals to an institutional hedge against inflation.
Track and traceThe VeChain Foundation has become the first blockchain-based entity to join the China Animal Health and Food Safety Alliance (CAFA). According to a blog post, VeChain joins the 130 strong member group as its only public blockchain technology provider, and will further provide technical and infrastructural support for member firms. According to the post, CAFA intends to build a “farm to table” traceability system across China that would record the various stages of the food supply process on the blockchain in order to build trust with consumers.
Wallet challengeU.S. Homeland Security’s Science and Technology Directorate (S&T), wants you to build its next digital wallet. CoinDesk’s Danny Nelson reports the directorate is putting $25,000 up for grabs in their new digital wallet challenge, a user interface design competition to pair with DHS’s work in the blockchain and decentralized identity space. Finalist wallets must demonstrate “ease of use and visual consistency, while supporting interoperability, security, and privacy,” said Anil John, technical director of S&T’s Silicon Valley Innovation Program (SVIP). Applications are open through Oct. 15, with the chance for three finalists to win $5,000 and an additional $10,000 to the competition winner.
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