Uniswap optimizes routing to reduce transaction costs and no longer relies on a single liquidity pool, but has dYdX surpassed Uniswap in trading volume?; Sushi makes a comeback! MISO hacker returns all funds and demands CTO to issue a public apology; Leveraged mining protocol Alpha Homora V2 to launch on Avalanche; Wormhole introduces V2 version, enabling seamless transfer of token assets between Solana and Ethereum; Venus experiences a malicious takeover attempt through induced voting, with the vote ultimately passing but not executed.

Dear DeFier,

If you find yourself wondering when the coin price will rise these days, to quote a phrase often used by DeFi gurus, you might eventually be NGMI (Not Gonna Make It). While you are fixated on the coin price, developers are continuously working towards the next milestone of their projects; and miners are watching which on-chain data is getting ready for the bull market?

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This week's headlines include: Uniswap optimizes routing to reduce transaction costs and no longer relies on a single liquidity pool, but has dYdX surpassed Uniswap in trading volume?; Sushi makes a comeback! MISO hacker returns all funds and demands CTO to issue a public apology; Leveraged mining protocol Alpha Homora V2 to launch on Avalanche; Wormhole introduces V2 version, enabling seamless transfer of token assets between Solana and Ethereum; Venus experiences a malicious takeover attempt through induced voting, with the vote ultimately passing but not executed.

This week's selected viewpoints include: Salvadoran Prime Minister Nayib Bukele publicly shares his unbeatable method? Uniswap founder Hayden Adams polls the community on whether Uniswap Labs should venture into NFTs? And Ethhub co-founder Anthony Sassano wants to ask those who claim that the future is multi-chain a question.

This Week's Headlines

Uniswap Optimizes Routing to Reduce Trading Costs; dYdX Surpasses Trading Volume of Uniswap?

Automated market maker platform Uniswap continues to focus on optimizing its AMM mechanism, introducing an automatic router feature in its recent update, achieving lower-cost transactions. Meanwhile, the emerging derivatives exchange dYdX's founder shared a screenshot on Twitter showing trading volume surpassing Uniswap's, indicating comparable trading volume between the two platforms.

Sushi Turns the Tables! MISO Hacker Returns All Funds and Demands CTO's Public Apology

The decentralized automated market maker SushiSwap's MISO platform encountered new developments in a hacking incident. Sushiswap developer 0x A.K. admitted to being the attacker, returning the funds and requesting a public apology from the CTO, Joseph Delong. The incident shifted from a platform hack to personal disputes, with the situation temporarily resolved after Sushi's CTO issued a public apology.

Leveraged Mining Protocol Alpha Homora V2 to Launch on Avalanche

Cross-chain DeFi platform Alpha Finance Lab announced the upcoming launch of its leveraged mining protocol Alpha Homora V2 on Avalanche. The team completed the frontend development of AlphaX, set to be released in a few weeks. Additionally, Alpha's expansion team entered the metaverse ecosystem, introducing three products: the NFT marketplace Alpha Buy Wall, the verifiable rare gem PRG, and the Summoner marketplace.

Wormhole Unveils V2, Enabling Seamless Transfer of Token Assets between Solana and Ethereum

The Solana ecosystem's cross-chain interoperability protocol Wormhole released V2, facilitating seamless token asset transfers between Solana and Ethereum. Support for Terra, Binance Smart Chain (BSC), and NFT assets will be rolled out in the coming days.

Venus Encounters Malicious Acquisition Event through Induced Voting, Approved but Not Executed

The Binance Smart Chain (BSC) lending protocol Venus experienced a malicious acquisition event involving induced voting. The Bravo team induced votes by promising token distribution, proposing to raise 1.9 million XVS tokens (worth $60.8 million) and distributing 900,000 XVS tokens (worth $29 million) to supporting voters. The proposal passed with 1.29 million in favor and 1.19 million against votes. However, shortly after approval, an address named "Venus Deployer" canceled the proposal, leading to community skepticism. Some users believe such "veto" actions suggest absolute control by the address behind it, posing potential centralization risks.

Yearn.finance Launches V3 Test Version with Frontend Updates

Yearn.finance introduced the V3 test version, focusing on frontend updates such as adding data queries for all holdings and historical earnings, simulating user transactions with Tenderly to avoid unexpected slippage and transaction failures, and fully integrating with Iron Bank.

Cryptocurrency Exchange Bakkt Approved by SEC for Listing via Merger

The U.S. Securities and Exchange Commission (SEC) approved the merger of the cryptocurrency exchange Bakkt with the special purpose acquisition company VPC Impact Acquisition Holdings (VIH), leading to Bakkt's listing through the merger with VIH. The VIH shareholder meeting is scheduled for October 14, 2021, at 10:00 a.m. Eastern Time.

Industry Insights

El Salvador President Nayib Bukele: No one can beat you, as long as you buy the dip

Uniswap Founder Hayden Adams: Should we start doing NFTs?

Ethhub Co-founder Anthony Sassano: Those who advocate for multi-chain coexistence, have you actually withdrawn coins from centralized platforms?

On-chain Data

DeFi: dYdX Dominates in Total Value Locked

Most DeFi projects have experienced a downward trend in total value locked (TVL) in September, except for dYdX, which saw an increase after being listed on Binance. This may be related to their recent high trading volume.

Ethereum: Ethereum Burned Amount Surpasses $1 Billion

According to Dune Analytics data, the total amount of ETH burned by Ethereum Improvement Proposal EIP-1559 has officially exceeded $1 billion, primarily driven by transactions on NFT platforms like OpenSea.

Bitcoin: Miners Getting Ready for the Bull Run

According to Glassnode data, the Bitcoin mining difficulty ribbon chart is currently facing a 30-day and 60-day golden cross phase, indicating that miners have reduced selling newly mined Bitcoins in preparation for the potential price surge associated with the upcoming Bitcoin Taproot upgrade. Historically, after previous golden crosses, the coin price has experienced a significant uptrend.

Nasduck Index: 3.75

Project Development 4, Institutional Attitudes 5, Regulatory Attitudes 3, On-chain Data 3

The Nasduck Index is a bullish/bearish indicator compiled weekly based on the cryptocurrency market's news and data, aiming to provide a simple forecast for the future trends of the cryptocurrency and DeFi markets. A score of 1 indicates a bear market is brewing, while a score of 5 indicates a bullish market is approaching.

The Nasduck Index is calculated based on the weekly average data of project development, financial institution attitudes, regulatory agencies, and on-chain data analysis. (Note: Positive news is prevalent, making the Nasduck Index more suitable for comparison between past and future rather than considering a score above 3 as bullish for the future).

Weekly Meme

#ETH @EthereumMemes pic.twitter.com/aOhR158sEu

— Mehdi Salehi | Meti.eth (@GreatSaoshyant) September 19, 2021

Author Bio

• Raizel / YouTuber promoting Bitcoin and DeFi on "Chill Blockchain Brother" channel

• Thomas / DeFi enthusiast working on chip design in Boston

• Anderson / Founder of Dapp Pocket & Coinomo, preferring DeFi deposits over bank deposits

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