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SushiSwap Deploys Contracts to Five New Networks as Ethereum Gas Fees Surge

SushiSwap has deployed its contracts to five new networks. What should be expected of SUSHI’s price in the next few days?

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As Ethereum gas fees have been increasing, making decentralized finance nearly unusable for retail traders on the platform, many DeFi projects and applications have been looking for alternatives to Ethereum and migrating to other networks.

SushiSwap figures among the leading decentralized exchanges (DEXes) to explore other options.

Recently, SushiSwap Chief Technology Officer Joseph Delong announced that the project has deployed smart contracts on five other networks – Binance Smart Chain, Fantom, Moonbeam Network, Polygon, and xDai. It has also been considering making its services usable on Solana and Optimism in the future.

Delong also explained that for the time being, bridges and multichain deployments were a good solution for DApps to adopt, since Ethereum’s second-layer solutions were still in the works and have not been fully developed. The reason that many DeFi projects have been considering other chains are due to Ethereum’s high transaction fees. Delong explained:

“The industry is currently trending towards bridges and multichain deployments as a middle step before L2 to mitigate high gas costs.”

While SushiSwap has been working on perfecting its user experience and exploring more viable options for its tokens, what should be expected of SUSHI’s price in the short-term?

SushiSwap (SUSHI) Price Analysis

Source: SUSHI/USD via TradingView

According to the daily candlestick chart, SUSHI is still in an ascending channel and reached an all-time high (ATH) of $20.74 on March 2. But the power of the sellers should not be underestimated. At the time of writing, the price of SUSHI has picked up and is trading at $18.09 per data from TradingView.

Investors should note that on March 2, the trading volume rapidly expanded to reach the largest trading volume ever – the bulls even tried to push the price to the upper half of the channel’s centerline, but failed. The power of the bears overcame the power of the bulls and pushed the price below the opening price. Yesterday, a red inverse hammer candlestick pattern was formed, indicating that the bears are trying to suppress the price pushed up by the bulls. If SUSHI’s price continues to rise, more selling power will be encountered.

The following low trading volumes and buying activity mean that a move towards record levels is unlikely in the short-term.

The near-term resistance level is the middle line of the ascending channel which is around $19. If SUSHI aims for a new all-time high, the DeFi token is supposed to break through the middle line of the channel and stand firmly first, over the $19 threshold. If the bulls succeed in breaking the resistance level of $19, the price may once again touch the previous ATH of $20.74.

However, if SUSHI’s price fails to rise to hit $19, there may be a short-term downward correction. The first key support level to look out far will then be near the 9-day Moving Average of $16.44. The next key support level will be the support level of the ascending channel.

Even in a bearish situation, as long as SushiSwap remains within the ascending channel indicated in the chart above, the overall trend will not reverse and the DeFi token will still be able to maintain its price levels.

Source: SUSHI/USD via TradingView

For the MACD chart, the MACD blue line is approaching the orange signal line and the direction has been bent upward amid a decreasing trading volume. Both blue and orange lines are standing above the zero axes. Although we see that the opening range between the two lines is slowly merging, the probability of breaking the pressure level of $20.74 is still relatively small, which means that in the short-term, SUSHI’s price is bearish.

Image source: Shutterstock

Source: https://blockchain.news/analysis/sushiswap-deploys-contracts-five-new-networks-ethereum-gas-fees-surge

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Kazakhstan Launches Public Consultation for Its Proposed CBDC

Kazakhstan is advancing its digital tenge project with a use case design and stakeholder consultation.

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The National Bank of the Republic of Kazakhstan (NBRK) is set to launch a public consultation for its proposed digital tenge currency, the nation’s official Central Bank Digital Currency (CBDC).

As detailed by the NBRK, the development of the digital tenge will take a two-tier structure in which the apex bank will provide the infrastructure backing the CBDC rollout while the financial market participants will provide payment services.

The development of the digital tenge according to the NBRK will seek to serve as a complement to the fiat currency, and not as a replacement.

“National digital currency is a promising form of funds that are the obligation of the National Bank of the Republic of Kazakhstan and presented in digital form. The digital tenge will be a legal tender, a measure of value, and a store of value,” the bank said in its public announcement.

To make for a successful digital tenge, the NBRK has highlighted the need to consult relevant stakeholders by working together with financial market participants, the expert community, and international partners. The pilot test will be kickstarted with the study of the risks and benefits associated with the issuance of a digital tenge in the nation.

“To make a decision on the issue of the Digital Tenge, it is necessary to conduct a comprehensive study of the benefits and risks with the definition of the tasks solved by the digital currency, the method of its emission and distribution, the technology used, the impact on monetary policy, financial stability and the payment ecosystem,” the NBRK noted.

Kazakhstan has been a very bullish nation when it comes to digital currency innovations, adequately nurturing plans to attract as much as $738 million in crypto-based investments over the course of three years. The country also has a dedicated crypto mining engagement, for which it plans to invest $700 million.

The digital tenge project is a development that models similar efforts by other advanced economies including the United States, Britain, and China, to name a few. Kazakhstan has no set deadline on CBDC issuance.

Image source: Shutterstock

Source: https://blockchain.news/news/kazakhstan-launches-public-consultation-its-proposed-cbdc

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Nasdaq-Listed Metromile Backs Bitcoin for its Insurance Products

Auto insurance company Metromile is thinking of investing in Bitcoin.

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San Francisco-based Nasdaq-listed auto insurance company Metromile Inc has joined the growing list of companies building the ecosystem around Bitcoin and cryptocurrencies in general.

As reported by Forbes, the company is set to begin accepting cryptocurrency payments from its policyholders while it also asserted its plans to pay out digital currencies when claims are made.

While there are insurance firms already integrating and accepting crypto payments, the move to pay out claims in virtual currencies will place Metromile as the first firm to explore this option, a move CEO Dan Preston noted: “is the next logical step” for the digital insurance platform and its artificial intelligence-powered claims process.

Metromile “launched this option to support the increasing demand for Bitcoin and cryptocurrency payments from our customers. We’ve planned to support Bitcoin for years, but it wasn’t until recently that the technology and consumer adoption of Bitcoin was widespread enough for us to offer this,” says Rick Chen, Metromile spokesperson. Chen added that the date for the crypto options to kickstart the crypto payment options has not been set yet.

In addition to its positive moves with crypto, Metromile announced it will be purchasing a total of $10 million in Bitcoin at a later date in this second quarter, a move that is essential to its proposed Bitcoin transactions. Metromile says it “believes allowing cryptocurrency payments will support its commitment to fairer insurance and promote financial resilience for policyholders as cryptocurrency becomes mainstream and a more significant portion of consumers’ assets.”

Metromile understands the regulatory concerns that surround Bitcoin and says it is ready to work with regulators to profile its new ambitions to get involved with cryptocurrencies. With Metromile, the number of public US firms supporting a wide range of crypto payments is increasing. Elon Musk’s Tesla Inc announced it will begin accepting Bitcoin payments for its electric vehicle products, while Mark Cuban’s Dallas Mavericks accepts Dogecoin payments for its merchandise.

Image source: Shutterstock

While there are insurance firms already integrating and accepting crypto payments, the move to pay out claims in virtual currencies will place Metromile as the first firm to explore this option, a move CEO Dan Preston noted: “is the next logical step” for the digital insurance platform and its artificial intelligence-powered claims process.

Source: https://blockchain.news/news/nasdaq-listed-metromile-backs-bitcoin-its-insurance-products

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Total Value Locked in Maker Reaches a Record High as Maker Foundation Returns Dev Fund to DAO

Maker’s total value locked (TVL) surged to $12.02B, hitting a record high amid Maker Foundation’s announcement that it would refund 84,000 MKR from the development fund to the MakerDAO.

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Maker (MKR), a cryptocurrency built on the Ethereum blockchain, is designed to minimize the price volatility of its own USD-pegged cryptocurrency, DAI.

DAI is issued through a full mortgage guarantee of digital assets. DAI stablecoin, which launched in 2017, has always remained anchored to the U.S. dollar on a 1:1 ratio.

Through the MakerDAO system, users can create Collateralized Debt Positions (CDPs) and use Ethereum as collateral to generate DAI.

Earlier today, the Maker Foundation announced that it will refund 84,000 MKR from the development fund to the MakerDAO community. The refund originates from MKR tokens that have been transferred to the “governance” module.

According to official blog reports, the MakerDAO community currently does not set any conditions or expectations for the returned MKR tokens. This move is to carry out the decentralization of the agreement.

While upgrading the liquidation system of the Maker protocol and the DAO’s Core Unit Framework, Maker stated that the Foundation will focus on its own dissolution and regularly announce the progress until the end of this year to further diversify the power of the protocol until it is completely dissolved. An announcement from the Foundation reads:

“The Foundation now turns inward to focus solely on its dissolution.”

On May 3, the governance facilitators, on behalf of the MakerDAO risk management team, will start a three-day poll. This public opinion survey will provide a platform for the governance community members of MakerDAO to vote on the type of vault that will be added to the liquidation 2.0 system.

The types of vaults cover UNI-A, ZRX-A, AAVE-A, BAT-A, RENBTC-A, LRC-A, etc.

If the governance poll is passed, the executives will vote to complete the upgrade to the Liquidation 2.0 system within 30 days as permitted by the Smart Contracts Team plan.

The integration with the liquidation 2.0 system will provide higher security, predictability, and decentralization, and bring greater predictability and stability to the liquidations executed by the protocol settlement.

Source:DeFi Pulse

According to DeFi Pulse, Maker is ranked as the largest cryptocurrency in the decentralized finance market with a total value locked (TVL) of $12.02 billion. This is a new record-high for Maker.

Despite the overall downturn of the crypto market and Bitcoin’s decline from $58K to $55K, MKR rose by 4.85% within 24 hours and 29.56% in the past week. At the time of writing, MKR is trading at $5,751.

Image source: Shutterstock

Through the MakerDAO system, users can create Collateralized Debt Positions (CDPs) and use Ethereum as collateral to generate DAI.

Source: https://blockchain.news/news/total-value-locked-maker-reaches-record-high-maker-foundation-returns-dev-fund-dao

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