DeFi Exchange SushiSwap Makes on Avalanche
Well liked decentralized exchange (DEX) SushiSwap is the latest decentralized finance (DeFi) project to join Avalanche’s $180 million incentive program. Avalanche Rush has already drawn lending protocol Aave and automated market maker (AMM) Curve. As a proof-of-stake Blockchain made by Ava Labs, Avalanche claims to process 4,500 transactions per second without the security trade-offs usually connected with low-latency Blockchains. Avalanche Rush has no doubt boosted investors’ confidence in the layer 1 Blockchain that started its mainnet last September: Prices for AVAX, Avalanche’s native token, were up by more than 300% in the past week. Based on the data that Messari provided.
Paxos Changed the Name of Standard Stablecoin as Pax Dollar
Blockchain foundation company Paxos is staying its Paxos standard stablecoin as Pax dollar with the ticker USDP. Paxos trusts the USDP ticker more easily recognizes the stablecoin as a U.S. dollar-backed token. Walter Hessert, the head of strategy, said in a blog post Tuesday. “USDP reserves are held 100% in cash and cash equivalents. … This name makes it obvious to anyone – USDP is a dollar,” Hessert wrote.
DeFi adoption still far from mainstream
Mainstream assumption of decentralized finance (DeFi) protocols stays at an early stage relative to the wider crypto industry, a Chainalysis report released Tuesday said. In its “Global DeFi Adoption Index,” the Blockchain data company found that while DeFi adoption has increased remarkably over the past 18 months in both appearing and developed markets, most of that growth has happened in countries and regions with higher incomes and more professional investors and traders.
CryptoPunk NFTs Break Sales Record
Sales of CryptoPunk non-fungible tokens (NFTs) are soaring to record levels. A different sign of just how frenzied the market has become as credit-card giant Visa jumped into the fray. On Monday, sales volumes of CryptoPunks topped $86 million, a daily record, based on the data from the industry tracking website CryptoSlam. And sales so far in August have already reached $332 million. Prior to August, the largest single monthly sales total was $135.2 million during July. This month’s average price for a CryptoPunk is $199,069, more than double last month’s average.