Blockchain
SunSwap and SUN.io Now Integrated with New Two-Token Mining Launched
Singapore, Singapore–(Newsfile Corp. – January 28, 2022) – SunSwap, the largest decentralized exchange (DEX) on TRON, is now officially integrated with SUN.io after a period of stable operation. The mining pool community has also completed its decentralization, and Governance Mining is open for applications on SUN.io’s website to welcome more projects to the SUN governance mining.
Sun
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Created by SUN.io after it acquired JustSwap for an overall rebranding, SunSwap is the largest DEX on the TRON network. It then became TRON’s leapfrog innovation in the DeFi space by integrating the advantages of both JustSwap and SUN.io, featuring TRON-based on-chain token swap, liquidity mining, stablecoin swap and staking, and platform governance.
The up and running governance mining on SUN.io is well received by users, with a TVL of over $600 million to date. As TRON’s first platform that incorporates stablecoin swap, stake-to-mine feature, and self-governance, SUN.io always hopes to scale up cooperation with premium projects while improving the platform. This is why Governance Mining is now open for applications on the SUN.io website to invite community projects to the SUN.io ecosystem.
SunSwap V2.0 upgrade
Putting its mind to long-term value creation and better user experience, SunSwap makes sustained efforts to upgrade its products based on users’ needs. With features like one-click liquidity migration and improved user interfaces for the exchange, fund pool, and explorer modules, SunSwap V2.0 delivers a friendlier user experience.
Upon the launch of SunSwap V2.0, its TVL has surged past $1.7 billion, with a staggering 34.1% APY offered by the NFT-TRX liquidity pool. By upgrading both its user experience and functionality, SunSwap is gaining incredible traction among users, which marks not only another milestone for SUN.io and the TRON blockchain, but is also epoch-making for DeFi and the wider blockchain industry.
SunSwap completes integration with SUN.io
Liquidity mining on SunSwap will end on January 28, 2022, at 20:59:59 (SGT), in parallel to which the reward distribution rules will be adjusted. Once concluded, SunSwap liquidity mining will no longer generate rewards. Previous rewards will be distributed according to the revised regulations, and users can still claim their rewards in SunSwap > Liquidity Pool as they used to. At the same time, the new pools will go live on SUN.io, marking the full integration of the two.
Upgraded two-token mining delivers decentralized community governance
The new pools launched on SUN.io will support two-token mining for selected LP tokens in SunSwap V1 and V2, enabling miners to earn dual rewards of SUN tokens and project tokens via Governance Mining. The new token SUN functions as the multi-purpose governance token for the platform. It grants SUN holders various rights and benefits, including the right to vote, community governance, value capture, staking rewards, etc., in a bid to deliver truly decentralized community governance.
By staking LP tokens to participate in the new pools, users can earn mining rewards in addition to transaction fees.
How to mine on the SUN platform?
Users need to hold LP tokens to take part in liquidity mining, and mining pools only accept their respective LP tokens.
LP token holders may visit the Liquidity Mining page on the SUN.io website, find the mining pool they want to participate in, enter the number of tokens they want to stake, and then wait to harvest their mining rewards when the staking begins.
Two-token mining rewards-the SUN token
In pools that support two-token mining, one of the reward tokens is SUN, which is given by the SUN platform to participants of Governance Mining. The amount of SUN rewards will be determined by the voting weights of the liquidity mining pools, which will be updated at 8:00 every Thursday (SGT). Users can lock SUN for veSUN and thus boost their SUN mining speed by up to 2.5x; they can also vote in liquidity pools with veSUN to decide how SUN rewards are allocated in different pools.
Two-token mining rewards-the project token
Unlike SUN rewards, rewards distributed in the project token are not affected by the voting weights of the liquidity mining pools, and the mining speed cannot be boosted by locking SUN. Project teams reserve the right to update the rules of distributing project tokens, including how many tokens will be distributed each week, if any. Please pay attention to the latest announcement on the websites of SUN.io and project teams.
Participate in SUN Governance Mining
At present, the project teams’ pools supported in governance mining are SunSwap V2 liquidity pools. Once approved, eligible pools can be added to the list of liquidity pools in governance mining, and users can stake corresponding LP tokens for SUN rewards.
What is Governance Mining?
Governance Mining is a stake-to-mine project launched by SUN.io for community self-governance. It now supports LP tokens in stablecoin liquidity pools and SunSwap liquidity pools.
To participate in 3pool and USDC liquidity mining, users need to make deposits in the corresponding pool on SUN.io, provide liquidity to earn LP tokens, and then stake these tokens for mining. To participate in SunSwap liquidity mining, users must first add liquidity on sunswap.com to get LP tokens before staking these tokens on SUN.io for mining.
Governance Mining Phase II is now open. Users can choose a liquidity pool on the website to stake LP tokens in and boost the mining speed of the chosen pool with veSUN. They can claim SUN tokens earned from staking directly to their wallets. Also, users can vote with veSUN to decide the weight of a liquidity pool: the proportion of veSUN votes determines how much SUN will be allocated to a pool as rewards.
The SunSwap-SUN.io integration and new mining pools have diversified the use cases of SUN, giving play to community self-governance, further adding utility to the SUN token, and facilitating the growth of the SUN ecosystem. As an integral part of DeFi, and a key component of the TRON ecosystem, SUN will keep powering the entire DeFi space, providing its users with a solid platform that embraces complete autonomy across the board.
SUN.io is set to become a decentralized autonomous community with long-term vitality, and we will keep paying back to our community users with rewarding mining projects. Users are welcome to try out the brand-new mining pools on SUN.io, and our door is always open to high-quality project teams. SUN.io will continue to keep coming up with more exciting plans, so please stay tuned.
About SunSwap
The upgraded SunSwap will incorporate TRON on-chain token swap, liquidity mining, stablecoin swap, staking and self-governance, benefiting the TRON DeFi ecosystem by giving total effort to the DEX system. Furthermore, as a native utility token on SunSwap, SUN will be used to govern the platform, reward liquidity providers, and buy back tokens with revenue on the platform, manifesting TRON’s original aspiration to extend benefits to the broader public.
Contact:
Alexis Schreiber, CMO
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111940
Blockchain
Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing
Global Supply Chain Finance Market
Blockchain
Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest
Venture capital funding for cryptocurrency and blockchain projects has seen a notable resurgence in the first quarter of 2024, marking its first quarterly rise since 2021. Crunchbase data released today indicates that Web3 startups secured nearly $1.9 billion in funding across 346 deals during this period. This represents a substantial 58% increase from the previous quarter, offering a glimmer of hope amidst the ongoing downward trend in overall crypto VC interest.
The recent surge in funding can be attributed to investors adopting a more long-term perspective on Web3, as opposed to the hype-driven “tourist investors” predominant in recent years. Chris Metinko, the author of the report, notes that investors are shifting their focus to the AI sector, indicating a change in investment strategy. There is a growing interest in supporting the foundational infrastructure of the decentralized internet, rather than solely concentrating on crypto wallets and lending platforms, which attracted significant investments during the peak period of 2021 to 2022.
While large funding rounds were relatively uncommon in Q1, several notable investments stood out. Exohood Labs, a company integrating AI, quantum computing, and blockchain, secured a remarkable $112 million seed round at a valuation of $1.4 billion. EigenLabs, an Ether token “restaking” platform, raised $100 million in a Series B round led by a16z crypto. Additionally, Freechat, a decentralized social network leveraging blockchain technology, secured $80 million in a Series A round. These investments, among others, contributed to the increase in valuations and the emergence of four new Web3 unicorns in Q1.
Despite the recent progress, the future trajectory of Web3 remains uncertain. Metinko suggests that the next few quarters will be pivotal in determining the industry’s direction. While investors anticipate a rebound in investment as the decentralized internet evolves, it may take another year for venture capital activity to stabilize after the exuberance of 2021. Factors such as the approval of U.S. spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving could also influence the market, given the rising prices of Bitcoin and Ether.
A noteworthy example of significant funding in the Web3 space is Monad Labs’ recent successful funding round, which secured $225 million led by Paradigm. Monad Labs is a layer-1 blockchain compatible with Ethereum, offering faster transaction processing. This funding round harkens back to the golden era of crypto funding in 2021-2022, when L1 solutions attracted substantial investments.
Earlier this year, Balance, a digital asset custodian based in Canada, announced that it had once again reached $2 billion in assets under custody (AUC) amidst the recent market recovery. Similarly, Korea Digital Asset (KODA), the largest institutional crypto custody service in South Korea, has experienced remarkable growth in crypto assets under its custody, expanding by nearly 248% in the second half of 2023.
Analysts at Bernstein Research project that crypto funds could reach an impressive $500 billion to $650 billion within the next five years, representing a significant leap from the current valuation of approximately $50 billion. This forecast underscores the growing optimism and potential for substantial growth within the crypto industry in the coming years.
Source: cryptonews.com
The post Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest appeared first on HIPTHER Alerts.
Three blockchain mining companies – NGS Crypto, NGS Digital, and NGS Group – along with their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten, are facing legal action from the Australian Securities and Investments Commission (ASIC) for allegedly operating without a license, in violation of Australia’s Corporations Act. ASIC initiated legal proceedings against these entities on April 9, citing concerns about their non-compliance with financial regulations and their solicitation of Australian investors.
According to ASIC, the NGS companies promoted blockchain mining packages with fixed-rate returns to Australian investors, encouraging the transfer of funds from regulated superannuation funds to self-managed superannuation funds (SMSFs) for conversion into cryptocurrency. Approximately 450 Australians invested a total of around USD 41 million in these packages, raising concerns about potential financial losses.
The legal action filed by ASIC alleges that the companies violated section 911A of the Corporations Act, which prohibits companies from providing financial services without a valid Australian Financial Services Licence (AFSL). ASIC is seeking interim and final court orders to prohibit the NGS companies from offering financial services in Australia without an AFSL.
ASIC Chair Joe Longo emphasized the importance of investors carefully considering the risks before investing in crypto-related products through their SMSFs. Longo stated that ASIC’s actions send a message to the crypto industry about the regulator’s commitment to ensuring compliance with regulations and protecting consumers.
In a separate development, the Federal Court appointed receivers for the digital currency assets associated with the NGS companies and their directors to safeguard these assets amid concerns about the risk of dissipation. Mendham was also issued a travel restriction order, preventing him from leaving Australia.
While a court date for the proceedings has not been set, ASIC’s investigation is ongoing, with the regulator continuing to gather evidence and build its case. It is worth noting that the investigated companies share a similar name with NGS Super, a legitimate Australian pensions provider, leading to potential confusion among investors. NGS Super clarified that it is not involved in selling cryptocurrency or related products and has taken legal action to protect its trademark and members’ interests.
Source: iclg.com
The post ASIC cracks down on blockchain mining firms appeared first on HIPTHER Alerts.
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