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Gemini Users from Colombia Get Access to Buying Crypto through Bank Accounts

A limited group of Columbian residents will get access to buying crypto using their accounts in Bancolombia, the largest bank in the country, for one year starting December 14.

The customers of Bancolombia will be able to buy BTC, ETH, ETH, and BCH, thanks to the joint program launched by Gemini and Bancolombia. While the exchange will provide crypto custody (withdraw, deposits, and holding the assets), its Columbian partner will maintain the fiat operations.

This partnership has been made possible due to the support of the country’s financial watchdog, the Financial Superintendence of Colombia, and its unique regulatory sandbox. However, at this point only two crypto-fiat partnerships of nine approved by the Colombian regulatory body have proven their viability.

While the Bancolombia-Gemini alliance became the second one, the first one, MOVii-Bitpoint initiative, allowing users to buy crypto on Bitpoint via their MOVii fiat accounts, have already reported 2,000 active users and close to $500 million in funds moved through crypto since November.

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Vitalik Buterin Defends a Rollup-Centric Future for Ethereum

Ethereum creator Vitalik Buterin seeks a way to tame the centralization of blockchain to a level where its users can still enjoy a trustless and censorship-resistant network.

In his most recent blog post titled ‘Endgame’ from December 6, Buterin suggested a future for the average “very big blockchain” consisting of very high block frequency, very high block size, many thousands of transactions per second that is also highly centralized as there are only a few dozens or hundreds of nodes that can afford to run a full node.

Ethereum creator suggested that a “plausible roadmap” for such blockchain would be to divide block producing and block validation to other parties and to create conditions where anyone may become a validator and constantly control the centralized network of block producers to prevent censorship.

According to Buterin, rollups cannot save the blockchain from a centralized future simply because “no single rollup succeeds at holding anywhere close to the majority of Ethereum activity”. However, Buterin pointed out that Ethereum’s current rollup-centric roadmap is beneficial to the network as long as it is open to all future scenarios.

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Mean Transaction Volumes of USDT, BTC, and ETH Increased, Glassnode Reports

Users of blockchain services are sending larger amounts of USDT, BTC, and ETH than months before. According to Glassnode Alerts, the average volume of USDT transferred reached a six-month high of 71,124,260 USDT.

The research company recorded a three-month high for Bitcoin, averaging 734.765 BTC, up 0.904 BTC from yesterday’s three-month high. Mean transaction volumes of Ethereum are also at a monthly peak of 4.041 ETH, an increase of 0.013 ETH since yesterday.

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dYdX Breaks 45 Transactions a Second

According to dYdX co-founder, Eli Ben-Sasson, last weekend during the volatility period the decentralized exchange processed 45 transactions per second. This data would have required approximately 150M gas on L1, while STARK, super-scaling introduced by StarkWare on dYdX, allows 98% of data compression.

Ethereum’s current gas limit is 30M units. While a regular transaction takes about 28,000 gas, contract transactions require 100,000 units.

dYdX is an L2 DEX that allows perpetual, margin, and spot trading, as well as lending and borrowing. One can use dYdX without registration or transferring assets to a central custody.

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BitMart Exchange Has Lost $196M in a Hack, Promises to Compensate Users

Bitmart exchange has lost over $196 million worth of assets in an attack involving private keys theft.

According to BitMart CEO Sheldon Xia, the hackers were able to access hot wallets on Ethereum and Binance Smart Chain and stole $100 million and $96 million worth of various crypto assets from each of them, respectively.

The hack was initially revealed by blockchain security firm Peckshield on Twitter. At first, Bitmart called that information fake news, but hours later confirmed the hack took place.

Later, Xia promised that the exchange is going to compensate all users who suffered from the hack. Bitmart expects to renew its deposit and withdrawal functions gradually on December 7, 2021.

To complete the heist, the hacker swapped stolen assets for Ether on a decentralized exchange aggregator 1inch after which used the Tornado Cash service to hide their identity.

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Badger DAO Got Hacked, Lost $10M and Froze Its Smart Contracts

Badger DAO, a DeFi protocol aiming to bring Bitcoin on multiple blockchains, has suffered an attack resulting in a loss of various cryptocurrencies worth $10 million.

The hack was first reported on Wednesday night at 9 pm EST on the protocol’s Discord channel. Later, the developers admitted the hack on Twitter. Affected users have seen unusual requests for additional permissions from their wallet providers while claiming yield farming rewards on Badger.

According to Badger’s core contributor Tritium, “It looks like a bunch of users had approvals set for the exploit address allowing to operate on their vault funds and that was exploited.” Badger DAO developers reported they have frozen all the vaults, so no assets can be moved from the protocol for the time of the ongoing investigation.

Peckshield, a blockchain security and analytics firm, provided a full list of assets stolen from Badger DAO’s vaults.

The users are advised to revoke access to their wallets while waiting for the team to solve the problem.

BADGER, the protocol’s native token, is down 14% for the past 24 hours and is currently trading at $22.

Source: Trading View
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Ethereum 2.0 Devs Call for Help from the Community with Testing the Merge

Ethereum network is closing on its major milestone in the transition to Eth2.0, and according to developers, there’s a possibility for all Ethereum enthusiasts to contribute to the upcoming Merge of the Ethereum mainnet with the PoS Beacon Chain.

The call for the community to help test the Merge was posted on Twitter by Marius van der Wijden on November 29. The new community testing program has three types of tasks meant for non-technical users, developers unfamiliar with blockchain and blockchain-savvy techies.

All participants are encouraged to share as much documentation as possible with a hashtag #TestingTheMerge. Despite van der Wijden noting that community testers will not be compensated for their help, he was overwhelmed with the influx of responses from volunteers.

The Merge is a long-awaited transition of the Ethereum network from proof-of-work to proof-of-stake consensus algorithm, which is currently implemented on the underlying Beacon Chain. According to the developers, the Merge is set to be complete by Q1 or Q2 of 2022.

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Bancor Network Introduced Its New “Dawn” Update

Bancor Network, an on-chain liquidity protocol based on Ethereum and EOS, has introduced its long-awaited update, Bancor 3. The newest release will bring instant impermanent loss protection for users, new pools for traders, and liquidity providers, lesser fees and multichain-portability to the protocol.

One of the key features of the new update is Omnipool which allows users to stake their BNT, Bancor’s native tokens, in a single pool and earn yield from the entire network. Omnipool also allows for all trades on the network to occur in a single transaction, thus enabling users to pay less for gas.

Another notable part of the upcoming upgrade are Infinity Pools that follow the concept of “Superfluid Liquidity” allowing users to deposit unlimited amounts of assets. The Liquidity mining rewards will be auto-compounding and no longer require gas-intensive manual re-staking. The Bancor developers also promise to add multichain and L2 support to the protocol.

According to the roadmap, the launch of the Bancor 3 is divided into three stages: Dawn, Sunrise, and Daylight. Though it is yet unclear when exactly the first Bancor 3.0 “Dawn” update will go live, there is a waitlist on the Bancor’s website.

In 2017, the Bancor Network was the first protocol to introduce automated market maker (AMM) to the blockchain. According to DeFiLlama, the project now holds $1.57 billion in total value locked on Ethereum. BNT token is currently trading above $4, as per CoinGecko.

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Omicron Token Skyrocketed 900% in Price Amid New Covid-19 Variant Outbreak

Cryptocurrency market works in mysterious ways. Amid the news from the World’s Health Organization on the newly detected SARS-CoV-2 variant to be named as Omicron, OMIC, the native token of Omicron protocol, has surged from $70 to a new all-time-high at $689 in just two days.

Omicron has no relations to Covid or healthcare systems. It is a recently launched decentralized reserve currency protocol, forked from Olympus on the Arbitrum Network. There’s no data on the market capitalization of the project, but the maximum supply of OMIC is capped at 1,000,000 tokens. OMIC is listed on the SushiSwap DEX.

Source: CoinGecko

Some experts point out that such behaviour may be a sign of bubble-like conditions on the cryptocurrency market. According to CoinGecko, the Omicron token is currently trading at $604, up 88.5% for the past 24 hours and 919% for the past two weeks.

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Ask Me Anything Session Recap: DeFiTeller x QuickSwap

DeFi Teller

Hello, everyone! We are happy to welcome you here in the DeFiTeller group! Today, we are meeting here with the co-founder of the largest exchange on Polygon – QuickSwapSameep Singhania!

Hi Sameep, very happy to have you here with us today! How are you doing?

Sameep Singhania | QuickSwap

First of all I would like to thank you guys for hosting QuickSwap today. I am glad to be here.

I am doing great and I hope the same for you guys as well!

DeFi Teller

How are you coping with yet another market downturn?

Sameep Singhania | QuickSwap

Haha, well it’s a part and parcel of being in the crypto/blockchain industry. So, I am not very much worried about it. Our focus is always on building stuff that helps grow this industry. And that’s what we are doing right now.

DeFi Teller

That’s great! Let’s get our event started! I’d like to ask you to briefly describe what QuickSwap is all about. We understand perfectly well that during this relatively short time of its existence, the project has reached a stage where you can say that it requires no further introduction, but we still want to hear a couple of words from you personally. So, what was the idea that started it all, what can you point out as the main feature of QuickSwap, how would you describe what you do yourself?

Sameep Singhania | QuickSwap

That’s a great question. Though we have grown to a stage where we have good visibility, I still believe that we have only scratched the surface of what can be done.

QuickSwap is a fork of Uniswap that runs on the Polygon network (formerly Matic Network), a Layer-2 scaling solution for Ethereum. Polygon features lower transaction fees compared to the Ethereum mainnet, enabling QuickSwap to facilitate token swaps faster and at a lower cost relative to exchanges like Uniswap

In a nutshell, QuickSwap is a Decentralized exchange, where you can buy or sell cryptocurrency, at a very low/negligible transaction cost and at a very high speed.

How did it all start?

It’s a very long and interesting story. The inception of QuickSwap was inspired by the increasing ETH and gas prices. In July-August last year, ETH prices and tx cost on Ethereum was increasing exponentially and the platform was virtually unusable by small to mid sized users. We realised that if we want to bring the next 1 million users to the blockchain then we need to fix a major UX problem. And then we decided to set up a DEX on layer 2, as we think DEX is the primary need for any decentralized ecosystem. We discussed it with the Polygon team, specifically Sandeep, and that’s how QuickSwap came into existence.

The main feature of QuickSwap is its wonderful UX. We always wanted to solve the UX In the DeFi industry starting with high transaction cost and low speeds. Because we think these two factors are the biggest hurdle in improving UX. And I think we have solved it for now.

Apart from that, the tokenomics of QuickSwap is also very unique in its own sense. We have more than 95% of the total supply of QUICK reserved for the community. I am not sure if any other project has this beautiful and community centered tokenomics.

Apart from that, we have Liquidity mining, dual farming, dragon’s lair, and dragon syrup running of our DEX, which increases the overall returns for the liquidity providers and traders.

DeFi Teller

The fact that Uniswap and Sushiswap have long been and remain out of reach for those who don’t move thousands of thousands is a widely discussed reality. So I wonder, would you say that small and mid-size users are the majority on QuickSwap right now?

Sameep Singhania | QuickSwap

That’s exactly what is happening on QuickSwap. QuickSwap has enabled small traders to exchange assets. We always talk about bringing the next million or ten million users to the decentralized ethos. But that is only possible if you can enable small participants to come and use the platform and that’s what we are trying to do with QuickSwap.

I think layer 2s are all about bringing masses to the decentralized ecosystem. And the majority of them are small players.

DeFi Teller

What can you say have been the most significant achievements since the inception of the exchange and what are the team’s future plans? Is there anything major planned, do we need to have our finger on the pulse?

Sameep Singhania | QuickSwap

The most significant achievement to date is enabling users to trade crypto without worrying about gas costs. That was the main reason behind setting up QuickSwap. And I hope we have achieved it.

Apart from that, we have partnered with hundreds of projects. Which is a great achievement. We initially launched with just a DEX, but now we have multiple products including liquidity mining, dual mining, Dragon’s lair, Dragon syrup, and limit orders (powered by gelato).

We also got listed on Binance, Coinbase, Kucoin, crypto.com, and tons of other exchanges as well. And all of this happened organically, which is a very rare occurrence.

Another great achievement of QuickSwap is its community. We have grown 100% organically just because of our community. We have reached up to $1.6b in TVL, $1.5b in 24 hours volume just because of our community and partners.

And all of it happened in a span of just one year.

There are tons of things which are planned for the near future. As I said before, our major focus has always been on improving UX. The next step towards this is our new interface which is already under development in a testing phase and should be released very soon.

We are expanding our marketing and BD to reach out to more partners both from the decentralized and traditional ecosystem as well. Our aim is to bring this DEX to self sustenance where the volume on the DEX should generate enough revenue/fees to encourage LPs to keep providing liquidity.

There are a few more things in the plan but I would like to keep them as a surprise for the future.

DeFi Teller

Quite a year it must have been for you!

Sameep Singhania | QuickSwap

It was one hell of a ride which I would like to take repeatedly every year. It’s like living your dream!

DeFi Teller

And now, let’s move on to questions from our subscribers. We have received a lot of them, and I tried to pick out the most important ones. So let’s get started!

The first bunch of questions is about QuickSwap and its latest activities. Now I want to point out that these are quite diverse questions, but I think it’s better to ask them at the very beginning and then move on to discussing particular topics, like the TreasureHunt campaign or the Polygon ecosystem.

The first question goes like this:

How does your decentralization work? How many QUICK does a user need to hold to get voting or proposal power? What kind of decisions are made by the community?

Sameep Singhania | QuickSwap

Decentralization is something, which is managed by the underlying blockchain, which in our case is Polygon. But, if you are talking about the QUICK governance token then you can participate in all the voting activities that happen on the platform.

There is no minimum amount of QUICK required to get voting rights. If you have 0.00001QUICK you can still vote, but your voting power will be less. The more QUICK you have, the more voting power you will get.

Almost all decisions related to the platform are taken by the community vote. Some of the more recent votes were:

1. Vote for bringing Sandeep Nailwal, co-founder polygon, as an advisor.

2. Changing reward token of the mining program to dQUICK instead of QUICK.

You can find all past and ongoing votes over here.

DeFi Teller

One of QuickSwap’s best highlights recently was the Integration of your RSS FEEDS on none other than Crypto.com. So tell us, is there a significant increase in users or TVL after the integration news? Is the integration going to be permanent or temporary?

Sameep Singhania | QuickSwap

Yes, it was a great integration. I think the integration is permanent. But the crypto.com team is best suited to give this answer.

Whenever such news comes out, we definitely see an increase in the influx of new users. Maybe, it did not impact our TVL much but it definitely gave us tons of new users. On a daily basis more than 100k unique users visit our exchange and we are processing almost 400k transactions every day.

DeFi Teller

How has the growth of the Polygon’s ecosystem affected Quickswap? Is it hard to stay number 1 DEX on the platform with so many competitors?

Sameep Singhania | QuickSwap

Growth of QuickSwap is directly related to Polygon. What we have seen in the last year is that any project coming to Polygon eventually comes to QuickSwap as well and brings all their users to us. So, I would say, both Polygon and QuickSwap have a major role to play in each other’s growth.

I think it’s good to have competitors. We already have tons of competitors on Polygon and other layer 2s but we are still number one by a great margin. But it’s not all about being #1. We always wanted to grow the ecosystem and it can only happen when there are multiple DEXes out there. So, I welcome all DEXes who want to come to Polygon and join the wagon. Because they are helping us realize our dream!

DeFi Teller

Two questions that relate to the grant QuickSwap has received from Polygon. I’ll ask them both at once, to make it easier for you to respond.

The million-dollar grant from Polygon didn’t help you boost liquidity, the TVL is gradually declining, compared to June. Is this a logical dynamic, showing that there are more valid projects on Polygon now and liquidity is distributed among them, or do you see this as a problem?

Some exchanges saw users outflow at some point after their initial liquidity mining programs and yield farming opportunities wore off. With Quickswap turning 1 year old soon, how do you feel, is your DEX protected from such fate?

Sameep Singhania | QuickSwap

The grant from Polygon allowed us to sustain our liquidity when others were losing out on it. And since the beginning of dual rewards on the MATIC pairs, we have seen a subsequent amount of MATIC liquidity coming on to our platform. So, overall this grant from Polygon did good to us. And I am hoping we will receive more such grants in the near future. 

I agree, distributed liquidity is a problem because then users are not able to get best prices without higher price impacts. But, I think that problem is broadly solved by aggregators like Paraswap which tap into the entire platform’s liquidity.

I completely agree that some exchanges see the outflux of liquidity when the rewards dry out. It’s a very real problem. But Uniswap has proven that a DEX can sustain even without any rewards. And that’s only possible when you have good volume to generate ample amounts of fees to keep Liquidity providers incentivized enough to stay on your platform. And we are working towards it. All of our partnerships and business development efforts are aligned towards bringing volume to our DEX.

Though we still have enough rewards to cover the next three years, we still believe that rewards are just a way to bring users to the platform. So we definitely need more volume and we are working on that path. Our volume is great compared to others out there.

DeFi Teller

In light of recent U.S. regulations in crypto, DeFi users in the future might need some additional tools to control their “unrealized gains” levels. Does Quickswap plan to address this issue, maybe by integrating with portfolio managers?

Sameep Singhania | QuickSwap

I am not sure if that is something QuickSwap needs to do. This regulation is specific to the US and QuickSwap does not want to do anything specific to any jurisdiction.

But, these portfolio managers can easily integrate QuickSwap to show the information about unrealized gains to the users. QuickSwap is a platform and other tools and services can use it to provide various kinds of info to the users as per their jurisdictions.

DeFi Teller

A couple of questions about the new affiliate platform you announced not too long ago – Starter. And by the way, what exactly does QuickSwap have to do with this launchpad?

Sameep Singhania | QuickSwap

This launchpad is not a product of QuickSwap, just to clear this out. At QuickSwap, we do not believe in doing everything on our own. We just want to focus on excelling at one thing and that is running a DEX. Everything should be done by others.

Going by that philosophy, we’ve decided to partner up with projects to provide best services to our users. So we’ve partnered up with Starter to provide IDO services to our users and projects. Similarly, we partnered with Gelato for the limit orders.

DeFi Teller

Ok, that’s what I wanted to know. Here’s the question from our reader anyway. I think you can answer it at least partially, on behalf of QuickSwap.

Please tell us about the launch of Starter, an IDO platform on QuickSwap. What projects are going to benefit from it? How can a retail investor participate in this process?

Sameep Singhania | QuickSwap

Starter is a great launchpad. One of the best I have seen so far. Their process to vet the project before launching them is great and cuts the crap out. I think you can get more information about Starter from their website, as I don’t know much about their processes.

So projects looking out for IDO and DEX listings can greatly benefit from it.

DeFi Teller

Ok, then, thank you Sameep for clearing this out, because I think a lot of our followers had an impression that the platform was in fact of the same origin as QuickSwap. Now, I suggest we move on to other questions.

Sameep Singhania | QuickSwap

Cool, I am glad I was able to clear this out.

DeFi Teller

What is your stand on interoperability? Do you plan to bridge more chains – after Solana, will the next network be Avalanche?

Sameep Singhania | QuickSwap

Well, it depends on what you mean by interoperability. To us it means when we are able to tap into all platforms at once. And it’s not possible at the current technological level. So, we are not planning to bridge to more chains as of now. Because we think by doing so we will be thinning out our resources massively. And right now, we only want to focus on making QuickSwap best on just one chain.

Maybe in the future, when we have achieved our initial targets, we will plan to move to new chains as well. And this future can be very very near.

DeFi Teller

The next question somewhat echoes the previous one, and since you’ve already expressed your opinion about spreading to many networks at once, I would like to ask you to answer the part where the user asks for your opinion on comparing Polygon to other Ethereum scaling solutions.

What do you think about other scale solutions for Ethereum? Any plans to migrate on Optimism or Arbitrum? Do you agree that the rollups technology is more secure than Polygon’s ‘commit chain’?

Sameep Singhania | QuickSwap

I think every solution out there has its own pros and cons. Polygon is good for one set of problems and optimism another. It’s very much similar to traditional technologies out there. For example, you choose either postgres or mongodb, according to your needs. If you choose postgres over mongodb, then that does not make mongodb less superior or less useful.

Similarly in the case of blockchain scaling solutions each solution has its own set of features. And now it’s up to the application developers and users to choose which solution they like as per their needs.

By the way, Polygon is also adopting and investing heavily in the rollups technology, and Polygon Hermez is a great example to it. As I said before, we have no plans to move to other chains as of now. But we might do that in the near future.

DeFi Teller

I have some questions about your TreasureHunt campaign here next.

Proof that you value community-engagements is the recently concluded fun activity called QuickSwap’s Treasure Hunt. Now, why did you decide to have this activity in the first place? Do you have plans to have more QuickSwap community activities?

Sameep Singhania | QuickSwap

All of it is managed by our community and marketing team, so maybe they are best suited to answer this one. But I will try my best.

As I have always said, the community is at the forefront of everything we do. We are what we are just because of our community. And I feel that our community is the most active and vibrant community any project could have.

Keeping that in mind, we always keep our community engaged and Treasure Hunt was one such activity. Another such program is our ambassador program, where members from the community become QuickSwap ambassadors and spread the word around like fire.

We definitely have more such things coming out for the community. But as I said before, it’s all managed by the community and marketing team which is led by Roc. So maybe I will pass on these questions to Roc to answer.

DeFi Teller

Thank you, Sameep! So we have ten more minutes and two questions left to ask.

Your approach to marketing, design solutions, your TreasureHunt campaign, it all seems to lead to the fact that QuickSwap will launch a play-to-earn or even a metaverse sooner or later. Are you really planning to expand in this direction, or are you adjusting to the trendy style?

Sameep Singhania | QuickSwap

Hahaha, well we may enter into the metaverse at some point of time. After all, it’s very enticing. Play-to-earn is on the card sooner or later. We will definitely expand in any direction required to get more eyes to the platform. Because as I said before a DEX can only sustain if it has great volume and it can only get more volume when more users are using it. So, we want every possible eye looking and using QuickSwap.

Sometimes you need to do stuff that is trendy. Because it brings tons of users. And users are all that matters in DeFi.

DeFi Teller

And the last question:

There was news of arbitrage bots spamming the Polygon network and taking leverage of low fees and quick transactions. The community decided to fight them with higher fees – how did that decision impact QuickSwap and its trading volume?

Sameep Singhania | QuickSwap

Arbitrageurs are actually good for DeFi. They are the backbone of exchanges like QuickSwap. Without them we won’t exist.

I am not sure if it was because of the arbitrageurs that the decision to increase the gas fees was taken. I personally saw tons of transactions on the Polygon network which were not arbitrage. So some of the haters were actually DDOSing the network. And the decision to increase the gas fees was to handle these attackers.

Arbitrage is still happening at large and will always happen. As I said, it’s a backbone of the entire industry.

DeFi Teller

Thanks so much, Sameep! That concludes the questions, I think our followers are more than satisfied with your answers and insights! And now, let me remind you of the official QuickSwap links. Stay safe out there!

Website: quickswap.exchange

Twitter: twitter.com/QuickswapDEX

Telegram: t.me/QuickSwapDEX

Thanks again, Sameep, for joining us today! I had a great time talking to you! The best of luck to you and the QuickSwap team!

Sameep Singhania | QuickSwap

Thanks to you guys for hosting me. I really enjoyed our conversation today. Bye-bye guys. See you at QuickSwap!