iZUMi Raises $22 Million, SushiSwap Adopts UniSwap V3 & More 🦄

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Today’s drop will cover these key daily news items:

• DeFi Protocol iZUMi Finance Raises $22 million 
• SushiSwap plans to adopt Uniswap v3
• Cross-Chain Transfer Protocol (CCTP) is live on Ethereum and Avalanche
• Binance.US cancels $1 billion deal for Voyager assets

DeFi Protocol iZUMi Finance Raises $22 million

IZUMi Finance, the innovative decentralized finance protocol, has just closed a whopping $22 million funding round, igniting excitement in the crypto world. This funding will help bolster the startup’s iZiSwap Pro - an on-chain order book decentralized exchange that operates on the lightning-fast zkSync Era network. 

What sets iZUMi Finance apart is its revolutionary "liquidity-as-a-service" approach, allowing for the seamless conversion of assets and cash with just one step. The platform's success is evident, with a total value locked of $25 million, according to Defi Llama data. And now, their latest product, the iZiSwap Pro, is set to take the market by storm. Powered by an automated market maker-driven order book, it effectively lowers transaction costs and mitigates custody risks of similar products out there. 

However, the fundraising process was anything but typical. Instead of a simple "cash in, equity out" arrangement, the company opted for a more complex route issuing the iZUMi zk-Fund via strategic partner Solv Protocol. This semi-fungible token (SFT) allows investors to become limited partners of the fund and receive an SFT in their wallet to represent their share. Come maturity, investors can redeem the SFT for their principal. Talk about innovative financing!

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SushiSwap plans to adopt Uniswap v3

SushiSwap, the celebrated decentralized exchange (DEX), has moved one step closer to embracing a new tokenomics model that will encourage its adoption of Uniswap version (v)3. As per Head Chef Jared Grey, the model is expected to undergo a community-wide vote later this month. If sanctioned, the changes will bring about a complete overhaul of the protocol’s “Chef” contracts and strengthen the foundation of its activities, which were rattled by a massive hack not long ago. 

According to Grey, “V3 helps us make tokenomics more efficient [and] vice versa. With v3’s improved capital efficiency and improved and sustainable tokenomics, we will scale growth across our more than 30 supported networks.” The improvements will additionally enhance the DEX's decentralization, thereby boosting the security of the protocol.

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Cross-Chain Transfer Protocol (CCTP) is live on mainnet Ethereum and Avalanche 

Circle, the visionary mastermind behind the US Dollar Coin (USDC), has proudly unveiled their revolutionary mainnet protocol - an electrifying Cross-Chain Transfer Protocol (CCTP) - that unlocks the seamless movement of USDC between Ethereum and Avalanche.

By obliterating the need for USDC bridges, this trailblazing CCTP simplifies transactions and amplifies security for all users, heralding a new era of unparalleled ease and confidence.

The CCTP represents a bold and decisive move to combat the rampant fragmentation that has plagued the Web3 ecosystem for too long. Before the CCTP, numerous unofficial variants of USDC scattered across multiple networks due to tokens being haphazardly bridged between them.

But with an official method of moving coins from one network to another, Circle anticipates that rogue copies will gradually vanish, leaving the token stronger, clearer, and more secure than ever before.

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Binance.US cancels $1 billion deal for Voyager assets

Binance.US has put the brakes on a potentially game-changing acquisition of Voyager, the beleaguered crypto lender. This marks the second time that a deal between the two has come to an abrupt halt, leaving Voyager in a precarious position.

The proposed $1 billion deal was set to inject much-needed funds into Voyager, but it seems that regulatory hurdles in the United States may have been the ultimate stumbling block. Binance.US served Voyager with a letter on April 25, 2023, effectively pulling the plug on the acquisition. Voyager expressed disappointment at the news, but it remains to be seen what the future holds for this struggling cryptocurrency lender.

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Other breaking news

• CAKE Drops 24% due to the possibility of slashing staking rewards
• China’s WeChat to allow more in-app CBDC payments
• MerlinDEX hacked, losing $1.82 million
• Vertex live on Arbitrum
• Edtech company TinyTap raises $8.5M

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Wrapping Up

That’s it for now folks! Binance.US canceled its potential game-changing purchase of Voyager assets, while CCTP finally goes live. Another DeFi protocol manages to raise significant funds, meanwhile, SushiSwap continues to develop and offer more to its users. In other news, we have yet another hack in the DEX space, more money raised by innovative crypto companies, and an increase in CBDC usage in China. Stay informed and ahead of the game with our daily crypto scoop. See you tomorrow!