Sushi Launches on Filecoin, Expanding Decentralized Exchange Services

Filecoin, the world’s largest decentralized storage network, now welcomes Sushi, a prominent decentralized exchange (DEX), marking a pivotal development in decentralized storage and exchange services. Filecoin’s unique approach to cloud storage, functioning as an open-source marketplace, protocol, and incentive layer, revolutionizes how data is stored, requested, and transferred. This technology, designed for securing valuable datasets, positions Filecoin as a formidable alternative to conventional cloud storage, offering an efficient, cost-effective, and decentralized solution.

Sushi’s integration into Filecoin is a milestone, establishing it as the first DEX to operate on this network. This expansion includes the introduction of Sushi’s version 2 and version 3 automated market makers (AMMs) with concentrated liquidity pools on the Filecoin network, facilitating direct trading and liquidity provision. Additionally, SushiXSwap, Sushi’s cross-chain swap feature, extends to Filecoin, enabling seamless token swapping across Filecoin and over 30 other networks, including Ethereum, Arbitrum, Polygon, Optimism, BNB Chain, and Avalanche. This integration eliminates the need for bridging or using native Filecoin tokens, simplifying user experience.

The Sushi-Filecoin partnership not only reinforces Sushi’s leadership in the multi-chain and cross-chain arena but also invites users and developers to explore Filecoin’s decentralized storage capabilities. This collaboration was made possible with the support of Laconic.com, providing crucial subgraph index hosting services.

The integration offers a variety of functionalities for users, including asset bridging from Ethereum to Filecoin using Axelar Bridge and Celer Bridge, token swapping via Sushi on Filecoin, and liquidity provision to existing or new pools on the Filecoin network.

In celebration of this integration, the “Filecoin x Sushi Bomb Diggity NFT” is being launched as part of the “Sushi Multi-Chain Feast” Campaign. This limited edition NFT, minted on the Arbitrum network due to Filecoin’s current non-integration with Galxe, commemorates the collaboration and is available to participants who complete designated tasks.

Participants in the campaign are required to follow Sushi and Filecoin Network on Twitter, like and retweet the announcement tweet, and engage in token swapping and liquidity provision of at least $10 on Filecoin via Sushi. The campaign is facilitated through Galxe.

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SEC Considers Filecoin a Security, Grayscale Disagrees

In a recent press release, Grayscale Investments, the world’s largest digital currency asset manager, announced it has received a comment letter from the U.S. Securities and Exchange Commission (SEC). According to the SEC, Grayscale’s Filecoin Trust’s underlying asset, Filecoin (FIL), should be classified as a security under federal securities laws. The regulatory body’s viewpoint has sparked a dispute, as Grayscale holds a differing opinion on the matter.

The SEC’s contention is that if Filecoin is considered a security, Grayscale’s Filecoin Trust would correspondingly qualify as an investment company under the Investment Company Act of 1940. Consequently, the SEC has requested that Grayscale promptly withdraws the registration statement it filed on April 14, 2023, for the Grayscale Filecoin Trust under Section 12(g) of the Securities Exchange Act of 1934.

Contrarily, Grayscale Investments believes that Filecoin does not meet the definition of security under federal securities laws. The company plans to respond expeditiously to the SEC, defending its position with a detailed legal explanation.

The outcome of this disagreement is uncertain, and much depends on whether Grayscale’s arguments can persuade the SEC. If the SEC stands firm in its belief that Filecoin is a security, Grayscale may be forced to seek alternative accommodations allowing the Trust to register under the Investment Company Act of 1940. Another potential, albeit drastic, alternative could involve dissolving the Trust altogether.

The stakes are high for both Grayscale and the broader cryptocurrency market. The SEC’s final decision may significantly impact the regulatory framework governing digital assets. 

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Crypto Firms Make Job Cuts Amidst Ongoing Crypto Winter

This week, many cryptocurrency companies have eliminated jobs in response to the current crypto winter. However, these companies have chosen to keep “impactful” people on staff as they prepare for a “longer slump.”

At least 216 jobs were cut across three different cryptocurrency companies. These companies are open-source software laboratory Protocol Labs, blockchain data firm Chainalysis, and cryptocurrency exchange Bittrex. Each of these companies reduced their workforce by 89, 83, and 44 employees, respectively.

In a blog post dated February 3, Juan Benet, CEO of Protocol Labs, the firm that introduced Filecoin (FIL), said that the company will be cutting jobs because it needed to concentrate its workforce “against the most impactful and business-critical projects.”

He claimed that the firm had come to the conclusion that it was in the best position to “weather this protracted winter” by eliminating “89 jobs,” which is equivalent to around 21% of its staff.

Given that the cryptocurrency business is now experiencing “very tough” conditions, Benet said that the firm should “plan for a lengthier slump.”

Meanwhile, on February 1, Bittrex CEO Richie Lai emailed the firm’s workers to notify them that the company would be reducing its employment in order to “maintain the long-term health” of the business.

On February 2, the email was shared inappropriately on Twitter. Lai claimed that despite the fact that the leadership team has been “working vigorously” over the last several months to decrease expenditures and boost efficiency, the efforts have not achieved the “results required.” Lai added that the efforts have not delivered the “results necessary.”

Lai went on to say that the current state of the market necessitated a reevaluation of the company’s approach and a readjustment of its “investments with the new economic climate.”

On February 2, 2018, records pertaining to employment in the state of Washington indicated that Bittrex had eliminated 83 positions.

According to statements made by Maddie Kennedy, director of communications at Chainalysis, to Forbes on February 1, the firm let off 44 of its 900 workers, which represents around 4.8% of the workforce. Kennedy said that those who were let go were “mainly in sales” at the company.

The announcement of these layoffs follows reports that in January, at least 2,900 employees were let go across 14 different cryptocurrency organisations.

Among those companies, Coinbase saw the most personnel reductions, with 950 employees losing their jobs on January 10th.

During this time, rival cryptocurrency exchanges Crypto.com, Luno, and Huobi each laid off about 500 employees, 330 employees, and 320 employees, respectively.

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Aussie Regulator Halts 3 Crypto Funds Belonging to Holon Investments

The Australian Securities and Investment Commission (ASIC) has issued a stop order on three crypto funds belonging to Sydney-based Holon Investments Australia Limited.

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According to a Press Release shared by the regulator on Monday, the three Holon crypto funds include those linked to Bitcoin (BTC), Ethereum (ETH), and Filecoin (FIL) respectively.

According to the regulator, the reason for the halt in the offering of these crypto funds is that the firm did not meet the non-compliant target market determinations. ASIC fears that Holon is offering the product to retail investors whose investment goals and capabilities may not necessarily fit into the risks associated with the three products.

The regulator reiterated that the embargo is temporary and will remain so for the next 21 days. The selection of Bitcoin, Ethereum, and Filing is essentially based on their extreme volatility and by a subtle extension, their popularity among retail investors.

“The interim orders stop Holon from issuing interests in, giving a product disclosure statement for or providing general advice to retail clients recommending investments in the Funds. The order is valid for 21 days unless revoked earlier,” the announcement reads, adding that “ASIC made the interim orders to protect retail investors from potentially investing in funds that may not be suitable for their financial objectives, situation or needs.”

The regulator noted that Holon Investments has the right to meet its requirements to offer the products, otherwise, it will place a final stop order on the products.

The Australian ecosystem is one that is very vibrant, however, with a lot of fraudulent practices hitting users in the country, regulators are very cautious in their attempts to protect the average consumer. The same sentiment is shared by regulators in other top economies like the United States and the United Kingdom.

In all, this offering of protection accounts for why many nations are still relatively slow with their embrace of regulation when compared to major crypto hubs like the UAE and Singapore.

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Filecoin Miner RRMine Global Shuts Down Market in China, Moves HQ to Singapore

Decentralized storage network Filecoin miner RRMine Global announced that it will withdraw from the Chinese mainland market and close its business in mainland China, moving its headquarters to Singapore.

In the press release, the company said that due to the policy of strict restrictions on cryptocurrencies in mainland China and the divergence of its Web3.0 strategy, it decided to completely shut down mining operations in mainland China and move its headquarters to the world’s most cryptocurrency-friendly place, Singapore which is one of the open economies.

Reportedly, several executives of Renren Mine were taken away by the police from their offices in Chengdu, China for investigation last December.

Steve Tsou, Global CEO, RRMine Global

“Very much like other entrepreneurs, we want the best for our company, employees and community. The decision has been made after a profound examination and multiple discussions, and it has not been easy to come back from a downfall, especially when RRMine Global has Continuously provided services to all its users globally without fail despite all the events that happened. From today onwards, we would like to move forward and recreate the prosperous scene from China in Singapore.”

RRMine Global has been committed to solving the problem of lack of liquidity in Web3.0 and has become the world’s leading one-stop service platform for providing Filecoin.

Decentralized storage network Filecoin aims to provide users with decentralized data storage and transmission services through its miners, using its commodity hardware. Miners are also required to stake large amounts of FIL tokens to start their mining operations as part of their “initial staking collateral.”

Filecoin had an initial coin offering (ICO) in 2017 and was listed on major exchanges, including Coinbase. Shortly after FTX went public, the FIL futures contract quickly processed a volume of $150 million.

RRMine Global also announced the launch of “R-Datacap Storage” this time, which will significantly reduce operating costs, improve revenue efficiency, and promote the Filecoin incentive plan.

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These Five Altcoins Are Ready for Explosive Moves in November, Says Crypto Trader Aaron Arnold

Crypto trader Aaron Arnold is naming his top altcoin picks for the month of November.

In a new YouTube video, the Altcoin Daily host says he anticipates Polygon (MATIC) to surge as companies like Twitter work on projects that require Ethereum layer-2 scaling solutions.

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“Polygon is breaking out, targeting new record highs. MATIC looks ready to set new all-time highs, and this matches what we see going on on-chain.

Polygon just crossed one billion transactions that have all been processed on the Polygon proof-of-stake chain. An amazing milestone, an amazing achievement.

Ethereum layer-2 scaling solutions could not have come at a better time. There’s demand for this, especially with all the adoption that we see.”

The trader is also optimistic about the smart contract platform Avalanche (AVAX) after one of the original rebasing tokens, Ampleforth (AMPL), launched on the network.

“Avalanche is providing a lot of incentives for different DeFi [decentralized finance] protocols to come on the Avalanche blockchain and it’s working.”

He points to Avalanche’s growing numbers in terms of addresses and transactions, adding that the network’s daily active addresses just hit a new high of nearly 70,000, representing a weekly increase of over 100%.

Arnold says that he is also bullish on the decentralized oracle network Chainlink (LINK) and decentralized peer-to-peer file storage protocol Filecoin (FIL).

“I’m adding them just because they are interoperating with a lot of the leaders in this space. I think the future is multi-chain, the future is interoperable.”

Arnold says that the decentralized cross-chain liquidity protocol THORchain (RUNE), which recently broke volume and liquidity all-time highs, is also on his list.

He says the platform is now being viewed as a favored venue for KYC-less (know your customer) and borderless trading of Bitcoin (BTC) for Ethereum (ETH) and ERC-20 tokens. Arnold cites a forecast that the network will have more real Bitcoin than Wrapped Bitcoin (WBTC) on the Uniswap exchange by the end of next January.

“THORchain is doing some impressive metrics.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bulls target $100 Filecoin (FIL) after data points to improving fundamentals

Some traders have said that Filecoin (FIL) has lost its momentum because its current price at $64 is more than 70% below its all-time high at $238. However, this decentralized data-sharing platform is showing signs of increasing adoption and this could cause the FIL token price to accelerate its current uptrend.

The FIL token is used to purchase storage space and retrieve data from the Filecoin Network. At the same time, its users gain rewards for selling their excess storage using this open-source platform. To compete with existing centralized cloud storage services, Filecoin has economic incentives to ensure files are reliably stored over time.

Filecoin (FIL) price at Coinbase in USD. Source: TradingView

Notice how the past three weeks showed a potential reversion to the previous downtrend movement. That upward channel points to a $90 support by mid-November and resistance near $107, which would be a 55% gain from the current pricing.

Related: Bitcoin-related altcoins surge as BTC ETF rumors spread across the sector

Partnerships and adoption could pave the way to $100

On Sept. 14, Filecoin announced a referral program for users who bring members carrying datasets larger than 90 Terabytes. The network reached 9,000,000 Terabytes in August, and according to their website, there are over 3,000 systems and storage providers serving capacity to 400+ applications.

On Oct. 13, Filecoin announced a storage collaboration with Flow Blockchain, which is backed by Dapper Labs. The service will establish decentralized data storage for nonfungible tokens (NFTs), along with the media assets associated with them. Flow’s platforms include Eternal, Starly, Versus and the upcoming multiplayer online game Chainmonsters.

More importantly, on Oct. 15, the daily release of Filecoin tokens will decrease by 23.8% to mark a year since the mainnet launched. Specifically, that affects the 7.5% stake held by early investors, equivalent to 150 million FIL tokens after the three-year issuing period.

Filecoin future gregate open interest. Source: Bybt

Since Sep. 30, Filecoin futures open interest has increased by 45%, signaling that investors’ interest is finally starting to pick up. This metric represents the total number of contracts in play, regardless of whether they have actually been traded on a specific date.

Glass half full: The funding rate has room for buyers’ leverage

To assess whether the market is leaning bullish, one should analyze the perpetual contracts funding rate. Even though buyers and sellers’ open interest is matched at all times, leverage can vary. When buyers (longs) are demanding more leverage, the funding rate turns positive. Thus, they are the ones paying the fees to the sellers (shorts).

However, the opposite situation occurs when shorts require additional leverage, and this causes the funding rate to turn negative.

Filecoin perpetual futures 8-hour funding rate. Source: Bybt.com

The above chart shows a brief period of excessive buyers (longs) leverage building in early September as the funding rate reached 0.10% or 2.1% per week. More recently, Filecoin’s funding rate surpassed 0.06% per 8-hour as FIL token struggled with the $80 resistance on Oct. 8 but failed to break through.

Currently, derivatives metrics show few signs that investors have abandoned Filecoin despite its price hanging 70% below the $238 all-time high. The recent partnership with Flow Blockchain, increasing network use and capacity, and the reduced token emission point to a possible continuation of the previous three-week uptrend. Nothing seems to be holding back FIL from reaching the $90 to $107 range in November.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.