Finance redefined: AWS switches crypto exchanges offline and CTO Sushi from
The AWS failure has sent shockwaves through the crypto industry, DeLong stepped down as CTO at Sushi, and Coinbase opened a crypto library – everything is redefined in finance this week.
While the market could crash and the technical indicators powered by AWS go awry, don’t be afraid of the young, moral and fundamental Wagmi news as never before. So read on and find out everything you need to know about this week’s highlights.
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The termination of AWS shows the need for a truly decentralized exchange.
The Amazon Web Company shutdown this week had a significant impact on the global supply chain and shipping industry, as well as several hours of disruption to the dYdX decentralized exchange and the leading centralized exchanges Binance.US and Coinbase.
AWS is the world’s largest cloud services infrastructure offering a wide range of services including networking, storage, remote computing, and mobile development.
The tech giant has 33% of the cloud infrastructure market, followed by Microsoft and Google with 20% and 10%, respectively, according to data released by the Synergy Exploration Group earlier this year.
The details of the incident are largely unknown, but the company’s service status page states that “many AWS APIs in the US EAST-1 region” in Northern Virginia are unable to connect.
In a Twitter statement released on December 7 and early in the morning of December 8, dYdX talked about increased network latency and web page loading errors before disclosing its compliance.
Unfortunately, some parts of the exchange can still rely on centralized services (in this case, AWS). We are deeply committed to full decentralization and this remains our top priority in the further development of the protocol. We are sorry for this incident.
– dYdX (@dydxprotokoll) December 8, 2021
Analytics data from DappRadar show that dYdX is the 13th largest decentralized financial application based on the Ethereum network, with a daily trading volume of around $ 1.5 billion. This September, dYdX reached a historic trading milestone, surpassing Coinbase’s volume in just one day at $ 4.3 billion versus $ 3.7 billion.
Many early adopters of cryptography understood decentralization as a key component of industrial architecture. Beyond security and scalability, the former form the so-called blockchain trio, a concept coined by Ethereum co-founder Vitalik Buterin to celebrate the need to sacrifice one side of the package, three in order to experience the benefits of the other two.
In the world of cryptocurrency exchange, many choose to prioritize security and scalability in order to achieve mass adoption, but still operate in a Web-2-like structure.
On the subject: Decentralization versus centralization: where is the future? Expert response
Joseph Delong ends his time as CTO at SushiSwap
Joseph DeLonge, CTO of SushiSwap, announced his immediate exit from the decentralized exchange this week and promised to honor the message, along with successor dates, calculations and necessary information, to the next market leader.
DeLonge explains the reasons for his decision on open Twitter topicreferring to internal conflicts and the lack of a unified vision of the project on the grounds that:
“I wish sushi all the best and I am very sad that sushi is so difficult in life and beyond. The chaos that is unfolding now is unlikely to lead to a solution that will leave the DAO much more in the shadows than it would have been without radical structural changes. ”
DeLong has experience with website 3. as a blockchain engineer and developer. Previously, DeLong was a Senior Software Engineer at ConsenSys and took over as CTO at SushiSwap in early 2021 following the infamous exodus of Chef Nomi a few months earlier.
Delong SushiSwap ranked 12th in the supply chain last year with $ 2.85 billion. An exploit on the MISO touchpad and a recently rumored vulnerability in its $ 1 billion smart contracts.
Related: SushiSwap Denies Billion Dollar Bug Reports
Coinbase Opens Crypto Library To Drive Innovation
One of the leading cryptocurrency exchanges, Coinbase, announced this week the launch of an open source platform called Cryptology, which aims to provide developers with a range of trading interfaces. Application programming interface (API). ”
In a post on the official website, Coinbase outlined the library’s intentions to promote this ancient technology:
“While our primary goal is to foster further innovation, we are also committed to using cryptology to raise the standard for a reliable, user-friendly cryptographic library.”
Related: Coinbase Announces Hardware Wallet Support Starting With Ledger
Analytics show that the total value of DeFi blocked during the week fell 11.3% to $ 143.95 billion.
Data from Cointelegraph Marketplaces Professional and TradingView show that the top 100 DeFi tokens by market cap have outperformed the drop in the past seven days.
Terra (LUNA) is the only winner in this week’s Top 100, gaining just 1.81%. This is not to say that this is the most memorable tech week for DeFi, but this is not surprising given the broader context of the retreat of the entire crypto market.