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SushiSwap launches a platform for NFT

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SushiSwap launches into the creation of a platform for NFT . Shoyu’s website is online . 

Announced in July on the official Sushi forum, it is an NFT exchange platform that “focuses on the needs of artists and creators to push the industry forward”.

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Sushiswap, an innovative platform for those who want to invest in NFT

The shoyunft.com site actually only shows a “Coming soon” page, but the team is already active on Twitter and Telegram. 

The new platform appears to be providing marketplace-like services for existing NFTs such as OpenSea or SuperRare.

Initially, the project roadmap envisaged the release of a “zero version” in August, followed by the first real version in November and a more complete second in January 2022. 

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The one published yesterday, however, is only a welcome page that is used to send the site online, still lacking in functionality. 

Sushiswap is about to launch its NFT platform

In the initial roadmap, the frontend of the zero version should have already integrated NFT Tagging, Royalties Distribution, Immersive Gallery Mode, 3D Metaverse and Walkthrough, but there is still no trace of all this on the website. Smart contracts, on the other hand, have already been published . 

In future versions, Search Mode and Discoverability , statistics, a chat, an advanced gallery and social tools will also be added . 

The case of the “Dogecoin” Meme

In the meantime, a Doge fractional NFT was auctioned on SushiSwap and achieved an overall valuation of $ 225 million. 

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This is the original image of the Dogecoin meme . Its owner divided it into tokenized shares, then putting a portion of these up for auction using SushiSwap . 

The owner of the image is the decentralized platform PleasrDAO , and has tokenized the NFT using Fractional.art. In this way he created as many as 16,969,696,969 shares of the NFT, auctioning 20% ​​of it in the form of ERC-20 tokens called $ DOG 

The auction was held on SushiSwap’s token sales platform, MISO , and raised 11,942 WETHs from 1,796 buyers, corresponding to approximately $ 45 million, raising the overall valuation of the NFT to 225 million. 

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PleasrDAO bought the original NFT for 1,696.9 ETH, or around $ 4 million, making a lot of money on this auction.  In addition, 25% of the $ DOG tokens were awarded to community programs for the further development of $ DOG. 

Become the owner of a shared work

The platform used for tokenization, Fractional.art , recently raised $ 7.9 million during its initial funding campaign, and is increasingly being used in particular to allow those who cannot afford to purchase a single NFT. of great value to acquire at least part of it. 

Many NFTs are already being sold at very high prices , and it may be difficult, for this reason, to find individual buyers willing to spend astronomical sums. Their owners could use platforms such as Fractional.art to tokenize them in order to divide their ownership into a large amount of tokens, each symbolizing a small share of ownership and can be sold at a significantly lower price. 

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For example, every single $ DOG token currently on MISO is priced at only 0.0000035186 WETH, which obviously corresponds to 0.0000035186 WETH, which is just 0.013 US dollars. However, it must be said that it corresponds to a share of about one seventeen millionth of ownership of the original NFT . All of this has allowed nearly 1,800 buyers to acquire small stakes in a digital asset whose total valuation is in excess of $ 200 million.

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Sushiswap price analysis: We expect SUSHI/USD to retrace to $10 support level

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  • Sushiswap price analysis is bullish for today.
  • SUSHI/USD saw further downside over the last 24 hours.
  • SUSHI/USD will need to exceed the local resistance at $10.35.

The price analysis of Sushiswap is favorable for now, as the market has retraced to the $10 mark in the last 24 hours and has indicated resistance to more losses. As a result, we anticipate that SUSHI/USD will reverse and recoup some of its losses later today.

Sushiswap price movement in the last 24 hours: Sushiswap are finding stronger support beyond $10

SUSHI/USD has been fluctuating between $9.98 and $12.35 since yesterday, suggesting a significant price movement in the last 24 hours. SUSHI/USD dropped to a low of $9.0 today, reaching strong support at this level and signaling that the market is looking to reverse further losses.

On the daily chart, we can see that SUSHISWAP/USD has dropped below a critical support level around $9.1 and formed a double bottom pattern which serves as a strong buy signal. As the market has retraced to the $9.5 mark, we anticipate that SUSHI/USD will reverse and rise above $10 again.

SUSHI/USD 4-hour chart: SUSHI ready to reverse from the $10 support?

On the four-hour Sushiswap price analysis chart, reversed its downward trend and is now heading higher after dropping below $10. In the 4-hour chart, SUSHI/USD is currently finding support at $10 and is ready to reverse.

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Sushiswap price analysis: We expect SUSHI/USD to retrace to $10 support level 1SUSHI/USD 4-hour chart. Source: TradingView

Over the previous seven days, the price of Sushiswap has been fluctuating dramatically. Following a jump to $10 on September 7, SUSHI/USD remained consolidating and retested the $10 support twice over the following days.

On September 13, the price was put to the test for the second time in a week. The market advanced above $12 local resistance and then rallied for 24 hours before topping out at $16.

Bears dominated the market, and the Sushiswap price tumbled by more than 40% until support was found around $10 earlier today. We anticipate a reversal to happen later in the week if bulls continue to reject additional downside.

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We can see from the 4-hour chart that technical indicators are suggesting a further rise. The MACD and RSI both have positive momentum, indicating that buyers may be regaining control of the market.

Sushiswap Price Analysis: Conclusion 

SUSHI/USD will need to exceed the local resistance at $10.35, which is a crucial level given that it has been historical support for the Sushiswap market in recent weeks. If confirmed, this will allow the price to rally up to its previous peaks near $20 and continue above them with a positive momentum going into the following week.

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SushiSwap denies reports of billion-dollar bug

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One of the developers behind popular decentralized exchange SushiSwap has rejected a purported vulnerability reported by a white-hat hacker snooping through their smart contracts.

According to media reports, the hacker claimed to have identified a vulnerability that could place more than $1 billion worth of user funds under threat, stating they went public with the information after attempts to reach out to SushiSwap’s developers resulted in inaction.

The hacker claims to have identified a “vulnerability within the emergencyWithdraw function in two of SushiSwap’s contracts, MasterChefV2 and MiniChefV2” — contracts that govern the exchange’s 2x reward farms and the pools on SushiSwap’s non-Ethereum deployments, such as Polygon, Binance Smart Chain and Avalanche.

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While the Emergency Withdraw function allows liquidity providers to immediately claim their liquidity provider tokens while forfeiting rewards in the event of an emergency, the hacker claims the feature will fail if no rewards are held within the SushiSwap pool — forcing liquidity providers to wait for the pool to be manually refilled over a roughly 10-hour process before they can withdraw their tokens.

“It can take approximately 10 hours for all signature holders to consent to refilling the rewards account, and some reward pools are empty multiple times a month,” the hacker claimed, adding:

“SushiSwap’s non-Ethereum deployments and 2x rewards (all using the vulnerable MiniChefV2 and MasterChefV2 contracts) hold over $1 billion in total value. This means that this value is essentially untouchable for 10-hours several times a month.” 

However, SushiSwap’s pseudonymous developer has taken to Twitter to reject the claims, with the platform’s “Shadowy Super Coder” Mudit Gupta stressing that the threat described “is not a vulnerability” and that “no funds are at risk.”

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Gupta clarified that “anyone” can top up the pool’s rewarder in the event of an emergency, bypassing much of the 10-hour multi-sig process the hacker claimed is needed to replenish the rewards pool. They added:

“The hacker’s claim that someone can put in a lot of lp to drain the rewarder faster is incorrect. Reward per LP goes down if you add more LP.

The hacker said they had been instructed to report the vulnerability on bug bounty platform Immunefi — where SushiSwap is offering to pay rewards of up to $40,000 to users who report risky vulnerabilities in its code — after they first reached out to the exchange.

They noted that the issue was closed on Immunefi without compensation, with SushiSwap stating it was aware of the matter described.

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SushiSwap

SushiSwap denies reports of billion dollar bug

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on

The developer behind popular decentralized exchange SushiSwap has rejected a purported vulnerability reported by a white-hat hacker snooping through their smart contracts.

According to media reports, the hacker claimed to have identified a vulnerability that could place more than $1 billion worth of user funds under threats, stating they went public with the information after attempts to reach out to SushiSwap’s developers resulted in inaction.

The hacker claims to have identified a “vulnerability within the emergencyWithdraw function in two of SushiSwap’s contracts, MasterChefV2 and MiniChefV2” — contracts that govern the exchange’s 2x reward farms and the pools on SushiSwap’s non-Ethereum deployments such as Polygon, Binance Smart Chain and Avalanche.

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While the emergencyWithdraw function allows liquidity providers to immediately claim their LP tokens while forfeiting rewards in the event of an emergency, the hacker claims the feature will fail if no rewards are held within the SushiSwap pool — forcing liquidity providers to wait for the pool to be manually refilled over a roughly 10-hour process before they can withdraw their tokens.

“It can take approximately 10 hours for all signature holders to consent to refilling the rewards account, and some reward pools are empty multiple times a month,” the hacker claimed, adding:

“SushiSwap’s non-Ethereum deployments and 2x rewards (all using the vulnerable MiniChefV2 and MasterChefV2 contracts) hold over $1 billion in total value. This means that this value is essentially untouchable for 10-hours several times a month.” 

However, SushiSwap’s pseudonymous developer has taken to Twitter to reject the claims, with the platform’s “Shadowy Super Coder Mudit Gupta stressing that the threat described “is not a vulnerability” and that “no funds are at risk.”

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Gupta clarified that “anyone” can top up the pool’s rewarder in the event of an emergency, bypassing much of the 10-hour multi-sig process the hacker claimed is needed to replenish the rewards pool. They added:

“The hacker’s claim that someone can put in a lot of lp to drain the rewarder faster is incorrect. Reward per LP goes down if you add more LP.”

The hacker said they had bee instructed to report the vulnerability on bug bounty platform Immunefi — where SushiSwap is offering to pay rewards of up to $40,000 to users that report risky vulnerabilities in their code — after they first reached out to the exchange.

They noted that the issue was closed on Immunefi without compensation, with SushiSwap stating they were aware of the matter described.

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