Month in Rewind —October ‘21
Hello, Sharkies! We are pleased to share a new Zunami monthly digest with you!
Welcome to Month in Rewind— an ultimate guide on last month’s achievements of the team behind Zunami Protocol where we also highlight the most vital events in the cryptocurrency and DeFi space.
Moreover, the Month in Rewind digest will be distributed every month as a newsletter. Don’t miss out on the chance to know more — subscribe to our website right away!
Uptober has lived up to its name!
The spoon is a lie — it’s common knowledge among sci-fi believers. The thermometer is also a lie when it comes to the crypto. The falling temperatures can’t hide the bull market’s essence. With new all-time highs in many crypto-asset rates, the market is ripe to move onwards. Abundant signals are helping to understand that prophecy behind the $ 100,000 Bitcoin could become more than a myth right this year.
The meteoric rise of the cryptocurrency sector in 2020 brought a wind of change and a hope that the 2021 cycle will turn this event into the usual state of things. This month, the subtle idea turned out to be the reality — Bitcoin and many other assets saw their ultimate rebirth.
We live in times when previously unnoticed projects start to show tremendous power. In October 2021, the Internet was shocked by the news of the Shiba Inu (SHIB) rise and the story of a wallet owner who invested $ 8,000 in the questionable asset back in August 2020, ultimately becoming a multibillionaire nowadays. This might be one of the fastest individual enrichment cases of all time at this point.
However, not all the news were shiny. Unfortunately, malicious actors continue to target DeFi projects and seek for exploits to get a fat slice of the pie all for themselves. At the end of October, a major DeFi lending platform experienced a flash loan attack. Cream Finance suffered a severe exploit with an attacker stealing over $100 million worth of funds.
While Decentralized Finance has been praised for revolutionizing traditional finance and promoting financial inclusion, the industry’s track record regarding consumer protection has been questionable. A comprehensive list of DeFi attacks reveals more than 50 exploits with the lost funds totaling roughly $1.2 billion due to CryptoSec data.
Taking such unfortunate events into account, we also aim for security to be the cornerstone of the new project. Our team is on the verge of launching the platform and ZUN token. With many gaps to fill, we are looking positively at the market and the onset to move into this lucrative direction.
Zunami Field Report
We’re thrilled to share the second cryptocurrency field report! In October, the Zunami team did a lot of work in several directions.
First, we launched the Global Ambassador Program which has already found a truly positive response in the hearts of crypto adopters and helped us to start building a robust DeFi community!
The Global Ambassador Program will last till Christmas 2021, so don’t miss out! All the rules and rewards are detailed on our Medium channel.
Next, our PR efforts resulted in several publications in the top-tier global media — the world should know that the new big player in DeFi is coming!
Visual creativity is one of our strongest sides — don’t forget to check updates on the Instagram page!
Speaking of tech side, there is no doubt that high commissions are a fundamental problem on the Ethereum network. The further progress and future of DeFi are impossible without overcoming these vital inefficiencies. When a transaction consists of deposits in several smart contracts in a row, the commission for its implementation goes beyond all reasonable boundaries. Nowadays, the gates to the yield-farming realm are closed for the people who only have small deposits, so they are ultimately being cut off from this profitable global finance game. The Zunami Protocol team has come up with a solution though.
We have created a multi-layer smart contract or Transaction Streamlining Mechanism (TSM) to counter this issue. How does it work? Users deposit funds into the initial smart contract. It’s important to know that the cost of this complex transaction will not be much higher than a regular transfer. Next, funds from different users are accumulated. Then, at least once a day, the mechanism of automatic sending to the pools will be launched. Users don’t pay anything at this point. The TSM allows you to reduce the transaction costs by more than 6 times!
The project’s development has entered the final stage on the tech side, and we remind you that our team is also actively issuing updates once a week on Github. We kept our community informed throughout October and will continue doing so later on.
In the meantime, dear frens and degens, join our evolving community and help us grow!
Read about Zunami
In October 2021, we published several articles in the media.
- “5 DeFi projects with a powerful outlook in the industry” is a detailed story about the most promising startups in Decentralized Finance today. Zunami Protocol’s story was published in Investing.com and Coinquora.
- The successful launch of our Global Ambassador Program was also picked and highlighted by well-known media outlets.
What’s coming next?
The Zunami team is destined to make the platform launch a reality next month. Our team has been actively working to achieve all the goals and will soon tell you more about our complex, but easy-to-use technical solution. Thanks to a decentralized revenue aggregator, Zunami Protocol will become the most profitable solution in the stablecoin farming segment. We will also publish detailed analytics in the near future.
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Your Zunami Team
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