Geist Finance, a lending protocol operating on the Fantom network, has announced its permanent closure following substantial losses resulting from the Multichain exploit. The app’s development team made this announcement via a social media post on July 14. Geist contracts were initially paused on July 6 and then resumed on July 9, but only in
Ethereum
Coinbase Wallet has announced a new feature that allows users to send instant messages to each other using their Ethereum identities. The feature utilizes the Extensible Message Transport Protocol (XMTP), a blockchain-based instant messaging system also used by Lens, a decentralized social media network. According to Coinbase, select wallet users can now send messages to
The Ethereum ecosystem is witnessing the introduction of another layer-2 scaling solution with the onboarding of partners to ConsenSys’ Linea network. Linea, an Ethereum layer-2 scaling network, allows developers to create or migrate decentralized applications for Ethereum. By utilizing zero-knowledge proofs and being Ethereum Virtual Machine (EVM) equivalent, Linea enables seamless interaction between its applications
Rodeo Finance, a decentralized finance (DeFi) protocol based on Arbitrum, fell victim to an exploit that resulted in a loss of $1.53 million on July 11. The exploit took advantage of a code vulnerability in the protocol’s Oracle, leading to the theft of over 810 Ether (ETH). PeckShield, a blockchain analytics firm, shared data indicating
Blockchain-based layer-2 network, Public Goods Network, has recently launched its testnet on July 7th. The network’s developers have made a commitment to allocate the majority of net sequencer fees towards public goods rather than distributing them to the development team or token holders. This initiative aims to support the creation of goods and services that
Zero-knowledge proofs (ZK-proofs) have become a crucial technology in the crypto industry. These cryptographic methods enable one party to prove the truth of something to another party without revealing any information. ZK-proofs play a vital role in achieving blockchain scalability for Ethereum layer-2 solutions and ensuring the privacy and security of ZK transaction networks. The
Centralized exchanges (CEXs) experienced a significant surge in trading volume in June, with both spot and derivatives trading witnessing substantial growth. This increase in activity was mainly fueled by BlackRock’s exchange-traded fund (ETF) filing and regulatory actions against major crypto exchanges like Binance and Coinbase in the United States. Spot Trading Volume Spot trading activity
The Lido team has recently made accusations against its competitor, Rocket Pool, claiming that it is too centralized. Both Lido and Rocket Pool are liquid staking protocols that enable users to delegate their cryptocurrency to validators and receive derivative tokens in return. Lido’s community staking lead, Dmitry Gusakov, highlighted in a social media post that
Polygon Labs, the creator of the Polygon network, has put forward a proposed architecture for their upcoming project, Polygon 2.0. In a recent blog post on June 29, the team outlined their vision for the project, suggesting that it should consist of four distinct “layers” that would interconnect and form a network ultimately linked to
A groundbreaking web3 application called Quivr has recently been launched, allowing users to demonstrate their social credibility through the use of blockchain technology. The app’s development team made the announcement on June 27, revealing the unique features and benefits of this innovative platform. Quivr enables users to connect their accounts from various popular applications such
U.S. Treasury bonds or Treasurys are essential in all tradeable markets, including Bitcoin and Ether. The cost of capital attributed to U.S. dollars affects every loan, mortgage, and even cryptocurrency derivatives. In the worst-case scenario of the U.S. government defaulting on its debt, the lack of interest debt payments may cause a global shortage of
TrustToken temporarily suspended mints and redemptions of its TrueUSD (TUSD) stablecoin through its banking partner, Prime Trust, earlier this month. This was due to Prime Trust’s cease-and-desist order from the Financial Institutions Division of the Nevada Department of Business and Industry. However, TrustToken clarified that this does not affect its operations concerning the conversion of
Etherscan, an Ethereum block explorer and analytics platform, has launched Code Reader, a tool that uses artificial intelligence (AI) to retrieve and interpret the source code of a specific contract address. The tool generates a response via OpenAI’s large language model, providing insight into the contract’s source code files. Code Reader’s use cases include gaining
Since its inception, Ethereum has been the leading smart contract and decentralized application (DApp) network. An analysis of Ether’s price (ETH) and market capitalization shows that the blockchain has been gaining market share. In recent years, Ether’s dominance in market capitalization has grown from an 18% average in July 2021 to the current 20%. Excluding
Mihailo Bjelic, co-founder of Polygon, has proposed upgrading the Polygon proof-of-stake (PoS) network to a “zkEVM validium” version. The upgrade is aimed at increasing security by relying on zero-knowledge proofs. Polygon PoS is an Ethereum scaling solution that has over $900 million in total value locked within its contracts. It does over 2 million transactions
Blockchain technology has seen a significant advancement with the introduction of zero-knowledge proofs. However, in order to fully unlock the potential of these protocols, streamlined data availability solutions are required. Anurag Arjun, co-founder of Polygon and blockchain data availability protocol Avail, emphasized the significance of data availability for ZK-rollups in an interview with Cointelegraph. ZK-rollups
ZachXBT, a blockchain investigator, has been sued for libel by Jeffrey Huang, also known as “MachiBigBrother” on Twitter. Huang claims that ZachXBT has damaged his reputation through false allegations. ZachXBT responded to the lawsuit by calling it “baseless” and an attempt to chill free speech, pledging to fight back against it. ZachXBT is known for
Synquote, a new DeFi options platform, has launched and it is using social logins and undercollateralized trading to attract liquidity providers. This protocol is capable of handling large trades with much less slippage than previous options platforms. According to the team, the platform did over $25 million of notional volume during its beta period which
On June 13, Amazon Web Services (AWS) experienced a minor outage that lasted for about three hours. At 12:08 pm PDT, the company reported that it was “investigating increased error rates and latencies” in some parts of the United States. The outage affected many mainstream news organizations, such as the Associated Press, which were unable
Ethereum co-founder Vitalik Buterin, along with India-based crypto fund Crypto Relief and Polygon co-founder Sandeep Nailwal, have pledged $100 million towards COVID-19 research and medical infrastructure development in India. The collaboration aims to tackle the ongoing COVID-19 pandemic and prepare for future pandemics. The Donation The donation will be split between the three parties involved,
Grill.chat, a chat app based on Subsocial network, has recently announced the implementation of Ethereum Virtual Machine (EVM) wallet compatibility. This will allow users to chat using their Ethereum identities and send cryptocurrency to each other via Polygon. Subsocial is a Polkadot parachain designed for social media applications, while Grill.chat allows users to participate in
The price of Ether (ETH) briefly retested $1,780 after news of the US Securities and Exchange Commission (SEC) suing Binance and Coinbase, but the fact that it did not break below the 67-day support is a positive sign for the cryptocurrency. The SEC’s actions are a double-edged sword for Ethereum. Some analysts attribute the bounce
Glassnode, an on-chain analytics firm, has recently published a report suggesting that investors are showing a preference for risk-off assets such as stablecoins and Bitcoin. The report also highlights that altcoins are currently at a crucial turning point, with a potential breakout imminent. Analysis of Uniswap and Futures Trading Volumes According to the report, the
Defactor Labs, a decentralized finance (DeFi) lending platform, has announced that it has tokenized Alpha Bonds worth $100 million on the Polygon (MATIC) network. The tokenization will allow small- and medium-sized enterprises to use real-world assets, such as receivables, as collateral. Defactor Labs partnered with law firm CMS to provide legal guidelines and documentation, while
Sequoia Capital, one of the world’s largest venture capital firms, plans to split into three separate partnerships to serve the United States, China and Asian markets. The move aims to decentralize the company’s back-office functions, citing increased global financial complexity and growing brand confusion. Sequoia Capital plans to embrace its “local-first approach” with the change.
According to analysts from Glassnode, the activity in Ethereum’s decentralized finance (DeFi) sector has declined during the bear market, and it faces competition from Ethereum’s annual staking reward of 4%. The percentage of gas consumed by DeFi protocols has dropped from 34% in 2020 to 8% to 16% presently, with non-fungible tokens (NFTs) commanding the
On June 1, a proposal to introduce protocol fees for Uniswap decentralized exchange was voted down, according to the proposal’s official webpage. The outcome of the vote meant that liquidity providers (LPs) could continue earning all revenue from swaps. The proposal failed narrowly, with 45.32% of votes going to the “no fee” camp, and 42.34%