Author: dfmines

The total value locked in DeFi protocols has surged 936% over the past 12 months.

Compound Finance (COMP) has seemingly suffered a token distribution bug after introducing and passing a recent governance vote that addressed rewards distribution, Proposal 62. Shortly thereafter, Compound reported in a tweet that there was unusual behavior regarding COMP distribution following the vote, but that “no supplied/borrowed funds are at risk.” The funds that are in jeopardy due to the bug sit only in the Comptroller contract, which means that there is a total cap of 280,000 COMP tokens that are at risk. However, that’s still a hefty number, worth over $80M USD at the time of publishing. One transaction was reportedly as high as nearly $30M alone. Let’s Get Movin’ With governance often comes the lack of immediate action. As Compound Finance CEO and Founder Robert Leshner noted in a tweet discussing the events at hand, “there are no admin controls or community tools to disable the COMP distribution; any changes to the protocol require a 7-day governance process.” The Compound team quickly rolled out the initial governance process with Proposal 63 up for review, which temporarily disables COMP distribution rewards while the team and community address the fix for the protocol. Leshner adds that while Proposal 63 is up for review, “a patch to restart the distribution is in development.” While this gives the team time to address the issue, Proposal 63 does note that all ~280,000 tokens will be at risk. While the recent Compound bug showed immediate price impact, buyers quickly came back to market and the COMP token has still showed long-term resiliency. | Source: COMP-USD on TradingView.com Related Reading | TA: Ethereum Consolidates, Why Bulls Could Aim Fresh Rally Take 10% Leshner has since gone on Twitter asking recipients of mistaken distributed COMP to return it, with the below tweet: If you received a large, incorrect amount of COMP from the Compound protocol error: Please return it to the Compound Timelock (0x6d903f6003cca6255D85CcA4D3B5E5146dC33925). Keep 10% as a white-hat. Otherwise, it's being reported as income to the IRS, and most of you are doxxed. — Robert Leshner (@rleshner) October 1, 2021 He took a bit of heat for the tweet, and followed up by stating that it was a “bone-headed tweet / approach” and that his intentions lie in “trying to do anything I can do to help the community get some of its COMP back.” Smart contract specialist Kurt Barry noted just how costly small errors in code can impact blockchain projects: Smart contracts are unforgiving of the tiniest errors…COMP bug is a tragic case of ” >” instead of ” >=” (in two code locations). Two characters, tens of millions of value lost. — Kurt Barry (@Kurt_M_Barry) September 30, 2021 Truly a tough set of circumstances for the Compound Finance community, however many have shown approval of Leshner’s response. The move is not the first mishap in the rapidly growing world of DeFi. Last month, the Poly Network suffered a hack that cost over $600M USD. In a bit of a bizarre set of circumstances, the Poly hacker returned most of the stolen crypto back to the network. And in the last week, cross-chain DeFi protocol pNetwork lost over $12M USD in tokenized Bitcoin to attackers. Related Reading | Visa Is Building A Payment Channel Network On Ethereum Featured image from Pexels, Charts from TradingView.com

Ethereum is consolidating near the $3,000 zone against the US Dollar. ETH price could start a fresh rally if it clears $3,020 and $3,050. Ethereum corrected lower, but it found support near the $2,950 zone. The price is now trading above $2,950 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $3,020 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a steady increase if it clears the $3,020 and $3,050 resistance levels in the near term. Ethereum Price Stuck Below Resistance Ethereum extended its increase above the $3,000 level. ETH even tested the $3,050 zone before correcting lower, similar to bitcoin. There was a downside correction below the $3,000 support level. There was a break below the 23.6% Fib retracement level of the upward move from the $2,782 swing low to $3,050 low. However, downsides were limited below the $2,950 level. Ether price is now trading above $2,950 and the 100 hourly simple moving average. There is also a key contracting triangle forming with resistance near $3,020 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com An immediate resistance on the upside is near the $3,020 level. The first major resistance is near the $3,050 level. A break above the $3,050 level could start a steady increase. The next main resistance is still near the $3,150 and $3,165 levels, above which the price might accelerate higher. Fresh Decline in ETH? If ethereum fails to continue higher above the $3,020 and $3,050 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $2,980 level. The first key support is now forming near the $2,950 level and the 100 hourly simple moving average. If ether fails to stay above $2,950, there is a risk of a sharp drop. In the stated case, the price might decline towards the $2,800 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is still above the 50 level. Major Support Level – $2,950 Major Resistance Level – $3,050

The extreme heat of the summer has subsided, so crypto mining has been given the green light as it can no longer be blamed for stressing the electricity grid.

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Following the announcement of a few days ago, the decentralized multiverse platform OVR, which unites the physical and virtual worlds through Augmented Reality, has launched “The ARwards” contest open to all creators who are looking for an opportunity to gain wide visibility and possibly win interesting prizes. First of all, The ARwards is completely free […]

Talking about a digital asset plan being cooked up by a Senate inquiry, Senator Andrew Bragg said, “We will want the major parties, including my party, to adopt these policies as part of their election manifestos.”

Billy Markus, the co-founder of Dogecoin, explained on Wednesday that an Ethereum bridge to the Doge network would bolster the dogecoin ecosystem. Markus also said that non-fungible token (NFT) markets “would help Dogecoin” as well. Dogecoin Co-Creator Thinks 2 Ideas Could Help the Doge Network The popular crypto asset dogecoin (DOGE) has gained a whopping […]

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