Coinbase Expands Features, Allowing Some App Users to Access Ethereum-Based Dapps
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When Solana’s price hit new lows near $54, the total value locked (TVL) for the token also declined to a historical low. According to data from Defi Llama, the token’s TVL has been on a steady decline since November 2021. In that month, it reached an all-time high of $15 billion but then lost momentum and went down to $4.34 billion. Solana’s TVL continued to plummet in the third week of May due to bearish trends within this market that have seen declining interest from investors. Related Reading | Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On With its price struggling to find footing, it’s been one of the best-performing crypto projects in recent months. However, the research says that Solana has lost 60% in total value locked since January first day of 2022, trapped inside a bear market pattern. To be exact, on January 1st, Solana’s TVL was approximately $11.22 billion, but by May 16, it had fallen to around $4.38 billion. Solana is a blockchain that helps create user-friendly applications that are very scalable. As the fastest growing ecosystem in the crypto finance space, Solana has thousands of projects under Web3, non-fungible tokens (NFTs), and DeFi. Reason Behind The Decline in Solana Total Value Locked This week, the Solana TVL reached new lows due to the number of decentralized applications (dApps) in its ecosystem plummeting. For example, the Tulip yield aggregation platform has shed more than 11% of its TVL in the last month. Likewise, the Solend decentralized lending and borrowing platform have also fallen by more than 8% within the same timeframe. With the value of both projects locked up, Staking platform Marinade Finance and decentralized exchange (DEX) protocol Serum have lost more than 48% and 42%, respectively. Saber, Raydium, Orca, Atrix, Quarry, Francium, and Mango Markets are the other dApps caused a decline in the total value locked. Solana is still keeping the fourth position with the most locked value blockchain. Despite plummeting by more than $6 billion in 2022. Solana still reigns supreme in value locked over Cardano, TRON, Fantom, Polygon, Cronos, Near, Waves, DefiChain, Harmony, and Osmosis. However, Ethereum, BNB, and AVAX sit at the top of their game. Meta Platforms has announced that Solona will be integrated with Instagram. This means that Solona’s non-fungible tokens (NFTs) will be usable on the social media platform. Other platforms that have been named for this integration are Polygon and Ethereum. Related Reading | Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market When SOL opened the year, it was priced at $170.31; by Jan 2nd, the coin reached its yearly high at $179.43. As of May 16, SOL is trading at $ 55.38 per coin. This means that the price has decreased by 67% since the start of the year. Featured image from Flickr, and the chart from Tradingview
The Luna Foundation Guard, the entity in charge of safeguarding the peg of UST, the stablecoin of the Terra ecosystem, has revealed how it used the available Bitcoin reserve before the recent debacle involving the Terra ecosystem. The organization sold part of the bitcoins owned directly, while another part was traded on different dates to […]
Deja-vu for BTC versus market sentiment as conditions mimic the weeks after the March 2020 COVID-19 crash.
In late March, Ronin bridge, an Ethereum sidechain built for the widely popular play-to-earn (P2E) NFT game Axie Infinity to handle surging demand from gamers, was hacked for over 173,600 Ether (ETH) and 25.5 million USD — a combined value of over $600 million. The company’s official report regarding the hack noted that the hackers managed to get access to validator nodes, which resulted in the compromise of five validator nodes, a threshold also required to approve a transaction. Currently, the Ronin chain consists of nine validator nodes, and the hacker managed to get access to four of them and a third-party validator run by Axie DAO. This Axie DAO node was the root cause of the exploit last year. The DAO gave its access to Sky Mavis, the developers behind the game to sign off on transactions on its behalf. Because the access was never revoked, hackers leveraged it to their benefit by turning it into backdoor access, leading to a multi-million dollar hack. In the aftermath of the exploit, the Ronin bridge was closed, and all the deposits and withdrawals were halted for investigation purposes. In response to the hack, Axie Infinity co-founder and COO Aleksander Leonard Larsen said at the time that they would be adding several new validators to the Ronin Network to decentralize the network further. The game developers also promised to increase the number of validator nodes from nine to 21 in the future. The Inevitable Future In the end, Sky Mavis managed to raise $150 million from crypto exchange Binance and other investors to reimburse the affected users. But not every project can afford to bail out its users, and according to data from Dune Analytics, funds worth more than $21 billion are locked on Ethereum bridges. Moreover, bridge hacks are becoming quite common in the cryptocurrency industry. Data from Chain Analysis suggests weakness in bridges has led to more than $1 billion stolen in cryptocurrency over a year across seven different incidents. While many believe bridges are the single most significant potential point of failure in crypto, others say that’s not true. “Bridges are an incredibly critical piece of infrastructure at this point,” Kanav Kariya, president of Jump Crypto, said in an interview after the $300 million hack of Wormhole bridge. “We are strongly moving toward a multi-chain world.” Ethereum co-founder Vitalik Buterin has warned that bridges have “fundamental security limits,” although he is optimistic about a “multi-chain blockchain future.” Meanwhile, popular commentator “ChainLinkGod” has asserted that “the implementation and adoption of cross-chain smart contracts and token bridges are inevitable,” and “given that it’s going to happen regardless, the goal shouldn’t be to avoid cross-chain, but have protections in place.” A Decentralized, Non-custodial Bridge This is why DotOracle, the first decentralized, non-custodial liquidity bridge on the Casper Network is more secure. After all, the more decentralized a blockchain bridge, the more secure it is. To ensure the decentralization and security of the bridge, the DotOracle bridge will have about 15 validator nodes which will be further increased in phase 2 after the mainnet version becomes stable. DotOracle is a decentralized network of independent nodes designed to be censorship-resistant. It can continue providing its service as long as two-thirds of the network nodes are online. The project is primarily building a decentralized oracle and cross-chain liquidity network (bridge) on the Casper Network, the future-proof, proof-of-stake blockchain built off the Casper CBC specification. Casper is designed to fast-track enterprise and developer adoption of blockchain technology today and to meet user needs in the future. Transferring Assets Securely DotOracle offers fast asset transfer confirmation with a highly secure distributed consensus protocol PBFT. Meanwhile, the non-custodial service is provided through the Elliptic Curve (EC) Multisignature scheme, which means users have complete control over their assets during the transfer. Another feature of DotOracle is bonded network with slashing, meaning any nodes must deposit an amount of DTO token to the DotOracle smart contracts. A violation of the mechanism leads to the burning of the token deposit, which discourages validator misbehavior. This robust penalty slashing mechanism is implemented to incentivize every node to follow the protocol to be rewarded in DTOs by providing proper service to users. DTO is a governance token with a total supply of 100 million. Validators are rewarded in DTO for providing the service to DotOracle. Anyone can operate a node, but to become a validator node, one must deposit a minimum of 500,000 DTO to DotOracle smart contracts. Recently, DotOracle launched the testnet of its multi-chain bridge that aims to transfer digital assets back and forth between different blockchains in a fast, decentralized, secure way. This coming quarter, the team will launch its mainnet that will allow you to transfer assets between all the chains supported by DotOracle Network, including Casper Network, MoonBeam Polkadot, Ethereum, Binance Smart Chain, Polygon, Fantom, Avalanche, Tomochain.
China still hosts 21% of the total global Bitcoin hash rate after the local government banned all crypto operations in the country last year.
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Crypto “will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country,” according to Reserve Bank of India officials.
Portugal, one of the countries considered a crypto tax haven due to its absence of crypto-related taxation, is preparing to change this policy. Fernando Medina, minister of finance of Portugal, stated that the country is working on a framework to allow the taxation of cryptocurrency income gains following the principles of “justice” and “efficiency,” and […]