Category: Cryptocurrency News

It is standard for DeFi platforms to offer over-collateralized loans, in which borrowers deposit more in assets than they withdraw. Some DeFi platforms (like AAVE) support a newer type of loan, the flash loan. When a loanee takes out a flash loan, no collateral is required. This is achievable because flash loans are repaid within the same transaction that they are taken out – a smart contract is used to rapidly perform a series of transactions that result with the loanee ultimately repaying the loan.   Flash loans are atomic, meaning that they are only processed if all included transactions are executed. If they are not, they are rolled back. This enables individuals to borrow massive sums with almost no risk. It is common for borrowers to withdraw tens of thousands, millions, or even tens of millions of dollars at once, albeit for a brief period.   What Are Flash Loans Used For?   Flash loans have three primary uses: trading arbitrage, collateral swapping, and self-liquidation. Here’s an explanation of each:   Trading Arbitrage: Different exchanges may charge different prices for certain assets, opening opportunities to purchase and sell the same assets on different exchanges for a profit. This process is called “trading arbitrage”. While it can be done manually, doing so usually doesn’t yield much of a profit, since the prices of these assets usually only differ by a fractional amount. Flash loans can be used to automatically execute large arbitrage orders, quickly turning a much larger profit.   Collateral Swapping: Changing the base collateral used in DeFi loans can be frustrating and time-consuming, especially for those who diversify their collateralized assets. Flash loans can be used to quickly pay off loans in order to free locked assets, then swap those assets for others.   Self-Liquidation: If a traditional DeFi loan’s base collateral decreases in value too greatly, it will be liquidated. Meaning, collateralized assets will be sold at a discount in order to repay the loan, yielding a loss for the borrower. Flash loans can be used to self-liquidate, fully paying off the loan and withdrawing the collateralized assets without a loss.   What Are The Real Risks of Flash Loans?   Because flash loans are atomic, they are risk-reduced. However, they are not entirely risk-free. Flash loans incur network fees regardless of whether or not they succeed. This exposes loanees to front-running, in which other parties execute identical flash loans while paying higher network fees. Front-ran flash loans are processed first, often leaving original loanees with nothing but network fees to pay.   Most flash loan platforms use the Ethereum Network because it was the first major DeFi-supportive network to gain mass adoption. With Ethereum gas fees as high as they are, front-running has become a major issue for those seeking flash loans.   The use of Ethereum for flash loans poses another serious risk. Ethereum smart contracts are vulnerable to reentrancy attacks, during which hackers withdraw all funds stored within a smart contract. This is done using an external smart contract that withdraws funds multiple times before the withdrawn balance is confirmed.   Ethereum smart contracts are uniquely vulnerable to reentrancy attacks due to Ethereum’s Solidity programming language. Technical jargon aside, Ethereum smart contracts are only secure if coded in a very specific way. Minor mistakes can leave them highly vulnerable. In fact, a single misarranged line of code allowed hackers to steal USD 60 million of Ether in the infamous “The DAO” hack.   How To Avoid Flash Loan Risks   If a reentrancy vulnerability is found within the smart contracts of popular Ethereum-based DeFi platforms, flash loaners could lose millions. Needless to say, many are looking for DeFi solutions outside of the Ethereum Network. One alternative that has been gaining popularity recently is White Whale, the first cryptocurrency project to offer flash loan UST arbitrage within the Terra ecosystem.   Flash loans on Terra are much more secure than flash loans on Ethereum. This is because Terra is built using Cosmos, which powers several other popular projects like Binance Chain. Cosmos’ smart contract engine (CosmWasm) does not allow calls to external smart contracts, and Terra’s smart contract language is far more forgiving than Ethereum’s. This makes White Whale’s arbitrage system immune to reentrancy attacks.   As for frontrunning, it is an inescapable risk. The best course of action is to reduce its likelihood and the damage that it causes. Most front-running attacks are performed on the Ethereum Network by bots, which take advantage of Ethereum’s high and volatile gas prices. Switching to a network with lower and more stable network fees can greatly reduce frontrunning risk.   White Whale offers a sleek and easy web-app interface that makes arbitrage accessible to everyone.

The rise of blockchain technology has led to a paradigm shift in the gaming industry. Non-Fungible Tokens(NFTs) and cryptocurrencies allow for Play-to-Earn mechanics that let players earn revenue through in-game activity, turning the traditional Pay-to-Play model on its head. The King is dead, long live the King! Play-to-Earn games are one type of blockchain game in which players earn unique NFTs through in-game advancement. In blockchain gaming, players have complete control over their digital assets. In traditional games, the player may lose access to their collectible items if the server is shut down. However, blockchain gaming allows gamers to trade their items, sell them, or potentially use them across different games. The Play-to-Earn industry is on the rise. According to Forbes, Play-to-Earn games are generating billions of dollars through transactions involving NFTs. Popular games such as Axie Infinity, owned by the Vietnam based company Sky Mavis, boast 2.5 million daily active users. Axie was the first Ethereum based NFT game to reach 1 billion USD in sales last August. The major game studio Ubisoft also incorporated NFTs in its latest release, Tom Clancy’s Ghost Recon. With the introduction out of the way, here are the top Play-to-Earn games to look out for in 2022. Apeiron A cross between god-game simulations and card-based Action Roleplaying Games (ARPGs), Apeiron has many perks that put it high on the list. Inspired by classic god games such as Populous, Black and White, and Spore, the game incorporates a dynamic alignment system that allows players to choose what kind of god they wish to be in what they describe as a “mystical and variegated universe”. One strength of the game is in its tri-token structure. Many popular NFT games have two tokens; one that serves as an in-game currency and a limited Proof of Stake governance token that acts as a company share. Apeiron introduces a third form of currency to promote high-level gameplay. The third currency rewards team play and Guild level competitions, staving off deflation with seasonal large-scale events and allowing for a dynamic economy in the late game stage. Another strength is the game’s integration into the NFT Metaverse. Apeiron has sights set to an integrated virtual world where players will be able to use their assets from other web3 projects in Apeiron. Lastly, Many popular games require the purchase of NFTs to enter the game, whereas Apeiron will be introducing a new Free-to-Play, Play-to-Earn ethos that allows for new players to join free of cost and earn their way through the game. With its solid fundamentals, forward vision, and flashy design, Apeiron has earned its spot on this list. Cradles: Origin of Species Promising to disrupt the entire blockchain gaming world, Cradles: Origin of Species is a virtual reality game that allows the player to immerse themselves, take the form of any species, and explore their vast virtual world. In addition to roleplaying features, the game allows the player to build an entropy-increasing world. Players must ensure the normal operation of the whole world ecosystem and urban area or they risk chaos and disorder. Comprised of a Main city and Adventure zone, the game promises unsurpassed freedom and creativity. The player travels between zones and through time to gain, trade and craft items to advance their character and their city. You can also be a dinosaur – a key reason why it’s made its spot on this list. BlockLords This grand strategy game set in medieval Europe allows players to create heroes, amass an army, and conquer the metaverse. Through trade, conquest, and earning taxes on sales, gamers can create in-game, player-run governments. The limited number of cities on the map ensures fierce competition among players. The game’s grand strategy outlook and stark medieval vibes earn it a definite spot on this list. Metasoccer  This game combines the lucrative worlds of video games, soccer, and sports betting to create an intriguing entry into the blockchain gaming industry. It allows two different roles for the player: owner, and manager, each with unique gameplay mechanics. It also allows players multiple paths for generating revenue. Including finishing the season on top, selling players, renting your stadium, betting, and of course, winning matches. With its popular subject matter, sleek design, and myriad avenues for earning crypto, Metasoccer is sure to make an exciting debut into the metaverse in 2022. Blast Royale This game pits players against one another in a survival-style match in which players fight using pre-selected equipment. The equipment is in the form of NFTs and is essential to determining the success of a player within a match. Blast Royale includes billions of pieces of unique equipment that players can deploy, all of which affect the performance and character of players. Players can create new equipment through two equipment pieces, repair equipment, earn experience for their equipment and upgrade equipment. Blast Royale’s metaverse allows for an infinite number of possibilities, and we are all in.

Ivory Coast or Côte d’Ivoire’s Tietto Minerals recently said it had drilled and extracted as much as 503.85 grams per tonne from 83 metres at its Abujar Gludehi deposit. The drilling result moves the miner another step towards production on what may become West Africa’s biggest new gold mines, a report has suggested. The Abujar […]

Is it possible to create a crypto currency that doesn’t use seedphrases? And if so are there already options out there? Seedphrases are codes that represents the keys right? If that is so isnt there another way people can access their wallets without seedphrases, as seedphrases are easily forgotten and confusing to new people. Also…
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The research report blamed the increase of Bitcoin’s carbon footprint on the China mining ban and claimed Chinese miners were more renewable energy focused.

Donating cryptocurrencies to Ukraine is a great move and I fully support it in the hope that as many people as possible will donate money to help Ukraine – if anyone wants to, here is the official tweet of the Ukrainian government with the addresses for the donation. It is not easy to talk about…
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As an immediate countermeasure against the rising inflation of its fiat currency, the Russian central bank doubled key interest rates on Feb. 28, from 9.5% to 20%

Ukraine on Sunday requested major crypto exchanges to block addresses linked to Russia and Belarus, amid growing speculation that Moscow could use the platform to subvert recent economic sanctions. But the request was criticized by the crypto community. Kraken CEO Jesse Powell said while he respected the sentiment, considering Russia’s invasion of Ukraine, he would…
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A week unlike any other in Bitcoin’s history is suddenly here as hodlers brace for guaranteed turmoil.