Category: Cryptocurrency News

Metcalfe’s Law suggests that the more people who use a cryptocurrency, the more valuable and useful it becomes.

PARSEC (Parallelized Architecture for Scalably Executing Smart Contracts) runs on the ERC-20 standard, so it could have other applications too.

submitted by /u/Dexaran [link] [comments]

Following a slight improvement in the broader cryptocurrency market, Optimism (OP) has posted positive gains today, August 2. The token is now over 10% higher than seven days ago. Optimism’s gain has placed it among the top-gaining coins today, with a nearly 3% gain in the last 24 hours.  Optimism Price Action as Bulls Struggle to Prevail According to CoinMarketCap data, Optimism peaked at $1.6712 on Wednesday morning, an over 5% increase from its past-day price. However, due to the intense struggle between the buyers and sellers, OP has receded from the day peak and is now traded at $1.63, with a 3.08% price increase. Related Reading: Shiba Inu Price Prediction: Is Shibarium The Key To A Trend Reversal? Optimism maintained a fairly bullish momentum from July 13 to August 2, reflected in its over 22% 30-day price increase. While the uncertainty about its next price action remains high, speculations suggest the following developments might influence the OP’s market outlook in the coming days. Optimism Could Face Backlash Due To The Recent BASE Exploit Coinbase’s newly launched BASE network built on the Optimism Stack reportedly witnessed a backdoor contract exploit, leading to the loss of 597 Ether worth approximately $1 million.  According to on-chain investigations, the exploiters infiltrated a BASE Chain’s backdoor contract, continuously minted tokens, and sold them for profit. Data shows that the perpetrator address already minted 40 different tokens, generating approximately 597 Ether in profit, which has been moved out. Speculations are that the exploit might impact all protocols linked to it, including the Optimism network, since BASE anchors the OP Stack. Also, the BASE hype attracted several new crypto addresses to the Optimism network. The recent hack may depress investor sentiment, potentially impacting OP’s price. The number of active addresses on the Optimism network grew significantly over the last few months after BASE’s launch in late February. However, this growth could be stalled due to the unfortunate event on the BASE network. OP Price Outlook; Will the Bulls Sustain the Rally? The OP/USD daily chart demonstrates OP’s bullish momentum as the bulls fight to secure higher market positions for the coin. OP has surpassed its two critical support levels, and the bulls show no sign of stopping, evident in the short green candlesticks formed above the $1.631 support level. The Moving Average Convergence/Divergence is above the signal line with green histogram bars that reflect the asset’s bullish momentum. In addition, the RSI has crossed the overbought region and now sits at 75, demonstrating increased buying pressure on OP.  Related Reading: Here’s The Total Number Of XRP That Ripple Currently Holds However, a bearish trend reversal is possible since the buyers have reached saturation and may recede due to a decline in momentum.  As of the time of writing, OP trades at $1.63. But the next few hours are critical as the price could decline to $1.61 if the bears reclaim control. Featured image from Pixabay and chart from TradingView.com

NFT company Yuga Labs is set to acquire a metaverse-building startup to advance its Otherside metaverse project.

on dexscreener it shoes the type of transaction but when i download the csv file from etherscan, it does not. how can i find it? submitted by /u/qhelspil [link] [comments]

The scheme consists of mirroring addresses and sending dust transactions to users to trick them into sending funds to the scammer’s wallet.

Bitcoin is witnessing a strong battle between the bulls and the bears with the sellers currently holding a slight edge.

DeFi lending protocol, Abracadabra Money, is currently debating a proposal to boost the interest rate in its CRV lending markets as it looks to mitigate its exposure to the DeFi token.  In the last few days, CRV  has seen its value decline significantly due to the recent Curve Finance exploit on Sunday, which resulted in a total loss of over $60 million. According to data from CoinMarketCap, CRV is currently trading at $0.56, with an 8.28% loss in the last 24 hours. Abracadabra Exposed To Significant CRV Risk Levels In a governance proposal submitted on Aug 1, DAO contributor and community manager Romy highlighted that Abracadabra was currently exposed to a substantial level of CRV risk. To address this situation, the proposal contains a strategy that introduces collateral-based interest to both CRV cauldrons – lending markets – on Abracadabra. Related Reading: Ethereum DeFi Coins Plunge As Curve Concerns Threaten Major Market Crash Romy stated that Curve Finance, the underlying platform of CRV, has seen its TVL negatively affected over the last month by several events, including the Conic Finance Hack, the JPEG’d exploit, and the attack on Curve itself.  In particular, Romy noted that the theft of $25 million from Curve’s CRV/ETH pool had impacted the on-chain liquidity for CRV, altering the conditions that led to the adoption of the token as a collateral asset on Abracadabra.  In addition, the proposal also noted that Abracadabra had recorded CRV outflows toward markets with lower Loan-to-Value (LTV) ratios and higher interest rates. Together, all these factors have affected CRV’s price and liquidity, prompting the need for Abracadabra to reduce its exposure to the token.   CRV trading at $0.558 on the daily chart: Source: CRVUSD chart on Tradingview.com Abracadabra’s Proposed Strategy To Introduce 200% Interest Hike As earlier stated, Romy’s governance proposal aims to cover Abracadabra CRV’s risk by applying collateral-based interest to the two CRV lending markets on the platform. It was stated that this strategy had been previously implemented with the WBTC and WETH cauldrons.  This introduction of collateral-based interests would allow Abracadabra to levy interest directly on each CRV cauldron’s collateral which is directly transferred to the protocol’s treasury and converted to Abracardra’s native stablecoin MIM, either via on-chain or off-chain transactions.  Related Reading: Is It A Good Idea To Buy Curve Now? Here’s What This Founder Thinks Based on projections, Romy stated that this strategy would allow Abracadabra to boost its treasury reserve and cut potential losses due to CRV exposure to about $5M borrowed MIM.  Under the new proposed interest structure, the interest rates will be determined based on two factors: the combined outstanding principal of the CRV cauldrons and the collateral ratio of each cauldron.  The base interest rate will vary depending on the total borrowed amount, classified into three ranges: $0M-$5M, $5M-$10M, and $10M-$18M. For instance, as the current outstanding principal stands at $18M, the base interest rate would be set at 200%.  Using this rate, it is estimated that the loan would be completely covered in six months’ time. Furthermore, the collateral ratio would influence the interest multiplier, with ratios ranging from