Category Archives: Smart Contracts
Tron Has More Daily Active Addresses Than Ethereum: What’s Supercharging Growth? – Bitcoinist
Tron, a platform where users can deploy smart contracts and run decentralized applications (dapps) like they would in Ethereum, is rapidly growing its daily active addresses (DAA). DAA is the count of unique addresses that send or receive tokens on a blockchain on any given day.
According to metricsshared by decentralized finance (DeFi) researcher Alex Wacy on October 6, citing Token Terminal, Tron has over 1.9 million DAA, more than twice those in the BNB Chain, which, at the time of sharing, stood at 915,000. Ethereum and Polygon had 320,000 and 301,000 trailing Bitcoin, the legacy blockchain, which had 570,000 DAA.
At this level, it is estimated that Tron is creating 200,000 new addresses daily. Other metrics also show that Tron has at least 188 million unique accounts that have generated 6.5 billion transactions.
The spike in DAA, Wacy said, could be because of Trons role in stablecoin transactions. Stablecoins are designed to track the value of another asset, mostly fiat currencies like the USD. The researcher said roughly $45 billion of all stablecoins are held in Tron, complying with the TRC-20 standard. Out of this, 50% of all USDT transactions are on Tron.
The surge in Trons DAA is noteworthy. It is when the broader cryptocurrency scene struggles with volatile asset prices and relatively low on-chain activity, especially in areas like DeFi, metaverse, non-fungible token (NFT), and blockchain.
DeFiLlama datashows that the total value locked (TVL) in DeFi, for instance, is below $40 billion, well below the $173 billion level when crypto asset prices peaked in late 2021.
Looking at DAA alone, there is an inversion, and legacy networks, including Bitcoin and Ethereum, are trailing third-generation platforms promising cheaper transaction fees and higher throughput. From the DAA leaderboard, Tron, the BNB Chain, and NEAR Protocol are attracting new users.
Bitcoin and Ethereums engagement appear suppressed, looking at DAA. Though DAA can be a metric to consider when gauging how users interact with the network, Bitcoin and Ethereum are still preferred blockchains.
Bitcoin, for instance, inherently lacks smart contracts capability, but there are protocols built on it, like Rootstock, that support this feature. However, Bitcoin, due to its first-mover advantage, has found adoption. BTC is also listed in almost most exchanges and enables the daily transfer of millions, if not billions, of dollars.
This has cemented its activity and could explain why it is above Ethereum despite the latters activity density, especially considering fees generated from smart contracts execution and transfers. As of October 6, CryptoFeesshowthat Ethereum generated over $2 million in fees, more than twice in Bitcoin.
Feature image from Canva, chart from TradingView
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Tron Has More Daily Active Addresses Than Ethereum: What's Supercharging Growth? - Bitcoinist
Security Breach of $3 Million Hits Stars Arena, Backed by Avalanche – CryptoCoin.News
Stars Arena, a social platform supported by Avalanches Contract Chain, recently faced a major security breach. The official Stars Arena Twitter account confirmed the attack on the platforms smart contract and advised users against depositing funds during the ongoing investigation.
Crypto expert Redline, who discovered the breach, revealed that hackers successfully transferred 266,103 AVAX (approximately $2.85 million) through the FixedFloat exchange service. This incident caused AVAXs price to drop from $11.56 to $10.78, prompting users to remove Stars Arena from their Twitter accounts.
The breach highlights the vulnerability of smart contracts and the importance of robust security measures. Stars Arena is actively working to recover funds and restore platform functionality.
The security breach had an immediate impact on AVAXs price, underscoring how security breaches can affect cryptocurrency market sentiment and value.
In light of the breach, it is advisable for users to remove Stars Arena from their Twitter accounts to avoid further risks or potential scams.
Stars Arena apologized for the exploit and acknowledged a distributed denial-of-service (DDoS) attack. Efforts are underway to address these issues and prevent future attacks.
A specialized white hat development team is reviewing the platforms security, working to recover stolen funds, and committed to restoring platform functionality quickly.
To address user concerns, Stars Arena hosted a live Twitter Spaces session to provide a comprehensive explanation of the breach and reassure users.
The formation of a specialized white hat development team reinforces Stars Arenas commitment to security, conducting a thorough security audit to enhance security measures.
Once the security audit is complete, Stars Arena plans to reopen the contract with fully secured funds, ensuring user protection and platform security.
Stars Arena, supported by Avalanches Contract Chain, allows influencers to monetize their fan base by granting exclusive access to content and offers, with Twitter account integration for enhanced user engagement.
Prior to this breach, Stars Arena had experienced an exploit where $2,000 was stolen, emphasizing the importance of ongoing vigilance and robust security.
In addition to Stars Arena, friend.tech, another social token-driven platform, faced SIM-swapping attacks resulting in the theft of $385,000 worth of digital assets. These incidents highlight the need for stringent security measures.
September 2023 saw a record-high value of $332 million lost to crypto exploits, hacks, and scams, prompting a reassessment of industry security practices.
The security breach on Stars Arena serves as a lesson for both the platform and users, emphasizing the constant need for vigilance and robust security.
Stars Arena is proactively strengthening security through a comprehensive audit and the involvement of a specialized white hat development team, aiming to prevent future breaches.
Rebuilding trust and regaining user confidence are essential for Stars Arenas future success, achieved through security and transparency.
The security breach on Stars Arena underscores the importance of security within the Avalanche ecosystem, requiring prioritization and robust measures to protect users and their funds.
The broader crypto industry must address security concerns, prioritize user safety, and implement robust measures to safeguard user funds and data.
By prioritizing security, Avalanche can attract users and projects to its ecosystem, positioning itself as a platform that supports secure and trustworthy applications.
The crypto industry faces ongoing security challenges due to its digital nature and value. Vigilance and continual security updates are necessary to stay ahead of malicious actors.
Users and investors must exercise vigilance when choosing platforms, implement security best practices, and diversify their crypto portfolios to minimize risks.
Learning from security breaches is crucial for enhancing security measures and protecting user funds.
Collaboration among platforms, developers, and security experts can lead to industry-wide security improvements and more secure environments.
Ultimately, creating a secure crypto environment should be the industrys goal, fostering trust and attracting more users and investors through robust security measures and cooperation.
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Security Breach of $3 Million Hits Stars Arena, Backed by Avalanche - CryptoCoin.News
Bull Run Speculations: Ethereum And Bitcoin Spark Two High … – CryptoPotato
The cryptocurrency arena is expectant with optimism as the bull run is imminent around the corner. Ethereum and Bitcoin Spark (BTCS) rank highly as prominent players, sparking enthusiasm and anticipation of high-potential digital assets. ETH excites with its strong market presence, whereas BTCS thrives with its unique features hinting at a promising future.
As the crypto sphere evolves, exploring speculations and insights into the potential bull run of Ethereum and Bitcoin Spark becomes essential for those seeking opportunities in the dynamic, fast-paced world.
Ethereums success can be attributed to its versatile nature, allowing developers to create multiple applications and smart contracts on its blockchain. Its decentralized and open-source nature has fostered a vibrant ecosystem of developers and projects, contributing to its continued growth and influence within the crypto space. The recent Ethereum merge transitioned ETH to a full Proof-of-Stake mechanism, dropping Proof-of-Work.
The ETH platform endorsed PoS as a sustainable, cost-effective, and energy-efficient alternative to PoW, aligning well with the evolving needs and values of the blockchain and ETH cryptocurrency community. As it continues to evolve and adapt to changing technological landscapes, Ethereum remains a cornerstone of blockchain technology, continually shaping the future of decentralized applications, DeFi, NFTs, and digital transactions.
However, the real fruits of the merger are yet to surface as the Ethereum price stagnates. Nevertheless, Ethereum ushered October on a high, reaching above $1,700.
At the heart of BTCS is the Proof of Process (PoP) mechanism, a pivotal element that governs the platforms operations. PoP streamlines stake (PoS) and work done (PoW) and introduces a unique concept where individuals can rent processing power within a virtual environment.
This rental system expands the networks computational capabilities, ensuring that various tasks and transactions can be efficiently processed. However, its important to note that the operation of rented devices is designed to have limited access to other device functionalities, preserving security and preventing potential misuse.
Anyone can participate effortlessly using a computer or smartphone, and with the user-friendly Bitcoin Spark mining application, costly equipment, and technical expertise are no longer barriers. Miners can quickly dive into BTCS mining and commence their journey with the option of renting additional power from the network through the application, significantly enhancing their mining capacity and subsequently maximizing their rewards. Collaboration is encouraged within the Bitcoin Spark community.
Miners can join a global network of BTCS enthusiasts, pooling their processing power for more efficient mining and larger collective rewards. Overcoming processing limitations becomes achievable, enabling miners to optimize their earnings seamlessly. Alternatively, they can establish their mining pool, further promoting a sense of community and mutual benefit.
Bitcoin Spark employs a multi-layered system with features like GPU rental, in-app advertising, and a non-linear reward mechanism to empower users with accessible mining devices. The project prioritizes accessibility and innovation, aiming to create a user-friendly experience for investors within the cryptocurrency arena.
BTCS has subjected its infrastructure to several smart contracts audits and KYC certifications to guarantee a compliant, stable, secure, and transparent platform. Its running ICO in phase seven has received enormous uptake as investors diversifying across chains move in their funds. One BTCS is priced at $3, with an 8% bonus.
By combining unique features, BTCS positions itself as a promising platform in the crypto arena, promising a future where mining is more inclusive and transactions are handled with enhanced efficiency and security.
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Website: https://bitcoinspark.org/
Visit BTCS Presale: https://network.bitcoinspark.org/register
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Bull Run Speculations: Ethereum And Bitcoin Spark Two High ... - CryptoPotato
Ironblocks and KuCoin Community Chain Forge a Strategic … – Digital Journal
PRESS RELEASE
Published October 9, 2023
Ironblocks announces a strategic partnership with KuCoin Community Chain (KCC)
Tel Aviv - October 9, 2023 --
Today, Ironblocks, a pivotal force in blockchain-native cybersecurity within the Web3 and decentralized finance (DeFi) sector, proudly announces a strategic partnership with KuCoin Community Chain (KCC). This union indicates a new era in fortified on-chain security and expedited value transfer across the decentralized world.
KCC, a dynamic decentralized public blockchain established by devoted KuCoin enthusiasts, endeavors to dismantle obstacles like elevated costs and dilatory transaction processing times. The decision to ally with Ironblocks emanates from a drive to bolster the protection of its users and assets more robustly. A vital security revelation from Ironblocks, unveiling a promptly patched vulnerability, paved the way for this synergistic partnership. Thus, KCC champions this alliance to reinforce its security infrastructure as it broadens its horizons in both project scope and Total Value Locked (TVL).
"We are delighted to work with KCC to provide them with our best-in-class transaction monitoring and theft protection platform," said Ironblocks CEO and Co-Founder Or Dadosh. "Cyberthieves have already shown this year that they remain undeterred. The protocols that take proactive steps to protect their users are the ones that will rise as others fall."
The convergence of Ironblocks' high proficiency in real-time on-chain security and KCC's decentralized financial framework marks a significant stride towards safeguarding digital assets and smart contracts from pervasive cyber threats. The amalgamation of web3 security, immediate threat detection, prevention, scalability, and user-centric design offered by Ironblocks cater seamlessly to both decentralized and centralized financial entities, ensuring a robustly secure, scalable, and reliable blockchain infrastructure.
Leandre, a core member of KCC, stated: "KCC is committed to providing a secure on-chain environment for all users, and we believe the collaboration of KCC and Ironblocks will further enhance the security of our platform and better protect our users. Additionally, we have launched a series of initiatives to improve the development environment for builders on KCC, making it easier than ever to create innovative projects. We welcome all developers to join KCC and be a part of our growing ecosystem!"
A recent incident involving the Fuse Network underscores Ironblocks' exemplary security capabilities. An attempted exploitation of the Fuse Bridge on August 24th, 2023, involving a net transaction of approximately $1.5M in USDC tokens, was thwarted in real-time by Ironblocks' advanced preventive protocols, further solidifying their status as a linchpin in Web3 security.
About KuCoin Community Chain
Launched on June 16, 2021, KCC is a decentralized public chain with high performance built by the developer fans of KuCoin and KCS. Our purpose is to solve problems such as low performance and high cost of the public chain and provide community users with a faster, more convenient, and less costly experience.
About Ironblocks
Ironblocks, a beacon in Web3 cybersecurity, offers unparalleled protection in the decentralized domain. The company, founded by experts Or Dadosh and Assaf Eli, addresses blockchain's distinct vulnerabilities, aiming to redefine Web3 security standards. Ironblocks champions real-time on-chain detection through its innovative, prevention-centric strategy, boasting an impressive accuracy rate.
Powered by AI, their system proactively curbs malicious transactions. Collaborating with top-tier security firms. With the backing of leading industry investors like Collider, ParaFi, Samsung Next, and Disruptive AI, Ironblocks, now a formidable team of 15 comprising leading cyber and blockchain specialists, is on an unwavering mission to safeguard the integrity of the Web3 space.
Contact Info: Name: Tomer Warschauer NuniEmail: Send EmailOrganization: IronblocksWebsite: https://www.ironblocks.com/
Release ID: 89109621
Should you come across any errors, concerns, or inconsistencies within this press release's content, we urge you to reach out without delay by contacting [emailprotected]. Our committed team will promptly address your feedback within 8 hours and take appropriate measures to resolve any identified issues or guide you through the removal process. Providing accurate and dependable information remains our utmost priority.
COMTEX_441622163/2773/2023-10-08T22:52:37
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Ironblocks and KuCoin Community Chain Forge a Strategic ... - Digital Journal
3 reasons why Solana (SOL) price is up this week – Cointelegraph
The price of Solanas SOL (SOL) experienced a 20% gain between Sept. 28 and Oct. 6, but is the rally a tandem move with Bitcoin (BTC), or is it being driven by other factors? Prior to the price breakout or perhaps, its recovery SOL faced a turbulent period after a U.S. court approved the sale of $1.3 billion in SOL from the bankrupt exchange FTX.
The bankruptcy court has taken measures to ensure that the liquidation of FTX assets wont become a burden for the crypto market, demanding the sale to occur through an investment adviser in weekly batches in accordance with preestablished rules.
Following the initial impact, which drove SOLs price down to a two-month low of $17.34 on Sept. 11, some degree of confidence among bulls emerged as it reestablished the $20 support on Sept. 29. This movement coincided with a successful upgrade to version 1.16, boosting SOL by 16% over the next seven days.
SOLs rally was also supported by growth in the usage of decentralized applications (DApps) and increased nonfungible token (NFT) volumes on Solana. SOLs price is now attempting to establish a $23 support and consolidate its position as the fifth-largest cryptocurrency (excluding stablecoins) by market capitalization, surpassing ADAs (ADA) $9.22 billion.
When analyzing networks focused on DApp execution, the number of active users should be a top priority. Therefore, one should begin by quantifying the addresses involved with smart contracts, which serve as a proxy for the number of users.
Notice that the increase in activity was consistent across all sectors, including NFT marketplaces, decentralized finance, collectibles, social and gaming. Furthermore, Solanas active addresses engaging with DApps exceeded those of Ethereum in the same period, which were capped at 55,230.
Solana has been gaining traction in the NFT market due to its cost-efficient and scalable solution, as data is compressed and stored off-chain. This allows for more viable production in larger quantities, as they require lower minting fees, enabling creators to reach wider audiences.
Over the past seven days, the Solana network surpassed Polygon in NFT sales, accumulating $6.8 million in value, according to CryptoSlam. In September, the situation was reversed, with Solana totaling $23.9 million, while the Polygon network achieved $31 million in NFT sales.
A potential driver behind SOLs recent 20% price gains was the network upgrade to version 1.16 on Sept. 28, which introduced a gate system to ensure the gradual activation of new features on the network. This process helps maintain network stability and prevents issues caused by sudden changes.
Another notable change in this update is confidential transfers, which use zero-knowledge proofs to encrypt transaction details, enhancing user privacy. The release also includes improvements in RAM usage for validators, resizable data accounts and a mechanism to identify corrupted data.
Overall, this update brings improved efficiency, privacy and security to the Solana blockchain, marking a significant milestone in its development.
Despite Solanas competition with other blockchain networks, there is no doubt that Ethereum layer-2 solutions have gained more traction in terms of total value locked (TVL) and activity. For instance, Arbitrum holds $1.73 billion in TVL, and Optimism holds another $637 million, according to DefiLlama both vastly superior to Solanas $326 million.
Even as Solana continues to make progress in terms of privacy, scaling and security, external factors are at play beyond the FTX bankruptcy drama, making the $23 resistance harder to breach than anticipated.
Ultimately, investors remain largely focused on the Ethereum ecosystem, as it remains the leader in terms of developers and consolidated decentralized applications.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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3 reasons why Solana (SOL) price is up this week - Cointelegraph
InfinityStake Raises $12M in Financing Round with Participation … – Digital Journal
PRESS RELEASE
Published October 8, 2023
Melbourne, Australia, 8th Oct 2023, King NewsWire InfinityStake, a trailblazing decentralized staking platform, is making waves in the decentralized staking space with the successful completion of a $12 million financing round. While specific investor details remain confidential, internal sources from relevant investment institutions hint at the involvement of several high-profile venture capital firms, including Binance Labs and Delphi Ventures.
InfinityStake is at the forefront of transforming the staking landscape, offering unique opportunities to its users. By leveraging the power of meticulously designed and robust smart contracts, InfinityStake can identify and tap into innovative staking pools that promise high potential and attractive Annual Percentage Rates (APR). This unique approach allows users to maximize earnings through arbitrage in a way that was not possible before.
The platform stands out from other decentralized applications (dApps) in the market, offering higher returns thanks to the strength and efficiency of their smart contract mechanism. InfinityStake has redefined the concept of staking, making it not just about securing assets, but optimizing them for maximum growth and profitability.
The recently obtained financing underscores the confidence of the investment community in InfinityStakes innovative approach and its potential to disrupt traditional staking methods. The funds will be utilized to further enhance the platforms capabilities, expand its reach, and solidify its position in the burgeoning decentralized staking space. This includes the development of new features and services to provide users with an even more seamless and lucrative staking experience.
Moreover, the financing will enable InfinityStake to foster strategic partnerships and collaborations that will further enhance its service offerings and user experience. The platform is focused on building a robust ecosystem that promotes financial inclusivity and empowers its users to optimize their assets.
As InfinityStake continues to chart its growth trajectory, the platform is set to revolutionize the world of staking. Stakeholders, users, and enthusiasts should keep an eye on this space for more exciting updates and developments.
Organization: InfinityStakechain
Contact Person: Nicholas Swan
Website: https://www.infinitystakechain.com
Email: [emailprotected]
City: Melbourne
Country:Australia
Release id:6871
View source version on King Newswire:InfinityStake Raises $12M in Financing Round with Participation from Binance Labs
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InfinityStake Raises $12M in Financing Round with Participation ... - Digital Journal
The Protocol: Which Ethereum Layer-2 Project ISNT Competing to Land Celo? – CoinDesk
Its hard to cover blockchain tech without considering the impact of crypto winter. In this weeks issue of The Protocol, we highlight layoffs hitting key firms as well, and how blockchain projects are competing for new mandates specifically big Ethereum layer-2 developers like OP Labs, Polygon and Matter Labs vying to provide the technology for the Celo blockchains new network; theres only so many customers to go around.
This weeks feature by Camomile Shumba looks at how the crypto firms Chainlink Labs and Ripple are finding comfort in the idea that the future of finance end up as a hybrid of crypto and traditional finance, rather than total disruption or winner-takes-all.
You're reading The Protocol, CoinDesks weekly newsletter that explores the tech behind crypto, one block at a time. Subscribe here to get it every week.
BLOCKCHAIN BAKE-OFF! In July, when the smart-contracts blockchain Celo proposed to ditch its independent layer-1 status in favor of becoming a layer 2 network atop Ethereum, the people behind the project may have had little inkling of just how popular they would become. Now theres suddenly a burst of competition among veteran layer-2 teams to supply the technology for Celos new system. The migration initially was supposed to rely on Optimisms OP Stack software kit, which served as the template not only for Coinbases new Base blockchain but also the Binance-incubated BNB Chains new opBNB network. Then last month, Polygon injected itself into the mix, offering up its Polygon Chain Development Kit, known as Polygon CDK, as an alternative. As of last week, theres yet another suitor to host Celo: Matter Labs, the creators of another rollup, zkSync, as well as the ZK Stack open-source software, which can be used to create new hyperchains on Ethereum. The modular and open-sourced ZK Stack is the optimal L2 stack for Celos transition to Ethereum, according to the Matter Labs proposal. We hope to trigger an honest, open discussion amongst the Celo and zkSync communities regarding the tradeoffs between the ZK Stack, the OP Stack, Polygon CDK and other options. Coming in the depths of crypto winter, the episode offers a reminder of the intensity of the consolidation trend, with the various networks scrambling to find fresh business.
PROOF-OF-PROOF: The crypto developer OP Labs rolled out software a year ago making it easy for companies to spin up their own distributed networks atop the Ethereum blockchain. But the option quickly became so popular that it attracted the likes of the big U.S. crypto exchange Coinbase, which used the platform to build its new blockchain, Base. As these things go, success leads to greater scrutiny, and in recent months, technical experts homed in on a crucial deficiency of the setup: Networks based on the OP Labs software were missing an element known as fault proofs that theoretically sit at the very core of their inherent optimistic rollup design; the lack of the security feature was likened to driving a fast car without airbags. OP Labs officials got the message, and recently had insisted that getting fault proofs into operation was a top priority so much so that the project even had its own name, Cannon. On Tuesday, OP Labs finally delivered or at least took its first step toward addressing the concerns, launching fault proofs on a test network known as OP Goerli Testnet. Such progress might keep critics at bay, at least for a while.
COLD CRYPTO: Transaction volumes across the crypto industry have slowed dramatically, and the signs of retrenchment are ubiquitous. Chia Network, founded by BitTorrent inventor Bram Cohen, laid off 26 employees, a third of its staff, and might now consider selling off some of 2.6 million unencumbered XCH tokens ($70 million worth) to raise funds. Chainalysis, the blockchain analytics firm, cut 15% of staff, out of an employee base said to be around 900. On Wednesday, the DeFi lending project Yield Protocol announced plans to wind down by the end of the year, because there is currently not sustainable demand for fixed-rate borrowing.
BAD BLOOD IN BSV: Christen Ager-Hanssen, the former CEO of nChain, which is focused on the Bitcoin SV (BSV) blockchain, posted on X that he had departed, adding that he was convinced that Dr. Craig Wright is NOT Satoshi and is persuaded he will lose all his legal battles. Calvin Ayre, a patron of the BSV ecosystem, wrote on X that Christen is a grifter He had no real plans for nChain other than stealing the silverware. Wright posted: Sorry to disappoint my anti-fans. I havent gone anywhere.
TO ENSHRINE OR NOT TO ENSHRINE? Ethereum co-founder Vitalik Buterin was once an advocate for the proliferation of layer-2 networks, under a minimal-enshrinement philosophy essentially keeping the main blockchain network as a simple, beautiful protocol that tried to do as little as possible. Now, however, he writes that enshrining certain features in the protocol might be worth considering.
Ethereum developers prove successful in second attempt at Holesky test network launch.
Mondays highly anticipated launch of no fewer than nine exchange-traded funds or ETFs offering exposure to ether (ETH) futures proved spectacularly unimpressive; one analyst described the whole affair as meh.
Highlighting blockchain tech upgrades and developments.
1. Nomic, a layer-1 blockchain with a decentralized, non-custodial Bitcoin bridge, said its nBTC Interchain Upgrade "empowers users" to bring native bitcoin (BTC) to anywhere within the Cosmos ecosystem.
2. Chainlink, the blockchain data oracle provider, has launched Data Streams, a new product designed to reduce network latency.
3. Polybase, a state zk-rollup protocol that natively supports modular data storage and indexing, has launched Polylang, a programming language described as TypeScript for Zero Knowledge.
4. Babylon unveiled at Cosmoverse its Bitcoin Staking Protocol MVP.
In the chaos that followed the collapse of Sam Bankman-Frieds FTX crypto exchange, a still-unknown party drained affiliated wallets of as much as $600 million. Until this past week, some $26 million of ether (ETH) had sat in a single wallet tagged FTX Exploiter by blockchain sleuths. But in the wee hours of Saturday, Sept. 30, just days before Bankman-Frieds criminal trial was set to commence in New York, the blockchain account suddenly sprung into action, and the funds started moving flowing quickly through a series of wallets that appeared to have no other purpose but as intermediary accounts; routing through Railgun, a privacy-enhancing protocol; and ultimately ending up at Thorchain, a decentralized cross-chain swap protocol; or reaching a smart contract labeled, Metamask: Swap Router. Using blockchain explorers, we traced the flow that one batch of 2,500 ETH took out of the long-dormant wallet. Heres that visualization:
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The Protocol: Which Ethereum Layer-2 Project ISNT Competing to Land Celo? - CoinDesk
Understanding Stablecoins And Their Impact On Modern Finance – The Coin Republic
The digital asset landscape has recently seen the rise of stablecoins, a distinct class of cryptocurrencies. Unlike frequently fluctuating assets like Bitcoin and Ethereum, stablecoins aim to maintain consistent value. This piece will explore the nuances of these digital currencies, examining their classifications, pros and cons, operational dynamics, applications, legal perspectives, leading market players, and the potential of investing in such assets.
Stablecoins represent a distinct segment of digital currencies designed to uphold a consistent value. Often, they achieve this by anchoring their worth to tangible assets such as fiat money or commodities. These coins aim to merge the advantages of cryptocurrency transactions, which are typically swift and economical, with the stability that counters the price fluctuations seen in many other digital currencies.
Stablecoins offer several advantages:
Stablecoins provide a haven from the price volatility in cryptocurrencies like Bitcoin.
They inherit the benefits of blockchain technology, enabling quick and cost-effective cross-border transactions.
Stablecoins can improve financial access for people in regions with unstable fiat currencies or limited banking infrastructure.
Stablecoins are a cornerstone in decentralized finance (DeFi) applications, facilitating lending, borrowing, and liquidity provision.
However, there are also disadvantages to consider:
Fiat-backed stablecoins rely on centralized custodians for reserve management, potentially exposing them to regulatory and counterparty risks.
Stablecoins face evolving regulatory landscapes, which can impact their operation and adoption.
Users must trust the issuer to maintain the peg and adequately back the stablecoin
The workings of stablecoins depend on their type. For example, fiat-backed stablecoins are maintained by holding an equivalent amount of fiat currency in reserve, while crypto-backed stablecoins use over-collateralization to manage their value.
Algorithmic stablecoins utilize smart contracts and algorithmic mechanisms to dynamically adjust their supply and demand, seeking equilibrium to maintain price stability.
Stablecoins have found a wide range of use cases:
They serve as an efficient means of transferring value, especially for cross-border transactions.
Migrant workers can use stablecoins to send money to their home countries with lower fees and faster settlement times.
Stablecoins are integral to DeFi platforms, providing liquidity, collateral, and stability to these decentralized financial systems
Investors often use stablecoins as a temporary store of value during market volatility or when exiting cryptocurrency positions.
Regulatory authorities across different jurisdictions have struggled to categorize stablecoins consistently. They sit at the intersection of traditional fiat currency and digital assets. While some countries view them as commodities, others see them as securities or a new class of financial instruments. Establishing a clear and unified definition can aid in creating appropriate regulations.
Since stablecoins can be used as a medium of exchange and a store of value, ensuring the safety of users funds is paramount. Regulators might require stablecoin issuers to hold the same amount of underlying assets as the stablecoins they issue and to undergo regular audits. There is also a need to ensure that issuers are transparent about their reserves and risk management practices.
Like other digital assets, stablecoins can be used for illicit activities if safeguards arent in place. Regulatory bodies emphasize the need for stablecoin issuers and related platforms to implement rigorous AML and CFT measures similar to those required for traditional financial institutions.
As stablecoins gain prominence and more users, their potential failure can pose systemic risks to the broader financial system. Authorities are concerned about the run on the bank scenarios, where a sudden drop in confidence could lead to a cascade of withdrawals, destabilizing the stablecoin and potentially impacting other linked financial systems.
Given blockchain technologys decentralized and global nature, stablecoins inherently have cross-border functionalities. This makes it challenging for a single regulatory body to exert complete oversight. International collaboration among regulators is essential to ensure consistent policies and to prevent regulatory arbitrage, where entities move operations to jurisdictions with more lenient regulations.
Its worth noting that the landscape of stablecoin regulations is dynamic, with authorities worldwide continuously updating their stances and policies to accommodate the evolving nature of the technology and its implications for the financial system.
Several stablecoins have gained prominence in the cryptocurrency space, including Tether (USDT), USD Coin (USDC), DAI, and Binance USD (BUSD). These stablecoins differ in terms of their underlying collateral and issuer.
Investors often turn to stablecoins during periods of cryptocurrency market volatility. They offer a relatively safe asset to park funds while waiting for better investment opportunities. Additionally, some DeFi platforms offer yield farming and staking opportunities with stablecoins, allowing investors to earn interest on their holdings.
Stablecoins have emerged as a crucial bridge between traditional finance and the world of cryptocurrencies. Their stability, versatility, and use in various financial applications make them valuable to the digital asset landscape.
Users and issuers of these cutting-edge digital currencies should be vigilant of the ever-changing regulatory landscape and the inherent risks they carry. As the dynamics of stablecoins progress, their significance in the financial realm is poised to become even more pronounced.
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Understanding Stablecoins And Their Impact On Modern Finance - The Coin Republic
Arbitrum’s Popular Dapps Which Shows More Adaptability In Future – The Coin Republic
Ethereum is regarded as the most popular platform for creating the dApp. Remarkable growth is one of the reasons for the rising cost and congestion on Ethereum which is responsible for slow speed. This is demanding the on-chain adjustments and updates to expand Ethereum. While others are looking for Layer 2 solutions.
Despite having major differences in the shape and function Arbitrum is gaining the grip. It was created to fix the inadequacy of Ethereum-based smart contracts. This has negatively affected the Ethereum user experience. Arbitrum accounts for 60% of the Layer-2 market. The increasing activity on Arbitrum is pushing DeFi to new heights.
GMX based on market capitalization and total locked value(TVL) is the largest DeFi project on the network. It is a decentralized exchange based on Arbitrum. Bitcoin, Ethereum, and other popular cryptocurrencies may be traded on GMX with up to 50x leverage.
The GMX user can do the spot swaps. It provides a better trading experience with low swap fees. The trading takes place via its native multi-asset pool, GLP.It is made of 50-55% stablecoins, 25% ETH, 20%BTC and 5-10% other altcoins.
The GMX token is a utility and governance token. It means the token is used to vote on proposals to make decisions regarding the future of the project.
It has a total trading volume of 94 Billion and has more than 235,000 members. The platform has grown as the biggest and most used DeFi exchange on the network.
VELA exchange is a decentralized exchange on Arbitrum which provides professional trading platforms for several cryptocurrencies. Dexpools was used to create the platform. DEX is an OTC trading system based on a decentralized liquidity pool. VELA exchange gained momentum on Arbitrum with the newly announced beta version.
VELA Exchange considered more than 10% of on-chain activity on Layer 2. This highlights the communitys interest and faith in this immortal exchange. The exchange shows a stablecoin backed by USDC that must be deposited to access the trading platform.
Radiant is a non-custodial lending protocol platform on Arbitrum. The project is planned to grow into a cross-chain lending platform. It facilitates users to engage with different blockchains while borrowing and ending on the same platform. Simply said, it allows users to earn interest and borrow assets over various blockchains.
The user can deposit any big asset on any big network or chain and borrow a range of assets supported by several chains. On Arbitrum this lending platform has the greatest TVL. With RDNT token lenders are rewarded through the platform.
As the financial outcomes increase on Radiant it will show more developments in the foreseen future. As a fully decentralized protocol Radiant strengthens its community to vote, implement the proposals, and participate in the decisions to make the platforms future.
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Arbitrum's Popular Dapps Which Shows More Adaptability In Future - The Coin Republic
Unveiling the Best Cryptocurrency Interoperability Solutions in 2023 – ReadWrite
Cryptocurrencies have revolutionized the financial landscape; nevertheless, a significant challenge persists. The lack of interoperability and compatibility between different cryptocurrency networks. This blog post will explore the best solution to bridge these networks effectively, enabling seamless transactions and fostering widespread adoption. Get ready to be amazed as we reveal a groundbreaking technique that will transform the cryptocurrency world!
How to Best Tackle Crypto Volatility- The Ultimate Investors Solution Guide (from: theinformedminds dot com).
Decentralized governance models empower the community to make critical decisions regarding network upgrades, interoperability standards, and protocol improvements. This level of decentralization ensures a fair and transparent ecosystem that evolves with the needs of its users.
Bridging cryptocurrency networks through the best interoperability solutions, such as cross-chain bridge protocols, atomic swaps, and interoperability middleware, has been a significant step toward the industrys growth. However, the integration of decentralized oracles and governance will truly revolutionize the cryptocurrency space. Embrace the future of finance with interoperable networks, decentralized oracles, and community-driven governance the ultimate combination for a seamless and robust cryptocurrency ecosystem.
Q1: How do I move crypto between networks?
A: You can move crypto between networks using a crypto bridge or a decentralized exchange (DEX). First, you must choose a bridge or DEX that supports the specific cryptocurrencies you want to transfer. Then, follow the bridges instructions to initiate the transfer, typically locking the crypto on one network and minting or unlocking it on the destination network.
Q2: What is the best crypto bridge?
A: The best crypto bridge depends on your specific needs and the cryptocurrencies you want to bridge. Some popular crypto bridges include Polygon (formerly Matic), Ren Bridge, and Binance Smart Chain Bridge. Its essential to research each bridges features, security and supported assets to determine the best fit for your requirements.
Q3: What is a crypto bridge?
A: A crypto bridge is a platform or protocol that enables the seamless transfer of cryptocurrencies and tokens between different blockchain networks. It acts as a connector, allowing assets to move from one network to another while maintaining their value and integrity.
Q4: Can you bridge Bitcoin to Ethereum?
A: You can bridge Bitcoin to Ethereum using various decentralized solutions. For instance, the Wrapped Bitcoin (WBTC) token is an ERC-20 token backed 1:1 by Bitcoin and can be used to bridge Bitcoin onto the Ethereum network.
Q5: Can I swap coins between networks on MetaMask?
A: MetaMask allows you to swap coins between compatible networks using its built-in Swap feature. This feature provides a simple way to exchange assets without needing external platforms or crypto bridges.
Q6: What happens if I send crypto on a different network?
A: If you send crypto to an address on a different network, the transaction will likely fail, and your funds may be lost. Different blockchain networks have their own unique addresses and protocols, so you must ensure that the receiving address matches the network you intend to use.
Q7: Why do you need to bridge crypto?
A: Bridging crypto is necessary to enable interoperability between different blockchain networks. By bridging, users can access a wider range of applications and financial services on other networks, fostering greater adoption and utility for cryptocurrencies.
Q8: What are some crypto bridges?
A: Some well-known crypto bridges include Polygon (Matic) Bridge, Ren Bridge, Wrapped Bitcoin (WBTC), and Binance Smart Chain Bridge. Each of these bridges facilitates the transfer of assets between different blockchain networks.
Q9: How do you bridge tokens?
A: To bridge tokens, you typically need to lock the tokens on the source network and then mint or unlock them on the destination network using a compatible crypto bridge. This process ensures that the tokens maintain their value and representation as they move between networks.
Q10: How to build a blockchain bridge?
A: Building a blockchain bridge involves creating a secure protocol or platform that allows tokens to move between different blockchain networks. The process includes developing smart contracts, ensuring security measures, and establishing a consensus mechanism for validating transactions.
Q11: How long does it take to bridge crypto?
A: The time it takes to bridge crypto between networks can vary depending on the bridges design and network congestion.In some cases, the process may be relatively quick; however, in others, it could take several minutes or more.
Q12: Are crypto bridges safe?
A: Crypto bridges can be safe if they are well-designed, audited for security vulnerabilities, and have a track record of successful operations. However, its essential to exercise caution and conduct thorough research before using any bridge to ensure the safety of your assets.
Q13: What is cross-chain in crypto?
A: Cross-chain in crypto, in other words, denotes the ability of cryptocurrencies or tokens to function and interact across various blockchain networks. Consequently, this enables smooth transfers and transactions between networks that would otherwise remain isolated from each other.
Q14: What is the difference between swap and bridge in crypto?
A: In crypto, a swap involves exchanging one cryptocurrency for another within the same network or blockchain. Conversely, a bridge facilitates the transfer of assets between different blockchain networks, enabling tokens to exist and function on multiple platforms simultaneously.
Q15: Will Ethereum ever pass Bitcoin?
A: The future performance and ranking of cryptocurrencies like Ethereum and Bitcoin are uncertain and subject to market dynamics and technological advancements. While Ethereum has shown significant growth and utility, whether it will surpass Bitcoin in terms of market capitalization or adoption remains speculative.
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Unveiling the Best Cryptocurrency Interoperability Solutions in 2023 - ReadWrite