In a thought-provoking session at the Fortune 2024 BrainstormTech conference, Ripple CEO Brad Garlinghouse addressed the division between Republicans and Democrats in the United States when it comes to crypto policy. Expressing his discontent, Garlinghouse emphasized the need for a unified approach towards innovation, highlighting the importance of crypto technology which supports efficiency and reduces […]
Decentralized finance (DeFi) platform LI.FI protocol has been hit by an exploit worth around $8 million following a series of suspicious withdrawals, on-chain data shows.
The assassination attempt on former President Donald Trump during a rally in Pennsylvania on Saturday has led to a surge in his chances of winning the presidential election, according to crypto prediction market Polymarket. A recent report by Fortune found that while traditional polls may paint a different picture, Polymarket and PredictIt are seeing a […]
MakerDAO, the leading DeFi platform, has revealed a significant $1 billion investment in tokenized US Treasury securities in a move that has rocked the crypto industry. This strategic action is likely to change the basic principles of the decentralized finance (DeFi) ecosystem. Related Reading: Coinbase Sounds The Alarm: Crypto Market Rollercoaster To Persist Major Players […]
Alexey Pertsev, the co-founder and developer behind Tornado Cash, was denied bail by a Dutch court on Friday, according to DLNews.
Another DeFi protocol fell victim to an exploit on Friday morning. Dough Finance, an open-source protocol to create non-custodial liquidity markets, suffered a flash loan attack that took nearly $2 million in user funds. The project’s team announced they are working to resolve the situation promptly. Related Reading: SEC’s Crypto Stance Is ‘Anti-Investor’: CoinRoutes CEO […]
The attacker exploited unvalidated calldata, resulting in 608 ETH being stolen.
A recent report by Bloomberg has revealed that suspected digital wallets have been responsible for distributing nearly $100 billion in illicit funds across the crypto market since 2019, with a significant portion flowing through two key sectors of the industry. Crypto Criminals Exploit Stablecoins And CEXs The report highlighted that criminals are increasingly using stablecoins, […]
Coinbase’s new wallet app will allow users to connect any self-custodial wallet for an aggregated view of assets.
The integration of Chainlink Data Feeds on Starknet is set to enhance DeFi application development, driving ecosystem growth and adoption.
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DeFi platform Compound Finance has suffered a significant security breach that has affected its official website. The protocol’s domain has been hijacked and is currently hosting a phishing site, posing a severe user risk. Per Compound Labs’ official X account, the company issued an urgent warning at 10:15 A.M. on July 11, stating, “The Compound […]
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To capitalize on the growing interest in the crypto industry, banking giant Goldman Sachs is preparing to enter the tokenization sector, with three offerings expected to launch later this year. Goldman Sachs Aims To Capitalize On Tokenization Trend According to a Fortune report, Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, revealed the bank’s intentions to expand its crypto offerings, focusing on the tokenization sector. Tokenization involves issuing “real-world assets,” such as money market funds and real estate holdings on public blockchains such as Ethereum or Solana, leading the bank to plan to launch three tokenization projects by the end of the year in partnership with major clients, including its first project in the United States. Related Reading: Floki Inu To Build Schools In India, FLOKI Price Seen Hitting $17 While other financial institutions, such as BlackRock, launched its first tokenized fund on the Ethereum blockchain in March, McDermott emphasized that success depends on creating products that investors want. To that end, Goldman Sachs recently hosted a digital asset summit in London attended by more than 500 clients. During the Summit, McDermott emphasized the importance of providing investors with these solutions that can “fundamentally” change asset management strategies, stating, “There’s no point in doing it just for the sake of it. According to the report, Goldman Sachs’ views on crypto differ within the institution. McDermott acknowledged that varying perspectives are expected within an institution of their size. While Sharmin Mossavar-Rahmani, CIO for Goldman Sachs, voiced skepticism about crypto as an investment asset class, McDermott emphasized the bank’s active involvement in crypto from an institutional perspective, including trading cash-settled crypto derivatives on behalf of clients and their participation in the recently approved ETF markets. Crypto Opportunities Ahead Of US Presidential Election As BlackRock successfully launched its treasury fund, BUIDL, on the Ethereum blockchain, it has garnered significant attention; McDermott noted that Goldman Sachs primarily targets institutional clients and intends to work exclusively with private blockchains due to “regulatory constraints.” Although McDermott refrained from disclosing specific details about the upcoming tokenization projects set to debut this year, he revealed that one project would focus on the US fund complex. At the same time, another would center around debt issuance in Europe. Related Reading: Ethereum Rising, 2 Million Addresses Will Be In Money If $3,200 Is Broken Looking ahead, with the US presidential election and the potential for a shift in the government’s regulatory stance on crypto on the horizon, McDermott believes that Goldman Sachs’ opportunities in the space could expand further. This could include activities like holding spot crypto assets and exploring execution and sub-custody services, subject to approval. As of this writing, the largest cryptocurrency on the market, Bitcoin (BTC), was trading at $57,580, presenting a slight decrease of 0.5% in the 24-hour time frame, aiming to consolidate above this level. Featured image from DALL-E, chart from TradingView.com
John Wingate of BankSocial and Azeem Khan of Morph tell The Agenda podcast how crypto and blockchain can make the world a better, more equitable place.
So-called “Boosters” enhance the yield from WOO tokens, which are staked to earn a share of the DEX’s fees.
Smart contract proxy upgradeability allows developers to update the logic of deployed smart contracts while preserving the contract’s state and address. This provides flexibility to fix bugs or add features but also introduces potential risks. Smart contracts, self-executing agreements on blockchain networks, traditionally operate as immutable code once deployed. This immutability is a cornerstone of […]
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With its swap volume surging to a new all-time high, Uniswap, the leading decentralized exchange (DEX) in the cryptocurrency industry, has achieved a noteworthy milestone, showcasing its position as a formidable DEX. This accomplishment emphasizes how important the exchange is to the continuing growth of Decentralized Finance (DeFi), as more users look to DEXs for […]
The blockchain’s revenue declined over the first half of 2024, and its head ambassador has called for its token’s inflation rate to be lowered.
GMX, a perpetual futures trading platform, will be a launch partner and leverage Chainlink’s tech to fuel the decentralized futures exchange.
In a landmark case brought by the US Department of Justice (DOJ), two individuals have been convicted of manipulating the price of a crypto asset deemed a “security” and allegedly conspiring to defraud investors by purchasing Hydrogen Technology’s HYDRO cryptocurrency. The federal jury’s verdict resulted in significant prison terms for the defendants and established a crucial […]
Despite challenges in the current DeFi and metaverse landscape, the reports highlight potential growth and innovation in these emerging sectors.
In a significant development for the crypto industry, Republican Congressman Matt Gaetz is set to introduce a new bill allowing federal income tax payments to be made using Bitcoin (BTC). Gaetz believes that by allowing taxpayers to utilize Bitcoin for their federal tax obligations, the country can foster innovation, enhance efficiency, and provide greater flexibility […]
Aave’s decentralized autonomous organization (DAO) is evaluating a proposal to join the Lido Alliance and establish a dedicated market for the liquid staking protocol’s staked Ethereum (stETH) token. The Lido Alliance aims to promote infrastructure development around stETH, focusing on restaking use cases. This alliance emerged in response to the rising dominance of EigenLayer, an […]
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The altcoin market is experiencing an early “crypto winter” as initial investors and founders of various projects sell off their tokens. According to a recent Bloomberg report, this decline can be attributed to a combination of factors, including the unlocking of tokens held by venture capitalists (VCs) and founders, as well as the selling pressure caused by the correlation between altcoins and major network tokens. Altcoin Market Hit By Token Unlock Wave As the crypto market recovered from the prolonged decline of two years ago, many projects’ tokens have reached their unlock dates this year. Per the report, venture capitalists and founders who received these tokens in exchange for investments or work contributions now have the opportunity to sell them. Out of the 138 tokens tracked by researcher TokenUnlocks, 120 have scheduled for this year, with a combined market value of approximately $58 billion. This anticipated selling from unlocking VCs has led to downside price reflexivity as non-VC holders attempt to front-run the selling pressure, often resulting in steep discounts to spot prices. Related Reading: Bitcoin Price Crashes Below $61,000: The Main Reasons The price performance of altcoins such as DYDX, Avalanche (AVAX), and Pyth (PYTH) has been significantly impacted by token unlocks. DYDX’s token price has more than cut in half since mid-March, while AVAX and PYTH have also seen significant declines. These three tokens had unlocks scheduled for May, adding to the selling pressure. Token unlocks, which had previously helped drive 2023 prices, are now receiving more attention from both VCs and public participants, prioritizing short-term profits over long-term holdings for altcoins with unlocks. Liquidity Crisis? Notably, since March 14, when Bitcoin (BTC) reached an all-time high of $73,700, only 12 out of the top 90 non-stablecoin assets tracked on centralized exchanges (CEXs) have posted positive returns, while 81 have recorded negative returns, according to the report. Bitcoin has dropped around 12% since its peak, and most of the top 100 tokens have declined by more than 25%. The smaller altcoins, including those correlated with major network tokens like Ethereum (ETH) and Solana (SOL), tend to be sold off first when there is a decline. The unlocking of tokens exacerbates this selling pressure, further impacting the altcoin market. Related Reading: Toncoin On Fire: Crypto Explodes To All-Time High – Can It Hit $10? According to Bloomberg, the current market presents challenges for infrastructure projects funded during the bear market phase. While these projects launch their tokens, there is limited demand from “regular buyers” at high prices. The altcoin market is currently characterized by a lack of liquidity and a surplus of tokens being unlocked, leading to downward pressure on prices. Featured image from DALL-E, chart from TradingView.com
Crypto and some key sub-sectors, like decentralized finance (DeFi) or non-fungible token (NFT) trading or minting, remain dynamic. While activity is highly influenced by price, other changes are settled not by how prices gyrate but by time. Uniswap Users Are Increasingly Posting Small Trade Sizes Events in Uniswap, a leading decentralized exchange (DEX) on Ethereum, draw the interest of Token Terminal, a blockchain analytics platform. Related Reading: Here’s Why The Worldcoin (WLD) Price Surged Over 15% In One Day To Reach $3 According to Token Terminal, a curious trend is happening in Uniswap: While the Ethereum ecosystem is expanding and expected to grow even more, trade sizes on Uniswap are shrinking rapidly. Over the last two years, the average trade size on the popular DEX has fallen from around $30,000 registered in 2022 to roughly $1,000 at press time. Commentators speculate that this trend could point to increasing adoption, especially among retailers. Compared to institutions or crypto hedge funds that might want to trade huge chunks, most retailers lack those resources. They are more comfortable with lower trade sizes. This observation makes sense, especially with the explosion of meme coins deployed on the mainnet or layer-2 platforms like Base. Though Uniswap first launched on the Ethereum mainnet, it is also available on Base, Arbitrum, and Polygon. It enables the trading of tokens in a low-fee environment. On these platforms, market participants can trade on smaller sizes since they know the fee impact will be lower than on the mainnet. Another perspective suggests that the rise of competing DEXs built on alternative blockchains like Solana and BNB Chain might be drawing activity away from Uniswap. Modern blockchains like Solana offer faster transaction speeds and lower fees. With Ethereum processing 15 TPS at optimum, the higher scalability and interoperability with the first smart contracts platform can appeal to some traders. DEX Users Rapidly Climbing As Ethereum Finds Regulatory Clarity The decline in trade size comes surprisingly alongside a surge in overall DEX activity. Another Token Terminal report shows that monthly active traders across leading DEXs, including Uniswap, stand at 11.2 million. It is roughly 3 million short of the all-time posted in December 2021. This observation suggests that though more traders post smaller sizes, more users are keen on exploring and participating. Related Reading: XRP Faces Extended Bearish Pressure At $0.4937 Amid Market Weakness Even as Uniswap’s average trade size falls, analysts are bullish on the protocol and UNI, its native token. The platform plans to launch Uniswap v4 while Ethereum now has regulatory clarity, especially with a spot Ethereum exchange-traded fund (ETF) on the way. Feature image from Adobe Stock, chart from TradingView
Ethereum is the home of decentralized finance (DeFi), looking at the over $100 billion in total value locked (TVL). Even though the figure fluctuates, mainly depending on the performance of ETH, it is clear that DeFi has proven revolutionary, opening up new use cases spanning multiple sectors, including finance and insurance. Are Ethereum DeFi Protocols […]
Cryptocurrency exchange Kraken has announced that it has fallen victim to a major security flaw that has resulted in the theft of $3 million worth of digital assets. However, in a surprising turn of events, the party responsible has been identified as CertiK. This blockchain security firm claims to have initially reported the bug through Kraken’s bug bounty program. CertiK is now accused of exploiting additional vulnerabilities and extorting the exchange for more money, leading to calls for legal action and concerns among crypto investors. Kraken Security Flaws Exposed The incident unfolded when Kraken’s Chief Security Officer, Nick Percoco, revealed that the exchange had received a bug report on June 9 from a self-described security researcher. The researcher claimed to have discovered an “extremely critical” bug that allowed them to inflate their balance on the platform artificially. Upon further investigation, CertiK, which admitted its involvement in the incident in its social media post, uncovered several critical vulnerabilities in Kraken’s systems that could potentially result in losses of hundreds of millions of dollars. Related Reading: Whales Dump Over $1 Billion In Bitcoin: Fire Sale Or Foreshadowing? CertiK’s findings revealed shortcomings in Kraken’s deposit system, indicating a failure to differentiate between internal transfer statuses. Furthermore, CertiK’s testing revealed that Kraken failed all these tests, exposing the compromised state of Kraken’s defense-in-depth system. According to CertiK, “millions of dollars” could be deposited into any Kraken account, and a substantial amount of fabricated cryptocurrency (worth over $1 million) could be withdrawn and converted into valid digital assets. The security firm also claimed that no alerts were triggered during a “multi-day test period” and that Kraken only responded and blocked the test accounts days after the incident was officially reported. Following the identification of the vulnerability, CertiK alleges that Kraken’s security operations team “threatened” individual CertiK employees, demanding the repayment of a “mismatched” amount of cryptocurrency within an “unreasonable time frame,” without providing repayment addresses. However, Kraken’s Percoco countered that they had requested a full accounting of the then-unknown company’s activities and the return of the withdrawn funds. Percoco argued that CertiK’s refusal to comply with these requests violated the rules of ethical hacking and bordered on extortion. Will CertiK Face Legal Repercussions? The revelation of this incident has raised surprise and concerns within the cryptocurrency community, leading to calls for legal action against CertiK. One user accused CertiK of stealing the $3 million funds from Kraken, holding it ransom for a bounty, refusing to return the funds, and now transferring the money to Tornado.cash to protect it from potential seizure by authorities. Coinbase’s Director, Conor Grogan, pointed out that Tornado.cash is subject to the Office of Foreign Assets Control (OFAC) sanctions and highlighted CertiK’s US domicile, hinting at potential legal repercussions by US agencies. Market expert Adam Cochran also weighed in, astonished at CertiK’s actions and highlighting the firm’s history of compromised audits. Cochran went further to describe the situation as “Down right criminal.” Related Reading: Bitcoin Takes Control In Market Meltdown, Dominance Climbs To 9-Week Peak The next steps taken by Kraken and potential consequences for CertiK are yet to be seen. However, the involvement of US agencies and potential legal actions loom over the security firm. The unfolding developments in this case will undoubtedly shape the future of bug bounty programs and impact the relationship between cryptocurrency exchanges and security firms. Featured image from Shutterstock, chart from TradingView.com
The publicly-traded bitcoin miner Marathon began incubating Anduro in February as a "platform built on the Bitcoin network that allows for the creation of multiple sidechains."
The massive selloff on June 17 caused $455 million in liquidations across assets. The effects of the selloff were felt beyond just the altcoin market, with Bitcoin and Ethereum both seeing notable losses in the past 24 hours. The impact on the DeFi market was particularly pronounced, with the TVL dropping from $104.123 billion to […]
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Meme coins, the once-dismissed “joke” tokens, are rapidly solidifying their position in the multi-trillion-dollar scene. According to CoinMarketCap, meme coins now command a cumulative market cap of over $45 billion. Interestingly, they are on an upward trajectory as thousands of meme coins are minted predominantly on top platforms like Solana, Ethereum, and Base. Analysts and investors are taking notice as meme coins like BOME, PEPE, and Dogecoin boom. Most predict this subset of crypto will expand and become a core part of the industry in the coming years. Arthur Hayes Backs Meme Coins In a recent interview, Arthur Hayes, the BitMEX co-founder, joined the growing list of meme coin supporters. Hayes backed meme coins, stating that these tokens are increasingly gaining traction because of their simplicity. Unlike complex decentralized finance (DeFi) protocols or AI, they require no technical knowledge. Therefore, this feature and accessibility continue to broaden their appeal. This position also seems to resonate with Raoul Pal, who, in the same interview, added that meme coins are rising because of the cultural connection these tokens tag. As constructed, meme coins are meant to ride on internet hype and cultural relevance. Related Reading: Potential Downtrend In Play? TON Struggles As Price Falls Below $7.7 Therefore, their playful nature and relatable themes resonate with a global audience. In turn, this helps forge a strong connection with the trend, as evidenced by the popularity of the viral BODEN meme coin. More analysts are coming out to back these tokens. Earlier, one analyst said at least three of these tokens would each command at least $100 billion in market cap in the next crypto bull run. Dogecoin is the most valuable meme coin, with a market cap exceeding $20 billion. If Dogecoin, for example, rallies to command a $100 billion market cap, DOGE holders will massively benefit. As of mid-June, only Bitcoin, Ethereum, and USDT, a stablecoin, have market caps exceeding $100 billion. Despite its sharp expansion, even Solana is still perched at fourth, boasting a slightly over $66 billion market cap. Aptos To Take Over From Solana: A Meme Coin Host While Hayes backed meme coins, he predicted that Aptos would flip Solana to become the second largest and most active layer-1 platform after Ethereum within three years. Interestingly, this clashes with the current trend and Hayes’ position. Related Reading: Cardano Founder’s Pig NIKE Sparks Memecoin Craze, Market Cap Nears $1 Million Because of Solana’s high scalability and low fees, the platform is emerging as a home of meme coins, taking over from Ethereum. Even so, Hayes didn’t provide any explanation, saying all details will be made public in September. Earlier on, the BitMEX co-founder downplayed the threat posed by Solana on Ethereum’s lead. In his view, the first smart contracts platform has strength in its developer community and anchors decentralized finance (DeFi). Feature image from DALLE, chart from TradingView
Ethena's $ENA tokenomics update requires users to lock 50% of airdropped tokens, fostering long-term ecosystem alignment.
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