Leading decentralized lending protocol MakerDAO has lost its dominance in the DeFi market as liquid staking protocol Lido Finance claimed the top spot with the highest total value locked (TVL). According to data from the DeFi market aggregator, DeFiLlama, Lido Finance currently has $5.9 billion in TVL, with MakerDAO and AAVE taking second and third...Read More
Cryptocurrency firms struggled greatly in 2022, with multiple companies facing financial issues and bankruptcy. In addition to these challenges, over $3 billion was stolen from crypto projects this year, according to Forbes. These setbacks have caused turmoil in the industry and raised concerns about its stability. According to the report, crypto projects witnessed more than...Read More
The popular DEX aggregator announced the launch of Fusion, which focuses on the 1inch Swap Engine and aims to enhance user experience with DeFi swaps. The team behind the project promised to deliver “almost limitless” liquidity and maximum user protection. The press release shared with CryptoPotato informed that 1inch Swap Engine “facilitates Fusion, which empowers...Read More
Decentralized exchange aggregator – 1inch – announced the launch of a tool called “Rabbithole.” According to the press release shared with CryptoPotato, the new feature is designed to protect MetaMask traders swapping on the 1inch platform against “sandwich attacks” – a type of front-running attack usually applied over transactions sent to a DEX to buy...Read More
The collapse of crypto exchange FTX appears to have sparked surging sales for self-custodial crypto wallets which give users direct ownership of their coins. SafePal, a Binance-backed crypto wallet brand, has experienced a 10x surge in traffic to its platform since November 11th, and its hardware wallet has made record sales within that time. SafePal...Read More
Reports are emerging this morning of an attack on the TempleDAO yield farming protocol. The alert came in from blockchain security firm PeckShield on Oct. 11, stating that the attacker had transferred 1,831 ETH worth around $2.34 million from the protocol. Details are thin on the ground at the moment, but the exploit appears to...Read More
Binance has announced a pause across the entire Binance Smart Chain (BSC or BNB Chain) following what appears to be one of the largest exploits in DeFi history. An attacker has reportedly hacked another BNB chain user for 2 million BNB, worth $600 million. Another DeFi Catastrophe According to BNB Chain on Twitter, the “temporary”...Read More
Sovryn – a Bitcoin-based decentralized finance protocol – was drained of over $1 million in funds on Tuesday using a price manipulation exploit. The attack allowed the culprit to drain over $1 million worth of crypto from the protocol, including 44.93 RBTC and 211,045 USDT. Sovryn’s First Hack According to Sovryn’s blog post on the...Read More
Ethereum layer-2 protocol Boba Network has announced the launch of its L2 scaling and augmenting solution on the Avalanche blockchain. In a press release shared with CryptoPotato on Wednesday, Boba noted that the latest integration with Avalanche would further boost its status as a leading L2 scaling solution and provide developers network with a new low-cost...Read More
On September 19, Arbitrum, one of the most popular Layer 2 solutions for Ethereum, paid 400 ETH (about $560,000) to a white hat hacker who found a potential vulnerability in its code. The white hat hacker, known on Twitter as Riptide, finds vulnerabilities within smart contracts written in Solidity. Riptide said the “multi-million dollar vulnerability”...Read More
Decentralized finance (DeFi) platform Cake DeFi will set up a global R&D hub called Birthday Research to develop best-in-class technologies for the blockchain and digital asset sectors. The project said its initial budget will be set at $50 million. Cake DeFi’s Research Hub Based in Singapore, Birthday Research will have a budget of $50 million...Read More
Polkadot’s decentralized finance (DeFi) hub Acala suffered a major attack on its newly launched liquidity pool on Sunday. The exploit allowed the hacker to mint more than 1.2 billion aUSD, the project’s stablecoin. Shortly after the hack, the Acala team updated users on Twitter, noting that the exploit originated from a “misconfiguration of the iBTC/aUSD...Read More
Polkadot’s innovation hub Astar Network has partnered with DeFi network Acala to boost decentralized finance (DeFi) by unlocking new opportunities and rewards for developers in the Polkadot ecosystem. The two entities have joined forces to launch a new DeFi program dubbed “Astar x Acala DeFi Rising.” The DeFi Rising Program According to a press release...Read More
Blockchain staking infrastructure provider Ankr has launched its new Staking software development kits (SDKs), allowing developers to integrate liquid staking on their projects across multiple networks. Liquid staking allows users to delegate their tokens to a validator that stakes the asset on their behalf without losing access to their funds. In other words, it is...Read More
Singapore-based fintech platform Cake DeFi has partnered with Razer Silver, a loyalty rewards program for gamers, to provide them with easy access to various crypto assets, including bitcoin (BTC) and ether (ETH). Cake DeFi Partners Razer Silver According to a press release shared with CryptoPotato, the multi-faceted deal will allow Razer Silver gamers to convert...Read More
The first half of 2022 was a bumpy ride for crypto investors. With the crypto market still bleeding, investors are bemoaning losses as the DeFi market cap fell by over 74% in the second quarter of the year, according to CoinGecko. Terra’s Ripple Effect on DeFi The crypto data aggregator recently published its Q2 2022...Read More
Web 3 security firm Beosin recently released its 2022 Q2 Web 3 Security Report, analyzing the latest hacks and exploits to impact the blockchain sphere. It found that over $718 Million were lost to related schemes during that time – most of which occurred in the defi space. Breaking Down the Numbers The report –...Read More
Multichain, previously known as Anyswap, has announced integration with RSK blockchain, a Bitcoin merge-mined smart contracts platform. According to the press release shared with CryptoPotato, the integration aims to facilitate the transfer of ETH, USDC, BUSD, and other assets between RSK, Ethereum, and BNB Chain. The broader focus of the decentralized cross-chain router protocol will...Read More
KLAP – a DeFi lending protocol on Klaytn Network has seen its total value locked soar above one hundred million in a week after its launch. The dApp, spun up by DeFi accelerator Krew, is now the second most popular application on the Klaytn network. Crypto lending has proven to be one of the most...Read More
The first decentralized exchange tapping the Cardano blockchain has announced the launch date of its testnet. The project had previously released an NFT marketplace shortly after raising over $2 million in a funding round participated by Gal Gadot. AdaSwap’s DEX Testnet Arrives The press release shared with CryptoPotato informed that the project’s testnet is scheduled...Read More
Decentralized asset financing protocol Centrifuge has launched a new cross-chain Connectors solution dubbed Centrifuge Connectors to bridge the gap between the real-world asset (RWA) market and decentralized finance (DeFi). Centrifuge Launches Cross-Chain Connectors Centrifuge helps small businesses access more credit while providing stable yields for investors through its pooled liquidity from the world of traditional...Read More
June 7, 2022, marks Cake DeFi’s third anniversary. Reviewing its achievements, the Singapore-based financial technology platform noted that it has managed to record tremendous growth despite the bearish trends, averaging almost 90% quarter-on-quarter since its launch in 2019. Cake DeFi Pays $317M in Rewards to Users Cake DeFi also revealed in a press release that...Read More
Chainlink – a blockchain oracle platform – recently announced that its price feed technology has been launched on the Solana network. This information will help Solana defi developers use live price information for various financial services. The oracle platform has announced that seven price feeds will be made available for Solana developers. These include BTC/USD,...Read More
DeFi Land, a multi-chain agriculture simulation gaming project built on the Solana blockchain, has unveiled its first play-to-earn game created to gamify all aspects of decentralized finance (DeFi). DeFi Land Launches New P2E Game As per the press release shared with CryptoPotato, the game, scheduled to go live on May 18th at 8 PM UTC,...Read More
DoraHacks, a global hacker movement and Web 3.0 developer community, has raised $20 million in a Series B1 funding round to help accelerate the growth of its Web 3.0 platform. DoraHacks Raises $20M The round was led by FTX Ventures and Liberty City Ventures, with participation from Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com...Read More
Industry analytics firm DappRadar has just released a report on the situation, and it doesn’t look pretty. On May 13, the firm reported that DeFi’s total value locked (TVL) is down more than 40% over the past seven days. It stated that the slump had been caused by investors flipping tokens into stablecoins in preparation...Read More
Since the 21st of November 2021, the team at Polkadot has conducted regular DOT-based auctions for one of the coveted slots in their parachain network. There are plans for 100 parachain slots, give or take. Auctions for the first 41 have already been planned, with one happening roughly every ten days. The 16th auction started...Read More
Prominent decentralized finance protocol, Bancor has announced the launch of its v3, dubbed Bancor 3. The release on the mainnet comes six months after the project first shared the details of features. Bancor 3 Goes Live According to the official blog post, Bancor’s latest version is focused on encouraging broad and sustainable involvement in on-chain...Read More
Famous rapper Snoop Dogg and his son Cordell Broadus (aka “ChampMedici”) have partnered with MOBLAND to launch digital weed farm NFTs in the Metaverse. The virtual items will pioneer an all-new “grow to earn” feature, among various other utilities for business buildings and land. The Beginning of NFT 3.0 According to MOBLAND co-founder Roy Liu,...Read More
Nessa Risley, an Uniswap user from North Carolina, invested about $10,400 on low-cap digital tokens such as EthereumMax, Matrix Samurai, and Rocket Bunny between May and July of last year. The trader has since experienced “substantial losses” and thus sought justice through legal action. On April 4, Risley launched the legal proceedings, alleging that Uniswap...Read More
