Gnosis Safe Is Now The 4th Largest Ethereum Wallet Address; Adds 1.5M ETH In A Day

Crypto Custodian, Gnosis Safe Is Now The 4th Largest Ethereum Wallet Address; Adds 1.5M ETH In A Day

Gnosis Safe added over 1.5 million Ethereum tokens in a single day. The value of the ETH and ERC20 tokens stored soared to $2.3 billion, making the firm the fourth largest custodian of ETH.

In a tweet sent out on Thursday, Gnosis Safe, an Ethereum digital assets custodian, confirmed over 1,500,000 ETH (~$1.8 billion) was added to their safe on Jan 14. This brings the total amount of ETH stored on Gnosis wallets to slightly above 2% of the total supply of ETH.

Just a day earlier, the crypto custodian announced they had reached a million ETH stored in their safe after a 600,000 ETH deposit by an unknown account. The latest transaction is also unknown but is widely speculated to institutional money – a bullish indicator for ETH price in the future ETH -1.86% Ethereum / USD ETHUSD $ 1,162.91
-$21.63-1.86%
Volume 35.74 b Change -$21.63 Open $1,162.91 Circulating 114.27 m Market Cap 132.88 b
2 h Fireblocks Introduces Crypto Staking for Institutional Investors; Ethereum, Tezos and Polkadot 4 h Crypto Custodian, Gnosis Safe Is Now The 4th Largest Ethereum Wallet Address; Adds 1.5M ETH In A Day 7 h DeFi Project CREAM Reinventing with Zero Collateral Protocol-to-Protocol Lending Platform
.

According to Etherscan’s ‘Rich List‘ –ranking the top account addresses by value – Gnosis Safe is the fourth largest account with 2.5 million ETH held in the account or 2.18% of the total ETH supply. Only Wrapped ETH deposit contract address (4.59%), Binance ETH address (2.53%), and Ethereum 2.0 deposit contract address (2.19%) have larger amounts of ETH tokens than Gnosis Safe. Back in August of 2020, the wallet had just toppled $1 Billion AUM.

Gnosis Safe is a smart contract powered platform that provides users with a safe and secure multi-signature wallet solution to retail and institutional holders. Individual users will need to sign the transactions from multiple wallets or devices, while institutions can choose to delegate several employees to sign the transactions.

Safe replaced the Gnosis Multisig wallet in 2019, enhancing its infrastructure, security, and users’ functionality. The custodian also launched its iOS and Android mobile apps on its mainnet and Rinkeby testnet platforms.

Read Original/a>
Author: Lujan Odera

Bancor’s Approach to Handling Impermanent Loss Shows Financial Viability

Bancor has been working on a reliable method to address impermanent loss and it seems to have struck gold with its insurance-based approach

The Bancor Network has been busy trying to solve the issue of impermanent loss on its decentralized exchange. In a recent report, the protocol showed significant success with its approach, leading to the belief that it might be able to handle the protection of temporary loss of funds in the long term.

Impermanent Loss on DEXs

Yesterday, Bancor released a Protocol Health Report for its v2.1 decentralized exchange (DEX) upgrade.

The report covered the exchange’s financial and operational performance for the past quarter, showing significant liquidity and revenue gains.

As the report showed, liquidity across the DEX rose by 100 percent over the past three months, resulting in about 700,000 BNT (worth $1.12 million) in earnings from swap fees. However, the platform’s strategy on impermanent loss appeared to have faltered.

When Bancor launched the DEX late last year, it focused primarily on effective impermanent loss management.

Also known as divergence loss, the impermanent loss is a problem that affects mostly exchanges that run on the automated market maker (AMM) protocol. It occurs when liquidity providers (LPs) lose funds due to the volatility of a trading pair. It basically describes how much revenue an investor would have earned if they had held on rather than provide liquidity to the market.

The effect of this divergence is a loss of value, compared to the benchmark “buy and hold” portfolio.

The loss is termed “impermanent” because it could be reverted if the prices returned to their original state. However, even in the best scenarios, losses due to divergence will reduce liquidity providers’ profits from price swings.

Possible Long-Term Benefits

Bancor had initially tried to solve the problem with oracles, which reads token prices and render arbitrage virtually unnecessary.

However, front-running issues rendered this approach impractical. So, the exchange deployed an insurance mechanism to cover the cost of impermanent loss.

The project implemented a vesting schedule to incentivize LPs to stake their tokens in the long term.

The protocol’s strategy was to incentivize more altcoin holders to become LPs instead of adopting the buy-and-hold strategy. Another strategy Bancor plans to explore is to encourage projects to use their treasuries to provide liquidity to AMMs. Just like proof-of-stake (PoS) rewards, the method could allow projects with considerable token reserves to increase liquidity on token pairs and also get additional rewards.

The vesting schedule will see Bancor provide one percent coverage on liquidity capital for up to 100 days. However, LPs who make withdrawals before 30 days won’t get any compensation for losses in that period.

Bancor’s approach appears to be yielding benefits. As the company reported, the total impermanent loss associated with withdrawn liquidity amounted to 41,000 BNT ($64,000). On the flip side, the protocol also earned 350,00 BNT ($560,000) in fees.

Bancor added that some LPs withdrew their deposits before getting 100 percent insurance. These LPs got partial protection, which was paid based on their coverage level. The report pointed out,

“As the proportion of insurance policies with 100% protection increases over time, it stands to reason that the associated cost to the protocol will rise. However, various factors suggest the protocol is able to handle this insurance burden.”

Read Original/a>
Author: Jimmy Aki

Ethereum Rallies Above $400 as Proof of Stake Launch “ETH 2.0” Scheduled for Dec 1

Ethereum 2.0’s v1.0 has been released along with its mainnet deposit address. With this release, ETH 2.0 will have a genesis of 1606824000 — December 1, 2020, at 12 pm UTC.

There must be at least 16,384 32-ETH validator deposits made a week before the deadline for the genesis to trigger. In case the threshold is not met on time, the genesis will be kicked off whenever it does, as per the official announcement.

As expected, the price of Eth jumped above $407 in response to the much-anticipated news. Yesterday, ETH dropped under $375 despite bitcoin rallying.

But today, as BTC went back above $14,200, the crypto market turned green in tandem, and so did ETH, which continues to rise.

As Binance noted last month, the locking of ETH for staking could see a potential supply shock, which means a “dramatic price surge and trigger” due to “unprecedented levels of retail FOMO.”

Unlike the usual when ETH leads the rallies, this time, Bitcoin has been stealing the thunder as it increased by 30% in value than Ether’s mere 12% in the month of October.

But despite Bitcoin being back on the move today to the important $14k level, Ether is the one up 6%, the biggest gainer among the top 35 cryptocurrencies.

And with this, green has splashed across the crypto market.

Read Original/a>
Author: AnTy

Israel Govt backed Crypto Startup, Kirobo, Develops Reversible Blockchain Transactions

  • Israeli based blockchain startup, Kirobo, aims at reversing wrong address transactions to eliminate loss of funds through human error.
  • The “Retrievable Transfer” feature is currently in use on Ledger hardware wallets for Bitcoin transactions.

The Israeli startup, launched in 2018, has launched its mainnet version of its Retrievable Transfer feature protecting users from sending their digital assets to wrong addresses. The platform employs a layer two security solution (logic layer) on a blockchain that works in two levels.

First, the recipient of the funds must enter a transaction code to receive the funds. This ensures the open channel between the sender’s and recipient’s address is trusted hence directing the transaction only to the wallet selected. Next, the sender keys in the address as many times until the correct address is provided.

One of the most significant issues affecting crypto adoption is the fear of losing funds over a small error when inputting the long alphanumeric wallet codes. The volume of BTC lost differs from report to report. Several investors have lost funds through malicious attempts or human error when sending digital assets.

Addition to Ledger Hardware Wallet

Kirobo’s security layer will provide privacy enabled, retrievable transactions starting with Bitcoin users on Ledger’s hardware wallet. The platform is secured against a brute force attack and is also non-custodial, meaning users control their funds every step of the way.

Kirobo, supported by the Israeli Innovation Authority, has been testing its reverse transfer feature on the Bitcoin testnet since January. The mainnet feature will be free for any Bitcoin transactions up to $1000 on Ledger. More platforms will be added in the future, said Kirobo CEO, Asaf Naim.

On the firm’s mission, he said:

“Our aim is to make blockchain transactions as simple and as secure as online banking.”

Read Original/a>
Author: Lujan Odera

BitMEX Adds Native SegWit Support to Bitcoin Withdrawals, Non-Native Support Coming to Wallets

  • BitMEX adds native segwit address support, Bech32 to reduce transactions fees
  • The exchange will add Segwit non-native support to its wallet that will help them save 65% of block weight

Popular crypto derivatives exchange BitMEX is now supporting native SegWit address format, Bech32 to withdraw Bitcoin, announced the exchange on Dec. 12. This upgrade is effective immediately.

Starting now, BitMEX customers can withdraw to all three address formats, Bitcoin’s original address format Pay to Public Key Hash (P2PKH) whose address starts with number 1, Pay to Script Hash (P2SH) whose address starts with number 3, and the native SegWit address format Bech32 whose address starts with bc1.

However, it’s just for withdrawals, when depositing to BitMEX, you must still send the exchange’s Pay to Script Hash (P2SH) format addresses due to their multi-signature wallet solution.

This upgrade will reduce the usage of the exchange’s blockweight, allowing its customers to enjoy lower transaction fees.

“The key advantage of Bech32 addresses is that transaction fees can be saved when spending Bitcoin, which was already sent to a Bech32 address. Therefore this upgrade will not directly result in fee savings when customers withdraw from BitMEX, however in the next transaction, when the bitcoin already withdrawn from BitMEX is spent again, our customers may benefit from lower transaction fees.”

Last month Bitfinex exchange also added native SegWit support for Bitcoin withdrawals.

Segregated Witness or SegWit is an optional protocol upgrade first implemented in 2017 that increases block capacity and thereby help lower costs per transaction.

From 36.6% on Sept. 1st 2019, SegWit adoption hit its peak in early October at 56.8% only to drop. Currently, we are at a 51.9% adoption rate, as per Woobull Charts.

BitMEX further shared its future plan to enable Segwit non-native support to its wallet. This will help them save 65% of blockweight, more than the usual 25% to 40%, the exchange said.

Read Original/a>
Author: AnTy

WV’s ‘Military Mobile Voting Solution,’ Had An Unsuccessful Hacking Attempt in The 2018 Election

In an official address by the Secretary of State, West Virginia, someone tried to infiltrate the blockchain-based voting system used by the state in the 2018 election cycle.

Unsuccessful Attempt at Breaching Blockchain

According to the official report by the Secretary of State, West Virginia, Mark Warner, the hackers were unsuccessful at gaining access to the voting system. The hackers tried to infiltrate the system during the pilot program of a “military mobile voting solution,” a decentralized application that allows eligible voters from overseas to vote for their preferred candidate remotely.

Developed by Voatz, an Overstock Medici Ventures backed blockchain firm, the voting app is a secure and safe portal for voters to make their ballots, gather information and protect the sanctity of the voters’ identities. The matter is currently under FBI investigation to locate the hackers hence much information cannot be shared.

“Although the details of the investigation cannot be disclosed, we can say that no votes were altered, impacted, viewed or in any way tampered with. […] There’s not a shred of evidence that even a single vote was changed in the 2018 election.”

A Democratized Voting Application

In June this year, Voatz raised $7 million USD in a Series A funding led by Overstock’s Medici Ventures. The funding has been used to develop over 30 voting decentralized applications boosting the security and transparency of elections, mainly in the US.

The voting app developed by Voatz, uses blockchain technology to verify and record voters’ ballot receipts and biometric security identification verification to make sure the right vote is counted. Since its launch, the case with West Virginia amounts to the first case of attempted breach of the system, but it was easily detected and reported to relevant authorities.

Following successful trials in West Virginia and Denver, Colorado the company launched voting for the municipal primary election in Utah in August.

Read Original/a>
Author: Lujan Odera

Ethereum 0x0 Wallet Currently Has More than $2M ETH and $15M Worth of Lost Other Cryptos

Ethereum 0x0 Wallet Currently Has More than $2M ETH and $15M Worth of Lost Other Cryptos

There are over $2m of Ether and more than $15m of tokens in Ethereum’s 0x0 address reveals Bitstamp. The largest amount of the cryptocurrencies were sent through a mistake and there is a possibility that the digital assets have been lost forever.

The Ethereum 0x0 address is among the most famous lost addresses which is at times used to burn tokens.

In the last couple of years, the address has been used in sending Ethereum (ETH) although mistakenly. Now, the address holds more that $2m of Ether and the cryptos will never be recovered.

The address is simple to cram as it has only zeros making it easy for people to send funds to it by mistake.

During the normative years of Ethereum, it was a common occurrence for miners to send funds to the address, albeit mistakenly, after failing to specify an address. This made the address more popular as a black hole and its popularity seems to be increasing among crypto worshippers.

Despite holding the high amount of cryptocurrencies, there are still high traffic of transactions coming in. Currently, the 0x0 address also attracts crypto based startups who want to burn tokens and has been labeled as a burner address.

The address has been linked to the genesis block which no one mines its making it inaccessible. This means that the funds in the address will never be recovered, therefore, approximately 7,672 ETH have permanently gone in thin air and the address is still receiving more funds.

A Pinata Address

At the moment, the 0x0 address can be referred to as a pinata. This means that the person who will succeed in developing computational power to open an encrypted personal key on the Ethereum blockchain will have all the funds in the address.

However, at the moment, this is impossible. It will take lots of time and resources before this can be done or it might never happen at all. For now, there is a heightened campaign to ensure that crypto enthusiasts are aware of the address to avoid making the mistakes.

Do you believe the 0x0 will ever be cracked? Share your views with us in the comments section below.

Read Original/a>
Author: Joseph Kibe