IDEX to Roll Out Multi-Chain Solution; Starting With Polkadot & Binance Smart Chain

  • IDEX, a popular decentralized exchange (DEX), plans to expand its infrastructure into two extra blockchains, adding its Ethereum (ETH) implementation.

In an announcement shared with BEG, IDEX confirmed a multi-chain solution expansion program that will integrate the decentralized exchange’s infrastructure to Polkadot and Binance Smart Chain (BSC). The latest move aims to expand the possibilities of traders on the platform to tokens, staking programs, and swaps across the blockchains.

IDEX is a layer-2 blockchain solution that combines the non-custodial security of a decentralized exchange while offering a centralized exchange speed and convenience. IDEX runs all of its operations on the Ethereum blockchain and plans to give every IDEX token holder on the ETH blockchain a similar number of tokens on the newly expanded chains.

As Ethereum faces huge gas costs and scalability issues with the rise of the DeFi market, new smart contract platforms such as Polkadot are coming up to offer users faster and cheaper platforms for developers to build their DeFi apps. In a statement on the expansion program, IDEX CEO Alex Wearn stated the expansion program aims to “give customers new networks to complete trades.”

Ethereum is facing tough competition from other blockchains, even in light of the ETH 2.0 Beacon chain launch, expected next week. However, we are stated that the latest move by IDEX to Polkadot and Binance Smart Chain is a diversification tactic rather than a competitive stance as the DEX aims to “put a stake in the ground and plant our [IDEX] flag early.”

The implementation of IDEX will happen on Polkadot Layer 0, meaning that the exchange will connect to a parallel chain (parachain) to Polkadot’s blockchain. IDEX will be integrated on Binance Smart Chain Layer 1, enabling traders to tap into BSC’s centralized DEX ecosystem directly.

The new tokens will be distributed to IDEX users on Ethereum starting December 7, trading on BSC and Polkadot, expected to start in Q1 2021. Tokens that are not claimed promptly will be transferred to a community fund for uses promoting the development of IDEX.

Wearn further stated the decentralized exchange is working on adding new blockchains in the future but is currently working with Polkadot and BSC because both are currently compatible with the Ethereum Virtual Machine (EVM). He further said,

“As these platforms grow, we’ll see increased demand for trading these assets and a need for non-custodial trading solutions that support these networks.”

To enhance the cross-chain network that will provide a one-stop-shop allowing different assets to be traded on its platform, IDEX will offer independent assets across each blockchain. Binance Smart Chain and Polkadot will start with the tickers IDXB and IDXP, respectively.

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Author: Lujan Odera

Yearn Finance Creator Andre Cronje Reveals New DeFi Project DeriSwap

  • Andre Cronje, the founder of the famous decentralized finance (DeFi) project Yearn Finance, has announced the launch of a new project.

Earlier today, Cronje shared a blog post confirming the launch of DeriSwap, a protocol that consolidates different parts of DeFi.

How DeriSwap Works

DeriSwap combines multiple DeFi services such as swaps, options, futures, and loans. Cronje believes his new project could improve capital efficiency in DeFi and allow for more interactions between assets. Cronje explained in the announcement,

“DeriSwap allows for a consolidated, capital-efficient market for Trading, Options, Futures, and Loans, allowing LPs to keep their exposure and enjoy additional fees and rewards.”

Cronje offered scant details about the new platform and what it entails. However, he pointed out that the swap contract is a standard Uniswap x * y = k, which allows Liquidity Providers (LP) to swap two assets that make up a pair. For example, if LPs provide ETH-BTC as liquidity, traders can swap these assets for one another, allowing LPs to earn trading fees.

The protocol uses the Time Weighted Average Price (TWAP) oracle, with Cronje confirming that it takes readings every 30 minutes. Such operation allows for real-time metric readings, which should improve the protocol’s operational efficiency.

Cronje plans to release more details about the protocol after the audit. Since the launch (and exponential growth) of Yearn Finance and its native YFI token, he has been pretty passive, choosing to speak mostly through his work.

Last month, Cronje launched the Keep3r Network, much to the excitement of investors. The network functions as a decentralized marketplace for technical jobs. Along with its native token, KPK, Keep3r aims to provide crypto projects with access to the specialized labor and technology they need to run.

The project’s documentation explained that it supports tasks that are as “simplistic as calling a transaction, or as complex as requiring extensive off-chain logic.” Employers can also pay contractors with KP3R tokens from the fees they earn by yield farming ETH and KRP on Uniswap.

Cronje’s Midas Touch

Despite the lack of a formal launch or much fanfare, Keep3r immediately attracted buzz once it dropped.

A few opportunistic traders with their trading bots immediately injected funds into the platform and began trading KP3R on Uniswap, causing its price to rise from $1 to $2,000 even on thin volume.

However, Cronje redeployed the platform’s contracts several times while conducting tests, causing the KRP price to drop to $100.

At press time, KP3R trades at $275.63, with a market cap of $51.5 million. This is monumental for an asset that is still in beta and is less than a month old.

It’s unclear whether DeriSwap will have any tokens associated with it. However, if it does, then it won’t be so surprising to see a post-launch surge.

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Author: Jimmy Aki

Matic Network Integrates Chainlink’s Decentralized Oracles And VRF for Growing DeFi Demand

  • Matic Network successfully integrates Chainlink decentralized price oracles.
  • At launch, Chainlink will offer five key price feeds, including MATIC, ETH, USDC, USDT, and DAI.
  • Chainlink’s VRF is set to launch on MATIC blockchain in the future.

Matic Network became the second native blockchain to integrate Chainlink’s decentralized price oracles after Ethereum. At launch, Chainlink will offer trusted price feeds on five cryptocurrencies against the dollar, including MATIC/USD, ETH/USD, and three stablecoins (USDT/USD, DAI/USD, and USDC/USD).

Matic Network’s integration of Chainlink oracles aims to boost decentralized finance (DeFi) projects on the blockchain. Chainlink provides DeFi developers with “access to high-quality data, decentralized oracle infrastructure, and Sybil resistant oracle nodes,” allowing them to monitor and manage the platform’s prices and node functions in real-time. Matic statement reads,

“The result is highly available, accurate, manipulation resistant, and transparent oracle networks for getting any off-chain resource necessary for success,”

Several DeFi projects built on Matic have already started to use the decentralized price feeds to execute their key functions. Chainlink’s decentralized oracles are being used on the under-collateralized lending platform, EasyFi, and predictions and betting markets, PlotX enhancing functions such as,

“checking loan collateralization, minting and swapping synthetic assets at fair market prices, and settling up the prediction markets.”

Chainlink is pushing blockchain technology into the mainstream, as explained in a previous article. The DeFi field has been one of the biggest beneficiaries, with over $4 billion in assets secured using Chainlink’s price feeds. Matic aims to witness a similar effect following the integration of Chainlink by “accelerating their go-to-market and avoid the pitfalls faced in building their own data oracles,” the statement read.

“We’re confident that Chainlink Price Feeds are an optimal solution for Matic DeFi developers needing secure, reliable, and ready-made oracle solutions that can easily be integrated into their protocols.”

Apart from the decentralized price data feeds, Matic Network will also welcome Chainlink’s Verifiable Random Function (VRF), enhancing fairness across gaming and gambling platforms. Chainlink will also be available as a general-purpose oracle solution allowing connection to an off-chain API.

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Author: Lujan Odera

Value DeFi Hacker Returns $2M, New Vaults Coming with ‘Maximum Security & Audit’

“Do you really know flash loans,” is what the hacker of yet another decentralized finance (DeFi) protocol has to say to the yield aggregating pool, Value DeFi. This cheeky message has been in response to Value DeFi’s tweet just a day before the hack claiming it has flash loan attack prevention.

In a “complex attack” on the MultiStables vault of ValueDeFi, the attacker stole roughly $6 million.

On Nov. 14th, at 03:36:30 PM UTC, the hacker performed a flash-loan exploit of 80k ETH on Aave, which involved borrowing 116 million DAI and 31 million USDT.

ValueDefi Hacker
Source: RektGhost

The attacker returned $2 million out of goodwill, including 50k of 100k from a victim who said she is a nurse and has lost all her savings in the hack. This was the hacker’s response:

image2

The Value DeFi team has since then halted deposits in the MultiStables Vaults and took a snapshot of the depositor balance for the compensation purpose. For this, a compensation fund will be created that will be funded by a combination of the dev fund, insurance fund, and a portion of the fees generated by the protocol.

The team is also proposing changes to the fee structure that involves increasing value performance fees to 20% and receipt from swap fees to 50%.

Future value releases will also remain on audited v1, and v2 will have them only after they are heavily audited.

“We are rolling out the new vaults for UNI LPs as promised, but with some structure changes to ensure maximum security. The new vaults will still use the same vault v1 code that has been running since September and currently under audits by PeckShield,” added the Value DeFi team.

There have been a number of hacks and thefts throughout 2020, just in the last month we have seen flash loans used in Axion Network, Akropolis Savings Pool, and BPROTOCOL.

Having fallen 11% after the attack, VALUE is currently trading at $2.09.

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Author: AnTy

Polkadot Powered DEX, Zenlink, Partners With Chainlink to Leverage It’s Oracle For DeFi Products

Zenlink, a popular decentralized exchange powered by Polkadot, has joined hands with blockchain oracle firm Chainlink. Chainlink is known for its live data feeds and oracles used for smart contracts. Zenlink would also leverage Chainlink’s oracles for its numerous DeFi products.

Oracles play a crucial role in smart contract programming and execution, making it a core product/service in the DeFi ecosystem. Live market data helps in seamless execution and secure transactions.

Zenlink aims to make the most of this partnership and expand the quality and quantity of services it offers. Currently, the DEX platform allows traders to swap their assets on parachains seamlessly. These oracles would make their financial products more robust and reliable. Zenlink hopes for reliability and security due to the oracle would also attract new traders to the platform.

Guo Tao, Zenlink Co-founder, commented on their recent partnership with chainlink and its importance.

“Zenlink will play a critical role in allowing users and developers to swap assets across parachains securely.

Chainlink’s high-quality data and reliable oracle infrastructure will enable feeders to trust the data feed used to trigger DeFi products built on Zenlink.

This enhances our ability to scale and secure even more value across a wider variety of assets.”

Chainlink One of the Key Oracle Partner in the DEX Ecosystem

Zenlink’s association with Chainlink came as no surprise as more DEX platforms are looking to integrate and leverage live data feeds and oracles into their systems. Chainlink, being a reliable name with a tested record, has become a key player in the DEX market.

Apart from Zenlink, another Polkadot powered platform known as Equilibrium has also brought Chainlink on board to provide decentralized live feeds. Equilibrium also plans to utilize the decentralized oracles to enhance its financial products and services.

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Author: Hank Klinger

Harvest Finance Increases Bounty to $1 Million to Track the Attacker Who Stole $33.8M

Early Monday, the latest decentralized finance (DeFi) project Harvest Finance, was exploited. It was estimated that $33.8 million of the funds, about 3.2% of the total value locked in the protocol before the attack, was lost.

A couple of days before the attack, the project’s TVL surpassed $1 billion, which has now come down to a mere $300 million, as per DeFi Pulse. Since then, its FARM token has also lost 60% of its value, currently trading at $96.5.

To catch the attacker, the anonymous team behind the project has increased the bounty for identifying the hacker from $400,000, which had already been raised from $100k to $1 million.

Initially, the team said they know the person behind the hack, “who is well-known in the crypto community,” and they don’t want to dox them. As per the latest update, all that the team knows about the hacker so far is that they have an understanding of how DeFi works.

The attacker, meanwhile, is actively “money laundering” Bitcoin through various darknet mixers and crypto exchanges, including Binance, Huobi, Kraken, and Coins.ph, according to the post mortem of the incident.

The attacker reportedly exploited the effects of impermanent loss of USDC and USDT inside the Y pool on Curve.fi repeatedly.

Following the attack, funds from the shared pools, DAI, USDC, USDT, TUSD, WBTC, and renBTC, which were “not affected,” have been withdrawn.

The Harvest Finance team further said that it is taking full responsibility for the engineering error and is now working on a remediation plan for affected users.

The possible remediation techniques the team is considering include implementing a commit-and-reveal mechanism for deposits, stricter configuration of the existing deposit arb check in the strategies, withdrawals in an underlying asset, and using oracles for determining asset price. The team stated,

“We made an engineering mistake, we own up to it. Thousands of people are acting as collateral damage, so we humbly request the attacker to return funds to the deployer, where it will be distributed back to the users in its entirety.”

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Author: AnTy

Aave Takes an ‘Important’ Step Towards Decentralization with the Handover of Governance Keys

In what marks a historic moment, decentralized finance (DeFi) project Aave has officially handed over the protocol admin keys to the governance, which it calls “an important step towards decentralisation.”

Initially launched on Ethereum, LEND token holders were the ones with the governance. Now, about a month away, LEND holders voted for the first Aave Improvement Proposal (AIP) to migrate to the AAVE token at a rate of 100:1, “effectively jumpstarting the Aavenomics.”

The governance tokens were first distributed in a nearly $18 million token sale in November 2017.

Currently, LEND’s migration is going on with the AAVE token now the new governance token of the protocol.

With a total token supply of 16 million AAVE, 13 million will be redeemed by LEND token holders, and 3 million will be allocated to the Aave Ecosystem Reserve.

Besides voting on AIPs, Aave holders can stake their tokens in the Safety Module and earn Safety Incentives in exchange for securing the protocol.

Aave protocol facilitates the issuance of “flash loans,” which has been described as the “first uncollateralized loan option in DeFi.”

Currently, the project is the 5th biggest DeFi protocol by the Total value locked (TVL) of $975 million, down from $1.7 billion on August 31st, as per DeFi Pulse.

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Author: AnTy

Justin Sun’s P2P Streaming Service Acquires eSports Platform DLive; Launches BitTorrent X

BitTorrent Inc, the popular peer-to-peer data sharing protocol and app, has acquired the well-known decentralized streaming platform DLive. The firm also announced that it will roll out the decentralized DLive platform to its newly established BitTorrent X ecosystem.

The BitTorrent X ecosystem consists of a popular file-sharing system called BitTorrent File System (BTFS) along with a BitTorrent client, which would be utilized to deliver different services to users in the ecosystem.

BitTorrent was developed as a P2P data sharing protocol back in 2001, and ever since its establishment, it has managed to garner over 2 billion users around the world up until now.

BitTorrent was later acquired by Justin Sun, CEO of Tron, in 2018 and since then has become an integral part of the Tron ecosystem. The file-sharing system of BTFS is especially actively utilized by TRON blockchain and DLive as a decentralized storage solution.

Justin Sun, the founder of TRON and CEO of BitTorrent, commented on the newly launched BitTorrent X ecosystem,

“BitTorrent X is the next step in establishing a truly decentralized internet. In one big step, the BitTorrent X ecosystem may drive blockchain-related tools to billions of devices.

Hundreds of millions of users will have access to the next era of tools to share, store, and stream their content directly to anyone across the web.”

DLive To Help in Expanding BitTorrent X Ecosystem

DLive decentralized streaming services have grown rapidly over the years and currently boast over 7 million users and over 200,000 content creators. Pewdepie, a very popular and most subscribed YouTuber, is one of the platform’s famous content creators. With decentralization being the ongoing trend and growing censorship from a mainstream platform like Youtube, many popular content creators are looking to join decentralized platforms such as DLive.

Charles Wayne, CEO of Dlive, commented on their acquisition by BitTorrent Inc and said,

“The acquisition marks a new start for DLive.tv. We are more than excited to join the BitTorrent ecosystem as the collaboration will provide us with more innovative solutions to empower content creators and reward communities.

Together with the BitTorrent team, we look forward to bringing disruptive innovations to the digital media space and create value for our global community.”

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Author: Hank Klinger

Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in total value locked (TVL), as per DeFi Pulse.

A few days back, Wrapped Bitcoin (WBTC) captured third place by overtaking popular DeFi projects Aave, Compound, and Curve Finance.

The relatively new project Harvest Finance has jumped to sixth place, pushing above Curve Finance and Synthetix. It has fallen two places as just last night; it was in the fourth spot.

This climbing up the ranks happened thanks to the growing TVL, which increased over 630% in just this month. On Sept. 1st, the TVL was a mere $273k.

While enthusiasm in the DeFi sector has waned, the mania cooled down in September after running hot to its peak in August; Harvest Finance took this time to jump out of nowhere and make it big.

The project has about 630k ETH, 27.42 BTC, and just over 66 DAI locked in it.

However, unlike the growth of the funds locked in this protocol, its token FARM is currently down nearly 23% while trading at $231.56.

Audited by third parties, a process supported by 10% of the token supply, the project had a “vault migration” just this week and introduced a new TUSD pool.

With yield farming becoming hard for smaller farmers due to high gas costs and bugs in unaudited smart contacts resulting in theft, Harvest advertises itself as bringing “BreadToThePeople” by doing it all for the users.

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Author: AnTy

Anchorage & Tokensoft Collab to Bring Wrapped Coins to Ethereum; Zcash (ZEC) Is Up First

The growing popularity of decentralized finance (DeFi) has attracted many other digital assets to Ethereum, including Bitcoin, in a wrapped layer one solution. The latest to join the league is the privacy-centric coin Zcash (ZEC). The Wrapped Zcash is brought into the Decentralized ecosystem by Anchorage in association with Tokensoft.

Wrapped ZCash (wZEC) is the first asset launched by the “wrapped” project in association with Ethereum tokenizers Tokensoft and the qualified custodian Anchorage. The liquidity for the wrapped project would be offered by over-the-counter (OTC) liquidity provided by CMS Holdings.

However, Wrapped Zcash is not the first wrapped digital asset on Ethereum. Wrapped Bitcoin has been quite popular as the DeFi market continues to explode. A wrapped digital asset transfers the value of that particular digital asset onto the Ethereum blockchain by creating an ERC-20 token with a 1:1 value representation against the asset. Thus one Wrapped bitcoin would be equivalent in value to that of 1 bitcoin.

This allows for other digital asset holders to access the DeFi space and collateralize that asset instead of buying Ether and then collateralizing it. This also helps in increasing the liquidity of the DEX ecosystem.

Zooko Wilcox-O’Hearn, Zcash founder and Electric Coin Company CEO, commented on their recent association with Anchorage and Tokensoft and said,

“I’m thrilled that there is such interest, and that people can, and do, innovate and deploy extensions on top of Zcash without the Electric Coin Company’s knowledge or approval.”

“I also agree that it’s great for people to have more alternatives to centralized exchanges (CEXs), and the way that CEX’s have to comply with arbitrary demands from their banks.”

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Author: James W