StarkWare Proposes to Deploy Aave on its ZK-Rollup L2 StarkNettw

StarkWare Proposes to Deploy Aave on its ZK-Rollup L2 StarkNet

A new proposal has been submitted to Aave’s governance forum that calls for deploying the DeFi lending protocol to StarkNet, StarkWare’s permissionless and decentralized ZK-Rollup.

Yael Doweck, product manager at StarkWare, submitted the proposal to onboard the protocol on behalf of StarkNet creator, much like MakerDAO has on its L2.

“With the success of the Polygon and Avalanche markets, deploying on StarkNet incurs additional value for Aave,” noted the proposal.

While Polygon was a sidechain that has its own security model, StarkNet is an L2 solution that brings Validity rollups added security on top of L1’s. As such, StarkNet aims to attract applications and users that would be hesitant to onboard to sidechains.

In addition to its security, StarkNet’s capital efficiency in terms of a shorter withdrawal period will allow this deployment to connect liquidity between networks efficiently, it said.

Currently, 14 DeFi and gaming applications have been built on StarkNet, and it also has a partnership with one of the leading centralized exchanges, OKEx.

StarkWare, the core StarkNet protocol developer, proposed co-funding this effort alongside the DAO on a 50/50 basis.

Aave is one of the leading decentralized finance protocols with $14.15 billion of assets locked in it, down from a $19.13 bln high from late October, making it the fourth-largest DeFi project. Meanwhile, its governance token AAVE is trading around $248, 62.5% off of its all-time high in May this year.

The DeFi project has also partnered with decentralized financing protocol Centrifuge to allow small and medium enterprises to access the liquidity available in the crypto market by tokenizing real-world assets. After tokenizing the likes of bridge loans, freight invoices, and trade receivables, among others, Aave will use those tokens as collateral.

“The RWA Market bridges the regulated world of TradFi to the trustless world of DeFi,” Centrifuge developer End Labs’ Co-founder Lucas Vogelsang said. “It’s a huge step for the Aave Protocol.”

The idea is to “allow Aave depositors to earn yield against stable, uncorrelated real-world collateral” by building a bridge between the DeFi capital and the real-world businesses. Meanwhile, Centrifuge issuers will be able to stake collateral and borrow from the market across a wide variety of asset classes.

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Author: AnTy

Lido and Rocket Pool Deploy Temporary Patches for Staking Node Vulnerability

Lido and Rocket Pool Deploy Temporary Patches for Staking Node Vulnerability

Lido, a staking pool provider for Ethereum 2.0 staking, has successfully patched a security flaw discovered on its platform.The security flaw had caused a scare among Lido’s users, promoting the protocol to delay its launch to get things patched up.

Issues With the Smart Contract Architectures

On Monday, Dmitri Tsumak, the founder of Lido’s competitor StakeWise, announced the discovery of a vulnerability in its staking protocol that would allow node operators to remove funds from ETH 2.0 staking pools. Tsumak had initially identified the exploit in the architecture of Rocket Pool – a third protocol, which is set to launch soon.

After finding out that the protocol would also significantly affect Lido, Tsumak immediately raised the alarm. Lido is currently the largest ETH 2.0 staking pool built on the Ethereum blockchain, with a total value locked at over $4 billion.

Any vulnerabilities to its platform would have been fatal, so Tsumak’s discovery was an important one. Both venues were said to have been suffering from the same issue but in different iterations.

Speaking with industry news sources, Tsumak claimed that he had agreed with Rocket Pool, Lido, and Immunefi – the leading bug bounty protocol for the decentralized finance (DeFi) space – not to include any details about the bug. Rocket Pool and Lido would work on a patch to ensure that everything stays functional going forward.

The bug also had pretty broad ramifications. While Lido had mentioned that “under 100 ETH” was vulnerable, a separate vulnerability disclosure report showed that the number was more than 20,000 ETH.

Off to the Races

For now, Rocket Pool and Lido have implemented temporary patches to ensure the security of users’ funds. But, the problem is far from fixed, so both platforms are still working to get a permanent solution.

They’ve been debriefing their users on social media on developments since the vulnerabilities became public knowledge. Lido assured investors of safety despite its security glitch.

After acknowledging the bug on Monday, Lido proposed a vote to reduce staking limits for all node operators in a bid to reduce the risk posed to its protocol. The company described the bug as “low-impact,” adding that it could only be exploited by the whitelisted node operators.

For its part, Rocket Pool has also delayed its launch. Tsumak had found the vulnerability 24 hours before the platform launched fully, and it is taking steps to rectify things.

The company confirmed yesterday that while the vulnerability was “minimal,” it wouldn’t be taking any chances with customers’ funds. So, it has delayed its launch indefinitely and will announce a new launch date soon.

Rocket Pool also expressed gratitude to Tsumak and the StakeWise team for reporting the bug, despite being a rival to both affected parties.

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Author: Jimmy Aki

BSC Lending Protocol Venus (VXS) to Deploy a Grant Program to Cover Massive Liquidation Losses

BSC Lending Protocol Venus (VXS) to Deploy a Grant Program to Cover the Losses from Massive Liquidation

Amidst the increasing number of exploitations of the Binance Smart Chain-based DeFi protocols, Venus is the latest.

The lending protocol is one of the top projects on BSC with $2.52 billion in total value locked (TVL), down from $7.56 billion ten days back, as per DeFi Llama.

On the backdrop of crypto carnage, its native token XVS experienced a massive spike in its prices caused by large market orders and expectations on the new VRT; the Venus reward token airdropped to XVS and vXVS holders.

“These large tranches of orders, with the limited supply available that is unstaked, caused a huge fluctuation in market prices,” wrote Joselito Lizarondo, founder of Venus and CEO of Swipe.

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Due to this increase in price, traders supplied and borrowed more collateral to continue to buy XVS, that too at a high margin, and as some traders started locking in profits, it caused a large string of market liquidations in the XVS market.

While the liquidations worked the same way at Venus as they do anywhere else, Lizarondo said the market volatility caused more slippage, lowering the price for the seized asset again.

“This causes a cascading liquidation problem. As more liquidations occur, the price goes lower, thus looping this event, until it reaches a bottom where there is nothing more to liquidate,” wrote the founder, adding that this was what happened with the XVS market in the Venus protocol.

While Chainlink, which provides the price feed, looked to be the one exploited here, it was the issue of the lack of liquidity with the $500 million market cap coin. Chainlink Community Ambassador noted,

“Chainlink price feeds accurately tracked the market-wide price of XVS/USD during this volatility. It was not an oracle issue; it was a liquidity issue from cascading liquidations.”

The incident resulted in over $200 million in DeFi liquidations and $100 million in bad debt. However, Lizarondo said that no funds were lost during this process. To rectify the negative balances, Venus will be deploying its grant program and utilizing XVS to cover the system shortfall. He added,

“This will not be sold into the market but rather either leveraged responsibly with the oversight of the Venus Team or OTC’d to a partner with a long-term hold agreement.”

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Author: AnTy

DigiByte Collaborates With Threefold Grid To Further P2P Decentralized Internet Capabilities

  • DigiByte onboards ThreeFold grid to enable their developers and communities to deploy Digibyte nodes on the peer to peer ecosystem.
  • The grid is now available to over 21 jurisdictions globally.

Peer to peer Internet firm, ThreeFold through a post revealed a partnership with DigiByte. They intend to harness Blockchain’s capabilities to promote a fully decentralized internet ecosystem.

They now seek to combine their efforts to launch user and developer projects on the peer to peer grid managed by ThreeFold. The developer community from DigiByte, now with access to the grid, allowing them to deploy their DigiByte nodes independently by utilizing smart contracts feature on the ThreeFold network.

The alliance has also urged potential contributors from DigiByte communities to take advantage of the grid’s potential for their own personal use. Laid down step by step procedures for launching the DigiByte nodes have also been provided on a ThreeFold forum

DGB-Threefold

DigiByte launched in 2013, has morphed to provide one of the most secure UTXO Blockchain thereby capturing a large following in the crypto communities. It is governed by the DigiByte foundation, a non-profit mostly ensuring that the decentralized nature of the Blockchain is upheld.

With their DGB currently trading at $0.018444 recording trading volumes of around $14,527,464 in the past 24 hours. There are about 13,183,077,253 DGB in circulation according to Coinmarketcap as per this writing.

DigiByte co-founder, Rudy Bouwman was particularly proud to work with ThreeFold according to his twitter post.

“The @DGB_Foundation is proud to be a partner to ensure further global decentralization.”

Having been live for almost two years the ThreeFold grid has extended its reach to global scales now covering over 21 nations. This year April they launched their ThreeFold Grid V2.0 supporting a min of 600 active nodes boasting bandwidth capabilities of over 40 million Gigs. Other partners now in their fold are HP, TomoChain and Stellar.

Founder recently step down from DigiByte Active management role

Notably, DigiByte Founder, Jared Tate recently stepped down, distancing himself from any direct contribution to the firm. In a series of tweets, he ranted about the main motivation of the majority of stakeholders being mere short term profits.

He was opined that the very beneficiaries of DigiByte should be able to give back citing individuals and organizations that have milked the DigiByte cash cow and yet never contribute to the growth of its ecosystem.

“All 90% of the people care for is cashing out when a coin “moons.” Its a primal force. I get that. But every day I see this tech being used to enrich the few at the expense of the long term good of the many.”

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Author: Lujan Odera

VeChain to Build Blockchain Medical Data Management System for Cyprus Hospital

The Mediterranean Hospital of Cyprus is all set to deploy a blockchain-based medical data management system built on top of the blockchain tracking platform VeChain in association with I-Dante, a digital healthcare solution provider.

The medical data management platform would be called ‘The E-NewHealthLife.’ The Cyprus hospital, which is set to deploy the DLT-based system, currently has 300 employees and recorded 38,000 patient visits last year.

The need for a DLT-based data management system arose due to inefficiencies caused by an outdated technology infrastructure.

The first phase rollout of the data management system will be for the emergency department of the Cyprus hospital, allowing patients to check waiting lists and manage their medical records from their mobile phones.

VeChain claimed that the new data management system would eliminate middlemen and make it easy for patients to directly connect with the hospital. The firm said:

“Instead of relying on health information exchanges or other ways to aggregate data,” the platform is capable of “eliminating the middleman and accessing patient databases on a large, population scale.”

The Difficulty in Managing Medical Data Led to DLT-Based System

In its announcement, VeChain noted that managing medical data records which included administrative and technical difficulties in pooling data from various record systems and departments led them to turn to blockchain for a solution.

The problem is that a single Hospital with multiple departments can have multiple data management systems with no interoperability amongst them. This makes them increasingly difficult to manage as a means of record storage, and highly vulnerable. VeChain claims that blockchain is perfectly suited to these needs as it is an immutable system.

VeChain believes the DLT medical data management system would not only eliminate unnecessary hurdles created by old-age tech, but also ensure patient privacy; where a patient can decide who can check their medical record and how that medical record is being used.

This is not the first occasion where VeChain is involved with a blockchain-based data management system in the medical field.

Earlier the blockchain tracking platform deployed its DLT system to track the authenticity of KN95 masks coming from China into the United States, amid many cases of flawed batches of medical goods arriving from China.

Not just VeChain, blockchain, in general, has seen a great surge in demand in various fields and firms associated with COVID-19 relief, be it IBM’s blockchain architecture being utilized to develop a coronavirus hotspot tracing system or many other medical supply tracking systems.

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Author: Silvia A