1Inch Decentralized Exchange to Transition to Binance Smart Chain as Ethereum Exodus Begins

1Inch, a decentralized exchange (DEX) built on the Ethereum blockchain, has become the highest-profile project to join Binance’s new Smart Chain.

Yesterday, the exchange confirmed that it had moved to the Binance Smart Chain (BSC), marking what could be a broader move away from the leading blockchain network for decentralized finance (DeFi) protocols.

Exploring New Opportunities

In its announcement, 1Inch explained that it had successfully moved ten million 1INCH tokens (worth about $40 million) to the Smart Chain. The exchange will use the tokens as a liquidity bridge between the two competing blockchains. Adding that, they will also seed its entire ecosystem on the Smart Chain.

Speaking to industry news sources, Sergej Kunz, 1Inch’s founder, explained that the move was inspired by a necessity to escape the rising gas fees on the Ethereum blockchain; with Binance Smart Chain launching to full fanfare earlier this month, it was the perfect opportunity, and they latched on to it.

Ethereum Better Watch Out

The possible move from Ethereum isn’t a new trend. For months, industry experts – including DeFi protocol developers and analysts – have criticized the Ethereum Network for its rising gas fees ETH -5.02% Ethereum / USD ETHUSD $ 1,446.93
-$72.64-5.02%
Volume 31.49 b Change -$72.64 Open $1,446.93 Circulating 114.84 m Market Cap 166.16 b
6 h Crypto Hedge Fund Arca is the Latest to Join the Crowd of Bitcoin Trust Issuers 6 h Coinbase Going Public Is A Watershed Moment for the Cryptocurrency Industry 7 h 1Inch Decentralized Exchange to Transition to Binance Smart Chain as Ethereum Exodus Begins
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With transactions costing more, the blockchain has shown problems with scalability, and several developers have actively shopped for alternatives to move into.

Earlier this month, Harvest Finance, one of the largest yield farming protocols in the DeFi space, made moves to hire developers to bring the protocol to the Smart Chain. While a moderator for the community described the move as an opportunity to show the cross-chain yield farming’s viability, it’s no doubt Ethereum’s problems were driving them away.

ValueDeFi, another leading protocol, confirmed on Twitter that it would also be moving away from Ethereum in the nearest future.

With the leading blockchain now in more danger of losing its crown, the Binance Smart Chain isn’t the only viable option for investors. This week, fast-rising blockchain project Chainlink LINK -3.26% Chainlink / USD LINKUSD $ 25.20
-$0.82-3.26%
Volume 170.53 b Change -$0.82 Open $25.20 Circulating 410.01 m Market Cap 10.33 b
7 h 1Inch Decentralized Exchange to Transition to Binance Smart Chain as Ethereum Exodus Begins 9 h Polkadot (DOT) Proposes Public Utility Parachains to Provide Easy Access to Resources 1 d Chainlink (LINK) Launches Off-Chain Reporting Feature to Improve Network Scalability
took a step forward as it announced the launch of off-chain reporting (OCR) – a feature that will allow its blockchain oracles to aggregate data Externally and publish it to the blockchain.

As the company’s announcement explained, the new feature will further bolster scalability by reducing gas fees and congestion on the network. Other benefits include greater node decentralization and cost-effective node onboarding.

Ethereum is putting a lot of home on its ETH 2.0 upgrade to solve many of its problems. However, even that might not come quickly enough to prevent this exodus.

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Author: Jimmy Aki

Another One Bites the Dust; Ethereum’s Insanely High Fees Force A Project to Shutdown

Another One Bites the Dust; Ethereum’s Insanely High Fees Force A Project to Shutdown

As average fees on the second-largest network continue to rise, Unite.Community kills its project.

Crazy high fees on the Ethereum network continue to price out smaller users. This time, a small social network project called Unite.Community has been the victim of this.

“We are unfortunately no longer actively developing Unite,” announced the project on Twitter this week. The project blamed the high fees for its shut down, which has been making it hard to make the project a reality.

“Gas prices mean the original idea for Unite isn’t feasible and after several months of work and many conversations we’ve decided against building a social token platform on a L2.”

This isn’t the first time a project has shut down because of the extremely high fees of the Ethereum network.

Back in September, during the DeFi mania, which pushed the prices to even higher levels, Unilogin had to shut down because, at times, it was paying $130 to onboard new users.

Around the same time, Publish0x, a platform that paid writers in Ether tokens, had to first delay its payments and then switch to a monthly system of payment to avoid the high gas fees.

Interestingly, while in USD terms, the average transaction fees on the second-largest network continue to hit new highs, going to $24 earlier this week, in Ether terms, at 0.015 ETH, we are nowhere near the Sept. levels of over 0.03 ETH. Average gas prices that are currently keeping between 100-300 Gwie are also high but still far off of June 2020 levels when it was over 700 Gwei and above 535 Gwei in September.

These fees rise further when interacting with DeFi protocols and for faster transactions, which are making it harder for small users to actively use DeFi platforms. However, for miners, it means earning a fortune, already they have raked in $283 million in transaction fees in February so far. In January, Ethereum miners earned $325.45 million from transaction fees.

On Thursday, miners’ one-day revenue from fees was 28.45 million, hitting new records.

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Author: AnTy

Dfinity Project Hits Mercury Milestone, Launching Its ‘Internet Computer’ Mainnet

Dfinity Project Hits Mercury Milestone, Launching Its ‘Internet Computer’ Mainnet

Dfinity, a startup that has been building the ‘Internet Computer’, launched its Mainnet quietly on Dec. 18 according to a blog post update from the company’s founder Dominic Williams. The firm which was valued at around $10 billion last year enjoys the backing of heavyweight VCs such as Polychain Capital and Andreessen Horowitz.

Dfinity’s internet computer is an advanced computing system built on blockchain technology; it is set to compete with the likes of Amazon Web services. This new internet computer leverages Chain Key technology which basically reduces the computing workload by splitting smart contracts into two; query calls and update calls. The former can be executed in milliseconds while the latter can take between one and two seconds, depending on the rate of block production.

According to the 18,000-word blog post, Dfinity’s purpose is to extend the functionality of the public internet through blockchain technology, hence eliminating the need for legacy techs such as firewalls, databases, and cloud services. The blog goes on to highlight that,

“Ultimately, the Internet Computer allows entrepreneurs and developers to reimagine both how and what they build — a paradigm shift that will change everything.”

While Mainnet had met its release date target of Q4 2020, Dfinity had yet to go mainstream on this milestone. According to Williams, this release is more of an Alpha version given that the project is still on its path ‘Genesis’. Some of the required metrics for the Genesis version to be met include network stress testing as it grows, the release of documentation, and significant amounts of the source code.

Currently, the internet computer is decentralized and runs on nodes located in 7 independent data centers spanning Switzerland, Germany, and the U.S.A. However, the project has issued only a fraction of its 469 million governance tokens; these were allocated to the Dfinity team, early investors, and other stakeholders who will be obligated to vote once the Genesis is met.

The update, which also outlines a 20-year plan is fundamentally bullish on the prospects of an internet computer in the coming decades. It outlines that,

“The Open Internet will finally be significantly bigger than Big Tech’s closed proprietary ecosystem, which will now be in terminal decline, but will take forever to disappear for similar reasons COBOL code is still running.”

Dfinity believes that open versions of existing applications like TikTok, Uber, and Google Photos can be built on its advanced blockchain-based computing ecosystem. In fact, the firm has previously built a TikTok ‘replica’ which it dubbed CanCan to demonstrate the feasibility of its tech. Per the blog, Dfinity anticipates unlocking the Genesis version of its Mainnet within the next 2-3 months, after which the network will transition to beta.

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Author: Edwin Munyui

IOHK Expands Project Catalyst, Updates Cardano’s Daedalus Wallet for Ledger App; ADA Pumps

IOHK Expands Project Catalyst, Updates Cardano’s Daedalus Wallet for Ledger App; ADA Pumps

2021 has kicked off nicely for Cardano and its partners with the launch of Project Catalyst, and the release of the much-awaited Cardano’s native wallet, Daedalus.

Input-Output Honk Kong, the company behind the Cardano blockchain, has announced the launch of the Daedalus native wallet. According to the announcement, the wallet will provide support for the Daedalus Ledger hardware wallet with additional functions to improve scalability.

One important feature is the search function for staking pools. The feature enables users to find stakes using their ID and an added verification section labeled as the “Delegation Wizard.” The verification feature links a stake pool to a social media profile or a website, which shows that the stake pool is trustworthy.

The past weeks have been particularly busy for the IOHK team and their project manager Volodymyr Hulchenko as they try to improve the new Daedalus functions.

Apart from Ledger, there is now support for Trezor on Cardano’s native wallet. Additionally, the team is still working to deploy Cardano’s full decentralized finance capabilities.

Project Catalyst enters phase 3

With the improved Daedalus, IOHK also launched a $500,000 fund that will take care of the next phase of the Project Catalyst. This is coming after the conclusion of “fund 2”, which saw the submission of proposals on every aspect including the expansion of Cardano to West Africa and further improvements on the platform. In the Fund 2 project, $250,000 was allocated to community-based projects centered on making Cardano more scalable.

But with Project Catalyst, the community is trying to set up the world’s largest decentralized innovation fund, as over 1,600 registered community members ready to vote. This project has overtaken other similar projects, including Ethereum’s top 100 DAOs and the Dash project.

Project Catalyst will empower registered users

According to the developers, Project Catalyst was launched as the first stage of the Voltaire roadmap, which is designed to ensure best-in-class governance in Cardano.

With the right governance, it will enable a proper shape of blockchain to its users. It empowers any user who has signed up to catalyst with the authority to bring ideas and offer suggestions for further project growth. Ada holders who are registered on Catalyst are also empowered to vote on funding proposals for the continuous evolution of Cardano as a community as well as a platform.

According to the Cardano developers, the project will sustain the Cardano system as well as accelerate its development.

Fund 2 voting has ended, and the organizers are still compiling the results. The winning team will be given the funds to assist them in bringing their proposals to fruition.

IOHK rolls out a native client for Ethereum Classic

In a related development, IOHK is celebrating the conclusion of the Mantis project, which offers more exposure within the Cardano ecosystem. The project also expanded to a new client Mantis for Ethereum Classic.

According to IOHK, the project will be a more useful, secure, and reliable alternative to infrastructure providers, wallet users, and developers.

Along with the rest of the cryptocurrency market, Cardano’s ADA has enjoyed massive gains. Reaching a 24 hour high of $0.356 while flipping both Bitcoin Cash and Litecoin to hit 5th in market cap. ADA is currently up 83% YTD.

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Author: Ali Raza

Compound to Release a New Cross-Chain Protocol with CASH Token Next Year

Compound Finance has released a new Compound Chain project — “a distributed ledger capable of transferring value & liquidity between peer ledgers.”

The team is currently building a testnet implementation, which is expected to be released in the next quarter. The project will also be bringing other popular DeFi projects like Polkadot, Solana, Quorum, and Celo into the protocol.

Designed to complement the Ethereum contracts, it would be controlled by COMP governance and extend DeFi network effects.

COMP, the $694 million digital asset, is currently trading at $158, up 40.4% in the past 30 days but down 36% YTD. The white paper reads,

“The Compound Chain is designed from the ground up to enable bridging value between its connected ‘peer’ chains.”

The Compound Chain will have CASH as its native unit of account, created through borrowing, much like MakerDAO’s DAI. CASH will be borrowable against any supported asset as collateral.

This CASH unit will be used to pay traction fees on the Chain, and interest would be paid to the CASH holders.

The value of one CASH is set at one US dollar, but through governance, it would later begin to track an alternate index, such as a basket of currencies.

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Author: AnTy

DeFi Project Nexus Mutual Suffers $8.25M Attack; Only Founder’s Personal Wallet Affected

DeFi insurance project Nexus Mutual has suffered an attack.

But for the crypto community, the only good thing is that Nexus Mutual founder Hugh Karp’s personal addresses were only affected.

On Monday, the team took to Twitter to share that at 9:40 on Dec. 14 itself, the personal address for the project creator was attacked and drained by a member of the mutual itself.

“Only Hugh’s address was affected in this targeted attack, and there is no subsequent risk to Nexus Mutual or any members,” noted the team.

370,000 NXM worth $8.25 million has been stolen from Hugh’s personal wallet.

As per the initial investigation, this targeted attack was made on Hugh’s hardware wallet by gaining remote access to his computer. By modifying the popular Ethereum wallet MetaMask’s extension, the attacker tricked Hugh into signing a different transaction to transfer the funds to the attacker’s address.

“Since on hardware wallets you often can not validate practically what you are actually signing the weakest point to attack is the interface that creates the sign request – e.g., the Dapp,” said Martin Köppelmann, founder of the prediction market platform Gnosis.

As such, one needs to make sure that the private key only signs what the owner intends to, for which multiple signier or sanity checks must be used to separate the transaction request from signing it, advised Köppelmann.

According to the Nexus Mutual team, the attacker completed his KYC earlier this month and then switched the membership to a new address on Dec. 3rd.

“The mutual is not impacted; the pool of funds and all systems are safe. Our investigation is ongoing to identify the attacker and how they operated,” added the team.

Hugh also took to Twitter to urge the attacker to return the stolen NXM to him, and in return, they will drop the investigation and grant them the $300k bounty.

The project currently has a total value locked (TVL) of about $94 million, and its token NXS is currently trading at $0.226, down 1.91%. The token with a market cap of $15.65 million has a year-to-date performance of about 28%.

Meanwhile, Wrapped Nexus (wNXM), which the attacker used to move the funds, is seeing a bigger drop of over 16% to $16.41.

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Author: AnTy

This DeFi Blue Chip is Coming to Bitcoin with The RSK Market Proposal

“An Aave approach to the Bitcoin world” is what the DeFi Bluechip project is trying to achieve now.

The popular decentralized finance project announced this week that it is now coming to Bitcoin with a new proposal “for an RSK market on the Aave Protocol.”

“This is a huge step for expanding the DeFi ecosystem,” noted the team which launched Aave V2 last week, which saw its market size surpassing $35 million. The upgrade makes the project easier and cheaper to use, with its flash loan functionality also getting a revamp.

Following the launch of the latest version, the team proposed the ability to separately delegate proposal power and voting power —

“a major step in governance scalability as we believe the ability to assess proposals require different skills than those needed to make a smart contract proposal.”

Aave is the fourth largest DeFi project whose governance token AAVE continues to grow strong, trading at $76.28, with a whopping 4,147% year-to-date performance.

The project has $1.6 billion in TVL, with 432.5k ETH, 10k BTC, and 15.55 million DAI locked in it.

The proposal on Aave’s governance forum explains that for leveraging Bitcoin, they will be incorporating the RSK Market. This will be completely done by RSK devs, and integration has already been done with Chainlink, which will be used by Aave.

RSK’s full technology stack is built on top of Bitcoin, and its goal is to add value and functionality to the ecosystem of the largest cryptocurrency by enabling smart-contracts, near-instant payments, and higher-scalability.

Instead of a bridge, Aave proposes creating a Market, a new idea that incorporates new customers that are not using Aave. All new tokens already on RSK Marketplace natively will be brought along with the new proposal to increase the liquidity and opportunities for both companies. The team noted,

“We will bring to the table new customers that will bring new business and liquidity from the bitcoin world that look the DeFi platforms differently.”

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Author: AnTy

Facebook-Led Libra Rebrands to ‘Diem’ in Attempt for a ‘New Start’ & Gain Regulatory Approval

Facebook has rebranded its stablecoin project Libra as “Diem” in its latest effort to gain regulatory approval. The new name comes after the Latin word “day” — denoting “a new day for the project.”

The Diem Network is preparing to launch its first digital coin as early as January next year, called the Diem Dollar.

First announced in June 2019, the project that aims to build a safe, secure, and compliant payment system received a lot of backlash from the regulators and raised concerns among the central banks over its impact on financial stability and monetary sovereignty. Stuart Levey, CEO of the Geneva-based Diem Association, said,

“The original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition.”

“We wanted a new start.”

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As we reported, the team is currently waiting to obtain a license from Swiss regulators to launch. It is also in talks with the US federal and state regulators but isn’t waiting for approval from them.

To satisfy regulators, Diem will comply with the sanctions and regulatory reporting requirements. “All of these design features we think make for a project we think that regulators will welcome,” Levey said.

The new network has also abandoned the 100-member goal and currently has 27 participants. The idea is to take things even more slowly; as such, just one digital currency — US dollar-pegged stablecoin — is being launched for now. It may pursue additional fiat-based cryptos later, said Levey. He added,

“We are not trying to cut all ties, by any stretch. It (the name change) is to signify that the association is operating autonomously and independently.”

The Diem Association also has no more plans to eventually transition to a permissionless blockchain to allow everyone to participate in verifying transactions.

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Author: AnTy

Yearn Finance to Join Forces with Akropolis; Fourth Merger In a Week

Yearn Finance continues its landmark week with yet another collaboration, as the project appears to be leveraging its name and capabilities to improve its reach.

This time, the decentralized finance (DeFi) protocol is partnering with Akropolis, a fellow DeFi project.

Mutual Benefit Going Forward

According to a press release published earlier today, lending and savings protocol, Akropolis confirmed that it had partnered with yield farming project Yearn Finance. The announcement explained that both projects would merge to leverage each other’s strengths, thus enabling each other to “do what they do best.”

Diving deeper, the announcement explained that Akropolis’ developers would use Yearn Finance’s infrastructure to enhance their operational strategies. They will benefit from the expanded Yearn Finance ecosystem, which now includes lending protocol Cream.

Yearn Finance also announced a partnership with Cream last Thursday. At the time, protocol founder Andre Cronje explained that both projects would collaborate to launch Cream v2, an upgrade to the latter’s protocol. They will also merge their development resources and strengthen the integrations between each other.

As for Yearn, the protocol will benefit from Akropolis’ institutional contacts and business development acumen. Akropolis has also committed to deprecate Spart and AkropolisOS, two of its products that aren’t related to yield farming. Both products will be moved to an open-source development mode, focusing on a front end that will allow professional traders to access the new ecosystem from both companies.

Better Insurance Cover

The merger also includes a commitment to help Akropolis recover funds lost in a recent security breach. Earlier this month, the protocol confirmed a hack that was executed across several smart contracts in its savings pools. Akropolis explained that the hackers had targeted areas which it already audited twice. Nevertheless, the Curve sUSD and Curve Y savings pools were affected.

Blockchain records on the Ethereum chain show hackers managed to steal over 2,030,000 DAI tokens by exploiting smart contract vulnerabilities. They moved the funds to a different address shortly after.

Akropolis confirmed that the majority of its assets locked were safe in an official statement. However, it has paused all stablecoin pools, adding that it looked into ways to reimburse affected users.

Looking to leverage Yearn Finance, the protocol explained that it would introduce an IOU token to track the stolen funds. Akropolis will also redirect profits into its token fund to reimburse all affected users, adding that it would streamline insurance protocol integrations to ensure that more users get coverage going forward.

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Author: Jimmy Aki

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