Another BSC-based DeFi Protocol gets Exploited for Over $30 Million

Another Binance Smart Chain (BSC)-based DeFi Protocol Gets Exploited for Over $30 Million

Spartan protocol team ensures that they will rebuild with a focus on review, unlike Uranium Finance which, after the $50 million exploit, said the project won’t be reborn and is currently activating the distribution of 300k.

Over the weekend, yet another BSC-based DeFi protocol got exploited.

On Saturday, Spartan Protocol, a project that incentivizes deep liquidity pools for leveraged synthetic token generation, reported an attack that resulted in a loss of more than $30 million.

Its native token SPARTA took over a 40% drop as a result of the exploit but had since then recovered to $1.65, just about 25% down from its ATH of $2.25 from mid-February.

The next day, blockchain security company PeckShield Inc. released an analysis of the attack stating it was due to a flawed liquidity share calculation in the protocol, which was exploited to drain assets from the pool.

As for the technical part of the attack that involved a number of operations to prepare the vulnerable pool and then manipulate it to drain funds, the attacker first borrowed a flashloan from PancakeSwap with 10K WBNB, which was returned at the last step with 260 WBNB as the flashloan fee.

The vulnerability stems from the fact that the liquidity share calculation calcLiquidityShare() is querying the current balance, which can then be inflated for manipulation, noted PeckShield Inc.

Spartan Protocol team ensured that they would rebuild with a focus on reviews. It also mentions that their code that contained the flaw was already audited by CertiK.

While sharing this, it further said that “Sparta is innovative code, built from scratch, it is not a clone of anything,” amidst the growing criticism around the DeFi projects built on BSC copying other projects that are already running on Ethereum.

“Sparta does not copy a single line of SNX code, and the Sparta community feel the brand is sufficiently differentiated, un-owned, and unique to the BSC community,” it stated.

Earlier last week, another BSC-based DeFi project, Uranium Finance, was exploited for $50 million despite the project being audited by BSC Gemz, which didn’t pick up the critical vulnerability.

The exploit was possible due to an update of the codebase for v2, which changed the swap fees from 0.20% to 0.16%.

Unlike Spartan Protocol, Uranium Finance said they are not releasing v3, adding, “We will not be trying to make this project reborn again, doing so is not possible under these circumstances.”

Currently, they are activating the distribution of less than 300k from the bonus money pot while asking users to remove liquidity from pools.

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Author: AnTy

Binance Smart Chain (BSC) TVL Reaches $45 Billion, Catching Up Fast to Ethereum

Binance Smart Chain (BSC) TVL Reaches $45 Billion, Catching Up Fast to Ethereum

Decentralized Finance (DeFi) has now reached past the mark of $100 billion in total market cap to climb to $130 billion, as per CoinGecko.

The top five contributors to this are Uniswap (UNI), Chainlink (LINK), PancakeSwap (CAKE), Terra (LUNA), and AAVE.

According to CoinGecko, a similar picture is seen in the total worth of assets locked up in DeFi, at $120 billion.

While Ethereum is a big part of it, the original blockchain where it all started, other blockchains are gaining traction as well.

Just as BSC-based PancakeSwap made it among the top DeFi projects, similarly, the TVL on BSC is fast approaching the levels of Ethereum, one of the metrics that BSC has been lagging in.

TVL on Ethereum had reached past $67 billion as of writing this, increasing 2.5x this year alone when it was just about $15 billion, as per DeFi Pulse. Lending protocol Maker (MKR) is leading this with $10.42 billion in TVL.

Meanwhile, as we reported, DeFi on Binance Smart Chain (BSC) has really taken off, currently at nearly $44 billion, as per Defistation. Much like every other BSC metric, TVL had also risen much faster than Ethereum, as it was just $1 billion at the beginning of February.

AMM protocol PancakeSwap zone accounts for $10 billion of this, followed by lending protocol Venus (XVS) at $9.57 billion.

Both are competing for market dominance, “whereas Ethereum has been the only widely used smart contract blockchain since inception, Binance Smart Chain can now be seen as a serious competitor,” wrote analyst Mati Greenspan in his daily newsletter.

BSC and Ethereum both have their own benefits. The original decentralized Ethereum is the most widely used blockchain whose high fees priced out small users. But ever since the Berlin hard fork, the fees have been keeping down while the developers are focused on permanently scaling the network. BSC, meanwhile, is a more centralized version that is catering to smaller users.

But “luckily, there’s no need to take sides. We can profit from the growth of the market by investing in many different areas and thus drastically reduce our risk as well as maintain neutrality,” wrote Greenspan.

According to many market experts, BSC could help further the DeFi adoption and bring more users to the entire ecosystem.

More than 2 million wallets have already interacted with DeFi protocols, up from just over 170k a year back, as per Dune Analytics.

According to Crypto Fees, these DeFi protocols are earning millions of dollars in fees every single day, but they have yet to see the involvement and usage that the market has been envisioning.

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Author: AnTy

Wrapped IOTA Launches on Binance Smart Chain (BSC) to Boost DeFi liquidity

Wrapped IOTA Launches on Binance Smart Chain (BSC) to Boost DeFi liquidity

  • IOTA launches on Binance Smart Chain, or BSC, introducing decentralized finance (DeFi) capabilities for its holders.

In a blog post shared on Monday, IOTA Foundation announced the launch of “wrapped IOTA” on Binance’s decentralized platform, Binance Smart Chain (BSC). The introduction of IOTA on BSC will enable holders of MIOTA, IOTA’s native token, to participate in DeFi applications built on Binance Smart Chain. With the release of this feature, IOTA now lives on two blockchains for the first time.

“Now, with wrapped IOTA on Binance Smart Chain, IOTA holders can use the IOTA Token to participate in DeFi applications on the Binance network.”

This integration follows previous attempts by IOTA developers to build bridges across different blockchains to improve cross-chain interactions. The integration aims at growing liquidity across multiple chains providing IOTA as one of the asset classes you can borrow, lend, stake, and earn on BSC-based DeFi apps.

Users can use the IOTA-Binance bridge to swap their IOTA tokens to wrapped IOTA on Binance to start enjoying DeFi on BSC. The portal also allows reverse transactions from wrapped IOTA to IOTA at a 1:1 exchange ratio at all times. Once the wrapped IOTA has been deposited to your BSC wallet, users can trade, swap, and interact with services similar to any BEP20 token.

IOTA Foundation expects this integration to be the first of multiple chains – possibly Ethereum ETH 1.69% Ethereum / USD ETHUSD $ 1,846.31
$31.201.69%
Volume 22.52 b Change $31.20 Open $1,846.31 Circulating 115.27 m Market Cap 212.82 b
3 h Wrapped IOTA Launches on Binance Smart Chain (BSC) to Boost DeFi liquidity 5 h Cosmos (ATOM) Enhances Interoperability with Inter-Blockchain Communication (IBC) Protocol Rollout 7 h CME Is Launching Cash-Settled Micro Bitcoin Futures, One-tenth the Size of One BTC
and Solana SOL 2.49% Solana / USD SOLUSD $ 19.22
$0.482.49%
Volume 263.92 m Change $0.48 Open $19.22 Circulating 268.2 m Market Cap 5.16 b
3 h Wrapped IOTA Launches on Binance Smart Chain (BSC) to Boost DeFi liquidity 5 d Stablecoin Giant Tether Sets New Record as USDT Market Cap Hits $40 Billion 1 w Solana (SOL) is ‘Uniquely Positioned’ to Snatch Market Share from Ethereum & ETH Killers, says VC
– to increase the cross-chain liquidity.

“We see this integration with Binance Smart Chain as the first step in growing liquidity across multiple chains, while also preparing for the ability for other assets to live on the IOTA network,” a spokesperson from IOTA Foundation said.

IOTA token is up 4.2% in the past 24 hours, trading at $1.55 following the news and Bitcoin’s surge past $59,000 on news that PayPal is adding crypto payments in its 29 million merchant checkouts.

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Author: Lujan Odera

Alonzo Hard Fork to Bring Smart Contract Compatibility to Cardano (ADA) In April

Alonzo Hard Fork to Bring Smart Contract Compatibility to Cardano (ADA) In April

In a recent virtual conference of the Cardano360 event, IOHK Chief and Cardano CEO Charles Hoskinson said that Cardano’s roadmap is on course.

Alonzo HardFork Coming Next Month

According to Hoskinson, the Alonzo hard fork combinator will be launching in April. According to the academic, this feature will let users deploy smart contracts on the Cardano network.

“For the first time ever, publicly, people will be able to write smart contracts and deploy them on Cardano.”

The project has been heavily criticized, with some saying that Cardano will not displace Ethereum. Hoskinson has always said that is not the end goal of Cardano and that the blockchain network was cut out for something greater. And with this update, Hoskinson has validated his supporters.

Hoskinson said the Alonzo update would be deployed in the form of a hard fork just like the “Shelley” era. The former Ethereum executive noted that the upgrade would be available on the testnet in June, with the full mainnet launch slated for August this year.

Hoskinson also said the mainnet launch could see the launch of its Plutus programming platform for token swaps.

Cardano Would Host Countries

Cardano progressively upgrading its blockchain offering has made it to be called the “Ethereum killer.”

Ethereum has seen its gas fees shoot up. The second most valuable crypto project has also been plagued by slow transaction speed. Even with these challenges, Ethereum is a hub for everything decentralized applications (dApps). Decentralized offerings like non-fungible tokens (NFTs), decentralized lending, token swaps have continued to thrive.

But skyrocketing gas fees have seen users begin to explore alternative projects to build a fast-growing dApp niche. Cardano’s multi-asset and smart contract platform would be a great relief as its transaction is reputed to be much lower.

And according to the Cardano team, who is ably represented by Hoskinson, a fully formed Cardano blockchain would process thousands of transactions in a few seconds.

Besides aiming to move into the DeFi space, Hoskinson has said Cardano would fulfil a much-larger mission when it goes live. In a recent blockchain conference for Africa, Hoskinson said the Cardano is not just about facilitating the development of dApps. To him, the peer-reviewed blockchain would be able to host data of countries. He also said Cardano is currently working with some African nations to create digital identities linked to the Cardano blockchain.

This deal would see millions of users come into the Cardano ecosystem and create a whole new $5 trillion of wealth.

Even though the project is still under development, Hoskinson said many developers and DeFi projects have already subscribed, further propelling the Cardano ADA up the crypto chart.

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Author: Jimmy Aki

Decentralized Cloud Storage, Filecoin Integrates Chainlink for Bidirectional Smart Contract Support

Decentralized Cloud Storage, Filecoin Integrates Chainlink for Bidirectional Smart Contract Support

Decentralized cloud storage solution, Filecoin, is integrating with Chainlink, a decentralized oracle network to enable dual-way smart contract functionalities between Filecoin and Ethereum or other smart contract-enabled blockchains.

The partnership with Chainlink aims to introduce “bidirectional smart contract capabilities” on Filecoin, allowing users to interact with any smart contract-enabled platform. By leveraging Chainlink’s widely-used decentralized oracles, users on other blockchains will be able to tap into Filecoin’s storage capabilities while bridging Filecoin data to external platforms to trigger their on-chain applications.

Chainlink’s oracles allow blockchains to extract external data into blockchain dApps, enhancing the DeFi ecosystem, decentralized markets, and triggers settlements in DeFi dApps. Filecoin will integrate the Chainlink External Adapters to connect data on Filecoin with external blockchains. The statement reads,

“Chainlink opens up bi-directional communication capabilities for Filecoin, meaning it can receive external inputs that trigger Filecoin’s on-chain storage functions or fetch Filecoin’s storage state data to determine actions on other networks.”

The development team is currently testing multiple use cases using Chainlink, including Filecoin miner insurance, DataDAO, a DAO holding extensive data, automated file storage, and cheaper data storage on Filecoin.

Earlier in the month, Filecoin was part of five cryptos added to Grayscale’s investment trust.

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Author: Lujan Odera

Alpha Begins its “Multi-Chain Ecosystem” with the Launch on Binance Smart Chain (BSC)

Alpha Begins its “Multi-Chain Ecosystem” with the Launch on Binance Smart Chain (BSC)

Alpha Homora is now also running on Binance Smart Chain (BSC), besides the second largest network Ethereum.

“The beginning of a multi-chain Alpha ecosystem and the value accrual mechanism across multiple chains starts now,” stated the Alpha team.

BSC has seen a lot of traction lately as fees on Ethereum remain elevated, helping Binance Smart Chain make new highs in transaction volumes.

This launch on BSC happened today, and in a matter of three hours, the DeFi protocol had about $117.5 million in total value locked (TVL).

Already, Alpha Homora is among the top ten projects on BSC in terms of TVL. Another lending project, Venus, is the leading one with $5.11 billion in TVL, followed by popular PanakeSwap with $3.65 billion, as per BSCProject.

Alpha’s BSC launch means users can now lend BNB, yield farms on the AMM PancakeSwap with leverage, and receive liquidity mining incentives for both activities.

Leveraged pools that went live with the launch are BNB-ALPHA (2.5x), BNB-CAKE (2.5x), BNB-BUSD (3.0x), BNB-BTCB (3.0x), BNB-ETH (3.0x), and BNB-USDT (3.0x).

Alpha Finance Lab is an ecosystem of cross-chain DeFi products backed by The Spartan Group, Multicoin Capital, DeFiance Capital, and Delphi Ventures.

Alpha Homora is its first product which is a leveraged yield farming and leveraged liquidity providing protocol. The lending DeFi protocol has more than $900 million in TVL on Ethereum.

Last month, the protocol launched its v2 supporting leveraged yield farming of Curve and Balancer pools, alongside Uniswap and SushiSwap pools.

The token ALPHA is a $465 million asset trading at $1.83, up 763% YTD.

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Author: AnTy

Paid Network Planning to Redeploy Smart Contract After the Exploit

Paid Network Planning to Redeploy Smart Contract After the Exploit

The token minting feature exploit led the price of the PAID token to crash 97% to $0.1. The team asks not to buy the dip and to pull out the liquidity.

DeFi protocol, The Paid Network that describes itself as a “borderless legal toolkit,” has been exploited. The hackers exploited the contract’s token minting feature to create some 60 million PAID tokens.

This resulted in the price of the PAID token losing nearly 97% of its value to crash to $0.1. Just a fortnight ago, the token made a new all-time high at $5.85, as per CoinGecko.

“The team is planning to deploy the new minting contract then redeploy it to everyone”, said Kyle Chasse, founder of the protocol. In the early hours of Saturday, he tweeted,

“There was some exploit or attack on PAID token contract, Certik is actively helping us identify the issue. Please DO NOT buy or sell PAID tokens right now. This issue will be resolved, be calm, don’t worry. Feeling gutted, but handling it.”

It was during the late hours of Friday when the reports of the hack came, and the team announced that they are investigating the issue.

“We pulled liquidity, are creating a new smart contract, & will be restoring everyone’s original balances to before the hack. Those with staked, Lpool & UniFarm PAID will have their tokens be sent to them manually.”

The team has been asking the community not to buy the dips as it can expose the buyer to negative impacts. Not to mention, the team is planning to reissue the Paid Network smart contract. Users and buyers are urged to wait for the next update. The team said,

“Rest assured Kyle and the whole team is actively investigating, we removed all our liquidity, will take a snapshot right before the first dump happened, and will be restoring balances to that amount.”

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Author: AnTy

Iowa Senate Introduces Blockchain Bill to Regulate Smart Contracts as Law

Iowa Senate Introduces Blockchain Bill to Regulate Smart Contracts as Law

Iowa is the latest state in the U.S. to introduce a bill targeting blockchain technology and smart contracts. The bill aims to level the playing field between smart contracts and traditional contracts.

The state of Iowa introduced a partisan bill that recognizes and regulates blockchain technology and its smart contracts logic similar to traditional arrangements. Senate Bill 303, presented to the chamber by Republican State Senator Mark Lofgren, states there will be an oversight on smart contracts and anyone using a distributed ledger technology will be liable to similar laws as currently stipulated for traditional record keepers.

“A contract shall not be denied legal effect or enforceability solely because an electronic record was used in its formation,” the bill reads, “or because the contract is a smart contract or contains a smart contract provision.”

Additionally, the bill also adds the concept of security through DLTs to define an “electronic record” and “electronic signature.”

The state of Iowa has been experimenting with blockchain technology and DLTs with the Iowa Democratic Party’s Caucus once trying out a mobile voting app built on the blockchain.

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Author: Lujan Odera

Mark Cuban: Blockchain’s Evolution Over Past 3 Years to Support Smart Contracts, Changed the Game

Mark Cuban: Blockchain’s Evolution Over Past 3 Years to Support Smart Contracts, Changed the Game

WSB traders are applying the same principles of the digital/CryptoAsset world, said the billionaire while name dropping Bitcoin, Ethereum, AAVE, and several NFT projects like Mintable, Rarible, OpenSea, NiftyGateway, SuperRare, NBA TopShot, and Bitcoin Origin, and CryptoSlam.

Billionaire Mark Cuban has been getting more and more cryptocurrency-friendly with each passing day. While previously he didn’t find any worth in them, at least not more than bananas, now he realizes that it’s all about the demand and supply.

And this has him penning the blog titled, “The Store of Value Generation is Kicking Your Ass and You Don’t Even Know it,” where he name drops Bitcoin, his favorite AAVE, and several NFT projects.

While Cuban has been involved in the DeFi space for some time now, the battle between Wall Street Bets and Wall Street has him and the people realizing the true power of decentralization. He wrote,

“WSB traders are applying the same principles of the digital/CryptoAsset world to the stock market, and they are loving the fact that the old schoolers are hating it.”

The owner of Dallas Maverick is slowly coming around to Bitcoin and cryptocurrencies, and in his latest write-up, he talks about the evolution in the store of value.

Previously it was gold, which any gold bug would argue has value because of its history as the foundation for currency, a hedge against inflation, and other narratives and while “there are plenty of other “precious metals” that meet the same criteria, gold simply “has more buyers,” he wrote.

Cuban says this changed over the past 3 years as the “blockchain has evolved to support smart contracts and the ability to uniquely identify digital goods and the transactions associated with them.”

Now, everything is digital, and that is all that the New Generation knows — “This generation knows that a smart contract and the digital good it reflects or a CryptoAsset are a better investment than old school sees, touch or feel uses.”

While following the same laws of supply and demand, the digital space offers all the fun and same sense of ownership, “it has none of the hassles beyond remembering my passwords and dealing with wallets,” noted Cuban.

And though digital goods and crypto-assets markets aren’t perfect with high transaction costs, influenced by narratives, and propensity to be moved by a few big players, “the bottom line is that there are a growing number of investors and traders” believe in it.

The young generation loves its different features, including no central authority, and they don’t care about the Old School Wall Street’s narratives of Price-Earnings Ratios or NPV of future cash flows that are just sales pitches “designed to reward the people with the most money.”

“The more decentralized the power, the more power that comes with the collective working together,” wrote Cuban, adding that’s what Wall Street “hates and will fight because it moves the power out of their hands.” Cuban added,

“Every generation in this country has had its unique special power. This Store of Value Generation has found at least one of their special powers in financial unity. We as a country will be far better off if we understand them, respect them and learn from them, quickly.”

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Author: AnTy

IOHK to Roll Out ‘Smart Contract Free’ Tokenization On Cardano Blockchain

IOHK, the lead developer of Cardano, announces the introduction of “smart contract-free” solutions for native tokens. The move aims to provide a cheaper, more efficient, and less complex platform for decentralized apps (DApps) than Ethereum’s ERC20 and ERC 721 tokens.

In a press release to BEG’s desks, Input Output Hong Kong (IOHK) announced a new interoperability feature on Cardano’s blockchain that allows native ‘non-smart contract’ tokens on the platform. This follows the Goguen upgrade’s launch that allows the development and tokenization of assets using Cardano’s ledger.

This solution will allow other tokens to run on Cardano, opening a gateway to “unprecedented levels of interoperability for blockchain projects,” the statement further read.

The new solution is expected to roll out in the first quarter of 2021 on the Cardano mainnet, with the pre-production environment expected to launch in a few days.

In a blog post by Tim Harrison, Marketing and Communications Director at IOHK, the new solution differs from the non-native user tokens offered on Ethereum, i.e., ERC20 non-fungible ERC 721 tokens. Tokens built using the ERC20 or ERC 721 standards differ fundamentally from the Ethereum native token, Ether, the post explains.

The lack of native tokens makes the process of tokenization “inherently inefficient” as the developers need to write up custom code to build on Ethereum. This adds gas costs (needed to pay to execute the code), a layer of complexity in development, and increases the chances of bugs in the system.

With Cardano’s native tokenization solution, the unnecessary step of creating custom code for user-defined tokens will be dropped, allowing “third party tokens to operate on Cardano as if it was custom-designed blockchain for them.”

Notwithstanding, the tokens will behave similarly to Cardano’s native ADA cryptocurrency to enjoy the benefits of speed, security, and the platform’s cheap transactions. However, unlike ADA, native tokens can be destroyed and minted, while ADA is the only token used for fees, rewards, or incentives.

This is expected to enhance the overall interoperability of assets across blockchains. In particular, Cardano has taken a step forward in challenging Ethereum in the decentralized finance (DeFi) space, recently announcing its first-ever DeFi project on it. Furthermore, IOHK releases over $250,000 in its Project Catalyst fund to incentivize DeFi projects building on its blockchain.

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Author: Lujan Odera