The total value locked (TVL) in Base, Coinbase’s Ethereum (ETH) layer-2 scaling solution, has hit a new all-time high, reaching nearly $750 million. New data from layer-2 blockchain tracker L2Beat reveals that the TVL of Base is hovering at $742 million at time of writing, a new record high and an exponential rise since July […]
The post Coinbase’s Ethereum Layer-2 Solution’s Total Value Locked Hits New All-Time High, Reaches $742,000,000 appeared first on The Daily Hodl.
A bug on an Immediate-or-Cancel order led to the drainage of nearly $700,000 from Lifnity's LFNTY-USDC pool.
Decentralized exchange (DEX) Lifinity had its LFNTY-USDC pool drained by an arbitrage bot on Dec. 8. According to Lifinity’s Discord channel, an unexpected response to a failed trade caused the $699,090 loss.
A Lifinity's core member known as Durden explained that a bot attempted an arbitrage trade following the route USDC > xLFNTY > LFNTY > USDC, trying to profit from price discrepancies between different trading pairs.
The bot initiated an Immediate-or-Cancel (IOC) market order on Serum v3, a type of order that must be executed immediately at the current market price if filled. Orders that cannot be filled immediately are canceled.
Decentralized finance (DeFi) platform KyberSwap has been hacked to the tune of tens of millions of dollars worth of virtual currencies, causing its native asset to dip. Data from blockchain tracker Lookonchain reveals that $46.5 million worth of digital assets were stolen from KyberSwap, including $20.78 million worth of Wrapped Ethereum (wETH), $9.53 million worth […]
The post Kyber Network Crystal Dips As KyberSwap DeFi Platform Drained $46,500,000 in Ethereum, Arbitrum and Other Assets appeared first on The Daily Hodl.
The DEX aggregator has been exploited across multiple blockchains with millions in wrapped Ether and other assets stolen.
Around $46 million in various crypto assets has seemingly been drained from the decentralized KyberSwap exchange in the latest decentralized finance exploit.
On Nov. 23, the Kyber Network team alerted its users stating in an X (Twitter) post that KyberSwap Elastic “has experienced a security incident.”
It advised users to withdraw their funds as a precaution and added it was investigating the situation.
Urgent
— Kyber Network (@KyberNetwork) November 22, 2023
Dear KyberSwap Elastic Users,
We regret to inform you that KyberSwap Elastic has experienced a security incident.
As a precautionary measure, we strongly advise all users to promptly withdraw their funds. Our team is diligently investigating the situation, and we…
Blockchain sleuths highlighted the impacted and exploiter wallet addresses, which were still recently active.
According to Debank data, around $46 million has been pilfered in the attack, including roughly $20 million in wrapped Ether (wETH), $7 million in wrapped Lido-staked Ether (wstETH), and $4 million in Arbitrum (ARB).
The funds were split across multiple chains, including Arbitrum, Optimism, Ethereum, Polygon, and Base.
Kyberswap is being drained, several sources report.
— olimpio (@OlimpioCrypto) November 22, 2023
If you have assets, withdraw pic.twitter.com/Y5ooYYzcTd
In an X post, blockchain sleuth “Spreek” said he was “fairly sure this is NOT an approval-related issue and is only related to the TVL held in the Kyber pools themselves.”
The attacker has also left an on-chain message for protocol developers and DAO members, saying “negotiations will start in a few hours when I am fully rested.”
Related: KyberSwap announces potential vulnerability, tells LPs to withdraw ASAP
DefiLlama data shows KyberSwap’s total value locked (TVL) tanked by 68% over a few hours and almost $78 million left the protocol due to the hack and user withdrawals. Its TVL currently stands at $27 million, down from its 2023 peak of $134 million.
Kyber Network Crystal KNC token prices briefly dipped 7% as news of the exploit broke but have since recovered to trade at $0.74.
The team identified a vulnerability in April, advising users to withdraw liquidity. However, no funds were lost in that incident.
Magazine: Should crypto projects ever negotiate with hackers? Probably
The decentralized exchange launched a new feature that allows governance token holders to vote on which pools will receive the most rewards.
Decentralized crypto exchange Pancakeswap has implemented a new voting system. Called “Gauges,” the system allows governance token holders to vote for additional rewards to be distributed to particular pools, according to a Nov. 22 blog post. The exchange has also sunsetted its vCAKE metric, replacing it with a new metric called “veCAKE.”
Your CAKE, Your Voice
— PancakeSwapEveryone's Favorite DEX (@PancakeSwap) November 22, 2023
Introducing Gauges Voting and veCAKE
More governance power
Control CAKE emissions
Deeper liquidity
Vote Incentiveshttps://t.co/doaCruwMV6 pic.twitter.com/GxHGHdIG4J
Pancakeswap is the third-largest decentralized exchange in terms of total value locked (TVL), according to blockchain analytics platform DeFiLlama. At the time of publication, it had over $1.4 billion TVL. Its governance token, CAKE, is distributed as a reward to users who provide liquidity. It is governed by a decentralized autonomous organization, CakeDAO, which comprises all CAKE holders.
Under the new system, CAKE holders can vote on which pools will receive additional rewards every two weeks. However, to gain the ability to vote, they must lock their CAKE into a smart contract for a set period. The longer they lock their tokens up, the more voting power they receive. Voting power is measured in a metric called “veCAKE,” which has replaced the previous “vCAKE” metric, the post stated.
Related: PancakeSwap adds portfolio manager function in partnership with Bril
The exchange has also eliminated its “syrup pool” reward system, which previously allowed members of CakeDAO to stake their CAKE to receive an additional share of the exchange’s fees. Instead, the additional fees will now only be given out to users who have veCAKE.
According to the post, this change was implemented to increase the utility of the CAKE token, allowing only CAKE holders to influence which pools are most profitable:
“The beauty of this system lies in its exclusivity, as only veCAKE holders can channel CAKE emissions towards the pools where you have stakes, earning additional CAKE emissions as their pools garner more votes[.]”
To facilitate the transition from vCAKE to veCAKE, the exchange’s interface now provides the option for staked CAKE to be transferred into the new contract by pushing a button and confirming the transaction.
Pancakeswap isn’t the only DEX adding new features in November. On Nov. 14, Uniswap released an Android version of its mobile wallet, and Sushiswap began testing native Bitcoin swaps across 30 networks on Nov. 17.
An Ethereum-based (ETH) decentralized exchange (DEX) has suffered millions of dollars in losses after an alleged market manipulation attempt by a rogue user. In a new thread on the social media platform X, the DEX protocol dYdX says that $9 million from its insurance fund was used to fill gaps in liquidations processed in the […]
The post Ethereum-Based Decentralized Exchange dYdX Suffers $9,000,000 Loss in an Alleged ‘Market Manipulation Attempt’ appeared first on The Daily Hodl.
The team behind the top decentralized exchange (DEX) by trading volume is unveiling the Android version of its new crypto wallet. Uniswap Labs, the creators of Uniswap (UNI), says in a new announcement that it’s dropping a new crypto wallet for Apple iOS software competitor Android. Uniswap says the new wallet is “built for swapping,” […]
The post Uniswap Labs Rolls Out New Crypto Wallet to 430,000 New Android Users appeared first on The Daily Hodl.
SOL price has started to cool off as investors potentially question the reasons for the most recent double-digit rally.
Solana (SOL) experienced a notable 36.6% increase in value between Oct. 30 and Nov. 2. However, SOL’s failure to breach the $44.50 mark resulted in a 10% correction down to $40 on Nov. 6. This movement has left many investors pondering whether the ecosystem growth and network activity support Solana’s present $16.9 billion market capitalization.
Solana's peak at $44.50 on Nov. 2 was the highest it had reached since August 2022, and coincided with the Solana Breakpoint 2023 global conference held in Amsterdam. The price hype during this period even prompted BitMEX co-founder Arthur Hayes to admit to being a "degen" and invest in SOL, despite referring to the token as "just a meme."
During the Breakpoint conference, the Solana Foundation unveiled the testnet launch of Firedancer, a new client aimed at enhancing speed, reliability, and reducing hardware requirements for validators, addressing a longstanding criticism of this layer-1 blockchain that offers parallel computing for smart contracts.
Additionally, on Oct. 31, the Solana Foundation announced the availability of its network dataset on Google Cloud BigQuery, a serverless data warehouse solution with built-in machine learning and artificial intelligence. This enables developers and companies to access archival data and analytical insights transparently and securely.
On the development front, the Solana Foundation has maintained a consistent level of activity. This includes the approval by validators in September of the v.1.16 update, which introduced confidential transactions for SPL tokens on the Solana network using zero-knowledge (ZK) proofs.
However, not all news has been positive for Solana despite its token's price performance. For example, on Oct. 17, the decentralized liquid staking protocol, Lido Finance, announced its decision to cease operations on the network, citing unsustainable financials and low fees, which led to a community vote sealing the service's termination.
The central question that lingers is whether the on-chain activity and metrics related to decentralized applications (DApps) support the SOL price hike. Thus, one should analyze how Solana's on-chain data and ecosystem growth compares to its competitors.
Solana's primary DApp metric began showing weakness in September as the network's total value locked (TVL), measuring the amount deposited in its smart contracts, reached its lowest levels in over 2 years on Nov. 5.
Notably, Solana's DApp deposits experienced a 30% decrease in 30 days at 9.83 million SOL. As a point of comparison, Ethereum's TVL in ETH declined by 2% during the same period, while BNB Chain saw an 8% decrease in BNB terms.
Furthermore, Solana's low fees and continued development after the FTX-Alameda Research collapse have not necessarily translated into a large number of active users. Solana's largest decentralized exchange (DEX), Raydium, recorded only 17,380 active addresses in the past 30 days. Similarly, Solana's most widely used game, Star Atlas, had 12,420 unique addresses during the same period.
In contrast, BNB Chain's DEX, PancakeSwap, boasted 513,060 active addresses in the last 30 days, and its Stargate game had 106,400 users. Meanwhile, Avalanche's DEX, Trader Joe, garnered 54,130 active addresses, and its leading game, Galxe, had 32,040 unique addresses.
Perhaps more concerning is the fact that Solana's DApps' volume reached $609 million in the last 30 days, as reported by DappRadar. This number pales in comparison to BNB Chain's $11 billion, Polygon's $5.3 billion, and Avalanche's $727 million in DApps volume.
In addition to these issues, criticism has arisen regarding the need for Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements to become a network validator, as highlighted by user StakeWithPride on a social network.
Related: Multichain inside job? And SOL surges 80% in a month - Finance Redefined
To add to the concerns, X social network user arixoneth revealed that out of 1,997 validators, 1,818 received delegations from the Solana Foundation or Alameda, accounting for nearly 90% of all validators.
2/ I wrote a script to get precise numbers and here is what I got:
— arixon.eth (@arixoneth) October 3, 2023
Out of 1997 validators 1818 received delegations from the foundation & Alameda.
In total they have delegated 106M SOL, 73M from the foundation and 33M from Alameda. pic.twitter.com/Il3eyabeZ8
These participants effectively delegated 106 million SOL from these two entities, raising questions about centralization and dissatisfaction among SOL token holders, both concerning the validators and development subsidies as well as the comparatively small DApps user base in relation to other networks. Ultimately, Solana’s on-chain activity contradicts the recent price surge and does not support further price increases.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Ethereum (ETH) competitor Solana (SOL) is sustaining its upward momentum as it overtakes layer-2 scaling solution Polygon (MATIC) in daily decentralized exchange (DEX) volume. New data from blockchain tracking platform Artemis reveals that the smart contract platform has surpassed MATIC in both overall DEX volume and the number of daily transactions. Artemis’ data shows that […]
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The crypto exchange added a feature that allows users to deposit single assets into a vault, which are then automatically invested into diverse liquidity pools.
Decentralized crypto exchange PancakeSwap now has portfolio manager functionality, according to an Oct. 30 announcement. The feature has been added in partnership with decentralized finance (DeFi) protocol Bril Finance.
The new feature allows PancakeSwap users to deposit tokens into single-asset vaults via the exchange’s user interface. Once the tokens are deposited, they go into a liquidity provision algorithm with automatic rebalancing. The development teams for PancakeSwap and Bril claim that this system will allow users to get higher risk-adjusted returns compared to other methods.
According to the announcement, users will be able to deposit crypto, such as Tether (USDT), Bitcoin (BTC), BNB (BNB) and Ether (ETH). The teams claim the protocol has already produced over 24% internal rate of return (IRR) in tests. IRR is a metric that measures the compound annual growth rate for a project.
For the first four weeks of the feature’s release, additional rewards in PancakeSwap’s (CAKE), the exchange’s governance token, will also be provided to users. At launch, PancakeSwap will be the only interface that provides users access to Bril’s portfolio management system, the announcement stated.
PancakeSwap’s “Head Chef,” or CEO, Mochi, claimed that the new integration would help make the exchange a major hub for DeFi, stating:
“We aim to become a hub for all of DeFi and integrations such as this, allowing us to become a one-stop shop for portfolio management. Bril’s automated technology and its integration with PancakeSwap will allow PancakeSwap users to enjoy the core features and functionalities they are already accustomed to and seamlessly earn on their assets in a hands-off manner.”
Related: UAE dirham stablecoin DRAM launches on Uniswap, PancakeSwap
PancakeSwap is the second-largest fully decentralized crypto exchange in terms of daily volume, according to data from DefiLlama. In May, it launched a pancake-themed game called Pancake Protectors. In September, it integrated Transak as a vendor for making fiat to crypto payments.
