Here’s What’s Next for Chainlink, Curve, Skale, The Graph, THORchain and VeChain, According to Analyst Michaël van de Poppe

October 21, 2021 The Daily Hodl

THORSwap relaunches cross-chain trading on four of five networks

October 12, 2021 Coin Telegraph

chaosnet

THORSwap users can now transact across Bitcoin, Litecoin, Binance Smart Chain and Bitcoin Cash networks.

Cross-chain decentralized exchange (DEX) THORSwap appears to be on the path to recovery after the THORChain network was taken offline following major exploits just three months after entering its guarded launch.

The Cosmos-powered network aims to support decentralized trades executed across different blockchain networks such as Bitcoin (BTC) and Ethereum (ETH). According to an Oct. 12 progress report, the team behind the project’s decentralized exchange THORSwap has so far restored functionality for four of the five networks it supported prior to going down in July.

The update states that THORSwap has resumed swap functionality across the Bitcoin, Bitcoin Cash (BCH), Litecoin (LTC), and Binance Smart Chain networks, adding that the team is currently in the process of reinstating support for Ethereum.

15 summaries about @THORChain

1. $BTC, $ETH, $BNB, $LTC, $BCH - 5 economic significant blockchains are integrated.

2. Got exploited but hardened and became stronger than ever.

3. Recovered 4 chains and is in the process of recovering the last chain - Ethereum.

1/7
— THORSwap ⚡ ᚱ (@THORSwap) October 12, 2021

THORSwap added it is working to integrate support for the Terra stablecoin network and the Cosmos’ decentralized finance hub, Gaia. Further integrations with other crypto assets, including Dogecoin (DOGE), Decred, Haven and Monero (XMR), are also under development.

The team is also working to improve the performance of network nodes.

THORSwap’s highly guarded “chaosnet” was partially launched in April, following the launch of THORChain’s initial systems in July 2020.

Despite apparent early success, the THORChain network would suffer three hacks during June and July, forcing it to take some services offline.

THORChain was initially exploited in June. However, the team downplayed the incident at the time, stating that the first exploit attempt was limited to $140,000, "which is a small amount compared to other exploits."

The network was exploited again for a much larger $7.6 million in Ethereum on July 16 after a hacker discovered a vulnerability resulting in the suspension of operations. THORChain was attacked for a third time on July 23 when a hacker exploited the network’s Ethereum router to steal $8 million worth of ETH.

"It's been a tough time for THORChain during the last few months, but fundamentals never changed," said the THORSwap team.

SushiSwap leads DEX token gains as SUSHI price rises by 23% in 24 hours

September 16, 2021 Coin Telegraph

CAKE Price

SUSHI price reached its best level in four months while its top rivals Uniswap, THORChain, and PancakeSwap also saw gains.

SushiSwap (SUSHI) prices crept higher on Sept. 16 following another day of gains for decentralized exchange (DEX) tokens.

The SUSHI/USD exchange rate rose by 7.54%, or $1.14, to reach $16.31 for the first time since May 21. The pair's upside move pushed its 24-hour adjusted timeframe profits up to 23%, making SUSHI the best-performing DEX token in the given period.

For instance, UNI, the token representing the leading DEX Uniswap by market cap, jumped 6.23% against the U.S. dollar in the previous 24 hours. Meanwhile, PancakeSwap (CAKE) rose 2.5%, THORChain (RUNE) climbed circa 13%, and Curve (CRV) inched higher by over 4.5%.

*The performance of top DEX tokens in the previous 24 hours. Source: Messari*

Why is SushiSwap leading the DEX pack?

Decentralized finance sector analyst Kris Kay noted that SushiSwap, as a DEX platform, has lately branched out to more blockchains than its peers. As a result, it has been generating more fees for its users, thus raising the prospect of holding SUSHI tokens.

Specifically, the latest bout of buying in SUSHI markets came a day after SushiSwap announced its deployment on Arbitrum , a layer-2 scaling solution for Ethereum-powered decentralized applications or DApps.

With super fast transaction speeds, you never have to sit and wait for tx confirmation again at https://t.co/aoFOsbikeu.

Just try switching your network to Arbitrum today!
️️️️️️️
$30M TVL and counting... pic.twitter.com/qgmybXWhjt
— SushiChef (@SushiSwap) September 15, 2021

It also revealed that stakers had locked $30 million worth of SUSHI tokens into Arbitrum's smart contracts.

Kay noted that SushiSwap's efforts to scale its DEX solutions across multiple layer-1 and layer-2 chains also cater to its ecosystem's growth. For instance, the platform has launched many new services in recent months, including DeFi liquidity provider Onsen and lending/borrowing dapp Kashi.

On Sept. 2, SushiSwap also unveiled its upcoming non-fungible token (NFT) marketplace, dubbed Shoyu. The sales volumes for blockchain-verified unique digital collectibles grew from $13.7 million in the first half of 2020 to $2.5 billion in the first half of 2021.

SUSHI price outlook

As a result, SUSHI has beaten its DEX rivals in terms of interim returns. Its profits in the previous seven days sit over 45% compared to UNI's 16.93%. Nonetheless, SUSHI lags in year-to-date (YTD) gains, jumping more than 370% compared to UNI's 474% gains.

Meanwhile, PancakeSwap's CAKE has led the top DEX pack after delivering more than 3,330% YTD returns.

"SushiSwap is currently the 5th highest earning protocol," Kay tweeted, hinting that the DEX has a likelihood of growing higher in the coming sessions.

"SushiSwap started out as a decentralized exchange, but it’s evolving to so much more," he said.

"A suite of DeFi products, all generating revenue for the community treasury, and of course SUSHI holders."

4/
Sushi Swap is currently the 5th highest earning protocol

While majority of fee-revenue goes to Sushi treasury, $SUSHI holders still control this. $SUSHI stakers also receive 0.05% of all fee-revenue. pic.twitter.com/cu4GMiVGU2
— Kris Kay | DeFi Donut (@thekriskay) September 14, 2021

On the technical charting front, SUSHI has fallen behind in the recent altcoin market boom. But the SushiSwap token's climb in the recent sessions has had it break above $15, a key psychological resistance level, now acting as support.

*SUSHI/USD daily price chart featuring its next upside price targets. Source: TradingView.com*

Scott Melker, an independent market analyst, noted that there are thin resistance lines ahead, meaning that SUSHI could head higher to form a new all-time high. The previous SUSHI/USD peak sits at $24.69. Melker added:

"Those lines at the top are the target, although we know that if they flip to support, we will have price discovery for new highs."

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

THORChain Shakes Off Recent Attacks with 39% Rally

July 29, 2021 The Crypto Briefing

Erik Voorhees lashes ‘disgusting’ behavior of Bitcoin maxis: ‘Not the community I come from’

July 29, 2021 Coin Telegraph

Bitcoin conference

Erik Voorhees is embarrassed by toxic Bitcoin maxis and told a podcast: “I don't know when they got into Bitcoin, but absolutely that is not the community that I come from in Bitcoin.”

Erik Voorhees, the founder and CEO of ShapeShift, has revealed in a podcast that he felt embarrassed and disgusted by the behavior of Bitcoin maximalists at the 2021 Bitcoin conference in Miami.

A Bitcoin OG who can see some merit in altcoins, Voorhees spoke on a panel during day two of the Miami conference in June. He caused a stir when he said “Did I hear someone on that prior panel say ‘If you’re against toxic maximalism, you’re against Bitcoin and you’re against freedom?’… Yeah, that’s some bullshit.”

The ShapeShift CEO expanded on those comments in a July 27 interview on the Unchained Podcast hosted by journalist Laura Shin. The 35-year-old slammed Bitcoiners who believe that toxic behavior such as trashing proponents of other cryptocurrencies is a good thing for BTC:

“They’ve spun themselves up into thinking that trashing these people is a virtue and it's helping Bitcoin. Frankly, I think it’s just kind of disgusting and I was embarrassed.”

He added: “These people were on stage talking about the virtues of toxic maximalism. I don't know when they got into Bitcoin, but absolutely that is not the community that I come from in Bitcoin."

Vorhees has spoken out before against toxic maximalism, but told Shin that the Miami conference was the first Bitcoin conference he’s been to in which he was “embarrassed about the people who were there.”

He stated that if there is a genuine enemy to Bitcoin and toBitcoin maxis, it is “central banks, banking and fiat currency” and not the “Dogecoin community or Ethereum community.”

ShapeShift is a noncustodial crypto exchange operated out of Denver and headquartered in Switzerland. The platform announced a full integration with cross-chain DEX THORChain in April which enabled direct trading of Bitcoin, Ether, and Litecoin. However, THORChain has suffered two multi-million dollar breaches from hackers this month, along with a third more minor breach.

Cointelegraph reported on July 16 that Thorchain came to a halt after a hacker stole $7.6 million worth of crypto assets, and last week an apparent white hat hacker stole $8 million worth of ETH.

Voorhees conceded the exploits show that ThorChain still has a long way to go, but the fact that it can provide a DEX that is chain-agnostic is a “huge development for the industry.”

“THORChain is very new early software and they’ve had a few pretty atrocious bugs recently. Right now the chain is offline. So it's not a panacea and it’s not ready for prime time, but it works. It works with real money and it's out in the wild getting better and better each week.”

Thorchain Trolled by Hacker After Two Successful Seven-Figure Exploits

July 27, 2021 Bitcoin.com

$8M Lost as THORChain Suffers Third Attack in a Month

July 23, 2021 The Crypto Briefing

Possible ‘white hat hacker’ exploits THORchain for $8M, proposes 10% bounty

July 23, 2021 Coin Telegraph

Possible ‘white hat hacker’ exploits THORchain for M, proposes 10% bounty

Coin Telegraph

The white-hat hacker claims to have mercifully minimized the damage of their $8 million exploit in a bid to teach THORChain a lesson.

Cross-chain decentralized exchange THORChain has suffered its second multi-million-dollar hack in as many weeks, with $8 million worth of Ether impacted.

However, the attack appears to have been carried out by a white-hat hacker, with THORChain announcing the perpetrator had requested a 10% bounty. ETH will be halted until the code has been audited.

Liquidity providers impacted by the exploit will be subsidized using the project’s treasury funds

The whitehat requested a 10% bounty - which will be awarded if they reach out, and they should be encouraged to do so.

It is a tough time for the community and project, and the pain is real.

The treasury has the funds to cover, but it's time to slow down.
— THORChain (@THORChain) July 23, 2021

The exchange — which is still in the middle of a staged beta launch called Chaosnet — conceded that the “complexity” of its state machine comprises THORChain’s “Archille’s heel,” however asserted that its issues “can be solved with more eyes on, as well as a re-think in developer procedures and peer-review.”

A screenshot shared from the project’s Discord forum appears to show a message forwarded to the project by the hack via transaction data.

The hacker claims they deliberately minimized the damage from the exploit in a bid to teach THORChain a lesson, stating: “Do not rush code that controls 9 figures,” and “Disable until audits are complete.”

The hacker adds that they could have stolen Ether, Bitcoin, Binance Coin, Lycancoin, and many BEP-20 tokens if they had wanted to, asserting that “multiple critical issues” were found and that a 10% bug bounty could have prevented the incident.

message from hacker... pic.twitter.com/1j8wOPcYHa
— zillaQuest!? (@zillaQuest) July 23, 2021

On July 16, Cointelegraph reported that THORChain had been halted after 4,000 Ether worth $7.6 million was drained from the protocol. The protocol unsuccessfully proposed a bug bounty to the hacker in exchange for returning the stolen funds.

The decentralized exchange also lost $140,000 in a separate exploit suffered last month.

THORChain entered into its guarded “Chaosnet” launch in April, enabling cross-chain swaps across the Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Binance Chain networks.

$5M in Ethereum Lost in THORChain Exploit

July 16, 2021 The Crypto Briefing

ThorChain loses $7.6M in ‘Chaosnet’ exploit, offers hacker a bounty to return funds

July 16, 2021 Coin Telegraph

chaosnet

The ThorChain network remains halted after the protocol suffered a hack in which the perpetrator is estimated to have made off with $7.6 million in crypto assets.

Popular cross-chain decentralized exchange, ThorChain, has suffered a multimillion-dollar breach.

Estimates as to the scale of the damage vary, with ThorChain revising the initial estimate that 13,000 ETH (worth $25.1 million) had been stolen down to 4,000 ETH (roughly $7.6 million) as a ballpark for damages.

At this stage the estimate is around ~4000 ETH worth of assets (ETH/ERC20) was taken, not 13k ETH.

More detailed assessment and recovery steps will be announced soon.

The users who suffered (LPs) will be made whole in the coming weeks. https://t.co/LR2x8VZ2kx
— THORChain #ACTIVATETHESYNTHS⚡️ (@THORChain) July 15, 2021

In the ThorChain community Telegram channel, administrators have indicated the project has the funds needed to cover users’ stolen assets, but articulated a preference for the hacker to return the stolen funds in exchange for a bug bounty.

“While the treasury has the funds to cover the stolen amount, we request the attacker get in contact with the team to discuss return of funds and a bounty commensurate with the discovery,” a Telegram post stated, adding that user funds “will be available when the issue has been patched & the network resumes.”

ThorChain has since tweeted that its preliminary roadmap to recovery is underway, announcing that after the vulnerability is patched and the network restarted, Ether will be donated to liquidity provider pools to reimburse impacted users. From there, the team plans to engage security firms to have its contracts audited.

As of this writing, the ThorChain network remains halted.

This is a disappointing moment for all, but LPs and Nodes should be unaffected after all is recovered (the funds will be restored).

The network will be stronger and more resilient.
— THORChain #ACTIVATETHESYNTHS⚡️ (@THORChain) July 16, 2021

Blockchain cybersecurity firm, Halborn Security, is compiling a proposal to the ThorChain community for “Advance Persistent Protection,” offering up a team of up to half a dozen “ethical security engineers working to break every update on ThorChain."

Thorchain entered into its guarded “Chaosnet” launch during April, facilitating cross-chain swaps across the Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Binance Chain networks.

DeFi Watch founder Chris Blec said the staged "raise the caps" launch of ThorChain had prevented an even greater loss of funds.

Keep in mind - THORchain has been responsibly using a guarded launch approach to its rollout. This exploit could have been *much worse* if they had just recklessly launched without caps on its liquidity pools.
— Chris Blec (@ChrisBlec) July 15, 2021

Today’s attack is not the first time ThorChain has been targeted by hackers during its Chaosnet deployment, with the protocol losing at least $140,000 worth of assets last month.

THORChain

Why is SushiSwap leading the DEX pack?

SUSHI price outlook

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