Blockchain Explained

2023-05-30 14:24:02 Lybra Finance x8 TVL In Just 2 Weeks, LBR Token Soars 40%

Lybra Finance, a protocol developed by LSD that aims to provide a decentralized profitable stable currency, has seen its total value locked (TVL) skyrocket by nearly 800% in the past two weeks, reaching $140,243 million today. Launched a month ago, Lybra’s increase in TVL coincided with Lido’s upgrade to v2 on May 15, allowing Lido users to unstake their stETH and get their ETH staked back. According to information from the Lybra project, the protocol leverages “ETH and stETH as its main components, with plans to support other LSD assets in the future.”

On May 27, the LSDFi protocol hit a major milestone seeing an unprecedented $25 million inflow in just one day. Notably, a significant portion of this inflow was attributed to Lybra Finance which accounted for $24 million. Total value locked (TVL) in the LSDFi protocol currently stands at approximately $250 million, indicating significant growth and adoption of the protocol. Among the various projects in the protocol, Lybra Finance holds the largest share, accounting for 48.3% of the total TVL. This highlights the trust and confidence that users have placed in Lybra’s services. As introduced in another article Lybra Finance is committed to solving problems encountered while developing its own protocol (TVL and Tokenomics).

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2023-05-29 13:26:02 Binance, Other Crypto Players Shun Multichain as Bridging Rumors Swirl

Key players in the crypto ecosystem are shoring up their defenses amid growing concerns over the state of Multichain, a major venue for moving assets between different blockchains. Four days after apparent technical issues started throttling some users’ ability to withdraw tokens from the protocol, wild rumors over Multichain’s safety and the fate of its team are filling the void created by the platform’s silence.

The light-on-facts landscape is pushing a growing number of entities to mitigate risk now – regardless of Multichain’s true state. Their responses are highlighting how crypto bridges create the potential for a world of hurt that goes well beyond the flashiest and well-trodden risk to bridges (getting hacked by North Korea). The situation is compounded by Multichain’s prominence among bridges. It is the third-largest bridging protocol by transfer volume and total value locked, according to data from Messari and DeFiLlama. Like most bridges, Multichain uses a mint-and-lock mechanism to move assets between the 92 blockchains it interacts with.

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2023-05-28 17:53:01 Reflexer Harshly Criticizes Paradigm, Terminates Cooperation Immediately

Reflexer Finance, an algorithmic stablecoin project, criticized Paradigm, saying that Paradigm’s $270 million investment in FTX had brought heavy damage to the crypto industry. Paradigm said that it “wrote FLX to 0,” but Reflexer objected, calling it a deception and stating that they no longer wanted to work with Paradigm. Previous reports said that the emphasis of encryption venture capital company Paradigm has shifted away from blockchain and toward a wider variety of cutting-edge technology.

Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang co-founded Paradigm in 2018. The business will complete a $2.5 billion fundraising in November 2021. Well-known firms in its portfolio include Uniswap, OpenSea, and Fireblocks. Paradigm has currently invested in over 100 crypto companies. Nevertheless, references to crypto and web3 have been deleted from the company’s main page, and it now refers to itself as a “research-driven technology investment firm” rather than investing expressly in “disruptive crypto/Web3 companies and protocols.”. Sam Bankman-Fried, the former owner of the now-defunct exchange FTX.

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2023-05-27 14:26:02 Dubai Considers New Crypto Law Update As Concerns Grow

According to Bloomberg, Elisabeth Wallace, deputy director of the Dubai Financial Services Authority, stated that the agency intends to update the crypto rules that have been in effect in the city’s commercial center since November of last year and that the rules could be released later this year. Authorities throughout the world are debating how to regulate the crypto business. Hong Kong and Dubai are attempting to attract crypto-related investment.

Dubai is a significant financial hub in the Middle East, as well as the location of various crypto enterprises. The emirate has been aggressively investigating blockchain technology, with the Dubai government even launching its own blockchain-based payment system called emCash. It has recently emerged as a worldwide leader in blockchain technology and cryptocurrencies, making it an ideal location to start a crypto firm. Because of its strategic position, attractive regulatory environment, and prospered economy, the city is a perfect place for any entrepreneur trying to profit from the expanding crypto and NFT sector.

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2023-05-26 15:41:02 WOOFi Has Launched Cross-chain Staking Utilizing Arbitrum And LayerZero

WOOFi, a leading staking platform, has announced the launch of its highly anticipated WOOFi Stake 2.0, incorporating advanced cross-chain staking technology powered by Arbitrum and LayerZero. With the integration of LayerZero’s cross-chain messaging technology, WOOFi Stake 2.0 allows users to stake their WOO tokens on two additional chains, Ethereum and Optimism. However, the rewards earned from staking will be consolidated and claimable on Arbitrum.

The introduction of these new supported chains enables WOO token holders to stake their tokens across a total of seven chains, resulting in increased flexibility and potential earnings. By staking WOO tokens, users will not only contribute to the network’s security but also earn USDC through WOOFi swap fees on the Arbitrum chain. Excitingly, WOOFi has plans to introduce further enhancements to the staking experience in the coming months. The platform will soon unveil WOOFi NFTs, adding an extra layer of dynamism to the staking ecosystem. There will be two types of NFTs available to users. The first type is consumable NFTs, which can be earned through quests.

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2023-05-25 09:15:59 Axie Infinity Now Allow Users To Forge Unique And Customizable PFP Avatar

The blockchain game Axie Infinity has announced the debut of Axie Avatar Forge, which is a standardized and scalable means to give digital identity certificates to players.To begin, users may choose from a palette of 20 backdrop colors, including translucent, for their PNG or GIF. This enables matching their axie to a personal or business identity in either the digital or physical domains simpler than before. They can also zoom out to display your axie’s whole body or zoom in on its face.

Users may use elements from the Axie Avatar Forge to build full animated scenarios, or they can freeze the frame of an axie in the midst of an action, such as halfway through a backflip. Sky Mavis has announced that Axie Infinity: Origins is now accessible on the Apple App Store, although for a limited number of countries, as Coincu previously reported. Sky Games’ long-term goal is to capitalize on the popularity of Axie Infinity Classic in 2021 by delivering a better gaming experience that does not need users to acquire NFTs and is available via conventional app stores. Respond to the announcement tweet with an avatar from the Axie Avatar Maker. The best five responses in terms of overall likes will each get one Japanese axie. The competition will be open until June 7.

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2023-05-24 10:01:21 Aave V2 Users Temporarily Unable to Access $120M on Polygon After Governance Bug

Some Aave version 2 (V2) users are temporarily unable to access their funds stuck on the decentralized exchange's deployment on the Polygon blockchain after a strategy containing a faulty bug went live last week. Decentralized finance (DeFi) protocol Aave allows users to lend and borrow tokens on several blockchains, such as Ethereum, Polygon and Avalanche.

The extent of this sometimes causes compatibility bugs to arise, temporarily rendering parts of the platform inaccessible to users and leave funds stuck. An upgrade last week to the “ReserveInterestRateStrategy” caused the issue, security firm BlockSec tweeted. Affected tokens include tether (USDT), bitcoin (BTC), ether (ETH) and polygon (MATIC). “The root of the problem is that, for legacy reasons, the v2 version used on Aave v2 Polygon (and Avalanche) is slightly different from Aave v2 Ethereum, in regards to the interface used by the LendingPool to call the rate strategy of an asset,” Aave community member BDGLabs explained.

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2023-05-23 06:37:02 Crypto Lender BlockFi Ordered to Withdraw Unapproved Reorganization Plan Shared 'Prematurely'

Bankrupt crypto lender BlockFi has withdrawn statements relating to a wind-down plan published May 13 following an order from a U.S. bankruptcy court, court filings show. The estate was required to issue a "corrective letter" clarifying that the documents were posted prematurely and without court approval, an emergency order issued May 18 by New Jersey Bankruptcy Court Judge Michael B. Kaplan said.

The documents in question had said some $1 billion in claims against commercial counterparts like collapsed crypto exchange FTX and its trading arm Alameda will be the "largest driver" in the success of getting creditors their money back. "The purpose of the disclosure statement is to provide clients with the information that they need to make an informed decision about whether to vote to accept our plan," the company tweeted at the time. The BlockFi estate has been at odds with its creditors after filing for bankruptcy in November, with the latter blaming the firm's poor management and subsequent restructuring plans for its demise as recently as May 15.

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2023-05-22 09:15:36 Vivek Ramaswamy Paves The Way For Bitcoin In US Politics!

Vivek Ramaswamy recently made headlines when he became the second Presidential candidate in the United States to accept Bitcoin donations for the upcoming 2024 elections. In a public statement, he urged supporters to donate just $1 towards his campaign, indicating that he was accepting Bitcoin donations. Ramaswamy’s revelation came just two days after Robert F. Kennedy Jr. became the first presidential candidate in United States history to accept campaign donations in Bitcoin.

Ramaswamy’s decision to accept Bitcoin donations is significant, as it reflects a growing interest in cryptocurrency and a desire to make the 2024 election a referendum on fiat currency. During his announcement, Ramaswamy even flashed a QR code while on stage, which when scanned, would redirect users to a payment gateway that offers various payment options for donations, including BTC and Satoshi (sats) — the smallest denomination of Bitcoin. U.S. citizens and permanent residents can donate up to $6,600 for the campaign, which is not deductible as charitable contributions for federal income tax purposes. In addition, donors will be awarded with a non-fungible token (NFT) as the donation page mentions, “After donating, come back to claim your NFT.” This is a unique way to reward supporters and create a sense of community around the campaign.

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