Crypto Fight

2022-12-11 20:00:06 ​Looking at DeFi's Untapped Potential.

Decentralized finance (DeFi) is the largest and most innovative crypto vertical in the last two years. DeFi has used smart contract platforms as a base to develop a network of interconnected layers for decentralized financial services.

DeFi TVL (total value locked) across chains reached $256 billion in December 2021. The last few months have been difficult for the cryptocurrency market, falling to $73 billion. Market disadvantages can create new opportunities. Innovation involves repeated failures until breakthrough structures are built. DeFi protocols for the next generation have many options. Let's find these opportunities.

CeDeFi
Assets are the foundation of any economic system, including DeFi. Stablecoins are driving decentralized finance by overcoming the cryptocurrency market's high volatility. Its invention made non-volatile account units important for lending, borrowing, and forecasting interest payments.

DeFi protocols should use stablecoins as an asset because they offer high trust and reduce volatility, making them ideal for decentralized financial products.

A need to capture more opportunities in Synthetic and Real-World Assets (RWAs)
Blockchains have innovative protocols for building synthetics and RWAs, but some blockchains lack synthetics and RWA protocols for the DeFi ecosystem.

Investors can profit from synthetic assets without owning the underlying asset. They let investors invest in crypto commodity classes that are out of reach due to product structure and characteristics. DeFi protocols can use synthetic assets thanks to blockchain composability. Synthetics in crypto assets improve DeFi's efficiency by offering investors access and liquidity.

Most DeFi protocols overcollateralized crypto due to volatility. Real-world assets (RWA) lack this trait. RWA is a non-volatile DeFi-TradFi bridge. RWA's protocols would attract retail and institutional blockchain investors. Open / Comment

2022-12-08 20:00:09 ​​Japan’s Sumitomo Mitsui to issue soulbound tokens to explore Web3.

Japan’s financial giant Sumitomo Mitsui Financial Group is experimenting with soulbond tokens to satisfy new social needs.

The Japanese financial group Sumitomo Mitsui Financial Group (SMBC) is moving to explore the benefits of Web3 by issuing soulbond tokens (SBTs).

Proposed by Ethereum creator Vitalik Buterin, SBTs refer to digital identity tokens that represent the characteristics or reputation of a person or entity, or a “soul.” Such tokens are non-transferable and are designed for the decentralized society and Web3.

SMBC officially announced on Dec. 8 an initiative focused on the practical use of SBTs in partnership with the digital asset firm HashPort.

The companies plan to conduct research on SBTs to find out their practical uses for communities, jobs, knowledge sharing services and decentralized autonomous organizations (DAOs).

According to SMBC, the development could specifically be useful for individuals increasingly assuming diverse roles and personalities within society. The company stated:

“It is expected in this new society that each individual will be able to control which personality he/she displays in each community in which he/she participates. SBTs satisfy these new social needs through the use of multiple ‘souls’.”

One of the practical uses of an SBT could be a situation where a user has a role of a working adult and another role of a music fan. “If this user wants to prove his/her skills and work history when changing jobs, he/she can simultaneously prove his/her identity and his/her career information associated with them by allowing his/her employer to reference the SBTs,” SMBC said.

The company also noted that the partnership with HashPort can be put to practical use in the future and is a meaningful initiative to drive the growth of the Web3 economy in Japan.

“The two parties will also consider undertaking content business associated with NFTs and developing infrastructure for the Web3 economic zone to encourage the spread of the token business both in Japan and overseas,” the announcement notes. Open / Comment

2022-12-08 15:00:07 Join The Festivities And Win With Duelbits $500К Christmas Giveaway

To get into the festive season, Duelbits is giving you the opportunity to win a share of their $500К cash prizes. The giveaway starts on December 1st and ends on the day after Christmas. Duelbits’ users can win the following:

Daily Rewards
Each day until Christmas, there will be a present that needs to be opened. Inside, you can find Free Spins or a challenge to complete for a reward.

Prize Draw
For every $100 you wager on the site, you get one entry to the prize draw. A total of 203 winners will share the $200,000 Prize Pool, as follows:

- 1x $100,000
- 1x $50,000
- 1x $30,000
- 200x $100

Ornamental Hunt
Duelbits will hide a special Christmas ornament on a specific page every day. One lucky winner will get $500 cash every day. The ornament can be hidden anywhere on the slot, live game, or sportsbook market page. Follow Duelbits’ Twitter account for daily clues and find the ornament hidden on the site.

Get Your Reward Now Open / Comment

2022-12-07 16:00:11 Predict the BTC price and WIN $100 with P2PBET!

What is P2PBET?

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Join P2PBET and stay tuned - https://t.me/P2PBET! Open / Comment

2022-12-05 20:00:10 ​​Crypto community baffled by SBF dictating terms over congressional hearing.

Many in the crypto community pointed towards Bankman-Fried’s political donations and good Democratic connections via his parents, being one of the key reasons for him to evade arrest.

Sam Bankman-Fried, the former CEO of now-bankrupt cryptocurrency exchange FTX has declined to testify before the United States Congress until he’s “finished learning and reviewing what happened.”

Bankman Fried’s unwillingness to testify before the Congress slated for Dec. 13, despite a barrage of media appearances, didn’t go down well with the crypto community. After a spiral collapse of FTX and its sister companies in the second week of November, Bankman-Fried made his first live public appearance on Nov. 30 during the New York Times’ DealBook Summit. A day later, he appeared in a Good Morning America interview and a Twitter space hosted by IBC Group founder and CEO Mario Nawfal.

Alex Berenson, an author by profession, took a quip at Bankman-Fried’s refusal to testify despite his media frenzy and said that the former CEO is “happy to talk to anyone and everyone… just as long as he’s not under oath.”

Zerohedge, a popular libertarian financial blog, mocked the whole debacle and how Bankman Fried has managed to dictate terms with the lawmakers.

Another user pointed toward the hefty donations made by the former CEO to the democratic party, implying that his donations have given him leverage to get away with stealing people’s money while telling Congress when he will testify.

A popular crypto influencer that goes by the Twitter name Crypto Bull called Bankman Fried, a “Democrat rat” who stole $8 billion in people’s money without facing any consequences while there are people in jail for smoking marijuana.

Another Twitter user called it a disgrace that a man who stole money from customers has the leisure to dictate terms with Congress. The user wrote:

“He shouldn’t have the option of “at his leisure” - they need to subpoena him to show up and get the handcuffs ready. Learning what happened is a complete lie.” Open / Comment

2022-12-02 20:00:07 ​DeFi Protocol Ankr Suffers Infinity Minting Exploit – Here’s What Happened.

Decentralized finance (DeFi) infrastructure provider Ankr has been exploited to the tune of over $5 million due to a bug that allowed for unlimited minting of its token.
In a tweet today, the team said that their aBNBc token had been exploited. They also asked exchanges to halt trading and asked liquidity providers to remove liquidity from decentralized exchanges (DEXs).

The team did not provide specific details of the exploit, but crypto security firm PeckShield said they found out that the project's smart contract had an unlimited minting bug. This allowed the attacker to mint six quadrillion aBNBc tokens, tanking the token price as the supply hit the market.

After minting quadrillions of aBNBc token, the attacker used the decentralized exchange PancakeSwap to swap them for BNB before moving them to crypto mixer Tornado Cash. The attacker then swapped the BNB tokens for 5 million USDC.

Since the hacker has almost drained the aBNBc liquidity pools on PancakeSwap and ApeSwap, the token has plunged by more than 99%. As of now, aBNBc token is trading at $1.52, down by 99.5% over the past day. The coin recorded an all-time high of over $380 in May this year.

Crypto security firm Lookonchain also reported that one opportunistic trader managed to turn 10 BNB ($2,885) into 15.5 million BUSD by using the BNB to buy aBNBc and used them as collateral against a 15.5 million BUSD loan on DeFi lending protocol Helio, which did not have up-to-date pricing on aBNBc post-crash. Open / Comment

2022-12-01 18:00:13 Join The Festivities And Win With Duelbits $500К Christmas Giveaway

To get into the festive season, Duelbits is giving you the opportunity to win a share of their $500К cash prizes. The giveaway starts on December 1st and ends on the day after Christmas. Duelbits’ users can win the following:

Daily Rewards
Each day until Christmas, there will be a present that needs to be opened. Inside, you can find Free Spins or a challenge to complete for a reward.

Prize Draw
For every $100 you wager on the site, you get one entry to the prize draw. A total of 203 winners will share the $200,000 Prize Pool, as follows:

- 1x $100,000
- 1x $50,000
- 1x $30,000
- 200x $100

Ornamental Hunt
Duelbits will hide a special Christmas ornament on a specific page every day. One lucky winner will get $500 cash every day. The ornament can be hidden anywhere on the slot, live game, or sportsbook market page. Follow Duelbits’ Twitter account for daily clues and find the ornament hidden on the site.

Get Your Reward Now Open / Comment

2022-11-29 20:00:07 ​​Aave temporarily freezes lending markets to fend off further attacks.

The temporarily frozen lending markets include 12 Ethereum-based tokens and five stablecoins.

Decentralized liquidity protocol Aave has temporarily suspended lending markets for 17 tokens to fend off volatility risks that could lead to further attempts at market manipulation.

Lending markets were frozen right after its governance members passed a vote that aims to temporarily freeze assets considered to be volatile and have low liquidity. The assets included in the list are Yearn.finance, Curve Finance (CRV), 0x (ZRX), Decentraland, 1inch (1INCH), Basic Attention Token (BAT), Enjin (ENJ), Ampleforth (AMPL), DeFi Pulse Index (DPI), RENFIL, Maker and xSUSHI.

Apart from these, the protocol also suspended the following stablecoins: sUSD, Pax Dollar (USDP), Liquidity USD (LUSD), Gemini Dollar (GUSD) and RAI. With the assets frozen, users cannot take loans on the assets or deposit their assets to the protocol.

According to the proposal, the aim of the move is to reduce the risk for Aave v2 and promote the eventual migration to v3. The proposal also pointed out the lower risk tolerance of community members at the moment. However, the authors of the proposal also highlighted that the next course of action, which may be to either delist or relist the markets, would depend on liquidity and usage levels.

The governance proposal follows a failed $60-million attack on CRV using USD Coin as collateral. The attack was unable to go through because of a wrong calculation of the decentralized protocol’s liquidity levels. Nevertheless, contributors within the project worked on the proposal to prevent further exploitation attempts on the protocol.

Despite the turbulence in the broader crypto market, a decentralized finance (DeFi) protocol was able to raise $10 million in investments from various investors, such as Bitfinex and Ava Labs. Last week, Cosmos-based ecosystem Onomy secured funds to develop its new protocol that combines DeFi and foreign exchange. Open / Comment

2022-11-26 20:00:08 ​​UAE regulator revokes FTX license amid the exchange collapse.

Dubai regulators noted that no clients were exposed as FTX MENA was still in the preparation phase before getting fully approved to operate.

As the FTX debacle still creates waves in the crypto industry and beyond, the Dubai Virtual Assets Regulatory Authority (VARA) has suspended the license which allows FTX to make preparations to service the local market.

In an announcement posted on its official website, VARA mentioned that it has revoked the approval of FTX MENA's Minimum Viable Product (MVP) license. Citing the bankruptcy filing of FTX-related entities including FTX exchange and Alameda Research, VARA confirmed that FTX MENA’s license was suspended before any clients were exposed.

According to the regulator, FTX MENA was still in the preparatory phase. The authority clarified that the firm had not yet received the approval required to start its operations and onboard clients. In addition, the regulator highlighted that the firm had not yet secured a domestic bank account, which is a requirement for virtual asset service providers to start operations in the United Arab Emirates.

The regulator has also asked VASPs that engaged with VARA to participate in the local virtual asset ecosystem to provide disclosures. This will allow the regulator to assess the domestic market exposure and the scale of the contagion within the UAE.

In March, former FTX CEO Sam Bankman-Fried announced that FTX received the first digital asset license in Dubai. In July, the FTX exchange was given the approval to operate under the MVP program and proceed with testing and preparations.

On Mar. 9, a new law that created a legal framework for crypto in Dubai was issued, resulting in the creation of VARA. The regulator is tasked with protecting investors and creating standards for industry governance.

Meanwhile, despite the onslaught that the former FTX exchange has brought to the crypto community, Bankman-Fried is still speaking at a conference hosted by The New York Times. This triggered negative responses among crypto community members criticizing law enforcement, with some even comparing Bankman-Fried with Alexey Pertsev, the currently-detained developer of Tornado Cash. Open / Comment

2022-11-24 14:00:16 Crypto Cup Kickoff: Predict Your World Cup Winner to Share the 500,000 $USDT Prize Pool!

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Find Out More Open / Comment