DeFi Updates

2023-07-03 14:22:02 Crypto is 'so back' on Paradigm's website

Paradigm plastered crypto on its website Saturday, months after removing references of the technology from its site. That's how venture capitalist Matt Huang described Paradigm's decision to remove crypto from his firm's website. The company, which has backed companies ranging from decentralized finance darling Uniswap to bankrupt FTX, removed crypto and Web3 mentions from its frontpage in May. Now it is "so back." Huang, who co-founded Paradigm with Coinbase board member Fred Ehrsam, took to Twitter on Saturday.

Paradigm's website made headlines after changes were made to the site's boilerplate to describe it as a "research-driven technology investment firm" as opposed to one that specifically invested in “disruptive crypto/Web3 companies and protocols.” The revision went live around May 3, according to the Wayback Machine that's operated by the Internet Archive. "We’ve never been more excited about crypto and we continue to invest across all stages, publish original research, help portfolio companies develop mechanisms (like Uniswap v2, v3, v4), ship open source projects (Foundry, Reth), advocate for good policy, and more," he added.

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2023-07-02 16:25:07 $656M lost from crypto hacks, scams and rug pulls in H1 2023: Report

According to a June 30 report by Web3 security firm Beosin, the total value of cryptocurrencies lost in scams, hacks and rug pulls amounted to $656 million during the first half of 2023. This includes the loss of $471.43 million in 108 protocol attacks, $108 million in various phishing scams and $75.87 million over 110 rug pulls. For hacks, the amount represented a significant decrease over H1 2022 and H2 2022, where $1.91 billion and $1.69 billion were lost, respectively. In addition, Beosin analysts wrote:

In a dashboard compiled by Beosin and Footprint Analytics, only one project was hacked for more than $100 million, that being Euler Finance’s $195 million flash loan hack on March 13. The firm opened redemptions on April 12 after hackers returned most of the stolen assets. The vast majority of crypto lost in H1 2023 were coins and tokens minted on the Ethereum blockchain, at 75.6%. Meanwhile, the second largest stolen asset class, Binance Smart Chain tokens, came at just 2.6%. Furthermore, most of the stolen crypto was lost due to smart contract vulnerabilities (56%), while 21.4% had no clear identifiable reasons for the loss. Nevertheless, the numbers represent a significant decrease over H2 2021, when a record $2.1 billion in crypto was lost due to hacks, phishing scams and rug pulls.

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2023-07-01 14:46:02 Over 60% of institutional investors positive about crypto over the next year, says Binance

A new Binance report on institutional crypto sentiment found 63.5% of respondents expressed a positive outlook for the sector in the next 12 months, while 88% held the same view for the next decade. Perversely, the 'Institutional Crypto Outlook Survey' from Binance Research also found that just 26.9% of institutional users believe that more real-world use cases will drive adoption of the sector. The respondents, it should be noted, are already investing in the industry.

The survey was based on responses from 208 of Binance's institutional clients and VIP users, and ran from March 31 to May 15, 2023. Released on Friday, the report's authors said that 25.3% of respondents said regulatory clarity would stand out as a major driver of crypto adoption. Another big driver, according to respondents, would be more institutional involvement in the form of crypto-friendly banks and other financial institutions entering the space. When planning for the future, 50% of investors said they expected to increase their allocation, with just 4.3% stating they would reduce allocation to crypto in the next 12 months.

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2023-06-30 18:32:02 StarkEx Layer 2 records $1 trillion in on-chain trading volume since June 2020

The cumulative volume of on-chain trading and swaps on the StarkEx Layer 2 network has surpassed $1 trillion across different apps since its launch in June 2020, reported StarkEx's developer StarkWare. This non-custodial trading volume on StarkEx, the largest in the Ethereum Layer 2 niche, has been driven by the crypto derivatives trading exchange dYdX. Other apps, including ImmutableX, Sorare, and Rhino, have also contributed substantially to the cumulative volume on StarkEx, the team noted.

StarkEx is a Ethereum Layer 2 solution that aggregates transactions from Ethereum’s mainnet to reduce congestion and transaction fees. It leverages a zero-knowledge rollup technology called "Starks" to increase Ethereum’s efficiency without undermining its security. Blockchain scaling and development firm StarkWare operates StarkEx as a SaaS solution to help Ethereum projects scale. It also contributes to StarkNet, a separate Ethereum Layer 2 project. “We’ve built infrastructure that supports the most sophisticated user-friendly blockchain apps," Uri Kolodny, co-founder and CEO of StarkWare, told The Block, reflecting on the $1 trillion cumulative volume milestone.

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2023-06-29 18:43:02 3AC liquidators seek $1.3 billion from Zhu, Davies: Bloomberg

Liquidators of Three Arrows Capital aim to recover $1.3 billion from the failed crypto hedge fund’s co-founders, Su Zhu and Kyle Davies. The liquidators, two partners at the consultancy firm Teneo, allege that Zhu and Davies were responsible for losses equal to that sum — after racking up leverage in the months immediately prior to 3AC’s collapse, according to a Bloomberg report published today that cited an anonymous source. Teneo and 3AC did not immediately respond to requests for comment.

The allegations were reportedly discussed during a meeting with 3AC’s creditors on Tuesday. The Block was first to reveal, in July last year, that 3AC owed its creditors more than $3.5 billion when it collapsed. Both Zhu and Davies went quiet in the weeks following their fund’s implosion, but gradually made a return first to social media and later to entrepreneurship. The pair teamed up with Mark Lamb, founder of CoinFLEX, the crypto lender that filed for restructuring in the Seychelles last year, to launch a new business named OPNX. Among other things, it aims to allow users to trade bankruptcy claims. 3AC's liquidators, meanwhile, have repeatedly complained about Zhu and Davies' lack of cooperation.

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2023-06-28 20:44:54 DeFi Updates pinned a photo Open / Comment

2023-06-28 19:49:07 For sponsored ads in @DeFi_Updates & @Facebook_Metaverse_Nfts

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2023-06-27 20:02:02 ChatGPT plugin goes live for Hedera network

A convergence of blockchain and artificial intelligence (AI) has occurred between ChatGPT and Hedera, the native cryptocurrency of the Hedera network. By capitalizing on the decentralized characteristics of blockchain networks, ChatGPT can establish secure interactions with the Hedera network, accessing its tools like the Hedera Consensus Service, Hedera Token Service and Smart Contract Service. On Twitter, developer Ed Marquez provided instructions on creating the plugin, focusing on token balances of Hedera accounts.

According to Marquez, users can view account balances through a network explorer or programmatically retrieve them via the mirror node Rest application programming interface (API), which the plugin will utilize. HBAR information is returned in tinybars (tℏ), where 100,000,000 tℏ represents one ℏ. Accounts in Hedera are stored in the ledger that holds tokens, including HBAR, fungible tokens and nonfungible tokens created on Hedera. Using a plugin, the integration of ChatGPT with the Hedera network allows for retrieving HBAR and token balances from Hedera accounts. This integration streamlines the interaction between ChatGPT and the blockchain, simplifying asset monitoring and management for users.

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2023-06-26 15:03:03 DeFi Updates pinned a photo Open / Comment

2023-06-26 15:02:58 Win $13,000 & valuable NFTs in the SIDUS HEROES Metaverse Lottery!

On June 28, our friends at SIDUS HEROES launch a new lottery event to honor their token holders! A total prize pool of $13K and 3 unique gaming NFTs will be drawn, rewarding 64 lucky participants!

Rules:

From June 28, 12:00 UTC to July 12, 12:00 UTC, keep at least 75,000 $SIDUS in your MetaMask wallet and enter the lottery with a prize pool of $10,000 in $SIDUS!

During this period the team will be randomly making snapshots to check the participants’ balances!

Watch the GRAND lottery LIVE on July 13 to find out if you’re a winner and get the chance to win the $3,000 JACKPOT!!!

Find out where to get $SIDUS and more details about the event!

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