W3 Metaverse • DeFi • NFTs

2022-11-14 10:06:07 Polychain-backed DFX Finance hacked for $7.5 million

DFX Finance, a decentralized exchange protocol for fiat-pegged stablecoins, reported that it was attacked at 2:21 pm ET. An unknown attacker siphoned approximately $7.5 million from DFX, according to estimates from security researchers at BlockSec. The DFX Finance team acknowledged the security exploit and said it has paused all of its smart contracts to contain the issue. “We were notified of the suspicious activity within 20-30 mins of the first transaction and executed a pause on all DFX contracts within a few minutes after confirming the attack,” it said. The remaining portion of the stolen assets — about $3.2 million — was extracted by an MEV bot in a front-running transaction, also called a sandwich attack.

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2022-11-13 10:00:18 DeFi Exchange Platform dYdX Places Solana in 'Close Only' Mode

Decentralized exchange dYdX placed Solana trades in “close only” mode, meaning users will only be able to close out their positions on the perpetuals exchange and not open new ones. DYdX cited “market volatility” as its reason for making the move. Solana’s SOL token fell precipitously today on the news that FTX, a crypto exchange that holds a major stake in Solana, has become insolvent. SOL is currently priced at $14.10, down 40% from $24 a day ago. DYdX is a “hybrid” decentralized exchange that uses code – rather than a central intermediary – to facilitate most of its operations. The platform facilitated $3 billion worth of transactions in the past 24-hours, making it the largest decentralized finance (DeFi) exchange by daily trading volume according to CoinMarketCap.

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2022-11-12 18:53:02 Wintermute-Backed Decentralized Exchange Bebop Launches on Polygon

Bebop, a decentralized exchange (DEX) backed by Wintermute, a well-known crypto market maker, has launched on the Polygon blockchain after being open for whitelisted traders on Ethereum over the summer. Bebop claims to stand out among its competitors because of its signature one-to-many and many-to-one token trading, which allows users to trade multiple cryptocurrencies in one trade and save up to 65% on gas fees. This is similar to what rollups do – they bundle multiple transactions into one to significantly reduce gas fees. According to Katia Banina, Head of Product at Bebop, launching Bebop on Polygon further reduces gas fees.

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2022-11-12 12:53:02 Line's new NFT unit LineNext shared that it has launched a customer-to-customer (C2C) marketplace on the DOSI NFT platform.

The new marketplace will allow users to trade NFTs on its DOSI platform using Metamask and offer a simplified transaction process. Users will be able to buy and sell NFTs with just a few clicks using Ethereum, credit cards, and Naver Pay as payment methods.

Line plans to develop the NFT business not only in Japan but also globally, both in Korea and the United States; to focus on expanding the NFT ecosystem.

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2022-11-11 19:15:05 The Chinese city of Wuhan first announced its plans to support metaverse and NFTs to boost its economy ruined by the coronavirus breakout and the pandemic.

However, as Chinese regulations involving the exchange of tokens or digital collectibles and NFTs are unclear at the moment, the city has decided to omit its "NFT" plans.

The city of Wuhan will still continue its metaverse and web3 plans and aims to foster more than 200 metaverse companies and build at least two metaverse industrial estates by 2025.

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2022-11-11 11:15:05 MarginX, World's First Community-Based Decentralized Exchange, Launches on Function X Blockchain

MarginX, the world’s first community-based decentralized exchange (DEX), launches on the Function X blockchain today. It runs on a first-of-its-kind multi-chain and on-chain infrastructure that allows investors to trade with close to zero gas fees, ultra-high throughput and liquidity, and full ownership and transparency. During its beta test in August this year, the DEX accumulated a total transaction volume of more than 45 billion USDT. Currently, with a small group of invited users, the number of transactions on MarginX continues to steadily climb past 48 million, with the most updated numbers found on the Function X StarScan.

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2022-11-10 19:17:02 As more and more companies lean towards the world of NFTs and the metaverse, Rolex has now jumped on the bandwagon and has filed trademark applications related to cryptocurrencies, metaverse, and NFTs.

The application suggests plans to introduce NFTs, NFT-backed media, NFT marketplace, crypto keys, transactions, virtual goods auctions, as well as a virtual cryptocurrency exchange.

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2022-11-10 09:17:02 dYdX Foundation Announces Former ConsenSys Senior Exec Charles d’Haussy as CEO

The dYdX Foundation, an independent non-profit foundation of decentralised exchange dYdX, headquartered in Switzerland, announced on Monday the appointment of Charles d’Haussy as its new CEO. Charles d’Haussy joins dYdX Foundation from ConsenSys, where he set up the Hong Kong office and led the decentralized software protocols company’s APAC growth efforts and global business development. Prior to ConsenSys, d’Haussy co-wrote a book about Hong Kong’s blockchain entrepreneurs. He also has experience as a Fintech startup executive, and the Head of Fintech with the Hong Kong government, where he served 450 international FinTech companies and steered the growth of the HK FinTech Week, reaching over 10,000 global attendees.

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2022-11-09 17:02:02 One of the largest crypto exchanges Kraken has announced that its much anticipated NFT marketplace is going live in beta. The new market would be made available to customers who joined the market’s waitlist in May.

The new marketplace is expected to host about 70 Ethereum and Solana-based NFT collections. Also, users would bear no extra cost to store their NFTs on the exchange.

Kraken would face huge competition from OpenSea, the largest NFT marketplace by trading volume. LooksRare is another heavyweight in the industry after recording some interesting growth in the past week. Kraken is expected to differentiate itself from the other marketplaces by integrating tools to enable newbies to evaluate the worth of their NFTs.

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2022-11-09 10:02:15 DeFi Industry Facing Serious Problem Tied to Uniswap and Network in General

The decline of the DeFi industry is not a secret to anyone as the industry has been going down since the end of 2021, with the demand for risk and decentralized assets in general going down since the beginning of the rate hike cycle. According to an on-chain researcher, the amount of capital on chain looking for yield is extremely high, which results in almost every opportunity yielding negative risk premiums that Uniswap's pools cannot withstand.As market data shows, there are over $70 billion worth of stablecoins on the Ethereum network that need productive use cases. Unfortunately, DeFi in its state today cannot offer investors what they actually need.

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