DeFi News Today TheBitTimes.com

Stablecoin issuer Circle sent emails to customers stating that individual consumer accounts would be phased out. Stablecoin issuer Circle will close out consumer or individual accounts on November 30, according to emails received by Circle customers on October 31. In an email to Cointelegraph, the stablecoin issuer confirmed that it is closing the accounts but confirmed that business and institutional “Mint” accounts will remain available. On the morning of October 31, crypto user Evanss6 posted an image to X (formerly Twitter) of an email that Circle customers allegedly received. The email stated that individual accounts are being closed “as part of Circle’s strategic review.” The customer was told that “wiring and minting functionalities” would no longer be supported and that the account would be closed on November 30. In an email to Cointelegraph, a Circle representative confirmed that the accounts are being shut down but that business and institutional accounts will remain o...

Top blockchain investors express optimism for web3’s future at the European Blockchain Convention despite challenges from the crypto bear market and industry shakeups. The panel titled “What are investors looking for in web3?” included Victoria Gago, co-founder of the European Blockchain Convention; Kavita Gupta, Founding Managing Partner of Delta Blockchain Fund; Alex Strzesniewski, Founder of AngelBlock; and Tim Grant, CEO of Deus X Capital. The investors acknowledged the difficulties facing the crypto industry after major players like FTX collapsed but emphasized that experienced investors were still actively deploying capital into promising web3 startups. According to Gupta, while many funds pivoted to artificial intelligence in 2022, blockchain-focused funds like hers continued to back crypto projects. She highlighted strong developer talent still building in the space as a key reason for her bullishness. You might also like: Bitcoin faces selling pr...

Fees will not be collected on inter-stablecoin trades, nor on wrapping Ether. Decentralized exchange Uniswap (UNI) will begin charging a 0.15% swap fee on certain tokens in its web application and wallet on October 17. According to a post by Hayden Adams, the DEX's founder, the affected tokens are Ethereum (ETH), USD Coin (USDC), Wrapped Ether (WETH), Tether (USDT), DAI, Wrapped Bitcoin (WBTC), Angle Protocol (agEUR), Femini Dollar (GUSD), Liquidity USD (LUSD), Euro Coin (EUROC), and StraitsX (XSGD). The interface fees will be deducted from the output token amount. In addition, fees will not be collected on swaps between Ether and Wrapped Ether trading pairs, nor on inter-stablecoin swaps. I work in crypto because of the immense positive impact I believe it can have on the world, removing gatekeepers and increasing access to value and ownership. I’m proud of the ways @Uniswap Labs has contributed to that effort and want to make sure we’re creating sustainable… — hayden.eth (@ha...

The “fake deposit” attack enables bad actors to execute a transfer where the requested value is larger than what the user actually owns. Ethereum staking protocol Lido Finance has assured both Lido DAO (LDO) and staked-Ether (stETH) tokens remain safe despite hackers allegedly exploiting a known security flaw in LDO’s token contract. Lido didn’t confirm any exploits, but acknowledged the security flaw was known and reassured LDO and stETH funds remain safe in response to a Sept. 10 post by blockchain security firm SlowMist. SlowMist said LDO’s flawed token contract allows bad actors to facilitate “fake deposit” attacks on exchanges because LDO’s token contract enables users to execute transactions even where they don’t have sufficient funds. This code deviates from the Ethereum Request for Comment 20 (ERC-20) token standard, according to SlowMist. However, Lido Finance argued the flaw is built into all ERC-20 tokens — not just Lido’s LDO token: This behaviour is expected and conf...

A host of companies have been expanding their reigns in the crypto-verse of late. Right from offering new products to acquiring funding and branching out—different organizations have been treading on different paths with the same goal. In the latest development, Uniswap plans to expand its already existing reigns. Per a recent report from TechCrunch, Uniswap Labs is in the “early stages” of putting together a new funding round. It is reportedly engaging with a number of investors—including Polychain and one of Singapore’s sovereign funds—to raise an equity round of $100 million to $200 million at a valuation of about $1 billion. JUST IN: Uniswap Labs to raise equity at a $1,000,000,000 valuation. — Watcher.Guru (@WatcherGuru) September 30, 2022 According to TechCrunch’s unnamed sources, the deliberations of the round haven’t reached the final stages . As a result, the terms of the deal may change going forward. In Augu...

The company also announced a partnership with artificial intelligence company SingularityNET. Decentralized wireless (DeWi) network operator World Mobile announced the launch of its app on Google Play for users in the U.S., U.K., Australia, Canada, and Tanzania on August 22.  The launch comes on the heels of a series of beta tests conducted in numerous markets typically considered underserved when it comes to mobile connectivity and availability including Kenya, Mozambique and Nigeria. The World Mobile app is also currently available in Zanzibar. According to World Mobile, its DeWi services are meant to bridge the gap between major telecoms and those in underserved markets. It does so by providing some connectivity services and through the promotion of a blockchain-based sharing system it supports through a proprietary token, WMT, and the inclusion of other Cardano-based tokens. As Cointelegraph recently reported, World Mobile uses a combination of existing infrastructure and alterna...

Explore strong password creation, management and advanced protection techniques to secure crypto holdings. In the world of cryptocurrencies, security is paramount. As a crypto enthusiast, one of the foundational steps to ensuring the safety of your digital assets is effective password management.  With the potential for significant financial loss in the event of a security breach, mastering the art of password protection is a critical skill. This comprehensive guide will walk you through the importance of password security, best practices for creating strong password s and advanced techniques for managing your password s securely. Why password security matters The first line of defense against unwanted access to an individual’s cryptocurrency holdings is their passwords. Due to the irreversible nature of blockchain transactions, a compromised account may result in large losses. As a result, it’s important to ensure strong password security since hackers and cybercriminals are conti...

The two protocols will implement a standard for issuers to control the "canonical" minting of tokens, helping to reduce losses from unofficial bridges. Connext cross-chain bridging protocol has announced a new token standard to reduce losses from bridge hacks. According to a July 24 announcement, the new “xERC-20” standard allows token-issuers to maintain a list of official bridges and control how many tokens can be minted by each. In addition to Connext, DeFi platform Alchemix Finance will implement xERC-20 tokens, the announcement stated. Connext Alchemix Today, Connext is announcing support of the xERC20 standard and onboarding projects into safely bringing their token s to every chain . As our flagship user, we've been working with @AlchemixFi to bring $alUSD, $alETH, and $ALCX to @arbitrum and @optimismFND. https://t.co/S2tBLpuuqe — Arjun | xERC20 arc (@arjunbhuptani) July 24, 2023 The new token standard was originally put forth on July 7 as Ethereum Impro...

Ethereum DeFi TVL Shrinks by $7.84B in One Year Ethereum, the time-tested pioneer in the DeFi realm, has experienced a tumultuous journey with regard to its Total Value Locked (TVL). Though it has shown resilience in the face of shifting market tides, Ethereum’s position has faced formidable challenges from rising stars in the space like Optimism (OP), Tron (TRX), Solana (SOL), and Polygon (MATIC) among others. advertisement Since June 2022, Ethereum’s dominance in the DeFi sector has been increasingly contested. Layer-2 solutions like Polygon have seen a considerable surge in TVL, thanks in large part to their ability to provide faster and cheaper transactions. This has inevitably impacted Ethereum’s position, prompting a reevaluation of its supremacy in the DeFi landscape. According to the latest data on the DeFi space by DefiLlama, the network’s TVL has since June 15 lost $7.84 billion. Ethereum DeFi TVL | Source DefiLlama If the rout...

On-chain detective ZachXBT believes that the project has “likely exit scammed” after bridging $31.6 million to multiple addresses on Tron and Ethereum. A crypto project called Fintoch, which claimed to be backed by investment banking firm Morgan Stanley, seems to have taken off with almost $32 million of its users' funds, according to on-chain detective, ZachXBT.  In a thread, the crypto sleuth showed a diagram that detailed the movement of the funds. The on-chain detective alleged that the project had likely conducted an exit scam. It appears the team behind the ponzi @DFintoch has likely exit scammed with 31.6m USDT on BSC after the funds were bridged to multiple addresses on Tron/Ethereum and people reported being unable to withdraw Fintoch advertised 1% daily ROI & claimed to be owned by Morgan Stanley pic.twitter.com/UD3KKfkG97 — ZachXBT (@zachxbt) May 23, 2023 The fund promised a 1% daily interest for investments from users. However, users of the platform have start...

A proposal to unify branding between the Mantle network and BitDAO passed with overwhelming support. The BIT token will soon undergo a branding transformation to become Mantle, a measure approved through a high majority vote on May 19 on a proposal to optimize the token ahead of the launch of a new layer-two mainnet.  As Cointelegraph reported on May 12, the BIP-21 proposal sought to unify the BitDAO ecosystem under a “One brand , One token ” principle. Now that it’s passed, with a reported votes tally of 235 million BIT voting yes and 988 BIT voting no, the BIT token will eventually become MANTLE. As per an AMA cited in a Mantle blog post: “Many people were anticipating a separate gas token and didn’t understand that the utility of $BIT was growing. With the changes, Mantle will act as the common binding thread across the ecosystem.” While no specific date for conversion has been given, the blog post states that the conversion will occur before the implementation of the Mantle lay...

Learn how to earn free cryptocurrency with these seven methods, including faucets, bug bounties and more. Due to the popularity of cryptocurrency, numerous individuals are searching for means to acquire free crypto. Here are seven methods one can use to earn cryptocurrency without having to invest your own money, including crypto faucets, airdrops, staking, bug bounties and more.  There are several common risks to be aware of when earning free crypto, including security risks, scams and fraud, limited earning potential, time-consuming activities, and potential legal or tax implications. It’s important to do your research and approach these methods with caution. Faucets Crypto faucets are websites or applications that provide users with small sums of cryptocurrency in exchange for doing things like completing CAPTCHA puzzles or watching advertisements. One example is Moon Litecoin, which offers free Litecoin (LTC) to users who complete tasks, such as streaming videos. The rewards from ...

Cosmos governance has approved the v9-Lambda upgrade, including interchain security and possibly kicking off a “virtuous real yield cycle.” The Cosmos community has approved a vote to add “replicated security (RS)” to its chain, with 99.99% of votes in favor of the motion. The much-awaited upgrade is set to go live on March 15, 2023, with the v9-Lamba upgrade.  RS is the first version of Cosmos’s Inter chain Security (ICS) feature, allowing block chain s in the Cosmos ecosystem to share validation resources for improved security . Only protocols approved by Cosmos governance will be added as consumer chains in the upcoming update. Eight consumer chains are potential candidates for selection, including Neutron, PolymerDAO, Duality, Stride, Simply Staking, FairBlock and Comdex. Cosmos’s interchain security could start a virtuous real yield cycle The Replicated Security feature will distribute up to 25% of the consumer chain fees to Cosmos Hub stakers. The protocols can also allocate a ...

The ICF is also funding projects to drive Cosmos's adoption and use cases, including programs like the Interchain Developer Academy and Interchain Builders Program. According to a medium post on Feb. 20, the Interchain Foundation (ICF), a non-profit organization behind the creation of the Cosmos (ATOM) interblockchain communications (IBC) ecosystem, has committed to spending approximately $40 million in 2023 to develop its core infrastructure and applications. As a part of the Interchain Stack, which is utilized by around 50 blockchains, these include the Tendermint Core (and now CometBFT), Cosmos SDK, Cosmos Hub, and the IBC protocol. "Throughout the year, we envisage engaging other teams to deliver smaller, tightly defined tasks within each area of work. Such contracts will be to supplement the work of the teams mentioned below or in service of their needs that arise during the year." The ICF is also supporting the development of CosmWasm and Ethermint, the technologi...

Terraform Labs is the founder of US Dollar Terra (UST), an algorithmic stablecoin that lost its peg in May 2022. Albright Capital has dropped its lawsuit against Terraform Labs and its founder Do Kwon, according to a Notice of Voluntary Dismissal filed in U.S. District Court on January 9. Before its dismissal, the lawsuit had alleged that the company had violated the Racketeer Influenced and Corrupt Organizations Act (“RICO”) by operating the stablecoin, UST, as a “Ponzi scheme.” Three Arrows Capital (3AC) Co-Founder Su Zhu posted the dismissal to Twitter, saying: Curious how long it will take cryptonative media to report on this sudden voluntary dismissal of class action against Luna foundation and Luna investors pic.twitter.com/8SyMhB4u4g — Zhu Su (@zhusu) January 10, 2023 Su Zhu had previously claimed that the bankruptcy of 3AC was partially caused by UST’s collapse. The lawsuit was dismissed “without prejudice,” meaning that the plaintiff has the option to refile it in t...

Traders are piling into BONK, boosting its price by triple-digits in the last 24-hours and possibly hinting at a trend reversal in Solana price. Bonk, a meme token modeled after Shiba Inu (SHIB) that launched on Dec. 25, 2022, and some traders believe the token’s trading volume is potentially driving Solana (SOL) price up. Over the past 48-hours, SOL price has gained to 34% and Bonk is up 117% in the past 24-hours according to data from CoinMarketCap. While the wider crypto market remains suppressed, traders are hoping that Bonk could present new opportunities during the downturn.  According to the project’s website, Bonk is the first dog token on the Solana blockchain. Initially, 50% of the token supply was airdropped to Solana users with a mission to remove toxic Alameda-styled token economics. The airdrop resulted in more than $20 million in trading volume according to the Solana decentralized exchange, Orca. High yield returns Liquidity providers (LPs) stand to benefit from intera...