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Payments Giant PayPal to Launch Dollar-Pegged Stablecoin on Ethereum
PayPal announced today the launch of a native dollar-pegged stablecoin backed by cash equivalents and short-term treasuries.
PayPal is taking another step into the crypto industry, rolling out its very own stablecoin called PayPal USD.
Issued by Paxos Trust Co., the dollar-pegged stablecoin is expected to become "a part of the overall payments infrastructure," PayPal CEO Dan Schulman told Bloomberg.
PayPal USD (PYUSD) is backed by short-term treasuries, dollar deposits, and cash equivalents, per the firm's announcement. The token will be issued on the Ethereum network as an ERC-20 token. Read More
10 obstacles to cross-chain interoperability (and how they can be overcome)
Cross-chain operability may only be achieved when there’s not only a way, but a will to move forward.
Even crypto industry outsiders are gaining clarity on the benefits of blockchain technology, which is a significant step forward for the ecosystem. However, a challenge remains: The industry still struggles with interoperability between blockchain networks.
Unless different chains can safely and efficiently communicate and exchange data, the full power of blockchain — including true decentralization, new use cases, lower costs and, ultimately, further innovation — can’t be achieved. Here, 10 members of Cointelegraph Innovation Circle discuss some of the challenges still standing in the way of achieving cross-chain interoperability and how they can be overcome. Read More
Coinbase Layer-2 Chain Base Taps Chainlink Ahead of Mainnet Launch
Base integrates Chainlink's price feeds to simplify integrating popular DeFi applications on the new blockchain.
As it gears up for its mainnet launch tomorrow, Base, Coinbase’s Ethereum new layer-2 solution, just added a new collaborator.
Chainlink, the leading decentralized oracle network, announced this Tuesday the implementation of price feeds into the chain.
The tool streamlines the integration of DeFi protocols, including externally connected DeFi applications such as lending and borrowing protocols, and derivatives markets.
“The native integration of Chainlink Price Feeds into Base will enable developers with the tools they need to port existing applications over to Base and empower them to experiment with novel use cases that can be built on Base’s hyper-scalable layer-2 environment,” Jesse Pollak, Creator of Base and Head of Protocols at Coinbase, said in a statement. Read More
Decentralized Exchange Uniswap (UNI) Now Operating on Coinbase-Backed Layer-2 Base
Leading decentralized exchange (DEX) Uniswap has been deployed on Base, the new Ethereum layer-2 built by US crypto giant Coinbase.
Base is powered by the blockchain-scaling solution Optimism (OP), and its testnet first launched in February of this year.
Announcing the launch of Base support on X, Uniswap Labs says that users can now execute swaps or add liquidity directly on the Base chain from the Uniswap web app.
“Rumor has it that Base needs a DEX.
We’re excited to announce that Base is now live on the Uniswap web app.”
Uniswap is the biggest DEX in the world and by far the most liquid, with over $453 million in volume in the last 24 hours and over 1,700 tradable crypto assets, according to data from CoinGecko. Read More
Great news, Markethivers! The wallet is now installed on the Markethive platform. Markethive has kept its promise and delivered a complete working wallet. This mighty, robust, and secure wallet encompasses all aspects of facilitating your business and securing all your financials within Markethive, like earnings and payments, dividends paid from your ILPs, retail products, etc.
This is a significant step in the right direction for monetizing Markethive’s ecosystem as it endeavours to ensure and restore sovereignty and financial freedom increasingly being stripped from us by a global authoritarian regime. This article will illustrate what you need to know and do to access the now-operational wallet.
Understand that access and functions of the wallet are only for Entrepreneur One (E1) members at this stage. E1 members can now retrieve their Hivecoin (HVC) from their cold storage to their hot wallet. (You can do this in preparation for the forthcoming coin exchanges and your 3rd party self-custody wallet.) You can also transfer HVC to other members within Markethive via the wallet. Read More
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Binance Labs Invests in AltLayer, a Leading Decentralized Rollups-as-a-Service Provider
Binance Labs, the venture capital and incubation arm of Binance, has announced a strategic investment in AltLayer, a leading decentralized Rollups-as-a-Service (RaaS) provider for Web3 applications, as of August 9, 2023.
Investment Details and AltLayer's Vision:
The investment aims to support AltLayer's innovative approach to facilitating the launch of application-tailored rollups via its core network called the Beacon Layer. Nicola W., Investment Director at Binance Labs, stated,
"Application-tailored rollups offer the security of Layer 1s and the customizability of appchains. However, a common issue with rollups today is that they mostly operate with centralized sequencers and create fragmented liquidity and userbase. We found AltLayer's approach to facilitating the launch of application-tailored rollups via Beacon Layer an inspired take."
Rollups are a Layer 2 scaling solution that bundles up transaction data and transfers it off the main chain (or Layer 1 blockchain). Transaction execution is performed off-chain, while assets are held in an on-chain smart contract. Read More
Circle Launches Programmable Wallets for Developers
Circle, a prominent financial technology company, has announced the launch of Programmable Wallets, a new product designed to bridge the gap between the traditional internet and blockchain networks. The announcement was made on Circle's official blog.
Key Details:
Purpose: Programmable Wallets aim to simplify the development of crypto-enabled applications by abstracting complexities such as private key security, blockchain node operations, transaction management, and interoperability across blockchains.
Target Audience: The product is designed for developers, enabling them to embed secure crypto wallets in any application and leverage the speed and global reach of Web3 technology.
Features: The core features of Programmable Wallets include user-controlled wallets, developer-controlled wallets, REST APIs, iOS and Android SDKs, webhooks, a wallet operations dashboard, multiparty computation (MPC) cryptographic security, and blockchain agnosticism. More features, such as Gas Abstraction and Smart Contract Wallets, are expected in the coming months. Read More
OKX DEX Integrates with Linea Bridge and Orbiter
OKX has integrated Linea Bridge and Orbiter to provide better cross-chain trading for users.
By automatically finding the best trading route and cross-chain bridge, this integration allows OKX to provide industry-leading low prices and ease of use when swapping ETH to Linea.
Linea is a network that scales the experience of Ethereum. Its out-of-the-box compatibility with the Ethereum Virtual Machine enables the deployment of already-existing applications, as well as the creation of new ones that would be too costly on Mainnet. It enables the community to use dApps, at a fraction of the cost, and at much higher speeds than the Mainnet.
Orbiter Finance is a decentralised cross-rollup bridge for transferring Ethereum native assets. It offers low-cost and almost instant transfers. It supports cross-rollup transfers between Ethereum, StarkNet, zkSync, Loopring, Arbitrum, Arbitrum Nova, Optimism, Polygon, BNB Chain, ZKSpace, Immutable X, dYdX, Metis and Boba. Read More
Fireblocks discloses massive vulnerability affecting crypto wallets
Fireblocks said the vulnerabilities affecting Coinbase, Binance and Zengo have since been fixed and has reached out to more than 12 others still at risk.
Over 15 widely-used crypto wallet providers and projects have gaping vulnerabilities that could potentially see millions of crypto wallets drained, according to digital asset infrastructure firm Fireblocks.
In an Aug. 9 press release, Fireblocks said the series of vulnerabilities, dubbed BitForge, are affecting wallets using multi-party computation (MPC) technology, which allows for multiple parties to control and manage cryptocurrency holdings.
The identified issues were disclosed as “zero day” vulnerabilities — meaning that the flaws had not previously been identified by the projects.
“If left unremediated, the exposures would allow attackers and malicious insiders to drain funds from the wallets of millions of retail and institutional customers in seconds, with no knowledge to the user or vendor.” Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
