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DeFi Projects Built on Ethereum Scaling Solution Starknet Hit $10M
The total value locked in smart contracts using the Ethereum Layer-2 scaling solution has just hit an all-time high of over $10 million.
Starknet, an open-source framework that aims to bring scalability and privacy to decentralized applications (dApps) built on Ethereum, has seen dramatic growth in various DeFi apps on the network over the past few months, with its total value locked (TVL) recently hitting a new all-time high
As of today, Starknet TVL stands at $10.49 million, a whopping ten-fold increase from $1.449 million at the beginning of March, according to DefiLlama.
TVL is a metric commonly used in decentralized finance (DeFi) to measure the total value of assets locked or deposited within a particular protocol, platform, or smart contract. It can serve as an indicator of the overall activity and popularity of a project. Read More
Who invented NFTs?: A brief history of nonfungible tokens
What started with Bitcoin-based coloured coins in 2012–2013 became a phenomenon in 2021 and is still thriving. The Ethereum blockchain had a pivotal role in popularizing NFTs.
Though 2021 turned out to be the year of Nonfungible tokens (NFTs), it wasn’t the year when the technology was invented. Kevin McCoy minted the first NFT, “Quantum,” on the Namecoin blockchain in 2014. Nonetheless, the inception of Bitcoin-based coloured coins in 2012–2013 marked the beginning of the concept that led to the development of BRC-20 tokens. This idea stemmed from a paper authored by Meni Rosenfield in 2012, and it paved the way for the evolution of digital tokens on the Bitcoin blockchain.
The world, however, noticed NFTs in 2017. This was mainly due to the arrival of the Ethereum blockchain, which overcame the limitations in the blockchains prior to it when it came to hosting NFTs. Ethereum not only provided NFTs with a reliable solution for critical things such as token creation, storage, programming and trading but also lowered the entry barrier for launching NFT projects. Read More
Monero community lashes out against ‘Mordinals’ amid privacy concerns
It’s always been possible to store arbitrary data alongside blockchain transactions, but NFTs on Monero introduce a slew of new concerns.
Nonfungible tokens (NFTs) are finally on the most infamous privacy-focused blockchain, but not everyone is happy about it. Mordinals, or Monero Ordinals, are similar to Bitcoin Ordinals in that they allow anyone to inscribe data alongside transactions stored on the Monero blockchain.
From reduced privacy on the network to storing illegal content on an undeletable database, the Monero community is throwing around many concerns — but is there really anything to worry about?
In January, Casey Rodarmor launched the Bitcoin Ordinals protocol, allowing anyone to inscribe arbitrary data alongside Bitcoin transactions. This enables users to attach data to a single satoshi. The Ordinals protocol keeps track of these satoshis, the linked data and their unique identifiers, facilitating nonfungible tokens on the network.
Mordinals are essentially a modified implementation of Ordinals on the Monero blockchain. While Ordinals require data to be stored in the “witness” part of a Bitcoin transaction, Mordinals use the “tx_extra” field that exists within each Monero transaction. This has technically been possible on Monero since 2014, but until now, there has been no support for it. Read More
Here’s how to use DeFi on Bitcoin without ‘polluting’ the blockchain
Bitcoin ordinals or stamps have failed to provide an answer to Bitcoin’s DeFi problems.
Bitcoin is known for its immutability and the hard-coded rules that make the system secure but slow to modernize. However, that doesn’t mean the Bitcoin blockchain — the underlying network that empowers the original cryptocurrency — is closed to innovation and development. Even though the initial efforts to introduce decentralized finance (DeFi) to Bitcoin such as cross-chain bridges and wrapped tokens resulted in a massive wave of hacks and exploits in the DeFi space, developers continue to look for new and more reliable ways to tap into the unmatched liquidity of the BTC pool.
Launched in November 2021, the Bitcoin Taproot upgrade was an important step in adding extra functionality to the base layer of Bitcoin. Among other benefits, including cheaper and more efficient transactions, the Taproot upgrade also introduced rudimentary smart contracts — the backbone of DeFi — to Bitcoin for the first time.
Smart contracts are automated agreements between multiple parties that are stored on a blockchain. They enable a wide range of DeFi functionality. The introduction of smart contracts to the Bitcoin base layer hinted at the possibility of common DeFi trends such as nonfungible tokens (NFTs) appearing on the Bitcoin network, and developers rushed to work on it. Read More
We have a lot to be grateful for within Markethive. It’s like stepping out of the rat race into an oasis of humanity at its best. As an inbound marketing, business-based blockchain platform with an inherent entrepreneurial spirit, we have all the tools to get our message out to the whole world. We have a social media interface with a collaborative ethos rarely experienced on legacy social media.
We are starting to see new integrations in the blogging section in preparation for the customized, more intuitive interface and dashboard of Markethive and, of course, the Markethive Wallet that will facilitate the Merchant accounts for members as well as personal transactions, the Vault, etc.
The new-look Blogcasting Hub is located at the top of all blogs in the system. Blogcasting is a term introduced by Markethive and is an enhanced broadcasting system. In the traditional broadcasting sense, only the people who physically subscribe to your blog or newsletter are usually notified of your updates via email.
With this blogcasting system, your social networks are informed of your blog as and when you publish them. What this means is the potential reach is into the millions. Read More
What Is Inferno Drainer? New Phishing Scam Pilfering Crypto, NFTs
In just a few weeks, the phishing scam Inferno Drainer has made off with nearly $6 million in various cryptocurrencies and NFTs.
It’s likely targeting your favourite crypto projects on the largest blockchains. But what exactly is Inferno Drainer?
Scam Sniffer, a platform specializing in identifying scams, announced on Friday that the malicious software provider is allegedly linked to thousands of scams resulting in the theft of several million dollars.
By analyzing off-chain and on-chain data on Ethereum, Arbitrum, BNB Chain, and other chains, the security firm identified 4,888 victims who collectively lost over $5.9 million in cryptocurrencies and NFTs.
Approximately 1,699 ETH is reported to have been stolen and distributed across five different addresses, each holding between 300 and 400 ETH. Read More
Cardano Creator Charles Hoskinson Comments on Ledger Wallet Controversy, Says Social Contracts Shouldn’t Be Broken
Cardano (ADA) creator Charles Hoskinson is weighing in on Ledger Wallet’s latest move to offer an optional subscription that provides customers with a backup of their secret recovery phrase.
The new product, Ledger Recover, allows users to recover their private keys through a comprehensive ID verification process.
Ledger Recover has sparked controversy within the crypto community because according to critics, it gives the company a potential backdoor for obtaining user data and that an ID verification process is “inherently insecure.”
Amid the Ledger controversy, Hoskinson shares his thoughts on what should characterize crypto hardware wallets in terms of security. He urges the use of open-source software that is regularly audited by numerous sources. Read More
Settlement Incoming? Pro-XRP Lawyer Details Outlook Following Latest Motion in Ripple Lawsuit
Attorney and XRP supporter John Deaton is weighing in on the possibility that a settlement could be in the works between payments firm Ripple and the U.S. Securities and Exchange Commission (SEC).
On Friday, Ripple filed a motion addressed to Judge Analisa Torres requesting a one-week extension to file public, redacted versions of the firm’s cross-motions for summary judgment and accompanying exhibits, which includes the Hinman documents.
On May 18th, Judge Torres ordered that documents relating to the highly contested “Hinman emails” be unsealed for public viewing.
The materials contain internal SEC deliberations about a speech given by former SEC Director William Hinman in 2018 when he said in his official capacity that both Bitcoin (BTC) and Ethereum (ETH) are not securities.
The delay in the ongoing lawsuit has sparked speculations that the SEC and Ripple are possibly using the time to hammer out the details of a settlement. Read More
Decentralized governance — How an exchange lets its users hold the steering wheel
This semi-centralized exchange has launched a gamified Web3 world where users can participate in the decision-making process.
Crypto represents a broader revolution toward a more decentralized world. However, this mission can cause friction with the traditional way of doing business. As a result, crypto platforms are now looking for ways to transition to a more decentralized structure that truly involves the customer from the ground up.
2022 proved to be a turning point in the attitude of crypto traders toward exchanges, which are now facing increased scrutiny from their customers. The collapse of FTX has left wounds that can’t be healed with just new promises. Instead, transparency and decentralization are becoming more crucial than ever for exchanges to regain and maintain the trust of their customers.
Involving users from the ground up:
As part of its mission to prepare for this new environment, cryptocurrency exchange Phemex has already launched its proof-of-reserves, based on a self-verifying Merkle tree model. Their self-proving approach helps users verify that the exchange has the reserves it claims to without requiring a third-party auditor. 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.
