DeFi

The Linea ZeroLend protocol is a copy-paste Aave fork, linked to the original documents

Published

7 months ago

9 July, 2024

The Linea ZeroLend protocol is a copy-paste Aave fork, linked to the original documents

Decentralized finance (DeFi) has its share of “forks,” but they rarely top the total value locked (TVL) rankings. Linea, the zero-knowledge rollup bootstrapped by Consensys, claims to be home to “the most innovative web3 projects.” But its largest project, ZeroLend, is a seemingly low-cost fork of Aave, the widely established lending protocol.

As noted by X (formerly Twitter) user @majinsayan, ZeroLend’s mobile site until very recently I was even redirected to Aave’s own FAQ section.

The biggest protocol on linea (consensys) is a copy-pasted aave fork that forgot to change the hyperlinks in the documentation that still point to the aave docs

Ethereum people should shut up for 30 days and watch the crap they’re selling to the world

will keep a clean house pic.twitter.com/MibgMXppuo

— MAJIN (@majinsayan) July 6, 2024

With $235 million TVL, ZeroLend accounts for more than a third of the blockchain’s entire $667 million TVL, according to data by DeFiLlama.

“Forking,” common in DeFi, is the practice of copying the code of an existing project to reuse it and, ideally, develop it further.

Aave, often bifurcated, is the the biggest protocol in DeFi — ignoring Lido and Eigenlayer which offer ETH staking and re-staking respectively — with $11.6 billion TVL across 12 channels.

Many versions of Aave and the similar lending protocol Compound have been deployed over the years and have often fallen victim to hackers. Recent examples include Radiant Capital, which lost $4.5 million in January, and Michael Patryn’s UwU Lend, which was hacked for $20 million a month ago.

Learn more: Sifu’s UwU Lend Reportedly Hacked for $20 Million, Curve’s Egorov Among Those Affected

Despite this, the original codebases are widely considered to be among the most secure in the industry, with any changes only possible through decentralized governance and on-chain voting.

While this may be comforting to even the most risk-averse cryptocurrency users, as addresses labeled as United States GovernmentThis is not without its problems, given that everything Bug Fixes take time to implement.

Learn more: Compound Finance Upgrade Bug Locks Up $830 Million in Cryptocurrency

Friends don’t force friends

Last March, Aave Governance Delegate Marc Zeller describe ZeroLend is “Aave’s codebase with a high-inflation shitcoin stuck on top.”

The comment came in response to ZeroLend’s governance forum job suggesting that Aave recognize them as a “friendly fork,” offering share the revenue and a portion of their ZERO token airdrop in exchange.

Zeller, however, didn’t seem too keen on the reputational risk of associating Aave with one of the many unauthorized spin-offs, saying that ZeroLend “only has one likely outcome, integrating the wrong collateral or the wrong Oracle, or promoting a bad configuration and showing up in Rekt News.”

ZeroLend was looking for a setup similar to MakerDAO’s SparkLend, which was endorsed by Aave under a similar revenue share proposal since he pass in March 2023.

Despite this, Spark also found himself on Zeller’s radar last week. accused MakerDAO’s “creative accounting” approach, leading to a revenue share calculation “much closer to 1%,” rather than the agreed 10%.

Zeller is no stranger to inter-DAO controversies, hit to Gauntlet and Morpho earlier this year, and criticize the same risk management strategy of the pair following Renzo’s depeg of ezETH. He then called MakerDAO “reckless” decision to embark Ethena’s “synthetic dollar” as collateral.

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Related Topics:Aave Challenge line Zero Loan

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DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

Website: https://presale.rollblock.io/

Social networks: https://linktr.ee/rollblockcasino

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DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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