DeFi

Why Ethereum Network Linea Paused $1.2 Billion in User Funds – DL News

Published

8 months ago

4 June, 2024

CoinFlix Staff

Why Ethereum Network Linea Paused $1.2 Billion in User Funds – DL News

A version of this article appeared in our Decentralized June 4 newsletter. Register here.

general manager, Tim here.

Here’s what caught my attention about DeFi recently:

Layer 2 Linea Takes a Break After $7M Velocore Feat.
Vitalik Buterin looks back on the beginnings of Ethereum.
Uniswap comes under fire after delaying vote on fee change.

Linea suspends blockchain

Layer 2 network Linea suspended transactions for an hour on Sunday after a protocol on the chain – Velocore – suffered a $7 million exploit.

In a wireLinea said it shut down the blockchain to protect users.

The Linea team has made the decision to stop block production by suspending the sequencer and censoring attacker addresses in order to protect users and builders in our ecosystem. Like the other L2s, we are still in the phase of existence of “training wheels”, which gives us guarantees to use.

-Linéa (@LineaBuild) June 2, 2024

Linea shares likely avoided further losses from this exploit.

But this decision calls into question the founding principles of the industry: immutability and user control.

Linea users, who have almost filled $1.2 billion on-chain, could not do anything with their assets while the blockchain was paused.

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The network suspended and censored the attacker’s wallet because it is still centrally controlled by its creator, Consensys.

Bitcoin and Ethereum are decentralized and require consensus from over 50% of their respective networks to do what Linea did.

The incident occurs while Linea Surge campaignwhich rewards users with points for linking assets to Layer 2.

Vitalik reflects on Ethereum

Ethereum co-founder Vitalik Buterin shared a list of things he would have done differently if he could go back to when the blockchain was created in 2014.

Many items on Buterin’s list were technical changes intended to make developers’ lives easier.

But one of them had a much broader impact: accelerating Ethereum’s abandonment of the energy-intensive proof-of-work validation mechanism.

“We could have saved a huge amount of trees if we had a much simpler proof of stake in 2018,” Buterin said.

Buterin lamented that it took until 2022 to move to proof-of-stake, suggesting that a “shittier” change earlier in the blockchain’s life would have been better.

The Cambridge Center for Alternative Finance estimates that Ethereum’s move from proof-of-work to proof-of-stake reduced network energy consumption by 99.9%.

If the change had taken place in 2018, as Buterin suggested, it could have saved more than 80 terawatt hours of electricity, the equivalent of Croatia’s annual energy consumption.

Uniswap called

A last-minute decision to delay Uniswap’s fee change vote has ruffled the feathers of the DeFi community.

“Over the past week, a stakeholder raised a new issue related to this work that requires additional diligence on our part for a full review,” Erin Koen, Head of Governance at the Uniswap Foundation, wrote Friday on the Uniswap DAO governance forum.

Koen did not specify the problem or the due diligence required.

That didn’t stop Dan Robinson, general partner at venture capital firm Paradigm, from accusing the Uniswap Foundation of bowing to pressure from another unnamed venture capitalist.

“It is disappointing to see a large venture capitalist attempting to bully the token governance process and delay community proposals at the last minute in order to advance their own pet projects,” he said. written the.

Robinson did not elaborate on his message and did not immediately return DL News” request for comment.

Uniswap fee change vote This has been happening for a long time.

The vote, which if successful would allocate a portion of Uniswap protocol revenue to UNI token holders, passed a non-binding “temperature check” vote earlier this year.

A binding blockchain-based vote was scheduled to begin Friday before being postponed.

Uniswap Foundation CEO Devin Walsh declined to comment when contacted by DL News.

Data of the week

Uniswap’s fee change vote could provide a steady stream of revenue for UNI token holders, if passed.

Data from DefiLlama shows that the leading decentralized exchange collected almost $1.8 million in fees in 24 hours. This represents some $649.7 million per year.

The Uniswap protocol is fourth in terms of fees generated. (ChallengeLlama)

This week in DeFi governance

VOTE: Arbitrum DAO Supports Proposed Enhancement of Account Abstraction Wallets

PROPOSAL: Stargate Foundation changes LayerZero token allocation process

VOTE: Aave to Adjust Interest Rate Curve for weETH on Arbitrum and Base

Article of the week

The pseudonymous founder of crypto gaming studio, Loopify, sums up the current state of blockchain gaming with the timeless gold rush and shovels analogy.

What we watch

Thank you to everyone who contacted us following our publication, offering ideas, support and feedback.

As a result of these conversations, we have decided to abandon all trademark applications for the term “ZK”.

These discussions boiled down to one important fact: it would be impossible to…

– Matter Labs (n, ∆) (@the_matter_labs) June 2, 2024

Matter Labs, the company behind Ethereum layer 2 zkSync, has dropped its trademark applications for the term “ZK” after backlash from the crypto community.

Do you have a tip on DeFi? Contact us at tim@dlnews.com.

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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

No spam, no lies, only insights. You can unsubscribe at any time.

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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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