How Sybil Attackers Are Ruining the Golden Age of Airdrops – DL News

Published

7 months ago

25 June, 2024

CoinFlix Staff

How Sybil Attackers Are Ruining the Golden Age of Airdrops – DL News

A version of this article appeared in our Decentralized newsletter of June 25. Register here.

general manager, Tim here.

Here’s what caught my attention about DeFi recently:

How Sybil Attackers Are Ruining the Golden Age of Airdrops.
The latest on CertiK’s $3 million Kraken hack.
DL News discovers an agreement between Lens Protocol and ZKsync.

Airdrop attackers

In recent months, the number of crypto airdrops has exploded.

So why do many people say that the golden age is over?

In short: Sybil Attackers.

These freebooting DeFi players create multiple wallet addresses to spoof airdrops by pretending to be performing legitimate activity.

So-called airdrop farming allows them to potentially rake in millions.

Join the community to receive our latest stories and updates

The problem with Sybil attackers is that they cost crypto projects millions.

Some airdrops targeted by industrial-scale Sybil attackers include:

Increasing the number of Sybils could force airdrops to shift to a distribution method that rewards smaller players with significantly fewer chips.

One idea is a linear distribution.

This means that the more crypto a user stakes to provide liquidity on a blockchain or DeFi protocol, the larger their airdrop will be.

While a linear distribution may be fairer, it turns airdrops into a whale game – skewing them to benefit large crypto holders at the expense of smaller ones.

Despite problems with Sybil attackers, the number of airdrops is not slowing down.

Here are some confirmed airdrops that could happen soon:

And a few who hinted at airdrops launch points:

The CertiK Kraken spat

The multi-day hack of crypto exchange Kraken by crypto auditor CertiK has left DeFi experts and security researchers stunned.

CertiK has since income the $3 million he took out of Kraken using what is called a comeback attack. But many questions remain.

Onchain records show that a hacker used the same bug to attempt to exploit other exchanges as early as May 17.

These exchanges include:

This is almost three weeks before CertiK announced that it had discovered the bug in Kraken’s systems.

CertiK declined to comment on the matter.

Certainly, the records do not prove that CertiK was behind the previous attempts.

A security researcher who wished to remain anonymous said DL News that another actor could have used the same name that CertiK used for its exploit code.

Lens ZKsync agreement

Zero-knowledge protocol ZKsync paid Lens Protocol tens of millions of dollars in tokens to use its technology, sources said. DL News.

The exact number of tokens Lens received in the transaction is unclear.

Those who were competing with ZKsync to attract Lens to their blockchains withdrew from the bidding war once Lens said they had been offered around 0.5% of the total supply of ZKsync tokens.

This represents 105,000,000 ZK tokens, with a market value of $17 million.

The deal may not be as good for Lens as it initially seemed.

When tokens are sold in transactions, they are typically locked for a period before the recipients can sell them.

Since its launch on June 17 at around $0.28 per token, the ZK token has sunk. It is down 37% and is now trading at around $0.16.

It is unclear how long, if at all, Lens’ ZK tokens are locked.

Data of the week

Ethereum gas fees briefly dropped to around 1.7 gwei over the weekend for the first time since 2020.

Decreasing demand and shifting activity to Ethereum Layer 2 are contributing factors to low gas fees.

Ethereum gas fees fell to a four-year low early Sunday morning. (Etherscan)

This week in DeFi governance

VOTE: Aave DAO takes first step in integrating Aave Labs as a service provider

VOTE: Real DAO split over Wallfacer Labs funding request

VOTE: Composite votes to renew OpenZeppelin security partnership

Article of the week

Arthur Hayes, co-founder of BitMEX, is back with another blog post on how the macroeconomic situation between the United States and Japan could benefit crypto.

“Shikata Ga Nai” is an essay exploring a theory of how Bad Gurl Yellen can stop Japanese banks from dumping Treasuries.

As always, the money printer will brrrrr.

Hope you’re stacking sats.

😘😘😘😘😘

https://t.co/xCVZHuR4OI

-Arthur Hayes (@CryptoHayes) June 21, 2024

What we watch

Crypto-based prediction market Polymarket just hit an all-time high in terms of open interest – the total value of bets placed on the markets.

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

Fuente

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.

Fuente

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.

Don’t miss a thing – Subscribe to receive email alerts directly to your inbox

Check Price action

follow us on X, Facebook And Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock/ktsdesign