Umbrella Network, the decentralized Layer-2 oracle solution, has officially launched on Ethereum Mainnet. The company made this announcement on its blog on Friday. Umbrella Network is a community-owned Layer-2 oracle network that batches data for providing low-cost, scalable, and secure data. It utilizes the advances in Merkle tree technology to write multiple data points on a single on-chain…
The Axie Infinity team is making moves. On the one hand, they raised $860K “through a strategic sale of our governance token, AXS.” On the other, they announced an in-game decentralized exchange and their AXS increased in prize by 55% in the last 24 hours. Great numbers all around that would satisfy and attract any…
Compound Finance (COMP) has seemingly suffered a token distribution bug after introducing and passing a recent governance vote that addressed rewards distribution, Proposal 62. Shortly thereafter, Compound reported in a tweet that there was unusual behavior regarding COMP distribution following the vote, but that “no supplied/borrowed funds are at risk.” The funds that are in…
Decentralized finance (DeFi) has become an increasingly important addition to the Cardano network following the launch of smart contracts capability. Developers have been working since the Alonzo hard fork to bring their DeFi solutions to the ecosystem. But with decentralized finance already underway on blockchains such as Ethereum and Solana, Cardano has had to play…
One of the threats that the crypto community face is the attack of cybercriminals. Many exchanges, projects, and apps often face one vulnerability exploitation or the other. Recently, BSC-based cross-chain pNetwork lost at least $12.7 million of tokenized Bitcoin to attackers. They have joined the many networks targeted and exploited by hackers in the crypto…
There’s truly never a dull moment in DeFi. Reports have emerged this week that interest-yielding platform Nexo is pursuing an acquisition of an SEC licensed broker dealer with the intent to offer a “modified version” of the company’s products. How this would impact their current offering is unclear. The move comes at a time of…
In the face of an increase in the number of attacks on DeFi platforms, Polygon has decided to take new measures. The Ethereum scaling platform recently announced a $2 million bug bounty. In that way, Polygon expects to “root out and eliminate potential security flaws”, according to a press release. Only a few months ago,…
It was just a couple weeks ago that Coinbase posted a blog post, paired with a hefty Twitter thread from CEO Brian Armstrong highlighting recent challenges with the SEC. Armstrong described the agency’s behavior as “sketchy” after the SEC seemingly threatened the exchange that a lawsuit would be impending should Coinbase launch their expected interest-yielding…
Earlier this year, crypto lending platform BlockFi started facing the heat from state regulators in New Jersey, Texas, and Alabama. Other states have joined the fold since then, as well. Celsius this week is now facing similar cease and desist demands from all three of the same states that BlockFi first faced. Let’s take a…
The regulatory battle with DeFi is heating up. The SEC now seemingly has it’s eyes set on arguably the largest cryptocurrency exchange in the United States. The news comes after five U.S. states sent individual notices to DeFi platform BlockFi in recent weeks. This week, reports have surfaced that Coinbase is facing regulatory scrutiny over…