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News

96-97% of Binance Users Stick with the Exchange After Mandatory KYC, CZ Said to Bloomberg

Binance’s notorious CEO Changpeng “CZ” Zhao spoke to Bloomberg, and said that less than 4% of users stopped using the exchange after the introduction of mandatory KYC procedures.

At the end of August this year, in an attempt to build relationships with regulators who had been hammering Binance all summer, the largest cryptocurrency exchange required its users to undergo a verification procedure, including sending a scan of an identity document. All users without exception had to do this in order to use any of the site’s services.

The head of Binance said that after all the measures taken, the authorities have a better attitude towards the exchange, though they were skeptical at first. “We have established global holding entities etc. So we’ve set up a much more centralized structure. The details of that will probably come out soon. We want to communicate this with regulators around the world before we make any public announcements of the structure.” – CZ said in an interview.

Zhao only mentioned decentralization when asked about the recent Squid Game token case and its investigation, noting that such schemes are one of the drawbacks of the decentralized approach.

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News

Celer has Launched a Multi-chain cBridge on its Main Network

The second-level scaling platform Celer Network has launched a multi-chain cBridge v1.0 on its main network, to support the exchange of tokens with other Layer 2 networks. Operations can be performed with Arbitrum and Polygon, smart contracts compatible with the Ethereum virtual machine, and Binance Smart Chain, as well as the main Ethereum network.

The company claims that their new bridge can solve many existing problems that prevent the full integration of Layer 2 solutions. For example, users can hope for a lightweight interface and reduced resources for moving assets between multiple chains.

Mo Dong, the Celer Network’s co-founder, said ”As an open-source platform with the mission to bring blockchain adoption to mainstream, our goal with cBridge is to deliver a high-performance and cost-efficient interoperable value transfer network with no compromise on the security or trust-free guarantee.”

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News

CryptoBlades Attracted 1000% More Users and Entered the Top-5 of the DappRadar Rating

CryptoBlades, an NFT Blockchain game on Binance Smart Chain, has attracted 1000% more unique active users over the past week and reached the fifth place in the weekly DappRadar rating. This growth allowed the game to earn more than $9M over these days, and the number of transactions made on the platform also increased by more than 400%.

As DappRadar notes in its blog, the team behind the platform is actively working to promote it, integrating numerous new features and launching advertising campaigns and giveaways.

The SKILL platform’s own token is also on the wave of growth of the entire project; over the past seven days its price has increased from about $4 to about $44.

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Review

AMA Recap: DeFiTeller x Impossible Finance

DeFITeller

Hi everyone, today we are here with Impossible Finance protocol builder Calvin Chu! Hi Calvin! We are very happy to have you with us today!

Calvin Chu | Impossible Finance

Hey, thank you for having me here today. 

DeFITeller

As always, we’d first like to ask you a few introductory questions about the project and your role in it. Can you say a few words about the mission of the project and what it’s about briefly?

Calvin Chu | Impossible Finance

Good question!

Impossible Finance was created by builders, hackathon-goers, and power users of defi and on-chain applications.

We believe the best way to make DeFi more accessible for a wider audience is to provide institutional-quality deal flow to the regular user. Coming from the industry-leading centralized launchpad platforms, we’re excited to tackle the challenge of building a decentralized incubator and launchpad to support the project teams innovating tomorrow.

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News

ThorChain Lost $5M in Crypto Assets

ThorChain, a decentralized liquidity protocol, har suffered from an exploit that led to the loss of approximately $4,9 million of crypto assets in Ethereum and ERC20 tokens.

An unfortunate event happened on July 15. A hacker used a vulnerability in the latest ThorChain’s upgrade ‘Chaosnet’, aimed to maintain cross-chain swaps across Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Binance Chain networks.

As was explained by one of the ThorChain developers, ETH Bifrost was tricked using a custom wrapper to read a deposit amount of 200 when it was actually zero. When a community deveoper noticed this issue, anonymous nodes voluntarily made commands to stop their nodes to protect the network. The whole network was halted, once more than one third of the nodes has stopped.

ThorChain has already announced its recovery plan. The network was started today as soon as the patch was released. The team promised to replenish stolen funds on the Ethereum pool to restore lost funds to LPs, release an auto-solvency checker as a preventative measure and conduct an audit to solve this issue.

As was mentioned on ThorChain Telegram channel, the project has enough funds to cover the cost of an exploit. However, the administrators requested the attacker to get in contact with the team to discuss the return of funds for a bug-hunter’s bounty.

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News

ChainSwap Exploit Resulted in Millions Lost

ChainSwap, a cross-chain bridge that enables users to trade crypto assets of different chains, revealed a critical vulnerability in its protocol due to a recent attack. The attack happened on July 10 and affected 14 projects that had used ChainSwap to launch Ethereum tokens on Binance Smart Chain.

As the research of Wilder World developers shows the attacker took over BSC-contracts through a loophole in ChainSwap protocol and minted tokens directly to their address, to sell them later on PancakeSwap. WILD devs prompted users to refrain from trading on Binance Chain and PancakeSwap.

The list of affected tokens includes Wilder Worlds (token symbol: WILD), Antimatter (MATTER), Option Room (ROOM), Umbrella Network (UMB), Blank, Nord Finance (NORD), Razor Network (RAZOR), Peri, Unido (UDO), Oro, Vortex (VTX), Corra (CORA), ROCKS, Dafi, and Unifarm (UFARM). ChainSwap announced to its users it has frozen its bridge between Ethereum and Binance Smart Chain, and promised that all ASAP holders will be compensated. Last week ChainSwap suffered another attack which caused it to lose $800,000

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News

OpenOcean’s IDO Is Live on Polkastarter

Cryptocurrency exchange aggregator OpenOcean has launched an IDO for its future token on Polkastarter, Polkadot’s launchpad for crypto assets.

The token $OOE refers its name to OpenOcean Ecosystem. With Polkastarter Pool opening today, OOE distribution to the community will take place on July 12, along with liquidity mining on the OpenOcean BSC network, crypto aggregator promised.

OOE is the governance and utility multichain token of OpenOcean. The ERC-20 coin is minted on Ethereum with a fixed supply of 1,000,000,000 (one billion) items.

As DeFiTeller reported, OpenOcean earlier announced it has connected to Polygon Blockchain, promising 100,000 OOE of rewards for traders.

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News

PancakeSwap Pulls Away From Competition

DappRadar has found that PancakeSwap surpassed its competitors and firmly settled in the first place of the blockchain application tracker rating. The DEX has acquired more than 2 million active wallets over the past 30 days and continues to grow. Also, now the exchange can boast that it has more than $6 billion locked in its smart contracts.

The success of PancakeSwap is even more spectacular against the background of the fact that it was conceived as a fork of the leading Ethereum DEX Uniswap.

PancakeSwap is far ahead of all competitors in terms of active wallets. The closest aApp Autofarm is gaining a quarter of its active users, and Uniswap has about 10% of its Binance Smart Chain powered ‘twin’. But this indicator has nothing to do with value, and more money still falls on the Ethereum DEX due to the fact that BSC users tend to invest smaller amounts.

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News

OpenOcean Aggregator Has Connected to Polygon Blockchain

Cryptocurrency exchange aggregator OpenOcean, developed to connect DeFi and CeFi exchanges on one platform, has integrated Polygon.

Before expanding to Polygon, OpenOcean asked its users over which network to add with over 44,000 votes cast in favor of Polygon. Now aggregator promises traders will be able to make trades on the network at the best prices with low slippage.

To promote trading on Polygon, OpenOcean will offer 100,000 of its native OOE tokens in the coming weeks. In a blog post, OpenOcean also promised its next move will be the release of cross-chain aggregations, to make possible trades across different chains.

Currently, OpenOcean is connected to major public chains such as Ethereum, Solana, Binance Smart Chain, TRON, and more. As DeFiTeller reported, last week aggregator gained support from Huobi Ventures.

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News

WSwap Is Integrated into 1inch Network


Decentralized financial hub Wault Finance has announced that WSwap officially integrated into 1inch Network, a distributed network for decentralized protocols on Ethereum. The company now expects even higher trading volumes due to the fact that the protocol offers low 0.2% swap fees.

Wault Finance introduced its WSwap product to the community in early April, the project hopes to use it to become a central node on BSC, serving all DeFi.