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News

1inch Network Raises $175M in a Series B Funding Round

DEX aggregator 1inch Network announced the closure of a $175 million funding round led by Amber Group, a crypto-financial services firm. Following this news, the price of the 1INCH token jumped from $3.5 to $4.2 within an hour.

1inch aggregates decentralized protocols to offer access to their liquidity and token swap rates. The funding will be spent on 1inchPro, a service which will comply with regulations in the US and Europe, as well as on building new protocols.

Source: TradingView

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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

1INCH Is up 118% to the New ATH

1INCH soared to an all-time high of $8.65 an hour ago. Around 9AM UTC, the token of one of the largest aggregators 1Inch skyrocketed 118%, hitting an important high. The coin’s price then corrected to $6.55, which is still a high relative to its previous stable level. 1INCH reached heights of $7.45 before in May of this year, but the coin’s price remained in the $2 to $3 range since then.

Source: TradingView

The liquidity giant Aave’s token rose 35% as well – the coin jumped from $334 to $452 in three and a half hours, peaking today at about the same time as 1INCH.

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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 Networkโ€™s co-founder, said โ€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.โ€

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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, weโ€™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

1inch Foundation Launches a $3M Grant Program

1inch Foundation, a distributed network for decentralized protocols, announced a $3 million grant program, aimed at stimulating the growth of the 1inch ecosystem and the DeFi industry as a whole.

The funds will be distributed to the winners in three categories: network development, community development, as well as research and analytics.

โ€œThe 1inch Foundation is looking for projects that have recently started their DeFi journey and have no prior ICO or fundraising history, except for VC rounds,โ€, company wrote on its blog.

To receive a grant, the contestants will need to pass five selection stages, which include submitting an application, an interview, an assessment of the grant capital, and an official grant proposal. The companies will work on the implementation and the current efficiency assessment afterwards.

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Top Gainers

Top gainers!

๐Ÿš€ Farm Hero Protocol, HONOR (111.5%)

๐Ÿš€ Vertex Farm, VERT (82.1%)

๐Ÿš€ Bridge Oracle, BRG (70.5%)

๐Ÿš€ KickPad, KPAD (66.5%)

๐Ÿš€ Harvest Finance, FARM (63.1%)

Categories
Top Gainers

Top gainers!

๐Ÿš€ Stater, STR (61.80%)

๐Ÿš€ Bridge Oracle, BRG (56.5%)

๐Ÿš€ Odyssey, OCN (50.51%)

๐Ÿš€ NAOS Finance, NAOS (43.46%)

๐Ÿš€ Ramifi Protocol, RAM (40.80%)

Categories
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