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Gemini Users from Colombia Get Access to Buying Crypto through Bank Accounts

A limited group of Columbian residents will get access to buying crypto using their accounts in Bancolombia, the largest bank in the country, for one year starting December 14.

The customers of Bancolombia will be able to buy BTC, ETH, ETH, and BCH, thanks to the joint program launched by Gemini and Bancolombia. While the exchange will provide crypto custody (withdraw, deposits, and holding the assets), its Columbian partner will maintain the fiat operations.

This partnership has been made possible due to the support of the country’s financial watchdog, the Financial Superintendence of Colombia, and its unique regulatory sandbox. However, at this point only two crypto-fiat partnerships of nine approved by the Colombian regulatory body have proven their viability.

While the Bancolombia-Gemini alliance became the second one, the first one, MOVii-Bitpoint initiative, allowing users to buy crypto on Bitpoint via their MOVii fiat accounts, have already reported 2,000 active users and close to $500 million in funds moved through crypto since November.

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Vitalik Buterin Defends a Rollup-Centric Future for Ethereum

Ethereum creator Vitalik Buterin seeks a way to tame the centralization of blockchain to a level where its users can still enjoy a trustless and censorship-resistant network.

In his most recent blog post titled ‘Endgame’ from December 6, Buterin suggested a future for the average “very big blockchain” consisting of very high block frequency, very high block size, many thousands of transactions per second that is also highly centralized as there are only a few dozens or hundreds of nodes that can afford to run a full node.

Ethereum creator suggested that a “plausible roadmap” for such blockchain would be to divide block producing and block validation to other parties and to create conditions where anyone may become a validator and constantly control the centralized network of block producers to prevent censorship.

According to Buterin, rollups cannot save the blockchain from a centralized future simply because “no single rollup succeeds at holding anywhere close to the majority of Ethereum activity”. However, Buterin pointed out that Ethereum’s current rollup-centric roadmap is beneficial to the network as long as it is open to all future scenarios.

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Mean Transaction Volumes of USDT, BTC, and ETH Increased, Glassnode Reports

Users of blockchain services are sending larger amounts of USDT, BTC, and ETH than months before. According to Glassnode Alerts, the average volume of USDT transferred reached a six-month high of 71,124,260 USDT.

The research company recorded a three-month high for Bitcoin, averaging 734.765 BTC, up 0.904 BTC from yesterday’s three-month high. Mean transaction volumes of Ethereum are also at a monthly peak of 4.041 ETH, an increase of 0.013 ETH since yesterday.

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dYdX Breaks 45 Transactions a Second

According to dYdX co-founder, Eli Ben-Sasson, last weekend during the volatility period the decentralized exchange processed 45 transactions per second. This data would have required approximately 150M gas on L1, while STARK, super-scaling introduced by StarkWare on dYdX, allows 98% of data compression.

Ethereum’s current gas limit is 30M units. While a regular transaction takes about 28,000 gas, contract transactions require 100,000 units.

dYdX is an L2 DEX that allows perpetual, margin, and spot trading, as well as lending and borrowing. One can use dYdX without registration or transferring assets to a central custody.

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BitMart Exchange Has Lost $196M in a Hack, Promises to Compensate Users

Bitmart exchange has lost over $196 million worth of assets in an attack involving private keys theft.

According to BitMart CEO Sheldon Xia, the hackers were able to access hot wallets on Ethereum and Binance Smart Chain and stole $100 million and $96 million worth of various crypto assets from each of them, respectively.

The hack was initially revealed by blockchain security firm Peckshield on Twitter. At first, Bitmart called that information fake news, but hours later confirmed the hack took place.

Later, Xia promised that the exchange is going to compensate all users who suffered from the hack. Bitmart expects to renew its deposit and withdrawal functions gradually on December 7, 2021.

To complete the heist, the hacker swapped stolen assets for Ether on a decentralized exchange aggregator 1inch after which used the Tornado Cash service to hide their identity.

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Badger DAO Got Hacked, Lost $10M and Froze Its Smart Contracts

Badger DAO, a DeFi protocol aiming to bring Bitcoin on multiple blockchains, has suffered an attack resulting in a loss of various cryptocurrencies worth $10 million.

The hack was first reported on Wednesday night at 9 pm EST on the protocol’s Discord channel. Later, the developers admitted the hack on Twitter. Affected users have seen unusual requests for additional permissions from their wallet providers while claiming yield farming rewards on Badger.

According to Badger’s core contributor Tritium, “It looks like a bunch of users had approvals set for the exploit address allowing to operate on their vault funds and that was exploited.” Badger DAO developers reported they have frozen all the vaults, so no assets can be moved from the protocol for the time of the ongoing investigation.

Peckshield, a blockchain security and analytics firm, provided a full list of assets stolen from Badger DAO’s vaults.

The users are advised to revoke access to their wallets while waiting for the team to solve the problem.

BADGER, the protocol’s native token, is down 14% for the past 24 hours and is currently trading at $22.

Source: Trading View
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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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Ethereum 2.0 Devs Call for Help from the Community with Testing the Merge

Ethereum network is closing on its major milestone in the transition to Eth2.0, and according to developers, there’s a possibility for all Ethereum enthusiasts to contribute to the upcoming Merge of the Ethereum mainnet with the PoS Beacon Chain.

The call for the community to help test the Merge was posted on Twitter by Marius van der Wijden on November 29. The new community testing program has three types of tasks meant for non-technical users, developers unfamiliar with blockchain and blockchain-savvy techies.

All participants are encouraged to share as much documentation as possible with a hashtag #TestingTheMerge. Despite van der Wijden noting that community testers will not be compensated for their help, he was overwhelmed with the influx of responses from volunteers.

The Merge is a long-awaited transition of the Ethereum network from proof-of-work to proof-of-stake consensus algorithm, which is currently implemented on the underlying Beacon Chain. According to the developers, the Merge is set to be complete by Q1 or Q2 of 2022.

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Bancor Network Introduced Its New “Dawn” Update

Bancor Network, an on-chain liquidity protocol based on Ethereum and EOS, has introduced its long-awaited update, Bancor 3. The newest release will bring instant impermanent loss protection for users, new pools for traders, and liquidity providers, lesser fees and multichain-portability to the protocol.

One of the key features of the new update is Omnipool which allows users to stake their BNT, Bancor’s native tokens, in a single pool and earn yield from the entire network. Omnipool also allows for all trades on the network to occur in a single transaction, thus enabling users to pay less for gas.

Another notable part of the upcoming upgrade are Infinity Pools that follow the concept of “Superfluid Liquidity” allowing users to deposit unlimited amounts of assets. The Liquidity mining rewards will be auto-compounding and no longer require gas-intensive manual re-staking. The Bancor developers also promise to add multichain and L2 support to the protocol.

According to the roadmap, the launch of the Bancor 3 is divided into three stages: Dawn, Sunrise, and Daylight. Though it is yet unclear when exactly the first Bancor 3.0 “Dawn” update will go live, there is a waitlist on the Bancor’s website.

In 2017, the Bancor Network was the first protocol to introduce automated market maker (AMM) to the blockchain. According to DeFiLlama, the project now holds $1.57 billion in total value locked on Ethereum. BNT token is currently trading above $4, as per CoinGecko.

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Omicron Token Skyrocketed 900% in Price Amid New Covid-19 Variant Outbreak

Cryptocurrency market works in mysterious ways. Amid the news from the World’s Health Organization on the newly detected SARS-CoV-2 variant to be named as Omicron, OMIC, the native token of Omicron protocol, has surged from $70 to a new all-time-high at $689 in just two days.

Omicron has no relations to Covid or healthcare systems. It is a recently launched decentralized reserve currency protocol, forked from Olympus on the Arbitrum Network. There’s no data on the market capitalization of the project, but the maximum supply of OMIC is capped at 1,000,000 tokens. OMIC is listed on the SushiSwap DEX.

Source: CoinGecko

Some experts point out that such behaviour may be a sign of bubble-like conditions on the cryptocurrency market. According to CoinGecko, the Omicron token is currently trading at $604, up 88.5% for the past 24 hours and 919% for the past two weeks.