Finances Redefined: Polygon Fixes $24 Billion, Hoskinson Upbeat for Cardano in 2022, Dec. 24–31

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2022-01-02 22:26:05

This week’s Redefined Finance features the latest developments regarding Polygon, Interlay, Bent Finance and Grim Finance.

Polygon Fixes Potential Billion Dollar Protocol Vulnerability

Layer two protocol Polygon announced this week a fix for a potentially billion-dollar vulnerability in the proof-of-stake Genesis contract through the implementation of an Emergency Bor Upgrade to the mainnet.

The crash and subsequent upgrade took place in early December. If compromised by a malicious entity to the fullest extent, the security vulnerability could result in nearly $24 billion in financial loss, or 92 percent of the time. .7% of the network’s native MATIC token and could cause an impending collapse.

According to a recent blog post from Polygon, two well-intentioned hackers, Leon Spacewalker and Whitehat2, discovered the issue on December 3 and December 4, respectively, notifying blockchain security platform Immunefi.

After a procedural investigation and validation from Immunefi, the information was passed on to Polygon, who upgraded the network on December 5, although a hacker was able to drain 801,601 MATIC (2.04 million) dollars) before the error is resolved.

Polygon co-founder Jaynti Kanani highlighted the network’s ability to promptly address critical failures, noting in a blog post that:

“Importantly this is a test of our network’s resilience as well as our ability to act decisively under pressure. Considering the extent of the threat, I believe our team made the best decision possible under the circumstances. “

Leon Spacewalker is expected to be rewarded with $2.2 million in stablecoins for their efforts, while a second anonymous hacker, Whitehat2, will pocket $1.27 million in direct MATIC tokens. from Polygon.

Cardano Founder Charles Hoskinson Predicts DeFi “Has A Bigger Extinction”

This week, in a year-end YouTube live stream titled “DApps and Cardano DeFi Alliance,” Cardano founder Charles Hoskinson was candid about the emerging landscape of DeFi projects and their creators. created on Cardano in addition to advising participants on the volatile nature of the market multiplier.

“It is very difficult to do this kind of technique and do it right, with an eye and foresight for the future. Unfortunately, many projects in this space will not stand the test of time. The reality is that we will see a mass extinction happen within the next 5 to 10 years.”

Broadcasting with enthusiasm evident from “sunny Colorado” — a location he humorously describes as “always warm, always sunny, sometimes Colorado” — Hoskinson predicted a year to come. to the crypto space and his beloved Cardano.

“The only thing holding us back is us,” he said, before exclaiming that empathetic and friendly cooperation is a fundamental ingredient for effective dialogue and progress toward our common goals. a more prosperous financial future.

Following the successful launch of Cardano’s smart contracts in September through the Alonzo hard fork, the project has come under scrutiny for tedious developments on its roadmap. Even so, Hoskinson believes the number of users will surpass the current 2 million by 10 times by 2022 due to massive demand in the unavailable token space.

With that, Hoskinson introduced the Cardano DeFi Alliance, an initiative that seeks to build an open source library of resources, tools, services, and best practices to accelerate the growth of the entire DeFi ecosystem.

Huobi Research predicts an increase in money-making games in 2022

Huobi Research, the research arm of cryptocurrency exchange Huobi, has identified GameFi – which refers to a combination of gaming and decentralized finance – as an emerging trend based on quantitative analysis of data. data on the string.

In an extensive blog post, Huobi detailed the dramatic increase of GameFi projects in terms of user activity and transaction volume since June, stating, “DApp Leaderboard shows five of the top nine are GameFi apps.” Furthermore, as of early December [2021], GameFi’s weekly active users have reached 9.21 million, a record high. ”

The researchers note that these games differ from traditional games, such as World of Warcraft, in three distinctive categories: free trades in game material, free trades, and coin pricing. currency in the game, and protect ownership.

Huobi Research argues that GameFi’s ability to “dramatically reduce transaction fees for farming gold,” a term used to denote the conversion of in-game tokens to real-world currency , is the main reason for its growing financial appeal:

“In GameFi, the owner has the power to decide whether to sell certain resources or not, which enhances user independence and stimulates market competition, thereby saving transaction costs. ”

Additionally, developers in the GameFi space have the advantage of implementing private ownership through unusable tokens at a lower cost: “This is not just a comparative advantage, but Traditional game developers have never been, but also reflect the intrinsic value of blockchain technology in games, the company said.

Token representation

Analytical data shows that the total value of DeFi locked down fell 1.8% on the week to $140 billion, which appears to be slowing down during the holiday season.

Data from Cointelegraph Markets Pro and TradingView reveal that the top 100 DeFi tokens by market capitalization have been mostly bullish over the past seven days.

SushiSwap (SUSHI) leads this week with a 42% gain. Oasis Network (ROSE) is up 37.5%, while Fantom (FTM) is up 26.1%. Gnosis (GNO) and PancakeSwap (CAKE) took fourth and fifth place this week with 25.4% and 3%, respectively.

Source: Cointelegraph

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