In a major step towards launching its native token, ZRO, cross-chain interoperability protocol LayerZero successfully completed its first airdrop snapshot on May 1. The snapshot marks a crucial stage in the protocol’s development and has generated considerable excitement within the DeFi community. LayerZero Labs confirmed the completion of the airdrop snapshot via an X post…
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The decentralized social network Friend.tech, launched in August 2023, is facing a significant setback as its native token, FRIEND, experiences a staggering 98.5% drop in value. Investors who participated in the recent airdrop of FRIEND tokens have expressed serious concerns about the development, highlighting issues with token claiming and app functionality. Investors Hit Hard As…
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The layer-two initiative known as BOB, short for ‘Build on Bitcoin,’ has declared its mainnet operational with over 40 apps launching in the initial phase. Notably, the BOB application that facilitates bridging and access to the ecosystem is geo-blocked in the United States. BOB Mainnet Activates, Project Expects a ‘Bitcoin-Driven Defi Summer’ On May 1,…
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Unknown attackers recently siphoned digital assets valued at just under $1.6 million from the decentralized finance protocol, Pike Finance. The protocol announced it is offering a 20% reward for the return of the funds, while an ongoing investigation into the incident continues. USDC Vulnerability The decentralized finance (defi) protocol, Pike Finance, said on May 1…
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Stablecoin issuer Tether, a prominent player in the cryptocurrency market behind the widely used USDT stablecoin, has released its audit statement for the first quarter of 2024, accompanied by a report conducted by independent accounting firm BDO. The report, which provides additional financial information beyond the reserves backing Tether’s fiat-denominated stablecoins, shows the company’s profit…
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Popular decentralized finance (DeFi) protocol Curve Finance has awarded a security researcher $250,000 for discovering a critical vulnerability that has historically enabled hackers to siphon off millions of dollars from cryptocurrency protocols. The researcher, known as Marco Croc from Kupia Security, identified a reentrancy vulnerability in Curve Finance and elaborated on the bug’s potential for manipulating balances…
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Although decentralized finance (defi) continues to evolve, it is being perceived as the domain of a select few, Mehdi Lebbar, the co-founder of the investment platform Exponential, says. However, he argues that defi protocols can alter this perception by emphasizing user education. Lebbar contends that regular educational newsletters, explainer videos, and social media posts can…
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In the last two weeks, liquid staking derivative (LSD) protocols have experienced a decline of 60,000 ether valued at over $198 million, with Lido accounting for 40,000 of the ETH withdrawn. LSD Sector Snapshot: $198 Million Ether Withdrawn in 2 Weeks Liquid staking has been witnessing a decrease; on April 15, 2024, the 27 distinct…
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According to Nikita Ovchinnik, founder of Barter Defi, decentralized finance (defi) protocols are increasingly becoming the primary target of most hacking attacks because defi “lays bare its inner workings for all to see.” He said the open-source nature of defi means hackers and malicious actors have ample time to study and identify weaknesses or vulnerabilities…
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In a controversial report, Forbes unveiled a list of 20 “crypto billion-dollar zombies,” Layer 1 (L1) tokens, which the news outlet defines as crypto assets with substantial valuations but “limited utility beyond speculative trading.” These cryptocurrencies and projects include Ripple, XRP, Ethereum Classic (ETC), Tezos (XTZ), Algorand (ALGO), and Cardano (ADA), among others. XRP And…
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