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Aave governance delegate Marc Zeller has aired concerns over the future of the decentralized finance (DeFi) lending platform on Polygon in the wake of a controversial proposal to use funds locked in the network’s bridge to earn yield elsewhere. Aave is the largest protocol on Polygon, accounting for over a third of the chain’s total value locked (TVL) at $467 million, according to data from DeFiLlama. Operation polygon(e) pic.twitter.com/soiN4vBwZ2 — Marc “Billy” Zeller (@lemiscate) December 16, 2024 Read more: Advisors leave Aave as protocol punishes competitors The proposal to create a “Polygon PoS Bridge Liquidity Program” is currently in pre-PIP status and, in the four days since publication, has generated discussion between concerned and yield-hungry users alike. While some point to the potential boon to the ecosystem of the program’s profits being “strategically deployed… to incentivize liquidity and stimulate project growth,” others rais...

In a series of alarming incidents, two prominent decentralized finance (DeFi) platforms, Sonne Finance, and ALEX Lab, have been targeted by sophisticated hacks, resulting in a combined loss of $24.3 million in cryptocurrencies. Sonne Finance halted operations after a $20 million exploit, while ALEX Lab lost $4.3 million due to a suspected private key compromise. Both platforms are now in a race to recover their stolen assets and prevent future breaches. Sonne Finance: $20 million heist Lending protocol Sonne Finance was forced to pause operations after suffering a hack that drained $20 million worth of cryptocurrencies from the market.  Picks for you From tech to fashion: Who are the top 10 youngest female billionaires in the world 17 mins ago 2 no-brainer Robert Kiyosaki assets to buy right now 42 mins ago Crypto expert Michaël van de Poppe sells all his Bitcoin; Here’s why 2 hours ago We asked ChatGPT-4o to make a $1,000 crypto portfolio 3 hours ...

Author: 十四君 Source: https://mp.weixin.qq.com/s/EN8ZdiomQVUQ4WBRZ4GqKA What is Runes? In the past year, the biggest narrative in web3 has been the explosion of the inscription ecosystem, starting with Ordinals, a technology that assigns unique serial numbers to every sat on bitcoin network. Its core founder, Casey, submitted the basic version of the Runes code in September last year, but it has not been officially launched on the mainnet, so during the inscription craze in September, projects like runeAlpha forked the code in advance and independently launched protocols like RunesAlpha. Although there have been allegations of plagiarism, the market cap growth of several hundred million in just a few months also demonstrates the infinite potential of the Runes protocol. So, the official version of Runes protocol, designed by Casey, the founder of the Ordinals protocol, will also be officially announced around April 20, 2024. And it will directly go online on the btc mainnet, so projects ...

Ithaca Finance, a non-custodial, composable options protocol aimed at building permissionless cross-chain infrastructure enabling optimal risk sharing across time and event horizons, is announcing a pre-seed round for its new on-chain options protocol on January 31, 2024, per the latest information shared with Finbold. The $2.5 million pre-seed funding round boasts a long list of prominent names and is led by Cumberland and Wintermute Ventures. Additionally, it Features angel investors Andrew Keys of DARMA Capital, Stan Miroshnik of TenSquared Capital, and Georgios Vlachos of Axelar, as well as Room40 Ventures and Ghaf Capital Partners. Commenting on the round, Cumberland highlighted the expertise of Ithaca’s team, while Wintermute highlighted its high hopes for the company’s protocol: Ithaca’s options platform breaks down complex financial contracts into composable elements, making it easier to handle risk and resulting in a transparent trading experience for users, and ...

Dolomite says vARB is a “vote-enabled ARB” token that will allow holders to participate in Arbitrum’s governance through voting. While it cannot be lent or borrowed, vARB means users can use their ARB collateral to vote. DeFi protocol Dolomite has launched vARB, a “vote-enabled ARB” token that allows holders participate in governance voting on the Arbitrum network. vARB is not a new token, and is non-transferable and non-tradable. Unlike ARB, users won’t be able to lend or borrow this token, the protocol said in a press release shared with CoinJournal. However, vARB will allow holders to tap into ARB tokens deposited as collateral to access governance and voting rights on Arbitrum. Amplify ARB voting power According to Dolomite, vARB will be held in “isolation mode” on the protocol , with users able to use them for voting on Arbitrum. That’s not possible with the ARB locked in liquidity pools and used ...

Ethereum re staking protocol EigenLayer has launched on Ethereum mainnet . The launch supports tokens including stETH, rETH, cbETH and solo-stakers. EigenLayer is designed to extend Ethereum security to software modules such as bridges, oracle networks and consensus mechanisms by utilizing restaking to offer pooled security mechanisms. They’re built on top of the network.  The EigenLayer protocol consists of stakers, who commit stake, and operators, who provide technical validation services for actively validated services (AVSs), Brianna Montgomery, head of strategy at Eigen Labs, told Blockworks. Several AVSs are building on EigenLayer, and a handful have publicly pointed to their plans, Montgomery said.  Known AVSs include EigenDA, Espresso, Witness Chain, Omni and Lagrange.  “Others are building in private,” Montgomery said. “More details about projects building on EigenLayer will be shared as and when available.” How does EigenLayer work? Stakers can give permission to ...

DeFi lending platform Venus Protocol, which operates in the BNB Chain ecosystem, is bracing against a significant position in Binance Coin (BNB) that’s on the brink of liquidation as the token’s price spirals — which could cause significant problems for Venus. The position was made by hackers after a major exploit of the BNB bridge last October. Attackers leveraged Venus Protocol to borrow $150 million in stablecoins with a position of 900,000 BNB ($210 million at time of publication). Since the position was made, crypto prices have fallen — bringing it very close to its liquidation point. If BNB’s price falls below $220 it will likely trigger liquidation. At press time, BNB has fallen 23% in the past week, from $300 to $233, in large part due to the Securities and Exchange Commission’s (SEC) lawsuit filed against Binance last Monday. Venus’s plan for major BNB position A proposal was passed in November in order to safeguard against this very moment. If the position ...

According to the developers, the soulbound credit score system uses over 10,000 data points to determine a Web3 user’s creditworthiness. Masa Finance has launched the first soulbound identity protocol for the Ethereum mainnet, according to a Jan. 17 press release shared with Cointelegraph. The protocol will allow for standardized soulbound tokens to be minted on Ethereum for Know Your Customer verification, credit scores and other use cases. Soulbound tokens are tokens that cannot be transferred from one wallet to another. The concept was popularized via a blog post from Vitalik Buterin, who argued that these tokens could be used to signify governance rights for decentralized finance (DeFi) protocols or to prove that a person has attended an event. Speaking to Cointelegraph, Masa Finance founders Brendan Playford and Calanthis Mei argued that soulbound Tokens will expand opportunities for DeFi users to build credit and get loans. Mei explained it as such: “We want to help people tap ...